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JANUARY
1946


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

“ Lo, sifted through the winds that blow, down comes the soft and
silent snow__ white petals from the flowers that grow in the cold
atmosphere. ’ ’— G. W . Bungay

Banks Should “ Resell" Themselves
Page 17

i -<r


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

<r < - < - < - ^

-d r

A . A > S > >% ^

A » a£

Statement of Condition, December 37, 7945
RESOURCES
Loans and Discounts.................................................................................. $ 7,429,967.55

®Cnd® ....................................................................................................

498,037.30

° ve; d™ fts .......................................................................................................
73.41
Bank Premises ..............................................................................................
916.323.22
Cash— On Hand and Due from Banks.................... $23,153,956.42
United States Government Securities...................... 43,846,500.00
State, County and Municipal Bonds........................ 18,484,448.35
85.484,904.77
$94,329,306.25
LIABILITIES
Capital Stock ................................................................................................$
500.000.00

fTUr.plu® ................................................................................................

3,000,000.00

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

377.239.10

Deposits ........................................................................................................... 90,452,067.15
$94,329,306.25

A live com m ercial institution

THE

MERCHANTS
NATIONAL BANK
OFFICERS
J a m e s E. H a m il t o n , Chairman of Executive Committee
S. E. C oquillette , Chairman of the Board
J o h n T. H a m il t o n II, President
H. N . B o yso n , Vice President
R oy C. F olsom , Vice President
M ark J. M yers , V . Pres, and Cashier
G eorge F. M iller , V . Pres, and Trust Officer
M a r v in R. S elden , Vice President
F red W . S m i t h , Vice President
R. W . M a n a t t , Asst. Cashier
L. W . B r o u lik , Asst. Cashier
P eter B a il e y , Asst. Cashier
R. D. B r o w n , A sst. Cashier
O. A. K e a r n e y , Asst. Cashier
S t a n l e y J. M ohrbacher , Asst. Cashier
W allace S. H a m il t o n , Building' Mgr.

Cedar Rapids

Iowa

Member Federal Deposit Insurance Corporation

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3

The Last Word in

In Tickets as in Equipment. America's
Railroads demand maximum safety.
That is why La Monte Safety Paper —
identified by the wavy lines—is speci­
fied for Interline railroad tickets in the
United States. Canada and Mexico.

Science has perfected a new type
of electronic communications sys­
tem which enables the engineer
in a speeding train to keep in
constant touch by telephone with
other cars in the same train... with
other trains . . . and with signal
towers. » » This new development
is the latest triumph in a longcontinued sequence of improved
controls and safety devices which
have made American Railroads

the safest in the world! » » And
there is another type of safety
which railroad men likewise con­
sider vital to successful operation
— the safeguarding of tickets
against fraudulent alteration and
counterfeiting. W hich explains
why for many years America's
railroads have issued Interline tick­
ets on La Monte Safety Paper—the
product which has been guardian
of this nation's checks since 1871.

F o r Samples of LaMonte Safety Paper see your Lithographer or Printer—or write us direct.

LA MONTE
GEORGE LAMONTE & SON

Thu W a v y Unas are a L a M o n te Trade M a rk


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

PAPER
NUTLEY, NEW JERSEY
W e su p p ly m any b a nks and b u sin ess organizations
with their ow n i n d i v i d u a l l y i d e n t i f i e d S a fety P aper.
The issuing organization's Trade-M ark is in the p a p er
itself and a p p ea rs on both the front and b a ck of the
ch eck . Such i n d i v i d u a l i z e d p a p er not o n ly p rotects
a ga in st fraud ulen t alteration but p ro v id es maximum
p rotection again st co u n terfeitin g —s a v e s Banks sort­
ing time —h e lp s p rev en t errors.

Northwestern Banker

Januar y 1946

4

THE CHASE
NATIONAL BANK
O F T H E C IT Y O F N E W Y O R K
STATEMENT OF CONDITION, DECEMBER 31, 1945

RESOURCES
Cash and Due from B a n k s .............................................. $ 1 ,3 6 6 ,2 3 3 ,1 1 1 .6 9
U . S. G overnm ent O bliga tion s, direct and fully
g u a r a n t e e d .........................................................................
3 ,0 7 8 ,1 0 2 ,7 1 8 .2 5
State and M unicipal S ecu rities..........................
1 4 7 ,2 2 1 ,4 5 2 .4 8
O ther S e c u r i t i e s .....................................................

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

Loans, D iscounts and Bankers’ Acceptances
Accrued Interest R e c e i v a b l e ..........................

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

M o r t g a g e s ..................................................................

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

Custom ers’ Acceptance Liability . . . .
Stock o f Federal Reserve B a n k ...........................
Banking H o u s e s .....................................................
O ther Real E s t a t e .....................................................
O ther A s s e t s ...........................................................

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

L IA B IL IT IE S
Capital Funds:
Capital Stock
Surplus
U ndivided Profits

.
.

. $ 1 1 1 ,0 0 0 ,0 0 0 .0 0
.
1 3 9 ,0 0 0 ,0 0 0 .0 0

.

.

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

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

5, 9 2 0 , 0 0 0 .0 0

D ividends Payable February 1 and M ay 1, 1 9 4 6 .
Reserve for C o n t in g e n c ie s ..............................................
Reserve for T axes, Interest, etc.......................................

1 3 ,6 3 8 ,1 5 8 .4 4
1 6 ,8 2 1 ,2 5 3 .4 1

D e p o s it s ......................................................................................

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

Acceptances Outstanding
Less A m ount in Portfolio

.

.
.

$ 9 ,3 4 1 ,0 4 5 .2 2
3 ,0 2 2 ,5 2 1 .9 0

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

Liability as Endorser on Acceptances
and Foreign B i l l s ...........................................................
O ther L i a b i l i t i e s ..................................................................

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

United States Government and other securities carried at $1,534,786,096.94 are pledged
to secure U. S. Government War Loan Deposits of $1,254,201,980.98 and other public
funds and trust deposits, and for other purposes as required or permitted by law.
M em b er F e d e ra l D e p o sit In su ra n ce C o rp o ra tio n

Northwestern Banker


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

January 1946

J!n 1773 a clerk recorded the inventory o f a store

are

in Litiz, Pennsylvania. T o him it was but a list of

These factors are made up o f hard work, integrity,

indispensable

to

successful

public

service.

merchandise. W h ile struggling with his task, only

soundness and the genuine will to perform a na­

a miracle could have told him that it would one

tional duty. Since 1853 The Hom e Insurance Com­

day become a document full o f meaning to pos­

pany has been dedicated to these things. Taking

terity for it not only lists many o f the common

frequent inventory o f its stock in trade, with sharp

goods purchased by our ancestors just prior to the

appraisal for the needs o f its producers and clients,

Revolutionary W a r, but embodies the very essence

has enabled The Home to aim high into the future

of American strength.

with a firm foot on the ground.

Between the lines o f this old inventory we can
read words like honesty, industriousness, efficiency
and integrity— the stone and mortar out o f which

*

the

h o m e

*

America’s business greatness was built.

NEW Y O R K

Y o u don’t have to reach to the upper shelves o f
your imagination to find the priceless factors which


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

F I RE

•

AUTOM OBILE

•

MARINE

6

C ontinental I llinois
N ational B ank
and T rust C ompany
O F C H IC A G O
Statement o f Condition, December 31, 1945

RESO URCES
Cash and Due from Banks............................................................... $

532,083,248.34

United States Government Obligations......................................

1,821,033,424.67

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

52,615,154.15

Loans and Discounts...................................
Stock in Federal Reserve B an k......................................................

398,352,051.06
3,600,000.00

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

1,209,747.35

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

7,269,446.67

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

10,800,000.00
$2,826,963,072.24

L IA B IL IT IE S
D eposits........................................................................................................$2,646,721,523.86
Acceptances.............................................................................................

1,251,371.35

Reserve for Taxes, Interest, andE xpen ses.................................

13,207,331.03

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

18,105,515.74

Income Collected but N ot Earned.................................................

205,913.09

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

60,000,000.00

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

60,000,000.00

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

27,471,417.17

Banker
Digitized forNorthwestern
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

$2,826,963,072.24

United States Government obligations and other securities carried at
$725,513,549.99 are pledged to secure public and trust deposits and for
other purposes as required or permitted by law

M ember Federal Deposit Insurance Corporation

January 19'i6

7

Bankers T rust C ompany


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

N EW Y O R K

,

CONDENSED STATEMENT OF CONDITION DECEMBER 31, 1945
ASSETS
Cash and Due from Banks.....................................................................$ 378,425,210.74
U. S. Government Securities...............................................................
894,686,409.15
Loans and Bills Discounted...................
568,440,375.09
State and Municipal Securities............................................................
14,435,886.11
44,467,867.21
Other Securities and Investments........................................................
Real Estate Mortgages...........................................................................
59,258.50
Banking Premises ....................................................................................
15,230,350.64
Accrued Interest and Accounts Receivable.....................................
5,163,632.66
Customers' Liability on Acceptances..................................................
1,036,622.97
$1,921,945,613.07
LIABILITIES
Capital ......................................................................... $30,000,000.00
Surplus

....................................................................... 80,000,000.00

Undivided Profits ...................................................... 33,317,049.61
General Reserve .................................................................................
Dividend Payable January 2, 1946..................................................
Deposits .................................................................................................
Reserve for Taxes, Accrued Expenses, etc...................................
Acceptances Outstanding ..................................... $ 2,332,749.71
Less Amount in Portfolio..................................... 1,154,134.78

$143,317,049.61
15,403,262.71
1,050,000.00
1,749,590,468.60
8,321,798.28
1,178,614.93
3,084,418.94

Other Liabilities

$1,921,945,613.07
Securities in the above statement are carried in accordance with the method
described in the annual report to stockholders, dated January 11, 1945. Assets
carried at $424,516,297.89 have been deposited to secure deposits, including
$399,015,290.68 of United States Government deposits, and for other purposes.
MEMBER OF THE FEDERAL DEPOSIT INSURANCE CORPORATION

Northwestern Banker

January 19^6

T H E

PHILADELPHIA
NATIONAL

BANK

*4///< (ff/ r/ ed / < rn < / ^ J & rj'y sd / 0 fy r r n j& t'n

rr n ret

J 6*03

Statement o f Condition, December 31, 1943

RESOURCES
Cash and Due from B a n k s ..................................

$194,761,881.20

U. S. Government S e c u r i t i e s ...........................

523,752,891.25

State, County and Municipal Securities

13,895,391.83

Other Secu rities......................................................

40,022,270.21

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

90,873,215.73

Accrued Interest R e c e i v a b l e ...........................

2,550,965.05

Customers’ Liability Account o f Acceptances

2,661,361.17

Bank B u i ld i n g s ......................................................

1.00

$868,517,977.44
LIABILITIES
Capital Stock (Par Value $20.00)
Surplus

.

.

.

.

$14,000,000.00

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

28,000,000.00

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

12,443,740.45

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

3,098,674.89

Dividend (Payable January 2, 1946)

875,000.00

Unearned Discount and Accrued Interest .

157,436.35

A c c e p t a n c e s ........................... $5,663,549.00
Less Amount Held in Portfolio 2,480,239.69

3,183,309.31

Deposits
United States Treasury

.

$168,067,067.66

All Other Deposits

.

638,692,748.78

.

806,759,816.44

$868,517,977.44

Philadelphia, Pa.

Northwestern Banker


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

January 1946

Member o f the Federal Deposit Insurance Corporation

9

IRVING TRUST
COMPANY
NEW Y O R K
CHARTER M EM BER N E W YO RK CLEARING HOUSE ASSOCIATION, OCTOBER 4, 1853

Statement of Condition , December 31, 1945

ASSETS
Cash and Due from Banks.................................................................... $ 271,510,230.83
U.S. Government Securities..................................................................
841,113,588.43
Other Securities .....................................................................................
8,175,893.45
Stock in Federal Reserve Bank...........................................................
3,088,100.00
Loans and Discounts..............................................................................
279,238,814.88
First Mortgages on Real Estate.........................................................
4,640,791.13
Headquarters Building ........................................................................
15,269,600.00
Customers’ Liability for Acceptances Outstanding.....................
1,178,997.01
Other Assets ......................................................................
4,138,882.57
$1,428,354,898.30

L IA B IL IT IE S
Deposits ............................................................... $1,277,919,523.62
Official C h ecks.....................................................
25,349,694.94

$1,303,269,218.56

5,717,287.01
4,024,739.20

1,692,547.81

Acceptances .......................
Less Amount in Portfolio.
Reserve for Taxes and Other Expenses
Dividend Payable January 2, 1946........
Other L iabilities........................................
Capital Stock ...............................................
Surplus and Undivided Profits...........

4,768,420.59
1,750,000.00
6,463,371.28
50,000,000.00
60,411,340.06

110,411,340.06
$1,428,354,898.30

United States Government Securities are stated at amortized cost. Of these, $333,496,813.10
are pledged to secure deposits of public monies and for other purposes required by law.
M em ber Federal D eposit In su ra n ce C orporation

BOARD

OF

HARRY E. W ARD
Chairman of the Board
O. L. ALEXAN D ER
P resid en t
Pocahontas Fuel Com pany
Incorp ora ted
HENRY P. BRISTOL
P resid en t
B ristol-M yers Company

DIRECTORS
W IL LIAM N. ENSTROM
P resid en t

JOHN F. DEGENER, Jr.
C. A . Auffm ordt d Co.

DAVID L. LUKE, Jr.
JACOB L. REISS
P residen t, W est Virginia P ulp P residen t, International
Tailoring Company
and P a p er Company

W IL LIAM K. DICK
Chairman of the B oard
N ational Sugar R efining
Company

HIRAM A. M ATHEW S
V ice P resident

HENRY FLETCHER
F letch er & B row n

MICHAEL A. MORRISSEY
P resid en t
The A m erican N ews Company

FLETCHER W . ROCKWELL
P residen t
National L ead Company

T h eY (de<& 'Tourne M fg. Co.

GEORGE F. GENTES
V ice Presiden t

W IL LIAM SKINNER
P residen t
PETER S. PAINE
W illiam S kinner d: Sons
P resident
N ew Y ork di P en nsylvan ia Co.

REID L. CARR
Presiden t
Columbian Carbon Company

HAROLD A. HATCH
V ice P residen t
P ee rin g M illiken d Co., In c.

J. W H ITN EY PETERSON
E xecu tiv e V ice P resident
United States Tobacco Co.

W . GIBSON CAREY, Jr.


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

FRANCIS L. WHITMARSH
P residen t
Francis H . L eg gett di Co.

Northwestern Banker

January 1916

10

o i r e c t o

yI A

its

EDWIN M. ALLEN

A I FA CT UR ER S

TRUST

Chairman, Mathieson
Alkali Works, Inc.

COMPANY

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

EDGAR S. BLOOM

Condensed Statement o f Condition as at close o f business

President, Atlantic, G u lf and
W est Indies Steamship Lines

December 31. 1945

ALVIN G. BRUSH
Chairman, Am erican Home
Products Corporation

it e s o ij it r e s

LOU R. CRANDALL
President, G eorge A .
Fuller Com pany

Cash and Due from Banks . . . .
$ 609,972,505.24
U. S. Government Securities . . . 1,507,987,636.12
U. S. Government Insured F. H. A.
M o r t g a g e s ........................................
4,329,535.93
State and Municipal Bonds . . . .
33,047,708.67
Stock of Federal Reserve Bank. . .
2,475,000.00
Other S e c u r it ie s ..................................
23,302,510.15
Loans, Bills Purchased and Bankers’
Acceptances........................................
480,489,935.84
M ortga ges..............................................
8,462,693.45
Banking H o u s e s ...................................
11,471,030.67
Other Real Estate Equities . . . .
377,726.73
Customers’ Liability for Acceptances .
5,130,495.28
Accrued Interest and Other Resources
6,137,691.09

CHARLES A. DANA
President, Spicer
M anufacturing Corp.

HORACE C. FLANIGAN
Vice-President

JOHN M. FRANKLIN
President, United States
Lines Company

CHARLES FROEB
Chairman, Lincoln
Savings Bank

PAOL1NO GERLI
President,
La France Industries, Inc.

HARVEY D. GIBSON
President

JOHN L. JOHNSTON
President, Lam hert Com pany

>,693,184,469.17

OSWALD L. JOHNSTON
Simpson Thacher &
Bartlett

I. T A It I E I T I E S
CHARLES L. JONES

Capital .
Surplus . . . .
Undivided Profits .

The Charles L. Jones Company

SAMUEL McROBERTS
¡Sew York City

. $41,250,000.00
. 41,250,000.00
30.637.360.54

113.137,360.54

JOHN T. MADDEN
President, Em igran t
Industrial Savings Bank

Reserve for Contingencies .
Reserves for Taxes,
Unearned Discount, Interest, etc.
Dividend Payable January 2 , 1946 .
Outstanding Acceptances
Liability as Endorser on Acceptances
and Foreign Bills
Deposits....................................................

JOHN P. MAGUIRE
President, John P .
M aguire & Co., Inc.

C. R. PALMER
President, Clu ett
P eabody & Co., Inc.

GEORGE J. PATTERSON
President, Scranton &
L ehigh Coal Co.

HAROLD C. RICHARD

9,391.073.68
7,129,420.85
1,237,498.20
5,676,568.46
726,974.52
2,555,885,572.92
$2,693,184,469.17

New York City

HAROLD V. SMITH

United States Government securities carried at $ 50 8,2 92 ,49 2 .05 are pledged to

President, Hom e
Insurance Co.

secure U. S. Government W ar Loan D eposits o f $ 4 7 7,8 91 ,75 9 .21 and other public
fu n d s and trust deposits, and f o r other purposes as required or perm itted by law .

ERNEST STAUFFEN
Chairman, Trust Committee

GUY W . VAUGHAN
President, Curtiss- W right
Corporation

Principal Office: 55 Broad Street, New York City

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

ALBERT N. WILLIAMS
Chairman, Western Union
Telegraph Company

«»

IL W h IM ,

OFFICES

IN

GREATER

NEW

Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit Insurance Corporation

Northwestern Banker


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

January 19'i6

YORK

European Representative Office: 1, Cornhill, London, E. C. 3

11

The following letters were received
from Northwestern Banker readers.
Your views and opinions on any sub­
ject will be gladly published in this
colu mn.

"Surplus Increased"
"O u r surplus was increased $25,000 at
the last meeting of the directors, and a
dividend of $5 per share was declared.
Capital stock now stands at $100,000 and
surplus at $100,000, and deposits total
$5,556,016.
‘ ‘ From the steady increase we have en­
joyed we expect deposits will probably run
over $6,000,000 in 1946.
‘ ‘ Lynn Fuller remains President of the
bank, and also retains his interest and posi­
tion as Executive Vice President of the
Marquette National Bank of Minneapolis,
and its two affiliated banks. ’ ’
D. 1). F uller , Vice Presi­
dent, Jackson State Savings
Bank, Maqnoketa, Iowa.

FIFTY-FIRST Y E A R

____________ NU M BER 702

Oldest Financial Journal West oi the Mississippi River

IN THIS JANUARY, 1946, ISSUE
Edito rials
A cross the Desk from the P ublisher............ .................. -....... .................................... 12

Feature A rticle s
...............................

D ear E ditor ................................... ................................
Frontispage .............................................................. .......
Tips fo r Bankers on Consumer Credit...................
Banks Should “ Resell” Themselves to the Nation
The “ M oney Sunk” Club o f Omaha.................. .....
A bout Bankers Y ou K now .................................. ........
Financial A dvertisin g E xperts Plan fo r 1946....
News and View s o f the B anking W orld ............. .
Legal Questions and A n sw ers................................
24-H our Service Through N igh t T ran sit.... .............

......................................
W arren A . B a rrett
...... H ugh H. M cG ee
............. S taff W r ite r
..James M. K em p er

11
15
16
17
18
19

.............................. 20
......Clifford D e Pwy 22
................................... 24
.... ................................. 26

" Ju st One Bomb”
‘ ‘ Right now I ’m at Sasebo, Kyushu,
Japan, for the second time. Just returned
from Hiroshima and had a chance to actu­
ally see the power of the atomic bomb.
What was once a city, a little smaller than
Des Moines, is now nothing but a brick and
stone junk pile.
Miles after miles of
twisted frames, burnt trees and poles. It
was so astonishing to me that I could hardly
believe so much destruction could be the
result of just one bomb. More on that the
next time I see you.
‘ ‘ We ’re ready for another mine sweeping
operation near Formosa and then home I
hope. D on ’t expect to get out of service
’ till around Easter.”
J ay H asbrouck, SoMl/c,
c/o F. P. O., San Francisco,
Cal.
E d itor’s N ote: The above letter was re­
ceived by Frank Warner, Secretary, Iowa
Bankers ’ Association from Mr. Hasbrouck,
the son o f Ivan O. Hasbrouck, who was
President o f the Association in 1931-32 and
who is now secretary and treasurer of the
National Farm Loan Association in Guthrie
Center, Iowa.

Insurance Help
W h at Bankers Should K now A b ou t V eterans In su rance..... .............................. .

33

Bonds and Investments
Banks A re Looking W ith F avor at C orporate Issues..........Raym ond T rig g er 37

State Banking News
M innesota News .......... .................... ................. ................................................ ........... .
Tw in City N ew s.............................
South Dakota N ew s...................................... ........... ..... ................................................... .
Sioux Falls N ew s..........................................................................
N orth Dakota N ew s.............................................................................................................
Nebraska News .......... ...... ........ ........................................................ ...... .........................
Omaha C learings .................................................................................... ....... .........
Lincoln Locals ................................... ........................ ................................................
Iow a News ....................................................................................................
Iow a A ssociation Committees N am ed— .................
Des M oines N ew s............................... ...... ................................................ ..................

43
46
53
53
56
59
62
64
67
67
73

The D irectors' Room
A Few Short Stories to Make Y ou L au gh .......................... ............... .. ........ ....... 94
Conventions .............. ................ .................. ................... ....... ....................................... — 94

"You H it the Bull's Eye"
‘ ‘ Each month I read with much interest
what you have to say ‘ Across the Desk From
the Publisher’ in the N orthwestern B a n k ­
er.
I like your plan and congratulate you
on the way you hit the ‘ b u ll’s eye’ with
straight from the shoulder comment.
‘ ‘ I f we are to defeat the organized plan
of some o f our foreign anti-American labor
leaders (not rank and file) in their vicious
attempt to nationalize our beloved country,
(T u r n to p a g e 28, p lea se)


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Federal Reserve Bank of St. Louis

N O R T H W E S T E R N B A N K E R , 527 Seventh St., Des Moines 9, Iowa, Telephone 4-8163
C L IF F O R D DE PUY, Publisher
R A L P H W. M O O R H E A D
Associate Publisher
E L IZ A B E T H C O L E
Advertising Assistant

H E N R Y H. H A Y N E S
Editor

M A R G U E R IT E B R O W N
Office Supervisor

N EW Y O R K O F FIC E
Frank P. Syms, V ice President, 505 Fifth A ve., Suite 1806

BEN H A L L E R , Jr.
Associate Editor
S A D IE E. W A Y
Circulation Department
Telephone MUrray H ill 2-0326

Northwestern Banker

January 19J6

12

Across the Desk
such plans will succeed.
Therefore, thrift and economy are still virtues
and are the soundest foundation upon which any
banking structure or governmental economy can
be built, so, your plan for a Central States School
of Banking is an excellent one.
Already the Graduate School of Banking at
Rutgers, under the sponsorship of the A.B.A., has
done much good and since “ knowledge is power,”
a school for the Central States is certainly a step
in the right direction.
As we understand it, Mr. Warner, these are
the main points about the Central States School
of Banking.

jb ea st, Jl& a*iG Si<It P .
As vice president of the Cleveland Trust Com­
pany, we were interested in reading your predic­
tions for 1946 and although you believe we might
have a primary falling off in business the early
part of this year, “ these difficult readjustments
will work themselves out in time and probably,
for the most part, in 1946. Then we shall have
a boom.’ ’

As we see it, Mr. Ayres, business will be good
for a number of years, or at least until the pent-up
civilian demands for radios, refrigerators, auto­
mobiles, and other durable goods have been satis­
fied.
lb e a t

ty b a + J z rW a 'i* ie .'i:

Congratulations on two important develop­
ments in banking which are being fostered by
you and your associates in your capacity as presi­
dent of the Central States Conference, and as
secretary of the Iowa Bankers Association:
These two developments are :
1. The Central States School of Banking, and
2. Your plan for statewide radio programs.

Central States School of Banking
Certainly, if there ever was a time when better
education is needed in banking and economics,
it is now.
Wild theories of “ tax and spend” have been
promulgated throughout the land for 12 years
and theories of “ spending ourselves rich” have
been hurled from the public platform by political
demagogues until many people really believe that

Northwestern Banker


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Federal Reserve Bank of St. Louis

January Í9J6

1. It is not a graduate school.
2. An advanced course of study of banking
subjects will be made available to qualified officers
and administrative employes of the banks repre­
sented by the Conference states, which include
approximately one half of the total number of
banks in the United States, comprising the states
of Arkansas, Illinois, Indiana, Iowa, Kansas,
Michigan, Minnesota, Missouri, Nebraska, North
Dakota, Ohio, Oklahoma, South Dakota and W is­
consin.
3. This will be a 3-year course of study.
4. The school will be under the supervision of
Dean Fayette H. Elwell, chairman of the execu­
tive committee of the School of Banking of W is­
consin, and Director Herbert V. Prochnow, as­
sistant vice president of the First National Bank
of Chicago. Mr. Prochnow is assisting in the
formulation of the course of study to be followed
at the school.
5. The 14 association secretaries will consti­
tute the executive committee, of which Harry
C. Hausman, secretary of the Illinois Bankers
Association, will be chairman.
6. The first session will be held July 28 to Au­
gust 10, 1946, at the University of Wisconsin.

This is a most forward looking program, Mr.
Warner, and we confidently predict that the
school will be a real success and a genuine con­
tribution to better banking practice and better
banking progress throughout the Central States
as Avell as the nation.
Statew ide Radio Program
Also, we think you are working out a fine plan
for better banking relations with the public in
your statewide radio program, which is being
sponsored by the Iowa Bankers Association.
Your plan to publicize the banking business by
a statewide daily program of “ spot” radio an­
nouncements is most commendable.

13

:rom the Publisher
As you have outlined it, Mr. Warner, some of
the objects of the radio program will be as fol­
lows :
1. Working toward still better public relations
for banks,
2. Publicizing the services which the local
bank renders to the local community,
3. Assisting the coming “ G. I .” borrower and
letting him or her know that their G. I. loan ap­
plications will be given the most careful con­
sideration by their own local banks,
4. Advertising “ Bank by Mail,”
5. Publicizing the value of a checking account,
6. Publicizing thrift and the soundness of hav­
ing a savings account,
7. Publicizing the rental of safety deposit boxes
and the security to valuables that a safety deposit
box in a bank gives,
8. Developing good local loans.

The total cost will be about $10,000 a year and
banks are to contribute based on their resources.
For example, a bank with $200,000 or less re­
sources will be assessed only $3 annually and a
bank with $500,000 to $1,000,000 would pay $12
annually as its part towards this program.
Since 93.7 per cent of the homes in cities of
over 2,500 in Iowa have at least one radio station,
your program would certainly reach into a vast
majority of the population of the state.
So, we again congratulate you on these two
very constructive programs—your Central States
School of Banking, and your statewide radio
program.
The United States is the last great citadel of
free enterprise and independent banking in the
world, and anything which can be done to keep
our system of banking and business from being
undermined by socialistic and communistic ideas
is a real contribution worthy of every banker’s
thought, time and money.

^heaA. cM gAo U I ¡) . J I gaJ z i :
As chairman of the British Labor Party, we
know of no one who is doing more harm to their
cause than you are.
Surely, as a former lecturer at Harvard and
Yale, you should know better than to make the
statements which you recently did on your first
visit to the United States in six years.
A few of your choice remarks which you
made over here, were these: “ Free enterprise

a compromise are a Satanic illusion. W e must
plan our civilization or we must perish.
“ It is the business man who has split our society
into two— the political society and the economic
society. They have made the policeman the sanc­
tion of the first, and the threat of starvation the
sanction of the second.
“ It is significant that only in the new world of
Russia has the business man ceased to count.”

Let us answer one or two of your points, Mr.
Laski.
1. If “ free enterprise and the market economy
mean war” and planned economy means peace,
was there any country in the world where free
enterprise was more rudely kicked out the win­
dow and planned economy put in its place with
a vengeance, than in Germany, and certainly,
Hitler and his regime, where everything was
planned, didn’t bring peace.
2. Now, if the business man is to succeed in sell­
ing his products, he is not going to do it by “ the
threat of starvation,” because starving people
usually do not have a sufficient income to purchase
manufactured articles. And if goods are not made
and sold, business men cannot succeed. Therefore
your statement has no foundation in fact.
3. If, “ in the new world of Russia, the business
man has ceased to count, ’ ’ as you say, then why is
it that Joseph Stalin has paid such a high tribute
to American business men, both in his talks with
Congressmen, Senators, and a few months ago
with Eric Johnston, president of the United States
Chamber of Commerce.
And furthermore, Mr. Laski, no higher tribute
has been paid to the business men of America and
to the United States government, than is evi­
denced by Russia’s desire to borrow four billion
dollars from us. Why don’t they go elsewhere and
get it—because they know very well that they
couldn’t get it from any other nation on earth.
So, we suggest, Mr. Laski, that you go back to
England and stay there, and if, unfortunately,
you should make a return trip to the United
States, keep your mouth shut about free
enterprise and our form of government, because
your country, too, has asked for a four billion
dollar loan from the United States—the nation
where business men have no standing and cause
all the wars—-according to you.
We are fed up with your blatant blasphemy,
Mr. Laski.

and the market economy mean w ar; socialism and
planned economy mean peace. All attempts to find


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Federal Reserve Bank of St. Louis

Northwestern Banker

January 1946

14

National Bank and Trust Company
On Fifth Avenue — Between Walnut and Locust — Des Moines

STATEMENT OF CO N D ITIO N AT CLOSE OF BUSINESS, DECEMBER 31, 1945

ASSETS
Cash and Due from
Federal Reserve and
other banks...............$19,944,731.42
United States Govern­
ment Securities
. . 34,835,726.60
Obligations of United
States Governmental
Agencies

1,494,636.14 $56,275,094.16

Municipal Securities..............................

6,444,532.55

Market Bonds..............................................

537,659.79

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

22,927,487.31

Overdrafts .................................................

3,838.94

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

67,500.00

Accrued Interest Receivable..............

185,190.45

Bank Premises and Equipment.......................................352,484.15
TOTAL

$86,793,787.35

D I R E C T O R S

G. E. BR A M M E R
Brammer, Brody, Charlton & Parker
E.

F.

BUCKLEY
President

HARRY GOLDMAN
President, C. C. Taft Co.
W M . J. G O O D W IN
Chairman, Board of Directors
R O BER T K. G O O D W IN
President, Redfield Brick & Tile Co.

LIABILITIES
Common Stock

$ 1,250,000.00

Surplus ..........................
Undivided P rofits........
Other Reserves

H. F. GROSS
Secretary, Iowa Mutual
Tornado Insurance Assn.
B. REES JONES
President, Town Mutual Dwelling
Insurance Company

1,000,000.00
608,810.01
523,108.93

$3,381,918.94

Reserve for T axes...................................

177,713.65

Discount Collected.................................

63,374.67

D E P O S IT S

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

83,170,780.09

T O T A L .......................................... $86,793,787.35

U . S . G o v e rn m e n t a n d o th e r s e c u ritie s c a r rie d
a t $ 2 7 ,7 2 9 ,3 5 6 .3 0 a r e p le d g e d to se cu re U. S.
W a r L o a n D e p o s it A c c o u n t, P u b lic F u n d s a n d
T ru st D e p a rtm e n t F u n d s.

G U Y E. LO G A N
President, Standard Chemical Co.
W A L T E R E. M U IR
GEO RG E A. P EAK
Real Estate
J U L IA N A. P E V E R IL L
President, Hudson Jones Auto Co.
W A L T E R L. S T E W A R T
Gibson, Stewart & Garrett
F R A N K R. W A R D E N
Vice-President

M e m b e r F. D . I. C .

Northwestern Banker

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Federal Reserve Bank of St. Louis

January 1946

J


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Federal Reserve Bank of St. Louis

15

Northwestern Banker

January 1946

16

Tips for Bankers on Consumer
Credit
A Veteran of Consumer Financing Points Out the Various Steps Bankers
Must Follow to Operate a Successful Credit Department to
Meet Postwar Demands
E ARE facing the most sensa­
tional era in the business his­
tory of our country. There is
no point in deluding ourselves as to
the difficulties and entanglements that
lie immediately ahead, but in spite of
all these impediments there are, never­
theless, rare opportunities in prospect
in the field of consumer credit. Banks
are showing widespread interest in
this activity and it is our purpose to
examine the pertinent features of this
important subject.
A seller’s market of astronomical
proportions is in immediate store, and
merchants everywhere expect a vol­
ume of trade after the turn of the year
that is beyond all means of accurate
computation.
Any approach to the question of
consumer credit involves three pre­
requisites necessary to a profitable op­
eration. First, the development of a
finance plan; second, the solicitation of
dealer business, and third, the creation
of a capable organization. These three
prerequisites are the difference be­
tween success and failure.

W

Com petitive Element
The building of a finance plan in­
variably should first consider the com­
petitive element. In the past, the na­
tional finance company has always
been foremost in the field of competi­
tion because it knows the business
thoroughly, has served the dealer well
for many years and has been fair both
with the dealer and with the public.
The local finance company will also
be strong because it has built up very
good persona] relations with dealers
and often can provide special service.
Sectional or local loan companies are
going to be prominent in national
financing, and their influence will arise
from a close association with small
loan borrowers.
Under ordinary circumstances, con­
sideration would next be given to
terms. To date, however, this factor
is very largely controlled by Regula­
tion W, Federal Reserve Board. Ap­
pliances, for example, are limited by
this ruling to 12 months, automobiles
Northwestern Banker


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Federal Reserve Bank of St. Louis

January 19J6

By Warren A. Barrett
C o m m e rc e Trust C o m p a n y
Kansas C i t y , Mo.

This article is a condensa­
tion of the speech delivered
by Mr. Barrett to banker
guests of the Commerce
Trust at its recent Conference
on Postwar Financing, Over
500 bankers from the mid­
west attended the session to
discuss the many problems
they will be facing in the re­
conversion period.
to 15 months.
Likewise, business
qualifying under Title I is subject to
the amendment effective October 15,
1945, which extended modernization
terms beyond the wartime limitation
of 18 months. Most users pf this type
of consumer credit have now extended
their terms to 36 months.
Next in importance in the construc­
tion of a finance plan is the extremely
vital factor: reserve and recourse.
The balance between reserve and

recourse is easily determined, once
one understands the irrevocable rela­
tionship of one term to the other. To
particularize, on a full recourse plan
wherein there is 100 per cent respon­
sibility on the dealer’s part, the maxi­
mum reserve should be provided.

Adequate Forms Needed
The last, and probably the simplest
problem in the construction of a finance
plan is the necessity for adequate
forms. A dealer agreement must be
organized, and this is of prime im­
portance because it functions as the
only contractual arrangement between
the two parties. The bank usually
provides the dealer with all supplies,
including purchaser’s credit state­
ments, rate charts, chattel mortgages
and notes.
The corner stationery
store usually stocks chattel mortgage
forms, but this instrument should be
passed upon by the bank counsel. The
same requirement applies to the note,
especially where there is the danger
of usury.
The acquisition of consumer paper
may be accomplished in two ways: di­
rect and indirect. The direct method
is the simplest, for by this means the
bank establishes immediate contact
with the consumer and there is a cor­
respondingly low loss ratio, due to se­
lected risks. The indirect method will
produce infinitely greater volume and
therefore greater profit. This system,
of course, dispenses with customer
contact and sometimes involves a great
amount of checking, in addition to the
sustained effort of coordination with
the dealer.
There are two phases in the building
of consumer credit that depend abso­
lutely on personnel. First is the con­
tact phase. To acquire installment
paper in any volume, experienced per­
sonnel must be employed to call on
dealer trade.

A d vertisin g Helpful

Sunday driver, me eye! He’ s one of those
guys from the tank corps!

Always a helpful adjunct to a
volume operation on the field of con­
sumer credit is the medium of ad­
vertising. Explicitly, there are a num-

17

ber of ways for the bank to attract
installment paper through advertising,
hut the preferred types include, (1)
direct mail, (2) newspaper, (3) radio.
(4) billboard, (5) bus, (6) stuffer and
(7) window display. Of the entire
group, direct mailing and limited
newspaper copy are probably the most
productive, considering the amount
of expense. In smaller communities
the use of radio, billboard and bus
advertisements is often impractical
as well as expensive. Stuffers bring
good results for direct volume, since
this material goes straight to the
bank customers.
The insurance angle must be con­
sidered in any sound finance plan.
This is an elastic proposition, and
the bank must determine the amount
of coverage, keeping in mind that
blanket policies will require a premi­
um of three cents or more per one
hundred dollars per month on out­
standing balances. A rate of three
or four cents usually covers fire, wind­
storm and flood hazards. When theft,
transportation and conversion are in­
cluded, the premium may be boosted
as high as eight or nine cents.
There is no mystery to the credit
policy in connection with installment
finance plans. Whenever the atti­
tude of a lending institution conveys
common sense, flexibility and ef­
ficiency to a dealer, there is no room
for improvement. Volumes have been
written on this subject, but the whole
proposition can be reduced to one
statement: fast action, good judgment
and over-all efficiency will do the job.

IU

Banks Should "Resell

hemselves to the Nation
By Hugh H. McGee
Vice Presid en t Bankers Trust C o m p a n y
New York

E

VERY industry in this country has
at some time in its career made
mistakes, and banking is no exception
to this rule of human behavior.
On the 4th day of March in 1933, the
banks in this country—some 15,000 in

Sensible Collection Plan
A sore spot in any finance plan is
an ineffective collection policy, but
satisfactory results will always be ob­
tained if a few simple rules are fol­
lowed diligently. There must be a
sensible delinquency procedure. Ordi­
narily if the first notice of delinquency
is sent out five days after the due
date, followed again in five days by a
letter, and a collector’s call on the 20th
day of delinquency, accounts can be
kept in good order. The next rule is
a policy matter, and resolves itself
into a type of notice that either as­
sumes the attitude of friendliness or
is just plain tough. Threatening
notices will irritate the customer who
has overlooked his payment or is
temporarily out of funds, and it will
get little action from the chronic de­
linquent. If, however, all notices are
mailed promptly and are courteous
but firm, a minimum of delinquent
accounts will result. Telephone con­
tact, by the way, is universally em­
ployed and very effective.
Before we proceed to our analyses
(Turn to page 51, please)

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Federal Reserve Bank of St. Louis

Thinks

H U G H H. M cG EE
banks have a selling

job

number—were castigated in an in­
augural address by the then chief ex­
ecutive of this nation. Following this
lead, it became popular to pick upon
the bankers.
To express it in prize fighting terms,
the bankers were pretty much knocked
onto the ropes. Instead of lying help­
less over the ropes on the'edge of the
ring, they should, in my judgment,
have climbed off the ropes and have
come back into the ring swinging. This
they did not do. There are several
reasons why they did not. The fellow
who believes that he is right, and who
has the right qualities in him, comes
off the ropes and does come back into
the ring swinging. Many, however,
were loathe to do this. It seems to me
that this attitude was largely born of
an unwillingness or diffidence, or, in
my own prairie style language, a lack
of moral courage to stand up and talk
back and to tell our own story, which
over the period of a great many years

has been a very illustrious one. An­
other reason, perhaps, was that in the
temper of the times, many did not
think it timely to do so.
In my opinion, the poorest job of sell­
ing itself to the public, to make no
mention of the public’s representatives
in government, has been done, or, if
you will, has not been done by the
private banking system in this coun­
try.
What are we afraid of? Whom are
we afraid of?
Why, after having
passed through the slough of despond­
ency, are we unwilling, or unable per­
haps, to stand up and tell our own
story to our own 75 million depositors
and even to their representatives in
the government?
Why is one of the supervisory agen­
cies of government chanting the in­
ducement of the Lorelei to the banks
of this country today in an effort to
secure an Act of Congress which would
provide for the guarantee of domestic
commercial bank loans by our regional
Federal Reserve Banks? Why, instead,
is this agency of government not try­
ing to lead the banks back to the tradi­
tion of many generations of risk lend­
ing, standing on their own feet?
The guarantee of domestic commer­
cial bank loans is, in my opinion, un­
questionably an opiate. It produces
upon the bankers, by and large, the
same effects which opiates produce up­
on individuals. It is immaterial where
the dope is secured. The result is the
same.
In this program for the postwar era
the banks of this country have recog­
nized that the very backbone, and, also,
if I may say so, the very circulatory
system of banking, lies in the corre­
spondent banking relationships of this
country. A very great deal has been
done over the length and breadth of
this land to bring about—and it is al­
ready bearing fruit—the revivification
of the correspondent banking relation­
ships of this country which served it
so well for so many years, but which,
during the years of depression, tended
to atrophy for lack of use.

In addition, the banks of this coun­
try have created a new vehicle for
banking—the bank credit group. We
have today in this country some 45
regional bank credit groups, organized
out of the thinking of banking and but­
tressed by the resources of banking.
(Turn to page 28, please)
,Northwestern Banker

January 19^6

18

The " M O N E Y S U N K C L U B " of Omaha
'Purpose: To Have Fun, Learn About Investments and to See
How Brilliant We Are in Picking the Investments"
N THIS case, “money sunk was mon­
ey earned.”
It all goes back to June, 1938.
H. Stephen King, Omaha realtor,
brought back from St. Louis the idea
for a “Money Sunk Club.” Purpose:
To have fun, to learn as much as pos­
sible about investments, and “to see
how brilliant we are” in picking the
investments.
Mr. King mentioned the idea to
Edgar M. Morsman, III, Omaha attor­
ney. He liked it and got together four
more friends to talk it over.
The others who gathered at that
first session seven years ago were Mr.
Morsman’s brother, Truman W. Mors­
man, now a lieutenant (senior grade)
in the Navy; James L. Paxton, Jr.,
president of the Paxton-Mitchell Com­
pany; Louis A. Metz, vice president,
Ceco Steel Products Company, and
Robert H. Hall, executive vice presi­
dent of the North Side Bank of Omaha.
The idea was this: Each member of
the club was to put $10 in the “kitty”
each month. The money was to be in­
vested, wisely or unwisely as only time
would prove. Then there was the good
fellowship angle.
The first six, at their initial meeting,
picked seven more friends who might
be interested. These 13 met and
formed Moneysunk Investors (unin­
corporated).
Each of the 13 invested his $10, mak­
ing a total capital of $130.
Well, it was a small beginning, but
the result is nothing to jest about, even
though the bank selected as the club’s
depository in the beginning had visions
of a very active but highly unprofit­
able account.
The club has advanced to the point
where it has become a regular “local
investment trust” with a restricted
membership of 25 representing men
from 30 to 60 years old in a wide
variety of businesses and professions.
And the club’s bank account is pretty
sizable as you’ll see when you read
about the organization’s build-up in
assets to a present total value of $31,742.88. All from $10 per month per
member.
And that’s not all. Each member’s
equity at the present time is $1,269.71.
Not counting all the fun that’s been
had during the seven years, or the an­
nual party for wives and “other en­
cumbrances.” The funds for these
Northwestern Banker


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Federal Reserve Bank of St. Louis

January 19^6

By Staff Writer
N o rthw e ste rn Banker

jamborees come out of the club treas­
ury.
Present officers of the club are:
President, Charles D. Saunders, vice
president of the First National Bank
and new president of the Omaha Cham­
ber of Commerce; vice president, Rob­
ert Garret, real estate and invest­
ments; secretary, Jesse L. Thurmond,

CHAS. D. SAU N D ER S
President “ M oney Sunk Club” and Vice
President First National Bank oí Omaha

laundry concern operator; treasurer,
Richard H. Walker, Byron Reed Com­
pany.
No man can hold office more than
once.
The first president was Steve King.
Others who have served as president
include Ed Morsman, III, Dr. AVillson
B. Moody, Max Miller, Louis Metz, Jim
Paxton, Jr., Walter S. Byrne
The club meets the first Wednesday
of each month at the Omaha Club.
The Moneysunk treasury buys the din­
ners. The annual party for wives and
guests is also held at the Omaha Club,
always in the month of May. The
party is usually a serious threat to the
treasury.
Present membership is limited to 25
and there is always a “waiting list.”
When a vacancy occurs, the club elects
a new member from that list. Any

new member pays an “initiation” fee
equal to the value of his equity in the
partnership at the time he joins.
A member who resigns is paid by
the club the value of his equity at the
time he leaves, less a discount of 3
per cent.
A financial statement is issued to
members monthly.
If a member is out-of-town or sick,
he is excused from attending a monthly
meeting. But those are the only ex­
cuses accepted.
If he is absent for any other reason,
he must pay a fine of $2. Wives who
accept dinner engagements for their
husbands on meeting night sometimes
have to pay the fine.
Members have even had to show
their Pullman reservations to prove
they were out-of-town.
Each month, a different stock com­
mittee reports on recommendations of
stocks to purchase—or to sell. The by­
laws provide that the club cannot dele­
gate the authority to any individual
or committee, however, to buy or sell.
In other words, this action can be
taken only by a vote of the majority
of members present at a regular meet­
ing.
When a stock makes money for the
club, the committee or individual
recommending it rarely ever gets any
credit.
But if the security proves to be a
bad investment, it’s just too bad for
those who recommended its purchase.
They are ribbed like you’ve never
heard anybody ribbed before.
Because it is a partnership, the club
files an income tax return on a part­
nership basis and each man pays his
share.
Five of the club’s members went into
service, but all can rejoin when he re­
turns even though the membership is
pushed over the 25 mark (providing
he can now afford the initiation fee).
Among those in service are John Davis
of the First National Bank of Omaha;
W. B. Millard, Jr., of the Omaha Na­
tional Bank, who returned to Omaha
in October after his discharge, and
W. D. Hosford, Jr., of the John Deere
Plow Company.
Among the other members now are
Laurence M. McCague, treasurer, Na­
tional Company of Omaha; Dr. Herbert
Davis, Dr. Richard H. Young, John
Lauritzen, assistant cashier, First Na­
tional Bank of Omaha; W. J. Coad, Jr.,

19

executive vice-president, Omar Baking
Company, Inc.; Wallace Spear, trust of­
ficer, First National Bank of Omaha;
Donald K. Howe, executive vice presi­
dent, Fairmont Creamery Company,
and Richard H. Mallory, who has re­
sumed his duties as vice president of
the United States National Bank of
Omaha after being discharged follow­
ing service as a lieutenant-commander
in the Navy.
The club has a sizable investment in
War Bonds.
The value of a member’s equity per
$10 invested, has increased from $7.84
in January, 1942, to $14.43 in October,
in January, 1942, to $14.43 at the pres­
ent time. # #

A.B.A. Headquarters Moved
The New Year week-end was “mov­
ing day” for the American Bankers
Association, which opened for business
in its new home at 12 East 36th Street,
corner of Madison Avenue, New York
City, the first business day of 1946.
The new home of the A.B.A. headquar­
ters is four blocks south of the old one.
The telephone number remains un­
changed—Murray Hill 5-5100.
The move was undertaken to secure
more space needed for the activities
and services of the association, which
have grown so tremendously during
the past several years. In addition to
providing needed space, the new quar­
ters also offer the advantage of making
it possible to concentrate on one floor
the association departments scattered
over three floors at the old location.
More efficient operation is expected to
result.

