Full text of The Northwestern Banker : January 1947, 52nd Year, No. 714

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Survey— Page 16


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Federal Reserve Bank of St. Louis

FIRST MARKS ON WINTER S BLANKET

Statement of Condition, December 31, 1946
RESOURCES
Loans and Discounts.......................................................... $11,252,985.65
United States Government Securities.............................. 36,067,000.00
State, County, and Municipal Bonds............................... 19,493,606.63
Other Bonds ...................................................
652,831.25
Overdrafts ..........................................................................
106.00
Bank Premises ..................................
890,075.07
Cash on Hand, Due from Banks and U. S. Treasurer.... 24,654,599.36
$93,011,203.96
LIABILITIES
Capital Stock ......................................................................$ 500,000.00
Surplus ............................................................................... 3,200,000.00
Undivided Profits ..............................................................
478,578.63
Deposits ............................................................................ 88,832,625.33
$93,011,203.96

A Cedan. (lapìdU ßank
Ail Doma

THE
MERCHANTS NATIONAL
= ^ B A K K ^ =
OFFICERS
JAMES E. HAMILTON, Chairman Executive
Committee
S. E. COQUILLETTE, Chairman of the Board
JOHN T. HAMILTON II, President
H. N. BOYSON, Vice President
ROY C. FOLSOM, Vice President
MARK J. MYERS, Vice President and Cashier
GEORGE F. MILLER, Vice President and
Trust Officer

MARVIN R. SELDEN, Vice President
FRED W . SMITH, Vice President
R. W . MANATT, Assistant Cashier
L. W . BROULIK, Assistant Cashier
PETER BAILEY, Assistant Cashier
R. D. BROWN, Assistant Cashier
O. A. KEARNEY, Assistant Cashier
STANLEY J. MOHRBACHER, Asst. Cashier
WALLACE S. HAMILTON, Building Manager

Cedar Rapids

Iowa

Member Federal Deposit Insurance Corporation

Northwestern Banker, published monthly by the Northwestern B anker Company, at 527 Seventh Street, Des Moines, Iow a. Subscription, 35c
per copy, $ 3 .0 0 per year. Entered as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iow a, under A ct of M arch 3, 1879.


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Federal Reserve Bank of St. Louis

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Northwestern Banker, January, 1947

4

THE CHASE
NATIONAL BANK

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O F THE CITY O F N EW YO R K
S T A T E M E N T OF CONDITION, DECEM BER 31, 1946

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RESO U RCES
Cash and Due from B a n k s ...........................................

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

U. S. Government O bligations......................................

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

State and Municipal Securities.....................................

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

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

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

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

1 ,1 2 6 ,4 6 2 ,4 9 0 .2 7

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

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

Customers’ Acceptance Liability . . . . . .
Stock o f Federal Reserve Bank.....................................

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

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

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

Other A s s e t s ....................................................................

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$ 4 ,8 6 5 ,5 3 5 ,4 7 7 .6 8
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L IA B IL IT IE S
Capital Funds:

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Capital Stock............................... $ 1 1 1 ,0 0 0 ,0 0 0 .0 0
S u r p l u s .....................................
Undivided Profits . . . .

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

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Liability as Endorser on Acceptances
and Foreign B i l l s .................................................

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Other L i a b i li t i e s ..............................................................

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Dividend Payable February 1, 1947 . . . . .
Reserve for C o n tin g e n c ie s...........................................

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Reserve for Taxes, Interest, etc.....................................
D e p o sits................................................................................
Acceptances Outstanding

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Less Amount in Portfolio.

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

2 , 960 , 000.00

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

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

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United States Government and other securities carried at $402,936,340.00 are pledged
to secure U. S. Government War Loan Deposits of $113,075,631.66 and other public
funds and trust deposits, and for other purposes as required oi permitted by law.

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Member Federal Deposit Insurance Corporation

Northwestern Banker, January, 1947

:

1 3 ,6 6 3 ,6 9 3 .1 0

. $ 15 ,600 ,2 37.86
.

;

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

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


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Federal Reserve Bank of St. Louis

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ONTPELIER, the plantation home
of James and Dolly Madison in

M

Orange County, Virginia is an outstand­
ing example of a Southern Colonial
home designed for gracious living. The
central portion of the mansion was built
by Colonel Madison, father of James,
about 1760, but the wings and the great
portico with its four Roman Doric col­
umns were added by our fourth presi­

dent in 1793. It was a house conceived
for lavish entertainment and no more
fitting host and hostess could have graced
it than the Madisons. Certainly Dolly
Madison had had enough experience as
the official hostess of Washington society
to make any social affair she undertook
at Montpelier a glittering success.
James Madison was born in Port Con-

James and Dolly Madison

way, Virginia and received his early
education under the tutelage of the Rev­
erend Thomas Martin. At the age of 18
he entered Princeton where he was grad­
uated in 1771. A long and stormy politi­
cal career followed, during which he
served his state and country in many
offices : as a member o f the Virginia Con­
vention; a member o f the Governor’ s

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Federal Reserve Bank of St. Louis

The stately portico o f the plantation home

Council; a delegate to the Continental
Congress; a member of the House of
Delegates; a delegate to the Philadelphia
Convention; Secretary of State
and chief advisor to Thomas
Jefferson; and President of the
United States for two terms.
Perhaps no other statesman
contributed any more construc­
tive work to the building of our
democracy than did Madison,
for he was responsible for call­
ing together and presiding at
the convention which framed
our precious Constitution. Had
he done nothing more, his life
would have been a full one for that fact
alone, but his many other important
contributions during the Colonial period
helped to cement the founda­
tions of our democracy.

☆

Upon retirement from pub­
lic life Madison returned to
Montpelier where he and his
wife assumed their rightful

positions as master and mistress of an
important plantation. Except for a few
minor public services, the Father of the
Constitution lived a quiet life devoted to
gentleman farming. The year after his
death in 1836, Dolly returned to Wash­
ington where as “ the venerable Mrs.
Madison” she resumed the same envi­
able position in society which she had
held while there during her husband’s
and Jefferson’s terms as President. As the
official queen of Washington society, her
reign has been unparalleled in our his­
tory for both popularity and length.
7 he Home, through its agents and
brokers, is America’s leading insurance
protector of American Homes and the
Homes of American Industry.

THE HOME *
N E W

F IR E

*

AUTOMOBILE

Y O R K
•

MARINE

INSURANCE

6

The
N ew Y ork Trust
Company
100 BROADWAY
iilUllttn

M A D ISO N AVENUE A N D 40 t h STREET • TEN ROCKEFELLER PLAZA

CONDENSED STATEMENT OF CONDITION DECEMBER 31, 1946
ASSETS

Cash and Due from Banks...................................................................................
United States Government Obligations.............................................................
Other Bonds and Securities.................................................................................
Loans and Discounts.............................................................................................
Real Estate Bonds and Mortgages.....................................................................
Customers’ Liability for Acceptances................................................................
Interest Receivable and Other Assets................................................................

$180,479,947.06
303,260,703.22
23,486,281.51
218,394,732.82
147,780.04
2 144 580.18
2,803,616.52
$730,717,641.35

LIABILITIES

C apital...................

$15,000,000.00
35,000,000.00
12,869,853.81

Surplus..................
U ndivided Profits
General R eserv e.

Dividend Payable January 2, 1947........

$62,869,853.81
4.358.438.52
6 0 0 ,0 0 0 .0 0

A ccep ta n ces...................................................
Reserve fo r Taxes and Other Liabilities
D ep osits..........................................................

2,390,156.03
5.324.061.52
655,175,131.47
$730,717,641.35

United States Government obligations carried at $26,663,969-45 in the above statement are pledged to
secure United States Government deposits of $17,242,206.87 and other public and trust deposits and for
other purposes required by law.
TRUSTEES
M A L C O L M P. A L D R IC H

New York
GRAHAM H. AN TH O N Y

President
Colt’s Patent Fire Arms Mfg. Co.
A R T H U R A . B A L L A N T IN E

Root, Ballantine, Fiarían, Bnshby & Palmer

FR A N C IS B. D A V IS , JR.

Chairman of the Board
United States Rubber Company
SA M U E L H . FISHER

Litchfield, Conn.
W IL L IA M H ALE H A R K N E S S

New York

J O H N E. B IE R W IR T H

H O R A C E H A V E M E Y E R , JR.

President

Executive Vice President
The National Sugar Refining Company

ALFRED A . C O O K

Cook, Lehman,
Goldmark & Loeb
W IL L IA M F. CUTLER

Vice President
American Brake Shoe Company
R A L P H S. D A M O N

President
American Airlines, Inc.

B. B R E W ST E R J E N N IN G S

President, Socony-Vacuum Oil
Co., Inc.
J. SPENCER L O V E

Northwestern Banker, January, 1947

New York
H A R R Y T . PETERS

New York
SETO N PORTER

President, National Distillers
Products Corporation
R O B E R T C. R E A M

President
American Re-Insurance Company
M O R R IS SA Y R E

President, Corn Products
Refining Company

President
Burlington Mills Corporation

CHARLES J. S T E W A R T

A D R I A N M . M ASSIE

V A N D E R B IL T W E B B

Vice President

New York

M em ber of Federal Deposit Insurance Corporation


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Federal Reserve Bank of St. Louis

H O W A R D W . M AXW ELL

Vice President

7

CROCKER FIRST NATIONAL RANK
OF

S A N

F R A N C I S C O

ONE MONTGOMERY STREET, SAN FRANCISCO

Condensed Statement at close o f business December 31, 1946

Resources
Cash and Sight E x c h a n g e ............................................................$80,893,596.83

DIRECTORS

Securities—Unpledged
J a m e s K . M offett

United States Bonds..............................................$140,427,102.89
State and Municipal Bonds

8,877,405.68

Other Bonds

2,316,397.81

.

.

Chairman of the Board

151,620,906.38

W

W . C rocker

il l ia m

President

* Securities—Pledged
United States Bonds to Secure War Loan
Deposit A c co u n t...................................

13,071,500.00

Vice President

United States Bonds—T o secure Trust De­
posits and deposits of Public Funds .

23,643,000.00

D. J.

J. F. S u l l iv a n , J r .

Other Bonds to Secure Deposits .

479,000.00

United States Bonds—To qualify for
Fiduciary P ow ers..................................

600,000.00

Loans on Real E s t a t e ...........................

14,371,111.83

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

33,313,411.39

Vice President
St a r r B ru ce

3 7,7 93,500.00

G eorge

C am eron

A r th u r G o o d a l l

480,000.00

Capital Stock in Federal Reserve Bank

T.

R o b e r t E. E aston

47,684,523.22

Customers’ Liability under Letters of
Credit and Acceptances

M urph y

A . G . G r if f in

2,317,031.42

. . . .

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

2,979,372.29

Other R e s o u r c e s ......................................

152,480.58

A r t h u r W . H o o pe r
C h ar les S. H o w a r d

$323,921,410.72

R . W . K in n e y

Liabilities

C l if t o n H . K r o l l

C a p i t a l ............................................................................................ $ 6,000,000.00
S u r p l u s ............................................................................................

10,000,000.00

Undivided P rofits............................................................................

3,324,481.83

Reserve for Dividend Payable January 2, 1947 ......................

L ew is A . L a p h a m
N o r m a n B. L iv e r m o r e

210,000.00

Reserve for Taxes and I n t e r e s t .................................................

791,518.21

Letters o f Credit and A c c e p ta n c e s ............................................
Deposits:

2,317,031.42

W

J oseph A . M o or e
S. F. B. M orse
C h ar les P age
G eorge A . P o p e , J r .
M rs. H e n ry P. R

217,487,087.51

ussell

J. F. S h u m a n

300,882,774.96
395,604.30

Other Liabilities

S. M a r t in

A t h o l l M c B ea n

War Loan Deposit Acct.
. . $ 8,098,674.57
Trust D e p o s it s .......................
5,455,685.07
Other Secured Deposits . . .
11,849,051.66
Total Secured Deposits..................................
.............................$ 25,403,411.30
........................................................... 1,547,103.46
Time D e p o s its ..............................................
............................................................ 56,445,172.69
Savings Deposits..............................................
Demand D e p o s it s ..............................................

alter

W

alter

H . S u lliv a n

$323,921,410 72
*The pledge of securities is required by statute to secure Trust Deposits and to secure deposits of the United States, any
State, or any political sub-division thereof.


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Federal Reserve Bank of St. Louis

Member Federal Deposit Insurance Corporation

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Northwestern Banker, January, 1947

8

IRVING TRUST
COMPANY
N E W
C H A R T E R

M E M B E R

NEW

YORK

Y O R K

C L E A R I N G

HOUSE

A S S O C I A T I O N ,

O C TO B ER

4,

1 8 5 3

Statem ent of (fondition , ‘D ecem ber j i y 19 4 6

ASSETS
Cash and Due from Banks.....................
U. S. Government Securities.....................

$ 250,810,820.83
573,887,112.59

Other Securities.........................................
Stock in Federal Reserve Bank . . . .

3,197,444.58
3,088,100.00

Loans and D is c o u n t s ...............................
First Mortgages on Real Estate . . . .

290,729,087.77
6,510,850.84

Headquarters Building..................................................................
Customers’ Liability for Acceptances Outstanding.....................
Other A s s e t s ..............................................

15,022,400.00
3,266,688.41
3,334,444.42
$1,149,846,949.44

LIABILITIES
Deposits........................................................
Official Checks..............................................

$1,001,638,153.92
19,364,180.57

$1,021,002,334.49

Acceptances...................................................
Less Amount in Portfolio.........................

$7,380,706.14
3,375,664.67

4,005,041.47

Reserve for Taxes and Other Expenses .
Dividend payable January 2, 1947 . . .
Other Liabilities.........................................

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

Capital S t o c k ..............................................
Surplus and Undivided Profits . . . .

$50,000,000.00
62,675,449.17

3,488,113.06
1,750,000.00
6,926,011.25
112,675,449.17
$1,149,846,949.44

U n ited S ta te s G ov ern m en t Secu rities are sta te d a t am ortized co st. O f th ese, $43,673,508.35
are pledged to secure deposits o f public m onies and for o th e r purposes required by law.
M em ber Federal D eposit Insurance Corporation

BOARD
H A R R Y E. W A R D
Chairman o f the Board
O . L. A L E X A N D E R
President
Pocahontas Fuel Company
Incorporated

W IL L IA M K . D IC K
Chairman o f the Board
National Sugar Refining
Company

H E N R Y P. B R IST O L
President
Bristol-Myers Company

H E N R Y FLETCHER
Fletcher & Brown

W . G IB S O N C A R E Y , Jr.
President
The Yale & Towne M fg. Co.
R E ID L. C AR R
President
Columbian Carbon Company
J O H N F. D EG EN ER , Jr.
C. A . A ußm ordt & Co.

Northwestern Banker, January, 1947


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Federal Reserve Bank of St. Louis

OF

DIRECTORS
W IL L IA M N . EN ST R O M
President
H IR A M A . M A T H E W S
Vice President
M IC H A E L A . M O R R IS S E Y
President
The American N ew s Company

JA C O B L. REISS
President, International
Tailoring Company
FLETCHER W . R O C K W E L L
President
National Dead Company

G E O R G E F. G EN TES
Vice President

PETER S. P A IN E
President
N ew York & Pennsylvania Co.

W IL L IA M S K IN N E R
President
William Skinner & Sons

H A R O L D A. H A T C H
Vice President
Deering Milliken & Co., Inc.

L e R O Y A . PETERSEN
President, Otis Elevator Company

R IC H A R D H . W E S T
Vice President

D A V I D L. LU K E , Jr.
President, West Virginia
Pulp and Paper Company

J. W H I T N E Y PE TE R SO N
President
United States Tobacco Company

FR A N C IS L. W H IT M A R S H
President
Francis H. Leggett & Company

9

THE

ROYAL

BANK

OF C A N A D A
Head Office, Montreal
S Y D N E Y G. D O B SO N

President
B U R N H A M L . M IT C H E L L

W . F. ANGUS

Vice-President

Vice-President
J A M E S M U IR

General Manager

Condensed Annual Statement
as on November 30th, 1946
ASSETS
Cash on Hand, in Banks and in Bank of Canada........................... $ 385,596,619.00
Government, Provincial and Municipal Securities not exceeding
market value .................................................................................
1,098,880,239.00
Other Bonds, Debentures and Stocks not exceeding market value
65,269,639.64
59,995,668.76
Call Loans ............................................................................................
Commercial Loans ...............................................................................
421,076,122.08
Bank Premises .....................................................................................
10,455,268.21
Liabilities of Customers under Letters of Credit and other Assets
90,700,759.88
$2,131,974,316.57

LIABILITIES


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Federal Reserve Bank of St. Louis

Capital, Reserve and Undivided Profits..........................................
Notes of the Bank in Circulation......................................................
Deposits ................................................................................................
Letters of Credit and Other Liabilities............................................