Obtains 500th Member

K. K. DuVall, vice president of the
City National Bank and Trust Com­
pany, Chicago, and president of the
Robert Morris Associates, announces
that the approval of the application
for membership of the National Bank
of Commerce in Memphis, Tennessee,
with L. E. Wittenberg as the accredited
representative, and S. G. Walker, Jr.,
as the alternate, brings the member­
ship of this association of bank credit
men to 500 banks and 1,278 representa­
tives.

Quarterly Dividend
The 192nd 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 2, 1946, to
stockholders of record December 18,
1945.
Mother: Do you really think our
daughter has a one-track mind?
Dad: Yes, and I think there’s a troop
train on it.

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Federal Reserve Bank of St. Louis

JAMES M. KEMPER
“ A great civic leader”

AKING his place among the youngest hank executives of the country’s
major banks, James Madison Kem per was elected president of the Com­
Tmerce
Trust Company, Kansas City, Missouri, in 1925. Under his steadying
influence the bank’s deposits have grown from a little more than one hundred
million dollars to four hundred forty million dollars establishing the Com­
merce Trust Company as one of the top banking institutions in the nation.
James M. Kem per ivas born November 14, 1894, in Kansas City, Missouri,
the city which three decades later ivas to know him as one of its great leaders.
He didn’t waste any time learning the intricacies of the financial world for
his father, William T. Kemper, stepped from one successful business venture
to another capping his business life as head of the Commerce Trust Company.
Mr. K em per’s three brothers have all made their marks in the banking world
too— each is president of a well-managed bank.
Mr. Kem per attended public and high schools in Kansas City, attended
Blees Military Academy at Macon, Missouri, then went on to the University
of Missouri where he was awarded the degree of bachelor of arts in 1916.
Missouri football fans of his gridiron years tvill long remember him, not only
because he was well over six feet tall, but because of his hard-driving play
every minute of the game.
Shortly after starting on his colorful bank career, Mr. Kem per joined the
Commerce Trust Company where it soon became apparent that his sound
business judgment and common sejise would destine him as a leader. He was
successively treasurer, vice president and president, then was elected chairman
in 1938. He has since operated in his double capacity as president and
chairman.
(Turn to page 28, please)
Northwestern Banker

January 1946

20

Financial Advertising Experts
Plan for 1946
“What we need in this country,
above all else, is faith—first, faith in
ourselves as bankers; in the job we
have done; in the joh which faces us
and in the moral courage to tell our
country, who, after all, are our own
people and very largely our own clien­
tele, who we are, what we are, what we
have done and what we stand pre­
pared to do.” . . . Hugh H. McGee,
vice president, Bankers Trust Com­
pany, New York.

ITH Hot Springs, W a r m
Springs and bed springs, all for
$14 a day, including meals, the
30th Annual Convention of the Fi­
nancial Advertisers Association carried
out a most constructive program at
The Homestead among the snow-clad
hills of Virginia.
The various branches and depart­
ments of banks and their advertising
problems were discussed at special
“clinics,” and many new ideas and
plans for 1946 were brought forth.
One of the most interesting meetings
was in the commercial section, where
Goodrich Lowry, assistant cashier of
the Northwestern National Bank of
Minneapolis, was the presiding officer
and the discussion topic was, “What

W

Do You Expect From Correspondent
Banks or What Should Correspondent
Banks Do for You?”

As a basis for a discussion of this
interesting subject, Mr. Lowry used
two surveys—one, which had been pre­
pared by the N orthwestern B anker ,

By Clifford De Puy
Publisher, N o rthw e ste rn Banker

Dwight, First National Bank, Minne­
apolis; J. M. Easton, Northern Trust
Company, Chicago; Louis W. Fischer,

entitled, “What the Country Banker
Wants From His City Correspondent.”
The other was a survey on correspond­
ent bank relations prepared by the
American Bankers Association.
One of the outstanding speeches at
the convention was made by Hugh H.
McGee, vice president of the Bankers
Trust Company, New York, a para­
graph from which is quoted at the be­
ginning of this report and is published
in more detail in another part of this
issue of the N orthwestern B anker .
The FAA has made marvelous prog­
ress during the past year and now
has 1,029 members, compared with 806
a year ago.
A report of the election of officers
appeared on page 42 of the December
issue of the N orthwestern B an k er , and
the association this year is headed by
Dale Brown, assistant vice president
of the National City Bank of Cleveland.
Members of the association who at­
tended the Hot Springs, Virginia, meet­
ing and came from the N orthwestern
B anker territory, included the follow­
ing: William A. Berryman, Mississippi
Valley Trust Company, St. Louis; Rob­
ert. A. Brown, First Wisconsin Nation­
al Bank, Milwaukee; John L. Chapman,
City National Bank & Trust Company,
Chicago; John de Laittre, Farmers
& Mechanics Savings Bank, Min­
neapolis; Harry G. Duntemann, First
National ’ Bank, Chicago; Floyd Tj.

American National Bank & Trust Com­
pany, Chicago; Ruth H. Gates, State
Bank and Trust Company, Evanston,
Illinois; Frank R. Hays, Lake Shore
National Bank, Chicago; John T. Hollo­
way, George H. Hartman Company,
Chicago; Alan R. Ividd, Northern Trust
Company, Chicago; Harry J. Lazarus,
Central National Bank, Chicago; Rob­
ert Lindquist, American National Bank
& Trust Company, Chicago; Goodrich
Lowry, Northwestern National Bank,
Minneapolis; Miss Grace M. Mack, Mis­
sissippi Valley Trust Company, St.
Louis; Fred AY. Mathison, National Se­
curity Bank, Chicago; Miss Genevie\-e
M. Nevin, Northwest Bancorporation,
Minneapolis; Louis H. Northrop, First
National Bank, Chicago; Miss Anna T.
Olsson, Live Stock National Bank,
Omaha; Harvey H. Page, Northern
Trust Company, Chicago; Chester L.
Price, City National Bank & Trust Com­
pany, Chicago: Paul P. Pullen, Chicago
Title & Trust Company, Chicago; Alvin
Schneiber, DeLuxe Check Printers,
Chicago; AY. M. Sherrill, First National
Bank, St. Louis; Vern C. Soash, Minne­
sota Federal Savings & Loan Associa­
tion, St. Paul; Harry L. Tyson, North­
western National Bank of Minneapolis;
E. ATon Doersten, Tower Grove Bank &
Trust Company, St. Louis; Frank R.
AYarden, Central National Bank &
Trust Company, Des Moines, and D. R.
Wessling, Wessling Services, D e s
Moines.

F. A . A . Delegates In Pictures— Hot Springs, Virginia
1. L eft to right— John T. Holloway, George H. Hartman Com­
pany, Chicago, Illinois; Chester L. Price, City National Bank
and Trust Company, Chicago; Preston E. Reed, executive vice
president, F.A.A., Chicago; Robert Lindquist, American National
Bank and Trust Company, Chicago.

Harry G. Duntemann, First National Bank, Chicago; R. W . Daw­
son, Albert Frank-Guenther Law, Inc., Chicago; P. Raymond
Haulenbeek, North River Savings Bank, New Y ork; Raymond
K. Meixsel, Troy Savings Bank, Troy, New Y ork; Louis H.
Northrop, First National Bank, Chicago.

2. James T. Anderson, George La Monte & Son, Nutley, New
Jersey; James M. Tonsmeire, Irving Trust Company, New* Y ork;
John C. Boehm, Manufacturers Trust Company, New York.

5. D. R. Wessling, Wessling Services, Des M oines; Charles B.
Wilbar, National Shawmut Bank, Boston; J. M. Easton, North­

3. W . M. Sherrill, First National Bank, St. Louis; Frank R.
Warden, Central National Bank and Trust Company, Des Moines;
John De Laittre, Farmers & Mechanics Savings Bank, Minne­
apolis; Wilbur T. Eldredge, Hammermill P aper. Company, Erie,
Pennsylvania.
• 4. Hugh M. McGee, Bankers Trust Company, New Y ork;

Northwestern Banker


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Federal Reserve Bank of St. Louis

January 1946

ern Trust Company, Chicago.
6. Goodrich Lowry, Northwestern National Bank o f Minne­
apolis, and Mrs. Lowry.
7. Miss Maina Vogler, W achovia Bank and Trust Company,
Winston-Salem, North Carolina; Robert A . Brown, First W iscon­
sin National Bank, M ilwaukee; Miss Anna T. Olsson, Live Stock
National Bank, Omaha.


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Federal Reserve Bank of St. Louis

22

News and Views
OF THE BA N KIN G W O RLD
By Gifford De Puy, Publisher
UST before the holidays, we re­
turned from a two months trip
through the east and Canada, cov­
ering approximately 4,000 miles, and
the comments that follow are based
on some of the observations made dur­
ing this trip.

J

At Notre Dame, Indiana, we saw the
graduation exercises of the U. S. Naval
Reserve Midshipmen’s School, where
Ensign Emerson !)e Puy received his
commission and subsequently was as­
signed to active duty in the Pacific on
the U.S.S. Admiral R. E. Coontz, which
is a transport ship carrying troops
from Japan back to the States.
Among the honor roll students in the
graduating class was Ensign Arthur
Earl Bryson, who received the “honors
in navigation.” He is the son of A. E.
Bryson, vice president of Halsey,
Stuart & Company of Chicago.

During World War II, there were
325.000 naval officers of which only
13.000 were Annapolis graduates.
Invited Mr. and Mrs. George Way
Williams to have dinner with us at the
Book Casino in Detroit. George is as­
sistant vice president of the Detroit
Trust Company and is a son-in-law of
E. E. Johnson, well known banker of
Waterloo.
Robert J. Walker, the popular adver­

tising manager of the Standard Acci­
dent Insurance Company of Detroit,
was our guest at Carl’s Chop House,
which has been established for 26 years
and is famous, among other things,
because they “never serve desserts.”
Austin W. Carpenter, executive di­
rector of the Eastern Federation of
Feed Merchants, was the speaker be­

Bank Customers Hear Carols

fore the Rotary Club of Boston at the
Hotel Statler and discussed, “Big Busi­
ness—Without Taxes,” and pointed out
that there are 101 government cor­
porations that pay no taxes as well as
3,000 cooperative associations in the
United States which pay no federal
taxes and yet which compete with
privately organized businesses and cor­
porations which do pay taxes.
“Oklahoma,” which is still going
strong in Boston, New York and other
cities, has had a grand total attendance
of over 3,350,000 and total receipts of
$8,170,000 and the federal admission tax
has amounted to $1,300,000. Thus the
public in the last three years has paid
over $9,470,000 to see Oklahoma.

At Ee Petit Gourmet, 19 Garden
Street, Cambridge, Massachusetts, we
had a delightful dinner with Henry
W. Dunn, professor emeritus of invest­
ment banking at the Harvard Business
School, who said that they were re­
ceiving 1,000 applications a week from
the GI’s who want to complete their
college education.
Henry J. Neagher for 10 years has
been proprietor of a very interesting
little eating place called “Hi-Da-Way,”
located at 3 Boylston Place, Boston,
and it is a delightful place located on
a side street and is well described on
their menus, which say, “This old
colonial nook, so artfully tucked away
in the midst of modern hustle and
hustle.”

Believe it or not, “a number of years
ago” we received our commission as a
1st Lieutenant in the Field Artillery
at Camp Zachary Taylor at Louis­
ville, Kentucky, and one of our very
good companions who was commis­
sioned at the same time we were
was Harold H. Hartwell of Worces­
ter, Massachusetts, who is a graduate
of Harvard Law School and a very
successful attorney in his city, but
whom we had not seen for many years
and therefore we were delighted to
have dinner with him and his beau­
tiful wife at the Worcester Club.
Customers and friends of the Central National Bank & Trust Company, Des
Moines, who called at the bank during the recent holidays, were privileged to
hear two programs o f Christmas Carols sung by the Chanters o f the Za-Ga-Zig
Shrine, o f lies Moines. The singing was conducted from the balcony at the west
end o f the lobby o f the bank. The above picture was taken while one of the
programs was in progress.

Banker
Digitized forNorthwestern
FRASER
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Federal Reserve Bank of St. Louis

January 19h6

In New York, we had a very inter­
esting visit with George V. Denny, Jr.,
moderator of the “ Town Meeting of
(Turn to page 74, please)

23

STATEMENT
O F

CONDITION
D e c e m

b e r

3 1 ,

1 9 4 5

RESOURCES
Loans and Discounts.......................................................
Overdrafts ..........................................................................
State and Municipal Bonds............................................
Other Bonds Bought for Investment.........................
Stock in Federal Reserve Bank..................................
Bank Office Building.......................................................
Furniture and Fixtures.....................................................
Income Earned But Not Collected..............................
Bonds of U. S. and Government Agencies...............
Due from Federal Reserve Bank................................
Cash and Sight Exchange............................................

............................$ 17,806,128.80
...........................
956.25
............................ 10,153,176.51
............................
2,106,639.36
...........................
150,000.00
............................
474,000.00
...................................
1.00
............................
483,226.35
$107,101,755.88
19,675,645.39
33,216,596.32 159,993,997.59
$191,168,125.86

LIABILITIES
Capital Stock ......................................................................................................... 5 2,500,000.00
Surplus ......................................................................................................................
2,500,000.00
Undivided Profits .................................................................................................
1,449,178.41
Reserve for Contingencies..................................................................................
592,887.02
Accrued Taxes, Interest and Other Expenses.............................................
291,266.13
Dividends Declared and Unpaid......................................................................
50,000.00
U. S. Government Deposits...................................................$ 42,120,116.81
Deposits ...................................................................................... 141,664,677.49 183,784,794.30
$191,168,125.86

United States Government and other securities carried at $54,358,029.64
are pledged to secure public and trust Deposits and for other purposes
required by law.

Member
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Federal Reserve Bank of St. Louis

Northwestern Banker

January 19J6

Can Mortgaged Property Be
Sold W ithout W ritten Permission?
Q . A Nebraska bank held a chattel
mortgage on certain personal property.
The owner of the property sold it at
its fair value without the bank’s writ­
ten permission. Before making the
sale, however, he discussed the matter
with the president of the bank, who
gave him verbal permission to sell, and,
subsequent to the sale, the owner paid
the proceeds to the bank. Criminal
proceedings were instituted against the
owner for selling mortgaged property
without the written consent of the
mortgagee. Did he have a valid de­
fense?
Yes. In a prosecution for the unlaw­
ful sale of mortgaged personal prop­
erty without the written consent of
the mortgagee, the oral consent of the
mortgagee to the sale of such property,
coupled with the payment of the value
of the property to the mortgagee, con­
stitutes a valid defense.

Q

. Horton and Green claimed an in­
terest in the estate of House, a de­
ceased North Dakota banker. Their
claim was based on an alleged agree­
ment by House to adopt them as his
children so that they might share in
his property. No statutory adoption
proceedings had been bad. Horton
and Green sought to obtain part of
House’s estate through the County
Court in which the estate was being
probated. Did such court have jurisdic­
tion to hear their claim?

No. The remedy of parties claiming
a share in an estate under a decedent’s
contract to adopt them, where no statu­
tory adoption proceedings were had, is
in a court of equity and the County
Court has no jurisdiction to determine
the matter in a settlement of the estate.
The North Dakota Supreme Court so
held in a recent decision.

Q.

Grant, a banker, owned a ten acre
tract of land in Hennepin County,
Minnesota, bordering on a lake to
which he could not gain access except
over the lands of others. A situation
arose whereby he had to stop using a
means of ingress and egress previously
contracted for by him. Could he, un-

Northwestern Banker


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Federal Reserve Bank of St. Louis

January 19!i6

ihis and Other Timely Legal
Questions Are Answered
B y the

LEGAL DEPARTMENT

der the law, secure a cartway to his
land?

Yes. The governing statute on mat­
ters of this nature in Minnesota reads
as follows: “Any town board shall, on
petition of the owner of a tract of land
of not less than five acres in area, who
has no access thereto except over the
lands of others, establish a cartway
not more than two rods wide connect­
ing his land with a public road . . . .”
In a recent decision the Minnesota
Supreme Court held that mandamus
will lie to compel a town board to pro­
vide a cartway under the statute.

Q.

Michaelson voluntarily sold for
$1,000 certain property constituting his
homestead in Iowa. He placed the pro­
ceeds in his bank account and diligent­
ly negotiated for the purchase of a
house and lot for the same amount to
occupy as homestead property. A
creditor sought to levy on the bank
account. Could he do so before Michael­
son had a reasonable opportunity to
secure the new homestead?

No. The Iowa Supreme Court has
ruled that, by reason of the exemption
laws of the state, one who sells his
homestead may, for a reasonable time,
hold the proceeds exempt from levy
by his creditors in order to reinvest
them in a new homestead to the extent
in value of the old. The general rule
on matters of this kind, incidentally,
is that proceeds from a voluntary sale
of exempt property are not exempt in
the absence of a statute providing
therefor.

a

The federal government judicially
established an income tax claim against
an individual that, under the law, be­
came a lien against his property. A

year or so later he acquired certain
additional property. Did the lien of
the government attach to that addi­
tional property also?

Yes. In a decision involving an­
alogous facts the United States Su­
preme Court held, on November 13,
1945, that the lien of the government
attached to the debtor’s property ac­
quired after the tax lien was obtained.
Such decision, incidentally, involved a
dispute between the government and a
bank which also had a claim against
the debtor’s subsequently acquired
property. The bank lost out. Rut­
ledge, Frankfurter and Douglas dis­
sented from the majority opinion,
which was written by Black.

Q.

Many bankers are interested in
the Better Business Bureaus of their
communities, a great number of them
taking a very active, important hand
in their affairs. The Social Security
Act exempts corporations operating
exclusively for educational purposes
from social security taxes. Does this
mean that a Better Business Bureau
does not have to pay them?

No. The United States Supreme
Court so held in a recent decision,
pointing out that, while certain people
were educated by the highly commend­
able cleansing of the business system
by a bureau, its fundamental end was
to promote a profitable business com­
munity. This, said the Court, made
unavailing any contention that educa­
tion was its sole aim, which is neces­
sary to qualify for exemption under
the law.

Q.

In North Dakota certain corpora­
tions are required by law to dispose
of farm lands obtained by them within
ten years. The law provides that such
lands, not so disposed of, escheat to the
county in which they are located and
requires such county to sell them and
remit the proceeds to the corporations»
Is such statute valid?

Yes. The United States Supreme
Court, in a recent decision, held that
(Turn to page 55, please)

25

S T / te

LIVE STOCK
tjV u faw ia/ BANK o f m
UN ION

STO CK YARDS

•

it a y

T E L E P H O N E YA R D S 1 2 2 0

Close of Business— Decem ber 31, 1 9 4 5

RESOURCES
Cash and due from banks.......................................$ 1 8 ,4 9 9 ,5 7 2 .3 0
U. S. Treasury bills and certificates..................... 2 8 ,5 0 0 ,0 0 0 .0 0
U. S. Treasury bonds and notes .........................
1 , 9 9 1 , 000.00
580,8 59-00
State and municipal securities...............................
Other marketable bonds.........................................
3 34 ,1 8 7 .3 6
Loans and discounts............................................. .. 8 ,7 8 8 ,1 4 6 .0 8
Federal Reserve Bank stock...................................
7 5 ,0 00 .0 0
Bank building.............................................................
3 5 0 ,0 0 0 .0 0
Interest earned, not collected................................
7 5,6 14 .5 9
2 3 ,472.26
Current receivables and other assets..................
$ 5 9 ,2 1 7 ,8 5 1 .5 9

LIABILITIES
Capital............................................................................$ 1 ,0 0 0 ,0 0 0 ,0 0
Surplus...........................................................................
1 ,5 0 0 ,0 0 0 .0 0
Undivided profits and reserves.............................
2 8 1 ,1 1 2 .7 9
3 1 ,4 8 6 .0 6
Unearned discount....................................................
Deposits......................................................................... 56,405,2 52.74
$ 5 9 ,2 1 7 ,8 5 1 .5 9

Fr e d e r i c k H . P r i n c e

A r t h u r G . Le o n a r d

Jo h n W . A u s t in

President, Union Stock Yard
& Transit Co.

Treasurer, Union Stock Y ard
& Transit Co.

O

r v is

T . H enkle

Industrialist

R o b e r t J. D u n h a m

R alph M

Investments

Sh a w

Winston, Strawn & Shaw

Thomas

RICHARD HACKETT

E. W

il s o n

Chairman o f the Board,
Wilson & Co., Inc.

General Manager, Central
Manufacturing District

D a v i d H . R e im e r s
President, The Live Stock National Bank of Chicago

SERVING

AGRICULTURE

AND

INDUSTRY

SPlnce
MEMBER

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Federal Reserve Bank of St. Louis

F E D E R A L

D E P O S I T

I N S U R A N C E

C O R P O R A T I O N

Northwestern Banker

January 1946

26

24-H our Service Through Night Transit
Live Stock National Bank of
Omaha installs round - the clock correspondent service

Officers and employes of the Live Stock National Bank of Omaha are quite happy
over the enthusiasm with which their correspondent banks received the announce­
ment o f the bank’ s new 24-hour transit service. Proof of its popularity is shown
above. Live S tock ’s president, Alvin E. Johnson, second from left, looks over
increased activity from banks who were quick to respond to the new service.
Looking on, from left to right, C. G. Pearson, assistant cashier; Ray McLaughlin,
day transit manager; and Mayburn Daykin, chief clerk and active in the transit
department.

HE new Night Transit service, an­
nounced last month by the Live
Stock National Bank of Omaha,
providing continuous 24 hour transit
operations, has been warmly received
by its correspondent customers, ac­
cording to executives of the bank.
Only a very few banks in the United
States afford 24 hour transit service
and back of this new service offered
by the Live Stock National Bank of
Omaha is an interesting story of cor­
respondent bank development.

T

The Live Stock National Bank of
Omaha has one of the largest corre­
spondent bank clienteles of any bank
in the middle west. Under the dynamic
leadership of President Alvin E. John­
son, the bank has this philosophy of
correspondent bank service: “We shall
do everything for our correspondent
banks that any bank can do for them.”
As a consequence, this institution, al­
ways wanting to be in the lead, has
established night transit.
In charge of the installation of the

new service is Assistant Cashier C. G.
Pearson, who has been with the bank
since 1922. Before installing the new
service, Mr. Pearson studied transit
operations in many other banks and
worked out a plan which would be
especially adapted to the Live Stock
National Bank of Omaha. The new
night transit service, Mr. Pearson says,
does mean an increase in overhead,
due to an increased number of em­
ployes. It keeps the correspondent
service of the bank speeded up because
it means a constant handling of incom­
ing items. The bank uses air mail
whenever possible and it checks con­
stantly with the post office and the
airports to take the greatest possible
advantage of air mail service. In di­
rect charge of the night transit is R. P.
McLaughlin.
The bank reports an excellent reac­
tion from its correspondents to its
night transit service. In general bank­
ers say, “ This is quite typical of your
constant effort to improve your service
to your correspondent banks.”
The Live Stock National Bank has
an interesting growth which is due in
large part to the progressive ideas of
its present management.
The bank was organized in Decem­
ber, 1907. L. M. Lord, an Iowa country
banker from Mineola was the principal
(Turn to page 80, please)

I he Live Stock National Bank of Omaha goes in strongly for employe parties and social events sponsored by the bank.
The above picture was taken last month at the annual Christmas Party of officers and employes. Alvin E. Johnson, presi­
dent o f the bank, acted as master o f ceremonies and introduced eleven returned veterans who were honored at the party.

Northwestern Banker


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Federal Reserve Bank of St. Louis

January 19^6

27

CENTRAL
BANK

AND

TRUST
N E W

Statement of

HANOVER
COMPANY

Y O R K

Condition, Dece m ber 31, 1945

ASSETS

TRU STEES

364,965 ,906.82

Cash and Due from B a n k s ........................................... $
Louis S. Cates
Colby M . Chester
John B. Clark
Jarvis Crom well

U. S. Government S ecu rities.................................................. 967 ,002 ,629.94
State and Municipal S e c u r it ie s ......................................

47->372->9&2-24

Other S e c u r it ie s .................................................................

I 9 ?°955° 5 I -96

Loans and Bills Purchased.................................................

553,°°6,39°-63

Bernard M . Culver

Real Estate M ortga ges......................................................

2 ,476 , 1 7 1 .1 2

G eorge W . Davison

Banking H o u s e s .................................................................

13 , 250 ,008.00

Interest A c c r u e d .................................................................

3,368,972-57

Johnston de Forest
T hom as Dickson

Customers’ Liability Account o f Acceptances

W alter G . Dunnington

.

.1 , 785 , 156.61

.

Total

$ 1 ,972 ,323 , 269.89

W illiam A . Eldridge
W illiam F. C. Ewing

L IA B IL IT IE S
Robert L. Gerry
W illiam S. Gray, Jr.

C a p i t a l ................................................... $ 2 1 ,000,000.00

C. Jared Ingersoll

S u r p lu s ..................................................... 80,000,000.00

K. T . Keller

Undivided Profits......................................i 7 j259 , 825-89

G eorge M . M offett

Reserves:

John K. Olyphant, Jr.
Benjamin O ’ Shea

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

$

118 , 259 ,825.89
8, 325 , 218.54

Dividend:
Payable January 2 , 1 9 4 6 ......................................

1 ,050 ,000.00

Auguste G . Pratt

A c c e p t a n c e s .......................................................................

I,95°>747-58

Gw ilym A . Price

D ep osits..................................................................................... 1 , 842, 737 ,477.88

Eustis Paine

Total

Lucius F. Robinson, Jr.

$ 1 ,972 ,323 , 269.89

John P. Stevens, Jr.
pledged to secure public monies and to qualify for fiduciary powers

Henry P. Turnbull

There are

William W oodward

U . S. Government Securities.................................................... $ 4 9 5 > 2 0 9>939• *4


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Federal Reserve Bank of St. Louis

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northwestern Banker

January 19b6

28
clientele, who we are, what we are,
what we have done and what we stand
prepared to do.

* HAMMERMILL
C O L U M N
Among the classier check manipulators
now in practice, a very smooth racket
seems to be growing rapidly.

A

★

★

N o forgery is involved that can be spotted
before the operator has am ple time to dis­
appear with his loot. The bank actually
loses money because it honors the checks o f
one o f its own custom ers!

For details of this game we are indebt­
ed to the National Better Business Bu­
reau. Here’s the way it goes. Please watch
closely. The hand is quicker than the eye.
★
★
★
On J a n u a r y 2 3 (fo r in sta n ce ) J oh n
Smith opens a checking account by depos­
iting $125 in cash. On February 5 he
withdraws $100, leaving a balance o f $25.
★
★
★
February 13 he deposits $275 in cash
and adds $150 two days later, withdraw­
ing $200 at the same time. Balance $250.
All perfectly legitimate so far. And M r.
Smith has become known at his bank as
a customer with a fairly active account.
★
★
★
Then on February 26 he deposits a check
for $500 and $50 in cash.\The check is
drawn in his favor on an out-of-town bank
and signed Thomas Brown. Smith’s bal­
ance is now $800.

Next day he goes to the Number 1 tell­
er in the bank and presents his check for
$300, which is cashed without question.
Then he goes to Number 3 teller and
cashes another personal check for $300.
Still apparently all open and aboveboard.
He’s withdrawn $600, leaving a nominal
balance of $200.

★

★

★

B u t the check fo r $500 signed Thomas
Brown is a forgery. B y the time it comes
back to Smith’s bank, that gentleman is on
his way with $300 o f the bank’s money.
★

★

★

He has beenoperating
thesameputand-takein three other banks in the town
at the same time. So he nets around
$1000 for his month’s work.

★

★

★

Although we can ’ t suggest any sure-fire
safeguard, probably the best precaution
against this ingenious racket is to use e x ­
treme care in verifying the credentials o f
every stranger who wishes to open a check­
ing account.

★

★

★

A n o t h e r w a y to d is c o u r a g e r a c k e t s a l ­
m o st a s in s id io u s is to g iv e y o u r c u s to m e rs ’
c h e c k s th e p r o t e c t iv e f e a t u r e s o f H a m m e r m ill S a f e t y P a p e r . A n o te on y o u r b a n k le t ­
t e r h e a d w ill b r in g s a m p le s . T h e r e ’s n o o b ­
lig a t io n , a n d n o s a le s m a n w ill c a ll. A d d r e s s
H a m m e rm ill P a p e r C o m p a n y , 1513 E a st L a k e
R o a d , E r ie , P e n n s y lv a n ia .

Northwestern Banker


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Federal Reserve Bank of St. Louis

January 1946

(Continued from page 11)
it will be necessary that influential men
throughout the nation come out in print such
as our mutual friends, Dr. Stonier and
Henry Heiman, have done, and for them to
be encouraged and their effort endorsed as
you have so ably made public in your maga­
zine. Such endorsement will, I hope, in­
duce others to make their honest views
known.
‘ ‘ This ‘ take everything group ’ has trav­
eled a one-way street so long they think
they can run all the red lights and get by,
but just wait . . . the American people have
had about enough; they will soon speak.
“ Keep up the good work.”
Cordially yours,
E. A. B aker , Vice President
Douglas-Guardian Warehouse
Corp., Chicago.

Vice President Resigns
Walter R. Bimson, president of the
Valley National Bank, Phoenix, Ari­
zona, announced the resignation, effec­
tive December 31st, of Benton M. Lee,
vice president, who has been in charge
of the bank’s investment department
for the past three years. Mr. Lee is
resigning to establish his own invest­
ment brokerage firm, Benton M. Lee
& Company, but will continue to serve
the bank as an investment consultant,
Mr. Bimson said.
Benton M. Lee & Company opened
their new offices in the Security Build­
ing on January 1st. The firm will
handle U. S. government bonds, mu­
nicipal and corporation bonds and in­
vestment stocks, both as a dealer and
a broker.

BANKS SH O U LD RESELL
THEMSELVES

We in hanks must make up our
minds to have more concern for the
use of the soles of our shoes and less
for the seats of our trousers. In other
words, bankers must learn to get out
of their chairs as industry does, and
to go out and get the business; to ac­
tively and personally merchandise our
banking functions, and especially our
credit.

I happen to have been for many
years in the credit side of banking.
It is my own conviction that the real
demonstration is in our performance.
I think that we greatly need to frank­
ly, courageously and honestly sell our­
selves to the people of our country.
My confidence in our ability to perform
is very, very great. # ff

BANKERS YOU KN O W
(Continued from page 19)
During the first W orld W ar James
Kemper served as a lieutenant. On
July 24, 1917 he was married to
Gladys Woods Grissom. Mr. Kemper
had two sons in W orld War II. The
older son, David W ., was hilled in
action in 1945, and James M. Kemper.
Jr. lias seen lengthy service in the
Pacific theater. A daughter, Julianne,
was horn in 1927.
Mr. Kemper's favorite hobbies are
horseback riding and keeping bees.
James M. Kem per s success as an
executive is due to three traits which
he has so strongly adhered to in all
business dealings. He believes in
straightforward dealing without any
equivocation. You never wonder
where he stands on any sub ject if he
is called upon to express an opinion
or make a decision. He is a highly
individual person -— not unconven­
tional but entirely independent. Add
to this a banker s sense on credits
which has proved to be almost fault­
less and you have James M. Kemper,
one of the outstanding bankers you
know.

(Continued from page 17)

These regional bank credit groups to­
day have aggregate available commit­
ments in excess of $650,000,000.
What we need in this country, above
all else, is faith—first, faith in our
country; secondly, faith in the private
enterprise system which has made our
almost unbelievable achievement pos­
sible, and thirdly, if not firstly—faith
in ourselves as bankers; in the job
which we have done; in the job which
faces us and in the moral courage to
tell our country, who after all are our
own people and very largely our own

“ I brought a whole bag of apples this
time, doctor, if you know what f m ean!”

29

A la n d m a rk o f the Sunflow er
S ta te , the home o f the Fourth
N a tio n a l B ank in W ic h ita .

«

A n o th e r le a d in g b a n k u sin g H a m m e r m ill S a f e t y
The Fourth National Bank in Wichita was founded more than half a century
ago in another troubled era of the Nation’s history. As the largest bank in
Kansas, it directed.the financing of most W orld W ar II contracts in its area. Today
it plans to stress Consumer Loans as a measure to ease postwar readjustments.
W e are proud that checks of this progressive institution are on Hammermill
Safety, as illustrated by the sample check shown below.


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Federal Reserve Bank of St. Louis

Northwestern Banker

January 1946

30

Names Committees
Condensed Statement o f Condition December 31, 1943
RESOURCES
Cash in Vault and in
Forforal Reserve B a n k ...........................................$
Due from B a n k s ..........................................................
TOTAL CASH
. . . .
$1,004,594,166.57
United States Government Obligations, direct and
fully g u a r a n t e e d .....................................................
State, County, and Municipal B o n d s .....................
Other Bonds and S e c u r it ie s .....................................
Stock in Federal Reserve B a n k ................................
Loans and D i s c o u n t s ...............................................
Accrued Interest and Accounts Receivable . . .
Bank Premises, Furniture, Fixtures, and Safe
Deposit V a u l t s ..........................................................
Other Real Estate O w n e d ..........................................
Customers' Liability on Account of Letters of Credit,
Acceptances, and Endorsed B i l l s .....................
Other R e s o u r c e s ..........................................................

John E. Bailey, general chairman,
has announced the committees for the
Ninth Annual Mid-Continent Regional
meeting of the National Association of
Bank Auditors and Comptrollers. The

675,747,941.26
328,846,225.31

3,135,746,035.32
276,912,248.16
114,421,394.58
6,092,600.00
1,018,741,455.87
17,248,685.19
25,533,282.53
236,891.92
26,324,950.15
212,216.77

T O T A L R E S O U R C E S ................................................$ 5 , 6 2 6 , 0 6 3 , 9 2 7 . 0 6

LIABILITIES
Capital:
Common (8,000.000 Shares)
.$ 100,000,000.00
Preferred ( 404,278 Shares)* .
8,085,560.00
S u r p l u s ..........................................
96,500.000.00
Undivided P r o fit s ...........................
20,655,495.46
R e s e r v e s ..........................................
4,191,446.63
Preferred Stock Retirement Fund
162,053.65
TOTAL CAPITAL F U N D S ...................................... S
Reserve for Bad Debts
..........................................
D e m a n d ..................... $3,304,532,369.14]
Deposits
r
Savings and Time .
2,034,774,729.30/
Liability for Letters of Credit and as Acceptor,
Endorser, or Maker on Acceptances and
Foreign B i l l s ...............................................................
Reserve for Interest Received inAdvance .
. .
Reserve for Interest, Taxes, etc....................................

229,594,555.74
18,106,619.15
5,339,307,098.44

26,616,678.57
4,837,849.34
7,601,125.82

T O T A L L I A B I L I T I E S ............................................. $ 5 , 6 2 6 0 6 3 9 2 7 . 0 6
* Issued at $ 5 0 ($20 Capital— $ 3 0 Surplus), Annual Dividend $2. Preferred
to extent o f and retirable at issue price and accrued dividends.

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

JOHN E. B A IL E Y
Convention Chairman

meeting is to- be held at the Schroeder
Hotel, Milwaukee, Wisconsin, on May
23rd, 24th and 25th.
Mr. Bailey, who is chief auditor of
the First Wisconsin National Bank of
Milwaukee, stated that judging from
early indications this meeting, the first
since 1942, will probably be a record
breaker in attendance.

To Management Posts

Meet the people of California—the millions of
men, women, and children whose patronage
has built Bank of America. In the 493 branches
of this bank they save their dimes and their
dollars; from this bank they borrow money.
For this bank was founded upon the sound
belief that satisfied customers represent the most valuable
asset of any business. You are invited to write to Bank of
America for a copy of the graphic economic study, "The
California Trend.” Address: 300 Montgomery Street, San
Francisco 20, or 660 South Spring Street, Los Angeles 54.
*

M m tk o f A m e rtra
N A T IO N A L

s a v in g s

ASSOCIATION

California’s Statewide Bank . . . M ain offices in the two reserve cities of California
San Francisco and Los Angeles
M E M B E R

F E D E R A L
M E M B E R

Northwestern Banker


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Federal Reserve Bank of St. Louis

D E P D S I T
F E D E R A L

January 19lf6

I N S U R A N C E
R E S E R V E

C □ R P □ R AT I □ N

S Y S T E M

Two recently elected managing offi­
cers of banks in southwestern Minne­
sota have taken over their new duties.
They are Harold L. Smith, vice presi­
dent and director of the Lu ver ne Na­
tional Bank at Luverne, and Leonard
P. Peterson, vice president and director
of the Farmers State Bank at Lakefield.
Mr. Smith has been vice president of
the Farmers State Bank at Lakefielcl,
and at Luverne he will succeed A. A.
Anderson, who recently resigned.
Mr. Peterson, who succeeds Mr.
Smith at Lakefield, has been with the
First National Bank of Fairmont since
September, 1942, and cashier there
since May, 1943.
Daffy Definitions
Second wind: What a public speak­
er acquires when he says, “And in con­
clusion.”
Experience: What you have left aft­
er you’ve lost everything else.
Good husband: One who will wash
up when asked, and dry up when told.

31

T he
N ew Y ork Trust
Company
IO O
M A D IS O N AVENU E A N D

BROADW AY

40th

STREET • TEN ROCKEFELLER PLAZA

CONDENSED STA TEM E N T OF C O N D IT IO N DECEMBER 31, 1945
ASSETS

Cash and Due from Banks............................................................................. $239,235,2 5 7.45
United States Government O bligations......................................................
455,939,526.25
Other Bonds and Securities..........................................................................
18,562,797.49
Loans and Discounts.................................
233,991,370.51
Real Estate Bonds and M ortgages...............................................................
795,967.37
Equities in Real Estate....................................................................................
16,782.29
Customers’ Liability for Acceptances..........................................................
730,5 50.40
Interest Receivable and Other Assets.........................................................
2,173,672.82
$951,445,924.58
LIABILITIES

Capital................................................................................. $15,000,000.00
Surplus................................................................................
35,000,000.00
Undivided Profits......................•.....................................
9,895,342.61

$59,895,342.61

General Reserve..............................................................................................
Dividend Payable January 2, 1946..............................................................
Acceptances......................................................................................................
Reserve for Taxes and Other Liabilities.....................................................
Deposits............................................................................................................

3,000,000.00
600,000.00
966,436.38
5,720,680.27
881,263,465.32
$951,445,924.58

United States Government obligations carried at $ 1 8 6 , 2 8 1 , 1 4 7 . 6 4 in the above statement are pledged
to secure United States Government deposits o f $ 1 7 7 , 1 9 3 , 5 3 3 . 8 7 and other public and trust deposits
and for other purposes required by law.
TRUSTEES
MALCOLM P. ALDRICH

FRANCIS B. DAVIS, JR.

N ew York

Chairman of the Board
United States Rubber Company

GRAHAM H. A N T H O N Y

President
Colt’s Patent Fire Arm s M fg. Co.

SAMUEL H. FISHER

JOHN E. BIERWIRTH

President
ALFRED A. C O O K

Cook, Lehman,
Goldmark & Loeb

WILLIAM HALE HARKNESS

President, National Distillers
Products Corporation

N ew York

ROBERT Ç. REAM
HORACE HAVEMEYER, JR.

Executive Vice-President
The National Sugar Refining Company
B. BREWSTER JENNINGS

Vice-President
American Brake Shoe Company

President, Socony-Vacuum Oil
Co., Inc.

RALPH S. D A M O N

ADRIAN M. MASSIE


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Federal Reserve Bank of St. Louis

N ew York
SETON PORTER

WILLIAM F. CUTLER

President
American Airlines, Inc.

N ew York
HAR R Y T. PETERS

Litchfield, Conn.

ARTHUR A. BALLANTINE

Root, Clark, Buckner & Ballantine

H O W A R D W . MAXWELL

Vice-President

President
American Re-Insurance Company
MORRIS SAYRE

President, Corn Products
Refining Company
CHARLES J. STEWART

Vice-President
VANDERBILT WEBB

N ew York

M em ber of Federal Deposit Insurance Corporation

Northwestern Banker

January 19h6

Why you should not drop
your payroll savings plan
You may be sorely tempted— now that the war is over and bond drives are
history— to stop this systematic saving and put the money m your pocket.
But look at it this way . . .
Y ou ’ve found an easy, automatic way to save money.
You now own a comfortable backlog of War Bonds accumulating interest
every day.
Y ou ’ ve gotten along without the money— and there it is, a good substantial
sum to use as you like when the time comes.
Wouldn’t it be wise to keep a habit that pays off so well?
If your employer is one of the great majority who intends to keep a payroll
savings plan going, stick with it. The years to come will prove your wisdom,
as have the war years just past.
The happiness and security of a family of course depend first on a man’s
ability to produce and earn. But almost as important is his ability to save—
for a home, for the education of his children.
And because death, no respecter of sound habits and good intentions, can
at one stroke wipe out his earning power and his savings, equally important
is his use of life insurance— the best instrument yet devised for a husband
and father to protect his family’s standard of living, and to make sure his
plans and desires are carried out.

,

N wN L ’s 61st Annual Financial Statement issued as usual on
January 1st, was again the first complete life insurance statement
published in the new year. Copies will gladly be sent on request.

No r t h w e s t e r n


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Federal Reserve Bank of St. Louis

INSURANCE
O. J. A r n o l d , President

P V h tloru il

L ife

C O M PAN Y
M

inn ea po li s

4, M

inn

( This is a rep rod u ction o f N WN U s cu rren t national a d v er tisem en t )

W hat Bankers Should Know
A bout Veterans Insurance
7

Veterans Administration Officials and Life Underwriter Experts
Tell How to Help the Returning Servicemen
T A recent veterans’ service meet­
ing in Des Moines, a large num­
ber of life insurance underwrit­
ers learned first-hand from Veterans
Administration officials and insurance
authorities how they can he of direct
and indirect service to all returning
service men. This was one of 500 sim­
ilar meetings being held all over the
country by Life Underwriter Asso­
ciations.
Sherry Fisher, general agent at Des
Moines for the Connecticut Mutual
Life Insurance Company, who handled
National Service Life Insurance for
150.000 men in the Air Technical
Service Command, explained, “How
the National Service Life Insurance
Policy Works,” following up with
several of the most frequently asked
questions by discharged servicemen
regarding their insurance.
Following this meeting, T h e N o r th ­
w ester n
B a n k e r conducted a survey
among veterans in which they were
asked several questions concerning
their National Service Life Insurance
and most of the answers were along
the same lines as the six points stated
by Mr. Fisher.
These points, as discussed by Mr.
Fisher and brought out by the survey
are as follows, not necessarily in the
order of their importance: (1) the
way in which NSLI income is paid
to the beneficiary, (2) dividends, (3)
reinstatement, (4) taxability, (5) non­
receipt of contract, and (6) future
possibilities of the contract.

A

more per thousand. Then I intend
to reduce it to $2,000 to $5,000.”
“ I’m going to keep my NSLI and I
intend to keep the full ten thousand
if I can manage it.”
“No, I think I’ll drop mine.”
“ I intend to keep it, as is, until the
eight year period from issuing date
has ended, then carry as much as I
financially can afford.”
“ I am keeping my full $10,000 right
now until I am settled down in
civilian life again. Then I intend to
convert as much as I am able to carry
—probably a 20 pay or 30 pay life—
unless the government loosens up on
the present regulations.”
Asked whether they thought their
NSLI was fully explained at separa­
tion center, veterans gave varied
answers.
Some gave entirely dif­
ferent versions of their final lectures
on this subject and the manner in
which it was treated during their
Army careers than others did, which
shows that although there was prob­
ably a higher headquarters policy
by the Army and Navy towards the
subject of insurance, there just weren’t
enough personnel who understood in­

surance well enough to explain it to
others.
The main criticism of NSLI as it
now stands is directed against the
manner in which it is paid to the
beneficiary. Monthly payments from
$55 downward according to the bene­
ficiary’s age, with no lurpp sum pay­
ment at death of the policyholder,
does not give their families enough
of an income these veterans feel.
This is one of the several points which
are supposed to be ironed out soon
by new legislation.
Mr. Fisher told Association mem­
bers that a veteran whose policy has
lapsed not more than three months
or who has been discharged not
more than six months can have nis
NSLI reinstated by payment of two
months premiums. with no medical
examination. If he has been out of
service more than six months or
the policy has lapsed more than three
months, then each month’s premium
must be paid in full plus five per
cent interest and a new medical
examination.
The reason policies for this insur­
ance have not been issued is that

Interesting to note is the fact that
all veterans contacted stated that no
insurance man has ever tried to dis­
courage them from keeping their
government insurance. On the con­
trary, all say that they have been
strongly urged to retain it or to take
advantage of its conversion benefits.
One man says he has talked to over
twenty insurance men and bankers
and every one has tried to explain the
benefits of keeping the policy.

Typical of the answers by veterans
as to whether they will keep their
NSLI policy are the following:
“ I am keeping $10,000 insurance
until my time is up that it will cost

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

Returning veterans w ill need to seek the advice o f both insurance men and
bankers so that i f they wish to convert their National Service L ife Insurance,
or wish to make a loan under the terms o f the G-. I. Bill, they w ill do so to their
best advantage. Here Lt. D. R. Huntoon o f Des Moines, left, consults with
Gferald O. Nelson, assistant cashier and manager of the installment loan depart­
ment o f the Iowa-Des Moines National Bank & Trust Company.

'.'orihireslcrn Banker

January 19)6

34

they will undoubtedly be changed
when the emergency is declared over
and provisions made similar to veter­
ans insurance from the last war.
A certificate will be issued in lieu
of the policy by the Veterans Ad­
ministration.
Curtis Lamb, chairman of the veter­
ans’ service committee of the Asso­
ciation, who presided over the meet­
ing also introduced other speakers
who gave many suggestions showing
how the members could aid returning
servicemen with advice and informa­
tion. R. J. Laird, department adjutant
of the American Legion, discussed the
pertinent points of the veterans’
pension benefits in his talk, “What
the Widows and Orphans Will Get.”
If a veteran’s widow has an in­
come less than $1,000 for a calendar
year she is entitled to pension bene­

M E R C H A N T S
MUTUAL

BONDING
COMPANY
Incorporated 1933

fits after her husband’s death if she
is single. If she has children she
is entitled to pension benefits if her
income does not exceed $2,500. In­
cluded in her income are private in­
surance and social security benefits,
but NSLI does not count against this
income. However, a disabled veter­
an’s widow will get her pension no
matter what her income is. A disabled
veteran to receive a pension must
have 10 per cent or more disability.
The attention of all bankers is in­
vited to the following which are
probably the four most prominent
sections of the G. I. Bill, each with
four subdivisions concerning which
veterans usually ask questions. Fol­
lowing each question is the source of
information from which the answers
may be obtained or to whom the veter­
ans may be referred.
1. Loan Guarantee.
a. Requirements.
b. Method of procurement.
c. Limitations.
d. Proposed revisions.
Write the Loan Guarantee office of
the Veterans Administration in your

B a n k e rs :
We

Home Office
SOUTHERN SURETY BUILDING

Des M oines, Iowa

specialize

in

writing

automobile and fire insur­
ance.

T he

Special bank service and
This is Iowa’s oldest surety company.
A progressive company with experi­

attractive p ro p o sitio n

To be the exclusive representative of
this company is an asset to your bank.

for

banker agents.

enced, conservative management.

We are proud of our hundred and
fifty bank agents in Iowa.

★

CENTRAL STATES MUTUAL
INSURANCE ASSOCIATION
Mt. Pleasant, Iowa
E. A. H A m .

Write to

P resid en t

O. T. W ILSON,

E. H. WARNER
Secretary and Manager

state. In Iowa the Loan Guarantee
Officer is Walter T. Robinson.
2. Insurance.
a. Value as it stands.
b. Future value of NSLI policy.
c. Conversion privileges and fac­
tors.
d. Limitations on lapsed policies.
Write Veterans Administration in
Washington 25, D. C., or your own
state. Or contact your Life Under­
writers Association officials who will
probably have the latest information
from the Veterans Administration.
3. Pensions.
a. Present payment.
b. Proposed legislation.
c. Qualifications for pension.
d. Widows pension.
Write Pension Department, Veter­
ans Administration in Washington or
your own state. R. J. Laird, depart­
ment adjutant of the American Legion
in Des Moines can give much informa­
tion on pension questions also.
4. Education.
a. Vocational training.
b. Regular education.
c. Requirements.
d. Pay in training.
Write Veterans Administration of­
ficials in Washington or your state.
Ralph H. Klinestiver is chief of regis­
tration sub-division of the rehabilita­
tion and education service of the
Iowa Veterans Administration in Des
Moines.

E stablish ed

1929

S e c r e ta r y

N o rth w ester n

B anker

has

available in its office the address of
all regional offices and facilities of the
Veterans Administration in every
state and a copy of the procedure
necessary to obtain a loan guarantee
for a veteran. This information will
be gladly furnished upon request.

Five Good Years Ahead,
Says President Arnold
“The first six months of 1946 will be
a critical period in the nation’s econom­
ic history, with three major problems
to solve,” declared O. J. Arnold, presi­
dent of Northwestern National Life of
Minneapolis, in connection with an­
nouncement of the company’s annual

D id you know that our Cash Letter Policy not only gives protection
but enables you to cut operating expenses substantially?
Ask us for details. You will not obligate yourself.

& Com pany
I n s u r a n c e C o u n s el o rs

N o rth w e ster n B a n k er
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

J anu ary 19^6

to B a n k s

FIRST NATIONAL BANK BLDG. •CHICAGO 3 , ILL. • STATE 4 3 2 3

35

statement, published as usual in com­
plete and final form on January 1st.
“ Our vast productive forces must get
into full swing promptly to check in­
flationary trends; it is equally vital
that the tide of spendable consumer
cash be held back until production is
able to absorb it; meanwhile, if costs
and prices continue to soar, they may
result in a buyers’ revolt and punc­
tured boom,” he stated.
The statement reveals a rise in the
company’s insurance in force to $616,063,402 from $586,696,979 a year ago,
total assets of $126,962,632 compared to
$114,220,589 as of the preceding year
end, a 10 per cent gain in sales of new
ordinary business, record premium in­
come, and shrinkage of policy loans
and lapses to new lows. New group
sales were substantially less than in
1944 and group insurance in force ac­
tually declined during the year, in part
reflecting reduced employment and
payrolls by industry. Notwithstanding
this reduction in group, NwNL’s total
insurance in force increased by $29,366,423 during the year. NwNL’s rate
“ of gain in insurance in force during
1945 was more than one-third higher
than that estimated for all U. S. life
companies.
Of the company’s total assets of $126,962,632, more than half, or $70,006,804
represented investments in U. S. gov­
ernment securities.
Some further
shrinkage occurred in holdings of first
mortgage loans, due largely to heavy
prepayments by home owners on their
mortgages. As of December 31st first
mortgage loans totaled $15,050,161, com­
pared to $16,538,845 a year ago. the re­
port shows. Total holdings of public


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

utility bonds showed little change from
the preceding year end, and stood at
$16,026,692 in the statement. Further
reflecting generally high wage levels
during 1945, policy loans dropped to a
new low of $6,092,528, compared with
$6,679,748 as of the end of 1944.
Capital, contingency reserves and
other surplus funds for the protection
of policyholders above legal require­
ments stood at $9,715,963, as of Decem­
ber 31, 1945, compared with $8,730,770
a year ago, the report shows.
Looking ahead, Mr. Arnold foresaw
at least five good years for life insur­
ance salesmen, assuming the wheels of
production begin to turn without delay.
“ The United States can accelerate in
a matter of a few months into the
greatest prosperity its people have
ever known,” he declared. “American
productive capacity is so enormous
that if it can get going full blast it will
soon, remove the major inflationary
threat, that of a scarcity of goods at
a time of overwhelming demand.”

On Insurance Board
Joseph F. Ringland, president of the
Northwestern National Bank, and Har­
old B. Finch, president of the Nash
Finch Company, Minneapolis, Minne­
sota, have been elected directors of
Northwestern Fire & Marine Insurance
Company by the board.
They replace the late Theodore Wold
and the late Lyman E. Wakefield.
Frederic D. Weld was elected secre­
tary, and L. A. Lundquist, assistant
treasurer, was advanced to treasurer.
O. B. Jacobs was named an assistant
secretary.

Lighted by service rendered
in hundreds of communities
throughout the middlewest—
Serviced by Banker Agents
who want the best for their
clients—
The sign of the times points
directly to service by—

WESTERN MUTUAL
Fire Insurance Company

Ninth & Grand

Des Moines 8, Iowa

N o r th w e s te r n B a n k er

J an u ary 1946

36

Y O U R

C U S T O M E R ’S

I N V E N T O R Y

C A N

BE

M A D E

B A N K A B L E

Many American Homesteads and
Properties are SAFEGUARDED
by important Flood Control Dams.

/ e >e

d

X # G

ut 'P i a t e c t c o H
1. VALUE of the Merchandise.
> 2. OUR A BILITY and skill supported by our W are­
housemen’s Legal Liability and Employees Fidelity
Bond, underwritten by the Hartford Accident and
Indemnity Co.

WRITE NEAREST OFFICE
For com plete inform atio n

[^ >

(N o O b lig a tio n )

FIELD

3. OUR RECORD STA N D S - N o t one dollar of loss to
Lending Agent, Bonding Company or Ourselves.

W AREH O USIN G

D IVISION

S E R V I N G IN D U S T R Y OVER TWENTY YEAR S

G E N E R A L O F F I C E S - S T . LOUIS M O *
CHICAGO
Digitized forNorthwestern
FRASER
Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

• CINCINNATI
January 19J6

DALLAS

KANSAS

MEMPHI S

Banks A re Looking \^ith
Favor at Corporate Issues
While interest in Corporates Has Been Static, the Market for Them Shows
Greater Firmness, and the High-grade Groups May
Soon Be in Demand
F OR the past month or more the
main feature of the bond market
has been the continued strength of
the long “bank” Treasury 2%s. The
restricted Treasury issues and top
grade corporates have been at a virtual
standstill, with price gains in fractions
for the latter but with gains predomi­
nating nevertheless. In the 7-9 year
group the decline in yields was almost
as sharp as for the long bank 2 V2 S but
the price advance was naturally less
notable. Shorter term price action was
largely a standoff. The 0.83 per cent
rate on the longer certificates is still
reflecting doubt as to any early move
to reduce the one year rate to % per
cent or less, about which there had
been so much talk a few weeks ago.

Exodus Into Corporates?
The long term corporate market is
still largely a nonbanking institutional
affair as evidenced by the ever-widen­
ing spread between corporate yields
and the yield on the eligible 2%s of
September, 1972-67. Being so largely
subject to the disposition of the non­
banking institutions, the lethargy of
the corporate market is not surprising.
As a matter of fact, however, there has
been greater firmness in the corporates
than in the non-bank Treasurys.
This may indicate the growing inter­
est in corporates on the part of the
banks which are becoming less at­
tracted to the eligible 21/£s. The price
rise in the bank 21£s seems to have
developed from a sort of one-track
stampede out of the shorter term
Treasurys as the prices in this group
approach apparent ceilings and yields
become whittled down. The long
“bank” Treasurys may work up close
to a 2 per cent basis in line with pre­
dictions of some months ago, but if so,
an exodus from this group into the
high-grade corporates should become
more general.
The question is whether to go into
the corporates now or make the shift
after the Treasury 2V2s have found

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

By Raymond Trigger
Investment A n a ly st
New York C i t y

sure from banking and non-banking
circles, from the Andersons, the Park­
insons and the government securities
committee of the IBA, for a trend of
interest rates “that will not discourage
public saving and investment.”

Post-Drive Issues A m ply Priced

This is a discussion of fac­
tors affecting your invest­
ment portfolio. If you have
any questions, or if you
find yourself in disagree­
ment with comments here­
in, your letters, addressed
to the NORTHW ESTERN
B A N K E R , will be wel­
come and will be answered
here if the subject matter is
of general interest. Under
no circumstances will the
editor of this column dis­
cuss specific securities.

their new level. Admittedly this could
be almost two points further up, for
the drift out of the earlier maturity
groups is likely to continue in the
growing confidence that the level of
interest rates is safe. In his talk be­
fore the Indiana War Finance Commit­
tee at Indianapolis in November, Sec­
retary Vinson reiterated the Treasury
policy which had been clearly set forth
in his Labor Day speech at Peoria.
Nevertheless, the market has taken a
great deal of stock in his deprecation
of any thought of interest rates on gov­
ernments becoming “only slightly high­
er.” This renewed expression of pol­
icy is taken to be in answer to pres­

Evidence of “big money” confidence
in the trend toward lower interest
rates is seen not only in the commer­
cial bank investment shifts, but also
in the full pricing given to four of the
five bond issues that signaled the re­
sumption of financing at the end of
the Victory drive. Only the National
Dairy Products 2%s were issued at a
sell out price. Three utility issues ag­
gregating almost $140,000,000 were
priced right up to the hilt. If bank
buying does not materialize on a scale
sufficient to narrow the spread between
corporates and Treasurys, it is feared
that a case of indigestion will develop.
The largest of the post-drive issues,
the $75,000,000 Pacific Tel. & Tel. 2%s
was priced on a 2.65 basis, mostly on
t h e strength of its outstanding
“creamy” statistical factors, which are
the strongest of all the telephone is­
sues. Less recognition was given to
the fact that this is a debenture issue,
and two other operating subsidiary de­
bentures—Southern Bell Tel. 2%s and
Southwestern Bell Tel. 2%s, had been
on a higher yield basis. Also little ac­
count was taken of the location of the
company on the coast which, justified
or not, calls for some price concession
as is seen in the Pacific Gas & Electric
issues, for instance. Nevertheless, one
of the big five life companies came in
with a post-offering order for $5,000,000 Pacific Tel. & Tel. %s and cleaned
the deal up. The Southwestern Bell
23/4s and the Southern Bell 2% were
thereupon marked up to a 2.65 per cent
basis. On these terms the Pacifies are
the most attractive of the three.
There was less justification for the
offering price of 102.04 for the $56,929,000 Buffalo Niagara Electric 2%s which
Northwestern Banker

January Í9J6

38

placed this 2A issue on the same 2.65
per cent basis as the 3A Pacific Tel. &
Tel. 2%s. Admittedly there was the
precedent of the consanguinous New
York Power & Light 23As having sold
at the same price though falling a
little short of equal quality despite the
same 2A rating. However, the practi­
cal slant seems to be that the 10 year
longer maturity and fractionally high­
er price of the Pacific Tel. & Tel. 2%s
is of less importance than the gain in
quality this issue affords at the same
yield. Unless there is the general re­
vival in corporate prices that has been
suggested as a possibility, the Buffalo

Niagara Electric 2%s may be available
for some time.
The third case of full pricing was the
comparatively minor issue of $8,000,000
Sioux City Gas & Electric first mort­
gage bonds which were bought as 2%s
and were re-offered on a 2.72 basis.
This is a fair 1A bond but it scarcely
stands up in all around attractiveness
with other 1A issues on a better yield
basis such as Montana Power 2%s of
1975 or Pennsylvania Power & Light
2%s of 1975, or Ohio Edison 2%s of
1975. It also makes a particularly poor
comparison with the 2A Northern
States Power 2%s of 1975 which are

still in the bargain group despite frac­
tional price gains in recognition of the
relative attractiveness of this issue.
The fourth major post-drive bond
issue—the $50,000,000 Chicago Burling­
ton & Quincy 2%s of 1970 which were
offered at 100.80 to yield about 2.84
per cent. This is another fully priced
issue which will have to depend on the
growing demand for corporate issues to
move it out in time. Actually the price
is not far off in comparison with the
2.52 per cent yield on the Great North­
ern 3%s of 1960, or in comparison with
the 2.88 yield on the callable Erie 314s
of 1964. The issue is nevertheless
“sticky” at this writing.

Summary
Specializing in Unlisted Securities

BANK — INSURANCE
PUBLIC UTILITY —

INDUSTRIAL —

REAL ESTATE

LUMBER & TIMBER
BONDS, PREFERRED AND COMMON STOCKS
BOUGHT — SOLD — QUOTED

REMER, MITCHELL & REITZEL, IRC.
208 So. La Salle St., Chicago 4
RANdolph 3736
W ESTERN UNION
TELEPRINTER
“ W UX”

BELL SYSTEM TELETYPE
CG-989

To sum up, the present order of the
day for banks is to enter more fully
into the high grade corporate market
to gain the advantage of yield over the
“bank” 2%s of 1972/67 with the prob­
ability of no sacrifice in price apprecialong run.

BONDS

S IO U X C IT Y
G A S & E L E C T R IC C O .

Public Utility

(An Iowa Corporation)

Industrial

COMMON STOCK
($12.50 Par)

Railroad

Priced at market to yield
approximately 4%

Municipal

( Offering is made by m eans o f prospectus,
copy of which m ay be obtained from the
undersigned )

A.C.A LLY N andc o m p a n y
Incorporated
Y o rk
O m aha

Northwestern Banker


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

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

January 19'tfí

B o sto n
K a n s a s C ity

W e wish to buy
Iowa Power and
Light Pfd. Stocks

W H E E L O C K & CUM M INS

100 W e s t M on roe S tre e t, C h ic a g o
N ew

Terminal R. R. Association of St.
Louis 2%s and Dayton Power & Light
23/is mentioned in last month’s letter
as being especially attractive in the
top-grade category still have this dis­
tinction. Pere Marquette First 3%s
which was also mentioned as holding
the possibility of becoming a Chesa­
peake and Ohio obligation have ad­
vanced only fractionally and are still
one of the most desirable issues in the
lower reaches of the bank quality
group. There has been little price re­
sponse to the ratification by the Pere
Marquette board of the Chesapeake
and Ohio merger terms. The apparent
apathy to this development may have
been because it was a foregone conclu­
sion, and the more pointedly, since the
stockholders still have to be heard
from.

M in n e a p o lis
M olin e

INCORPORATED
200 EQUITABLE BLDG. - PHONE 4-7159
DES MOINES, IOWA

39

A New Machine

A new microfilming machine, dem­
onstrated recently by Recordak Corpo­
ration, Eastman Kodak subsidiary, pho­
tographs both sides of bank checks
simultaneously. The lengthwise images
of the checks appear side by side across
the narrow width of 16mm. film. Re­
duced photographically 35 times, both

A

n n o u n c i r ig
the Reopening of

GRAEFE A N D C O M P A N Y
608 Securities Building— After March 1 Equitable Building
DES M O IN E S , IO W A

upon return of Mr. Harry B. Graefe
from military service
Underwriters, Distributors and
Dealers of Municipal
and Corporate Securities

Teletype
D .M . 363

Makes a picture of both sides of a check
or other records

sides of 10,000 checks can be photo­
graphed on 100 feet of 16mm. film or
100 per foot. At the same time, the
new Duplex Recordak microfilming
machine endorses and face-stamps all
checks. Endorsing the check saves a
separate operation in b u s y banks
where microfilming is used. Face­
stamping proves that the check has
been photographed and is on a micro­
film file. The Duplex Recordak is ex­
pected to have wide application in busi­
ness and industry where file cards and
record sheets contain information on
both sides.

Phone
4-7297

INSTITUTIONAL
BOND

Rate Increased

By action of the board of directors,
the Chase National Bank increased the
dividend rate on its capital stock from
$1.40 to $1.60 annually by placing its
dividend payments on a quarterly basis
and by declaring a dividend of 80 cents
per share, 40 cents per share payable
on February 1, 1946, to stockholders
of record January 11, 1946, and 40 cents
per share payable on May 1, 1946, to
stockholders of record April 12, 1946.
The bank paid a semi-annual dividend
of 70 cents per share on August 1, 1945,
and has been paying semi-annual divi­
dends at that rate on February 1st
and August 1st for the past ten years.
The board of directors also author­
ized a transfer of $15,000,000 from un­
divided profits to the surplus account
of the bank, increasing the surplus
from $124,000,000 to $139,000,000. The
capital is $111,000,000 and the undi­
vided profits were $66,128,000 on Sep­
tember 29th.

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

A PROSPECTUS O N REQUEST FROM
Y O U R IN V E ST M E N T DEALER OR
D

is t r ib u t o r s

63 W all Street

G

roup,

•

In co rpo rated

New York 5, N . Y .

Northwestern Banker

January 1946

40

Names C . S. Smith

Two Assistant Cashiers

Clarence S. Smith, who has been in
the securities business for 17 years,
has been appointed vice president of
the Harold L. Allen Investment Com­
pany, Des Moines, Iowa. He has been
with the company since its organiza­
tion.
The firm’s sales f o r c e includes
Charles Deuben, recently returned
from overseas, Walter Arant and K.
B. Newcomer.

Election of J. M. Downes of Minne­
apolis and George S. Henry of Ironwood, Michigan, as assistant cashiers
of the First National Bank of Minne­
apolis was announced by H. E. Atwood,
president, following a meeting of the
board of directors.
Mr. Downes came to Minneapolis in
1919 from Streater, Illinois. In 1933 he
became assistant manager of the St.
Anthony Falls office of the First Na­
tional Bank of Minneapolis. Since 1937
he has been with the bank advisory
division of the First National Bank and
he will continue as manager of that
division.
A native of Volga, South Dakota, Mr.
Henry began his banking career six­
teen years ago in the Bison State Bank,
Bison, South Dakota. In 1932 he moved
to Luverne, Minnesota, as assistant

Bingo!
Pastor (from pulpit) : W e have tried
to raise the necessary money in the
usual manner. Have tried honestly.
And now we are going to see what a
bazaar will do.

No Market Losses
IF
YOU

J. M.

DOWNES

GEO. S. H E N R Y

ant manager. When this institution
was acquired by local interests in 1941
and became the National Metals Bank
of Ironwood, Mr. Henry was elected
director and cashier.

New Officer

IN V E S T

YOUR

cashier of the Luverne National Bank.
On January 1, 1937, he joined the Ironwood branch of the National Metals
Bank of Hancock, Michigan, as assist-

M ONEY

— in our 3 %

Fed­

TH O M SO N &
M cK in n o n

erally insured cer­
tificates,
have

STOCKS • BONDS
COMMODITIES

w h ic h

safety,

216-218 Empire Bldg.

li­

D E S M O IN E S

quidity and free­

Phone 4-2127

dom from market

11 W all Street, New York
231 S. LaSalle St., Chicago
Branches in 34 Cities

losses.

At a recent meeting of the executive
committee of Bankers Trust Company,
New York, Roger F. Murray was
elected an assistant vice president. He
will be associated with the bank’s

W rite fo r our w eekly S tock S u rvey
DIRECT PRIVATE W IR E

La vern e M. Barlow

George E. Virden, Secretary

M anager

The Russell County Building & Loan Association

Members New York Stock Exchange
and other principal exchanges

RUSSELL» KANSAS

Send For Year-End Survey
A quick yet comprehensive survey o f the activities
and influences operating in the bond market as
a whole— and in each major classification. Gain
a better understanding o f past trends and a basis for
future judgment. A reading o f this survey will bene­

ROGER F. M U R R A Y
Assistant Vice President

credit-investment department. In 1943,
Mr. Murray joined the Army Air
Force as a private and was released
with the rank of captain. He gradu­
ated from Yale in 1932 and took a posi­
tion with the Bankers Trust Company
shortly after leaving college.

fit every bond investor. Upon request, a copy will
be sent without obligation. Write for leaflet NB-3

HALSEY, S T U A R T
CHICAGO

9 0, 123 S O U T H

Northwestern Banker


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

&,

CO.

LA S A L L E S T R E E T - N E W ' Y O R K 5, 35 W A L L S T R E E T ■ A N D

January 1946

In c .

OTHER

PRINCIPAL CITIES

Exasperating
Mrs. A.: Does your husband talk in
his sleep?
Mrs. B: No, and it’s so exasperating
—he just grins.

Joins First of St. Paul
Lloyd L. Leider has joined depart­
ment of banks and bankers at The
First National Bank of St. Paul as a
representative and consumer finance
specialist. Mr. Leider has been asso­
ciated with the First Bancredit Corpo­
ration for the past ten years, two and
one-half years of which were spent as
credit manager and assistant branch
manager of their Houston, Texas,
office. More recently he has been en­
gaged in new business development

Harold B. Sharp, assistant secretary
general of the American Chamber of
Commerce in France, made public Mr.

Hill’s election. Headquarters of the
organization are at 21 Avenue George
V, Paris.

Refund is Prompt. . .

"D o n ’t worry, Mr. Bald­
"Look, I’m in a jam. I’ve just
win. American Express will
# lost $10 in cash and $200
refund the full amount of the lost
in American Express Travelers
cheques. Just report your loss to
Cheques. I ’ve told the police but
their nearest office or their home
what can I do about those
office in New York.”
cheques?”

/

(Later) " Y o u ’re getting
"O f course they’ll take care
t your refund quicker, sir,
# ' of it. Just give them the de­
because you kept a record of those
tails—and if you wrote down the
serial numbers. Remember that
serial numbers of the missing
when you buy more American
cheques on the record form, give
Express Travelers Cheques.”
those, too.”

J

L L O Y D L. L E ID E R
Consumer Finance Specialist

and promotional work in the Twin
Cities. He attended the University of
Minnesota School of Business Admin­
istration, where he majored in finance
and investments.

T hb

SA FETY

FEA T U R ES

of

American Express Travelers

Cheques are continually winning friends for the banks that
sell these cheques. For further information or advertising

Elected Director

material, write W . H. Stetser, Vice President, American

Harry A. Hill, formerly economic
advisor to allied military authorities
in Greece, and now general manager
in charge of all the Gallic states for
the American Express Company, has
been elected to the directorate of the
American Chamber of Commerce in
France, according to Ralph T. Reed,
president of the company.

Express Co., 65 Broadway, N ew York 6, N . Y .

A m erican Exp r e ss
T r a v e le r s C h e q u e s

D id you know th ere’s a gap in y o u r Cash L etter p rotection
that y ou co u ld “ d rive a truck t h r o u g h ? ’ A s k us how to bridge it
w ith ou t costin g y o u a cent.

Scarborough & Company
p:|W

I n s u r a n c e Counselors


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Federal Reserve Bank of St. Louis

FIRST NATIONAL BANK BLDG. •CHICAGO 3 , ILL. • STATE 43 2 5

:

to B a n k s

'Northwestern Banker

January Í9J6

42

Statement of Condition
No

r t h w e s t e r n

n a t io n a l

b a n k

of Minneapolis
M I N N E A P O L I S 2, M I N N E S O T A

(December 31, 1945)
D I R E C T O R S
J A M E S F. B E L L

RESOURCES

Chairman o f Board,
G e n e r a l M il l s , I n c .
B E N T O N J. C A S E
Director, J a n n e y , S e m p le ,
H ill & C o m p a n y

Cash and Due from Federal Reserve
and Other Banks............................ 101,533,574.20
U. S. Government Securities, direct
and fully guaranteed....................* 247,675,133.53
Other Bonds......................................*
14,140,197.14
Loans and Discounts.........................
75,805,910.98
Stock in Federal Reserve B ank...
450,000.00
Customers’ Liability on Letters of
Credit and Acceptances................
486,500.00
Interest Earned but not Collected..
1,072,652.63
Banking House...................................
3,500,000.00
Other Resources.................................
81,446.99

CLARENCE R. CH AN EY

Vice Chairman o f Board,
N o r t h w e s t e r n N a t io n a l
B a n k o f M in n e a p o lis
GEORGE

B. C L IF F O R D , JR .

Treasurer, T h e C r e a m o f
W h ea t C o r p o r a tio n
JO H N

CROSBY

Director,
G e n e r a l M il l s , I n c .
T H O M A S L. D A N I E L S

Vice President,
A r c h e r -D a n ie ls -M id la n d
C om pany
G. NELSON

DAYTON

President,

Total Resources

T h e D a y to n C o m p a n y

$4 4 4 ,745,415.47

STEPH EN

P. D U F FY

President,
H a ll H a r d w a r e C o m p a n y
J O H N B. F A E G R E
F a eg re a n d B e n s o n ,
A ttorn eys

LIABILITIES
Capital Stock.......................................
Surplus..................................................
Undivided Profits...............................
Reserve for Contingencies................

F. P E A V E Y

5,000,000.00
10,000,000.00
529,696.31
2,681,464.56

H E F F E L F IN G E R

Vice President,
F. H . P e a v e y a n d C o m p a n y
F R A N K T . H E F F E L F IN G E R

Chairman of Board,
F. H . P e a v e y a n d C o m p a n y
C L A R E N C E E. H IL L

Total Capital Accounts.............

Chairman of Board,

18,21 1,160.87

N o r t h w e s t e r n N a t io n a l
B a n k o f M in n e a p o l i s
FRANK

Reserve for Interest, Taxes and
1
Other Expenses......
1,621,072.22
Interest Collected but not Earned. .
493,223.24
Letters of Credit andAcceptances..
486,500.00
Deposits....................... 423,933,459.14

P , L E SL IE

V ice President and T reasure r,
T h e J o h n L e s lie P a p e r C o
C H A R L E S C . M A S S IE
President, N o r t h r u p . K i n g
and C om pa n y
R O B E R T F. P A C K

Chairman of Board,

(Deposits include U. S. Government
W ar Loan account.............. $100,885,647.34)

N o r t h e r n S tates P o w e r
C om pany
JO H N

Total Liabilities..........................$444,745,41 5.47

S. P I L L S B U R Y

Chairman of Board,
P i l ls b u r y M il l s , I n c .
JO SEPH

F. R I N G L A N D

President, N o r t h w e s t e r n
N a t io n a l B a n k o f
M in n e a p o lis

*United States Government and other securities
carried at $ 132,792,689-31 are pledged to secure
U. S. Government War Loan Deposits and other
public funds and trust deposits and for other
purposes as required or permitted by law.

A U G U S T U S L. S E A R L E

President,
S e a r le G r a in C o m p a n y
L U C IA N

S. S T R O N G

President and Treasurer,
T h e S tr o n g S cott
M a n u f a c t u r in g C o .
D . J. S T R O U S E
President, T w i n C it y R a p i d
T r a n s it C o m p a n y
H A R O L D W . SW E A T T

President,

The N orthwestern Bank
B u i ld i n g — F a v o r e d by
business men who select
their office homes fo r pres­
tige and strategic location.

M in n e a p o l i s - H o n e y w e l l
R e g u la to r C o m p a n y
L CAM ERON

TH OM SON

President,
N o rth w e s t B a n c o rp o ra tio n
V A L E N T IN E W U R T E L E

President,
M in n e s o t a L i n s e e d O i l
P a in t C o m p a n y

M E M B E R

Northwestern Ranker

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Federal Reserve Bank of St. Louis

F E D E R A L

January 1946

D E P O S I T

I N S U R A N C

E

C O R P O R A T I O N

43

GEORGE A. BEITO
President
Gonvick

New Eveleth Bank Officials
Newly elected officers of the First
National Bank of Eveleth, Minnesota,
who took over their duties January 1st
are: W. B. Van Slyke, president; Grove
R. Gable, vice president, and A. I.
Naslund, cashier. They were chosen
by the new eleven man board of direc­
tors to succeed the retiring president,
G. A. Whitman, and retiring vice presi­
dent, R. M. Cornwell. Ownership of
the bank passed to about seventy Eve­
leth residents with their retirement.
Mr. Van Slyke had been a director
for some time of the bank, while Mr.
Gable and Mr. Naslund were cashier
and assistant cashier respectively. At
a stockholders’ meeting the following
were named directors: Mr. Van Slyke,
Mr. Gable, Mr. Naslund, Sam Lagges,
John Hendrickson, Ray Englund, John
Manthey, Bernard Peterson, Sam Phil­
lips. Martin Flom and George Brince.

Elected Vice President
Carl W. Hayden, a native of Glencoe,
Minnesota, has been elected a vice
president of the National City Bank of
New York. In 1916 he joined the Na­
tional City Bank as an accountant and
later was assigned to its foreign serv­
ice. He was at the London office when
the United States entered the first
world war and was then transferred
to the branch at Peking, China. Among
other foreign offices in which he has
served with this bank are: Kobe,
Japan; Tientsin, China; Singapore,
Straits Settlement, and Calcutta and
Bombay, India. He was manager of
the bank at the latter place when
World War II broke out, and he re­
turned then to the main office in New
York where he has been since.

Leaves Alexandria Bank
Robert W. Putnam has retired as
president of the Farmers National
Bank of Alexandria, Minnesota, and
has left on a motor trip with Mrs. Put­
nam for St. Petersburg, Florida.
He began his banking career in 1897

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Federal Reserve Bank of St. Louis

W IL L IA M DUNCAN, Jr.
Secretary
Minneapolis

while still in school. He worked a year
in the Swedish-American National
Bank of Minneapolis, then returned to
the Red Wing, Minnesota, National
Bank and Trust Company, of which
bank he became president before he
moved to the head offices of the First
Bank Stock Corporation in Minneap­
olis in 1930, to serve five years as fieldman. He was elected president of the
Minnesota Bankers’ Association in
1929. He went to Alexandria in 1935
where he was outstanding in the bank­
ing business and carrying on civic
affairs.

Joins Waseca Staff

Warner R. Anderson, formerly with
the First National Bank of Mankato,
Minnesota, has accepted a position as
assistant cashier in the Farmers’ Na­
tional Bank in Waseca, Minnesota.
Anderson has had 17 years experi­
ence in banking, and for 15 years was
at the Mankato bank where he was
serving as head teller until August,
1943. At that time he went with the
First Service Corporation, represent­
ing the First Bank Stock Corporation,
and was on the road for the past two
years.
His family will move to Waseca
when housing is available. He suc­
ceeds Robert Draheim who recently
resigned at Waseca to become asso­
ciated with the Farmers Mutual Insur­
ance Company.

Luverne Executive Resigns
A. A. Anderson announced that he
bad resigned as executive officer, vice
president and director of the Luverne
National Bank, Luverne, Minnesota.
His resignation severs the connec­
tion with the institution which began
April 27, 1931, when the bank opened
its doors. He was active manager of
the bank then and continued in that
capacity until he went into the U. S.
Army on January 6, 1941. On his re­
turn from the service he went back
into the bank as active manager on
August 1, 1944.
Mr. Anderson started in the banking
business in 1910 at Hills. He remained

there until 1915 when he came to Lu­
verne as cashier of the Farmers Na­
tional Bank. He was made president
of that institution in 1919. In 1926 he
became first vice president of the con-'
solidated First and Farmers National
Bank.
He left that institution May 1, 1930,
and went into the real estate, loan and
insurance business. On April 27, 1931,
he organized the Luverne National
Bank for the First Bank Stock Corpo­
ration and went into the institution as
executive officer.

Celebrate 25th Anniversary
The Minnesota National Bank of
Duluth, Minnesota, observed its 25th
anniversary last month after a quarter
century of business, during which de­
posits steadily grew to the present
level of $15,000,000. The bank opened
for the first time December 6, 1920, and
on that first day it received more than
a million dollars in deposits.
The bank opened its doors with a
tradition of banking history behind it
in the career of its president, B. Mur­
ray Peyton. In addition to completing
25 years of service as president of the
bank, he has rounded out 56 years in
the banking business.
Present officers of the Minnesota Na­
tional Bank are: Mr. Peyton, presi­
dent; Cavour Hartley, W. F. McLean,
H. Stewart Peyton and John R. Colbeck, vice presidents; Jorice E. Brown,
cashier; John C. Buckley and Russell
M. Walters, assistant cashiers; John O.
Baker, assistant trust officer, and Clar­
ence A. Eng, auditor.
Directors are: Mr. Ahlen, president,
Floan-Leveroos-Ahlen Company; Ken­
neth S. Cant, president, Kenneth S.
Cant Company; Mr. Colbeck, vice presi­
dent and trust officer; Rufus H. Draper,
partner, Draper-Gordon B r o k e r a g e
Company; Mr. Hartley, vice president;
Frank E. King, president, King Lum­
ber Company; Mr. McLean; B. M. Pey­
ton; H. S. Peyton, vice president; Ar­
thur Roberts, attorney, and Mr. Zalk,
president, Duluth Iron and Metal Com­
pany.

Grand Rapids Employes
Two new names have been added
to the list of employes at the Grand
Rapids State Bank, Grand Rapids, Min­
nesota. John Nesseth goes to the bank
with six years of banking experience
obtained while employed in a bank at
Northome prior to his entrance into
the service of the armed forces. He
received his discharge from the army
at Camp McCoy, October 26th, after
more than four years of service.
Olaf Monson has been in the employ
Northwestern Banker

January 19^6

44

• MINNESOTA
of the Grand Rapids State Bank since
early in November, with more than 12
years of banking experience in Minne­
sota to his credit.

Assistant Vice President
Donald L. MacGregor was elected an
assistant vice president of the First
National Bank of St. Paul at a recent
meeting. MacGregor was born in Du­
luth and received his elementary and
high school education there. He is a
graduate of the Virginia Military Insti­
tute and did postgraduate work at the

NEWS

•

Wharton School of Finance at the
University of Pennsylvania.
In the fall of 1924 he became asso­
ciated with the MacGregor-Bradley
Company, Duluth, where he was en­
gaged in mortgage financing and allied
fields. In 1941 he entered the army.
In Duluth MacGregor served two years
as president of the board of realtors,
was active in the campaigns of the
Community Fund, Red Cross, and Sym­
phony Orchestra organizations and in
the Arrowhead Association. He has
held directorships in the Duluth Build-

D O N A L D L. M acGREGOR
W ith First of St. Paul

H E R E ’S H O W

IT A D D S

UP AT THE

BANK

MARQUETTE
OF M I N N E A P O L IS

LIAB ILITIES

RESOURCES

(December 31, 1945)

(December 31, 1945)
Loans and Discounts. . .$ 5,320,720.44
Overdrafts.......................
Cash and Due from Banks

Deposits............ $32,399,811.15

1,541.55

Capital, Common Stock

7,654,927.78

U. S. Gov’ n’ t Securities. 20,011,633.86

\

Federal Res. Bank Stock

18,000.00

1

Banking House and Site

166,791.15

Furniture and Fixtures .

40,547.51

Total Resources........ $33,214,162.29

( T

\ Surplus................
1

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

1

Cash Letters of Credit.

J

300,000.00

300,000.00
213,151.14
1,200.00

Total Liabilities........ $33,214,162.29

Recognizing the desirability lor mutual cooperation
between banks, the M arquette N ational Bank of
Minneapolis is happy to have served its friends and
looks forward to continued pleasant and mutually
profitable relationships.
RALPH W . M A N U E L, C h a ir m a n u f thè B o a r d
L Y N N FULLER, E x e c u t i v e V i c e P r e s id e n t
W IL LIA M F. K U N ZE, V i c e P r e s id e n t
E D M U N D S. JONES, V i c e P r e s id e n t
F R E D E R IC K F. ZA N D E R , V i c e P r e s id e n t
CH ESTER N. EG
517 M A R Q U E T T E A V E N U E

Northwestern Banker


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

•

RUSSELL L. ST O TESB ER Y, P r e s id e n t
CH ARLES C. R IEG ER , V i c e P r e s id e n t
M E R T H E. M O R TEN SO N , C a s h ie r
SEL M E R L. JERPBAK, C o m p tr o lle r
R ONALD B. HAR R ISO N , A s s i s t a n t C a sh ie r
N, A s s i s ta n t C a s h ie r

MEMBER F E D E R A L D E P OS I T I N S U R A N C E C O R P O R A T I O N

January 1946

ing Owners and Managers Association,
the Junior Chamber of Commerce and
the Kiwanis Club. He was a member
of the National Guard since 1925, hold­
ing the ranks of lieutenant and captain.

Assistant County Treasurer
Harry J. Ubl, for many years assist­
ant cashier in the Citizens State Bank,
New Ulm, Minnesota, recently began
his duties as assistant to County Treas­
urer Albert L. Gag.
Mr. Ubl since 1924 has been con­
nected with state banks in this vicinity.
In May, that year, he became book­
keeper in the Searles State Bank,
where he remained until 1926, when he
became bookkeeper and teller in the
Brown County Bank in New Ulm. He
remained there until August, 1931,
when he became assistant cashier in
the Citizens State Bank, a position he
has held since.

Veteran to Moose Lake
Bill Sommer, recently released from
service with the armed forces, has as­
sumed the duties of a teller in the
First National Bank of Moose Lake,
Minnesota.
Mr. Sommer was employed in a sim­
ilar capacity in the First National
Bank of Grand Rapids before entering
the service. He and his wife will
move to Moose Lake as soon as they
can find suitable living- quarters. He
will be in charge of clerical work at
auction sales handled by the bank, and
will also do other outside work in
addition to his duties as bank teller.

45

STATEMENT

OF C O N D I T I O N

First National Bank o f Minneapolis
as at D e ce m b e r 31, 1945

DIRECTORS

R ESO U R CES
C a sh and D u e fro m Banks

$ 88,8 23 ,1 75 .83

;

2 6 1 ,25 9 ,48 0 .4 6

U n ite d States G o v e rn m e n t Securities

13,773,090.22

O th e r B on ds an d S ecurities
L o a n s an d D iscou n ts

.

.

.

64,9 91 ,4 44 .03

.

1,005,198.25

A c c r u e d Interest an d A c co u n ts R e c e iv a b le
C u stom ers’ A c c e p ta n c e L ia b ility

358,230.21

Bank and O ffic e B uildings

301,356.48
$ 4 3 0 ,5 1 1,9 7 5.4 8

L IA B IL IT IE S
C a p ita l S tock

.

.

$

.

6 ,0 0 0,0 0 0.0 0

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

10,0 00 ,0 00 .00

U n d iv id e d P r o f i t s ......................................

3,2 6 8,2 0 6.3 9

U n a llo c a te d R eserves

.

.

.

963,839.19

.

1,861,242.43

R eserv e for Interest, Expenses, T ax es, etc.
A c ce p ta n ce s an d L etters o f C re d it

358,230.21

.

O th e r L i a b i l i t i e s ......................................
D eposits (Includes U. S. W ar Loan
Deposit of $ 9 7 ,1 7 8 ,3 8 2 .5 9 )

7 1,294.03

4 0 7 ,98 9 ,16 3 .2 3
$ 43 0 ,5 1 1,9 7 5.4 8

Henry E. Atwood, President
Russell H. Bennett, Mining Engineer
Daniel F. Bull, President,
The Cream of Wheat Corp.
J. G. Byam, Vice President
John Cowles, President,
Minneapolis Star Journal and
Tribune Co.
Franklin M. Crosby, Vice President,
General Mills, Inc.
Donald D. Davis, President,
Minnesota and Ontario Paper Co.
Paul V. Eames, President,
Shevlin, Carpenter & Clarke Co.
John H. Hauschild, Chairman of
the Board, Chas. W. Sexton Co.
Horace M. Hill, President,
Janney, Semple, Hill & Co.
W. L. Huff,
Executive Vice President and Treas- ,
urer, Minneapolis-Honeywell
Regulator Co.
C. T. Jaffray, Chairman of the Board,
First Bank Stock Corporation
John H. MacMillan, Jr., President,
Cargill, Inc.
Sumner T. McKnight, President,
S. T. McKnight Co.
Howard I. McMillan, President,
Osborne-McMillan Elevator Co.
W. G. Northup, President,
North Star Woolen Mill Co.
S. G. Palmer, President, ,
S. G. Palmer Co.
A. F. Pillsbury, Director,
Pillsbury Mills, Inc. .
Robert W. Webb, Vice President
H. R. Weesner, Chairman of the
Board, The Wabash Screen Door Co.
F. B. Wells, President,
F. H. Peavey & Co.
C. J. Winton, Jr., President,
Winton Lumber Co.
Sheldon V. Wood, President and
General Manager, Minneapolis
Electric Steel Castings Co.
Edgar F. Zelle, President,
Jefferson Transportation Co.