$

77,221,929.22
5,679,439.63
1,963,103,951.92
85,968,995.80

$2,131,974,316.57

Over 600 Branches in Canada and Newfoundland— 62 Branches Abroad, including:
LONDON, N E W YO R K , H AVAN A, BUENOS AIRES. RIO DE JANEIRO, SAO PAULO, M ONTEVID EO , LIM A,
BOGOTA, CARACAS, BELIZE, NASSAU, also in PUERTO RICO, D O M IN IC A N REPUBLIC, H AITI, BARBADOS,
D O M IN IC A, JAM AICA, ST. K ITTS, T R IN ID A D , M ONTSERRAT, AN TIG U A, GRENADA, BRITISH GUIANA.

Auxiliary in France
TH E ROYAL BAN K OF CAN AD A

(FR AN C E)

Paris
N O R M A N G. H A R T

NEW YORK AGENCY
68 William, Street

EDW ARD C. H OL A H A N

Agents

Northwestern Banker. January, 1947

10

III R E C TO R S

M ANUFACTURERS

EDWIN M. ALLEN
New York City

TRUST

EDWIN J. BEINECKE
Chairman, The Sperry &
Hutchinson Co.
EDGAR S. BLOOM
Chairman, Atlantic, Gulf and
West Indies Steamship Lines

COMPANY

Condensed Statement o f Condition as at close o f business

ALVIN G. BRUSH
Chairman, American Home
Products Corporation

December 31, 1946

LOU R. CRANDALL
President, George A.
Fuller Company

K ESOI IICES

CHARLES A. DANA
President,
Dana Corporation

Cash and Due from Banks
\ 631,322,810.99
U. S. Government Securities .
1,233,148,318.31
U. S. Government Insured F. H. A.
3,798,274.10
M ortg a g es............................
State and Municipal Bonds
23.818.427.84
2,475,000.00
Stock of Federal Reserve Bank
Other S ecu rities.......................
25,938,291.48
Loans, Bills Purchased and Bankers’
Acceptances............................
475,065,720.56
Mortgages..................................
12.180.030.84
Banking H o u s e s .......................
11,177,726.40
Other Real Estate Equities
279,840.25
Customers’ Liability for Acceptances
8,145,191.89
Accrued Interest and Other Resources
6,903,250.57

HORACE C. FLANIGAN
Vice-President
JOHN M. FRANKLIN
President, United States
Lines Company
PAOLINO GERLI
President,
Gerli & Co., Inc.
HARVEY D. GIBSON
President
FREDERICK GRETSCH
President, Lincoln
Savings Bank
JOHN L. JOHNSTON
President, Lambert Company
OSWALD L. JOHNSTON
Simpson Thacher & Bartlett

>2,434,252,883.23

KENNETH F. M acLELLAN
President, United Biscuit
Company o f America

LIABILITIES

Capital .
Surplus
Undivided Profits

SAMUEL McROBERTS
Chairman, McRoberts
& Tegtmeyer, Inc.
JOHN T. MADDEN
President, Emigrant
Industrial Savings Bank

$41,250,000.00
41,250,000.00
36,529,897.62

Reserve for Contingencies
Reserves for Taxes,
Unearned Discount, Interest, etc. .
Dividend Payable January 2, 1947
Outstanding Acceptances . . . .
Liability as Endorser on Acceptances
and Foreign B i l l s .......................
D e p o s i t s ........................................

JOHN P. MAGUIRE
President, John P.
Maguire & Co., Inc•
C. R. PALMER
President, Cluett
Peabody & Co., Inc.
GEORGE J. PATTERSON
President, Scranton &
Lehigh Coal Co.
HAROLD C. RICHARD
New York City

$ 119,029,897.62
9,926,985.34
8,154,852.14
1,237,500.00
8,706,949.84
250,004.00
2,286,946,694.29
$2,434,252,883.23

HAROLD V. SMITH
President, Home Insurance Co.

United States Government and other securities carried at $78,076,362.69 are pledged
to secure U. S. Government War Loan Deposits o f $44,478,352.98 and other public
funds and trust deposits, and fo r other purposes as required or permitted by law.

ERNEST STAUFFEN
Chairman, Trust Committee

GUY W . VAUGHAN
President, Curtiss-Wright
Corporation
HENRY C. VON ELM
Vice-Chairman o f the Board
ALBERT N. WILLIAMS
President, Westinghouse
Air Brake Company

Northwestern Banker, January, J947


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Principal Office: 55 Broad Street, New York City
72

BANKING

OFFICES

IN

GREATER

NEW

YORK

European Representative Office: 1, Cornhill, London, E. C. 3
Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit Insurance Corporation

11

/Bear E ditar

DES MOÍNES
Oldest Financial Journal West of the Mississippi

The following letters are from
Northwestern Banker readers. Your
views and opinions on any subject ivill
be gladly published in this column.

"In Berlin"
“ I landed here in Berlin a week ago after
a 9 day trip. Had rough weather three days
and nights but after reaching the English
Channel we were free from storms.
“ Carl had arranged quick transportation
for me from Bremerhaven here so I did not
have to go the way most of the people are
routed— via Frankfort— which takes 2-4 hours
longer.
“ Am gradually getting the lay of the
land and live in the hopes that my year
over here wrill be pleasant and, in a way,
profitable.
“ I f you remember how Frisco looked after
the quake, imagine how this fine old city
looks after the going over it has taken.
Berlin, is, I think, about six times the size
of San Francisco.
“ My best wishes to you and yours for a
Happy New Year.”
Charles B. Mills, Berlin,
Germany

"Tea for Two"
“ Back home after our ‘swing around the
circle’ , one of the bright spots of which
w7as our pleasant visit with you and your
family. It’s a long time since our paths
have crossed— too long in fact— but the
‘tea for two— and more’ at your home kinda
made up for the lapse.
“ I shall hope to have more frequent op­
portunities to rub elbows with you from
now on.
“ Please share my sincere regards with
all the DePuys.”
Fred W. Ellsworth, Vice
President, The Hibernia Na­
tional Bank, New Orleans,
La.

"Enjoy Every Issue"
“ We enjoy every issue o f the N orth­
B anker and look forward to its
arrival each month.”
Edward Huwaldt, Exec. Vice
Pres., Commercial National
Bank, Grand Island, Nebr.
western

"One of Our Projects"
“ In the material just received from the
Financial Advertisers Association I find a
copy of the N orthwestern B anker study
“ Why I Chose My Bank.”
“ I have just returned from a meeting at
Mobile, Alabama, o f the County Bank Opera-

(T u rn to page 30, please)

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t

52nd Year

•

No. 714

IN THIS JANUARY, 1947 ISSUE
EDITORIALS
A cross the Desk from the P ublisher............................................................. 12

FEATURE ARTICLES
D ear E ditor ......................
Frontispage .........................................................................................................
W h at’s Ahead fo r 1947— A N orthw estern Banker Survey............ 16,
News and V iew s o f the Banking W orld ..................... Clifford D e B uy
A bout Bankers Y ou K now — John K. M cK ee............ ...........................
Y ou r G. I. Loan Question B ox ..............................W a lter T. R obinson
W hat T h eir Statements Show ........................................................................
Can Banks Execute Judgm ent A gain st a M ultiple D w elling Hom e­
stead?— Legal ........

11
15
17
18
19
20
22
24

INSURANCE
H ow I W rite M ore Than T w o M illion in N ew Business Each Y ea r
.............................................................................. ......Low ell L. N ew m an 33

BONDS AND INVESTMENTS
Security M arket Adjustm ents B rin ging L aggards into L in e............
.......... ........ ...... ............................................ ................R aym ond T rig g er 37

STATE BANKING NEWS
M innesota News .............................................................. ................................
Tw in City N ew s__ _________ __ _________ ______ E. W. K ie ck h e fer
South Dakota N ew s.......... ............................................................. ...................
Sioux Falls N ew s............................................................ .......... ...............
North Dakota N ew s..................................................................
F a rg o News ......................................
Nebraska News ..................................................................
Omaha News .............................................................-...............................
Lincoln Locals ................. ....................................... . ..Fred L. F a ssett
Iow a News ...........................................................................................................
Sioux City N ew s.......................................................................................
Des M oines N ew s...........................................................................
W h at Do Y ou T h in k?.......................................................................................

43
46
53
53
56
56
59
62
64
67
70
87
74

IN THE DIRECTORS' ROOM
A F ew Short Stories to Make Y ou L au gh ............................................... 90
Conventions .................
90
NORTHWESTERN BANKER
527 Seventh St., Des Moines 9, Iowa, Telephone 4-8163
RALPH W. MOORHEAD
Associate Publisher

CLIFFORD DE PUY
Publisher
HENRY H. HAYNES
Editor

BEN J. HALLER, JR.
Associate Editor

MALCOLM K. FREELAND
Associate Editor

ELIZABETH COLE
Advertising Assistant

HAZEL C. HADLEY
Auditor

SADIE E. WAY
Circulation Department

NEW YORK OFFICE
Frank P. Syms, Vice President, 505 Fifth Ave., Suite 1806

MUrray Hill 2-0326

Northwestern Banker, January, 1947

12
tries to inoculate the spirit of animosity toward
everything foreign.
“ During my sojourn abroad I have realized
the monstrosity of the lies spread in the Soviet
Union about the ‘beastly exploitation of workers
in capitalistic countries.’ Such stories are told
the Russian people for the purpose of arousing
their indignation against the democratic regime
of the U. S. A.
“ All my life I have loyally worked for the
Russian people, whom I love and to whom my
attachment is very deep. But it has become clear
to me that my work, like that of the whole Rus­
sian people, is beneficial to the Soviet regime
and not to themselves.”

Yes, indeed, Mr. Alexeiev, with all
takes, and we have many of them,
States is still the greatest and best
the world, and we are sure that there
enlightened and intelligent citizens
it being undermined by your former
tic comrades.

Across the Slesk
From the Publisher
jbea*i Kirill M . /lleoceieu:
At long last, Mr. Alexeiev, we are glad to find
one Russian who tells the truth about the United
States and the Soviet dictators.
As a former commercial attache at the Soviet
embassy in Mexico, you have at least been in
contact with conditions on this side of the At­
lantic, and the fact that you have found them
much better than in Russia is a sign of your
intelligence and we congratulate you on your
desire to remain “ over here.”
Tour statements upon resigning from the Rus­
sian embassy were interesting and startling but
they were the truth and we only wish that every
Russian official and citizen could read what you
had to say.
Some of your more important remarks were
these: “ I cannot return to my homeland and
doom my family, which has become accustomed
to breathe the fresh air of freedom, to life under
the heel of dictatorship.
“ But I feel that in this country (the United
States) they will become free human beings, and
I firmly believe that my family and I will be given
an opportunity to start a new life here.
“ The Soviet government’s domestic policy is
based on the principle of complete isolation of
the Russian people from democratic nations, es­
pecially the U. S. A. The government persistently.
Northwestern Banker, January, 1947


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Federal Reserve Bank of St. Louis

of our mis­
the United
country in
are enough
to prevent
Communis­

jbea^t 'W illiam 3>. M eacU am :
The figures which you presented in your recent
discussion of the farm mortgage situation were
read with a great deal of interest by us, and we
know as Assistant Vice President of the First Na­
tional Bank of St. Louis you have given this real
study.
As you point out the average life of farm mort­
gages is between 30 and 40 years and it is imper­
ative that the banker should know there is a defi­
nite program of land use and conservation to be
followed by the farmer to whom he loans money.
As you also emphasized the fertility of the farm
is the real security which insures repayment of
the loan.
The comparison which you gave of the mortgage
debt of farms per $1,000 of land valuation also
makes interesting reading and we believe a part
of your comparison was as follows :
“ At the peak of the 1929 land price boom, the
mortgage debt on farm land amounted to $127
per $1,000 of land valuation. At the low of the
depression in 1933 the debt ratio increased to $276
per $1,030 of valuation. The total outstandings in
farm mortgages in the United States for both years
was $8.5 billion. This increase in the debt ratio
was a direct indication of the decline in the value
of farm land which resulted from the drop in farm
income.
!,‘ In 1940 the ratio of farm mortgage debt was
$196 for each $1,000 of valuation and the aggre; gate Outstandings were about $5.5 billion. This
aggregate has increased by about $1 billion and
the ratio now stands at $105 for each $1,000. The

13
present situation reflects high farm incomes, hut
a decline in the demand and price levels for farm
products or a substantial increase in the cost of
production on the farms may force down the
valuation of farm land as determined by its ca­
pacity to produce income. The debt ratio could
very easily reach the danger point which existed
in the early 1930s.”

The farmer today, Mr. Meacham, as you well
know, is in the strongest position he has been in
many years, but as you have mentioned, the
real job is to see that his farm continues in a
productive capacity which means that the soil
must be conserved and the best possible manage­
ment continued because the time may come when
the demand for farm products may slacken some
while other conditions take away some of the
rosy picture which now exists.
Certainly as far as 1947 is concerned, the farmer
is in one of the best financial positions, and has
one of the brightest outlooks he has had in many
years and as agriculture succeeds, so does every
other line of business activity.

the United States what may be called a banking
system. This system of unit banking is a bulwark
for the future which should be closely guarded.
It exemplifies a high degree of wholesome co­
operation between competitors.
“ The development of the correspondent bank­
ing system of the United States is, therefore, a
fundamental one, involving, at the very core, the
economic philosophy of private enterprise and
individual initiative, as against that which pre­
vails in a regimented economy.
“ To maintain this independent banking system
it is essential that aggressive leadership be on
the alert for influences which may be adverse to
the continution of the system.”
There will never be any need to have the gov­
ernment “ take over” the banks in the United
States as has been done in so many countries
as long as bank customers receive the high grade
service and personal care and attention which
their business is being given today under our dual
American banking system at the base of which
is this substantial and satisfactory correspondent
relationship between the country and the city
banker.

jbea^i fy'iarJz G. ilatU je:
The endorsement which you gave recently of
the correspondent bank system in the United
States was a very powerful and effective one
and we congratulate you on what you had to say.
As President of the Chicago City Bank and
Trust Company and more recently as President
of the American Bankers Association, you certain­
ly know whereof you speak.
In no other country in the world is the relation­
ship between the city and country bankers so
close, so intimate and so very much worthwhile.
Certainly we should see that no adverse legis­
lation of any kind is allowed to enter the banking
situation which would destroy this constructive
and helpful force among 15,000 banks in the
country.

As you put it, “ The banking system of the
United States is founded upon voluntary coopera­
tion between the city bank and the country bank,
and upon a basis of complete confidence and
warranted respect. It is a relationship that cuts
across the lines of the national banking system,
of the various State systems, of membership and
non-membership in the Federal Reserve System
and even the Federal Deposit Insurance Corpo­
ration.
“ All of these institutions have their part in
the great banking system that has developed in
this country, a system that serves and makes
possible a free enterprise economy. However, it
is the completely voluntary association known as
correspondent banking that gives the people of

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Federal Reserve Bank of St. Louis

^'bean, 'll/. Rasidalpii /iu/UfedA.:
As Chairman of the Committee on Public Debt
Policy and as Vice Chairman of the National City
Bank of New York, the findings which you have
computed concerning our National debt at this
time are most interesting.
In analyzing the figures of your committee, we
find that when we entered World War I, the Na­
tional debt represented about 3 per cent of the
total National income. Then in two years this had
grown to 41 per cent and by 1930 it had been
reduced to 22 per cent. Then we had ten years of
deficit spending followed by the war expendi­
tures which made such a rise that by February,
1946, the National debt was 180 per cent as great
as the annual rate of National income.
Thus, today the National debt for each man,
woman and child in the United States in com­
parison with previous wars is as follows:
Revolutionary W a r ........... ....................$ 19.00
War of 1812............................................
15.00
Civil War .......
78.00
World War I ...................................
240.00
World War I I ............................
1,981.00

Thus, for the first time in our history, the Na­
tional debt exceeds the amount of the annual
National income which as we all know is not “ A
consumation devoutly to be wished for.”

Northwestern Banker, January, 1947

14

Central

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

STATEMENT OF CONDITION AT CLOSE OF BUSINESS DECEMBER 31, 1946

ASSETS
Cash and due from
Federal Reserve and
other banks
$26,103,309.77
United States Govern­
ment Securities
20,421,962.81
Obligations of United
States Governmental
Agencies
1,625,158.19 $48,150,430.77
Municipal Securities..........................
6,629,753.14
Market Bonds......................................
680,367.41
Loans and Discounts.......................... 28,662,410.34
Overdrafts .........................................
4,797.54
Stock Federal Reserve Bank.............
75,000.00
Accrued Interest Receivable
173,721.82
Bank Premises and Equipment
448,782.72
Customers Liability on Letters of
Credit ...............................................
7,905.00
TO TAL.........................................$84,833,168.74

D I R E C T O R S

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

F.

BUCKLEY
President

HARRY GOLDM AN
President, C. C. T a ft Co.
W M . J. G O O D W I N
Chairman, Board of Directors
R O B E R T K. G O O D W IN
President, Redfield Brick & Tile Co.

LIABILITIES

H . F. G R O S S
Chairman, Iow a Mutual
Tornado Insurance Assn.

Common Stock
$1,250,000.00
Surplus ......................... 1,250,000.00
Undivided Profits . .
649,668.91
Other Reserves.................................

660,141.00 $3,809,809.91

Reserve for Taxes..............................
Discount Collected............................
Banks Liability on Letters of Credit
Deposits .............................................

185,000.00
147,299.60
7,905.00
80,683,154.23

TOTAL

B. R E E S J O N E S
President, Tow n Mutual Dwelling
Insurance Company
GUY

$84,833,168.74

U. S. Government and other securities carried
at $7,441,336.78 are pledged to secure U. S.
War Loan Deposit account, Public Funds, and
Trust Department Funds.

Northwestern Banker, January, 1947

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Federal Reserve Bank of St. Louis

E. L O G A N

W A L T E R E . M U IR
President, W indow Devices, Inc.
GEORGE A. PEAK
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

★

Member F. D. I. C.


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Federal Reserve Bank of St. Louis

15

Northwestern Banker, January, 1947

16

W h a t9s A h ea d far
Bankers Outline the General Business and Agricultural Picture

A NORTHWESTERN BANKER
SURVEY
OPTIMISTIC note for the year proving of livestock through the pur­
of 1947 is being sounded by mid­ chase of better sires.
west bankers replying to the
“The questionable spot on the future
N orthwestern B an k er 's annual busi­
in this area is what is going to happen
ness survey and predictions for the to the potato market. This area raises
coming year. The record corn crop, around 15,000 acres or approximately
bumper harvests of other farm com­ one-half of the entire acreage of the
modities and the world-wide demand state and produced about two-thirds
for livestock have brought farmers of the state yield. There is a tendency
one of their best financial years in on the part of many potato raisers to
history. And since the wealth of the wonder at this time what the future
vast midwest depends so heavily upon holds for them.
a healthy farm situation, merchan­
“We believe the farmers in this area
dising, manufacturing and general are anticipating lower prices for farm
business throughout this part of the produce, and many are taking a con­
country have basked in the reflected servative course to protect themselves
glow of these high prices.
in the ftuure. We have had no farm
Tempering their optimistic replies real estate speculations, and many of
with a serious view to what may hap­ the farms have been purchased on a
pen in 1947, most bankers are looking basis which should not cause difficulty
for a leveling off of deposits with only in carrying on their finances even
seasonal gains, and a general lowering with somewhat lower prices.
of prices, probably on farm commod­
“We have been very active in coop­
ities. However, the general belief is erating with the 4-H Club program,
that most businessmen and farmers and again this year purchased the
are maintaining a stable financial foot­ grand champion at the 4-H Club beef
hold and are pretty well prepared sale, and each year finance one mem­
should the predicted recession take ber from each 4-H Club at their annual
place.
outing program.”
Bankers were asked by the N orth ­
w ester n B anker to give their ideas of
A. RILEY, vice president, The
the general business and agricultural
Hastings National Bank, Hast­
picture and what changes, if any, they
think the next few months may bring; ings, Nebraska: “The general business
also, any particular services their
bank is emphasizing and any special
public relations activities they intend
fostering or sponsoring during 1947.
Their replies are as follows:

A

n

O

vice president,
The First Citizens National
C
Bank, Watertown, South Dakota: “Bus­
H. LOCKHART,

iness generally in this locality is run­
ning well ahead of 1945, and all the
retailers have enjoyed a very good
Christmas business.
“The agricultural picture looks very
good for the coming year as we have
had an abundance of moisture, a nor­
mal amount of fall plowing has been
done, and the farmers have been able
to pick their corn which is running
much better than in 1945.
“The livestock population in this
area is greater than in the past few
years, and there is ample feed to finish
and carry this through for another
year. A very good trend is the im­
Northwestern Banker, January, 1947


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Federal Reserve Bank of St. Louis

O. A . R I L E Y
“ Another good year”

and agricultural outlook is very good.
This being an agricultural territory,
high prices for farm products and the
resulting prosperity of our farmers
makes all business active and on a
high level. This situation will con­
tinue for 1947, in our opinion, unless,
as some predict, we have rather sharp
downward trends in prices of farm
products early in the year.

“For 1947 our bank is planning to
expand and remodel the banking quar­
ters. For the convenience of our cus­
tomers the lobby space will be doubled
and our safety deposit and instalment
loan facilities greatly enlarged. This
improvement will increase the effi­
ciency of our operation and we hope
it will create a favorable impression
in the community.
“ The year 1947 will bring many prob­
lems and adjustments to work out, but
generally speaking we believe that it
will be another good year.”

A

F. AGENA, cashier, State Sav­

ings Bank, Baxter, Iowa: “The
business and agricultural picture at
present is very good. Everyone seems
to have plenty of money and mer­
chants are doing a good buiness; the
farmer has surplus cash to invest or
pay off his indebtedness; farmers who
have been in debt for the past 15 or
20 years are now for the first time in
the clear. This is good.
“However, it is a good time to get
our feet braced for what may be ahead.
We look for prices to work down, both
for the commodities that the farmer
has to sell and the things he has to
buy. We have tried to impress on our
customers that these higher prices
they have been receiving for their
commodities cannot continue forever
and for them not to be carried away
thinking that they will never be lower
again. We have counseled with our
merchants in regard to their inven­
tories and concluded that they should
be pulled down.
“Already there is a trend toward
lower prices and no doubt this will
be sharper after the first of the year.
“We are definitely going to take
care of our customers, financing cars,
tractors, other farm machinery, re­
frigerators, etc., as they become avail­
able and have already started to run
a series of ads in this respect. But
we are extending credit only to those
who are entitled to it and can pay, for
we feel that we would be doing those
an injustice who are not able to pay
out a contract, in extending credit to
them.
“We have confidence in our com­
munity and believe that by coopera­
tion and being reasonable about prices,

17
extending credit and the purchase of
city or farm property, we need not
have any great concern about the
future.”
president,
Ramsey County National Bank,
BDevils
Lake, North Dakota: “Business
LANDING

FISHER,

and agricultural conditions are good
and have been so during the past sev­
eral years of good crops and high
prices for all farm products. A very
large amount of farm indebtedness,
both on land and personal property,
has been paid in full and the farmers,
generally speaking, are in excellent
financial condition. The business men
generally have had a good year and
are not carrying very much of unpaid
accounts on their books. I would not
feel qualified to venture any opinion
to the future.
“We are not planning any particu­
lar services to emphasize during the
coming year but as in past years we
intend to cooperate fully in all of the
general public activities that have to
do with our farmers and our business
men.”
cashier, Farmers
State Bank, Canton, South Dako­
H
ta: “Our corn crop, while not exactly
E. IVERSON,

a bumper crop, will net our farming
community a very fine return. The
crop is practically all out of the field
now, and is awaiting favorable market­
ing conditions. The moisture content
is high, but is being gradually re­
duced. The local elevator has placed
an order for a corn-dryer, which
should be in operation by March 1st.
This should insure a local market for
this corn, even though it may have to
go through the dryer before it can
be shipped on to the terminals.
“Farmers feeding operations will
bring in more money than ordinary
years, due to present prices of live­
stock. They are making good use of
any soft corn which they may have
on hand through feeding, and thus
converting it into beef and pork and
mutton.
“A county agent has recently been
hired in our county, and it will be our
plan to work with him on any con­
structive program for bettering farm­
ing conditions, promoting 4-H Club
work, sponsoring public meetings for
weed-eradication, etc. We made a $100
donation to this work during the past
year. We also made donations of $500
to Boy Scout work, and $500 to the
Augustana Academy building fund.
We made donations to all the local
churches during the past year.
“ We take active part in Chamber
of Commerce work, and all civic and

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Federal Reserve Bank of St. Louis

community activities and we provide
a room in the basement of our bank,
which serves as a meeting place for
organizations. Rummage sales and
bake sales with lunches are held in
this room, where these organizations
derive the profit. This room is al­
ways available, and we feel it has def­
inite value as a medium of creating
good will for our bank.”

noticeable, and it will be hard to cur­
tail them when earnings start to de­
cline.
“Our bank does not foster or spon­
sor any special public relations activ­
ities not directly connected with bank­
ing. AVe do, however, contribute to
4-H Club work. We are very much
interested in the Nebraska Reclama­
tion Association. Our state has a real

W ITH A CONTINUING W ORLD-W IDE DEM AND for meat, herds like this
one w ill help midwest farmers to another prosperous year.

BATTEY, executive
vice president, The Continental
National Bank of Lincoln, Nebraska:
“When you begin to discuss the gen­
eral business and agricultural picture
in our locality and what changes, if
any, will take place in the next few
months, you really are in a dilemma.
So many changes could take place in
the next few months which would
change our whole economic structure.
“With the largest corn and wheat
crop ever raised in our section of the
state, our agricultural picture looks
very bright. Sufficient rainfall this fall
has put our small grain crop in won­
derful condition to weather the win­
ter. It will be another year before
there will be pork sufficient to supply
demand. We have more cattle on the
farm than any year in the history of
our state. We are not in a large feed­
ing area; however, nearly every farm
has a few head of cattle on feed. In
visiting with cattlemen, it is their
opinion that it will be another year
until the demand for good, prime, cornfed beef will be taken care of.
“Our merchants have done more
business than anyone ever dreamed
they could do. Inventories are still
very high. There will be very little
buying on the part of the merchants
for the next three or four months.
We do not believe that very many will
get hurt by having to take a loss on a
lot of obsolete merchandise.
“We feel that deposits will go off
some for the reason that cars are not
available to ship corn, wheat and
other farm commodities. About April
or May deposits should level off, and
as our small grain is harvested in July
and August, deposits will begin to go
up. Increased operating costs are very
HEATON

W

program for waterways, flood control
and irrigation. There are unlimited
possibilities for irrigation in Nebraska.
“During 1947 we will emphasize to
our customers our Installment Loan
Department. This department was
started by our bank in November,
1932. We have always advocated to
our customers to borrow from their
bank when the occasion presents it­
self. Prompt service and reasonable
rates must be maintained if we are
to keep our clients bank conscious.
Direct mail is our best medium of ad­
vertising. Our tellers, especially the
Special Service Department, continu­
ously suggest our installment depart­
ment to our customers.
“We have given a lot of thought to
whether or not we would go all out
for small loans. We have decided to
follow the same policies upon which
our business has been built; namely,
direct loans. Is there danger ahead
with outstandings reaching a new alltime high? Two of the big companies
in the field have passed their all-time
peak, which occurred in the fall of
1941. This experience undoubtedly is
duplicated by many banks that were
in the business prior to the war. The
totals in our bank are increasing but
still are almost 50 per cent under our
peak of 1941.
“Will our excellent collection ex­
perience of the past continue to be
true in the future and will our cus­
tomers have the same determined dis­
position to repay?”
cashier, Iowa State
♦ Bank & Trust Company, Iowa
M
City, Iowa: “ It is our belief that the
B. GUTHRIE,

peak of business activity has been
(Turn to page 50, please)
Northwestern Banker, January, 1947

18

N e w s a n ti V ie w s
OF THE BANKING WORLD
By Clifford Oe Puy

RAY PHILLIPS, who helped

age respectively and who are visiting
organize the La Salle National with his sister, Mrs. E. AY. Heller.
♦ Bank of Chicago and has been While he was in California it rained
its president up to now, is retiring most of the time but out there he said
from active management of the bank the Chamber of Commerce just called
at 58 years of age because as he told it a “heavy dew.”
us, “I don’t want to be rushing all the
time. I want to relax and have some
Phil R. Easterday, chairman of the
fun,” so Ray is building himself a board of the First National Bank of
southern mansion in South Carolina Lincoln, Nebraska, is a great student
where he can inhale the perfume from of government bonds and in making
the southern air while he continues to his predictions for 1947 believes:
collect dividends from his farms in
“That the total debt, now estimated
Iowa.
at 259 billion, will not decline to 250
billion for several years, and this
David H. Coffman, vice president of only under most favorable circum­
Wm. H. Banks Warehouses, Inc., 209 stances.
South La Salle, Chicago, has dark
“ That the total holdings of govern­
hair and dark eyes and could easily ment bonds by commercial banks,
pass for one of the distinguished now estimated at about 75 billion, will
screen actors from Hollywood.

C

Henry Scarborough, Jr., president
of Scarborough & Co., has moved into
his beautiful new offices in the First
National Bank building in Chicago.
A special feature is the use of opaque
glass for partitions which allows the
light to come through but still gives
privacy to each office.
Donald A. Harper, assistant vice
president of the First Wisconsin Na­
tional Bank of Milwaukee, told us that
they now have country bank deposits
of over $102 million with total deposits
of approximately $510 million.
Incidentally, a year ago their war
loan deposit account amounted to
$147 million and this has now been
reduced to $28 million. In the mean­
time, their loans and discounts have
increased from $45 million a year ago
to over $64,500,000.
Preston E. Reed, executive vice pres­
ident of the Financial Advertisers As­
sociation, 231 South La Salle Street,
Chicago, tells us that there are now
1150 members in the Association,
which is an all time high.
The annual convention will be held
on October 6th, 7th and 8th, 1947, in
New York City.
Norman B. Shaffer, vice president
of the Continental Illinois National
Bank and Trust Company of Chicago,
has recently returned from Alhambra,
California, where he visited with his
father and mother, Mr. and Mrs. L.
O. Shaffer, who are 85 and 83 years of
Northwestern Banker, January, T947


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

P H I L R. E A S T E R D A Y
“ Government bonds held by com m ercial
banks not likely to decrease”

not decrease much, if any, below this
figure—and it could increase.
“That, at least for the foreseeable
future, commercial banks will not be
offered any eligible government se­
curities yielding higher than around
1 per cent.
“ That such bonds as 1952-54 matur­
ities, now yielding around 1.5 per
cent, should be held in substantial
amounts by commercial banks.
“That, with few exceptions, every
commercial bank will maintain, for an
indefinite period, a very substantial
holding of government bonds.
“That there is justification for con­

sidering moderate amounts of such
maturities as 2!4 per cents of 9/15/5659, yielding around 1.65 per cent at
the present market, and the 2% per
cents of 9/15/67-72 now yielding about
2.12 per cent. It is an interesting
fact that slightly over 85 per cent of
all bank eligible governments are
due or callable within six years, and
less than 15 per cent are due or call­
able after six years.”
Maurice M. Zusser, vice president
of the Central National Bank in Chi­
cago and who is also head of their
Foreign Department, has developed
their Italian foreign business to where
it is the largest of any bank in the
middlewest. Mr. Zusser recently re­
turned from a six months trip to Eu­
rope and while there was decorated by
the Italian government as “Command­
er of the order of the Crown of Italy.”
Carl F. Kuehnle, president of the
bank, promised Mr. Zusser that he
would give a banquet for the entire
department if they achieved a certain
goal, and this banquet was held re­
cently amid surroundings of good fel­
lowship, high ranking bank executives
and beautiful girls from the Foreign
Department where the combined lin­
guistic talents included the ability to
speak 15 foreign languages.
Other officers of the bank who at­
tended the party were Harold H. Stout,
vice president; J. Ross Humphreys
and Gus L. Nelson, vice presidents,
and Ottavis Pace, manager of the Ital­
ian Department.
“The Skeleton Speaks” was the sub­
ject of an address before the Chicago
Rotary Club by Dr. Wilton M. Krogman, and at which meeting we were
the guest of Louis H. Northrup, as­
sistant vice president of the First Na­
tional Bank of Chicago.
After this meeting we decided that
it would never do to let Dr. Krogman
see the skeletons in our closet because
he could tell how old they were, what
their habits may have been and prac­
tically their life story.
Gertrude Lawrence, who takes the
leading role in “Pygmalion,” the ro­
mantic comedy by Bernard Shaw, is
under the auspices of “Theatre In­
corporated,” which, “is a non-profit,
tax-exempt corporation committed to
a sustained program of great plays of

19
the past and outstanding plays of the
present. Its income is devoted to the
continuation of such a program on a
permanent basis, to the encourage­
ment of young playwrights, directors
and actors through a subsidiary ex­
perimental theatre, to the utilization
of the stage as an educational force
and to the ultimate development of a
true people’s theatre.”
Perhaps it is only coincidental but
Gertrude Lawrence was born in Clapham, England, and her leading man,
Dennis King, was born in Coventry,
England, but this gives them both the
necessary English background for this
popular play by G. B. S.