United States Government obligations and other securities carried at $140,618,550.00 in the foregoing statement
are deposited to secure public funds andfor other purposes required by law.
M EMBER

A F F I L I A T E D


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

FEDERAL

W I T H

D E P O S IT

F I R S T

IN S U R A N C E

B A N K

C O R P O R A T IO N

S T O C K

C O R P O R A T I O N

Northwestern Banker

January 1946

46

Tw i n C ity N e w s

M EMBERS of the Advisory Council

of the Northwest Bancorporation
have held their first meeting at Min­
neapolis, preparing to serve as a clear­
inghouse of ideas on bank practices
and the economic conditions of the ter­
ritory in which they operate. The
Council succeeds the Central Operat­
ing committee.
Chosen members for the term end­
ing November 1, 1946, were:
J. F. Ringland, president, North­
western National of Minneapolis; H.
M. Bushnell, president, U. S. National
of Omaha; Arnulf Ueland, president,
Midland National of Minneapolis; H. A.
Norton, president, Iowa-Des Moines
National of Des Moines, and W. D.
Wyard, president First & American
National of Duluth, Minnesota.
R. E. Driscoll, president First Na­
tional of the Black Hills, Rapid City,
South Dakota; A. T. Hibbard, president
Union Bank & Trust of Helena, Mon\

J a m ie s o n
&

Com pany
Members

New York Stock Exchange
and

Other Principal Exchanges

★

STOCKS
BONDS
COMMODITIES
★
MINNEAPOLIS
FARGO
ST. PAUL
GRAND FORKS
DULUTH
SIOUX FALLS
EAU CLAIRE
PRIVATE WIRES

Northwestern Banker

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

January 1946

By E. W. Kieckhefer
S p e c ia l C o r r e s p o n d e n t
No rthw estern Banker

tana; G. H. Nesbit, president, First Na­
tional of Fargo, North Dakota; O. U.
Habberstad, president, Fergus Falls
National, Fergus Falls, Minnesota; G.
A. MacLaclilan, president, National of
LaCrosse, Wisconsin, and R. M. Wat­
son, president, Northwest Security Na­
tional of Sioux Falls, South Dakota.
R. W. Delaney, president, First Na­
tional of Albert Lea, Minnesota; F. B.
Heath, president, Dakota National of
Bismarck, North Dakota; O. L. John­
son, president, Farmers & Merchants
State of Tracy, Minnesota; W. W.
Hawkins, president, First National of
Dillon, Montana; A. C. Idsvoog, presi­
dent, Grafton, North Dakota, National,
and R. W. Peavey, president, Security
National of Faribault, Minnesota.
Robert M. Bell has returned to his

position as assistant secretary of First
National of Minneapolis after three
years in the armed forces.
Clifford C. Sommer has been pro­
moted from assistant cashier to as­
sistant vice president of Midland Na­
tional of Minneapolis. He returned
recently after almost three years’ serv­
ice in the navy.
Thomas H. Hodgson, formerly assist­
ant counsel of the Minneapolis Fed­
eral Reserve, now is in charge of
liquidation of about 30 banks, trust
companies and other corporations in
Tokyo as a lieutenant commander at­
tached to the general headquarters eco­
nomic and scientific section of military
government.

Combined capital structure of the 48
Bremer banks now is $6,000,000, ag­
gregate deposits $140,000.000, loans
$14,000,000 and government bonds $84,000,000, George J. Johnson, senior vice
president of American National, re­
ported at the annual meeting of the
Bremer bankers at St. Paul. He re­
ported also that the last of $1,350,000
in debentures and preferred stock was
paid off in December, all but $130,000
of it being paid out of earnings.
Harry E. Kern, vice president of
First National of St. Paul, has been
elected vice president in charge of
business affairs of the St. Paul Associa­
tion of Commerce.
F. R. Sclilichting, vice president of
Drovers Exchange State Bank of South
St. Paul, has been elected secretarytreasurer of the newly organized South
St. Paul Civic & Commerce Associa­
tion. The organization was formed
to succeed the South St. Paul Com­
mercial club.
William E. Brockman, vice president
of Midland National of Minneapolis,
has been appointed chairman of the
industrial division of the 1946 Minne­
apolis Civic Council fund raising cam­
paign.
Ambjorn M. Urnes, 44, assistant
credit manager of Northwestern Na­
tional of Minneapolis, died at his home
after an illness of three months. He
had been employed by the bank since
graduation from the University of
Minnesota in 1924.
Robert J. Barry has taken over
duties as general agent of the Seventh
farm credit district of the Farm Cred­
it Administration, succeeding Frank
Peck who resigned recently to become
an executive of the Farm Foundation.
(Continued on page 48)

47

i V l k l la n d
National Bank & Trust Company
OF M IN N E A P O L IS

Condensed Statement of Condition, December 31, 1945
RESOURCES

DIRECTORS

Cash and Due from Banks______________________________$15,348,775.78

As of January 8, 1946

U. S. Government Securities___________ $38,064,681.26
Other Bonds and Securities____________

3,591,114.00

Loans and Discounts___________________________________
Incom e Earned but Not

C ollected______________

Other Resources _______________________________________

41,655,795.26

CLIFFORD H. ANDERSON
I ice President and General Manager
Crown Iron W orks Company

13,924,586.81

CALVIN W. AURAND
Vice President

168,088.71
16,976.35
$71,114,222.91

LIA B IL ITIE S
Demand and Tim e Deposits___________ $52,036,374.65
U. S. W ar Loan Deposit A ccou nt______ 16,067,954.73

$68,104,329.38

Reserves for Interest, Expenses and Taxes

197,669.79

Incom e Collected but Not Earned_______

64,186.60

Capital Stock -------------------------------------- $ 1,000,000.00
S u r p lu s -------------------------------------------------

1 ,000,000.00

Undivided Profits ____________________

297,560.56

Reserve for Contingencies_____________

450,476.58

N. C. BEIM
Chairman of the Board
W. H. Barber Company
FREDERIC B. CARR
Minneapolis
CHARLES W. COLE
President and Treasurer
Harrison & Smith Co.
G. L. HEEGAARD
President, Mandan Mercantile Co.
W. C. HELM
Vice President
Russell-Miller Milling Company
DR. O. B. JESNESS
Chief, Division of Agricultural
Economics, University of Minnesota

2,748,037.14
$71,114,222.91

U. S. Government and Other Securities carried at $25,478,059.87 are pledged, to
secure public deposits and trust funds and for other purposes, as required by law.

CHARLES B. JORDAN
President and Manager
Jordan Stevetis Co.
BEN C. McCABE
President, McCabe Brothers Co.
President, International Elevator Co.
h . c l a y M cCa r t n e y
President, Marshall-McCartney Corp.

OFFICERS
ARNULF UELAND _____

----------- ------------------------------------------------ President

CALVIN W. AU RAND___

--------------------------------------------------- Vice President

W. E. BROCKMAN_______

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

Vice President

WILLIAM R. CHAPMAN.

--------------------------------------------------- Vice President

LAWRENCE O. OLSON—

--------------------------------------------------- Vice President

ROBERT S. STEBBINS___

-------- --------- -------------- Vice President and Cashier

CLIFFORD C. SOMMER—

------------------------------------ Assistant Vice President

MELVIN D. BURT_______

------------------------------------------------Assistant Cashier

E. WALTER ENGSTROM-

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

JAMES A. G A L B R A IT H -

------------------------------------------------Assistant Cashier

KENNETH D. M O R L A N -

------------------------------------------------Assistant Cashier

EVERETT L. THOMPSON

------------------------------------------------Assistant Cashier

AssistantCashier

HARRY M. W IL L M E R T -

------------------------------------------------Assistant Cashier

FRANK

-------------------------- -----------------------------Comptroller

W. PETERSON-.


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

HENRY J. NEILS
Secretary-T reasurer
Flour City Ornamental Iron Co.
J. R. RANDALL
President, Reserve Supply Co.
EDW. A. SCHLAMPP
President and Treasurer
P. Schlampp & Son, Inc.
MAURICE SCHUMACHER
Building Contractor
ARNULF UELAND
President
PAUL E. VON KUSTER
President
David C. Bell Investment Company
JAMES C. WYMAN
Minneapolis

M EM BER FE D E R A L DEPOSIT INSURANCE C O R PO R A TIO N

Northwestern Banker

January 19J6

48

• MI NN ES OT A NEWS

TWIN CITY NEWS
(Continued from page 46)
A. I j. Leraas of Minneapolis has been

elected vice president of the Farmers
State Bank of Sherburn, Minnesota,
succeeding H. O. Geise who had re­
signed. Leraas had bought an interest
in the bank recently.
The new employes club of North­
western National Bank and affiliates
was officially named at the bank’s
Christmas party held at the Nicollet
Hotel. Doris T. Bue, a teller in the

Savings Department of the main office,
was awarded a $25 Savings Bond
as the winner of a naming contest.
The winning name is EON which
stands for Employes of Northwestern.
The club has a present membership of
886 consisting of employes and officers
of the bank’s main office, branches,
affiliates, the Northwestern Mortgage
Company and Northwest Bancorporation. The acting officers of the club,
who will serve until the first election
to be held next March, are Marion E.
Mattson, chairman, Al Pepper, vice

First and American National Bank
Duluth, Minnesota
Statement of Condition, December 3 1 , 1945
RESOURCES
Cash on Hand and Due from Banks.................................$15,537,167.08
United States Government Securities.............................. 50,598,413.00
Municipal Securities ............................................................ 1,048,675.89
Other Bonds and Securities................................................. 1,820,473.95
Loans and Discounts............................................................ 9,414,365.32
120,000.00
Federal Reserve Bank Stock...............................................
Banking House ......................................................................
L00
American Exchange Property.............................................
1.00
Interest Earned But Not Collected....................................
190,933.79
Overdrafts ............................................................................
929.41
$78.730,960.44
LIABILITIES
Capital Stock ........................................... $2,000,000.00
Surplus ....................................................... 2,000,000.00
UndividedProfits .......................................
631,203.07
Reserves
..............................................
600,000.00

chairman, Clarence Smith, secretary,
and Ethel Kroeger, treasurer.
The party, which was attended by
more than 900 employes, featured a
turkey dinner. Clarence E. Hill, chair­
man of the board of Northwestern Na­
tional Bank, presided and Alexander
J. Kramer of the bank’s trust depart­
ment acted as master of ceremonies.
Bank deposits in Minneapolis and St.
Paul as of December 31, 1945, were as
follows:
Minneapolis
Northwestern National Bank—$423,933,459.
First National Bank—$407,989,163.
Farmers & Mechanics Savings Bank
—$127,845,409.
Midland National Bank and Trust
Company—$68,104,329.
Marquette National Bank—$32,399,811.
St. Paul
First National Bank—$322,426,690.
American National Bank — $83,146,473.
Empire National Bank & Trust Com­
pany—$31,049,818.
Stock Yards National Bank—$17,796,771.
Drovers Exchange State Bank—$7,466,091.
Western State Bank—$4,375,156.

New Assistant Cashiers
Directors of the First National Bank
of Minneapolis elected two new assist­
ant cashiers, Lyman E. Wakefield, Jr.,
and Patrick W. Colbert, it was an­
nounced by Henry E. Atwood, presi­
dent.
In addition, Mr. Atwood reported

Total Capital Accounts..................i................. $ 5,231,203.07
Reserve for Interest, Taxes and Expenses......................
276,790.75
Discount Not Earned...........................................................
33,692.48
Deposits:
Demand ............................................... $39,093,376.75
Time ..................................................... 19,190,964.01
U. S. Government .............................. 14,904,933,38
Total Deposits

73,189,274.14
$78,730,960.44

Duluth’s Largest and Oldest Bank celebrates sixty-six years of continual
service to banking and business houses of the Northwest.
M E M B E R 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
A F F IL I A T E D W IT H N O R T H W E S T B A N C O R P O R A T IO N

Northwestern Banker

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

January 19^6

LYM AN W A K E ­
F IE L D , JR.

P. W . C O L B E R T

that the directors recently increased
the bank’s surplus account by $1,000,000 through the transfer of that
amount from undivided profits. This
makes a total of $4,000,000 which has
been added to the bank’s surplus from
undivided profits during the past three
years. Capital of the bank is now
$6,000,000, surplus $10,000,000 and undi-

49

The FIRST NATIONAL BANK of Saint Paul
Statement of Condition
Decem ber 3 1, 1945

D irectors

R eso u r ces

Shreve M. A rcher, President

Cash and Due from Banks

$ 75,032,267.59

U. S. Government Securities

197,828,574.77

Other Bonds and Securities

8,247,236.88

Archer-Daniels Midland Company
J ulian B. B aird, President

The First National Bank

Loans and Discounts

58,897,872.99

H arold P. B end

Bend-Southall Sleepack Co.
F rederic R. B igelow , Chairman

Accrued Interest and Accounts Receivable

885,702.41

Customers’ Acceptance Liability

258,066.28

Board of Directors
St. Paul Fire & Marine Ins. Co.
E m m e t t B utler , President

Bank and Office Building

2,500,000.00
$343,649,720.92

Butler Brothers
N orris K . C arnes, General Manager

Central Co-Operative Association
C harles E. D en ney , President

Northern Pacific Railway Co.

L ia b il it ie s

E. T. F oley

Capital Stock

$

Surplus

6,000,000.00
10,000,000.00

Undivided Profits

2,224,286.25

Unallocated Reserves

1,305,331.98

Foley Brothers
F rank J. G avin , President

Great Northern Railway Co.
M ilton W. G riggs, President

Griggs, Cooper & Co.
W illiam H a m m , Jr ., President

Reserve for Interest, Expenses, Taxes, etc.

1,270,383.66

Theo. Hamm Brewing Co.

Acceptances and Letters of Credit

258,066.28

L ouis W . H ill , Jr ., Vice President

Other Liabilities

164,962.53

H orace H. I rvine , President

T Jonnsits
1

(Includes United States War Loan
Deposit $74,650,134.78)

322,426,690.22

S ta tes

G overn m en t

o b lig a tio n s

and

o th e r

s e c u r itie s

carried

at

$i

10 , 9 56 , 024.42

in

th e

fo r e g o in g s ta te m e n t are d e p o s ite d to s e cu re p u b lic fu n d s and f o r o th e r p u r p o s e s r e q u ire d b y law .

R ichard C. L il l y , Chairman, Board of Directors
P h ilip L. R a y , Chairman, Executive Committee
J ulian B. B aird, President

D epartment of B anks and B ankers

Alden B. Lathrop, Vice President

Lee A. Sauer, Assistant Cashier

Rodney F. Sturley, Cashier

Elmer M. Volkenant, Assistant Cashier


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

Thompson Yards, Inc.
R ichard C. L il l y , Chairman,

$343,649,720.92
United.

Arthur Iron Mining Co.

Wallace L. Boss, Assistant Cashier

Board of Directors
The First National Bank
W m . L. M cK nigh t , President

Minnesota Mining & Mfg. Co.
J oh n A. Oace

I. A. O’Shaughnessy , President
Globe Oil & Refining Co.
P hilip L. R a y , Chairman,

Executive Committee
The First National Bank
P aul A. Schilling , President

Waldorf Paper Products Co.
R. M. W eyerhaeuser
Lumber

M e m b e r F ed era l D e p o s it In s u r a n c e C o rp o ra tio n

Northwestern Banker

January Í9'J6

50

MI NN E S O T A N E WS
tution, serving in the business develop­
ment department.
Mr. Colbert started with the First
National in 1917 as a messenger and
has been a file clerk, bookkeeper, tell­
er and head teller. For the past two
years he has been manager of the
bank’s Dime-A-Time checking account
division. He was president of the
Minneapolis Chapter, American Insti­
tute of Banking in 1936-37, and for
three years previous was on the board
of governors'.

vided profits over $3,200,000. Mr. At­
wood said the addition to the capital
structure is in line with recent growth
in the bank’s deposits.
Mr. Wakefield is the son of Lyman
E. Wakefield, who had served 19 years
as president of the First National Bank
and had been elected chairman of the
board of directors just prior to his
death last July. He joined the credit
department of the First National Bank
of St. Paul and in January, 1941, was
elected assistant cashier of that insti-

b

• ----------------------------------------------—

Returns to Bank
Keith M. Barnett has rejoined the
department of banks and bankers of
Northwestern National Bank of Minne­
apolis, according to announcement by
J. F. Ringland, president.
Mr. Barnett entered the service of
the U. S. Navy in June, 1943. He re­
ceived instruction in physical educa­
tion at the Navy School in Bainbridge,

AM/,

K E IT H M. B A R N E T T

Statement of Condition December 31, 1945
RESOURCES

Loans and Discounts...................................................$ 1,536,545.22
Vaults and Fixtures.....................................................
1.00
Interest Earned not Collected.....................................
55,542.33
U. S. Gov't Bonds.......................... $10,181,848.73
Other Bonds and Securities..........
805,179.75
Cash and Due From Banks........... 6,140,828.38
17,127,856.86
TOTAL ............................................................... $18,719,945.41
LIABILITIES

C a pita l.......................................................................... $
250,000.00
Surplus .........................................................................
400,000.00
200,719.93
Undivided Profits and Reserves...............................
Reserved for Interest, Expenses and Taxes............
71,195.06
Interest Collected not Earned....................................
1,258.74
D eposits......................................................................... 17,796,771.68
TOTAL .............................................................. $18,719,945.41

The Stock Yards National Bank
South Saint Paul, M inn.
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

Northwestern Banker


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

January 19^6

C O R P O R A T IO N

Maryland. His last eight months in
service were devoted to instruction of
pilots in jungle and sea survival at the
Naval Air Station in Hilo, Hawaii.
Mr. Barnett has been with the bank
since 1928. After eight years’ service
in the bond department, he joined the
department of banks and bankers in
January of 1942.

Returns to Staff
Irving Trust Company, New York,
announces the return to its official staff
of Lt. Col. Joseph S. Moss, Jr., vice
president, who has served both in this
country and overseas in the Army of
the United States for the past three
years. He will be in general charge of
the Irving’s business in the southern
states.
During his 20 months of duty abroad
Colonel Moss was attached to the staffs
of Field Marshal Sir Bernard Law
Montgomery in England and France,
to the staff of General Dwight D. Eisen­
hower in France, and the staff of Gen­
eral Omar N. Bradley in Germany.

51

*

MI NN E S O T A

NEWS

*

Surplus Increased
The directors of the American Na­
tional Bank, Chicago, voted to increase
the bank’s surplus by $1,000,000, trans­
ferred from undivided profits. This
increase brings the total capital and
surplus of the bank up to $6,000,000.
President Lawrence F. Stern an­
nounced that the bank will shortly
occupy one additional floor above its
present quarters at 33 N. LaSalle.
Street, as soon as the space is vacated
by the Army Finance Office. This will
give the bank a total occupancy of
seven floors in this building.

TIPS FOR BANKERS ON
CO N SUM ER CREDIT
(Continued from page 17)
of retail finance plans, it is advisable
to first understand wholesale floor
planning and the extent of its relation­
ship with retail paper. Any consid­
eration of a wholesale floor plan
should be prefaced by the statement
that you cannot acquire retail paper
if you do not offer wholesale financing
arrangements.
Postwar dealer op­
erations are going to require sub­
stantially more in the way of invest­
ment from the average dealer than
we have ever seen. This is to be
attributed to the terrific surge of mass
production of peacetime goods that
lies immediately ahead. Dealers will
not need wholesale financing facilities
for at least several months but next
spring you will see a rise in the de­
mand for wholesale plans.
In the way of summarization of
automotive finance plans, it can be
safely predicted that the national
volume will be divided in many ways.
Early forecasts point to strong bids
by all national finance companies and
aggressive smaller finance companies,
as well as local loan companies. These
people are claiming advantages in the
form of experience, special services,
rebates and loss adjustments.

AMERICAN NATIONAL BANK
AND T R U S T C O M P A N Y
O F C H IC A G O
LA S A L LE STREET
Mtmber Federal Deposit

AT W A S H IN G T O N

|*-Ä.
M
gr- Insurance Corporation

STATEMENT OF CONDITION
AT THE CLOSE OF BUSINESS OECEMBEII 31, 1015
K E S O IJ K c i: s
Cash and due from b a n k s ..........................................$ 58,605,539.77
United States Governm ent obligations — direct
and fully g u a r a n t e e d ...............................................
M unicipal and other m arketable securities

.

100,453,871.46

.

21,430,511.33

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

55,775,186.81

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

150,000.00

Custom ers’ liability on a cce p ta n ce s........................

101,548.92

Accrued interest r e ce iv a b le .........................................

393,629.65

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

65,424.76
$236,975,712.70

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

2,000,000.00

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

4,000,000.00

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

388,239.68

Reserves for taxes, interest, contingencies, etc. .

1,673,559.83

Unearned d is c o u n t ...........................................................

459,505.05

Liability on a c c e p ta n c e s...............................................

108,026.39

Deposits:
D e m a n d ............$167,162,884.94
United States Governm ent

.

Other public funds . . . .
S a v i n g s .......

43,423,497.87
4,245,401.00

13,514,597.94
228,346,381.75
$236,975,712.70

United States Government obligations and other securities carried at $58,119,838.47 are pledged
to secure public and trust deposits and fo r other purposes as required or perm itted by law.

Full Recourse
In the pattern of an appliance
finance plan, there is a distinct ad­
vantage to incorporating a recourse
feature. It logically allows that the
dealer who subscribes to full recourse
has a continued interest in customer
and merchandise. In consideration
of a full recourse agreement, the bank
should be willing to establish a liberal
reserve of approximately one third of
the total interest charge, which
amount would ultimately be paid to
the dealer after deducting losses.
The most popular appliance finance

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

SPECIAL OFFER TO BANKERS
Sickness or Accident Policies paying up to $ 5 0 .0 0 a week
paid up in full to the middle of June, 1946, for the small
membership fee.
No medical examination and no red tape— Simply write for
application and literature to

M IN N E S O T A C O M M E R C IA L M E N 'S A S S O C IA T IO N
2550 Pillsbury Ave. So.

Minneapolis 4, Minnesota

Northwestern Banker

January 19Ì6

plan over the past 20 years is that
which provides limited recourse. This
contract appeals to the majority of
appliance dealers, principally for the
reason that contingency is strictly
limited. Usually the contingency is
held to the first three payments, fol­
lowing which the dealer actually
has no responsibility, but is morally
bound to cooperate with the lender.
Let us now turn to the straight
nonrecourse plan. During times of
economic pressure nonrecourse plans
are often not available, mainly be­
cause dealers are prone to “unload”
marginal credit risks and other types
of unsatisfactory paper on the lender.

It is often true that the dealer who
prefers this type of financing has no
concern with profit or loss to the bank
or the finance company, and will
therefore not cooperate on important
matters of policy, especially with refer­
ence to collections and repossessions.
Under no circumstances is it rec­
ommended that a reserve be estab­
lished on a nonrecourse plan, not­
withstanding that we are facing a
boom period, with large down pay­
ments and short terms. We are ready
to concede that nonrecourse plans will
work out suitably for several seasons,
but the competitive squeeze that will
come in a few years will force banks

REPORT OF THE CONDITION OF

*7he. Jtlae Stack National Basdz
SIOUX C ITY , IO W A
At the close of business December 31, 1915
RESO URCES
L o a n s a n d D i s c o u n t s ............................................................................................................................... S 3 ,2 7 7 ,5 1 2 .8 6
U n it e d S t a t e s B o n d s a n d N o t e s ...................................................................................................... 1 2 ,1 3 7 ,9 9 7 .1 5
M u n i c i p a l B o n d s ..........................................................................................................................................
5 5 6 ,2 9 5 .0 6
O t h e r B o n d s a n d S e c u r i t i e s ................................................................................................................
3 0 ,1 7 2 .3 8
F e d e r a l R e s e r v e B a n k S t o c k ...........................................................................................................
2 4 ,0 0 0 .0 0
I n t e r e s t E a r n e d , N o t C o l l e c t e d ........................................................................................................
5 3 ,2 8 9 .8 4
C a s h o n H a n d a n d D u e i r o m B a n k s .........................................................................................
9 ,3 9 5 ,7 0 8 .0 9
$ 2 5 ,4 7 4 ,9 7 5 .3 8
L IA B IL IT IE S
C a p i t a l S t o c k ..............................................................................................................................................$
S u r p l u s ............................
U n d i v i d e d P r o fit s .....................................................................................................................................
R e s e r v e s i o r I n t e r e s t a n d T a x e s ......................................................................................................
R e s e r v e f o r C o n t i n g e n c i e s .............................................................
I n t e r e s t C o l l e c t e d , N o t E a r n e d .........................................................................................................
D e p o s it s :
T im e a n d D e m a n d .........................................................................................$ 2 3 ,3 3 1 ,2 4 2 .9 5
U . S . W a r L o a n D e p o s it A c c o u n t ........................................................ 1 ,1 7 3 ,9 1 7 .3 9
T o t a l D e p o s it s

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

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

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

C. L. F R E D R IC K SE N
President
W . C. SCH EN K
Cashier
J. S. H A V E R
Assistant Cashier

W . G. N E L SO N
Assistant Vice President
C. L. AD AM S
Assistant Cashier
JAM ES L. S M IT H
Auditor

M . A. W IL S O N
v ice President
jj
q
L IN D U S K I
Assistant Cashier

Member Federal Deposit Insurance Corporation

Li v e S t o c k
N

a

t

OF

i

o

n

a

S IO U X

B

l

C IT Y ,

M E M a ER

7

^

Northwestern Banker


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

F, D.I .C.

" t/ te

January 19J6

a

n

IO W A

k

and others to substitute some form
of recourse for protection. Unless the
dealer’s interest in limited recourse
can be enlisted now, in the form of an
alternate plan, it will be embarrassing
to suddenly prohibit the use of a
nonrecourse contract, which action
would leave appliance merchants
“high and dry.”

Modernization Loans
In the years prior to the introduc­
tion of the Federal Housing Act, which
became law on June 27, 1934, and
was subsequently amended in 1938
and 1939, many large finance com­
panies did a tremendous volume on
modernization loans. The prevailing
rate up to the enactment of FHA was
6 per cent, but other rates went as
high as 10 per cent per annum. With
the advent of Title I, hundreds of
banks promptly took advantage of the
facilities offered by the act, and expe­
rience has been very good.
Last restrictions were removed re­
garding terms on “listed articles,”
under section 13 of Regulation W, and
we now offer terms up to 36 months.
It is not our purpose to expand great­
ly on modernization loans here, in
face of the fact that most banks and
loan companies have actively engaged
in this type of consumer credit. One
point should be emphasized, however,
and that is the neglect of many banks
to participate in Class II loans under
Title I. Regulations pertaining to
Class II are practically the same as
Class I, but a great many organiza­
tions have passed up this additional
opportunity. Class II under Title I
permits the lender to advance amounts
up to $3,000 on each loan for the
“erection of new structures exclusive
of those used wholly or in part for
residential purposes.” The maximum
maturity is three years and 32 days.
Commerce Trust Company is offering
a second modernization loan plan at
a six per cent rate, which plan elimi­
nates the completion certificate, all
red tape, and signatures excepting
one on the credit application and
another on the note.
Finally, it must be emphasized that
consumer credit is a highly specialized
field of finance and that no organiza­
tion can successfully or profitably
develop any considerable volume in
this direction without, (1) a suitable
finance plan, both wholesale and re­
tail, (2) a program to provide for
vigorous solicitation of dealer business,
and (3) the creation of a thorough­
ly capable organization of experienced
personnel. # #

53
the concern in the fall of 1930. Expe­
rience gained during those years and
his ability make him well qualified to
take over the additional duties.

SOUTH

Appoint Bank Examiner

D A K O TA
NEW S
O.

O. G O R D E R
P r e s id e n t
D eadw ood

Acting Secretary
LOIS J. HALYORSEN

Reappointed by A.B.A.
John N. Thomson, vice president and
cashier of the Bank of Centerville,
South Dakota, was reappointed chair­
man of the subcommittee on agricul­
tural credit of the Committee on Fed­
eral Legislation by Frank Rathje, pres­
ident of the American Bankers Asso­
ciation. Mr. Thomson was also re­
appointed a member of the Postwar
Small Business Credit Commission and
appointed a new member of the War
Veterans Service Committee. Mr.
Thomson attended meetings with these
committees last month in Washington,
D. C.; Chicago, and St. Louis.

GEORGE

M.

S T A R R IN G

Secretary-Treasurer
Huron
( I n the S ervice)

with a 16 per cent increase in the first
11 months over 1944. Last November’s
bank debits for that city were $4,434,000 and the 11 month total $32,765,000.
At Madison bank debits were 23 per
cent above November, 1944, and the 11
month period shows a 6 per cent in­
crease. Deadwood registered a gain of
46 per cent for the month, Lead in­
creased 41 per cent, and Rapid City’s
gain was 16 per cent. Combined totals
of all reporting centers in the Ninth
Federal Reserve District show Novem­
ber, 1945, with an 11 per cent gain over
that month in 1944 and the first 11
months show a 6 per cent gain.

Named Assistant Cashier
Reach Million Mark
Rex Terry, cashier of the Fort Pierre
National Bank, announced that for the
first time in the history of Stanley
county, bank deposits in one bank have
passed the million dollar mark, that
amount having been attained by the
Fort Pierre National.
This, together with the fact that
Stanley county people have purchased
in excess of $1,000,000 of Defense, War
and Victory Bonds, is in spite of the
fact that these people, a few years ago,
were harassed by depression and
drouth. Mr. Terry also disclosed that
indebtedness of Stanley county people
to the Fort Pierre Bank amounts to
only about $100,000.

Bank Debits Increase
The summary of bank debits for
South Dakota released last month by
the Federal Reserve Bank of Minne­
apolis shows a sharp upturn for No­
vember, 1945, as compared to the same
month in 1944. In Brookings the total
amount of checks drawn by the public
against their bank accounts was 36 per
cent above the 1944 figure for Novem­
ber. Comparison of the first 11 months
with the same 1944 period indicates an
increase of 1 per cent.
In Belle Fourche for the month of
November, 1945, compared to Novem­
ber, 1944, there was a 32 per cent gain,

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

George S. Henry, former Volga,
South Dakota, resident, has been
named assistant cashier of the First
National Bank of Minneapolis, accord­
ing to an announcement made recently.
Mr. Henry was born at Volga and
was formerly cashier of the National
Metals Bank in Ironwood, Michigan.

Abbotts Buy Winner Bank
The Abbott family of Alliance and
Hyannis, Nebraska, purchased the in­
terest of H. S. Clarke and Cornelius
Clarke in the Farmers State Bank of
Winner, South Dakota, and assumed
management of the bank January 1st.
The Abbott family has extensive busi­
ness interests in Nebraska and in addi­
tion to its immense land and cattle
holdings, operates eight banks.
Personnel of the bank will remain
the same for the present. H. S. Clarke
plans to leave Winner, but Cornelius
Clarke intends to remain in that local­
ity to supervise his ranching business.

Elected Cashier
Max Gutz was elected cashier of the
First National Bank of Selby, South
Dakota, at a meeting of the board of
directors of the bank held last month.
He fills the vacancy caused by the
death of C. A. Potter, who served as
cashier for many years.
Mr. Gutz has been assistant cashier
of the bank, entering the employ of

Superintendent of Banks Verne W.
Abeel recently announced the appoint­
ment of William G. Taylor, Sioux Falls
war veteran, as an examiner in the
division of banking and finance.
A 1936 graduate of the University of
South Dakota, Taylor served five years
in an infantry unit, two of them over­
seas in the Italian theater. He is a
former finance company manager.

Sioux Falls News
who have resumed
their positions in Sioux Falls banks
RareETURNEES
teller at the
Robert O. Griffiths,

First National Bank & Trust Co.,
veteran of three years’ service in this
country and Germany; Glenn Howes,
teller at the National Bank of South
Dakota, who served three and onehalf years in the Pacific; R. E . A rm ­
strong, assistant cashier at the Union
Savings bank, who left two and onehalf years ago and served with the
army in the southwest Pacific; James
Geusebroek, teller at the Northwest
Security National bank, who left in
June, 1943 to serve as signalman on
a destroyer tender in the South Pacific,
and Leo R. Navin, bookkeeper at the
same institution, also home from the
South Pacific, absent three and onehalf years.
R. E . Driscoll, president of the First
National bank of the Black Hills,
Rapid City, and Ralph M . W atson,
president of the Northwestern Secur­
ity National bank, Sioux Falls, repre­
sented South Dakota at a meeting
of the Northwest Bancorporation ad­
visory council in Minneapolis Decem­
ber 6th and 7th. Driscoll was chair­
man of the meeting.
Fred Hollister, chairman of the
board of the Northwest Security Na­
tional bank, left early this month
for the Hillsboro club, Pompano,
Florida, where he will spend the next
three months.

Employes of the Northwest Security
National bank enjoyed a Christmas
party December 20th at the Cataract
hotel. John Hinman, assistant cashier,
was in charge of arrangements.
J. M . Lloyd, vice president of the
American State bank at Yankton,
South Dakota, was elected president
of the Greater South Dakota asso-

Northwestern Banker

January 1946

54

ciation. He was also seated as a
district director. The Sanborn County
bank in Woonsocket was redesignated
as the association’s depository.

spent a two weeks vacation at Grand
Rapids, Michigan, with his son, Horace
Barton, representative of Halse, Stuart
& Co., Chicago.

John Barton, vice president of the
Northwest Security National bank,

Tom S. Harkison, president of the
National Bank of South Dakota, has

Statement of Condition, as of December 3 1 ,1 9 4 5
RESO U RCES
C a s h o n H a n d a n d D u e fr o m

B a n k s ..................................................................................$ 3 ,8 7 2 ,6 8 9 .5 5

U. S. G o v e rn m e n t

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

S ta te, C o u n ty a n d

M u n i c i p a l B o n d s ..................................................................................

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

and

O v e rd ra fts

D is c o u n t s

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

B a n k S t o c k ....................................................................................................

B a n k in g H o u s e s a n d
A ssets

1 ,4 6 1 .6 7

N o t C o l l e c t e d .................................................................................................

F ed era l R eserve
O th e r

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

5 2 ,8 7 6 .6 4

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

In terest E a rn e d

1 5 ,0 0 0 .0 0

F i x t u r e s .................................................................................................

1 1 1 ,9 1 7 .3 7

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

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

L IA B IL IT IE S
C a p it a l

S tock

S u r p lu s

.....................................................................................................................................$

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

U n d iv id e d

P r o fit s

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

R e s e r v e fo r T a x e s , I n t e r e s t , E x p e n s e s , E t c ......................................................................

4 5 ,7 2 5 .7 5

In terest C o lle c te d

b u t N o t E a r n e d .........................................................................................

1 ,3 9 8 .8 5

O th e r

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

5 2 2 .71

L ia b ilit ie s

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

The National Bank of South Dakota
Huron — Sioux Falls — Vermillion
M em ber of F ederal Deposit Insurance Corporation
A ffiliated with First Bank Stock C orporation

STATEMENT OF CONDITION

First National Bank of The Black H ills
U : i i h <1 C i t y
H o t S p r in g s

Lead
-

S t u r jt 'is

D e a d iv o o d
S p e a r fts h

Jte lle F o u r c h e
N e w e ll

December 31, 1945
RESO U R CES
Cash on Hand, in Federal Reserve Bank and Due from Banks and
Bankers ........................................................................................................................................$ 5 ,1 1 8 ,9 2 0 .6 9
U . S . Government Obligations............................................................................................. 1 7 ,5 6 9 ,5 5 8 .0 4
State and Municipal Bonds....................................................................................................
5 0 1 ,1 7 6 .1 3
Other Bonds and Securities....................................................................................................
1 9 3 ,5 8 2 .4 7

T O T A L ................................................................................................................................................................................. $ 2 7 ,8 6 4 ,4 1 1 .5 6
5 0 0 ,0 0 0 .0 0
5 0 0 ,0 0 0 .0 0
3 4 7 ,3 0 8 .2 6

Reserved for Interest, Taexs and Other Expenses................................................................................................
Interest Collected but Not Earned.................................................................................................................................
Deposits .............................................................................................................................................................................................

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

T O T A L ................................................................................................................................................................................. $ 2 7 .8 6 4 ,4 1 1 .5 6
M E M B E R 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

Banker
Digitized for Northwestern
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

January 1946

Barton J. Sweatt, 75, former pres­
ident of the First National bank of
Dell Rapids, South Dakota, died last
month after a lingering illness. At
one time Sweatt was engaged in the
bridge contracting business in Des
Moines. The widow, a son, two grand­
children and three sisters survive.
J. W . Davis, secretary of the Home
Savings association of Sioux Falls,
was elected director-at-large of the
Eighth district Federal Home Loan
bank for a two-year term beginning
January 1st. Since 1938 he has been
secretary and manager of the asso­
ciation, the second largest building
and loan association in South Dakota.
He had 20 years of banking experi­
ence before becoming association
secretary. The district, with head­
quarters in Des Moines, includes South
Dakota, North Dakota, Iowa, Min­
nesota and Missouri.
The Northwest Security National
bank is anxious to get rid of two cells

$ 2 3 ,3 8 3 ,2 3 7 .3 3
Stock in Federal Reserve Bank in Minneapolis....................................................................................................
3 0 ,0 0 0 .0 0
Overdrafts .........................................................................................................................................................................................
12 ,3 0 6 .7 6
Loans and Discounts..................................................................................................................................................................
4 ,2 5 6 ,6 1 8 .4 9
Banking Houses ..............................................
8 4 ,7 0 0 .0 0
Includes Banking Houses at Rapid City, Deadwood, Belle Fourche,
Sturgis, Spearfish and Newell, all clear of encumbrances
Furniture and Fixtures................................. ............................................................................
None
Real Estate Owned, Other Than Banking Houses..............................................................................................
4.00
Interest Earned but Not Collected.................................................................................................................................
9 7 ,5 4 4 .9 8
L IA B IL IT IE S
Capital Stock, Com m on.............................................................................................................$
Surplus
..............................................................................................................................................
Undivided Profits and Reserves..........................................................................................

Earling Haugo, president of the
Sioux Valley bank and former super­
intendent of banks in South Dakota,
is a director of a new aeronautical
corporation building a commercial air­
port two miles south of the Renner
corner on highway 77. The firm is
known as Western Flyers, Inc., and
the landing field will be called Westport.

2 5 0 ,0 0 0 .0 0

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

D e p o s it s

Receptacles for donations to the
Sister Elizabeth Kenny foundation for
infantile paralysis sufferers were dis­
tributed among Sioux Falls stores,
restaurants and amusement places by
Boy Scouts under direction of C. A .
Christopherson, South Dakota chair­
man for the foundation. Christopher­
son, chairman of the board of di­
rectors of the Union Savings bank,
was co-sponsor of a USO club book
exhibit commemorating Jewish book
month.

2 5 ,2 0 0 .4 5

O t h e r B o n d s a n d S e c u r i t i e s .........................................................................................................
Loans

been appointed state vice president of
the American Bankers’ association.

installed on its fourth floor more than
six years ago by the Federal Bureau
of Investigation. The cell block, said
never to have been used was left
behind when the FBI office was closed
several months ago and records and
personnel were transferred to St.
Paul.
Ambulance Chaser
1st Father: Your son is an under­
taker? I thought you said he was a
doctor.
2nd Same: No, I said he followed
the medical profession.

55

-•

SOUTH

LE G A L QUESTIONS
(Continued from page 24)
the due process and equal protection
provisions of the Fourteenth Amend­
ment to the Federal Constitution are
not violated by the statute in question
and that the state might validly re­
quire a corporation to sell its farm land
in the circumstances outlined.

Q.

Jordan w illfully and maliciously
killed and injured certain cattle be­
longing to Black, a banker, in South
Dakota.
Criminal proceedings were
instituted against Jordan. He sought
to defend on the ground that he had
offered to pay Black for the damages
suffered by him. W a s such defense
good?

No. An offer to pay damages sus­
tained from an act of malicious de­
struction of and injury to property is
not a defense in a criminal prosecution
and evidence that a defendant is will­
ing to pay the damages sustained by
the owner as a result of his acts is not
admissible at the trial.

Q . A n Oklahoma bank obtained a
judgment in that state on a promissory
note against Bulkley. Later Bulkley
moved to Arkansas and the judgment
became dormant. Still later the bank
sought to revive the judgment. In do­
ing so the notice Avas so served on
Bulkley personally in Arkansas that
he had only six days to appear and con­
test the rewivorship. AVas the time so
short that the notice Avas void?

DAKOTA

No. In Missouri a bequest of a hotel
leasehold to a deceased lessee’s widow
and children is not a breach of a gen­
eral covenant in the lease to the effect
that the leasehold estate can not be
assigned without the lessor’s consent
where there is no provision in the lease
that the leasehold interest should not
pass by will.

Brainard Elected President
The board of directors of The Addressograph - Multigraph Corporation,
Cleveland, Ohio, elected George C.

Q.

Neal, a Missouri banker, leased a
hotel building OAvned by him in that
state to Overman, a hotel operator, for
five years. The lease contained a gen­
eral covenant that Overman would not
assign the leasehold without Neal’s
consent but Avas silent regarding what
should happen to the leasehold in the
CAent of OAerman’s death. Overman
died leaving a will in which he be­
queathed the leasehold, Avhich had two
years to run, to his Avife and children.
W a s such bequest a breach of the
covenant not to assign?


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

*
Brainard president and general man­
ager, to succeed Joseph E. Rogers, who
continues as chairman of the executive
committee and a member of the board
of directors, following 20 years as
president and general manager.
The action was announced by the
directors as a step designed to increase
the company’s management facilities
in anticipation of greatly enlarged post­
war activity by the company in the
business simplification m a ch in e ry
fields. Mr. Brainard’s appointment has
been contemplated for some time and
marks an important step.

STATEM EN T OF CONDITION

N O R T H W E S T SECU R ITY
N A T I O N A L BANK
of S io u x F a lls, South Dakota
“ South Dakota’s Leading Bank ”
DECEM BER 31, 1945
R ESOURCES
Cash on Hand, in Federal Reserve Bank, and Due from Banks
and Bankers ..................................................................................................$10,574,602.87
U. S. Government Obligations.................................................................. 24,275,344.26
State and Municipal Bonds..........................................................................
981,801.85
Other Bonds and Securities........................................................................
389,943.82
Stock in Federal Reserve Bank in Minneapolis...............................................................
Overdrafts .......................................................................................................................................
Loans and Discounts....................................................................................................................
Banking Houses ..................................................................................................................... . . •
Includes Banking Houses at Sioux Falls, Brookings, Chamberlain, Dell Rapids,
Gregory, Huron and Madison, all clear of encumbrance.
Interest Earned but Not Collected......................................................................................
TOTAL

No. In a similar situation the Okla­
homa Supreme Court held recently
that a notice of a hearing on a motion
to revive a dormant Oklahoma judg­
ment served personally upon a judg­
ment debtor in Arkansas six days be­
fore the hearing was not void on the
ground that the judgment debtor was
not given a reasonable time to appear
and contest the revivorship.

NEWS

$36,221,692.80
36,000.00
2,255.59
3,463,752.99
280,000.00
120,890.35

..................................................................................................................................... $40,124,591.73

L IA B IL IT IE S
Capital Stock— Common ..............................................................................$
Surplus ................................................................................................................
Undivided Profits and Reserves...............................................................

500,000.00
700,000.00
443,812.72

Reserve for Interest, Taxes, and Other Expenses.........................................................
Interest Collected but Not Earned........................................................................................
Deposits:
Time ................................................................................................................$ 5,688,228.59
Demand ......................................................................................................... 28,930,223.01
U. S. W ar Loan............................................ * ...........................................
3,717,145.47

$ 1,643,812.72
135,105.98
10,075.96

38,335,597.07
TOTAL

..................................................................................................................................... $40,124,591.73

BRANCHES

AT

BROOKIN GS, C H A M B E R LA IN , D E L L R A P ID S,
G REGORY, HURON, M A D ISO N
FRED H. HOLLISTER
Chairman

R A LPH M. WATSON
President

United States Depositary
Member Federal Deposit Insurance Corporation

Northwestern Banker

January 19'i6

56

prices enabled these buyers to make
substantial payments on farms, and
now they are acquiring deeds and giv­
ing mortgages for unpaid balance. Ac­
cordingly there has been an increase in
the number of farm mortgages re­
corded.

NORTH
DAKOTA
NEWS

A. C. IDSVOOG
President
Grafton

Banker Heads Association

Generally these mortgages are being
taken by the investment concerns
which previously owned the land.

C. C. W ATTAM
Secretary
Fargo

ney, vice president, the First National
Bank of Oakes.

All officers, directors and staff offi­
cers of the Greater North Dakota Asso­
ciation were unanimously re-elected at
a recent meeting in Fargo, North Da­
kota. Support of amendments to the
G. I. Bill of Rights and approval of the
Missouri River Development program
outlined by army engineers were
passed by the executives at this meet­
ing.
North Dakota bankers among those
re-elected include: President of the
Association, R. J. Hughes, president,
the National Bank of Wahpeton; vice
presidents, R. R. Wolfer, chairman of
the board of directors, the National
Bank of Jamestown; F. A. Foley, presi­
dent, Rolette County Bank, Rolla;
treasurer, F. A. Irish, chairman of the
board of directors, the First National
Bank and Trust Company of Fargo.
Re-elected state directors are: Dugald
Stewart, president, the First National
Bank of Bowman, and F. D. McCart­

Farm Mortgages Increase
Farm loan mortgages in North Da­
kota stand at 152 per cent of their 1940
figure, it is shown in a recent release
by the research division of the Farm
Credit Administration.
Ordinarily this would indicate a
steadily increasing farm indebtedness,
but farm loan agencies explain that
during the years of low prices, many
farms were purchased on a contract
basis with small down payments. The
contracts contain a clause giving farm
buyers the opportunity to acquire
deeds when a percentage of the entire
indebtedness was paid. Upon granting
a farm deed, the former owner agreed
to take a mortgage for the balance of
the debt.
Thousands of North Dakota farmers
bought land on these so-called “shoe­
string contracts.” Good crops and fair

The First National Bank and Trust Company of Fargo
FARGO, NORTH DAKOTA

The FCA report shows that Federal
Land Banks and Land Bank Commis­
sioners are making 8.2 per cent of all
farm mortgages in the United States,
and that in the four states of the Sev­
enth District, which includes North
Dakota, the Farm Credit Administra­
tion accounts for 7 per cent of all
mortgages recorded.

Re-elected by Airlines
William Stern, president of the Da­
kota National Bank of Fargo, North
Dakota, was re-elected to the board of
directors of Northwest Airlines, and
re-appointed special assistant to the
airline’s president, at the annual stock­
holders’ meeting in St. Paul recently.
This will be Mr. Stern’s 10th term as
a member of the airlines board.
To meet expected future capital re­
quirements, stockholders voted to in­
crease the number of authorized stock
shares from 600,000 to 1,000,000, in line
with recommendation of the board.

P. J. Edkins
P. J. Edkins, prominent Beach,
North Dakota, banker, and World War
I veteran, died at his home there re­
cently.
He leaves his wife and two sons,
William, home after discharge from
the army air forces, and Pvt. Robert,
serving with the occupation forces in
Japan.

Statement of Condition. December 31, 1945
RESO U R CES
Loans and Discounts...........................$ 1 ,9 3 2 ,2 4 0 .4 0
Overdrafts ..................................................
2 ,6 2 4 .3 5
Stock in Federal Reserve B ank. .
2 1 ,0 0 0 .0 0
2 0 0 ,0 0 0 .0 0
Bank Building ........................................
Furniture and Safety Deposit
Vaults ...............................................
0
Interest Earned, Not C o lle c te d ..
6 9 ,7 1 6 .8 0
Quick Assets:
* U . S . Government
Bonds
.$ 1 5 ,9 2 7 ,9 0 7 .8 1
* Municipal Bonds
293,412.31
*Other Bonds. .
5 3 9 ,9 0 4 .3 2
Cash and Due
from Banks 5 ,6 3 7 ,0 6 0 .2 8 2 2 ,3 9 8 ,2 8 4 .7 2

L IA B IL IT IE S
Capital ............................................................$
3 5 0 ,0 0 0 .0 0
Surplus
4 0 0 ,0 0 0 .0 0
Undivided Profits and R eserves,.
2 5 9 ,1 4 2 .0 4
Interest Collected, Not Earned. .
1 2 ,6 6 4 .1 6
Deposits (Including U . S.
War Loan Deposits
$ 3 ,0 7 4 ,2 1 2 .1 8 )
......... 2 3 ,6 0 2 ,0 6 0 .0 7

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

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

* A t market or less.

Officers
F.
G.
H.
G.

A.
H.
D.
W.

IR ISH ...........Chairman of the Board
N ESB IT ..................................President
CROSBY..................... Vice President
J E N S O N .. . .Vice Pres, and Cashier

G. H. M A Y ................. Assistant Vice Pres.
M. W . LO FFER ............. Assistant Cashier
M. C. FREM STAD .........Assistant Cashier

Member of the Federal Deposit Insurance Corporation
Affiliated with N O R T H W E S T B A N C O R P O R A T IO N

Northwestern Banker


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

January 19J6

Officers Attend Meeting
President A. C. Idsvoog, president of
the Grafton National Bank of Grafton,
North Dakota; Vice President C. W.
Burges, cashier of the Security Nation­
al Bank of Edgeley, and Secretary C.
C. Wattam, Fargo, of the North Da­
kota Bankers Association, attended the
meeting called by the American Bank­
ers Association of state officers and sec­
retaries in St. Louis last month. A
number of matters with reference to
bank operations were presented by a
group of competent speakers.

Stambaugh Appointed
Lynn U. Stambaugh, Fargo, North
Dakota, attorney, former national com-

57

• NORTH DAKOTA

NEWS

profits of $426,153.

sidered to be authoritative measuring
sticks, are at record levels in North
Dakota, and the other states in the
Ninth Federal Reserve District which
the Minneapolis bank serves.
Of special interest is the report of
the bank that farm income in North
Dakota, for the first eight months of
1945 is 12 per cent above the all-time
record established in 1944.

mander of the American Legion, was
nominated by President Harry S. Tru­
man recently to be a member of the
board of directors of the Export Im­
port Bank.
Mr. Stambaugh says he was called
recently by the President’s office and
asked if he would take the position.
Mr. Stambaugh replied he would ac­
cept. It carries a salary of $12,000 a
year. The term is for five years. The
appointment is subject to U. S. Senate
confirmation.
The Export Import Bank of Wash­
ington, D. C., was established by execu­
tive order in 1934 and since then has
been governed by a board of trustees.
The bank has a capital stock of
$1,000,000,000, subscribed by the United
States.

Present officers include: R. L. Smith,
president; A. A. Bibus, vice president;
J. C. Moore, vice president; A. T. Lar­
son, cashier; C. W. Messenger, assistant
cashier, and W. J. Ryan, assistant cash­
ier.

Chicago Bank Deposits

Stock Yards National
The Stock Yards National Bank of
South St. Paul, Minnesota, has recent­
ly remodeled a large room at the rear
of the bank which will be used as head­
quarters for the bank’s installment
loan department. It is a large, welllighted room and is so located that en­
trance to it can be gained from the hall
of the Exchange Building instead of
entering through the bank lobby.
The bank’s installment loan depart­
ment will be under the management of
William Ryan and J. W. Womack. Mr.
Womack is just back from the army
where he served as a captain.
The Stock Yards National Bank now
has deposits of almost $17,000,000.
Loans as of a recent date were $1,673,300. The bank is capitalized at $250,000 and has surplus and undivided

Record Business Level
The volume of business continues at
record high levels throughout the
northwest, according to information
compiled by the Minneapolis Federal
Reserve Bank, and North Dakota is
right up at the top in contributing to
this record.
All the indexes, sales at retail, bank
debits, bank deposits, which are con­

•

Bank deposits in Chicago banks as of
December 31, 1945, were as follows:
Continental Illinois National Bank
and Trust Company—$2,646,721,523.
The First National Bank — $2,347,702,804.
The Northern Trust Company —
$700,425,061.
City National Bank & Trust Com­
pany—$337,449,803.
American National Bank & Trust
Company—$228,346,381.
Drovers National Bank—$68,364,775.
The Live Stock National Bank —
$56,405,252.
Drovers Trust & Savings Bank—
$24,504,230.

City National Bank and Trust Company
of Chicago
C o n d e n se d S ta tem en t o f C o n d itio n — D e c e m b e r 3 1 , 1 9 4 5

L IA B IL IT IE S

R E SO U RC ES
Cash and Due from Banks

S 78,584.462.30

-

181.985,920.47

U. S. Government Securities

6.057,277.99

State, Municipal, and Other Securities
Loans and D i s c o u n t s ......................................

240.000.00

Federal Reserve Bank Stock
Accrued Interest

-

-

-

-

-

589.431.35

-

Customers' Liability on Letters of Credit
and A c c e p t a n c e s ......................................
Other Resources


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

-

-

-

81,980,535.82

-

-

-

1,819.434.30
74,172.06

C a p it a l............................................... Surplus -

-

-

-

Undivided Profits -

-

-

S

-

4.000.000.00

-

-

-

4.000.000.00

-

-

-

1,837,662.40

Reserves for Interest, Taxes, and
C o n t in g e n c ie s ...............................................

2,002,425.84
160,000.00

Reserved for Dividends Declared Letters of Credit and Acceptances
Outstanding
-

-

1,819.434.30

Other Liabilities

.

.

61,907.94

Deposits -

-

.

337,449.803.81

-

$351,331,234.29

.

.
-

.
.

.
.

.

$351,331,234.29

Member Federal Deposit Insurance Corporation

Northwestern Banker

January 1946

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

D IR E C T O R S
L IN N P. CA M P B ELL, President

A R TH U R A . LOW M AN

Byron Reed Company, Inc.

EDGAR M. M ORSM AN, JR., Attorney

SAM UEL L. COOPER, President

Orchard & Wilhelm Company

ROY PAGE, Vice President and General Manager
Nebraska Power Company

E D W IN A. DUFF

H EN R Y W. PIER P O N T

EDW ARD F LY N N , Executive Vice President
Chicago, Burlington & Quincy Railroad Co.

A B R A H A M L. REED, Chairman of the Board

RUSSELL J. HOPLEY, President

Byron Reed Company, Inc.

Northwestern Bell Telephone Company

H A R R Y F. REED, President

JO H N W. HUGHES, President

L. G. Doup Company

Guarantee Mutual Life Company

ELLSW ORTH MOSER, Executive Vice President

G LEN N E. JE N N IN G S , President
Wright & Wilhelmy Company

H ER BER T M. BU SH N ELL, President

7 ^

U N ITED STATES
R ational D A N K of Om aha
J
MEMBER

FOIC

59

ton Munger, vice president, said that
although work of tearing out old fix­
tures had begun, it is not expected that
the job will be completed before mid­
summer, due to delay in obtaining fix­
tures and other materials.

NEBRASKA
NEW S
V . E. DOLPHER
President
David City

Twentieth Anniversary
The twentieth anniversary of The
American National Bank of Sidney,
Nebraska, was formally marked recent­
ly with a wild duck and goose dinner
at Sidney Country Club, President A.
J. Jorgenson, host, and served to all
officers, directors, employes and mem­
bers of their families. The bank (then
a state institution known as The Amer­
ican Bank of Sidney, Nebraska), was
organized in 1925. Only remaining
members of the original official roster
are Mr. Jorgenson and Paul L. Martin,
attorney, vice president and a mem­
ber of the board of directors.
The bank nationalized in 1930 and
became The American National Bank.
In the twenty years since its founding
the list of checking accounts has grown
from 660 to almost 3,000 and deposits
have soared from $843,000 to almost
$ 6 , 000, 000.

Members of the board of directors
are Mr. Jorgenson, Mrs. A. J. Jorgen­
son, D. W. Jorgenson, Mr. Martin and
George W. Barlow.
Officers and employes today are: Mr.
Jorgenson, president; Mr. Martin, at­
torney and vice president; Mr. Barlow,
vice president; Mr. Jorgenson, vice
president; Marius Christensen, cashier;
Mrs. Margaret Bartholomew, assistant
cashier; Mrs. Alice Spearow, assistant
cashier and teller; C. W. Smith, man­
ager of the installment loan depart­
ment.

Committee Meeting
Another meeting of the Nebraska
Bankers association’s committee on in­
stallment lending was held recently.
R. W. Trefz of Beatrice, Nebraska, is
chairman, the other committeemen be­
ing George Froelich of Falls City, Ne­
braska, and Howard Pierce of Shelby,
Nebraska. Two other committees plan
early meetings—that on agriculture,
M. C. Townsend of Fremont, Nebraska,
chairman, and service to veterans, S. C.
Waugh of Lincoln, Nebraska, chairman.

Christmas Party

Fifteen women employes of the First
National Bank of Grand Island, Ne­

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

Phelps County Total High

CARL G. SWANSON
Secretary
Omaha

braska, were guests at a dinner party
at the Hotel Yancey. The party is an
annual holiday affair.
Later in the evening the group ad­
journed to the mezzanine floor for a
gift exchange. The rest of the evening
was spent informally.

North Platte Bank Expands
Work was started last month on a
new addition and improvement at the
First National Bank of North Platte,
Nebraska, after purchasing an adjoin­
ing building. The new addition will be
a two-story building with the ground
floor used for business purposes. Hor-

At the close of business recently,
Phelps county, Nebraska, banking in­
stitutions had on deposit a total of
$9,219,841.93.
Deposits accumulated to reach that
total were from the First National
Bank of Holdrege, Nebraska; the Bank
of Bertrand, Nebraska; the First State
Bank of Loomis, Nebraska, and Postal
Savings at the Holdrege post office.
Adding to that figure an estimated
$3,000,000 in War Bonds holdings,
brings the figure to more than $14,000,000, the cash wealth of the people of
Phelps county.
High wartime agriculture prices,
three good farm crops in a row, and
the increased tonnage as a result of
irrigation are credited by banking ex­
perts as being three of the major rea­
sons for the enormous growth in cash
wealth.

U. S. National Promotions
Three executives with a combined
total of 103 years of service have been
promoted by the United States Nation­
al Bank of Omaha. Advanced are Aus­
tin L. Vickery to assistant vice presi­
dent, Arthur D. Anderson to cashier,
and Leo M. Brown to comptroller.
All three officers are members of
the 25-Year Club at the bank. Mr.
Vickery and Mr. Brown have each
served the United States National for
38 consecutive years, while Mr. Ander-

son has been a continuous employe for
the past 27 years.
Mr. Vickery entered the employ of
the United States National in 1908 as
a messenger. He was made assistant
cashier in 1923 and cashier in 1940.
For the past few weeks he has special­
ized in correspondent bank relations.
A graduate of the American Insti­
tute of Banking, Mr. Anderson began
work at the bank in 1919. He was ap­
pointed assistant cashier in October,

(i()

• N E B R A S K A NE WS •
1944, and has served in many impor­
tant capacities in the bank.
A native of Omaha, Mr. Brown went
to work for the United States National

in 1908 after completion of public
school education. He has been auditor
of the bank since 1927 and is state
vice president of the National Asso-

dation of Bank Auditors and Comp­
trollers.

County Depository
The county commissioners desig­
nated the Bank of Panama, Panama,
Nebraska, as a county depository at
their weekly meeting recently.

STATEMENT OF CONDITION
at the close of business December 31, 1945
R ESOURCES
Loans and Discounts..................... $ 2,985,202 65
Overdrafts ..........................................
416.28
130,000.00
Banking House ................................
U; S Bonds........................................ 35,150,000.00
W ar Savings Stamps........................
1,500.00
Customers’ Liability for Letter of
Credit ...............................................
14,180.00
Stock Federal ReserveB a n k ....
30,000.00
Other Assets ....................................
1,785.57
Cash and Sight Exchange............. 12,749*918.56

L IA B IL IT IE S
500,000.00
Capital ................... $
Surplus .................
500,000.00
Reserves ...............
500,000.00
Undivided Profits
115,334.40
Reserve for Dividends...................
Letters of Credit..............................
Deposits ...............$38,861,556.29
W ar Loan
Deposits ........... 10,541,932.37

hremont Clearings Up
$ 1,615,334.40
30,000.00
14,180.00

49,403,488.66
$51,063,003.06

$51,063,003.06

Ba n k o r Com m erce

Bank clearings in the two Fremont,
Nebraska, institutions during t h e
month of November totaled $1,342,267.77, Harold Phillips, assistant cash­
ier of the Fremont National Bank, re­
vealed recently. This figure showed
an increase of $293,679.61 over October,
when the total was $1,058,588.16. Clear­
ings in November a year ago were
$929,764.35.

LINCOLN, NEBRASKA
O F F IC E R S
BYRON

DUNN

A L B E R T A . H ELD
E x e c u tiv e V ic e P re sid e n t
E R N E S T C. FO LSO M
V ice P re sid e n t
J U L IU S W E IL
V ice P re sid e n t
CARL D GANZ
V ice P re sid e n t
G LENN YAUSSI
A s s t. V ice Pres, and T r u s t Officer

As s t.

M AR S H A LL H E W IT T
A s s t. V ice P re sid e n t
PAUL B O G O TT
C as hie r
W IL L IA M S T R A T E M A N
A s s t. V ice P re s id e n t
R. E . M I L L E R
C a s h ie r and A s s t. T r u s t Officer
T E D TH O M P S O N
A s s t. C a s h ie r

Member of Federal Deposit Insurance Corporation

The Johnson County Bank at Tecumseh, Nebraska, has increased its capital
stock to $75,000. Previous capitaliza­
tion was $55,000. According to Presi­
dent J. V. Johnson this is the largest
bank capitalization ever carried in
Johnson county.

Condensed Statement of Condition

First National Bank
of Saint Joseph, Missouri
and affiliated

First Trust Company

The bank had total assets of $2,371,089.06 on June 30th last year, which
was at the time of the last issuance
of a financial statement to the state
banking department.

and

First St. Joseph Stock Yards Bank
of South Saint Joseph, Missouri

at the close of business, December 31, 1945

Cash and Due from Federal Reserve and
TT°chU- Banks ............................................................ $12,285,433.52
u. S. Government Obligations................. 16,604,232.16
Other Bonds and Securities.....................
1,514,905.33
Federal Reserve Bank Stock..................................
’ 30,000.00
Loans and Discounts................................................
3,72l|534 76
Bank Building, Fixtures and Other Real
Estate ..........................................................................
1.00
Interest Earned Uncollected and Other Assets
80,480.68
T °tal

...................................................................... $34,236,587.45

L IA B IL IT IE S
Capital ............................................................................$
500,000.00
Surplus ..........................................................................
500,000.00
Undivided Profits ........................................; ..........
131,162.68
Reserves for Taxes, Dividends, Etc...................
71,284.56
Deposits ........................................................................ 33,034,140.21
Total

..................................................................... $34,236,587.45

First Trust
Company
$

94,590.67
193,962.33

First St. Joseph
Stock Yards Bank
$ 4,121,004.81
5,639,803.19
506,867.26
10,500.00
674,389.80

1.00
411.33

30,028.44

$

288,965.33

$10,982,594.50

$

100,000.00
120,000.00
68,965.33

$

Trust Business
Only
$

288,965.33

1.00

250,000.00
100,000.00
89,169.91
20,648.60
10,522,775.99

$10,982,594.50

COMBINED DEPOSITS $43,556,916.20
MEMBERS OF FEDER AL D EPOSIT INSURANCE CORPORATION
United States Government Bonds in the amount of $4,266,617.50 are pledged to secure Public
Deposits as required by law.

Banker
Digitized forNorthwestern
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

Walter Hartman has been discharged
from the navy after nearly four years
of service. He was employed as as­
sistant cashier at the First National
Bank of Fullerton, Nebraska, before
entering the navy.

Raise Capital $20,000

l ! L Banks

R ESOURCES
First National

Returns from Navy

Lobby Displays
The Home State Bank of Humboldt,
Nebraska, is giving space in the bank
lobby for a display of products manu­
factured in Humboldt. Each manufac­
turer will be allotted this space for one
week. Otto Kotouc, Sr., is president
of the bank.

BANKS

Bought and Sold

Confidentially and with becoming dignity

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

T H E C H A R L E S E. W A LT E R 5 CO .
OM AHA, N EBRASKA

January 1946

61

Cari G. Swanson,
newly elected
Secretary,
Nebraska Bankers
Association

w

N

N

W e join all Nebraska Banks in extending a warm hand of welcome and
friendship to the new Secretary of the Nebraska Bankers Association—
Carl G. Swanson. The Association has always chosen its executive officers
for competence, experience and integrity.

Mr. Swanson fulfills all

of these traditional requirements in abundance.

W e know that he will

devote his time and his talents to the promotion of better banking
facilities for everyone.
Our sincere, best wishes, Carl . . .
ALVIN E. JOHNSON,
President

LIVE STOCK NATIONAL BANK
OM AHA, N EBRASKA
Member Federal Deposit Insurance Corporation


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Federal Reserve Bank of St. Louis

Northwestern Banker

January 19b6

62
ing was expected to make the 1945
revenue approach that figure.
Mr. and Mrs. W . B. Millard, Jr., and

their daughter, Nancy, have moved
from their apartment at the Blackstone Hotel in Omaha to the home of
Mrs. Webster M. Bull. They will
occupy the residence until they find
one of their own. Mrs. Bull and her
son, Daniel F. Bull, IV, will spend the
winter in California. Mr. Millard is a
vice president of the Omaha National
Bank.

ANKS and bond houses that hold
Bbonds
“gilt-edged”
are willing to take a lower inter­
Omaha School District

est rate “if they don’t have to take
less interest.”
The bondholders will cut the inter­
est rate in two if the bonds are re­
written to extend twice as long as they
would under present rates. Thus the
School District would pay just as much
interest, but in smaller doses.
Rates now run up 5V2 per cent.
A . W . Gordon, president of the
Omaha Loan and Building Association
who recently returned after 4 years
of service as a lieutenant-colonel in
the Army Air Forces, praised the
Army’s system of record-keeping.
There were records of everything,
he said. Every book had to balance.
He cited one incident, however, that
was “an exception to prove the rule” :
An officer needed an accountant.
Another officer said he had a CPA.
The CPA arrived and was told to
write some letters.
“But I can’t use a typewriter,” he
said.
“Well, then, take the adding machine

Northwestern Banker


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Federal Reserve Bank of St. Louis

January 1946

and add these figures,” was the
second order.
“ I don’t know how,” the man re­
plied.
“What kind of a certified public ac­
countant are you?” the officer ex­
claimed.
“ I am not a certified public ac­
countant,” said the man.
“Well, you are listed as such,” the
officer stated.
“ That stands for Cleaning, Pressing
and Alterations,” the “CPA” replied
meekly but surely.
Another $100,000 has been paid off
on the South Omaha Bridge.
This brought the year’s total pay­
ments to $147,000—a record for any
year.
Of the original issue of $1,650,000 in
bonds, only $725,000 remains outstand­
ing.
The bridge was dedicated in 1936.
Refunding of the bonds from a
4 per cent to a 114 per cent interest
rate saved $30,000.
The best revenue year for the bridge
was 1940. The total receipts that year
were $165,000. Lifting of gas ration­

At the annual meeting of the
Covered Wagon Council, Boy Scouts,
Stephen J. W irtz of the Omaha Na­
tional Bank was elected treasurer.
New president is C. A. Abrahamson,
who succeeds Raymond F. Low.
Former Col. J. F. McDermott, a vice
president of the First National Bank
spoke on “Boy Scouts and Citizen­
ship.” He recounted some of his ex­
periences on his Army missions to
Europe and China. He also spoke be­
fore the Omaha Downtown Kiwanis
Club.
W . Dale Clark, president of the
Omaha National Bank, was elected to
the Boy Scout advisory committee for
the Covered Wagon Council. Members
of the executive board include Robert
H. Hall, North Side Bank of Omaha;
S. R. Kirkpatrick, investment banker;
Charles
Saunders,
First National
Bank; Edwin Van Horne, Federal
Land Bank of Omaha; Dean Vogel,
Live Stock National Bank, and James
H. Moore, Omaha National Bank.
J. F. McDermott, a vice president of
the First National Bank of Omaha, is
given recognition for his services as
War Bond officer for the Seventh Serv­
ice Command, in the December issue
of Minute Men, publication of the
United States Treasury’s War Finance
Division.
Mr. McDermott was recently dis-

63

charged from Army service.
The article noted that eight months
after he began his job, the Seventh
Service Command reached its War
Bond goal. Ninety per cent of the War
Department’s civilian employes signed
for deductions amounting to 10 per
cent of the payroll.
Capt. W illiam A . Sawtell, Jr., has
returned to his new post at Fort Sill,
Oklahoma, after a 45-day leave in
Omaha with his parents. He served
in Germany. His father is president
of the Stock Yards National Bank of
Omaha.

Representatives of the University of
Nebraska College of Agriculture and
the Extension Service met in Omaha
recently to complete arrangements for
administering the Ak-Sar-Ben Scholar­
ship Foundation. Among those who
attended were De E . Bradshaw chair­
man of Ak-Sar-Ben’s Scholarship Com­
mittee and W . B. Millard, Jr., of the
Ak-Sar-Ben group. Mr. Millard is a
vice president of the Omaha National
Bank.
Mr. Millard, who recently returned
from service with the armed forces,
also will head Omaha’s 1946 March of
Dimes drive.
First of five conferences for office
employes of the National Farm Loan
Associations was held in Omaha re­
cently. Twenty-four South Dakota
employes attended. E. X . Van Horne,
president of the Federal Land Bank of
Omaha, was principal speaker.
The Omaha and Council Bluffs Chap­
ter of Bank Auditors and Comptrollers
met recently at the Omaha Elks Club.
Robert E. Page, public relations di­
rector of the Northwestern Bell Tele­
phone Company, showed movies of
the telephone industry’s contribution
to war service.
Clyde (). Darner, cashier of the
Omaha National Bank has sold his
residence at 2031 North Fifty-fifth
Street in Omaha to Dr. James P. Toll­
man for $19,500.

Nine couples gave a no-host house­
warming for Mr. and Mrs. J. T.
Stewart III. The Stewarts moved re­
cent by into their new home at 6450
Prairie Avenue in Fairacres, Omaha
suburban area. Mr. Stewart is vice
president and cashier of the First
National Bank of Omaha.
The Federal Land Bank of Omaha

has paid off the last dollar of Govern­
ment funds in its capital structure. It
now stands on its own feet as a farmercontrolled co-operative.

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

CONDENSED STATEMENT
of

City National Bank and Trust Company
18th and Grand Avenue
KANSAS CITY, MISSOURI
At Close of Business— December 31, 1945
R E S O U R C E S
Cash and Due from Banks............................... ..................................................... ............... .5 31,452,055.71
Bonds (carried at less than market value)
U. S. Government and U. S. Government Guaranteed Bonds..... 542,699,575.58
Federal Land Bank, State, and Municipal Bonds........................ 11,161,153.03
54,652,354.69
High Grade Corporation Securities......................................................
791,626.08
1 2 0 ,0 0 0 .0 0

Federal Reserve Bank Stock...........................................................
Loans and Discounts............................................................................
City Bank Building— Unencumbered. (Cost over 51,000,000).
Other Real Estate— (One Property)..................................................
Furniture, Fixtures and Safe Deposit Vaults (Cost 5100,000).
Customers' Liability Account Letters of Credit...........................
Accrued Interest Receivable.............................................. ................
Overdrafts .................................................................................................

46.819,748.26
1 .0 0
1.00
1 .0 0

6,277.66
348,215.23
2,255.93
.5133,400,910.48

Total Resources ............................................................................

LI ABI LI TI ES
Capital Stock (Paid In)....................................................5400,000.00
Capital Stock (Earned)............................. ............... ........ 600,000.00

5

Surplus (Earned) ..........................................................................................
Undivided Profits (Earned).......................................................................

1,000,000.00
3,000,000.00
810,677.88
.5

Invested Capital ...........................................................
Unearned Interest .........................................................
Accrued Interest and Taxes....................................... .
Our Liability Account of Letters of Credit Issued.
Deposits—
U. S. Government Deposits.....................................
Other Deposits ............................................................

.5 14,568,450.79
. 113,422,607.11

4,810,677.88
251,670.37
341,226.67
6,277.66

127,991,057.90
.5133,400,910.48

Total Liabilities
The above statement is correct

R. C. KEMPER, President.
OFFICERS
Louis G. Loschke, Assistant V ice President
James R. G a y ler, Assistant V ice President
John C. H ouse, Assistant Cashier
Jack Black, A ssistant C ashier
Robert L. G reene, Assistant Cashier
C yril J. Jedlicka, Assistant Cashier
John Yonts, A ssistant Cashier
K. H. Arm strong, Assistant Trust Officer
D e w e y Shillerston, A ssistant Trust Officer
Tom Collins, Publicity Director
Bror W . U nge, M a n a ger Foreign Department

Rufus C rosb y Kemper, President
G eorge C. Kopp, V ice President
James S. N eely, V ice President
F. D. Farrell, V ice President
K earney W ornall, V ice President
J. Milton Freeland, V ice President
Dale R. A insw orth, V ice President
L. E. Stephenson, V ice President
Earl W . Deputy, Trust Officer
James F. M cPherson, Cashier
E dw ard F. Lyle, Com ptroller
M em b er

o f F ed era l D ep o sit In su ra n ce

C o r p o r a tio n

,oE

S A W IN D O W

•fiui »«“ '/
TH Z U fi

Save tim e — prevent m istakes with Te n sio n
" A D D R E S S S A V E R " En velopes. O n e
addressing serves for both envelope and
enclosure. " A D D R E S S S A V E R ” is T e n sio n ’s
registered name for window envelopes —
made in all sizes and papers.

T ension Envelope C orp.
O ttyM oU ? BERKOWITZ ENVELOPE CO.
1912 Grand Avenue

Phone 4-4126

Des Moines 14, Iowa

Northwestern Banker

January 19b6

64

The bank’s capital stock of $13,810,495 is owned entirely by the 201 co­
operative National Farm Loan Associ­
ations in Nebraska, Iowa, Wyoming
and South Dakota. The recent final
payment of $1,900,000 marked com­
plete repayment of more than $40,000,000 of Government money entrusted
to the bank between 1932 and 1940,
according to E. N. Van Horne, presi­
dent.
In addition to its capital stock, the
bank has surplus and reserves of more
than $25,600,000.
Kenneth G. Harvey’s Public Market
Facilities Committee gave its final re­
port recently to General Chairman

Russell J. Hopley of the Mayor’s City­
wide Planning Committee in Omaha.
Mr. Harvey is head of the Douglas
County Bank of Omaha. W. A. Sawtells committee on better street light­
ing for Omaha also made its report.
Mr. Sawtell heads the Stock Yards
National Bank of Omaha.
Mr. and Mrs. Alvin E. Johnson

planned to celebrate Christmas this
year with both their sons at home.
Mr. Johnson is president of the Live
Stock National Bank. T. Sgt. Warren
Johnson has returned after serving
with the Army Air Forces in North
Africa, Italy, France and Germany.
S. Sgt. Howard Johnson reached the

United States recently from Saipan.
He expected a discharge and planned
to return home soon afterward.
Bank deposits in Omaha banks as
of December 31, 1945, were as follows:
The Omaha National Bank— $183,784,794.
First National Bank—$92,914,934.
The United States National Bank—
$88,282,844.
Live Stock National Bank—$79,587,(»55.
Stock Yards National Bank of South
Omaha—$23,520,616.

AMERICAN NATIONAL BANK
ST. JOSEPH, MO.
S T A T E M E N T OF C O N D IT IO N , D E C E M B E R 3 1 , 1945
RESOURCES
L o a n s ________________________________________________ $ 2,260,029.32
Banking H o u s e ______________________________________

100,000.00

Federal Reserve Bank Stock_________________________

18,000.00

United States Obligations___________ $15,742,010.98
Cash and Sight Exchange___________

8,075,696.86

23,817,707.84
$26,195,737.16

LIA B IL ITIE S
Capital S t o c k ________________________________________ $

350,000.00

Surplus and Profits__________________________________

333,924.07

Reserves
_

.

Deposits

31,100.00
(Banks ..................................$10,084,637.15,
Individual ......................... 13,182,267.76 1 ____________
[ U. S. Government........... 2,213,808.18

25,480,713.09
$26,195,737.16

OFFICERS
HENRY KRUG, JR., Chairman
R. R. CALKINS
President

A. H. BANSBACH
Assistant Cashier

GEO. U. RICHMOND
Vice President

JOHN T. RUTHERFORD
Assistant Cashier

JOHN W . BROADDUS
Vice President

K. L. MORRISON
Assistant Cashier

BEVERLY PITTS
Cashier

W. W . LIMBACK
Assistant Cashier

Member Federal Deposit Insurance Corporation

HE First National Bank of Lincoln
has adopted plans for extensive
alteration and enlargement of its bank­
ing facilities.
This will include a complete rear­
rangement of the front portion of the
present bank lobby, creating a new en­
trance to the bank lobby, and providing
a commodious stairway to the base­
ment, starting from the street level.
The basement will be completely re­
modeled, and become in effect a part
of the regular bank lobby.
In this division it is planned to in­
stall the savings department, the in­
stallment loan department, and the
government bond department.
The safe deposit vaults containing
some 5,000 safe deposit boxes, will con­
tinue to be operated by the First Safe
Deposit Company, owned by the First
National Bank, and will be accessible
from the new bank lobby. The plans
include an enlargement of safe deposit
facilities to include increased storage
space for more bulky articles, such as
silverware, and other valuables.
A customers’ room will be a part of
the basement arrangement.

T

YO U R STATE BA NKERS A S S O C I A T I O N
O F F IC IA L SAFE, V A U L T A N D
TIM ELO CK EXPERTS

F. E. DAVENPO RT & CO.
OM AHA

Northwestern Banker


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Federal Reserve Bank of St. Louis

January 1946

65
J. Fred Peters, Nebraska banking
director, said that his department is
following a policy of not issuing char­
ters to new banks unless they have
adequate capital. He said that with
deposits in existing banks still going
up there is trend toward creation of
additional banks.
"We don’t believe it is sound to issue
charters to new banks just to give per­
sons a chance to get into the banking
business,” Peters said. “All applica­
tions for charters are being carefully
examined.”
The National Bank of Commerce un­
veiled its newly decorated quarters
and banking equipment last month, as
over 4,000 persons attended an open
house at the bank.
The crowd was invited behind the
banking cages to see the new tills and
other equipment, specifications for
which were drawn up by Byron Dunn,
president of the bank. A machine on
which banking records are kept was
demonstrated during the open house.
The bank plans to have three such ma­
chines, which bank officials believe will
decrease the possibility of error.

Committee Chairman
President V. E. Dolpher of the Ne­
braska Bankers Association recently
announced the 1946 committee chair­
men for the association’s reconversion
program. The committee chairmen
are:
Farm Relations—M. C. Townsend,
Fremont.
Bank Management—George T. Hedelund. Blair.


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

New in Down-town Lincoln

Illustrated above is the new and beautiful clock sign board recently installed in
Lincoln, Nebraska, at 11th and O Streets, by the Continental National Bank of that
city. The sign is illuminated so that it calls attention to the bank both day and night
in the Lincoln business section.

Service to Veterans—S. C. Waugh,
Lincoln.
Insurance—W. E. Moor, Humboldt.
State Legislative—Otto Kotouc, Sr.,
Humboldt.
Federal Legislative—Wade R. Mar­
tin, Omaha.
Membership—A. J. Koelling, Hast­
ings.
Public Relations—R. H. Hall, Omaha.
Taxation—A. L. Coad, Omaha.
Postwar Planning — William F.
Wenke, Pender.
Subsidized Lending—J. O. Peck, Co­
lumbus.
Installment Loan—Richard W. Trefz,
Beatrice.
Chair of Banking—Otto Kotouc, Sr.,
Humboldt.

Lewis N. Cartwright
Lewis N. Cartwright, 96, one of the
organizers of Dawes county, Nebraska,
and former Whitney, Nebraska, bank­
er, died last month.
Mr. Cartwright walked across north­
west Nebraska in 1884 from Valentine
to a point nearly 150 miles westward
in four days.

More Nebraska News
Page 14
_____________ Pa___
'H Ä jj
C O tH
p R O T e C T lO lt ..

¡ %
3 0

E v e ry F a c ility
At this institution you will find

! Tougher,
j Stocks!

every facility for complete cor­
respondent

service

to

banks

and bankers. W e invite you to
go "Continental."
R O P a p a c k a g e o f n ic k e ls w r a p p e d in
" S t e e l- S t r o n g " K r a f t a n d a n o th e r
w r a p p e d in a n y o th e r s to c k , to the flo o r.
N o te g r e a t e r c o in p ro te ctio n a ffo rd e d b y
" S t e e l- S t r o n g " . T h e se s to ck s a re 1 0 % to
3 0 % to u g h e r. Im p r in t in g th e in d ic ia in
c o lo rs , fig u r e s a n d le tte rs , p r o v id e s t r ip le
d e s ig n a t io n f o r m o re sp e e d in h a n d lin g .

D

C o n t i n e n t a l |s |a t io n a l

—

FMk
t

FREE

Member Federal Deposit Insurance Corporation

SAMPLES

W rit e to d a y , to Dept. A .

L IN C O L N

lUe C . L. D O W N E Y
H A N N I B A L , M IS S O U R I
h O otlcL i

A tf/U . o { C o in

N o r th w e s te r n B a n k er

J anu ary 19b6

66

STlU
\

*

a h o

G R 0 tV//ÿ

\
The past year has been one rich in ex­
perience, gained through history-making events.
W e enter the New Year with sincere gratitude to our
many friends in correspondent banks who are largely
responsible for our growth and success in our 38 years of
serving the middlewest.
It is our aim in 1946 to serve you even better with complete, roundthe-clock banking facilities. For your convenience— and for faster,
better service— we have established 24-hour transit service on all cash letter
transactions. 24-hour transit service is our first postwar project in keeping
with the progressive spirit of this institution.

11^

STATEMENT OF CONDITION, DECEMBER 31st, 1945
RESOURCES

LIABILITIES

Loans and Discounts.....................................
$14,013,953.92
Bonds and Other Securities........................................
502,865.92
Stock in Federal Reserve Bank...............................
45,000.00
Banking House and Fixtures....................................
1.00
Other Real Estate.........................................................
None
Interest Accrued on Government Securities e tc ...
195.725.92
U. S. Government Securities. .. .$45,341,836.22
Cash and Sight Exchange........... 21,752,224.42
67,094,060.64

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

500,000.00

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

1,000,000.00

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

503,898.25

Reserved for Taxes, Interest, etc.............................

249,442.37

Unearned Discount ....................

3,111.61

Dividends Payable January2, 1946..........................

7,500.00

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

79,587,655.17

Deposits

$81,851,607.40

$81,851,607.40

O F F IC E R S AN D D IR E C TO R S
ALVIN E. JO HNSON
President
HENRY C. KARPF
Vice President

R. H. KROEGER
Vice President

PAUL HANSEN
Vice President & Cashier

W. DEAN VOGEL
Vice President

WADE R. MARTIN
Vice President

H. H. ECHTERMEYER
Vice President

L. V. PULLIAM
Asst. Cashier

C. G. PEARSON
Asst. Cashier

ALBERT R. STELLING
Asst. Cashier

W. W ALLACE KEENAN
Trust Officer

W. P. ADKINS
Omaha

H. B. BERGQUIST
Coat and Grain

L. S. BURK
Chicago

JA S. J. FITZGERALD
Pres. Commercial Sav. &
Loan Ass'n.

JOHN R. JIRDON
Livestock and Grain

LEO. T. MURPHY
Mgr. Allied Mills. Inc.

JAM ES L. PAXTON. JR.
Pres. Paxton-Mitchell Co.

HERMAN K. SCHAFER
Pres. Maney Milling Co.

J. L. WELSH
Butler-Welsh Grain Co.

CARL A. SWANSON
Pres. C. A. Swanson & Son

LIV E

STO CK

N A TIO N A L

BA N K

24th A T N, O M A H A , N E B R A SK A
M e m b e r F. D. I. C .

TH E
N o r th w e s te r n B a n k er


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

B A N K
J an u ary 1946

OF

F R I E N D L Y ^

S E R V I C E

ings Bank, Storm Lake: Hugh R.
Jackson, (ex-officio), Deputy Superin­
tendent of Banking, Des Moines.

Committee on Bank Taxation

IO W A NEWS
F.

FRANK W AR N ER
Secretary
Des Moines

L. SAW YE R S
President
Centerville

Iowa Association Committees Named
r L. SAWYERS, president of the
I . Centerville National Bank, Center­
ville, Iowa, and president of the Iowa
Bankers Association, has announced
the appointment of the following asso­
ciation committees for 1946. Names of
the committees and those comprising
the membership of each are as follows:

George E. Wilson, president, Cherokee
State Bank, Cherokee; H. S. Lekwa,
vice president and cashier, Ackley
State Bank, Ackley.

A gricultural Committee

Chairman, Warren Garst, cashier,
Home State Bank, Jefferson; vice chair­
man, K. J. McDonald, president, Iowa
Trust & Savings Bank, Estherville;
Frank J. Oehmke, executive vice presi­
dent, Security State Bank, Guttenberg;
Norman A. Guenther, president, First
Trust & Savings Bank, Wheatland;
Eastman Nuckolls, vice president, Har­
din County Savings Bank, Eldora; Ju­
lius A. Rohwer, president, Farmers
State Bank, Schleswig; A. W. Bird,
cashier, Dyersville National Bank, Dyersville; G. B. Eginton, cashier, Secu­
rity Trust & Savings Bank, Storm
Lake; H. N. Boyson, vice president,
Merchants National Bank, Cedar Rap­
ids; J. P. Budde, president, Henry
County Savings Bank, Mt. Pleasant;
E. E. Manuel, president, George State
Bank, George; E. A. Wimmer, vice
president and cashier, Farmers & Mer­
chants Savings Bank, Ottumwa; R. E.
Tool, executive vice president, First
National Bank, Le Mars; O. L. Karsten,
president, Newton National Bank,
Newton; John A. Kovar, cashier, Peo­
ples State Bank, Missouri Valley.
Cooperating—Outside Farm Repre­
sentatives—Carl E. Rylander, outside
farm representative, First Trust &
Savings
Bank,
Davenport:
Emil
Johannsen, assistant cashier, City
National Bank, Clinton; H. C. Stephany,
assistant cashier, First National Bank,
Woodbine; J. Keith Noll, outside farm
representative,. Peoples Savings Bank.
Cedar Rapids; M. G. Fabricius, out­
side farm representative, Osage farm­
ers National Bank, Osage.

A uditing Committee
J.
L. Krall, chairman, cashier, Fair­
fax State Savings Bank, Fairfax:

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

Banking A n alysis Committee

Chairman, B. P. St. John, cashier,
Okey-Vernon National Bank, Corning;
vice chairman, Lee A. Holland, vice
president, Washington State Bank,
Washington; G. E. Alexander, presi­
dent, Farmers National Bank, Webster
City; Yates E. Allen, vice president
and cashier, First State Bank, Churdan; S. C. Kimm, cashier, Denver Sav­
ings Bank, Denver; W. L. Temple,
cashier, Ute State Bank, Ute; R. A.
Daedlow, vice president and cashier,
Mediapolis Savings Bank, Mediapolis;
Guy C. Martin, cashier, Farmers Sav­
ings Bank, Martelle; Albert Tymeson,
president, Commercial Trust & Sav­

Chairman, R. W. Raster, vice pres­
ident and cashier, Security Trust and
Savings Bank, Decorah; vice chairman,
V. P. Cullen, executive vice president,
National Bank of Burlington. Bur­
lington; vice chairman, Thomas Far­
rell, cashier, First National Bank,
Iowa City; A. M. Hauser, vice presi­
dent, Commercial Trust & Savings
Bank, Charles City; Ray A. Nold,
executive vice president and cashier,
Rock Rapids State Bank, Rock Rapids;
J. E. Snover, vice president, Iowa State
Savings Bank, Knoxville; John F.
Gutz, president, Pomeroy State Bank,
Pomeroy; L. S. Lein, vice president,
Jackson State Savings Bank, Maquoketa; Mrs. Opal A. Luce, assistant
cashier, American National Bank, Ar­
lington; J. H. Young, cashier, Iowa.
Trust & Savings Bank, Centerville;
Walter J. Otto, president, Walnut State
Bank, Walnut; R. B. Figge, vice pres­
ident & cashier, Guaranty Bank &
Trust Company, Cedar Rapids; D. D.
Bramwell, president, First National
Bank, Hampton; Fred S. Risser, pres­
ident, First State Bank, Chariton.

Committee on "Destruction List"
of Bank Forms
Chairman, R. E. Brown, cashier,
Security National Bank, Sioux City;
vice chairman, R. L. Carson. Comptrol­
ler, lowa-Des Moines National Bank
& Trust Company, Des Moines; B. J.