A b o u t B a n k e r s You K n o w

At the annual Gridiron party in
Washington this year, which is given
by the newspaper correspondents, a
trapeze artist took the part of Henry
A. Wallace and sang:
“Once I was happy, but now I’m
forlorn,
Out of the cabinet, back to the
corn,
Haunted by piggies plowed under
when born,
My body is blistered by Byrnes,
Jim Byrnes,
Now this charmer who plotted my
downfall and pain
Said the Kremlin we never
should please,
But T’U still save the world and
the universe, too,
As I swing on my Russian trap­
eze—Oh,
I float through the air
With my milk and my cheese
The Hottentots thrill at my Rus­
sian trapeze;
C.I.O. banners I’ll fly in the
breeze,
I’ll be back for the forty-eight
show.”
Verne L. Bartling, assistant vice

president of the First National Bank
of Chicago, made a one month’s trip
to the Pacific coast just before the
close of the year. Verne said that
after war production stopped in Cal­
ifornia, it was expected that there
would be a great deal of unemploy­
ment, but such has not been the case
and instead of people leaving Cali­
fornia, they were staying on and find­
ing other employment.
Mrs. Bartling accompanied Verne
on the trip and while in Los Angeles
they stayed with Mrs. C. T. Gorman,
who is Mrs. Bartling’s sister.
Ernest Hemingway, the well known
author, has sent his eldest son Jack
to college in Montana because as he
says, “I want him to get his education

JOHN K. M cKEE
President, Continental Bank and Trust Company o f New York
44A wide experience in the field o f finance ’ ’

HE many outstanding accomplishments of John K. McKee, president of
T
the Continental Bank and Trust Company of New York, might well serve
as a guide for the great number of men whose careers were interrupted by
World War II.
Mr. McKee began working his way up in the banking field in 1907, and
spent 10 years perfecting himself in his chosen profession. The year 1917
ended his business progress just as abruptly as World War II stopped the
hopes and dreams of a younger generation. He entered the army and served
overseas with the new Heavy Tank Corps.
Following the war, he patiently and diligently picked up where he had
left off, continuing upon the road to success. This never ending drive and
force possessed by Mr. McKee resulted in reward for him in 1931, for in that
year he became associated with the office of the Comptroller of the Currency
as receiver for banks. Upon the organization of the Reconstruction Finance
Corporation in 1932, he became associated with that organization as chief
examiner.
President Roosevelt appointed him for a 10 year term in 1936, as a Re­
publican member of the Federal Reserve Board.

as far away from the Stork Club as
possible.”

Mr. McKee made known to the President his desire to retire from the
Reserve Board position late in 1945. President Truman, in acknowledging
his letter, recalled that Mr. McKee had “ given 15 good years to the public

(Turn to page 51, please)

(Turn to page 40, please)


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

Northwestern Banker, January, 1947

20

H ere A re the A a s a w s to
Som e G. f. l,«/in **lira in T ea sers 99
G. I. Loan Question Box This Month Clears Up
Some of the Problems Which Have Been Bothering You
By WALTER T. ROBINSON
Iowa Loan Guarantee Officer, who
answers the things you want to
know about the Servicemen's
Readjustment Act

Reporting of "Automatic" Loans
Question: Is it required that “auto­
matic” loans be reported within 30
days?
Reference:
S e c t i o n 36:4303(c)

Repairs Listed Under Item 16 on
Appraisal Report, Form 1803
Question: Is it necessary that re­
pairs listed under Section 16 of the
Appraisal Report be made?

amended; Loan Guarantee Memoran­
dum No. 6, dated September 16, 1946.
Answer: Evidence of “automatic”
guaranty or insurance will be issuable
if the loan is reported to the Adminis­
trator within 30 days following full dis­
bursement and upon certification of
the lender as outlined under Section
36:4303(c). The point involved in this
question is the time element which
hinges on full disbursement. Expe­
rience has demonstrated that g o o d
business practice requires that full dis­
bursement be accomplished, and “auto­
matic” loans be reported within 30
days of the date they are made. Full
disbursement may be accomplished
within the 30-day period in various
ways as listed in Section 36:4301 (p)
amended. In cases where full disburse­
ment has been delayed months from
the making of the loan, the lender, in
some instances, has discovered he has
made an ineligible loan. Other mis­
W A L T E R T. R O B IN S O N
takes have been made which in many
Answ ers Your Q uestions
cases could have been corrected, had
full disbursement been accomplished
Answer: Yes, such repairs listed by
and the loan reported within the 30appraisers are necessary and essential
day period.
to protect the property. It is the ap­
praiser’s responsibility to list neces­
Refunding of Outstanding
sary repairs under this section and to
Indebtedness
indicate the cost thereof.
Question: Is there a time limit under
which existing indebtedness may be
refinanced?
Reference: S e c t i o n 36:4306, and

pages 8 and 9 of the Lender’s Hand­
book.
The first sentence under
Section 36:4306(a) states as follows:
“No obligation incurred more than 60
days prior to the date of application
to the lender for a loan to be guaran­
teed or insured hereunder is eligible.”
Answer:

Northwestern Banker, January, 1947


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

Question: Is it necessary to include
the cost of repairs listed under Item 16
in the total cost of the property, as
shown on the loan report?
Answer: Yes. Either provision must

be made in the loan or the applicant
must be able to pay for them in cash.
In either case, they are a cost to the
property and should be included in the
schedule of disbursement on the re­
port or application. When a loan is
closed prior to completion of repairs,

adequate funds, whether a part of the
proceeds of the loan or cash contrib­
uted by the borrower, must be placed
in an escrow or earmarked account by
the lender.

Paid in Full Loans
Question: What action is required
by a lender when a loan is paid in full?
Reference: Section 36:4333 of the

Lender’s Handbook.
Answer: When a loan has been paid
in full, the loan guaranty certificate
should be stamped “Paid” , indicating
the date the loan was paid, and re­
turned to the Loan Guarantee Office,
releasing the Administrator from fur­
ther liability.

Loans for Working Capital
Question: Is an appraisal report re­
quired for farm and business working
capital loans?
Answer: All lenders making work­

ing capital loans must submit Form
4-1823 (Appraisal—Farm) for f a r m
loans, completing only Items I, VII,
and VIII, where no real estate is in­
volved, and Form 4-1845 (Appraisal—
Non-Real Estate) for business loans.
The reports should reflect all the perti­
nent data relating to the particular en­
terprises on which the lender relied in
arriving at the determination that the
loan is eligible and sound.

Terminal Leave Bonds
Question: May veterans’ terminal
leave bonds be applied upon guaran­
teed loans?
Answer: No. The Administrator for

Veterans Affairs is authorized and di­
rected to accept an assignment of a
bond issued to the insured, proceeds
of which may be used in payment of
premiums, difference in reserve (in
case of conversion of insurance to an­
other plan) or for loans made prior to
July 31, 1946 on United States Govern­
ment Life Insurance (World War I)
or National Service Life Insurance
(World War II), provided the assign(Turn to page 54, please)

21

STATEMENT
OF

CONDITION

D e c e m

b e r

3 1 ,

1 9 4 6

RESOURCES
Loans

and

D iscounts

...................................................................... $ 22,092,820.93
...................................................................

980.00
9.429,574.45
1,762,521.93
150,000.00

f

-,„1.

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

449,000.00
1.00
348,540.54

Bonds of U . S. and Government A g e n c ie s ................. .$67,550,340.71
Due from Federal Reserve B a n k ..................................... . 21,118,198.05
Cash

and

118,868,687.10

Sight E x ch a n g e................................................... . 30,200,148.34

$153,102,125.95

LIABILITIES
.$
......................................................................................

2,500,000.00
2,500,000.00
1,827,224.19
779,021.98
472,044.81

Accrued T a xes, Interest and O ther E x p e n s e s ....

50,000.00
U . S. Governm ent D e p o s its ..................................................$
D eposits

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

4,852,757.04
140,121,077.93

144,973,834.97
$153,102,125.95

Federal

Member
Deposit Insurance Corporation


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

Nort hwest ern Banker, January, 1947

22

W h at Thvii'

StatvShow

From Statements Received as This Issue of
the NORTHWESTERN BANKER Goes to Press
ILLINOIS—CHICAGO
American National Bank and Trust
Company—Deposits, $221,422,620. Year
ago—$228,346,381.
Central National Bank in Chicago—
Deposits $69,342,000. Year ago—$76,054.000.
City National Bank and Trust Com­
pany of Chicago—Deposits, $319,149,907. Year ago—$337,449,803.
Continental Illinois Bank and Trust
Company of Chicago—Deposits, $2,038,434,994. Year ago—$2,646,721,523.
Drovers National Bank—Deposits,
$78,694,583. Year ago—$68,364,775.
Drovers Trust and Savings Bank—
Deposits, $27,874,833. Year ago—$29,253.000.
The First National Bank of Chicago
—Deposits, $1,961,745,697. Year ago—
$2,347,702,804.
Harris Trust and Savings Bank—
Deposits, $459,006,255. Year ago—$550,006.000.
The Livestock National Bank of
Chicago—-Deposits, $58,121,264. Year
ago—$56,405,252.
The Northern Trust Company—De­
posits, $607,019,091. Year ago—$700,425,061.
IOWA—DES MOINES
Bankers Trust Company—Deposits,
$52,291,537. Year ago—$56,637,821.
Capital City State Bank—Deposits,
$8,768,749. Year ago—$9,297,789.
Central National Bank and Trust
Company—Deposits, $80,683,154. Year
ago—$83,170,780.
Des Moines Bank and Trust Com­
pany—Deposits, $7,964,960. Year ago,
$7,540,462.
Iowa-Des Moines National Bank and
Trust Company—Deposits, $103,483,000. Year ago—$114,368,403.
Iowa State Bank—Deposits, $6,014,353. Year ago—$5,605,865.
First Federal State Bank—Deposits,
$3,301,550. Year ago—$3,147,591.
Valley Bank and Trust Company—
Deposits, $16,899,494. Year ago—$17,256,290.
SIOUX CITY
First National Bank—Deposits, $19,865,320. Year ago—$19,498,873.
Live Stock National Bank—Deposits,
$26,862,881. Year ago—$24,505,160.
Security National Bank—Deposits,
$25,583,478. Year ago-—$24,610,198.
Toy National Bank—Deposits, $23,704,534. Year ago—$29,287,049.
Woodbury County Savings Bank—
Deposits, $8,167,685. Year ago—$8,220,000.
Nort hwest ern Banker, January, 1947


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

OTHER IOWA BANKS
Cedar Rapids—Merchants National
Bank—Deposits, $88,832,625. Year ago
—$90,452,067.
Clinton—City National Bank—De­
posits, $14,152,651. Year ago—$13,974,437.
Davenport—Davenport Bank and
Trust Company—Deposits, $72,562,875.
Year ago—$73,918,076.
Ottumwa—Union Bank and Trust
Company—Deposits, ,$14,480,451. Year
ago—$15,749,414.
MINNESOTA—DULUTH
First and American National Bank
—Deposits, $63,773,212. Year ago—
$73,189,274.
MINNEAPOLIS
Farmers and Mechanics Savings
Bank—Deposits, $140,087,418. Year ago
—$127,845,409.
First National Bank—Deposits, $338,835,657. Year ago—$407,989,163.
Marquette National Bank—Deposits,
$32,244,402. Year ago—$32,401,000.
Midland National Bank and Trust
Company—Deposits, $57,318,408. Year
ago—$68,104,329.
Northwestern National Bank—De­
posits, $348,376,918. Year ago—$423,933,459.
ST. PAUL
First National Bank—Deposits, $275,926,882. Year ago—$322,426,690.
Stock Yards National Bank—De­
posits, $17,399,461. Year ago—$17,796,771.
MISSOURI—KANSAS CTTY
City National Bank and Trust Com­
pany—Deposits, $117,552,837. Year ago
—$127,991,057.
Commerce Trust Company — De­
posits, $389,684,656. Year ago—$439,
673,489.
Inter-State National Bank—Deposits,
$70,607,262. Year ago—$97,469,000.
ST. JOSEPH
American National Bank—Deposits,
$25,127,408. Year ago—$25,480,713.
First National Bank—Deposits, $30,283,514. Year ago—$33,304,140.
First St. Joseph Stock Yards Bank
—Deposits, $11,279,688. Year ago—
$10,522,775.
Tootle-Lacy National Bank — De­
posits, $19,426,007. Year ago—$19,457,000.
ST. LOUIS
First National Bank—Deposits, $425,437,029. Year ago—$494,514,707.
Mississippi Valley Trust Company—
Deposits, $200,229,974.
Year ago—
$242,037,944.

Mercantile Commerce Bank and
Trust Company—Deposits, $329,899,859. Year ago—$384,155,924.
NEBRASKA—LINCOLN

Continental National Bank — De­
posits, $28,269,789. Year ago—$37,035.000.
First National Bank—Deposits, $49,126,851. Year ago—$58,110,390.
National Bank of Commerce—De­
posits, $40,129,971. Year ago—$49,403,488.
OMAHA

First National Bank—Deposits, $91,084,293. Year ago—$92,914,934.
Live Stock National Bank—Deposits,
$67,098,327. Year ago—$79,587,655.
Omaha National Bank—Deposits,
$144,973,835. Year ago—$183,784,794.
Stock Yards National Bank—De­
posits, $25,287,562. Year ago—$23,520,616.
United States National Bank—De­
posits, $70,516,309. Year ago—$88,282,844.
NEW YORK CITY

Bankers Trust Company—Deposits,
$1,390,589,699. Year ago—$1,749,590,468.
Bank of the Manhattan Company—
Deposits, $1,006,934,771. Year ago—
$1,212,711,911.
Central Hanover Bank and Trust
Company — Deposits, $1,500,183,881.
Year ago—$1,842,737,477.
Chase National Bank—Deposits, $4,495.304.000. Year ago—$5,742,180,000.
Chemical Bank and Trust Company
—Deposits, $1,226,822,540. Year ago—
$1,524,160,575.
Continental Bank and Trust Com­
pany of New York—Deposits, $181,975,059. Year ago—$204,765,283.
Guaranty Trust Company—Deposits,
$2,501,513,458. Year ago—$3,309,452,507.
Irving Trust Company—Deposits,
$1,021,002,334. Year ago—$1,303,269,218.
Manufacturers Trust Company—De­
posits, $2,286,946,694. Year ago—$2,555,885,573.
National City Bank of New York—
Deposits, $4,664,102,604. Year ago—
$5,143,422,000.
The New York Trust Company—De­
posits, $655,175,131. Year ago—$881,263,465.
Public National Bank and Trust
Company of New York—Deposits,
$552,052,882. Year ago—$545,497,980.
(Turn to page 86, please)

23

£TAe

LIVE STOCK
lA ia^ tcw a/ BANK <>f
U N I O N S T O C K YARDS

• T E L E P H O N E YA R D S 1 2 2 0

Close of Business— December 31, 1946
RESOURCES
Cash and due from banks........................................$ 1 7 ,5 4 7 ,8 4 4 .3 0
U. S. Treasury certificates and notes . . . . .......... 2 4 ,1 3 9 ,3 3 8 .4 2
U. S. Treasury b o n d s ..............................................
8 ,6 6 2 ,6 0 9 -4 7
State and municipal securities...............................
6 00 ,8 8 5.68
Other marketable bonds.........................................
3 26 ,0 0 0 .0 0
Loans and discounts.................................................
9 ,0 7 6 ,8 1 3 -2 6
Federal Reserve Bank stock...................................
7 5 ,000.00
Bank building.............................................................
3 2 5 ,0 0 0 .0 0
Interest earned, not collected................................
134,022.21
Current receivables and other assets..................
2 19 ,3 35 .5 1
$61,106,848785
LIABILITIES
Capital............................................................................$ 1 ,0 0 0 ,0 0 0 ,0 0
Surplus...........................................................................
1 ,5 0 0 ,0 0 0 .0 0
Undivided profits and reserves.............................
2 64 ,039-97
3 3,794.86
Unearned discount....................................................
Liability under Letters of Credit.............................
1 87,750.00
Deposits......................................................................... 5 8,12 1,26 4.02
$ 6 1 ,1 0 6 ,8 4 8 .8 5

J ohn

Frederick H. Prince
Arthur G. Leonard
W. Austin

Treasurer, Union Stock Yard
& Transit Co.