Honor Employes with Wrist Watches

Pictured above are four new members of the 25-year club of the lowa-Des
Moines National Bank & Trust Company receiving wrist watches from Herbert
L. Horton, president, at the bank’s annual Christmas party at Younker’s tea
room during the holidays. Those who were honored for a quarter-century service
are shown with President Horton, left to right: May Hammer, Helen Harvey,
Mr. Horton, Genevieve Kenney and Sam Naylor. There were 2 7 5 officers, em­
ployes and their husbands and wives attending the dinner as guests of the bank.

N o r th w e s te r n B a n k er

J an u ary 19^6

68

—• IOWA
Parsons, president, Commercial State
Bank, Afton; W. R. Hatter, assistant
cashier, Iowa County Savings Bank,
Marengo; president, “ Iowa Associa­
tion of Bank Auditors & Comptrollers” ;
F. C. Atkins, vice president & cashier,
Bankers Trust Company, Des Moines;
George F. Jansen, vice president &
cashier, Dubuque Bank & Trust Com­
pany, Dubuque; R. G. Miller, vice pres­
ident, Capital City State Bank, Des
Moines; L. J. Derflinger, vice presi­
dent & cashier, Clinton National Bank,
Clinton; B. P. Olsen, assistant cashier,
Muscatine Bank & Trust Company,

NEWS

•-

Muscatine; L. W. Fromme, cashier &
trust officer, Northwest Bank & Trust
Company, Davenport.

Committee on "Se rvice for W ar
Veterans Under G. I. Bill"
Chairman, W. H. Brenton, president,
Brenton State Bank, Dallas Center;
vice chairman M. C. Eidsmoe, presi­
dent, Woodbury County Savings Bank,
Sioux City; vice chairman F. C. Heneman, president, First National Bank,
Mason City; B. F. Kauffman, presi­
dent, Bankers Trust Company, Des
Moines; A. E. Anderson, cashier, Clay
County National Bank, Spencer; H.

MEMBER OF FEDERAL
RESERVE SYSTEM

MEMBER OF NEW YORK
CLEARING HOUSE ASSOCIATION

M. Carpenter, cashier, Monticello State
Bank, Monticello; Fred H. Quiner,
vice president, Central National Bank
& Trust Company, Des Moines; C. F.
Harris, president, State Bank, Gladbrook; C. S. McKinstry, vice president,
National Bank of Waterloo, Waterloo;
A. G. Sam, president, First National
Bank, Sioux City; R. 0. Byerrum, exec­
utive vice president, First Trust and
Savings Bank, Davenport; B. L. Mc­
Kee, executive vice president, Musca­
tine Bank & Trust Company, Musca­
tine; Wesley H. Swiler, cashier, Bur­
lington Savings Bank, Burlington;
Wm. Lawther, president, First Nation­
al Bank, Dubuque; G. E. Allbee, presi­
dent, Peoples Savings Bank, Waterloo;
E. Wulfekuhler, Sr., president, Fidelity
Savings Bank, Ottumwa.

Federal Le gisla tive Committee

The CONTINENTAL
B A N K

&

T R U S T

C O M P A N Y

o f NEW YORK
STA TEM E N T OF C O N DITION
Close o f Business D ecem ber 31, 1945
RESOURCES
Cash and Due from Banks........................................... .............$
U. S. Government Obligations...............................................
Municipal Bonds .................
Corporate Bonds ..........................................................................
Federal Reserve Bank Stock....................................................
Loans and Discounts...................................................................
Accrued Interest Receivable....................................................
Customers’ Liability Under Acceptances Outstanding....
Other Assets .................................................................................

54,687,596.68
72,858,181.31
17,404,062.58
4,416,126.14
300,000.00
68,115,230.00
471,406.11
342,910.40
84,758.76

$218,680,271.98
LIABILITIES
Capital Stock .................................................. $5,000,000.00
Surplus Fund ................................................ 5,000,000.00
Undivided Profits ......................................... 1,336,025.24

$ 11,336,025.24

General Reserves ........................................................................
Reserve for Taxes, Interest and Expenses..........................
Dividend Payable January 1, 1946.......................................
Other Liabilities ..........................................................................
Acceptances:
Outstanding ................................................ $2,248,652.08
Less Amount in Portfolio......................... 1,875,711.01
Deposits

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

528,649.56
1,063,696.67
100,000.00
513,676.12
372,941.07
204,765,283.32
$218,680,271.98

Securities carried at $41,798,951.18 in the above statement are
pledged to qualify for fiduciary powers, to secure public monies
as required by law, including $39,221,706.92 of United States
Government War Loan Deposits, and for other purposes.

M A IN O FFIC E :

30 B R O A D STR E E T, NEW Y O R K

Branch Offices: 345 Madison Avenue

•

512 Seventh Avenue

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

N o r th w e s te r n B a n k er


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

J an u ary 1946

Chairman, B. A. Gronstal, president,
Council Bluffs Savings Bank, Council
Bluffs; vice chairman, W. A. Hoeven,
cashier, Primghar Savings Bank, Primghar; W. J. Johannes, cashier, Ashton
State Bank, Ashton; C. I. Smith, presi­
dent, First Trust & Savings Bank, Arm­
strong; Ralph H. Miller, president,
Iowa State Bank, Algona; H. T. Orr,
vice president, Union State Bank, Mo­
nona; C. A. Diehl, vice president, lowaDes Moines National Bank and Trust
Company, Des Moines; Ben S. Summerwill, president, Iowa State Bank &
Trust Company, Iowa City; H. H.
Evans, cashier, South Ottumwa Sav­
ings Bank. Ottumwa; Leo J. Wegman.
president, Citizens Savings Bank, Anamosa; W. A. Lane, president, Security
Savings Bank, Marshalltown; E. W.
Clark, president, United Home Bank
& Trust Company, Mason City.

Federal Reserve Committee
Chairman, Horace B. Olds, president,
Citizens National Bank, Charles City;
vice chairman, C. A. Edmonds, execu­
tive vice president, Central State' Bank,
Muscatine; L. V. Overholtzer, vice pres­
ident and cashier, Ida County State
Bank, Ida Grove; George J. Schaller,
chairman of board, Citizens First Na­
tional Bank, Storm Lake; H. E. Bell,
executive vice president and cashier,
First National Bank, Colfax; H. C.
Nolting, cashier, First National Bank,
Waverly; J. W. Edge, president, Tipton
State Bank, Tipton; Ralph Eastburn,
president, Iowa State Bank & Trust
Company, Fairfield; D. W. Ernst, presi­
dent, American Trust & Savings Bank,
Dubuque.

Insurance Committee
Chairman, Louis H. Wohlenberg,
cashier, Iowa State Savings Bank,
Clinton; vice chairman, Robert Stew­
art, cashier, Hudson State Bank, Hud-

GO

STATEMENT

OF

CONDITION

• DECEMBER

31,

1945

esources
.$ 6,090,157.59

Loans and Discounts.
Other Bonds and Stocks,

36.500.00

Customers Liability on Letters of Credit,

28.500.00

Overdrafts

1.89

___________ ______________

Government Obligations, Direct
and Fully Guaranteed________

>,125,243.50

Municipal Bonds

295,500.00

Cash and Due From Banks_____ 2,375,143.51

11,795,887.01
O FFIC ER S

$17,951,046.49

F r e d e r ic k

M . M o r r is o n

P r e s id e n t

W in f ie l d
S e n io r

J^iabilities

W.

V ic e

S cott

P r e s id e n t

J. R . A stley
V ic e P r e s id e n t

E dw ard P . K a u t zk y

Capital Stock— Common

,$

V ic e P r e s id e n t

2 0 0 ,0 0 0 .0 0

R oy H uber

Surplus

2 0 0 ,0 0 0 .0 0

V ice

P r e s id e n t

Undivided Profits

115,118.16

F r a n k M. T h o m pso n

Reserves

113,717.44

R a y T h o m pson

Unearned Discount

19,420.85

Bank Liability on Letters of Credit

28,500.00

Deposits


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

___ ____

C a s h ie r

A sst.

V ice

P r e s id e n t

Ca r l W . A l t m a n

Assf. C a s h ie r
George

_ 17,256,290.04

A sst.

W.

Gil l

C a s h ie r

D IRE C TO R S

$17,951,046.49

R obert

A.

B row n

W a l t e r P . D a v is
L u c iu s W . F i t c h
H a r o l d J. H o w e
A r t h u r S. K i r k
G eorge M a h n k e
F r e d e r ic k M . M o r r is o n
W in f ie l d W . S c o t t
J. E . T o n e
A l l e n W h it f ie l d

Member Federal Deposit
Insurance Corporation

Valley
A V IN G
BANK

DES MOINES

Northwestern Banker

January 19b6

70

—• I O W A
son; M. A. Ingebretson, president, First
State Bank, Thornton; W. P. Ronan,
assistant cashier, Decorah State Bank,
Decorah; A. W. Crossan, vice president,
Des Moines Bank & Trust Company,
Des Moines; Glenn H. Clark, president,
Commercial State Bank, Marshalltown;
H. C. Stevens, cashier, Farmers State
Bank, Plainfield; A. E. Jensen, presi­
dent, First National Bank, Creston; N.
P. Black, cashier, Perry State Bank,
Perry; William Buxton, III, president,
Peoples Trust & Savings Bank, Indianola; R. A. Sweet, vice president and
cashier, Story County State Bank,

CONDENSED

NEWS

•-

Story City; J. Robert Cornell, vice pres­
ident and cashier, First National Bank,
Spirit Lake.

Installm ent Loan and Consumer
Credit Committee
Chairman, J. C. Blackford, manager,
budget loan department, Union Bank
& Trust Company, Ottumwa; vice chair­
man, Robert W. Turner, president, City
National Bank, Council Bluffs; Fritz
Fritzson, vice president and cashier.
First National Bank, Sioux City; E. L.
Job, president, Community National
Bank & Trust Company, Knoxville;
A. M. Halsor, assistant cashier, First

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

Le gisla tive Committee (S ta te )

DECEMBER 31. 1945

Chairman, W. W. Blasier, president,
Farmers State Bank, Jesup; vice chair­
man, S. R. Torgeson, vice president,
Farmers & Merchants State Bank, Lake
Mills; B. W. Olson, president, Security
Savings Bank, Eagle Grove; E. C. Fishbaugh, president, Security Trust & Sav­
ings Bank, Shenandoah; L. N. Frescoln,
executive vice president and cashier,
First National Bank, Fairfield; V. D.
Koons, president, First State Bank,
Britt; G. A. Frampton, president, Iowa
State Bank, Des Moines; Charles D.
McCoy, executive vice president and
cashier, Warren County Bank & Trust
Company, Indianola; M. H. Johnston,
cashier, Sawyers Savings Bank, Sey­
mour; Bruce Townsend, president, City
National Bank, Clinton; K. R. Tuttle,
cashier, Farmers Trust & Savings
Bank, Spencer; M. C. Berkley, vice
president, Fidelity Savings Bank, Mar­
shalltown.

ASSETS
Cash and Due from Banks....................................................................................................$ 5,606,290.00
U. S. Government Bonds....................................................................................................... 9,466,645.23
State, County and Municipal Bonds.................................................................................
226,480.29
Other Bonds and Securities..................................................................................................
193,253.88
Stock in Federal Reserve Bank.........................................................................................
22,800.00
Loans and Discounts................................................................................................................. 4,738,683.04
Bank Building, Furniture and Fixtures..........................................................
160,000.00
Other Assets .............................................................................................................................
2,457.69
$20,416,610.13
LIABILITIES
Capital
........................................................................................................... $400,000.00
Surplus
........................................................................................................... 360,000.00
UndividedProfits ..............................................................................................
6,194.68
Reserve forContingencies............................................................................. 70,000.00
Total Capital Account...........................................................................................
836,194.68
Reserve for Taxes andInterest..........................................................................................
81,472.67
Other Liabilities ....................................
69.00
Deposits ...................................................................................................................................... 19,498,873.78
$20,416,610.13

A . G. Sam, President
J. P. Hainer, Vice President

J. R. Graning, Assistant Cashier

Fritz Fritzson, Vice Pres, and Cashier
J. T. Grant, Assistant Cashier

E. A . Johnson, Assistant Cashier
W . F. Cook. Auditor

"Postw ar" Small Business Credit
Committee

NATIONAL
BANK
★

*

*

★

N o r th w e s te r n B a n k er


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

/fl

J a n u ary 194-6

fO U X

National Bank, Mason City; G. O. Nel­
son, manager, installment loan depart­
ment, Iowa-Des Moines National Bank
& Trust Company, Des Moines; G. S.
Krouth, president, Iowa Trust & Sav­
ings Bank, Oskaloosa; Ray Thompson,
assistant vice president, Valley Sav­
ings Bank, Des Moines; A. H. Hiegel,
vice president, Davenport Bank &
Trust Company, Davenport; V. W.
Johnson, president, First National
Bank, Cedar Falls; Lehman Plummer,
vice president, Central National Bank
& Trust Company, Des Moines; W.
Palmer Wilson, executive vice presi­
dent, Brenton State Bank, Dallas Cen­
ter; C. F. Cadwell, president, Union
Story Trust & Savings Bank, Ames;
N. E. Kelley, cashier, Farmers & Mer­
chants State Bank, Winterset.

C / fiS

*

*

*

Chairman, H. L. Horton, president,
Iowa-Des Moines National Bank &
Trust Company, Des Moines; vice
chairman, R. R. Brubacher, president,
Toy National Bank, Sioux City; John
B. Keeline, president, Central Trust &
Savings Bank, Cherokee; C. R. Gossett,
president, Security National Bank,
Sioux City; L. Nevin Lee, vice presi­
dent, Bankers Trust Company, Des
Moines; C. E. Watts, president, Com­
mercial State Bank, Pocahontas; J. J.
Matthews, vice president, Union Bank
& Trust Company, Strawberry Point;
Fan Vechten Shaffer, president, Guar­
anty Bank & Trust Company, Cedar
Rapids; Clyde A. Blanchard, executive
vice president, State Savings Bank,
Council Bluffs; R. O. Wagner, presi­
dent, Capital City State Bank, Des
Moines; Frank C. Welch, president,
Peoples Savings Bank, Cedar Rapids

71

Statement of Condition
D E CEM BER 31, 1945

A S S E T S

C a s h ____________________________________________ $17,004,346.46
United States Government Securities----------------- 49,572,045.41

DIRECTORS
V. O. FIGGE
P residen t
JOSEPH L. HECHT
D avenport

M unicipal Bonds ---------------------------------------------

684,899.20

L o a n s __________________________________________

10,406,192.00

Bank P rem ises--------------------------------------------------

700,000.00

Furniture and Fixtures_________________________

26,576.40

Federal Reserve Bank Stock___________________

72,000.00

Overdrafts _____________________________________

6,054.63
$78,472,114.10

J. M. HUTCHINSON
V ice P res, and Trust Officer
CHARLES J. JOHNSON
Independent B aking Com pany
JOS. S. KIMMEL
Republic E lectric C om pany
FREDERICK H. LAMB
Physician
H. E. LITTIG
Ioiva-Illinois Gas & E lec. Co.

L IA B I L I T IE S
Capital ________________________________________ $

600,000.00

Surplus ________________________________________

1,800,000.00

Reserves and Profits___________________________

2,154,037.38

Deposits _______________________________________ 73,918,076.72

HERMAN STAAK
V ice Pres, and Cashier

$78,472,114.10

KUNO H. STRUCK
V ice P resident
CABLE G. VON MAUR
P etersen -H a rn ed -V on Maur, Inc.
T. J. W ALSH
Walsh C onstruction Com pany
C. D. W ATERM AN
Lane and W aterm an


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Federal Reserve Bank of St. Louis

D AVEN PO RT B A N K
AND T R D S T ^^C O M P A N Y
Oflembex, j fed& tal

DAVENPORT,

R je & e w e .

S y i i e m

-

IOWA

J /
Member Federal Deposit Insurance Corporation

N o r th w e s te r n B a n k er

J an u ary 1946'

72

• IOWA
(member, ABA Postwar Small Busi­
ness Credit Commission), (ex-officio); J.
J. Miller, vice president and cashier,
Waterloo Savings Bank, Waterloo; V.

NEWS

•

O. Figge, president, Davenport Bank &
Trust Company, Davenport; W. W.
Scott, vice president, Valley Savings
Bank, Des Moines; Max Von Schrader,

vice president, Union Bank & Trust
Company, Ottumwa; S. E. Coquillette,
president, Merchants National Bank,
Cedar Rapids.

Public Relations and Educational
Committee

B ank

o f the

M anhattan Company
NEW YORK, N. Y.

Condensed Statement o f Condition
as o f December 31, 1945
ASSETS
Cash and Due from Banks and Bankers . . $ 305,697,448.68
U. S. Government O b lig a t io n s ......................
604,254,742.25
Other Public Securities.......................................
10,880,999.34
Other Securities........................................................
26,903,207.77
Loans and Discounts............................................
388,178,058.90
Real Estate M o rtg a ges.......................................
4,671,812.68
Banking Houses Owned.......................................
12,283,825.40
Other Real Estate O w n e d .................................
34,767.87
Customers’ Liability for Acceptances . . .
2,584,707.27
Other A s s e t s ........................................................
3,584,868.60
$1,359,074,438.76
LIABILITIES
Capital (2,000,000 shares) .
S u r p l u s .................................
Undivided Profits . . . .

$20,000,000.00
30,000,000.00
10,526,173.53 $

60,526,173.53

Dividend Payable January 2, 1946 . . . .
600,000.00
D e p o sits........................................................................ 1,212,711,911.91
Certified and Official C h e c k s ............................
77,602,302.43
Acceptances O u tsta n d in g ................................. »
2,731,991.50
Other Liabilities, Reserve for Taxes, etc. . .
4,902,059.39
$1,359,074,438.76
Of the above assets $299,119,334.07 are pledged to secure
public deposits and for other purposes ^and certain of the
above deposits are preferred as provided by law.
Member Federal Reserve System
Member Federal Deposit Insurance Corporation

Chairman, E. F. Buckley, president,
Central National Bank & Trust Com­
pany, Des Moines; vice chairman, J. H.
Peterman, president, Page County
State Bank, Clarinda; C. A. Slife, cash­
ier, Farmers State Bank, Hawarden;
E. A. Schemel, cashier, Security State
Bank, Algona; H. L. Pauli, cashier,
Union State Bank, Winterset; M. B.
Guthrie, cashier, Iowa State Bank &
Trust Company, Iowa City; Henry Han­
sen, president, Liberty Trust & Savings
Bank, Durant; Frank C. Crone, execu­
tive vice president, National Bank of
Washington, Washington; R. J. Gallo­
way, vice president, Clear Lake Bank
& Trust Company, Clear Lake; Ray
Farnsworth, cashier, Cresco S t a t e
Bank, Cresco; Edward Burchett, presi­
dent, Exchange Bank, Bloomfield.

Time Lock Committee
Chairman, M. L. Arendt, vice presi­
dent, Gibson Savings Bank, Gibson;
vice chairman, A. N. Fardal, assistant
cashier, Farmers State Bank, Stan­
hope; M. Kerndt, v i c e president,
Kerndt Brothers Savings Bank, Lan­
sing; Arnold Ruther, vice president,
Clarence Savings Bank, Clarence; E.
S. Kiernan, cashier, Alton Savings
Bank, Alton; John P. Uhlenhake, cash­
ier, Farmers State Bank, Whittemore;
J. H. Stewart, cashier, Citizens Nation­
al Bank, Webb.

Trust Committee
Chairman, M. J. Klaus, vice presi­
dent, First Security Bank & Trust
Company, Charles City; vice chairman,
F. A. Johnson, vice president, cashier
and trust officer, First Trust & Savings
Bank, Davenport; vice chairman, Clyde
H. Doolittle, vice president and trust
officer, Iowa-Des Moines National Bank
& Trust Company, Des Moines; Wayne
C. Currell, president, Emmet County
State Bank, Estherville; Edw. K. John­
stone, president, Keokuk Savings Bank
& Trust Company, Keokuk; Frederick
M. Morrison, president, Valley Savings
Bank, Des Moines; R. S. Howard, pres-

In su ra n ce

D id you know that this company has specialized in
Bank Insurance since 1 9 1 9 — that it has the inside view on Bank
Insurance problems? Consult us freely at any time.

FIRST

Northwestern Banker


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Federal Reserve Bank of St. Louis

January 19it6

NATIONAL

BANK

BUILDING

C o u n s e lo r s to B a n k s

Scarborough
&> Company
• CHICAGO

3 , ILLINOIS

• STATE

4 3 2 5

73
ident, Mahaska State Bank. Oskaloosa;
E. A. Hoffman, vice president and trust
officer, Toy National Bank, Sioux City;
I. L. Wright, trust officer, Central Na­
tional Bank & Trust Company, Des
Moines; J. M. Hutchinson, vice presi­
dent and trust officer, Davenport Bank
& Trust Company, Davenport; Robert
M. Baird, trust officer, State Savings
Bank, Council Bluffs; F. S. Lockwood,
secretary and trust officer, Bankers
Trust Company, Des Moines.

U. S. Savin gs Bonds Committee
Chairman, G. O. Van Derveer presi­
dent, State Bank of Waverly, Waverly;
vice chairman, C. J. Spies, president
and cashier, Iowa Trust & Savings
Bank, Emmetsburg; vice chairman, E.
A. Ebersole, vice president and cashier,
State Central Savings Bank, Keokuk;
A. E. Muir, president, Onawa State
Bank, Onawa; J. A. Thomson, vice pres­
ident, Cresco Union Savings Bank,
Cresco; H. E. Qualheim, president,
Crawford County Trust & Savings
Bank, Denison; C. A. Frasier, presi­
dent, Grinnell State Bank, Grinnell;
R. H. Barber, president, Citizens Na­
tional Bank, Boone; Robert J. Tank,
cashier, Central Trust & Savings Bank,
Eldridge; H. L. Clarke, cashier, Corydon State Bank, Corydon; Clyde Rochholz, cashier, Exchange Bank, Adair;
G. M. Barnett, president, Guthrie Coun­
ty State Bank, Guthrie Center; B. D.
Helscher, president, Keokuk County
State Bank, Sigourney; S. R. De Cou,
cashier, First National Bank, Wood­
bine; C. L. Fredricksen, president, Live
Stock National Bank, Sioux City.

Des Moines News
IRECTORS of the Central National
Bank and Trust Company declared
D
a 25 per cent stock dividend amounting
to $250,000, and voted to retire a like
amount of preferred stock. The board
also transferred $250,000 of undivided
profits to the surplus account.
Board Chairman William J. Goodwin
said the new capital set-up includes
$1,250,000 of common stock, one million
dollars surplus, and one million dol­
lars of undivided profits and unallo­
cated reserves.
Two Des Moines men have been ap­
pointed to committees of thé American
Bankers association.
Herbert L. Horton, president of the
Iowa-Des Moines National Bank &
Trust Company, is on the sub-committee on federal deposit insurance study
of the committee on federal legislation,
and Lehman Plummer, vice president
of the Central National Bank & Trust
Company, is on the consumer credit
committee.

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Federal Reserve Bank of St. Louis

FIRST WISCONSIN
NATIONAL BANK
O F M ILW A U KEE

•

Charter No, 64

STA TEM E N T OF C O N DITION AS OF D ECEM BER 31, 1945

Resources
Cash and Due from Banks....$129,174,518.13
*U. S. Government Securities 470,689,755.91

$599,864,274.04

Other Bonds and Securities.............................
Stock in Federal Reserve Bank.........................
Loans and Discounts...........................................
Accrued Income Receivable...........................
Bank Buildings ...................................................
Other Resources .................................................

2,727,001.30
600,000.00
45,003,362.80
1,343,466.93
3,534,554.43
2,152,849.39
$655,225,508.89

Liabilities
Capital ...................................$ 10,000,000.00
Surplus
.............................. 10,000,000.00
Undivided Profits ...................
3,912,130.75
Special Reserves (Includes
amount sufficient to amor­
tize Government Securi­
6,179,090.72
ties to par)..........................

$ 30,091,221.47

Reserves for Interest, Expenses, Etc................
1,497,560.37
Deposits .............................. $474,805,298.95
W ar Loan Deposit Account 147,565,280.25
622,370,579.20
Other Liabilities .................................................

1,266,147.85
$655,225,508.89

'Includes $ 34,000,000 U. S. Treasury 90 day bills
and $162,354,000 U. S. Treasury obligations ma­
turing from Jan. 1, 1946 to Nov. 1, 1946.

W i s c o n s i n ' s

B a n k

f o r

B a n k s

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northwestern Banker

January 19k6

74

—• I OWA
Two more employes have returned
to the staff of the Valley Savings Bank
after receiving their discharges from
the armed forces. They are Eugene
Mettler and James Harper, both of
whom are in the transit department,
Mr. Mettler was held as a prisoner of
war by the Germans for almost nine
months before being freed by allied
forces.
G. B. Jensen, president of the Des
Moines Bank & Trust Company, spent
two weeks last month in McCallin,
Texas, handling trust business for the
bank. Mr. Jensen was ready to hiber­
nate for the winter when he had to

NEWS

•-

return to zero weather in Des Moines
after enjoying 80 degree weather in
Texas.

Seventy-eight members and guests at­
tended.

A. E. Cass, manager of the invest­

Officers and employes of the Valley
Savings Bank enjoyed their annual

ment department of the Interstate In­
surance Company, was elected presi­
dent of the Des Moines Mortgage Bank­
ers association at its annual meeting
and Christmas party.

buffet dinner and Christmas party a
week before Christmas at the Des
Moines Club. Over 65 persons took
part in the festivities and received
presents from the bank.

Other officers named were Milton S.
Olson, vice president, and Kenneth L.
I)e Bolt, secretary and treasurer. Rob­
ert Beal, Laird M. Fryer, Earl Linn,
Fred Quiner and W. H. Williams were

elected to the board of governors.

w

First Lieutenant Donald Jones, son
of E. W. Jones, vice president of the
Iowa-Des Moines National Bank &
Trust Company, returned from the
European Theater recently and was
discharged last month. He was in the
Army for three years and nine months.
Lieutenant Jones was last stationed in
Munich, Germany, where he was
handling displaced personnel. Among
the German antiques he brought back
was a four foot long pipe for Mr. Jones,
which stands on the floor while the
smoker sits in an easy chair and en­
joys a “long” smoke.
Bank deposits in Des Moines banks
as of December 31, 1945, were as fol­
lows:

FA ST SER V IC E
IN 1882
BUT F A S T E R N O W
T H A N EVER

Iowa-Des Moines National Bank &
Trust Company—$ 114,368,403.
Central National Bank & Trust Com­
pany—$83,170,780.
Bankers Trust Company—$56,637,821.

C O L L E C T IN G AND
T R A N SM IT T IN G
LIVE S T O C K
PROCEEDS

Valley Savings Bank—$17,256,290.
Capital City State Bank—$9,297,789.
Des Moines Bank & Trust Company
—87,540,462.
Iowa State Bank—$5,605,865.
First Federal State Bank—$3,147,591.

NEWS AND VIEWS
(Continued from page 22)
the Air,” who told us that the Reader’s
Digest, which sponsored the program
until a few months ago, paid $1,000,000
a year for the radio time and talent
on the program.

r/.t

DROVERS
BANKS

Enjoyed the radio program of Bob
Hawks in “Thanks to the Yanks,”
STRATEGICALLY LOCATED TO C H IC A G O 'S
SOUART MILE OF T E R R I T O R Y Union Su
Fit, . ,

■ ■ M . n . I . / . i i O l l i m l l l l l l l i i l u i ill U l I III,,
¡MjyMBKKS, FEDERAL DEPOSIT INSURANCE COHfÔÎ^tÎonI

DRGYERS N A T IO N A L B A N K
D R G Y E R S T R U S T 0 S A Y IN C S B A N K
U N I O N

Digitized forNorthwestern
FRASER
Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

S T O C K

January 1946

Y A R D S ,

C H I C A G O

which is sponsored by Camel cigarettes
and where talent costs them nothing as
members of the audience really put
on the show.
F. J. Hebard, assistant vice president
of the Continental Bank and Trust
Company, New York, is not only a
very fine financier but he is also an
excellent financial editor, as he is in
charge of the publication, “Trends,”
which is issued by his bank for their

75

correspondent bank customers from
coast to coast.
But preparation of the material is
done by the Press Association, which
is a subsidiary of the Associated Press,
and is printed every Wednesday morn­
ing. In order to give quick service to
their correspondent banks throughout
the middle west and the south, the
material is teletyped to Chicago and
Dallas and printed and mailed from
there. Over 155 of their correspondent
banks are now using this service regu­
larly.
William O’Dwyer, New York’s new

mayor, was born in Ireland and came
to the United States when he was 20
years of age with $23.35 in his pocket.
As one political writer puts it,
“Whether he will be Tammany’s agent
or the Tammany Tiger will jump
obediently through his hoop, is any­
body’s guess.”
Robert Gordon, vice president of
Lawrence Warehouse Company, 72
Wall Street, told us at luncheon at the
“Wall Street Club” that the eastern
division of their company had enjoyed
the biggest two months in history as
they came to the close of the year.
The company, which is 33 years old,
has 1.000 field warehouses, 300 regular
office employes and 2,500 warehouse
employes. Lawrence S. Coates, vice
president, is in charge of their Chicago
office at One North La Salle Street.

George L. McCarthy, inventor and
president of Recordak Corporation, en­
tertained his friends at luncheon at
the Sherry Netherlands in New York
when he first announced the new
Duplex Recordak.
Of the present 8,000 installations of
Recordaks, over 7,000 are bank in­
stallations.
The new Duplex Recordak simul­
taneously photographs the front and
back of a check or business document,
reducing its area by 1,000 times. The
trick of photographing both sides of a
document at the same time is done
with mirrors.
All Recordak machines are leased to
banks and serviced by the corporation
which is a subsidiary of Eastman
Kodak Company.
The only story which the Gridiron
Club in Washington failed to mention
about President Harry S. Truman was
his own new Club, which he is organiz­
ing, which is known as the “G.A.I.C.”
— God, Am T Confused?

In Hartford, Connecticut, we had
the pleasure of hearing and for the
first time seeing Erie Johnston, presi­
dent of the Chamber of Commerce of

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INDIVIDUALS • SEND US YOUR PACIFIC COAST BUSINESS

MEMBER

FEDERAL

RESERVE

SYSTEM

& FEDERAL

D EPO SIT

IN SURAN CE

C O R PO R A T IO N

CL0-nJ.ett^eJy <~>tatenieut &&o{ 3 > ec. 3 1 , 1 9 4
RESOURCES
Cash and Due from B a n k s................................................................
United States Government Securities............................................
Obligations o f Other Federal Agencies. . .
$2,713,472.33
State, County and Municipal B onds..............
2,841,077.77
Other Bonds and Securities........................... ............ 697,926.78
Stock in Federal Reserve Bank.........................................................
Ownership o f California Trust Company.....................................
Loans and D iscou n ts..........................................................................
Bank Premises, Furniture and F ixtures........................................
Income Earned, N o t C o lle c te d ......................................................
Customers’ Liability under Letters o f Credit and Acceptances .
Other R e so u r c e s................................................................................

Total .................................................................

$ 97,575,036.19
336,510,810.14*

6,252,476.88*
3 0 0 , 0 0 0 .0 0

1,475,324.661
57,260,575.24
670,154.73
1 , 1 1 6 ,8 8 2 . 1 0

867,659.90
204,994.52
$502,233,914.36

L I A B I L I T I E S

Deposits: D e m a n d .............................................. $266,484,181.69
144,229,085-89
T im e ..................................................
United States W ar Loan D eposit.
74,870,519.78
Other Public Funds....................... ......... 1,041,22 1.72
Reserve for Interest, Taxes and Expenses.....................................
Income Collected, N o t E a r n e d ......................................................
Letters o f Credit and Acceptances..................................................
Capital Stock (C om m on )..................................
5,000,000.00
Surplus...................................................................
5,380,000.00
2,941,876.25
Undivided Profits..............................................
T o t a l ....................................................................................................

$486,625,009-08
1,059,604.45
261,942.90
965,481.68

13,32 L,876.25
$502,233,914.36

*$82,398,751.04 pledged, according to law, to secure Public Funds and Trust Deposits.
TCalifornia Trust Company- owned by California Bank and devoted exclusively to trust servicehas Capital of $ 1 ,0 0 0 ,0 0 0 .0 0 , Surplus of $500,000.00 and Undivided Profits of $233,408.34.

O F F I C E R S

ARCH W . A N D E R SO N ,

C h a ir m a n o f the B o a r d

F R A N K L. K IN G ,
Senior V ic e -P resid en t

P resid en t

V ic e -P resid en t a n d C ounsel

ALLAN H A N C O C K

CHAS.

E.D O N N E L L Y

V ice-P resid en ts

A R T H U R T. B R E T T
F.

S. H A N S O N

F. H O W A R D R U S S , JR.
W .F . B R A N D T

C. C. D e P L E D G E

T. E. I V E Y , JR .

J. A . S H IN E

H .E . H U D S O N

W. W AYNE

F. M . M A G E E

GLOVER

H . J. M E N D O N

C L IF F O R D T W E T E R

J. G . M A U L H A R D T

B .B . O D E L L

76

— •IOWA
the United States, who spoke on “Labor
and Management; Conflict or Concilia­
tion?”

Mr. Johnston believes that both
labor and management must adjust
their affairs on an equitable basis if
American industry is to go forward as
it can and should.
Montreal is a city of 1,250,000 popula­
tion, with two-thirds of the people
speaking French. All street signs,
menus, and theatre programs are
printed in both French and English.

a

The rate of exchange is 10 per cent
in our favor,„ so that every dollar is
worth $1.10.
The total national funded debt in
Canada is about 15 billion dollars.
BANKER AND POET . . . Earl C.
Fishbaugh, president, Security Trust

and Savings Bank, Shenandoah, Iowa,
is a very successful banker, an ex­
ample of sartorial splendor, and in
addition to that a perfect poet, as is
evidenced by the following literary
masterpiece which he sent to pub­
lisher Cliff De Puy:

mi

i n i a it

n

NEWS • —

O T T U M W A ,

j

IOWA

Member of Federal Reserve System

“ Dear Cliff;
“ It seems that you’ve a host of friends,
in towns of all descriptions,
And I opine that right on time each
mails his cash subscriptions.
To get this done by every one, each
year to get the plunder,
And keep it up two score and ten. I’ll
say you are a wonder.
Full many a publication’s gone to
where the woodbine twineth,
For them the sun’s forever set, for you
it brighter shineth.
The bill collector ne’er has lurked with­
out your front-most portal,
With ready kale right on the nail at
his ilk you could chortle.
To you I doff my ancient Knox, con­
fess my admiration,
While man to many ills is born, you’ve
none with circulation.
Again we gladly will subscribe, con­
tinue to renew it,
Conditioned that some early time, you
tell us how you do it.”

Statement o f Condition as o f Decem ber 31, 1945

RESOURCES
Loans and Discounts..........................................................$ 1,940,970.81
Bank Building ......................................................................
96,500.00
Furniture and Fixtures.......................................................
30,267.70
Stock in Federal Reserve Bank......................................
21,000.00
Overdrafts ............................................................................
5,718.00
U. S. Bonds................................................ $7,767,681.85
Municipal B o n d s....................................... 2,334,759.19
Other MarketableBonds.......................... 1,161,702.27
Cash and Exchange............................................................... 3,388,589.2414,652,732.55
$16,747,189.06
L IA B IL IT IE S
Capital .................................................................................... $
300,000.00
Surplus ....................................................................................
500,000.00
Undivided Profits ................................................................
182,774.57
Dividend Payable January 2 ,1945....................................
15,000.00
Deposits ................................................................................ 15,749,414.49
$16,747,189.06

H. L.
R. W.
MAX
C. P.

OFFICERS
FRANK VON SCHRADER, Chairman of Board and President
POLLARD, Vice-President
W . C. MILLER. Assistant Cashier
FUNK, Vice President
FRED DIMMITT, Assistant Cashier
VON SCHRADER, Vice President
FRANK M. POLLARD, Asst. Cashier
GLENN, Cashier
U. G. MERRILL, Trust Officer
J. C. BDACKFORD, Manager Budget Loan Department

Southern Iowa's Largest Bank
M e m b e r F e d e r a l ^ D e p o s it I n s u r a n c e

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J an u ary 1946

C o r p o r a tio n

Pardon M y Error
Old lady to young man resplendent
in gorgeous new uniform: “What rank
does your uniform represent?”
Young man: “ I’m a naval surgeon.”
Old Lady: “ My, my, how you young
people do specialize.”

lowa-Des Moines National
Makes Official Changes
Following the annual meeting of the
lowa-Des Moines National Bank &
Trust Company on January 8th, Her­
bert L. Horton, president, announced
the election of Clyde H. Doolittle as a
director and the promotion of Gerald
O. Nelson from assistant cashier to
assistant vice president.
The election of Mr. Doolittle follows
nearly twenty years of service with the
bank. He has been trust officer since
February, 1926, and in 1942 was pro­
moted to vice president and trust offi­
cer.
Mr. Nelson, installment loan depart­
ment manager, has been with the bank
since January, 1927. He was elected
an assistant cashier in 1945.
All other officers and directors were
re-elected. The officers are:
Herbert L. Horton, president; Albert
J. Robertson, vice president.
Department for Commercial Banking
—John deJong, vice president; Harry
H. Sivright, vice president; Harold P.
Klein, vice president; Geo. D. Jorgen­
sen, assistant vice president, and Mr.
Nelson.

77

* IOWA
Department of Banks and Bankers—
Erwin W. Jones, vice president; Clar­
ence A. Diehl, vice president; Everett
M. Griffith, vice president.
Department of Bank Administration
—Harry G. Wilson, vice president and
cashier; R. L. Chase, assistant vice
president; James F. Hart, assistant vice
president; James Burson, assistant
cashier; Robert L. Carson, comptroller.
Bond Department — Sherman W.
Fowler, assistant vice president; Harry
L. AVestphal, assistant cashier.
Trust Department—Clyde H. Doolit­
tle. vice president and trust officer; C.
Ream Daughrity, assistant trust offi­
cer; W. F. Howell, assistant trust offi­
cer: Arthur H. Keyes, assistant vice
president; Franklin F. Robinson, as­
sistant trust officer.
Mortgage Loan Department—Orville
M. Garrett, vice president; Laird M.
Fryer, assistant vice president.
The re-elected directors, in addition
to Horton and Robertson, are Fred
Bohen, W. H. Brenton, G a rd n er
Cowles, Jr., Roger S. Finkbine, Louis
C. Kurtz, M. Mandelbaum, Jos. Muelhaupt. E. H. Mulock, Amos C. Pearsall,
Oliver P. Thompson and Carl Weeks.

Elect County Officers
The Louisa-Washington C o u n t y
Bankers Association held its annual
meeting in Wapello, Iowa, last month.
Bad weather restricted attendance to
about sixty persons. Ralph E. Shan­
non. editor of the Evening Journal of
Washington, Iowa, was speaker. The
following officers were elected for 1946:
President, Orrin H. Johnson, cashier,
Peoples Savings Bank, Crawfordsville,
Iowa: vice president, Ivan H. Cum­
mings, president, Peoples Trust and
Savings Bank, Riverside, Iowa, and
secretary, Raymond M. Whitehead,
cashier, Ainsworth State Bank, Ains­

NEWS

*

worth, Iowa. Regular meetings during
the coming year will be held for the
first time since the beginning of the
war.

Resigns as Cashier

Edward Pressler has resigned as
cashier of the Manly State Bank of
Manly, Iowa, and disposed of his in­
terests to Leonard Simmer. Mr. Pressler’s resignation was effective Decem­
ber 1st.

Greene County Officers
The Greene County Bankers Asso­
ciation held its election meeting in
Jefferson, Iowa, last month. New offi­
cers elected are: President, Clark Bardole, cashier, First National Bank,
Rippey, Iowa; vice president, Tom
Cooper, assistant cashier, Jefferson
State Bank, Jefferson, Iowa, and secre­
tary-treasurer, Dwight Crumley, cash­
ier, Rippey Savings Bank, Rippey.
G. A. Lineweaver, state Boys’ 4-H

W H A T A B O U T THE PHFFTCHS?
• T h e P h fftch s are s o lid citize n s w ith
c o m p e n s a tin g b a n k balances. T h e y are
k in d ly a n d to le ra n t an d in all resp ects,
save o n e , are th e s o u ls o f c o u r te s y . . .
their bank checks do not extend to those
who read them the courtesy o f legibility.
M e n an d w o m e n in b a n k s, w h o n o r ­
m a lly s o r t and file ch e ck s s w iftly and
accu rately, alw ays p a u se w h e n they
c o m e to th e P h fftch s’ ch e ck s . . . and,
n e e d le ss t o say, it is n ’t the p a u se that
refresh es.
T h e r e are th o u s a n d s o f P hfftchs in
this c o u n tr y an d every day in banks
fr o m c o a s t t o co a s t sin ce re , h a r d w o r k ­
in g b a n k p e o p l e are k n o c k in g th e m ­
selves o u t try in g t o read th e ir sig n a ­
tures. T h e P hfftchs d o n ’t k n o w a th in g
a b o u t it, b u t i f th ey d id th e y ’d b e the
fir s t t o e a se t h e s i t u a t i o n b y u s i n g
ch e ck s b e a rin g th eir p rin te d na m es.
W h y n o t c o n ta c t y o u r Phffitch d e p o s -

ito rs and g iv e th e m a ch a n ce t o c o ­
o p e ra te w ith y o u thru the m e d iu m o f
D e L u x e P e rs o n a liz e d C h e ck s ? T h e y ’ll
b e h a p p y t o g e t th e m , p r o u d t o use
th em a n d w illin g to p a y f o r th e m . A n d
w h e n t h e ir p r i n t e d n a m e s c la r ify
w h a t b e fo r e w as a m ystery, y o u r p e o p le
w ill sail thru th eir daily w o r k w ith
that e ffortlessn ess s o d esire d b y all
g o o d p r o d u c t io n su p e rv iso rs.
S o m e o f o u r b ig g e s t b a n k in g in stitu­
t i o n s are n o w g o i n g " a l l o u t ” f o r
im p r in t e d ch e ck s. A s p io n e e r s o f the
P e rs o n a liz e d C h e c k p r o g r a m it has
b e e n o u r p r iv ile g e to w o r k w ith m o s t
o f th e m . W e ha ve a p a c k a g e t o m e e t
a lm o s t any re q u ir e m e n t and i f w e
h a v e n ’t g o t it w e w ill b u ild it. L et us
h e l p y o u m a k e it e a s y f o r y o u r
w o r k e r s t o d o m o r e . . . easier. L e t’s
e lim in a te th e P h fftch s an d g iv e th e m
id en tities.

Our Warehouse Receipts Provide the Soundest
Basis for All Inventory Loans
Consultation service is free to banks.

Address inquiries to our nearest office.

ST. PAUL TERMINAL WAREHOUSE CO.
Experienced and Responsible Operators of Field Warehouses
St. Paul


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

515 Iowa Des Moines Nat’l Bank Bldg., Des Moines, Iowa
Minneapolis
Milwaukee
Chicago
Indianapolis
Northwestern Banker

Detroit
January 1946

78

-• I O W A
Leader from Iowa State College, led
a discussion as to what banks could do
to help the 4-H. Members voted to pay
the bill for the annual 4-H banquet usually attended by about three hundred
people, at which one of the top 4-H
baby beeves is served. Assessment to
banks was changed to a pro rata basis.

Promotions at Ankeny Bank
At a recent meeting of the board of
directors of the Ankeny State Bank,
Ankeny, Iowa, W. J. Liechty was
elected a vice president. Mr. Liechty
has been cashier of the bank since 1938.
L. E. Brewbaker, formerly assistant

C

NEWS

•

cashier, was promoted to cashier, and
Mrs. Anita Y. Birdsall was elected as­
sistant cashier.
Other officers of the bank are: Rolfe
O. Wagner, president, and Charles
Howard, first vice president.
Deposits of the Ankeny State Bank
are now in excess of $1,500,000, the
largest in the history of the bank.

Advisory Council Dissolved
Dissolution of the Industry Advisory
Council, of which Harry H. Epperson,
president of the Morningside Savings
Bank of Sioux City, Iowa, was a mem­
ber, has been announced in Kansas

City by George H. Kinney, council
manager.
The council served as a liaison agen­
cy between industry members of the
Seventh Regional War Labor Board
and industry generally in the states of
Missouri, Kansas, Iowa, Nebraska and
Arkansas. The dissolution came as a
result of the liquidation of the regional
war labor board, but the council can
be re-established if a need for a sim­
ilar board should arise.

Marries Navy Officer
Mary Elizabeth Byerrum, daughter
of Mr. and Mrs. R. O. Byerrum of
Pleasant Valley, Iowa, and Lieut, (s.g.)
Ted John Welch, U.S.N.R., son of Mr.
and Mrs. P. C. Welch, Cedar Rapids,

h e m i c a l

B A N K
Sc

T R U S T COMPANY
F o u n d ed 182 4

165 B roadw ay, N e w Y ork
C O N D E N S E D S T A T E M E N T OF C O N D IT IO N
A t the close o f business, December 3 1 , 1 9 4 5
ASSETS
C a s h a n d D u e fr o m B a n k s_______________ $2 58,5 93 4 8 6 .6 3
U . S. G o v e r n m e n t
O b l i g a t i o n s _______
790,555 ,297.87
B a n k e r s ’ A c c e p t a n c e s a n d C a ll L o a n s 171,435 ,855.77
S ta te a n d M u n ic i p a l B o n d s _______________
7 2 ,606 ,529.09
O t h e r B o n d s a n d I n v e s t m e n t s ___________
57,937. 490.85
L o a n s a n d D is c o u n ts
_______________ 275,847. 577.42
B a n k in g H o u s e s ____________________________
299 7 9 3 .5 0 *
O t h e r R e a l E s ta te _________________________
1,159, 7 4 3 .0 0 *
M ortg a g es.
216. 226.84
C r e d it s G r a n t e d o n A c c e p t a n c e s .
A c c r u e d In terest a n d A c c o u n t s
R e c e iv a b le .
O th e r A ssets.

3,5 45, 295.27
3,4 2 0 ,5 7 2 .4 5
1,885,9 07.5 9
$ 1 ,6 3 7 ,5 0 3 ,7 7 6 .2 8

L IA B IL IT IE S
C a p it a l S t o c k ___________
S u r p lu s ___________________
U n d i v i d e d P ro fits_______

$ 2 5 ,0 0 0 ,0 0 0 .0 0
65 ,0 0 0 ,0 0 0 .0 0
10 ,050 ,614 -95

U n a llo ca te d R eserv es—

2 ,0 5 0 ,0 1 2 .8 9 1 0 2,10 0,62 7.84

R e s e r v e s f o r T a x e s , E x p e n s e s , e t c ______
D i v i d e n d P a y a b le J a n u a ry 2 ,1 9 4 6 _______

4 ,8 8 0 ,1 3 7 .8 0
1 ,1 25,0 00.0 0

A c c e p t a n c e s O u t s t a n d in g
(Less o w n acceptances
held in portfolio)

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

$ 4 ,3 6 5 ,5 5 0 .3 0
162,171.97

O t h e r L i a b i l i t i e s ___________________________
D e p o s it s (including Official and Certified
Checks

1,0 34,0 57.2 2

Outstanding $ 45, 975, 338-65) 1 ,5 2 4 ,1 60,5 75.0 9
$ 1 ,6 3 7 ,5 0 3 ,7 7 6 .2 8

Securities carried at $ 3 6 9 ,3 3 0 , 9 8 7 .6 r in the foregoing
statement are deposited to secure public funds
and for other purposes required by law.
* |Assessed Valuation $4,611,667.14
C h a rter M em b er New York C learing H ou se A ssociation
M em b er Federal R eserve System
M em b er Federal D ep osit Insurance Corporation

Northwestern Banker

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

January i9b6

L T. AN D

MRS. TED

JO H N W E L C H

Iowa, were married in Sacred Heart
Cathedral in Davenport, Iowa, last
month. Lieut. Welch, who has been in
the navy for three years, has served in
both the Atlantic and Pacific and is
now stationed at the Philadelphia
Navy Yards. His father, Prank C.
Welch, is president of the Peoples Sav­
ings Bank of Cedar Rapids. The bride’s
father, R. O. Byerrum, is executive vice
president of the First Trust and Sav­
ings Bank of Davenport.

Do You Have a Copy of
The 1889 Proceedings?
Charles B. Mills, former president of
the Iowa Bankers Association, and
whose present address is Box 357, Mo­
line, Illinois, is trying to locate a copy
of the 1889 proceedings of the Iowa
Bankers Association. If you have a
copy, will you please communicate
with Mr. Mills.

79

* IOWA
Henry Hervey
Henry Hervey, 69, Ottumwa, Iowa,
real estate dealer and former banker,
died at his home recently folloAving a
long illness.
He was born May 8, 1876, at White
Pigeon, Iowa. In 1898 he began a
seven-year term as principal of the
Keokuk county schools. The next
seven years he was a merchandiser at
Gibson, Iowa, and for seven more years
was in the bank at Thornburg, Iowa.
He was secretary of the Phoenix
Trust Company of Ottumwa and cash­
ier of the First Bank and Trust Com­
pany until its consolidation, when the
name was changed to the Fidelity
bank. Since that time he has been in
the real estate business.

Party Honors War Vets
Robert Drain, veteran of Guadal­
canal and Bougainville, and William
Wingfield, on leave from the navy, who
were employed at the Woodbury Coun­
ty Savings Bank of Sioux City, Iowa,
at the outbreak of the war, were guests
of honor at a Christmas party of the
bank at the Jackson Hotel.
Kenneth Pillar, chairman of the pro­
gram, was master of ceremonies.
Speakers were M. C. Eidsmoe, presi­
dent, and C. T. McClintock, vice presi­
dent and cashier. Fred Hannah gave
a reading.
Gifts were exchanged and dancing
closed the evening.

Appointed to Commission
K.
J. McDonald, president of the
Iowa Trust and Savings Bank of Estherville, Iowa, has been appointed to
the country bank operations commis­
sion and credit policy commission, it
was announced from the New York
office of the American Bankers Asso­
ciation by Frank C. Rathje, president
of the association.

Pays 10 Per Cent Dividend
Stockholders of the State Bank of
Vinton, Iowa, recently received divi­
dend checks at the rate of $5 per share,
or 10 per cent on original investments.
The Vinton Bank had paid dividends
at the current rate for the last six
years.

Mark 70th Anniversary
The First State Bank, West Branch,
Iowa, oldest bank in Cedar county,
celebrated its 70th anniversary at open
house at which officials and their wives

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

NEWS

•

received during the afternoon and eve­
ning in the newly decorated banking
rooms in which were placed many bas­
kets of flowers. Each boy and girl of
school age calling at the bank was
given a savings account with an initial
deposit of $1.
F. W. Hinkhouse is president of the
bank. His wife’s grandfather, John
Pearson, her father, A1 Pearson, and
her husband have served as the head
of the bank during the past 24 years.
Other directors include: J. C. Barn­
hart, William Wertzbaugher, Floyd

Fawcett and J. C. Rummells, who is
cashier.

Turkeys Boost Deposits
The Farmers State Bank of Jewell,
Iowa, experienced the most rapid rise
in deposits in its history and Thanks­
giving’s festive bird, the turkey, is
largely responsible for it. Since last
October 1st, the deposits in the Farm­
ers State Bank of Jewell have in­
creased $375,000, to an all-time high
of approximately $2,250,000.
G. C. Rorem, cashier, gave much of

(o u i m e re c j r lis t (o m p a n y 9
18-1
Established 1865
Kansas City, Missouri
Member Federal Reserve System

Statement o f Condition at Close o f Business Decem ber 31, 1945
RESOURCES
Cash and Due from Banks_____________________ $142,792,578.72
U. S. Obligations, Direct andFully Guaranteed- 212,531,282.00
State and Municipal Bonds____________________

$355,323,860.72

24,769,720.88

Stock of Federal Reserve Bank________________

450,000.00

Other Bonds and Securities------------------------------

4,214,782.87

29,434,503.75

Loans and Discounts___________________________________________

73,299 519.65

Bank Premises------------------------------------------------------------------------

1,697,500.00

Customers’ Liability Account Lettersof Credit_________________

158,863.00

Accrued Interest Receivable__________________________________
Overdrafts _________________ __________________________________

703.911.72

Other Resources ---------------------------------------------------------------------

249,052.54

Total Resources -----------------------------------------------------------

$460,884,950.68

17 739 39

LIABILITIES
Deposits:
U. S. Government Deposits__________________ $ 42,127,096.28
Other Deposits -------------------------------------------- 397,546,392.77
Capital -------------------------------------------------------------

9,000,000.00

Surplus -------------------------------------------------------------

6;000,0 0 0 . 0 0

Undivided Profits --------------------------------------------

5,565,695.63

$139,673,489.05

20,565,695.63

Liability Account Letters of Credit___________________________

158,863.00

Accrued Interest, Taxes and Expense_________________________

462,124.41

Other Liabilities _____________________________________________

24,778.59

Total Liabilities -----------------------------------------------------------

$460,884,950.68

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

N o r th w e s te r n B a n k er

Janu ary 1 9 Ï6

80

• I OWA NEWS

•

the credit to turkeys, production of
which has become a really big industry
in this part of the country and espe­
cially in the Ellsworth community,
where the bank maintains a branch
bank.

reduced by the resignation of Frank
Durbin from the board.
All of the directors were re-elected.
They are: Fred Durbin, president of
the bank, Dr. J. W. Baer, R. L. Hale,
F. R. Chantry and Albert Nelson.

Re-elect Bank Directors

Evans Named Cashier

Number of directors for the Malvern,
Iowa, Trust & Savings Bank was re­
duced to five at the annual meeting of
the institution’s stockholders last
month. The directors, of which there
were formerly six, had already been

Carl M. Evans, recently discharged
after 32 months with the U. S. Army,
24 months of which were spent over­
seas in Great Britain, France, Belgium,
Holland and Germany, was elected
cashier of the Citizens State Bank of

Oakland, Iowa, by the bank’s board of
directors.
He began his active duties with the
bank in December. His wife, Mabel
Evans, who has been with the bank
during his absence, has resigned her
position as assistant cashier.
Delmar F. Busse, who has been act­
ing as vice president and cashier, will
continue his duties as vice president.

24-HOUR SERVICE
TH R O U G H N IG H T
TRANSIT
(Continued from page 26)

'
•-L.--«
-

s

ISSIMII I

BROADWAY

AND

OLIVE

S T . L O U I S 2 , M IS S O U R I

Statement of Condition, December 31, 1945
RESOURCES
Cash and due from banks.................................................................S 55,955,044.39
U. S. Government Securities............................................................. 122,984,022.49
(Including those pledged S69,783,115.17)
Other Bonds and Securities............................................................... 10,357,712.62
Federal Reserve Bank Stock.............................................................
300,000.00
Loans and Discounts.........................................................................
64,937,520.00
Customers' Liability on Acceptances and Letters of Credit. . . .
180,310.21
Real Estate ........................................................
424,291.26
Accrued Earnings Receivable (Net)................................................
503,148.02
Overdrafts ............................................................................................
31,755.60
Other Resources ..................................................................................
59,564.72
5255,733,369.31

LIABILITIES
Capital .................................................................................................. S 6,000,000.00
Surplus and Undivided Profits........................................................
5,591,926.81
Dividend declared, payable January 2, 1946.............................
120,000.00
Accrued Interest, Expenses and Taxes Payable (Net) and
Other Reserves ...........................................................................
1,688,338.77
Acceptances and Letters of Credit..................................................
180,310.21
Other Liabilities ..................................................................................
114,849.01
Deposits:
U. S. Government, and Other
Public Funds ..........................................$ 56,203,619.20
Other Deposits ............................................ 185,834,325.31
242,037,944.51
$255,733.359.31

Member Federal
Deposit Insurance
Corporation

ill

N o r th w e s te r n B a n k er


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

J anu ary 1946

organizer and its first cashier. There
were really four men in the bank at
first, including Cashier Lord, a teller,
a bookkeeper, and a youthful all round
janitor and errand boy by the name of
Alvin E. Johnson who later became
and is now the bank’s chief executive
officer.
The bank was first capitalized at
$100,000. Mr. Lord continued with the
institution until he died in 1920.
Taking up Mr. Johnson’s career, he
became cashier, later vice president,
and finally in January 1934, he became
president.
In deposit growth, the bank has a
most interesting record. When Mr.
Johnson became president in 1934, de­
posits were $4,910,000. Today, twelve
years later, deposits are approximately
$80,000,000. Much of the bank’s great
deposit growth has come from country
bank business. There are very definite
reasons for this. In the first place,
every officer in the bank has either
come up through the ranks in the bank
or has come from a country bank.
Vice President Henry C. Karpf, for exemple, was a successful banker, both
in Morrill and Mitchell, Nebraska, be­
fore going to Omaha. Wade R. Martin,
vice president, was a banker at Strat­
ton, Nebraska, and was also Nebraska
bank commissioner for four years. W.
Dean Vogel, vice president, was a coun­
try banker at Atlantic, Iowa, and A. R.
Stelling, assistant cashier, was from a
bank at Gretna, Nebraska. All of the
other officers, including Paul Hansen,
vice president, and Cashier H. H.
Echtermeyer and R. H. Kroeger, vice
president, and Assistant Cashiers L. V.
Pulliam and C. G. Pearson, came up
through the ranks of the bank.
Live Stock National Bank employes
have every encouragement for institu­
tional loyalty. Every male employe of
the bank, after one year in the bank,
can purchase stock in the bank. He
is helped in his purchase by financing
it through his salary if necessary.

SI

—• I O W A
There is a group insurance policy and
hospitalization for every bank employe
and there is a special group insurance
plan for women employes. The bank
goes in very strongly for employe par­
ties and social events from time to
time. They particularly encourage
dinners for employes of the various de­
partments.
In the matter of getting bank direc­
tors to help build business, the Live
Stock National Bank of Omaha in­
sists that every director must make a
direct contribution to building of bank
business. Each director is thus a pro­
ducer and all of them are active on
discount committee work. All are
thoroughly familiar with the bank’s
assets.
The bank is very proud of its direc­
torate. For example, John R. Jirdon of
Morrill, Nebraska, who is a director, is
an outstanding lamb and cattle feeder
and is a member of the American Meat
Institute of America. He is an out­
standing live stock authority.
Carl A. Swanson, one of the coun­
try’s largest processors of turkeys,
cheese, butter, chickens, and other food
products, has been written up in For­
tune magazine. J. L. Welsh, Omaha
grain dealer, is one of America’s out­
standing grain men and was formerly
in business with United States Sen­
ator Hugh Butler of Nebraska.
Incidentally, Messrs. Welsh and
Swanson are associated with President
Johnson in Omaha’s Farm Crop Proc­
essing Corporation which is a large
industrial alcohol plant located in
Omaha. It is the largest of its kind in
the world.
The Live Stock National Bank is

PURCHASING POWER

0ct.l#v*Qct.M5

NEWS

—

capitalized at $500,000 and at the pres­
ent time, surplus is $1,000,000 and un­
divided profits total $503,898. Deposits
as of December 31, 1945 were $79,587,655. # #

Open New Oelwein Bank
W. Palmer Wilson has resigned as
executive vice president of the Brenton
State Bank at Dallas Center, Iowa, to
open the Oelwein State Bank at Oel­
wein, Iowa, of which he will be presi­
dent. Mr. Wilson has been associated
with Brenton banks in several Iowa

communities throughout his banking
career. Churchill T. Williams, who
was associated with Mr. Wilson in the
Dallas Center bank before entering the
Army Air Force in January, 1942, will
join the new bank as cashier.
The Oelwein State Bank has a capi­
tal of $50,000 and surplus of $25,000.
The bank site has been completely re­
modeled, new modern fixtures installed
and a new vault and safety boxes built
in.

The First National Bank
o f Chicago
Statement of Condition December 31, 1945
a

sS E T S

Cash and Due from Banks,.............................................. $ 470,047,905.15
United States Obligations—Direct and fully Guaranteed,
Unpledged,
.
.
.
.
$713,022,299.44
Pledged—To Secure Public Deposits and
Deposits Subject to Federal Court Order, 5 7 1 ,7 4 8 ,3 4 0 .5 5

52,972,381.84
536,960.00 1,338,279,981.83
Other Bonds and Securities,
.
.
.
.
112,955,506.52
Loans and Discounts, .
.
.
.
.
.
.
539,481,572.68
Real Estate (Bank Building),
.
.
.
.
3,363,580.83
Federal Reserve Bank Stock,
.
.
.
.
3,300,000.00
Customers’ Liability Account of Acceptances,
1,343,962.56
Interest Earned, not Collected, .
.
.
.
5,508,694.15
Other A s s e t s , .......................................................
231,719.10
To Secure Trust Deposits,

Under Trust Act of Illinois,

.
.

.
.
.

$2,474,512,922.82
L I A B I L I T I E S

‘

1 .0 1

INVESTORS SYNDICATE MINNEAPOLIS

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

6 0 ,0 0 0 ,0 0 0 .0 0
Capital S t o c k , ................................................................ $
Surplus,
.
.
.
.
.
.
.
.
.
5 0 ,0 0 0 ,0 0 0 .0 0
Other Undivided Profits,
.
.
.
.
.
.
3,686,700.18
Discount Collected, but not Earned, .
.
.
.
786,385.72
Dividends Declared, but Unpaid,
.
.
.
.
1 ,0 0 0 , 0 0 0 . 0 0
Reserve for Taxes, etc.,
.
.
.
.
.
.
9,962,448.76
Liability Account of Acceptances,
.
.
.
.
1,370,828.41
Time Deposits,
.
.
.
. $ 304,423,335.74
Demand Deposits,
.
.
.
1,412,690,147.03
Deposits of Public Funds, .
.
630,589,321.59 2,347,702,804.36
Liabilities other than those above stated, .
.
. __________ 3,755.39
$2,474,512,922.82
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

N o r th w e s te r n B a n k er

J anu ary 19k6

82

* IOWA

NEWS

•

ers a handsome profit. However, the
Moore family, the directors and sev­
K.
P. Moore, cashier of the First eral of the stockholders who know the
National Bank of Traer, Iowa, con­ situation want to carry on the business,
templates leaving the management of if possible, feeling that it would be for
the institution during the next few the best interests of the Traer commu­
months.
nity.
Throughout the 72 years’ history of
The contemplated plan is to offer for
the First National, the R. H. Moore sale to present stockholders, and to
family has held a majority interest in any other patrons of the bank not now
the capital stock. It is proposed to stockholders, most of the holdings of
dispose of most of it when the man­ Mr. Moore and the R. H. Moore fam­
agement of the institution passes from
K. P. Moore to a successor. The bank ily. A meeting of those who would
could be liquidated during the next like to own some of this stock will
few months to pay all of the stockhold­ be held in the near future.

Traer Banker Retiring

TH E N O R T H E R N
TR U ST CO M PA N Y
C H IC A G O

S ta te m e n t o f C o n d itio n , D e c e m b e r 31, 1 9 4 5
UESOUKCES
Loans ami D iscounts.................................................. $ 77,897,443.09
U. S. Governm ent Securities..................................... 412,061,864.00
Other Bonds and Securities.......................................

96,783,139.71

Federal Reserve Bank S tock .......................................

450.000.00

Bank Premises................................................................

1.400.000.00

Custom ers’ Liability, A ccount Letters o f Credit
and A cceptances.........................................................

834,209.50

Other Resources............................................................

151,610.00

Cash and Due from Banks......................................... 142,135,663.34
TOT AI............................................................................... $731,713,929.64
LIABILITIES
Capital S tock ..................................................................$

3,000,000.00

Surplus F u n d ................................................................

12.000.000.00

Undivided Profit*..........................................................

4,508.884.95

Reserve for Taxes, Interest, e te .................................

10,713,550.67

Dividend Payable January 2, 1946...........................

135.000.00

Letters o f Credit anti Acceptances O u tstan din g..

834.209.50

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

97,222.54

Deposi ts:
D em and.......................................... $417,519,487.86
T im e............................................... 117,802,686.86
U. S. G overnm ent.......................

165,102,887.26

700,425,061.98

TO TAL.............................................................................. $731,713,929.64
U n ite d S ta tes G o v e r n m e n t secu rities ca rrie d in th e a b o v e sta te m e n t at
$ 1 7 1 ,6 5 1 ,4 4 2 .5 8 are p le d g e d t o secure p u b lic a n d o th e r m o n ie s , as reiju ired
b y la w ; a n d U n ited S ta tes G o v e r n m e n t a n d oth e r secu rities ca rrie d at
$ 5 1 8 ,5 9 6 .7 6 are d e p o s ite d w ith th e S ta te A u th o r itie s u n d er th e T ru s t A c t.


Northwestern B a n k er
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Federal Reserve Bank of St. Louis

M e m b er F ed era l D e p o s it In s u r a n c e C o rp ora tion

J a n u ary 19J6

A.B.A. Names Johnson
V.
W. Johnson, president, First Na­
tional Bank of Cedar Falls, Iowa, has
been named to the committee on fed­
eral legislation of the American Bank­
ers Association by Frank Rathje, presi­
dent of the association. Mr. Johnson
also served on the A.B.A.’s recent state
Victory loan committee as chairman.

New Lyon Bank Opens
The Lyon County State Bank was
formally opened for business Decem­
ber 15th at Rock Rapids, Iowa. Capi­
tal funds of the newly formed bank
were established as $99,000. Officers
of the bank are: President, Vet Pettengill, prominent Rock Rapids business
man; vice president, M. R. Murray,
owner of the Murray Hatchery; vice
president, C. C. Crawford, veteran Min­
nesota and Iowa banker; cashier, John
J. Porter, state bank examiner for four
and one-half years; teller, Hugo P.
Ross, recently discharged navy veter­
an, and bookkeeper, Florence Mogler.
Directors of the institution are: Mr.
Pettengill, Mr. Murray, Mr. Porter,
Paul Collins, Earl Fisher and Anthony
Sieperda.

Two Directors Elected
At the regular December meeting of
the board of directors of the Clinton
National Bank of Clinton, Iowa, Alfred
E. Mommsen and E. C. Halbach were
elected new members of the board, to
succeed A. L. Schuyler and John E.
Mooney, both of whom died during the
past year.
Mr. Mommsen is a prominent Clinton
county farmer and a former member
of the Clinton county board of super­
visors. Mr. Halbach is one of the city’s
leading attorneys. He was Clinton
county attorney for six years.

Returns to West Union
Carl Schorl, who served in the coast
guard from July, 1943, to November,
1945, has resumed his former position
as assistant cashier in the First Na­
tional Bank of West Union, Iowa. He
was stationed most of the time at
Alameda, California, and his wife lived
at Oakland, California.

Elect Navy Veteran Cashier
Charles D. McCoy, executive vice
president of the Warren County Bank
& Trust Company of Indianola, Iowa,
announced that Thomas O. Cooper of
Jefferson had been elected cashier and
Bernice Moraine, Indianola, assistant

83
*

cashier, at a recent meeting of the
board of directors.
The new cashier was an officer of
the Jefferson State Bank. He enlisted
in the naval reserve, prior to which
he was chairman of the Greene county
war bond staff.
Mr. Cooper went to Jefferson from
Minneapolis, where he had been asso­
ciated with banking interests for a
number of years.
Mrs. Moraine has been associated
with the Warren County Bank & Trust
Company as secretary and teller since
it opened for business.

I O W A

N E W S

•

the Federal Home Loan Bank of Des
Moines for a two-year period.

Membership in the Des Moines bank
comprises federal and state savings

CONDENSED

STATEMENT

FIR ST N A T IO N A L B A N K
IN

ST.

LOUIS

A t the Close o f Business, D e c e m b e r 31, 1945

RESOURCES
$109,603,260.27
290,194,434.89
111,652,346.55
7,273,423.76
522,000.00

Cash and Due from Banks
U. S. Government Securities
Loans and Discounts
Other Bonds and Stocks
Stock in Federal Reserve Bank
Banking House, Improvements, Furniture
and Fixtures
Other Real Estate Owned
Customers’ Liability a/c Letters of Credit,
Acceptances, etc.
Accrued Interest Receivable
Overdrafts
Other Resources

W. F. Daubenberger
William F. Daubenberger, former
McGregor, Iowa, banker and business
man and a lifelong resident there, died
in a Chicago hospital last month.
He started the State Bank in Mc­
Gregor, and later became associated
with the First National Bank in Mc­
Gregor, becoming president of this
bank. He was also in the men's cloth­
ing business there for a number of
years. He has been retired since 1933.

353,903.30
977,002.00
2,135,297.35
1,326,350.83
49,573.80
_______ 4,227.39
$524,091,820.14

LIABILITIES
Capital Stock
$ 1 0 , 2 0 0 , 0 0 0 .0 0
7,200,000.00
Surplus
7,168,416.90
Undivided Profits
500.000. 00
Reserve for Contingencies
240.000. 00
Dividend Declared Payable February 28, 1946
1,593,257.38
Reserve for Taxes, Interest, etc.
145,115.93
Unearned Discount
2,135,297.35
Liability a/c Letters of Credit, Acceptances, etc.
395,025.23
Other Liabilities
Demand Deposits
$335,956,963.80
Time Deposits
52,915,626.23
U. S. Government Deposits
105,642,117.32
Total Deposits
494,514,707.35
$524,091,820.14

Back at Bank
Major and Mrs. Douglas Swale are
now back in Mason City, Iowa, from
Pass Christian, Mississippi, where they
had been vacationing since the major
was released from duty with the army.
Swale is now back at the First Na­
tional Bank where he was vice presi­
dent at the time of entering the army
in July, 1943.
Swale returned to the states in Octo­
ber after two years overseas in Africa
and Italy.

Home Loan Director

Broadway * Locust * O live

Lloyd Rime, vice president and sec­
retary of the Ottumwa Federal Savings
& Loan Association, has been elected
a member of the board of directors of

M em b er

F ed era l

D ep o sit

In su ra n ce

C o r p o r a tio n

Mr. Banker:
Do you know that EVERY MONTH *IU MORE BANKS become subscribers to

D.A.S. AGRICULTURAL DIGEST
There is no other agricultural information service just like it.
For sample releases and further information write to

Doane Agricultural Service, Inc.
Box 60S, 206 Plymouth Bldg.

Y o u S h o u ld H a v e It !

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

Des Moines 9 , Iowa

Home Office—St. I.oui*

Northwestern Banker

January I9 fs6

84

—• IOWA
and loan associations in Iowa, Mis­
souri, Minnesota, North and South
Dakota.

NEWS

something like this, ‘The higher the
mountain, the lower the valley.’ ”

25th Anniversary

Keep Ceiling Prices
J. J. Burbridge, president of the
Farmers & Merchants Savings Bank of
Manchester, Iowa, when asked if he
thought ceiling prices applied to the
sale of city dwellings would curb
the current real estate boom, had this
bit of advice to offer, “Any effort that
tends to retard the upward spiral of
prices and values is commendable. I
recall an old Chinese proverb that read

The Farmers State Savings Bank of
Independence, Iowa, is this year cele­
brating its 25th anniversary, and as
the bank goes into its quarter century
its statement shows $6,000,000 re­
sources, with capital and surplus of
$200,000. Commenting on the occasion,
E. F. Sorg, president of the bank, says:
“Friends made and friends kept dur­
ing the past 25 years have made this
celebration possible. Through the good

Statement of Condition
D e ce m b e r 31, 1945
ASSETS
Cash on Hand and on Deposit with Banks.............$ 6,554,731.13
United States Government Securities....................... 12,192,723.28
Other Bonds and Securities.......................................
35,000.00
Loans and Discounts...............................
6,547,449.14
Security National Bank Building, Vault and Fix­
tures ..........................................................................
165,801.51
Federal Reserve Bank Stock.....................................
24,900.00
Customers Liability— Letters of Credit..................
649.16
Other Assets ...............................................................
1,487.05
$25,522,741.27
LIABILITIES
Capital .........................................................................$ 500,000.00
Surplus ........................................................................
330,000.00
Undivided Profits........... .............................................
68,553.21
Reserves .......................................................................
13,340.20
Liability— Letters of Credit Outstanding.................
649.16
Deposits ....................................................................... 24,610,198.70
$25,522,741.27
D IR E C T O R S
Paul Bekins
Charles R. Gossett
W m . W . MacFarlane
Otis P. Garrison
George L. Booth
Harold A. Jacobsen
George C. Pechstein
Harry P. Pratt
Edward C. Palmer

OFFICERS
Charles R. Gossett, P r e s i d e n t
B. M. Wheelock, V i c e P r e s i d e n t
Albert C. Eckert, Vice P r e s i d e n t
R. Earl Brown, C a s h i e r
Daniel B. Severson, Assistant C a s h i e r
Frank H. Abel, A s s i s t a n t C a s h i e r
Alvin G. Nelson, A s s i s t a n t C a ~ h ie r
Robert W . Lewis, A s s i s t a n t C a s h i e r

O ECU Rm T'
of Sioux. C itÿ
Member Federal Deposit Insurance Corporation


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

•-

January 19b6

years of peace and the hard years of
war, the loyalty of Farmers State Sav­
ings Bank patrons has always been
appreciated. For the future it is our
pledge to continue to merit this valued
friendship.
Officers of the bank are: E. F. Sorg,
president; E. E. Eberett, vice presi­
dent; C. L. Fiester, cashier, and P. E.
Sorg, Jean Hohl, and Carol Devens,
assistant cashiers.

New Board Member
New member of the board of direc­
tors of the Federal Home Loan Bank
of Des Moines, Iowa, is James C. McKercher, president of the Peoples Fed­
eral Savings and Loan Association of
Minneapolis.
He was elected for a two-year term,
succeeding W. R. Mahood, St, Paul
The Des Moines bank represents the
eighth district federal home loan bank
system, which includes Minnesota,
North and South Dakota, Iowa, Mis­
souri and Wisconsin.

Pays 14 Cent Dividend
Directors of Investors Mutual, Inc.,
Minneapolis, declared a quarterly divi­
dend distribution, from income, of 14
cents a share, payable January 21, 1946,
to shareholders of record December
31, 1945.
The present dividend brings total
1945 payments to 70 cents a share.
Of this amount 43.2 cents was derived
from interest and dividend income, less
expenses, and 26.8 cents from profits
from the sale of portfolio securities.
Previous payments declared by this
open-end investment company were:
10 cents a share for the quarter ended
March 31st, 20 cents for the quarter
ended June 30th, and 26 cents for the
quarter ended September 30th.
Net asset value of Investors Mutual,
Inc., according to Earl E. Crabb, chair­
man of the board, totaled $78,008,445.78
as of December 15, 1945, with shares
held by approximately 40,000 share­
holders.

Building Carried at $1
The City National Bank & Trust
Company, Kansas City, Missouri, just
before Christmas charged the balance
of its home building to its undivided
brofit account, being the first Kansas
City bank to carry its quarters at $1.00.
The seven-story building and ground
and a 75-foot parking lot directly across
Grand Avenue, all costing $1,200,000 in
1927, is now carried at the above-men­
tioned figure and produces a net return
of $40,000 annually for the bank. Fufnjiiture. equipment and fixtures costing
'several hundred thousand dollars have

85

been carried at $1.00 on the bank’s
books for several years.
The board of directors of City Na­
tional voted to increase the surplus
account from $2,500,000 to $3,000,000,
the funds to be taken from the undi­
vided profits account. The board also
voted the usual 4 per cent dividend
payable December 15th and a 5 per
cent Christmas bonus to all officers and
employes.

New Appointment

Louis E. Imhof was appointed as­
sistant vice president of Central Han­
over Bank and Trust Company, New
York, recently.
For three years he was in the coast

lar annual rate of $1.60 per share, and
on the preferred stock $1.00 for the
six months at the regular rate of $2.00.

Payment of both dividends was to
be made on December 31st to share­
holders of record as of December 15th.

U N IT E D H O M E B A N K & T R U S T C O .
M A SO N C IT Y , IO W A

Statement of Condition at Close of Business December 31, 1945
R ESO U R CES

L IA B IL IT IE S

L o a n s and D i s c o u n t s
$1,741,409.96
U. S. G o v e r n m e n t an d o th e r
B onds
4,877,999.25
S to ck
in
F ed era l
R eserve
Bank
4,500.00
S a fe D e p o s i t V a u l t
10,144.83
6,992.78
F u r n itu r e and F i x t u r e s
O v er d r a fts
1,121.42
C a sh on H a n d an d D u e fr o m
Banks
2,942,028.33

$ 100,000.00
C a p ita l
S u rp lu s
50,000.00
97,874.78
U n d iv id e d P r o fits
R e s e r v e f o r C o n ti n g e n c i e s . . . .
30,000.00
R e s e r v e fo r In c o m e T a x
27,023.94
D ep o sits
9,279,297.85

$9,584,196.57

$9,584,196.57

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

.........................
.........................
..... _.......
......
........................

OFFICERS
E. W . Clark, President
F. F. Potter, Vice President
W . E. Gildner, Vice President

J. A. VanNess, Vice President
R. A. Potter, Cashier
C. F. Weaver, Assistant Cashier

MEMBER FED ER AL R ESERVE

BANK

MEMBER FED ERAL DEPOSIT INSURANCE CORPORATION

Farmers State Savings Bank
IN DEPENDEN CE, IO W A
Statement o f Condition, Decem ber 31

1945

R ESO U R CES
Cash and Due from B an k s.................................................................................................................... .......................$ 1 ,4 5 0 ,6 2 0 .7 7
Loans and Discounts. .............................................................................................................................. .......................
6 1 6 ,4 1 1 .1 4
First Real Estate Mortgages.............................................................................................................. ....................
3 2 6 ,5 7 9 .7 4
U. S. Government Bonds........................................................................................................................ ....................... 3 ,5 9 4 ,3 0 8 .5 6
....................
112,272.61
Furniture and Fixtures........................................................................................................................... .......................
2 ,3 4 3 .2 0
928.09
$6 ,1 0 3 ,4 6 4 .1 1
L IA B IL IT IE S
(C o m m on ).................................................................................................................... ....................... $ 10 0 ,0 0 0 .0 0
.......................
1 0 0 ,0 0 0 .0 0
Undivided P r o f it s ........................................................................................................................................ .......................
58^066.45
Deposits ............................................................................................................................................................ ....................... 5 ,8 4 5 .3 9 7 .6 6

Capital Stock

L O U IS E. IM H O F
Assistant Vice President

artillery, stationed at Fort Winfield
Scott, San Francisco. Later he entered
the securities business, with R. W.
Halsey & Company, in New York. Mr.
Imhof started with Central Hanover
Bank and Trust Company in 1930. in
the trust department. In 1938 he trans­
ferred to the banking division and has
represented the bank in the west since
that time.

Declare Dividends

At the regular meeting of the board
of directors of the Bank of America
NT&SA, regular dividends were de­
clared for the current semi-annual pe­
riod on both the common and the con­
vertible preferred stock.
Dividend on the common stock was
80 cents for the six months at the regu-

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.
OM AHA


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

$6,1 03,464.11
25 Years o f C o n tin u ou s S ervice
O F F IC E R S

E. F. Sorg, President
O. L. Feister, Cashier

E. E. Everett. Vice President
P. E. Sorg, Assistant Cashier

Member Federal Deposit Insurance Corporation

N A T I O N A L B A N K O F B U R L IN G T O N
BURLINGTON, IOWA
S ta te m e n t o f C o n d itio n
A SSETS
Cash and Due from B a n k s . . .. $
U . S . Government Securities. . .
State, County and Municipal
B o n d s .....................................................
Other Bonds ..............................................
Loans & Discounts.................................
O v e rd ra fts .....................................................
Stock in Federal Reserve B an k. .
Bank Bu ildin g...........................................
Furniture and Fixtures........................
Other A s s e t s ...............................................

December 31, 1945
L IA B IL IT IE S

2 ,3 0 8 ,8 8 8 .8 4
5 ,2 4 6 ,7 4 5 .8 3
1 ,6 5 0 ,0 6 3 .6 0
87 2,4 9 6 .9 0
1 ,2 5 4 ,7 4 1 .8 5
32 2.24
12 ,0 0 0 .0 0
3 9 ,7 9 8 .0 0
6 ,4 4 9 .7 4
3 27 3.98

Capital ............................................................$
S u r p lu s ............................................................
Undivided Profits................................. ...
Reserves .........................................................
Interest Collected but not Earned
Deposits

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

$ 1 1 ,3 9 4 ,7 8 0 .9 8
John H. Witte, Jr., President.
Vincent P. Cullen, Executive Vice President.

2 0 0 ,0 0 0 .0 0
2 0 0 ,0 0 0 .0 0
9 1 ,7 5 9 .8 2
3 0 ,0 0 0 .0 0
79 0 .2 7
1 0 ,8 7 2 ,2 3 0 .8 9

$ 1 1 ,3 9 4 ,7 8 0 .9 8
Thomas L. Dyer, Cashier.
F. J. Norton, E. L. Hausknecht, Asst. Cashiers.

Member Federal Deposit Insurance Corporation

Northwestern Banker

January 19)6

86

University, who has been associated
with the bank since 1933 and has pre­
viously been an assistant cashier, will
continue as a divisional loaning officer.
He is a member of the faculty of North­
western University Evening School of
Commerce, serving as instructor in
credits.
Frank C. Cole, formerly auditor of
the bank, has returned from military
service as lieutenant in the Allied
Military Government and was ap­
pointed assistant cashier.
The directors elevated to official
rank Leslie W. Hunt and Leon J. Geli
as assistant cashiers, and Walter Arm-

Promotions
Clarence C. Morgan and Paul C. Ray­
mond have been appointed assistant
vice presidents of the American Na­
tional Bank and Trust Company of Chi­
cago. Mr. Morgan came to the bank in
1936 from the City Bank Farmers
Trust Company of New York, which
he joined following his graduation
from Columbia University in 1926. He
has served the trust department of
the American National Bank as assist­
ant trust officer in charge of invest­
ments.
Mr. Raymond, a graduate of Yale

PEXFICTION IN

1125

cA Àtuâeum J^elic T)oday,!
The historic KN OB safe, invented 1825, was the first attempt to
create a combination fire-and-burglar resistive safe. Construction
was heavy oak planking, paneled with thin iron, surrounded by heavy
iron straps, held in place by huge, knob-headed iron nails. The KNOB
SAFE was popular until after the 1850 World's Fair in London.

CENTURY OF
LEADERSHIP IN
THE MANUFACTURE
OF PROTECTIVE
DEVICES FOR
INDUSTRY.
COMMERCE, AND
THE HOME.

—

re g a r d les s

o f

h o w

m a n y

tim e s

it

ch a n g es

o w n ers

In this year of critical shortages, you m ay have to w ait some
time for a new H -H -M Safe — or any other new safe that even
approxim ates the H errin g-H a ll-M arvin standards of co n ve n ­
ience and protection. But if you sim ply cannot wait, contact your
nearest H-H -M office equipm ent dealer or write us direct. Each
H errin g-H a ll-M arvin Safe constructed since 1917 has been
certified, in its class, and, with reason able care, is as depend­
able now as the d ay it left our factory.
{?>
,(7i /¿Tis
IN PREPARATION: ‘ ‘Progress i n P r o t e c t i o n . "
An illustrated history of devices men have
used to protect their valuables from the cave
man era to the present. Limited edition. For
architects, bankers, executives. Please re­
serve (by letter) y o u r copy now. Gratis.

HERRING-HALL-MARVIN SAFE CO.
General O ffices: Ham ilton, Ohio

BRANCH OFFICES in New York, Chicago, Boston, Washington, St. Louis, Atlanta, Houston
Philadelphia, Los Angeles . . . Other Agencies All Over the World
MANUFACTURERS OF BANK VAULT EQUIPM ENT-BANK COUNTERS-TELLERS' BUSES AND LOCKERS
SAFE DEPOSIT BOXES - NIGHT DEPOSITORIES - BANK AND OFFICE SAFES
BUILDERS OF THE UNITED STATES SILVER STORAGE VAULTS—WEST POINT MILITARY RESERVATION

N o r th w e ster n B a n k er


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Federal Reserve Bank of St. Louis

Jaiuiarn 19'i6

Declare Dividend
Directors of the First National Bank
in St. Louis have declared a dividend
of $1.00 per share, 60 cents of which
was an extra dividend payable Decem­
ber 21st to stockholders of record De­
cember 15th, and 40 cents payable
February 28, 1946, to stockholders of
record February 21st. This is on the
same basis as in previous years. Also
authorized was the transfer of $200,000
from undivided profits to surplus,
bringing total surplus to $7,200,000.
The directors voted additional compen­
sation to employes in service prior to
January 1, 1945, equivalent to one-half
month’s salary, and adjusted amounts
for others.

Henry W. Carlisle

EACH HERRING-HALL-M ARVIN
SAFE IS CERTIFIED
MORE T H AN A

strong, Ernest W. Stevens and Sybren
D. Nydam as assistant comptrollers.
All have served the bank for several
years and will continue in their pres­
ent functions.

Henry Wilson Carlisle, for many
years manager of the publicity and
advertising department of Guaranty
Trust Company of New York, died re­
cently at his home, 276 Riverside
Drive, after a short illness. He is survided by his wife, Mrs. Mary Abell
Carlisle.
Born in Indianapolis, Indiana, Nov­
ember 17, 1883, Mr. Carlisle attended
Manual Training high school in that
city, and succeeded Roy W. Howard of
the Scripps-Howard newspapers as
high school correspondent for the In­
dianapolis News when Howard became
a cub reporter on that newspaper.
In July, 1917, Mr. Carlisle joined the
staff of the publicity and advertising
department of the Guaranty Trust
Company, becoming assistant manager
in January, 1919, and manager in Aug­
ust, 1921.

Common Stock Increased
Directors of California Bank, Los
Angeles, in their December meeting
authorized an increase from the pres­
ent 200,000 shares of common stock to
260,000 shares, with the privilege ex­
tended to shareholders of subscribing
for one share of the new stock at $40
per share for each three and one-third
shares held. No fractional shares will
be issued.
Record date for allotment of rights
to subscribe to the increase and the
date for payment of subscriptions will
be fixed by the directors at a subse­
quent meeting upon completion of le­
gal formalities, probably shortly after
the first of the year.
Arch W. Anderson, chairman, re-

87
porting on the action by the board, said
that the sale of the additional stock
will increase the common capital from
$5,000,000 to $6,500,000 and raise the
surplus from $5,000,000 to $5,900,000.

Pension Plan
Harvey D. Gibson, president of Man­
ufacturers Trust Company, New York,
announced that its board of direc­
tors had voted to recommend to the
company’s stockholders a pension plan
which will apply to approximately
2,300 eligible employes of the company.
The plan will be voted on at the annual
stockholders’ meeting this month. Pen­
sions will be paid under a group annu­
ity contract to be entered into with the
Equitable Life Assurance Society of
the United States.

also announced the appointment of
Burnham L. Mitchell as a director and
vice president, and James Muir as gen­
eral manager.
Mr. Dobson was president of the
Canadian Bankers Association in 193738.
Burnham L. Mitchell, since 1935 as­
sistant general manager of the bank at
Toronto, becomes a director and vice
president.
James Muir, the new general man­
ager, has been a banker since boyhood.
A native of Scotland, he joined The
Royal Bank of Canada in 1912. He

served in the bank’s New York office
where for three years he was assistant
supervisor for Central and South
America. He was made assistant gen­
eral manager in 1935.
I’se Hooked
“Does yo’ take this woman for thy
lawfully wedded wife?” asked the col­
ored parson, glancing at the diminu­
tive, watery eyed, bowlegged bride­
groom, who stood beside two hundred
and ten pounds of feminine assurance.
“Ah takes nothin’,” gloomily re­
sponded the bridegroom. “Ah’s bein’
tooked.”

Two Vice Presidents
Edward Adams and John N. McLucas have been elected vice presi­
dents of the National Bank of Detroit.
Both have been assigned to the divi­
sion servicing national business out­
side of metropolitan Detroit under the
direction of Hal Y. Lemon, vice presi­
dent, which division is now being ex­
panded to meet the constantly increas­
ing volume of national and internation­
al banking business.
Prior to his military service, McLucas was vice president of the Com­
merce Trust Company, Kansas City,
Missouri, for ten years. Among the
corporations of which he is a director
are: Kansas City Life Insurance Com­
pany, Kansas City Fire & Marine In­
surance Company, North American
Aviation, Inc., and Interstate Securi­
ties Company, Kansas City, Missouri.
For three of his war years, Adams
was stationed in Detroit, acting as liai­
son officer for Michigan for the fiscal
director. Army Service Forces. Prior
to his war service, he was vice presi­
dent and loaning officer of the Grace
National Bank, New York. He is a
past president of the Bank Credit
Association of New York and of the
New York chapter, Robert Morris Asso­
ciates.

Dividend

The board of directors of the Mer­
cantile-Commerce Bank and Trust
Company, St. Louis, Missouri, recently
declared a dividend of $2.00 per share
on the outstanding shares of capital
stock, payable January 2, 1946, to stock­
holders of record December 20, 1946.