President, Union Stock Yard
& T ransit Co.

I van E. Bennett

Orvis T. Henkle
Industrialist

Vice-President

Ralph

Robert J. Dunham
R IC H A R D

m

. Shaw

Winston, Strawn & Shaw

Investments

Thomas E W ilson

H ACKETT

Chairman of the Board,
Wilson & Co., Inc.

General Manager, Central
Manufacturing District

David

h.

Reimers

President

SERVING

AGRICULTURE

AND

INDUSTRY

S fv n c e
ME MB E R


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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. 1947

24

LEGAL

i un¡htnl* s
E xecu te •hull/1111*11 t
A M u ltip le Ih icl linii Hum este m l?
U . A Minnesota bank obtained a judg­
ment against Carlson and sought to
subject to its collection certain real
property owned and occupied by him
as his homestead in that state. The
property consisted of a four family
apartment house, one apartment be­
ing occupied by Carlson and the other
being rented by him to tenants. The
land consisted of less than one-third
of an acre in a city having a popula­
tion of over 5,000, and the property
was exempt from execution for the
judgment unless the fact that it was
a multiple dwelling prevented the ex­
emption from attaching. Could the
bank levy execution?

No. Under Minnesota law the deter­
mination of whether a homestead ex­
ists is controlled and measured by the
area involved which here was less
than one-third of an acre, the maxi­
mum permitted in cities of over 5,000
population. The character, number
and existence of the rental unit struc­
tures did not change the status of the
property from that of a homestead
exempt from execution.

This and Other Timely Legal
Questions Are Answered
by the
LEGAL DEPARTMENT

back premiums and upon the produc­
tion of evidence and insurability satis­
factory to the insurance company. As
an incident to proving insurability in
such cases may the insurer require in­
formation concerning matters in addi­
tion to those pertaining to good health
such as whether the applicant for re­
instatement owns and flies an air­
plane?

The courts are not in accord regard­
ing the meaning of the term “insur­
ability” as used in the reinstatement
clause of a life, health or accident in­
surance policy provision. The weight
of authority seems to be to the effect
that the term “insurability” is broader
than “good health;” but there is also
authority to support the opposite point
of view. Nebraska and Texas, for in­
Q . Wilson became indebted to a stance, hold to the latter view while
South Dakota bank. Subsequently he Missouri and Illinois hold to the
conveyed all of his property to his son former.
in return for an agreement by the son
to pay him $75 per month during his
lifetime. The indebtedness to the
bank was not paid and the bank sued
Wilson thereon and obtained a judg­
ment against him. The bank sought
to levy on and sell the annuity con­
tract to satisfy the judgment. Could
it do so?

Yes. An indebtedness, represented
by an annuity note or contract where­
by the maker agrees to pay monthly
sums to a person for the life of such
person, is subject to levy and sale
under an execution to satisfy a judgmnt. The South Dakota Supreme
Court so held in a recent decision.

Q. Most life, health and accident in­
surance policies contain provisions to
the effect that once lapsed they may
be reinstated upon the payment of
Nort hwest ern Banker, January, 1947


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

Q . Smith obtained a judgment against
Jones in Iowa. The judgment was not
paid and Smith ran a garnishment
against the bank with which Jones did
business. The bank answered in the
garnishment proceedings that it was
not indebted to Jones in any way and
therefore had no funds of his to turn
over to Smith. In such circumstances
was there a legal presumption that
the bank was indebted to Jones which
the bank must rebut with further
affirmative showings?
No. A garnishee who has answered,
denying indebtedness to the defend­
ant, is not presumed to be so indebted.
His indebtedness to, or possession of
property of, the defendant must be
affirmatively shown by the plaintiff,
in order to render him liable to such
plaintiff.

Q. Burke, a Minnesota banker, sus­
tained personal injuries as a result of
a fall on a public sidewalk in a city in
that state. Approximately one year
later he sued the city for damages,
claiming his injuries had been suffered
as a result of its negligence. He had
not, within 30 days after the accident,
served written notice of bis injury and
claim for damages upon the city as
required by law. Did bis failure to
do so prevent a recovery by him in the
law suit in which be was plaintiff?
Yes. The Minnesota Supreme Court
has consistently held that before a
party may bring action against a mu­
nicipality for injuries alleged to have
occurred as a result of its negligence,
he must first strictly comply with the
statute requiring presentation within
30 days from the date of such injuries
of a written notice to the city council
or other governing body of such mu­
nicipality.

Q . Schultz obtained a loan from his
bank of certain funds, pledging col­
lateral therefor. In doing so he made
various false representations regard­
ing the Aalue and worth of the col­
lateral. The bank relied upon these
representations in making the loan
and ultimately lost money as a result
of them. AVJiat is the measure of the
bank’s damages against the borroAver?
The measure of damages recoverable
for false representations as to the
value of collateral, by which one was
induced to loan money thereon, is the
net amount of money actually lost,
which is ordinarily the amount by
which the loan exceeded the actual
value of the collateral at the date of
the loan together with interest.
Q . The title to a tract of land in Illi­
nois Avas in dispute and its OAvnership
A\’as claimed by a number of people.
Bolian sought to clear the title and,
among various things, obtained a quit­
claim deed from Anderson, a banker
and one of the claimants. There A\ere

(Turn to page 26, please)

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

25

T he P ublic N ational B ank
A N D T R U S T C O M P A N Y OF N E W Y O R K
37 Broad Street

CONDENSED STATEMENT OF CONDITION
December 31, 1946 K

RESOURCES
Cash and Due from Banks----- -------$121,974,995.08
U. S. Government Securities------------------ ------------------------------- 312,189,737.0.>
State and Municipal Securities----------------------------------------------8,242,203.85
Other Securities---------------------1,530,400.87
Loans and Discounts-------------------------------------------------------------- 138,864,947.11
Customers’ Liability for Acceptances--------------------------------------1,219,577.10
Stock of the Federal Reserve Bank_:— -----------------------------------660,000.00
Banking H ouses------------------2,183,001.79
Accrued Interest Receivable--------------------------------------------------1,272,241.66
Other A ssets_______________________________________________
246,647.24
$588,383,751.75

L I A B I LITI E S
Capital _______________________________________ $ 9,625,000.00
Surplus__________________________ _____________ 12,3/5,000.00
22 ,000 , 000.00

Undivided Profits______________________________

6,604,001.65 $28,604,001.65

Dividend Payable Jan. 2, 1947___________—
— -----------------Unearned Discount-- ------------------------------------------Reserved for Interest, Taxes, Contingencies-------------Acceptances__________________________ ___ _*-$4,115.786.93
Less: (4wn in Portfolio---------------------------2,247,594.16
Other Liabilities----------------------------------------------------------------Deposits__________________________________

275,000.00
553,129.38
4.788,234.69
1,868,192.7*
242,310.32
552,052,882.94
$588,383,751.75

Securities carried at $10,658,717.23 are pledged to secure U. S. Govern­
ment W ar Loan Deposits of $7,770,565.45 and other public and trust
deposits, and for other purposes as required or permitted by law.
M EM BER:

N. Y .

C L E A R IN G H O U S E A S S O C IA T IO N « F E D E R A L R E S E R V E
F E D E R A L D E P O S IT IN S U R A N C E C O R P O R A T IO N

SY ST E M

Nort hwest ern Hanker, January, 1947

26

Experienced and Responsible Operators of Field Warehouses

ST. PAUL TERMINAL WAREHOUSE COMPANY

Address inquiries to our nearest office.
Consultation service is free.

Our Warehouse Receipts Provide the Soundest Security fo r AH inventory Loans

Gibson

*

_o

v>

<y
_c

Ò
5
vi
<y

Q

tñ

O

o*

oo
jE
O

2

O mark the anniversary of thirty
T
years as a bank president in New
York City,
president
Harvey I). Gibson,

OQ

and chairman of the hoard of Manu­
facturers Trust Company, was honored
by the directors and administrative
officers of the Trust Company at a
reception given in his honor.

■Sc
c
»0

CO

2

«
</> ■4»at
a
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o i
5 i
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Q■
»0
*

Mr. Gibson was elected president
of the Liberty National Bank of New
York on December 21, 1916. On March
31, 1921, at the time of the merger

o

LEGAL QUESTIONS

to
*-

(Continued from page 24)

LT>

no covenants or recitals in the deed
showing an intention to convey any
definite interest or estate in the land.
Eater Anderson decided to clear the
title and obtained for himself a deed
from the person who was the rightful
owner. Did Anderson’s after-acquired
interest pass to Bolian by reason of
the previous quitclaim deed?

o

a.

Northwestern Banker, January, 1947


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

tion
ovvd
n i
R eeop tion

No. It is well settled that a quit­
claim deed of the interest of a grantor
conveys no more than the present in­
terest of such grantor and does not
operate to pass an interest after ac­
quired. It follows that the grantor
under such a quitclaim deed is not es­
topped from asserting, and can prop­
erly come to own, an after-acquired
title provided there are no covenants
or recitals showing an intention to
convey any definite interest or estate
in such quitclaim deed.

between the Liberty National Bank
and The New York Trust Company,
he became president of the New York
Trust Company and since 1931 has
been president of the Manufacturers
Trust Company.
To mark the occasion, there was
presented to Mr. Gibson a silver service
tray as a token of the esteem in which
he is held by his associates. Above,
left, is Ernest Stauffen, chairman, trust
committee; Mr. Gibson; and Henry C.
Von Ehn, chairman of the board.

Q. Where a man and his wife are
divorced and there are children horn
of the union it is quite common that
some provision be made in the divorce
decree for periodic payments to be
made for the support of the children.
Thereafter, as such children come of
age, does the authority of the divorce
court over them, as a general rule,
come to an end so that the provisions
for support cease to be valid and bind­
ing?
Yes. Largely in reliance upon the
commonly expressed rule that, when
a child of the parties to a divorce or
separation action attains his majority,
authority of the court over such a
child comes to an end, it has been held
or recognized, except in a few scat­
tered cases, that a court in a divorce
or separation suit is without power
to provide for the support of, or aid
(Turn to page 28, please)

27

Manufacturers and Traders
Trust Company of Buffalo uses
this slogan to emphasize that
it provides complete banking
service to meet any individual
requirement.

Another leading bank using Hammermill Safety
The Manufacturers and Traders Trust Com­
pany was founded in Buffalo ninety years ago
"to serve manufacturers and merchants." But
today its many diversified, interrelated depart­
ments . . . from Estate Management to Thrift
Accounts . . . are designed to fulfil the needs

of everyone who requires any type of bank­
ing service. It encourages small accounts.
It has offices in seventeen neighborhoods
of Buffalo and in seven western New York
communities. W e are proud that checks of
this great bank are on Hammermill Safety.

I t s

ea 4 y

t ö cen
óo * o

SAFETY
MANUFACTURED


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

BY

HAMMERMILL

PAPER

COMPANY,

ERIE,

PA. ,

FOUNDED

1898

Northwestern Banker, January, 1947

28

LEGAL QUESTIONS
(Continued from page 26)
to, an adult child of the parties, or to
continue a provision for support after
a child attains his majority.

Q.

A Kentucky bank obtained a
group life insurance contract for its
employes which provided for the pay­
ment of $1,500 to the beneficiary of
any employe who died. Part of each
month’s premium was paid by the
employes individually and part by the
bank. One of its clerks was laid off
temporarily and, AA’liile so laid off, Avas
killed. He had not paid his share of
a premium which had come due dur­
ing the layoff but the bank had paid
its share and his share for him. Could
his beneficiary recover under the pol­
icy?

Yes. In a recent decision involving
analagous facts the Kentucky Court of
Appeals held that an employe’s tem­
porary layoff did not terminate his
employment or the protection afforded
him by an employes’ group insurance
policy. The fact that the employe’s
share of the premium was paid by the
employer did not enable the insurance
company to avoid liability, as the pre­
mium was paid and the identity of
the party paying the premium was not
material to it.

Q.

information? . . . market data? . . . who’s who?
Whatever your requirements — routine bank­
ing service, special information, or off-the-beatenpath assistance — the chances are that the facil­
ities, long experience and statewide contacts of
the First Wisconsin National Bank of Milwaukee
can supply the answer.
This bank is the largest in the state, and over
85 per cent of the hundreds of banks throughout
Wisconsin are First Wisconsin correspondents.

Banks and Bankers Division
GEORGE T. C A M P B E L L .................................. Vice President
RICHARD J. L A W L E S S ....................Assistant Vice President
DONALD A. H A R P E R ....................Assistant Vice President

■Member ofthe Federal Deposit
Insurance Corporation

FIRST WISCONSIN
NATIONAL BANK

Northwestern Banker, January, 1947

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

O F

M I L W A U K E E

Many states and cities liaAre laAvs
or ordinances, as the case may be,
making it a criminal offense to keep
or possess a gambling device. It is
quite possible that a person might
haA^e such a thing without using it or
intending to use it for gambling. Sup­
pose that such an individual AA’as convicted criminally on a simple showing
that he had the device in his posses­
sion and AAithout any shoAA’ing of an
intent to use it for gambling purposes.
Would such a conviction, generally,
be A7iolatiAre of any of the individual’s
constitutional rights such as his right
to be not depriA-ed of his liberty or
property without due process of laAA7?

No. It is generally recognized that
statutes or ordinances making the
keeping or possessing of a gambling
device an offense, without requiring a
showing that the device was used for
gambling, are not in violation of Fed­
eral or state constitutional provisions.
Holdings to that effect may be found
in Mississippi, Oklahoma, Texas, and
other states. In a case in Illinois a
conviction was upheld against a de­
fendant whose brother had brought
the device into the defendant’s home
and the defendant knew nothing about

it- # #

29

Harris Trust and Savings^
--■ J ' " " R » H ;o .s T E E E r ,c m c A O O
W E ST

Directors

Statement of Condition

JAMES M. BARKER
Chairman, Allstate Insurance Company

December 31* 1946

M ARK A . BRO W N
Executive Vice-President

Resources
Cash on Hand and Due from Banks
U . S. Treasury Bills and Certificates U . S. Government Bonds and Notes State and Municipal Securities
Other Bonds and Securities
Loans and Discounts
Federal Reserve Bank Stock
Customers’ Liability on Acceptances and
Letters of Credit Accrued Interest and Other Resources
Total

T H O M A S D R EVER
President, American Steel Foundries

$123,433,122.14
61,080,592.98
111,590,433.85
21,089,231.87
14,949,830.02
160,333,154.41
600,000.00
2,030,370.13
1,517,093.66
$496,623,829.06

$
-

8,000,000.00
12,000,000.00
5,326,659.91

General Contingency Reserve
Reserve for Taxes, Interest, Etc. Acceptances and Letters of Credit
Demand Deposits
$419,926,456.05
Time Deposits 39,079,799.23
Total

H O W A R D W . FENTON
Chairman of the Board
FRED G. GURLEY
President, Atchison, Topeka &
Santa Fe Railway Company
A R T H U R B. HALL
Hall & Ellis
ALBERT W . HARRIS
Chicago
ST AN LE Y G. HARRIS
Chairman of Executive Committee
j o h n l . M cC a f f r e y
President, International Harvester Co.
f . b . M cC o n n e l l
President, Sears, Roebuck & Co.