Three New Executives
The appointment of Sydney G. Dob­
son as executive vice president of The
Royal Bank of Canada was announced
by the board of directors. The board

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

TH E ROYAL BANK
OF CANADA
H e ail Office, M on treal
MORRIS W . W ILSO N

President
SYD N EY G. DOBSON

Executive Vice-President
W . F . ANGUS

B U R N H A M L. M ITCH ELL

Vice-President

Vice-President
JAM ES M UIR

General Manager

Condensed Annual Statement
______________ as

on Novem ber 30,

1945______________

ASSETS
Cash on Hand, in Banks and in Bank of
Canada ........................................... . . . . . . . . . $ 418,190,213.09
Government, Provincial and Municipal Se­
curities not exceeding market value..........
1,001,072,550.27
Other Bonds, Debentures and Stocks not
exceeding market value.................................
32,767,405.11
Call Loans ..........................................................
106,446,918.06
Cpmmercial Loans ...........................................
382,010,057.74
Bank P r e m is e s ...................................................
10,848,254.92
Liabilities of Customers under Letters of
Credit and other A ssets...............................
56,211,579.67
$2,007.546,97E86
L IA B IL IT IE S
Capital, Reserve and Undivided P r o fit s .... $ 60,819,179.30
Notes of the Bank in Circulation................
7,007,429.94
D e p o s it s ................................................................ 1,888,7 57,074.14
Letters of Credit and Other Liabilities........
50,963,295.48
$2,007,546,978.86
O v e r 5 8 0 B r a n c h e s in C a n a d a a n d N e w f o u n d l a n d
61 B r a n c h e s A b r o a d , i n c lu d i n g -

LONDON, NEW YORK, HAVANA, BUENOS AIRES. RIO DE JANEIRO,
SAO PAULO, MONTEVIDEO, LIMA, BOGOTA, CARACAS, BELIZE, NASSAU,
also in PUERTO RICO. DOMINICAN REPUBLIC. HAITI, BARBADOS,
DOMINICA, JAMAICA. ST. KITTS. TRINIDAD. MONTSERRAT, ANTIGUA,
GRENADA. BRITISH GUIANA.
CHICAGO CORRESPONDENT
2 31 S o u t h L a S a lle S t r e e t

NORMAN C. ALLINGHAM

NEW YORK AGENCY
6 8 W illia m S tr e e t

NORMAN G. HART
EDWARD C. HOLAHAN
A g en ts

N o r th w e s te r n B a n k er

J an u ary 19J6

88

Surplus Now $2,000,000

structure is in line with the growth in
the bank’s deposits and will give the
bank a broader loaning base, thus fur­
thering the plans and commitments al­
ready made by the bank to assist busi­
ness, industry and the people of Duluth
and its trade territory in reconversion,
expansion and the creation of new en­
terprise, both large and small.

It has been announced by George P.
Tweed, chairman of the board, that the
directors of the First and American
National Bank of Duluth have author­
ized an increase in the surplus account
to $2,000,000, an amount which now
equals the $2,000,000 capital stock ac­
count.
Combined capital and surplus of the
First and American, which bank as Veterans Welcomed
of last year was the 247th largest bank
President Russell L. Stotesbery of
in the United States, now becomes Marquette National Bank, Minneapolis,
$4,000,000, almost double that of the recently welcomed three returned war
level of 1935, and represents an in­ veterans back into the organization in
crease of $500,000 over the last year- a small ceremony at the bank.
end. The total capital funds of the
The veterans are Lieut. Col. Edward
bank, which include capital, surplus, Schmitt, who was Brig. Gen. Anthony
undivided profits and reserves, are C. McAuliffe’s adjutant general at Basnow over $5,200,000. In the same ten- togne; Lieut. Edward L. Olson of the
year period deposits rose from $26,000,- famed Norwegian Battalion, and Owen
000 to over $73,000,000.
V. Harris, quartermaster 2/c who
W.
D. Wyard, president of the bank, fought on a PT boat from New Guinea
stated that this addition to the capital to the Philippines.

FIRST N A TIO N A L BANK
CEDAR FALLS, IOWA
Statement of Condition as of December 31, 1945
R ESO U R CES
Cash and Due from Banks...................$1 ,1 0 5 ,8 3 4 .5 6
United States Government
Securities ................................................... 2 ,5 5 1 ,1 7 3 .9 6
State and Municipal Bonds.................
28 7,1 8 6 .5 2
Stock In Federal Reserve B ank. .
4 ,2 0 0 .0 0
Loans and Discounts..............................
242,636.61
Banking H o u s e ...........................................
2 3 ,3 0 0 .0 0
Furniture and Fixtures........................
6 ,5 2 0 .5 3

L IA B IL IT IE S
Capital Stock (Com m on).................... $ 1 0 0 ,0 0 0 .0 0
Surplus and Undivided P r o fits ..
7 3 ,7 4 4 .9 0
Deposits:
U . S. Government $ 6 3 6 ,9 5 1 .4 7
Demand and Time 3 ,4 1 0 ,1 5 5 .8 1 4 ,0 4 7 ,1 0 7 .2 8

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

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

V. W. Johnson, President
J. B. Newman, Vice President
Edwin L . Unger, Assistant Cashier
W. E. Brown, Cashier
H. C. Messerer, Assistant Cashier
Member Federal Reserve System
Member Federal Deposit Insurance Corporation

FIRST TRUST AND SAVINGS BANK
Northwest Corner Third and Brady Streets

Schmitt and Olson return to their
former positions as associate mortgage
officer and loan consultant, respective­
ly. Harris, who was in the auditing
department, will have charge of audit­
ing operations at the University Na­
tional Bank.
One of Olson’s unusual war experi­
ences was that of taking charge of a
trainload of Nazi criminals in Norway.
They were rounded up by the British
and handed over to him for safe deliv­
ery to the Dessheim prison camp.
Schmitt was at General Eisenhow­
er’s elbow on a castle roof in Newbury,
England, on the night of D-Day as
“ Ike” watched his planes take off for
the softening up of the Normandy
beachheads. Six days later Olson, in
command of a mortar platoon, took off
for one of these beachheads, known to
the American troops as “Omaha
Beach.” A storm kept his boat off
shore for six more days, however.
Olson is credited with directing mor­
tar fire which effectively broke up one
of the German attacks at Aachen dur­
ing the Battle of the Bulge.

Capital Increased
Edward E. Brown, chairman of the
board of The First National Bank of
Chicago, announced that at a special
meeting of shareholders the bank ap­
proved the increase in the capital
stock of the bank from $50,000,000 to
$60,000,000—the $10,000,000 increase be­
ing a transfer from surplus account.
Upon approval of the comptroller of
the currency, the new stock was dis­
tributed as a stock dividend to share­
holders of record at the close of busi­
ness December 15, 1945.
Mr. Brown also said that, in accord­
ance with action by the board of direc­
tors, the sum of $10,000,000 would be
transferred on December 27, 1945, from
undivided profits to surplus account,
so that, with this stock dividend effec­
tive, the capital stock of the bank will
be $60,000,000 and surplus again $50,
0 0 0 ,0 0 0 .

DAVENPORT, IOWA

Financial Statement— Condition on December 3 1, 1945
RESO U R CES
Loans and Discounts......................................................................... .............................................
Banking House .....................................................................................................................................
Furniture and Fixtu res................................................................................................................
U . S . Government Bonds..................................................................
$ 2 ,0 8 3 ,8 6 9 .9 0
Municipal B o n d s ...............................................................................
9 7 5 ,0 0 1 .7 7
Other Bonds .....................................................................................................................................
6 2 ,0 8 9 .5 7
Cash and Due from B anks............................................................................................................ 2 ,4 1 5 ,9 0 0 .9 1
Other A s s e t s ...........................................................................................................................................
Overdrafts
..............................................................................................................................................
Total R eso u rce s......................................................................................
Capital
Surplus
Undivided
Deposits
Unearned

L IA B IL IT IE S
..................................................................................................................................................... $
.....................................................................................................................................................
Profits and Reserves.................................................................................................
.....................................................................................................................................................
I n te r e s t .......................................................................................................................

$3,07 6,97 1 14
481325:00
1 0 ,4 0 0 87
5 ,5 3 6 ,8 6 2 .1 5
35 7.98
1 8 1 .68
$ 8 ,6 7 3 ,0 9 8 .8 2

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

4 4 9 ,5 1 0 .4 9
8 ,2 1 2 ,4 5 0 22
11 ,138.11

Total Liabilities ...........................................................
$ 8 ,6 7 3 ,0 9 8 .8 2
G eo rge M . B e c h te l, P re sid e n t
R . O . B y e r r u m , E x e c u tiv e V ic e P re sid e n t
F . A . Jo h n s o n , V . P r e s .. C a s h ie r & T r u s t O fficer
H . R . B e c h te l, V ic e P r e s id e n t
L o u is M a r tin , A s s is ta n t C a s h ie r
W . C . Sid d le, A s s is ta n t T r u s t O fficer
Member of the Federal Deposit Insurance Corporation

Northwestern Banker


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Federal Reserve Bank of St. Louis

January l$h6

Chemical Bank & Trust
The year ending December 31, 1945,
was the one hundred and twenty-sec­
ond of the Chemical Bank & Trust
Company’s existence.
The bank had another excellent year
with large earnings; dividends of $3,825,000 were earned. The amount of
$4,605,110 was provided for income,
franchise and other taxes, including
taxes on the sale of securities, and
$799,915 was paid for Federal Deposit
Insurance. There was also charged
against current income $3,979,028 for
amortization of bond premiums.

89

The shareholders at a special meet­
ing held October 31, 1945, voted favor­
ably upon the proposal to increase the
capital stock of the bank from $20,000,000 to $25,000,000 and authorized the
declaration of a stock dividend equiva­
lent to $5,000,000 consisting of 500,000
shares of $10 par value stock to be
distributed in the ratio of one share
for each four shares outstanding. De­
posits December 31, 1945, were $1,524,160,575.

More Nebraska N ews

Ist Security Bank & Trust Co.
Charles City, Iowa
S ta te m e n t o f C o n d i t i o n , D e c e m b e r 31, 1945
L IA B IL IT IE S

R ESO U R CES
Cash and Due from
Banks ....................$ 1 ,1 7 1 ,9 9 7 .8 1
U . S. Securities. . 4,2 66 ,7 8 5 .8 1

Capital ....................... $
Surplus ....................
Undivided Profits .

Total Cash and U. S. Securities. .$ 5 ,4 3 8 ,7 8 3 .6 2
Municipal and Other Tax Exempt
Bonds ........................................................
2 4 ,0 6 1 .4 7
Other B o n d s ..................................................
3 3 ,4 7 2 .5 0
Loans and Discounts.............................. 1 ,0 5 6 ,1 6 8 .9 5
Overdrafts .....................................................
524.49
Furniture and Fixtures...........................
7 ,8 9 7 .9 8

Total Capital, Surplus and Profits . $
Demand Deposits . . $ 3 ,4 2 4 ,5 2 6 .1 7
Time Deposits. . . . 1 ,4 4 4 ,5 2 0 .7 8
U. S. Deposits. . . 1 ,3 8 4 ,5 0 7 .6 7
Total

Deposits

10 0,0 0 0 .0 0
1 0 0 ,0 0 0 .0 0
1 0 7 .3 5 4 .3 9

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

3 0 7 ,3 5 4 .3 9

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

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

W. A. Herbrechtsmeyer, Cashier
Robert L. Harding, Asst. Cashier
Clara L. Smith, Asst. Cashier

11. W. Ellis, President
E. L . Walleser, Vice President
M. J. Klaus, Vice President
Member FDIC

Announce Bond Purchases
Wallace Robertson of the Beatrice
National Bank, Beatrice, Nebraska, an­
nounced on the anniversary of the
Pearl Harbor attack, that the bank has
paid for $37,131,268.70 for U. S. Bonds
in the past four years.
This total includes those purchased
for the bank’s own account and for its
customers.

Joins Wymore Bank
A. B. Lancaster, recently discharged
from the service, is a new employe at
the Wymore National Bank of W y­
more, Nebraska. Mr. Lancaster was
employed as salesman at the Owl Gar­
age prior to entering the service.
Mrs. Lancaster will retain her posi­
tion as postmistress at Barneston, Ne­
braska.

Centerville National Bank
O F C E N T E R V ILL E . IO W A

STA TEM E N T AS OF DECEM BER 31, 1945
Member of Federal Deposit Insurance Corporation
R ESO U R CES
Loans and Discounts.............................. $ 4 2 6 ,1 9 7 .5 6
U. S . Government Securities. . . . 2 ,6 2 8 ,7 1 0 .7 4
State, County and Municipal
Bonds ..............................
6 1 7 ,8 3 7 .1 2
Other Bonds and Securities................. 2 9 5 ,0 1 7 .4 2
Overdrafts ......................................................
84 .05
26 ,783.01
Banking H o u s e ............. ...
Vaults, Furniture and Fixtures. .
4,609.91
Other Real E sta te .....................................
1.00
Cash on Hand and Due from
Banks ......................................................... 1 ,0 6 9 ,0 7 9 .3 3
Other Assets ...............................................
1 ,7 6 2 .5 7

L IA B IL IT IE S
Capital ...............................................................$ 1 0 0 ,0 0 0 .0 0
......... ................................... .
5 0 ,0 0 0 .0 0
Surplus
Undivided Profits .................... . . .
5 4 ,2 2 7 .1 3
.................................................
5 6 ,8 9 1 .2 8
Reserves
Deposits. . . . . . . . . . . . . . . . . . . 4 ,8 0 8 ,9 0 4 .9 0
Other Liabilities ........................................
59.40

T o ta l.........................................................$5 ,0 7 0 ,0 8 2 .7 1

T o ta l.........................................................$5,07 0 ,0 8 2 .7 1

OFFICERS
F. L. Sawyers
P r e s id e n t

J. B. Taylor
V ice

S. H. Mehrhoff

P r e s id e n t

C a s h ie r

Goes to Tecumseh
Johnson county is to have a new
welfare office director. Robert Jewell,
in charge the past year, has resigned
to accept a position with the Johnson
County Bank of Tecumseh, Nebraska.

Close Air Field Branch
The First National Bank of Grand
Island, Nebraska, closed its office at
the army air field December 31st.
Read Alter, executive vice president
of the bank said that the War Depart­
ment, in notifying him that the facility
would no longer be needed, did not
indicate that the field would be closed.

Statem ent of Condition, December 31, 1945
R ESO U R CES
Cash and Due from Banks. . . .
Loans and Discounts........................
Bends:
U . S. Government Securities
Municipal Securities ..............
Other Marketable Securities.

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

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

Stock in Federal Reserve Bank
Banking H o u s e .................................
Furniture and Fixtu res.................
Accrued Interest ..............................
Overdrafts
...........................................
Other Resources ..............................

37 ,6 4 8 .5 8
715.94
4 1 ,8 0 1 .2 8
784.57
4 ,2 9 7 .9 2
8 1 4 ,7 9 7 ,2 8 8 .3 9

L IA B IL IT IE S
Capital ................................................................................................
Surplus
.............................................................................................
Undivided Profits ...........................
Reserve for Taxes, Interest, Contingencies, Etc.
Discount Collected but Not Earned..........................
Deposits:
Demand ......................................................................................
Time ......................................................................................
U. S. Government War Loan Account. . .

$

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

4 0 0 ,0 0 0 .0 0
200,000.00
9 6 ,8 9 6 .2 5
1 1 5 ,6 7 2 .6 9
1 0 ,2 8 2 .3 4
13 ,974 ,4 3 7 .1 1

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

Banks Sold or Bought!
quietly, quickly and in a personal manner
JAY A. WELCH
BANK BROKER
Haddam. Kansas
“ 37 Y ea rs Practical B a n k in g E x p e r ie n c e ”


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Federal Reserve Bank of St. Louis

FIFTH AVENUE
SOUTH-226-

NATIONAL

BANK

r > / C é c n to n , S c u m

Member of The Federal Deposit Insurance Corporation

Northwestern Banker

January 1946

90
The bank operated the facility at the
field for the benefit of army personnel
for about two years. Walt Siebert was
in charge.

Increase Capital Stock
The Home State Bank of Humboldt,
Nebraska, has increased its capital
stocl^ to $50,000. The bank now has a
surplus of $20,000 and undivided profits
of $10,000, giving it a total capital struc­
ture of $80,000. The total resources of
the bank are now $2,500,000.
The Home State Bank remains un­
der the same management as it has
been for the past quarter of a century.
Officers are: Otto Kotouc, president;
Otto Kotouc, Jr., vice president; Glenn
D. Jenkins, cashier, and William Hynek, assistant cashier.

Leaves Fremont Bank
Lloyd C. Blair, vice president and a
member of the board of directors of
the Stephens National Bank of Fre­
mont, Nebraska, resigned January 1st
and left Fremont late in December for
West Seattle, Washington, where he
has entered into a partnership with

J. A. Clemens in an established real
estate and insurance business.
This announcement was made re­
cently by William N. Mitten, president
of the bank, who said the organization
“regretted to lose such a loyal and
capable executive whose outstanding
service will be missed both by the bank
and the community.”
Mr. Blair has been connected with
the bank, formerly the Fremont State
Bank, for over 20 years, having started
as a bookkeeper and advanced to his
recent position.

Veteran Banker Retires
Fred Rabeler, Sr., vice president, has
disposed of his interests in the Bank
of Leigh, Nebraska, to his son, Fred
J. Rabeler, Jr., assistant cashier, and
son-in-law, Geo. C. Kumpf, cashier.
In turn he has opened an office
over the Leigh Theatre Building where
he will devote his time to income tax
report service.
During his years with the bank, Mr.
Rabeler has served in different capaci­
ties, most of the time at the head of
personnel.

American Trust & Savings Bank
DUBUQUE, IOWA
Orsr*m**d 1905

Incorporat«! 1912

STATEMENT O F C O N D IT IO N , DECEMBER 31, 1945
R ESO U R CES
Cash and Due from B anks............. S 3 ,9 1 3 ,7 5 6 .3 2
U. S. Government Bonds. . . . . .
1 3 ,2 4 9 ,7 2 1 .6 7
Federal Reserve Bank Sto ck. . .
1 5 ,0 0 0 .0 0
State, County and Municipal
Bonds
4 7 2 ,6 0 8 .7 7
Loans and Discounts...........................
1 ,3 4 8 ,6 4 5 .7 3
Overdrafts
1 28.02
Bank Building ........................................
5 0 ,0 0 0 .0 0

L IA B IL IT IE S
Caoital Stock ........................................... 5
S u r p lu s ..................................................
Undivided P r o f i t s ..................
Reserves ........................
Deposits:
Demand ............. $ 7 ,5 8 9 ,5 4 0 .4 8
Time . .
6 .5 9 2 ,5 0 0 .9 9
U. S. Gov.
War Loan
Account .

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

51 9,04 9,86 0.51

25 0 ,0 0 0 .0 0
2 5 0 ,0 0 0 .0 0
1 6 7 .8 1 9 .0 4
1 0 0.00 0.00

18,282,041 .47
51 9.04 9.86 0.51

C. J. SCHRUP, Chairman of the Board
D. W. ERNST, President
C. J. KLEINSCHMIDT, Cashier
ROY F. GRAB, Vice President
A. L. VOGL, Assistant Cashier
M. J. BAUMHOVER, Assistant Cashier
X. J. GRETEMAN, Mgr. Insui’ance Premium Finance Dept.
MERLYN B. KURT, Assistant Cashier

M em ber F ederal R eserv e S ystevi.
Member of the Federal Deposit Insurance Corporation

Goes to Pa pillion
Judson Hughes of Lincoln, Nebras­
ka, has joined the Banking House of
A. W. Clarke in Papillion, Nebraska, as
assistant cashier. Mr. Hughes is an
experienced banker, having been with
the State Bank Examiners Department
and prior to that with the First Na­
tional Bank in Lincoln.
His wife and two sons will remain
in Lincoln until a suitable home in
Papillion can be secured.

Pacific Veteran Returns
Captain Allen L. Tinsman, who re­
turned recently after serving 37
months in the Southwest Pacific as a
member of the 43rd Division, has
joined the staff of the State Bank of
Jansen, Nebraska. Captain Tinsman
participated in the Guadalcanal, Solo­
mon Islands, Northern New Guinea
and the Philippines campaigns and
was a member of the occupation force
in Japan.

Open Branch Office
Boettcher & Company, an investment
banking concern, opened a branch
office in Scottsbluff, Nebraska, last
month, under the supervision of James
M. Powell, recently discharged from
the army. The firm, operating since
1910, is a member of the New York
Stock Exchange, with headquarters in
Denver.
Powell was stationed at a POW camp
at Scottsbluff two years. Prior to his
army service he was associated for 15
years with White, Weld & Company,
an investment banking concern in New
York City.

Moves to Colorado
President Robert E. Marek of the
First National Bank of Wayne, Ne­
braska, has disposed of his controlling
interest in the bank there and pur­
chased a substantial block of stock in
the Pueblo Savings and Trust Com­
pany of Pueblo, Colorado.
Marek was associated with the Union
Bank in Rushville, Nebraska, at one
time.

THE TO Y N A T I O N A L B A N K
Affiliated, with a Banking Organization
Founded 67 Years ago
In t he
Northwestern Banker

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Federal Reserve Bank of St. Louis

heart

January 19b6

o £ down town

Sioux

City

91

50

Years in Sioux City

SE R V IC E
M a in ta in in g an in tim a te ,
personalized correspondent
bank service.

E X P E R I E NC E
Officials with years of serv­
ice in this field, assuring a
knowledge of requirements
and valuable assistance.

POLICY
T o cooperate with out-oftow n banks rath er th an
com pete for business which
is rightfully theirs.

Glfie

PUBLIC
NATIONAL
Ba n k

We always thought those glemlins we heard so much about during the war
carried on their questionable activities with respect to military operations only,
but apparently these perverse little creatures have found their way into editorial
offices and printing plants also. In the December issue o f The Northwestern
Banker the banking affiliation o f the charming ladies pictured above was credited
to the Live Stock National Bank o f Omaha.
This was incorrect— the ladies are members of the staff o f the Live Stock
National Bank of SIOUX CITY. We apologize for the error, and hereby correct it.
The Live Stock National Bank of Sioux City had just completed its fiftieth
year of service to its community, and the gay 9 0 ’s costumes of the ladies were
worn at a party celebrating thè 50-year accomplishment. Carl L. Fredricksen,
president, advises that the Bank recently increased its capital from $300,000 to
$400,000, and its surplus account from $350,000 to $400,000.

Graefe Investment
Company Reopened
Reopening of Graefe & Company,
Des Moines investment securities dis­
tributors, upon the return of Harry B.
Graefe from military service has been
announced.
The company has opened temporary
offices at 608 Securities Building and
in March will move to permanent
offices in the Equitable Building. The
company will act as underwriters, deal­
ers and distributors for municipal and
corporate securities.

AND TRUST COMPANY
OF NEW YORK
ESTABLISHED 1908
MEMBER
N ew Y ork Clearing H ouse Association
D eposit Insurance Corporation

^ I Federal

O p e n e d fo r B usiness O c to b e r 15, 1934

Statement of the

IOWA STATE BANK & TRUST COMPANY
Iowa City, Iowa

December 3 1, 1945
RESOURCES
$ 2, 294. 088.13
6, 451, 883.46
107, 473.94

Cash and Due from Banks....,.................................
U. S. Bonds ....................................................................
Other Bonds and Securities.......................................

.$ 8, 853. 445.53
2, 026, 186.45

CASH OR ITS EQUIVALENT
Loans and Discounts .....
Overdrafts ........................
Banking House ...............
Furniture and Fixtures

297.42
50. 000.
15. 000.
$ 10. 944, 929.40

Increases Dividend
The board of directors of Bankers
Trust Company of New York declared
a dividend of 45 cents a share on its
capital stock, to be paid April 1, to
stockholders of record at the close of
business March 9. This compares with
the quarterly rate of 35 cents a share
which has been declared during the
preceding four years.
Total resources amounted to $1,921,945,613 as against $1,907,634,889 at the
end of 1944, and total deposits of $1,749,590,468 compare with the December
31, 1944, figure of $1,726,073,556, with

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

00
00

LIABILITIES
.$

Capital Stock .......................................................................
Surplus and Undivided Profits........................................
Deposits .................................................................................
State Treas. Fuel Tax Trust..............................................

.
.

150, 000.00
129, 581.32
9, 637, 849.56
1, 027, 498.52

$ 10, 944, 929.40

O FFICER S
B e x 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.
W. W . S u m m e r w i l l , Vice President
M. B. G u t h r i e , Cashier
W . P. S c h m i d t , Ass’t Cashier
Ja s . H . S c h m i d t , Ass’t Cashier
M. E . T a y l o r , Auditor

D IR ECT O R S
D r . E.

M.

MacEw en

R. J. B a s c h n a g e l
G e o r g e A. T h o m p s o n

M. B. G u t h r i e
G u y A. S t e v e n s
B e n S. S u m m e r w il l
W . W . S u m m e r w il l

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northwestern Banker

January 19k6

92

U. S. Government deposits showing a
decrease of $184,007,601.76.

Succeeds Father as President
Max Von Schrader has been named
president of the Union Bank and Trust
Company of Ottumwa, Iowa, succeed­
ing his father, Frank Von Schrader,
who will remain as chairman of the

board of directors. All other officers
were re-elected at a meeting this
month.

has devoted much time to local, coun­
ty and group association affairs, and

Mr. Von Schrader has been an execu­
tive of the bank since his return from
World War I and becomes president
after holding the office of cashier for
a number of years. A past treasurer
of the Iowa Bankers Association, he

= M E M B E R F E D E R A L H O M E L O A N B A N K = =■-'

STA TEM E N T OF CON DITION
D ecem ber 31, 1945

HOME FEDERAL
SAVINGS AND L O A N ASSOCIATION

Arthur S. Kirk
P r e s id e n t

Dr. Lawrence E. Kelley
P r e s id e n t

Fletcher

S e c r e ta r y - T r e a s u r e r

Harold J. Howe
C ou n sel

Joseph N. Chamberlain

<£ I n s u r a n c e

Dr. John L. Hillman
P r e s id e n t E m e r itu s ,
S im p s o n C o l l e g e

Dr. Marvin J. Houghton
D e n tis t

J. T.

to state and federal legislative prob­
lems as well as taxation matters.

Increased Earnings

Net earnings of The Northern Trust
Company of Chicago as of December
31, 1945, after provision for taxes, ad­
ditions to reserves and absorption of
all known losses, were $1,241,016 com­
pared with $1,129,673 in 1944. Divi­
dends of $540,000 were paid, and $701,$6,722,411.21
016 was added to undivided profits.
LIABILITIES
Earnings amounted to $41.37 per
Savings and Investment Share
share compared with $37.66 per share
Accounts ................................................... $5,939,714.42
in the previous year. After consider­
Dividends Declared and Unpaid.......... .
68,410.06
ing
the increase in surplus fund men­
Advances from Federal Home Loan
tioned in last year’s report, the earn­
Bank ........................................... .'..............
236.000.00
Mortgage Loans in Process....................
157,216.43
ings on average capital stock, surplus
Other Liabilities .........................................
8,752.49
and undivided profits were equivalent
Specific Reserves .........
1,135.90
to 6.54 per cent compared with 7.36 per
Reserves and Undivided Profits................................... 311.181.91
cent in 1944.
Reserve for Contin­
gencies .............................. $222,061.59
Deposits were $700,425,061 compared
Federal Insurance Reserve 44,120.32
with $725,188,258.89 a year ago. In-

C. B. Fletcher

R ea l E s ta te

Sixth and Grand

Cash on Hand and in Banks......................$ 339,161.06
United States Government Obligations.. 590,266.16
Federal Home Loan Bank Stock..... ......
114,000.00
First Mortgage Loans................................ 5,499,233.81
Loans on Passbooks and Certificates....
9,593.96
Office Building and Equipment................
167,621.18
Other Assets .................................................
2,535.04

C h a irm a n o f th e B o a r d

Jonathan M .

M A X V O N SCH R AD ER
Succeeds father as president

A S S E T S

DIRECTORS

V ice

OF DES MOINES

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

Schilling

45,000.00

I o w a P o w e r & L i g h t C o.

$6,722,411.21

G R O W TH OF TH E HOME FE D ERAL

ASSETS
December

31,

1936........... . . . . . . $

22,781.88

December

31,

1937........... ...........

219,879.90

December

31,

1942........... ........... 2,382,920.45

December

31,

1938........... ..........

473,286.99

December

31,

1943........... ........... 3,385,610.88

December

31,

1939........... ..........

908,953.20

December

31,

December

31,

1940........... ........... 1,519,623.15

December

31,

1944........... ........... 5,610,071.53
1945.......... .......... 6,722,411.21

31,

1941.......... .......... $2,007,458.08

W e are now a s ix m illio n d o lla r com pany

W J e ô ô liv ic j
C

o

u

n

s

e

o n

B e

BROTHERS
have weathered the storm. Today,
as in past years, we will continue to
successfully serve Iowa business
men to the best of our ability.

P la n to u s e an a d v e r t is in g p r o g r a m o f
w ell
w o rd ed
m essa g es
c r e a te d
by
W e s s l i n g S e r v i c e s , D e s M o in e s , I o w a

S e r v ic e s

l

Through 4 wars and many
panics and depressions

KOCH

Organized under State Charter— May 6 , 1936
Issued Certificate for Federal Insurance of Accounts— September 21, 1036
Converted to Federal Charter- April 28, 1930

December

y

P

u

b

l

i

R

l

a

t

i

D . R . W E S S L I N G , P R E S ID E N T

2 ) e ó

i/ Y jo in e i

9 ,

S c

STATIONERS V
1889
V BOOK BINDERS
OFFICE OUTFITTERS \ ^ ^ ^ U 5 U S I N E S S MACHINES
G r a n d A v e . a t Fo u r t h

N o r th w e s te r n B a n k er


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

J anu ary 1946

D e s M o in e s , Ia .

Federal Home Loan Bank of Des Moines
DES MOINES, IO W A

STATEMENT OF CONDITION, DECEMBER 31, 1945
RESOURCES
369,726.38
Cash .................................................................................................................................................$
U. S. Government Obligations and Securities fully guaranteed by U. S................. 8,062,795.88
Advances to Members................................................................................................................ 16,989,241.25
Accrued Interest Receivable.....................................................................................................
9
01
Deferred Charges and Other Assets......................................................................................
3,342 „1
Furniture and Equipment (Cost §10,361.06)........................................................................
1-00
825.466.771.44
LIABILITIES AND CAPITAL
Deposits— Members ................................................................................................................... 5 3>350,946.62
Accrued Interest Payable.........................................................................................................
1 coo in
Accounts Payable ........................................................................................................................
Dividends Payable— January 7, 1946......................................................................................
" ’ ,437.0<
»Debentures Outstanding ........................................................................................................... looSoftimnn
Capital Stock Subscriptions..................................................................................................... 12,939,000.00

DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION

............................................................. 81,464.069.30
■
S" Reserves
Undivided ‘ P r o f i t s ' ............................................................................
101,630.30

Oldest In Des Moines
210 6th Ave.

Dial 4-7119

ELMER E. MILLER
Pres, and Sec.

1,565,699.60
825.466.771.44

»Participation in 868,500,000 Consolidated Federal Home Loan Bank Debentures outstanding,
which are the joint and several obligations of the twelve Federal Home Loan Banks.

HUBERT E. JAMES
Asst. Sec.

FOR YOUR ENJOYMENT . . .
Listen to the

V ice President Retires

"W O R L D OF MUSIC”
K ENT, 1350 KC

1 to 1:3d p.m. Sundays

eluded therein are United States Gov­
ernment Deposits of $165,102,887.26 and
$206,387,388.65 on the respective dates.
Savings deposits increased from $100,817.203.63 to a total of $117,802,686.86.

The directors of The First National
Bank of Chicago gave a dinner at the
Chicago Club recently, in honor of Roy
C. Osgood, who retired as vice presi­
dent of the bank in charge of the trust
department after 39 years of service.
Thomas H. Beacom, vice president,
succeeds Mr. Osgood as head of the
trust department.

He Uses Irium
The dude and the hillbilly were both
rear rank privates and occupied adjoin­
ing 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.”

Index to Advertisers
A

Allied Mutual Casualty Company...........
Allyn, A. C. and Company............................
American Express Company.....................
American National Bank, St. Joseph ...
American National Bank and Trust
Company, Chicago ....................... , ..........
American Trust and Savings Bank,
Dubuque .......................................................
Bank of
Bank of
Bankers
Bankers

1?

America............................................
Manhattan......................................
Trust Company, Des Moines..
Trust Company, New Y o r k ...
C
California Bank .............................................
Centerville National B ank.........................
Central Hanover Bank and Trust C o...
Central National Bank and Trust Co.,
Des Moines ...................................................
Central States Mutual Insurance Ass’n.
Chase National B ank....................................
Chemical Bank and Trust Company. . . .
City National Bank, Clinton.....................
City National Bank and Trust Com­
pany, Chicago ............................................
City National Bank and Trust Company,
Kansas City .................................................
Commerce Trust Company.........................
Continental National Bank, Lincoln. . . .
Continental Bank and Trust Company.
Continental-Illinois National Bank
and Trust Company..............., ................

35
38
41
64
51
90
30
72
95
7
75
89
27
14
34
4
78
89
57
63
79
65
68
6


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

2
Merchants National Bank...........................
Midland National Bank and Trust Co.. . 47
Minnesota Commercial Men’s Ass’n........ 51
Mississippi Valley National B ank........... 80

39

Remer, Mitchell & Reitzel, Inc................ 35
Royal Bank of Canada................................ 87
Russell County Building and Loan Ass’n 40
S
St. Louis Terminal Warehouse Co.......... 36
St. Paul Terminal Warehouse Company 77
Scarborough and Company..............34-41 -72
Security National Bank, Sioux C i t y .... S4
Stock Yards National Bank, South
St. Paul ......................................................... 50

Ci

Graefe and Co..................................................
II

Halsey, Stuart and Company, Inc............ 40
Hammermill Paper Company.................28 -29
Herring-Hall-Marvin Safe C om pany... 86
Home Federal Savings & Loan A ss’n. . . 92
5
Home Insurance Company.........................
I

Iowa Des Moines National Bank and
Trust C om p an y.......................................... 96
Iowa State Bank and Trust Company,
Iowa City ..................................................... 91
Irving Trust Company..................................
9
.1

Jamieson and Company................................ 46

I)

Davenport Bank and Trust Company. . 71
Davenport, F. E. and Company.......... 64-85
DeLuxe Check Printers, Inc....................... 77
Des Moines Building, Loan and Savings
Association ................................................... 93
Distributors Group, Inc............................... 39
Doane Agricultural Service, Inc.............. 83
Downey, C. L., Company.............................. 65
Drovers National B ank................................ 74
Farmers State Savings Bank,
Independence .........................

Federal Home Loan Bank of Des Moines 93
First and American National Bank,
48
First National Bank of the Black Hills 54
First National Bank, Cedar F a lls........... 88
First National Bank, Chicago................... 81
First National Bank, Minneapolis........... 45
First National Bank, Omaha..................... 62
First National Bank, St. Joseph............. 60
First National Bank, St. Louis................. 83
First National Bank, St. Paul................... 49
First National Bank, Sioux C ity............. 70
First National Bank and Trust Com­
pany, Fargo ................................................ 56
First Security Bank and Trust Com­
pany, Charles C i t y .................................... 89
First Trust and Savings Bank,
D av en p o rt..................................................... 8 8
First Wisconsin National Bank............... 73

85

K

Koch B roth ers................................................. 92
L

3
LaMonte, George and Son...........................
Lessing Advertising Company................. 93
Live Stock National Bank, Chicago. . . . 25
Live Stock National Bank, Omaha. . . .61-66
Live Stock National Bank, Sioux City. . 52
M

Manufacturers Trust Company............... 10
Marquette National B ank........................... 44
Merchants Mutual Bonding Company.. 34

N

National Bank of Burlington...................
National Bank of Commerce.....................
National Bank of South Dakota...............
New York Trust Company.........................
Northern Trust Company...........................
Northwest Security National B ank........
Northwestern National B ank...................
Northwestern National Life Insurance
Company .......................................................

85
60
54
31

82
55
42
32

O

Omaha National B ank.................................. 23
P

8
Philadelphia National B ank.....................
Public National Bank and Trust Co........ 91
It

Tension Envelope Corporation................. 63
Thomson and McKinnon.............................. 40
Toy National B ank........................................ 90
U

Union Bank and Trust Company............. 76
United Home Bank and Trust Company,
Mason City ................................................... §5
United States National Bank, Omaha.. 58
V

Valley Savings B ank.................................... 69
W

Walters, Charles E., Company.................
Welch, Jay A ....................................................
Wessling Services ........................................
Western Mutual Fire Insurance Co........
Wheelock & Cummins..................................

Northwestern Banker

60
89
92
35
38

January 1946

In

the

Last Touches
Little Benny: “Mommy, I just saw a
man who makes horses.”
Mother: “Are you sure?”
Benny: “Yes. He had a horse near­
ly finished when I saw him. He was
just nailing on the back feet.”
Calls for a Vacation
“ I need a holiday,” said the cashier.
“ I'm not looking my best.”
“Nonsense,” said the boss.
“No, it isn't nonsense; the men are
beginning to count their change.”
In the Dark
The reluctant draftee had an angle
all figured for the day he took his medi­
cal. When the doctor asked him to
read the letters on the eyesight chart,
he asked, “What chart?” and was
promptly rejected because of poor eye­
sight. That night he went to a movie
and was horrified to discover he had
taken a seat right next to the doctor
who had examined him that morning.
Worse still, the doctor recognized him.
But, before the medico could say a
word, the ex-recruit inquired casually,
“ Could you tell me, please, what time
this bus leaves?”
The Bare F acts
Myrt: “ Have you seen Mary’s new
evening gown?”
Marge: “No. What does it look like?”
Myrt: “Well, in most places it looks
a bit like Mary.”
Off the Record
Aviation Instructor: “Do any of you
cadets have any questions about aero­
dynamics?”
Cadet: “Yes, sir . . . why is it that
some girls with the most streamlined
figures offer the most resistance?”
Cozie Susie
First She: “You mean to tell me
that he just sat on the sofa all evening
with his arms folded?”
Second She: “Yes—but I was in
them.”
Northwestern Banker


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

January 19^6

DIRECTORS' R o o m <s|j|

Clarified
Someone had wired a govern­
ment bureau asking whether hydro­
chloric acid could be used to clean a
given type of boiler tube. The answer
was: “ Uncertainties of reactive proc­
esses make use of hydrochloric acid
undesirable where alkalinity is ininvolved.”
The inquirer wrote back, thanking
the bureau for the advice, saying that
he would use hydrochloric acid. The
bureau wired him: “Regrettable deci­
sion involves uncertainties. Hydro­
chloric acid will produce submuriate
invalidating reactions.”
Again the man wrote thanking them
for their advice, saying that he was
glad to know that hydrochloric acid
was all right. This time the bureau
wired in plain English:
“ Hydrochloric acid,” said the tele­
gram, “will eat hell out of your tube.”

CONVENTIONS
A . B. A. M id-W inter Trust Con­
ference^— Feb. 4-6, 1946, New
Y ork City, W aldorf-Astoria.
Iowa Group Eleven Meeting—
Feb. 22, 1946, Burlington,
Hotel Burlington.
Am erican Institute o f Banking
-—June 11-14, 1946, Cincin­
nati.
Iowa Junior Bankers— June 12,
1946, Des Moines, H otel Fort
Des Moines.
Minnesota —- June 12-13, 1946,
Minneapolis, Hotel N icollet.
Iowa—-Sept. 9-11, Des Moines,
Hotel Fort Des Moines.

Practice
Two men had met on the beach at
Shrimp-Sea. Both were attired in
swimming costume, and the conver­
sation turned toward this sport. After
a few remarks the elder man said:
“ I’ll race you to the end of the pier
and back.”
“Right you are,” agreed the other, a
professional racer. “Bet you ten bob I
win.”
They plunged into the surf, and the
professional swimmer was badly
beaten.
“My stars!” he exclaimed, “where
did you learn to swim?”
“Me?” said the other. “ I used to be
a newsboy in Venice.”
First in the Field
Counsel for the defense was crossexamining the witness, a pretty girl
with lovely big blue eyes. The lawyer
leaned forward.
“Where were you,” he asked, “on
Monday night?”
The girl smiled sweetly.
“ Motoring,” she replied.
“And where were you,” asked coun­
sel, “ on Tuesday night?”
“Motoring,” repeated the girl.
Counsel leaned still closer.
“And what,” he murmured, “are you
doing tomorrow night?”
The prosecuting counsel leaped to
his feet.
“Your lordship,” he protested, “ I ob­
ject to that question.”
The judge shrugged his shoulders.
“And why do you object?” he in­
quired, mildly.
Prosecuting counsel drew himself up
in righteous indignation.
“Because,” he snapped, “ I asked her
first!”
Success StoryJudge: “Your wife says you keep
her continually terrorized!”
Prisoner: “But, your honor—”
Judge (whispering): “Now, not in
my official capacity, but as man to
man, what is your system?”

DIRECTORS
PAUL BEER
President, The F lynn D airy Co.

THOS. A. BURCHAM, M.D.
Radiologist

Am ple Resources

J. G. GAMBLE
A tto rn ey

J. W. HOWELL
Pres., W arfield-Pratt-Hoivell Co.

F. W. HUBBELL
Pres., E quitable L ife Ins. C o. o f Iowa

f o r E F F E C T IV E Service
to Iowa Banks and Bankers

E. J. LINDHARDT
President, N ational B y-P rodu cts, Inc.

E. T. MEREDITH, Jr.
V. P ., M eredith Publishing Co.

SHIRLEY PERCIVAL
Pres., G reen Colonial Furnace Co.

RUSSELL REEL

STATEMENT OF CONDITION, December 31, 1945

President, Yellow Cab Co.

JOHN D. SHULER

RESOURCES

President, Shuler Coal Co.

B. F. KAUFFMAN

Loans and Discounts________________________________$ 1 3 ,4 5 4 ,3 5 8 .6 4

President

J. W. HUBBELL
Vice President

Other Securities __________________________________

5 3 4 ,0 0 3 .0 0

Stock in Federal Reserve Bank___________________

6 0 ,0 0 0 .0 0

S. C. PIDGEON
V ice President

Real E sta te _________________________________________

R. R. ROLLINS*

Furniture and Fixtures_____________________________

Vice President

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

U. S. Government Bonds_____ $ 3 3 ,2 0 5 ,0 4 5 .9 4
OTH ER OFFICERS

Cash and Exchange----------------- 1 3 ,2 5 8 ,0 7 3 .7 4

4 6 ,4 6 3 ,1 1 9 .6 8

C. W. MESMER
Vice President

F. C. ATKINS
Vice President and Cashier

Customers’ Liability on Letters of Credit and
Trade Acceptances______________________________

3 ,7 7 5 .0 0

L. NEVIN LEE
Vice President

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

F. S. LOCKWOOD
Secretary and Trust Officer

WM. ELLISON
Assistant Cashier

LIABILITIES

A. F. ERICKSON
Assistant Cashier

G. A. MOECKLY

Capital (Common Stock)__________________________ $ 1 ,0 0 0 ,0 0 0 .0 0

Assistant Cashier
M gr. Personal Loan D ep t.

S u r p lu s ---------------------------------------------------------------------

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

K. L. D eBOLT

Undivided P ro fits----------------------------------------------------

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

Other R eserves_____________________________________

6 3 2 ,1 6 7 .2 6

Reserve for Taxes and Interest____________________

2 8 2 ,7 3 1 .8 3

Assistant Cashier
M gr. M ortgage D ep t.

S. G. BARNARD
Assistant Secretary
*In

G overnm ent


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

Service

D e p o s its ------------------------------------------------------------------- 5 6 ,6 3 7 ,8 2 1 .1 0
Bank’ s Liability on Letters of Credit and Trade
Acceptances ---------------------------------------------------------

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

Member Federal Deposit Insurance Corporation • Member Federal Reserve System

BANKERS T R U ST
6th and
Locust

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

STATEMENT
of CONDITION
As of December 31, 1945

RESOURCES

LIABILITIES

Cash and Due from Banks..$ 28,294,970.35
73,375,137.63

U. S. Government Securities
State, County and Municipal Securities ..................
Federal Reserve Bank Stock

2.459,337.25
135,000.00

Other Bonds and Securities

649,765.53

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

14,087,672.85

Interest Earned but Not
Collected ............................

231,793.32

Bank Premises ......................

975,000.00

Furniture, Fixtures and
Vaults .................................
Overdrafts

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

2,000,000.00

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

607,925.72

Reserve for Contingencies.

467,235.99

Reserves for Interest, Taxes
and Other Expenses......

702.26

Customers' Liability on Letters of Credit......................

2,500,000.00

Total Capital Accounts...... ...$

1.00

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

Capital Stock— Common ... ...$

5,575,161.71

211,904.63

Interest Collected but Not
Earned ................................

53,909.96

Bank Liability on Letters of
Credit ..................................

21,461.39

21,461.39

Deposits ................................ ... 114,368,403.89

$120,230,841.58

$120,230,841.58

*$34,144,176.14 U. S. Government Securities Pledged to Secure Public Funds,
Trust Department Funds and War Loan Deposit Account.

★