JOHN M cKINLAY
Chicago

Liabilities
Capital
.
.
.
Surplus
.
.
.
.
Undivided Profits
-

F R A N K R. ELLIOTT
Chicago

FR A N K M cNAIR
Vice-Chairman of Executive Committee

$ 25,326,659.91
6,588,325.19
3,672,218.55
2,030,370.13
459,006,255.28
$496,623,829.06

A . H. MELLINGER
Director, Illinois Bell Telephone Co.
CHARLES H . MORSE
Director, Fairbanks, Morse & Co.
G U Y E. REED
Vice-President
PA U L S. RUSSELL
President
W ILL IA M P. SIDLEY
Sidley, Austin, Burgess & Harper
H AR O L D H. SW IF T
Vice-Chairman of Board, Swift & Co.
S T U A R T J. TEMPLETON
Wilson & Mcllvaine

$36,850,000 of United States Government Obligations and $300,000 of State and Mu­
nicipal Securities are pledged to secure $11,213,100.02 of United States Government
Deposits and $24,302,615-80 of Trust Deposits, and to qualify for fiduciary powers.

W A R D W . W ILLITS
Director, The Adams & Westlake Co.

Member o f Federal Deposit Insurance Corporation

FR A N K H. W O O D S
Chairman of Board,
Addressograph-Multigraph Corp.


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Federal Reserve Bank of St. Louis

Northwestern Banker, January, 1947

30

Annual Report

COVERAGE
¿ ^ ...t h r o u g h

one

bank!

Yes, with one account at Bank of America your bank
obtains an intimate correspondent service with more
than 300 California communities where this bank has
its branches. Through this one account in either San
Francisco or Los Angeles, you reach all of California...
as well as other Western states, Hawaii, and Alaska.

★

★

★

Condensed Statement of Condition December 31, 1946
RESOURCES
Cash in Vault and in
Federal Reserve B a n k .......................................... $
Due from B a n k s ..........................................................
TOTAL CASH
. . . .
$1,054,532,432.97
United States Government Obligations, direct and
fully guaranteed
. . .
.............................
State, County, and Municipal B o n d s .....................
Other Bonds and S e c u r i t i e s .....................................
Stock in Federal Reserve B a n k ................................
Loans and D is co u n ts .....................................................
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 ills...........................
Other R e s o u r c e s ..........................................................

719,881,949.43
334,650,483.54

2,394,164,646.68
363,908,908.90
117,858,171.83
6,219,650.00
1,722,743,512.87
18,678,564.90
30,286,288.10
86,034.56
56,627,025.23
419,956.58

TOTAL R E S O U R C E S ........................................... $ 5 ,7 6 5 ,5 2 5 ,1 9 2 .6 2

LIABILITIES
Capital
.......................................... $
S u r p l u s ..........................................
Undivided P r o f i t s ...........................
R e s e r v e s ..........................................

106,646,375.00
110,000,000.00
20,235,546.71
4,414,785.01

TOTAL CAPITAL F U N D S ..................................... $
Reserve for Bad D e b t s ...............................................
D e m a n d ..................... $3,152,251,956.15')
Deposits
r
Savings and Time .
2,263,597,758.57J
Liability for Letters of Credit and as Acceptor,
Endorser, or Maker on Acceptances and
Foreign B ills ...............................................................
Reserve for Interest Received in Advance . .
Reserve for Interest, Taxes, etc...................................

DEAR EDITOR
(Continued from page 11)

5,415,849,714.72

57,926,262.57
9,408,514.39
9,928,485.09

BANK

M a in Offices m Two Reserve Cities of California
San Francisco
Lus Angeles

l&mxk oi America
NATIONAL
MEMBER

IF N

hT sASSOCIATION

FEDERAL

DEPOSIT

INSURANCE

MEMBER

FEDERAL

RESERVE

Nort hwest ern Banker, January, 1947

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

C O R P O R AT ID N

SYSTEM

W. H. Hemingway, president of Mer­
cantile-Commerce Bank and Trust
Company, St. Louis, has been elected
a member of the board of directors
of the Chamber of Commerce of the
United States.

31,115,509.13

TOTAL L I A B I L I T I E S ............................................$ 5 ,7 6 5 ,5 2 5 ,1 9 2 .6 2

S TATEWI DE

On Chamber Board

241,296,706.72

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

CALIFORNIA'S

Net earnings of $631,916 for 1946
were reported for the American Na­
tional Bank and Trust Company of
Chicago by President Lawrence F.
Stern in his annual report to stock­
holders. This figure represents net
operating profits after provisions for
reserves, taxes and contingencies, and
compares, with reported net earnings
of $600,590 for 1945. Profits realized
on securities are not included in these
earnings figures, it being the bank’s
practice to credit these profits to se­
curities reserve.
Based on the 20,000 shares of capital
stock outstanding in 1946, these earn­
ings represent $31.59, compared with
$30.02 in 1945. Ten thousand addi­
tional shares of stock were issued late
in the year representing a 25 per cent
stock dividend, plus rights issued to
stockholders to purchase additional
shares at par at the rate of one new
share for each four shares held. With
this increase in capital, the bank’s
combined capital and surplus now
totals $7,000,000.
Dividends were paid in 1946 at the
regular rate of $6.00 per share. Mr.
Stern has indicated that the dividend
to be declared this month on the
increased stock will be continued at
the $6.00 rate.

tions Commission o f which I am a new
member and the subject matter in your
study is one o f the projects under consider­
ation. I would like to obtain 25 copies for
the commission and will gladly remit to
cover if they can be obtained.”
Will A. Lane, President,
Security Savings Panic, Mar­
shalltown, Iowa

"W e Enjoyed Your Story"
“ We enjoyed your story and pictures in
the N orthwestern B anker o f the Ne­
braska Convention very much. Your feature
writers certainly do get around and cover
the waterfront, so to speak.”
Ernie Thompson, Asst, to
the Sec'y, Nebraska Bankers
Association, Omaha Nebr.

"The Best Banking Magazine"
“ Don’t forget to change my mailing
address as I sure wish to continue receiving
the best banking magazine published which
is the N orthwestern B anker .”
William B. Whitman, Ass’ t
Vice Pres., American Na­
tional Bank #• Trust Co.,
Chicago, III.

31

Banking Facilities for

xU

As bankers, you render your customers a valuable service by helping
them with their foreign trade and international banking transactions
Helping our correspondent banks with these problems is, in turn, a
service we offer you.
Our Foreign Department is a well-rounded organization with extensive
banking and exchange experience. W e are glad to cooperate with corre­
spondents in connection with export and import transactions . . . foreign
exchange . . . transfer o f funds and other foreign banking problems.

bankers


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Federal Reserve Bank of St. Louis

T rust Company
YORK

MEMBER

FEDERAL

DEPOSIT INS U RA NC E

CORPORATION

Nort hwest ern Banker, January, 1947

32
GERIATRICS:

HELPING

OLDER

PEOPLE

ENJOY

LIFE

LONGER

More “ Happy New Years” for people past 40
If you are 40 today, you can rea­
sonably expect to welcome, at the
very least, thirty more New Years.
And all can be years of pleasure and
accomplishment, free of many “ old
age” discomforts and handicaps.
True, disease may still strike, but
the dread once attached to such names
as “ heart trouble” or “ diabetes” is a
thing of the past.
Perhaps the year’s end is a good
time to point to today’s more hope­
ful life outlook— brought about largely
by geriatrics, the science of helping
older people enjoy life longer.
Tuberculosis now kills less than
half as many Americans as it did after
the last war. Pneumonia, fatal in one
out of four cases 25 years ago, now
claims only one out of ten. Diabetes,
which before 1921 meant almost cer­
tain death within a year, has met its
match in insulin.
Many infectious diseases are yield­
ing to the well - named “ miracle

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

drugs.” New glandular products are
helping correct many deficiencies of
middle age, and science is fast finding
the key to the virus diseases. Even
heart disease, the greatest killer, can
be both prevented and arrested.
Cancer and the mental diseases are
still a challenge, but far more re­
coveries are being reported than is
commonly supposed.
To speed the good work, American
life insurance companies—including
NWNL—are jointly sponsoring exten­
sive medical research. As more minds
are applied to the problem, the day
will come sooner when good health
throughout a full lifetime becomes
everyone’s birthright.

NORTHWESTERN
INSURANCE

Financial health, through adequate
savings and life insurance, is no less
vital to a serene and happy existence.
Fortunately, 73 million Americans
now own over 170 billions of life in­
surance. NwNL’s own growing family
of policyholders sharply increased
their protection in 1946, to more than
$680,000,000. Assets back of their
policies rose to $140,000,000, and
surplus funds reached a new high of
$10,500,000.
62nd ANNUAL ST A T E M E N T :
For years NwNL's has been the first life
insurance statement published in the new
year. As usual the complete statement, as of
December 31, was mailed on New Year's
Day. Copies on request.

TV

'a//onft/ L

COMPANY

O . J. A rnold, President

{This is a reproduction of NwNL’s current national advertisement.)

if e

33

IN S U R A N C E

H ow / If7rite M o r e Thun
Tivo M illion in N ew
Business Each Y ea r
By LOWELL L. NEWMAN
Penn Mutual Life Insurance Company
Ft. Wayne, Indiana

P ROBABLY no phase of our busi­
ness of maintaining production is
less understood than the problem of
constructive prospecting. You make
no money talking to yourself, and
very little more talking to suspects.
It has been said that everyone is a
prospect. That may be true, but not
necessarily a prospect for you or me.
The leading merchant, or leading
lawyer in your home town is, no doubt,
an excellent prospect for some of you,
but not for me. Why? Because you
have the entree, because you know a
lot about him and his family, his busi­
ness, his hobbies, his hopes and ambi­
tions. I know none of these facts,
and therefore he is just a name to me.
According to my definition, a pros­
pect is one about whom we know a
lot and still think we can sell. If we
don’t know enough about him, and
are not convinced that we can sell
him, then we should get a prospect in
whom we do have that much confi­
dence.

Applying this method of selection
still further, I found that I could ac­
complish more by prospecting for in­
dividuals whose needs were uniform
and fit the sale I was best prepared
to make. It has always seemed to me
to be easier to sell the members of a
group or profession whose needs were
fairly uniform and whose habits of
thought were in conformity. When I
sold farmers, I found it was much
simpler to talk to them than profes­
sional men. When I began selling
football men I learned to talk their
language. Then when I concentrated
on doctors, I became as acquainted
with their problems and understood
their desires for security as well as
they themselves.
If you elect to solicit the members
of any large group, and become famil­
iar with their viewpoint and needs,
you will find your work easier and
your prestige among the members of
that group growing greater with each
successive talk.

Build Stepping Stones

Add to Prospect List
When we have established the quali­
fications of a prospect, then it is im­
portant that we separate the wheat
from the chaff, and continuously add
to our list of prospects and discard
the suspects. I solved the problem
of “whom should I see next?” by a
rule which I followed religiously for
many years; that rule was to add the
name of at least one new prospect to
my select list each day. Some days
many more than one, but never less.
From that time on I have always had
more live prospects than I have had
time to see.

For instance, if you should elect to
sell the dentists of your city, you will
find that once you have secured their
confidence it will be perfectly agree­
able with them for you to use your
list of recent sales as an introduction
to the other members of the group.
Unless you can apply some system of
continual introduction from one sale
to another, and make today’s sale a
stepping stone to tomorrow’s inter­
view, you will always be starting from
scratch.
What do we need to sell life insur­
ance? In my opinion the public has

Did you know that our Cash Letter P olicy not only
gives protection but enables you to cut operat­
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F IR S T

N A T IO N A L


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BANK

B U IL D IN G

•

C H IC A G O

L O W E L L L. N E W M A N
“ I prefer the short sales talk”

been fully educated to the efficacy of
life insurance as a solution to its needs.
First, the war risk insurance of the
First World War, then the Social Se­
curity in the thirties, and now the Na­
tional Service Life Insurance, together
with the national advertising cam­
paign, have convinced the public of
the soundness and necessity of life
insurance.
On that assumption I am convinced
that we are inclined to duplicate the
work which has already been done for
us, and we tend to confuse the pros­
pect by spending our time selling an
idea on which he has already been
sold. I think the public is ready and
willing to buy. People only want to
be shown how life insurance can be
applied to their needs and what to
do to get it.
I have concluded that the long ex­
planation of policy contracts, and de­
tailed analyses, are purely service
functions and are no more related to
the sale of life insurance than the
service department of an automobile
agency is related to the sale of an
automobile. True, when the sale is
made, then it is the duty of the agent
to fit the policy into the financial plan
of the purchaser in such a way as to

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

•

STATE

4325

Northwestern Banker, January, 1947

34

Insurance

provide him and his family the great­
est benefit.

Don't Talk Much
I don’t talk much in the presence
of my prospects. I tell the basic facts
and let them guess at the details. You
see I don’t understand the policies
myself, and therefore don’t think the
prospect would either. I am a believer
in short sales talks, because it seems
to me the fewer details you provide,
the fewer objections you have to an­
swer. Facts cannot be argued, and
objections are suggested by the de­
tails of the explanation. You never
get in trouble (except perhaps with
your wife), with the things you don’t
say. It’s always the things you do

say that get you into difficulties. A
short talk, coupled with a request for
a decision on a minor point, such as,
“Mr. Prospect, if you could get a con­
tract like this, you would be inter­
ested, wouldn’t you?” or “ If you took
a policy, how would you want to pay
the premium?” is an invitation to the
prospect to talk and provides more
time for the salesman to listen.
A farm neighbor of mine had a horse
that wasn’t working very well. He
would pull up a few feet and stop,
then pull up a few feet and stop. A
stranger watching the procedure said
to the farmer, “What’s the matter, is
your horse sick?” “Not that I know
of,” replied the farmer. “He’s just so

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'Mutual Insurance Is American Insurance'

Northwestern Banker, January, 1947


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Federal Reserve Bank of St. Louis

danged afraid he won’t hear me say
whoa, he’s always stopping to listen!”
I, too, am so afraid I won’t hear the
prospect say yes, I am willing to listen.
A short talk provides more time for
listening and fewer opportunities for
the prospects to conjure objections.
Besides, if you are a good listener
your prospect may be deceived into
believing that you are really interested
in giving him some service, and that
he can talk freely to you without fear
of being sold. Also, you sleep better
because you haven’t influenced the
buyer and your conscience is clear.
In my sales talk I aim to maneuver
the prospect into such a position that
it is up to him to sell me, rather than
for me to sell him. I feel that I am
better prepared to meet the situation
by being a good listener, rather than
a continuous talker.

Simplifying Programming
Because I am interested in program­
ming the insurance of my own clients
only and only as an entering wedge,
I try to simplify the process. When
my prospect says, “ I am glad to see
you, Mr. Newman, and am always
glad to have you drop in, but as you
know there is no more insurance in
the cards,” I say to him:
“While I am here I want to bring
my card records up to date and I
must get some information now. How
much is it going to cost you to get
safely buried, how much income do
you want your wife to have, how
much do you want the children to
have for their education, and how
much do you think you ought to have
to retire on?”
Then I say, “Mr. Prospect, you have
$30,000 with me, $10,000 in the X.Y.Z.
company and $10,000 in the A.B.C.
company, making a total of $50,000.
Is that all?” He says, “Yes.”
I say, “How about arranging for the
education of the children now?” If
he says he has already done that,
which I may or may not have known,
then I say,, “ If you have that done,
then you are short some place else—
how about closing the loop holes
now?”
You see, I have done this in about
five minutes and that conserves a lot
of time and you don’t have to write
your prescription in later.
Most prospects are opportunists, and
therefore we should exploit the favor­
able circumstances which, for one rea­
son or another, seem to dictate the
advantages of buying today. The sim­
plest of these circumstances is change
of age, which all of us use to some
degree. I had one outstanding experi­
ence with change of age. I had sold a
man $100,000 of life insurance some
months before, and the prospect as-

Insurance
sured me that was his limit. He had
me pretty well convinced. But on the
17th day of July, before the prospect’s
birthday on the 20th of July, I called
on him and said, “Mr. Prospect, do
you realize that this is your last oppor­
tunity to buy life insurance at age
63?” He said, “Why, I will be 64 in
three days.”

$640,000 More Business
I replied, “ I know, but some compa­
nies will antedate their policy to save
your age.” He asked, “ Can you find
out what companies will do that by
tomorrow morning?” and I told him
I thought so. He informed me he
would see me at 9:00 the next morn­
ing. I came away with applications
on which I delivered $640,000 or ordi­
nary life, and it opened the way for
many hundreds of thousands more in
the months to follow.
To summarize, in my opinion noth­
ing succeeds like success. It is much
easier to keep writing business when
the motion is up. It takes a lot more
power to start a load than to keep it
moving. Therefore, don’t stop writing
new business in order to deliver busi­
ness previously written. The salesman
who makes his sales this week, de­
livers the policies the next week and
then starts writing again the follow­
ing week, cuts his potential produc­
tion in half. Don’t ever stop soliciting
new business.
It is mighty discouraging to deliver
a lot of business and then have to
start again from scratch. I would
rather lose a sale because I was slow
to deliver, than to miss writing some
business this week. The constant flow
of business is essential to keeping your
morale high and preventing slumps
in your mental attitude.
Keep the job you have by continu­
ously writing new business. The man
who delivers all the written business
he has in sight is out of a job and be­
gins the dreary task of job hunting all
over again. To maintain production
means to increase production. We
don’t stand still in this business. We
either go forward or backward. The
defenders of Bastogne, during the
German push, said, “As our ammuni­
tion ran short, we shot straighter.”
Time is our ammunition. Therefore,
let us plan better. # #

Dividend
The Board of Directors of the City
National Bank and Trust Company of
Chicago on December 31, 1946, con­
tinued their policy of the past few
years of declaring a semi-annual divi­
dend of $2.00 per share, of which $1.00
will be paid February 1, 1947 to stock­
holders of record as of January 20,
1947 and $1.00 on May 1, 1947 to stock­
holders of record as of April 21, 1947.

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Federal Reserve Bank of St. Louis

The directors also declared an extra
and additional dividend of $2.00 per
share to be paid February 1, 1947 to
stockholders of record as of January
20, 1947. This makes a total of $6.00
paid or declared during the current
year.

35

Dividend
The 196th consecutive quarterly divi­
dend of The Northern Trust Company
was declared by the directors. This
dividend of $4.50 is payable on January
2, 1947 to stockholders of record De­
cember 17, 1946.

Low Cost, Non-Assessable
FARM LIABILITY INSURANCE

for Your Farmer Clients
Allied Mutual pioneered this worry-free protection which
defends the farm owner in case cattle get into neighbor’s
corn, loose horse injures motorist on highway, hired man
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ALLI ED M U T U A L
CASUALTY COMPANY
Harold S. Evans, President
Hubbeil Building

Des Moines 7, Iowa

WHAT A B O U T V A LU ES
Values are not always apparent. Some­
times you can’t judge them at all and
in such instances you buy on faith,
relying upon the maker’s good name
to evaluate for you and fairly set the
price.
A box o f De Luxe Personalized
Checks is easy to value —at least to
the extent o f knowing it is worth
more than its cost. It isn’t difficult to
believe that it used to sell at $2.50
even though now it sells for $1.25.
Strangely enough, we never made much
money at the higher price whereas we
do fairly well at the lower figure,
which is made possible by ever-ex­
panding volume.
And speaking o f prices .. .we appear
to be "holding the line” in a satisfac­
tory manner on our regular line o f
customers’ checks. Our schedules are
up 15 percent over 1941, which in­

dicates that we have offset a large part
o f increased labor and material costs
thru better performance. On Person­
alized Pocket Checks, however,we are
currently getting enough additional
output to offset all the increased ma­
terial costs and hourly labor rates. It
isn’t so much that we are doing things
faster, we are doing them easier.
W h y don’t you sort checks easier by
selling more o f your customers on
the idea o f using imprinted checks?
The value is apparent to them, the
saving is important to you, and the
business is vital to us. Let’s the three
o f us get together. W e’ll supply the
advertising folders. You place them
in your monthly statements. The de­
positors will buy the checks. And
we’ll deliver them promptly. Write
us for details o f the De Luxe Person­
alized Check Program or talk it over
with our representatives.

Northwestern Banker, January, 1947

36

CENTRAL
BANK

AND

TRUST
NEW

TRUSTEES

HANOVER
COMPANY

YORK

Statement of Condition, December 31, 1946

G E O R G E W . D A V IS O N
Honorary Chairman

L O U IS S. C A T ES

ASSETS

President, Phelps Dodge Corporation

C O L B Y M . C H E ST E R
Honorary Chairman
General Foods Corporation

JO H N B . C L A R K
President, The Clark Thread Co.

JA R V I S C R O M W E L L

President
William Iselin & Company, Inc.

BER N A R D M. CULVER

Chairman o f the Board
Continental Insurance Company

JO H N S T O N D E F O R E S T
Attorney

T H O M A S D IC K S O N

President
Berlin and Jones Company, Inc.

W A L T E R G . D U N N IN G T O N
Attorney
Dunnington, Bartholow and M iller

W IL L IA M A. E L D R ID G E

Cash and Due from B a n k s .....................................$ 3 7 6 , 10 0 ,3 8 2 .5 0
U. S. Government S e cu ritie s...................... 79 9 , 449 , 4 0 5.75
State and Municipal Securities

. .

.

..

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

.

2 7 , 76 9 ,0 3 7 .4 1

9 , 9 6 2 , 4 13 .6 2

Loans and Bills P u rch ased ........................... 40 0 , 9 8 5 , 7 0 7 .19
Real E sta te M o rtg ag es....................................... *

.

3 , 5 5 5 , 72 0 .8 4

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

1 2 , 900 ,009.00

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

2 , 649 , 16 7 .7 5

Customers’ Liability Account of Acceptances

Vice President

.

6 ,3 9 3 ,4 79 .9 2

Total ^ 1 , 6 3 9 , 7 6 5 , 3 2 3 .9 8

W IL L IA M F. C. E W IN G
Vice President and Treasurer
Alexander Smith and Sons Carpet Co.

R O B E R T L. G E R R Y

L IA B ILITIE S

President, The Gerry Estates, Inc.

W IL L IA M S. G R A Y , JR .
President

C. JA R E D IN G E R S O L L

Chairman o f the Board
Kansas, Oklahoma and G ulf Railway Co.

K . T . KELLER

President, Chrysler Corporation

C a p i t a l ...........................................$>2 1 , 0 00 ,000.00
S u r p lu s ................................................ 80 ,0 00 , 000.00
Undivided Profits.............................. 2 3 , 10 4 ,4 0 2 .19

$1 2 4 , 10 4 , 4 0 2 .19

G EO R G E M. M O FFE TT
Chairman of the Board
Corn Products Refining Co.

JO H N K . O L Y P H A N T , JR .
Vice President

B E N JA M IN O ’SH EA

Chairman Executive Committee
Union Carbide and Carbon Corporation

E U S T IS PA IN E

Chairman o f the Board, N ew York and
Pennsylvania Co., Inc.

Reserves:
Taxes, Interest, e tc.............................

7 , 7 8 5 ,4 8 2 .77

Dividend:

Payable January 2 , 1 9 4 7 ...........

1 ,0 5 0 ,000.00

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

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

A U G U STE G. P R A T T
President
The Babcock and Wilcox Company

D eposits............................................................. 1 , 500 , 1 8 3 , 8 8 1.4 9

G W IL Y M A. P R IC E

Total $ 1 , 6 3 9 , 7 6 5 , 3 2 3 .9 8

President
Westinghouse Electric Corporation

L U C IU S F. R O B IN S O N , J R .
Attorney
Robinson, Robinson and Cole

There are pledged to secure public monies andto qualify

for fiduciary powers

JO H N P . S T E V E N S , J R .
President, J. P. Stevens & Co., Inc.

U. S. Government S ecu rities..............................$ 6 0 , 5 3 7 , 3 5 4 . 6 9

H EN RY P. TURN BULL
Montclair, N ew Jersey

W IL L IA M W O O D W A R D
N ew York, N. Y.

Northwestern Banker, January, 1947


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Federal Reserve Bank of St. Louis

M EM BER

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 I O N

37

IN V E S T M E N T S

S ecu rity M a rk et A djustm en ts
Mtrinyiny L u yyu rd s tutu Line
Recent Slight Increases in Interest Rates
Were Started Many Months Ago
By RAYMOND TRIGGER
Investment Analyst
New York City

S ECURITY markets in recent weeks
have been featured by several ad­
justments to preceding events.
There have been a few slight upward
changes in interest rates, but the
start of this parade was made many
months ago. Recent developments
merely bring laggards into line and
do not necessarily presage a further
stiffening.
The “excess” reserves of the larger
commercial banks are practically non­
existent, but they have been frequent­
ly missing ever since the Treasury’s
huge debt retirement program got
under way. The end of that opera­
tion is, however, clearly in sight. The
Treasury has about exhausted its idle
cash and holds little more than its
expected minimum.
Seasonal factors will build up Treas­
ury cash during the first quarter of
1947. There is not much the Treasury
can do with the probable excess of
receipts over expenditures except to
pay off its March maturity of nearly
two billions of 114 per cent notes.
This is likely to go the way of many
preceding maturities carrying coupons
of more than % per cent. Any cash
over or under can be used or acquired
by expanding or shrinking new cer­
tificates at some routine “roll-over”
operation.
The modest raise in the rate paid by
several of the country’s large com­
mercial banks on savings accounts
that was announced toward the middle
of December was not of itself signifi­
cant, nor should it be read as a sign
that these institutions look for mark­
edly higher interest rates. It merely
marks the end of a long period during
which new deposits were a dime a
dozen as a result of deficit financing
by the federal government. All during
that period also, money was cheap­
ening under the exercise of the enor
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Federal Reserve Bank of St. Louis

This is a discussion of factors
affecting your investment port­
folio. If you have any questions,
or if you find yourself in dis­
agreement with comments here­
in, your letters, addressed to the
NORTHWESTERN BANKER, will
he welcome and will be answered
here if the subject matter is of
genera! interest. Under no cir­
cumstances will the editor of this
column discuss specific securities.

mous federal powers. Thus, for years,
there was no need to seek new ac­
counts and, at the same time, it was
impossible to know how much lower
interest rates would be forced and
therefore it would have been impru­
dent to fix rates that would shortly
be adjusted again.
Now, however, it is impossible to
estimate intelligently the rate that
can be paid profitably on savings ac­
counts, and the flood of new deposits
is a thing of the past. Altogether, the
higher rate merely brought another
segment of the banking structure into
line with the broad transition from
war to peace that was the major char­
acteristic of 1946.

An Important Innovation
On another front in the security
market December was notable. There
was a price adjustment by the offer­
ing underwriters of a large high-grade
preferred stock issue that was not
selling well. Almost always in the
past, syndicates have, soon or late,
wound up offerings of slow selling is­
sues by simply distributing the un­
sold shares among their members and
permitting the issue to “find its nat­
ural market level.” The departure

from routine selling methods was a
reduction in the public offering price
while keeping the syndicate alive.
The occasion for the re-pricing was
that a similar quality preferred came
to market while the older issue was
still being offered. The price of the
newer issue was such that the shares
sold easily. The handwriting was so
obvious and the implication so clear
that the sticky issue could be moved
if the price was made “right,” that
the action taken was no more than
ordinary sound merchandising. The
main significance, of course, is the re­
affirmation of the fact that the security
markets have turned from a “seller’s”
market to a “buyer’s” market.

"Buyer's Market"
Another wrinkle in security mar­
keting received attention in December
when a large block of common stock
was taken from private owners and
offered to the public. In this case,
salesmen were permitted to seek or­
ders in advance of the formal offer­
ing and before the actual price could
be named. In effect, it gave the under­
writing group more time to merchan­
dise the shares. Incidentally, it also
gave the prospective purchaser more
time in which to study the nature of
the security before making an invest­
ment. This is only too wholesome a
development. Although the operation
was not conducted on exactly parallel
lines, it was in some ways like a huge
refunding operation undertaken in
1921, also during a period of adjust­
ment to the strains of a world war.
Then, though, the longer time needed
to effect the selling was secured by
employing the “When issued” tech­
nique.
From the investor’s point of view
the necessary changes in selling new
issues are constructive. There will
be fewer “out the window” offerings
Northwestern Banker, January, 1947

38

Investments

which mean that securities will be
available for longer periods and will
be more securely placed, or more
soundly sold, even though more time
is required. The investor consequently
can pick and choose without the risk
of entirely missing the desirable of­
ferings. This privilege is all to the
good and should be freely exercised
by every prudent security buyer.

World Bank Securities
By Mid-Summer?
This theme can be applied particu­
larly to prospective emissions by the
just-functioning World Bank. The
Bank has not offered any bonds to the
public, either its own or those of its

members which will carry the guar­
antee of the Bank, but some of the
Bank’s capital has been paid in and
its transition-time president is step­
ping aside.
Thus, in fact and in Eugene Meyer’s
opinion, the Bank is functioning. Cer­
tainly it has some lendable capital and
it has before it requests for loans.
The Bank lost an asset in Mr. Meyer,
but it was understood that he would
serve only long enough to get the
institution running. Assuming the
new president is well received in the
banking world and that the Bank it­
self makes some further headway
toward completing its staff, an issue

We are pleased to announce that
LEO N A R D

V. D A YTO N

has been admitted to partnership in our firm
in charge of our office in
M IN N E A P O L IS
RAND TOWER

HOLLEY,

DAYTON

& GERNON

M em b e rs C h ica g o S to ck E x c h a n g e a n d C h ica g o B o a rd o f T rade

105 SOUTH LA SALLE STREET, CH ICAGO 3
MADISON, WIS. • LACROSSE, WIS. • EAU CLAIRE, WIS. • FOND DU LAC, WIS.
WAUSAU, WIS. • ROSWELL, NEW M EXICO

Partners
W

ard

W.

Er n est

D ayton
A. M a y e r

E dw ard T . G e r n o n
J o h n M . H o l i .e y , J r .
J o s e p h C. O res
E l iz a b e t h L . D a y t o n

Northwestern Banker„ January, 1947


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Federal Reserve Bank of St. Louis

of debentures of the International
Bank for Reconstruction and Devel­
opment, to use the mouth-filling formal
title, may be on the market by mid1947.
Despite some appealing and ingen­
ious schemes that will be considered
by the Bank, there is little doubt that
almost all the money which the Bank
will lend will be borrowed from Amer­
ican investors. The two great con­
centrations of lendable funds are the
insurance companies and the com­
mercial banks. Thus far, neither has
evinced any notable avidity for the
yet-to-be-created investments. Prac­
tically all of the inspired observations
on the activity of the Bank have em­
anated from sources close to and pre­
sumed to be friendly toward the Bank.
Since the Bank has some capital
paid in, including a fair amount of the
precious dollars which everyone wants
to borrow, it could make a modest
loan or two before coming to the pub­
lic with debentures for sale. The
question of priority might arise and
embarrass the managers, though, and
this might persuade them to borrow
enough to make a number of loans at
the same time. Or, the Bank may elect
to borrow on its own debentures be­
fore it makes any loans. The poten­
tial borrowers from the bank may
understandably be anxious to get the
money and start spending it for the
goods so many countries need for their
reconstruction, but it surely would
be wise for the Bank to make haste
slowly at first.
A test issue of moderate size in the
course of the next few months might
well be the best method to get started.
The insurance companies may warm
up gradually and although they are
normally long-term investors they
might show more interest if the first
issue is of medium term.
There are some legal barriers, but
these may be overcome in fairly lim­
ited time. Even if permitted to pur­
chase the new securities though, neith­
er the insurance companies nor the
commercial banks can be required to
do so. In the case of banks, a maturity
of no more than ten years seems al­
most mandatory. The difficulty here
is that the Bank is expected to be
operated on a business-like basis and
it certainly cannot start by making
long-term loans with funds borrowed
for short or medium terms.
The other great objection that is
written into the charter of the Bank
is that the prospective borrower from
the Bank must show that the funds
are not to be had from private sources
on reasonable terms. But this very
condition almost marks the loan as of
dubious quality. And in the final

Investments
analysis, how can the Bank’s obliga­
tions be much better than the Bank’s
assets? Accordingly, prospective in­
vestors in World Bank debentures
may prudently look long and searchingly at the prospective debentures
before purchasing them.

Banks Urged to improve Quality
More pressing problems are pre­
sented to the managers of the security
portfolios of commercial b a n k s ,
though, than those of World Bank
debentures. In broad outline, they,
like the poor, are always with us. It
is worthwhile, perhaps, to repeat that
the honeymoon is over. The situation
was definitely changed during 1946.
Money rates, fortunately, seem un­
likely to fluctuate sharply. They have
made a modest adjustment to changed
conditions and there remain all the
great powers granted the federal
authorities to control rates. The long,
extremely slow trend appears to be
toward higher rates, but if the pace
is anything like as slow as is antici­
pated, there will be no violent market
reaction by top grade securities and
most banks’ problems will steadily
diminish as time brings maturities
closer.
In the field of commercial loans the
outlook is a little less satisfactory.
The mid or late 1947 depression so
widely forecast may or may not come
off. And, if it does, it may be mild or
severe, brief or prolonged. The view
most widely accepted is brief and mild.
In any event, though, there is clearly
ahead a fairly prolonged period of high
production, high costs, narrow profit
margins and severe competitions.
These factors mean that the sub-mar­
ginal and border-line enterprises will
inevitably be hurt. Loans will have

J a m ie s o n

39

best, of course) move less, but the
followers push along just the same.
Ultimately, the spread between them
is narrower than justified by the dif­
ferences in quality. It doesn’t matter,
superficially, while everything i s
booming, but when those conditions
are reversed, it will be the mediumgrade issues that will take the brunt
of the reaction. Investors have had
some months in which to take the in­
dicated defensive steps, but the mar­
kets, as shown by relative yields, do
not indicate that enough investors
have made enough shifts. Generally,
portfolios should be up-graded in an-

to be looked into all the more care­
fully in this event.
Somewhat similar conclusions apply
to the security portfolio. The market
has yet to make any significant ad­
justment in prices which properly
takes into account the greater risk
inhering in lower quality corporate
bonds than in high-grade issues. Un­
der the broad influence of steadily
cheapening money, the prices of all
grades of bonds were pushed higher
and higher until last year. At a cer­
tain level, the resistance to higher
prices becomes more marked and
these issues already up there (the

O w e n p. McDe rm ott

JAMES C. SHAW

SJiaw, McDermott t, f> .
914 Liberty Bldg.

Phone 3-6119

DES M O I N E S

9,

IOWA

ANNOUNCE THE OPENING OF A

CORPORATE SECURITIES DEPARTMENT
W IT H

COMPLETE TRADING SERVICE
IN

CORPORATE SECURITIES
BOTH

LISTED AND UNLISTED
Connected with the firm are the following new representatives:
NORMAN CONWAY

DOUGLAS CONWAY

PHILLIP CARROLL

INVESTMENT
SECURI TI ES

&

Public Utility

C ompany

Industrial

Members

New York Stock Exchange
and

Railroad

Other Principal Exchanges

★

STOCKS
BONDS
COMMODITIES

M unicipal

A.C.ALLYNandc o m p a n y

★
MINNEAPOLIS
FARGO
ST. PAUL
GRAND FORKS
DULUTH
SIOUX FALLS
EAU CLAIRE

Incorporated
100 W e s t M o n ro e S tre e t, C h ic a g o
N ew Y o rk
O m ah a

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

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

M in n e a p o lis
M olin e

Private W ire to A ll Principal Markets


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Federal Reserve Bank of St. Louis

fiqrfh western Banker, January, 1947

40

Investments

ticipation of either a business set-back
in 1947 or, at least, of a period of keen­
er competition in business generally
with its consequent increase of in­
dustrial mortality.
The commercial banks which en­
counter a healthy expansion in de­
mand for sound commercial loans are
in the enviable position of being able
to accommodate their borrowers with
the proceeds of security sales and, at
the same time, raise the bank’s earn­
ings. They, above all, should be the
first to grasp the opportunity to im­
prove average quality of remaining

SKI S P E C I A L

security holdings since, first, they have
to make some reduction of security
holdings and, second, they can do it
on inviting terms under existing con­
ditions. # #

Open Minneapolis Office
Holley, Dayton & Gernon, 105 South
La Salle Street, Chicago, have opened
their Minneapolis office at 1240 Rand
Tower under the management of Leon­
ard V. Dayton and Kenneth C. Joas.
Partners in the organization include
J. M. Holley, Jr., Ward W. Dayton,
Edward T. Gernon in charge of their

Madison, Wisconsin, office, Ernest A.
Mayer, who is in charge of the order
room and trading department, Chicago,
and Joseph C. Ores, office manager in
Chicago. Leonard Dayton became a
partner on January 1. Ward W. Dayton is the managing partner in Chi­
cago, and after attending Princeton.

S U N S H I N E FLYER

iVV

WARD

W.

DAYTON

went to the Babson Institute, following
which he worked for six years in
Boston with a New York stock ex­
change house.

Winter Vacationists Mean Business!
Both north and south bound travelers from your com­
munity will benefit —and so will your bank —if they
purchase American Express Travelers Cheques from
you before they go. Internationally known and spendable every­
where, these cheques afford complete protection against loss or
theft.
Many bankers find society columns of local newspapers a
good source of information on who’s-going-where-and-when. Or,
when clients themselves mention their plans, it’s a simple matter
to suggest these Travelers Cheques.
Sales have the regular support of national magazine and
local newspaper advertising. In addition, mats are available for
your use. Write for the folder illustrating them, and for any other
information you may need, to W . H. Stetser, Vice President,
American Express Company, 65 Broadway, New York 6, N. Y.

A merican Express
T ra velers Cheques
Northwestern Banker, January, 1947

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Federal Reserve Bank of St. Louis

Holley, Dayton & Gernon are under­
writers, distributors and dealers in
stocks and bonds and are members
of the Chicago Stock Exchange and
the Chicago Board of Trade. Offices
are maintained in Minneapolis, La
Crosse, Madison, Fond du Lac, Wausau
and Eau Claire.

BANKERS YOU KNOW
(Continued from page 19)

service” and “ brought to the work
a wide experience in the field of fi­
nance” and concluded with “ heartfelt
appreciation of the high service
which you have given.”
On August 8, 1946, Mr. McKee was
elected president of the Continental
Bank and Trust Company by the
board of directors.
Continental Bank and Trust Com­
pany as of December 31st reported
aggregate deposits of $181,975,059,
resources of $196,140,721, and ranked
as 87th largest commercial bank in
the country in order of deposits.
John McKee was married to Bes­
sie B. Lewis in 1918. They have
three children, John Keown, Jr., 24;
David Lewis, 19, and Bessie Jane, 17.


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Federal Reserve Bank of St. Louis

C ontinental Illinois
N ational B ank
and T rust C ompany
O F C H IC A G O

Statement o f Condition, December 31, 1946

RESOURCES
Cash and Due from Banks........................................................... S 565,280,423.07
United States Government Obligations....................................

1,179,451,969.01

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

53,925,291.42

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

406,741,298.36

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

3,600,000.00

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

2,071,666.37

Income Accrued but Not Collected............................................

5,485,637.81

Banking H ouse..................................................................................

10,500,000.00
$2,227,056,286.04

LIABILITIES
Deposits................................................................................................. $2,038,434,994.25
Acceptances.......................................................................................

2,134,435.31

Reserve for Taxes, Interest, andExpenses...............................

12,478,871.36

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

18,112,575.67

Income Collected but Not Earned..............................................

310,091.30

Capital Stock.....................................................................................

60,000,000.00

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

60,000,000.00

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

35,585,318.15
$2,227,056,286.04

United States Government obligations and other securities carried at
$133,961,981.34 are pledged to secure public and trust deposits and for
other purposes as required or permitted by law

Member Federal Deposit Insurance Corporation

Northwestern Banker, January, 1947

42

Statement of Condition
December 31, 191^6

RESOURCES
Cash and Due from Banks........................................................................ $
U. S. Government Obligations*................................................................
Other Bonds and Securities*......................................................................
Loans and Discounts...................................................................................
Stock in Federal Reserve Bank.................................................................
Customers’ Liability on Acceptances.......................................................
Income Earned but not Collected............................................................
Banking House................................................................ •...........................
Other Resources...........................................................................................

97,450,514.18
167,724,967.05
16,090,952.09
84,118,937.84
450,000.00
874,491.04
875,848.80
3,350,000.00
84 863.91

Total Resources.................................................................................... $371,020,574.91

LIABILITIES
Capital Stock................................................................................................ $ 5,000,000.00
Surplus...........................................................................................................
10,000,000.00
Undivided Profits.........................................................................................
1,184,788.64
3,483,759.69
Reserve for Contingencies..........................
Total Capital Accounts..............................................................................
19,668,548.33
Reserve for Interest, Taxes, e tc ................................................................
1,416,555.16
Income Collected but not Earned............................................................
684,062.42
Letters of Credit and Acceptances..........................................................
874,491.04
Deposits. .
348.376.917.96
(D eposits include U . S . Government W ar Loan Account $ 8 ,6 8 3 ,8 1 1 .7 5 )

Total Liabilities.................................................................................... $371,020,574.91
*United States Government and other securities carried at $38,989,015.35 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.

DIRECTORS
J a m e s F . B e ll
Chairman o f Boara,

General Mills, Inc.
B e n t o n J. C a se
Director, Janney, Semple,

Hill & Company
C larence R . C h a n ey
Vice Chairm an o f Board,

Northwestern National
Bank of Minneapolis
G e o r g e B. C l if f o r d , J r .
Treasurer, The Cream of

Wheat Corporation
J oh n C r o sr y
Director,

General Mills, Inc.
T h o m as L . D a n ie l s
V ice President,

Archer- Daniels- Midland
Company

G . N e ls o n D a y t o n
President,

The Dayton Company
S t e p h e n P. D u f f y
President,

Hall Hardware Company
J oh n B. F a e g r e

Faegre and Benson,
Attorneys
F r a n k T . H e f f e l f in g e r
Chairman o f Board,

F. H. Peavey and Co.
F. P e a v e y H e f f e l f in g e r
V ice President,

F. H. Peavey and Co.
C l a r e n c e E. H ill
Chairman o f Board,

Northwestern National
Bank of Minneapolis

F r a n k P. L e sl ie
Vice President and
Treasurer,

The John Leslie Paper Co.

C h a r l e s C. M a ssie
President, Northrup, King

and Company
R o b e r t F. P ack
Chairman o f Board,

Northern States Power
Company
J oh n S. P il l s b u r y
Chairman o f Board,

Pillsbury Mills, Inc.
J oseph F. R in g lan d
President, Northwestern

National Bank of
Minneapolis
L u c ia n S. S t ro n g
President and Treasurer,

The Strong Scott
Manufacturing Co.

Member Federal Deposit Insurance Corporation

Northwestern Banker, January, 1947


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Federal Reserve Bank of St. Louis

D. J. S tr o u s e
President, Twin City Rapid
Transit Company
H aro ld W . S w e a t t
President,

Minneapolis-Honeywell
Regulator Company
H a r o ld H . T e a r se
Vice President and General
M anager,

Searle Grain Company
J. C a m e r o n T ho m so n
President,

Northwest Bancorporation
V a l e n t in e W u r t e l e
President,

Minnesota Linseed Oil
Paint Company

>

43
get out and mix with farmers, talk
their language and be able to discuss
intelligently their problems with them.

M in n e s o t a

NEW S
A. W. SANDS
President
St. Paul

WILLIAM DUNCAN, Jr.
Secretary
Minneapolis

Joins Â.B.A.
The Farmers State Bank at Welch,
Minnesota, was recently admitted as
a member of the American Bankers
Association according to an announce­
ment from Max Stieg, chairman of
the A.B.A.’s organization committee.

On Federal Reserve List
Named President

Three New Directors

At a special meeting of the hoard
of directors Mark H. Alexander was
elected president of the Security Bank
& Trust Co. of Owatonna. His appoint­
ment was made last month.
At the same special meeting, Albert
A. Endres was named as executive
vice president; Robert K. Evans, vice
president and trust officer; and Nor­
man L. Wicklow as cashier.
On the executive committee are Mr.
Alexander, Henry W. Hartle and Reu­
ben A. Kaplan.

Three new directors were elected to
the Citizens State bank of Glenville,
Minnesota, at a recent stockholders’
meeting. They are S. Ross Buchanan,
George Kraushaar, and C. H. Utabja.
Hold-over directors are R. Wendt, L.
Joseph Chrs and B. A. Miller. Officers
of the bank are Mr. Wendt, president;
Mr. Chrs, vice president, and Mr. Mil­
ler, cashier. Mr. Miller is a former em­
ploye of the First National bank of
Albert Lea.
The Glenville bank lists its assets at
$1,053,715.

Elected Director
E. Raymond Hughes, attorney and
director for the the Mankato Savings
and Building association, Mankato,
Minnesota, has been elected a director
of the District Federal Home Loan
banks according to a report from the
Federal Home Loan Bank Administra­
tion in Washington.

Christmas Party
The First National Bank of Pine
City entertained the Pine County
Bankers’ Association at the second
annual Christmas party of the Associa­
tion, in the village hall, last month.
A fine banquet was served, and an
enjoyable Christmas program followed.
Sixty-two officers, employes, their
wives, husbands and sweethearts at­
tended and enjoyed the party.
Last year, A. E. Eddy, president, and
Bob Nelson, cashier, of the Farmers
and Merchants State Bank of Hinck­
ley originated the Christmas party
idea for the Pine County Association,
and it is now made an annual affair.
The Kerrick State Bank of Kerrick
and the First State Bank of Finlay son
will entertain the group next year.

More Business Gains
In Mankato the volume of business
during November 1946 as measured by
bank debit figures released by the
Federal Reserve Bank of Minneapolis
was 31 per cent over November 1945,
while the cumulative totals for the
first eleven months in 1946 revealed a
32 per cent gain over the correspond­
ing period a year ago.

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Federal Reserve Bank of St. Louis

Bank Examiner
Pearl Henning has been appointed
a national bank examiner for the
ninth federal reserve district.
With the First National of Sleepy
Eye, Minnesota, 15% years, Mr. Hen­
ning became affiliated with a bank at
St. James after being discharged from
the navy. Later he was employed
with the Dick insurance agency at
Mankato.
Mr. Henning will work out of Fargo,
North Dakota.

Know Farmers Better
In the Farm News bulletin pub­
lished by the Federal Reserve Bank
of Minneapolis for Ninth District
Bankers, a story quoting the Federal
Reserve of Boston points out that
bankers who want to develop more
farm business must “ first earn the
confidence of the farmers by convinc­
ing them that they can patronize his
bank with the assurance that their
credit problems will receive under­
standing handling by one who knows
agriculture well.”
It is pointed out that bankers can
give much greater service to farm
customers and improve their own
credit business as well by learning
everything possible about farm opera­
tions so as to sense the probabilities
of the borrower repaying an intended
loan from his farm income. Knowing
farm operations alone will not bring
the business in, however, the Farm
News adds, but bankers going after
this type of business must be able to

The Rock County Bank, Luverne,
Minnesota, and the State Bank of
Arcadia, Minnesota, have announced
that they are paying checks at par as
of January 2nd and have been added
to the Ninth Federal Reserve par list.

Internal Revenue
Department Ruling
The Minnesota Bankers Association
has advised all member banks through
its Association bulletin of the opinion
written by A.B.A. General Counsel D.
J. Needham concerning the Internal
Revenue Department’s ruling that 70
per cent of net earnings of corpora­
tions must be paid out in dividends.
In his letter to the Minnesota and
other associations, Mr. Needham states
that this law is being invoked “to force
closely-held corporations to distribute
a substantial portion of their earnings
as dividends to their shareholders
wherever the corporation was formed
or availed of for the purpose of avoid­
ing surtaxes on such shareholders.”
Mr. Needham also says, “ The banks
of this country have been following
a sound program of building up their
capital structures by increasing their
capital, undivided profits and reserves
through the retention of earnings. The
Federal bank supervisory authorities
have given this program both en­
couragement and support as being in
the public interest. While we do not
know the extent to which the Bureau
of Internal Revenue will seek to en­
force section 102, it is our opinion that
nothing will be done that will jeop­
ardize the continuance of this program
to strengthen the capital structures of
banks.”

Entertains Employes
More than 100 officers and employes
of the Northern Minnesota National
bank of Duluth, Minnesota, attended
the bank’s annual Christmas dinner
and party in the Kitchi Gammi club.
Speakers at the function were R. L.
Griggs, chairman of the board of
directors; Lewis G. Castle, president,
and Wilbur F. McLean, first vice presi­
dent.
J. C. Buckley, assistant cashier, was
toastmaster. Each member of the
Northwestern Banker, January, 1947

44

Minnesota News

bank’s staff was presented with a gift.
A dance concluded the evening’s en­
tertainment.

Christmas Dinner
At tables decorated with poinsettias,
tall lighted red tapers and Christmas
tree favors in miniature with small
candles, 22 employes of the First Na­
tional Bank of Albert Lea, Minnesota,
assembled in the dining room of the
Avalon Cafe to enjoy a turkey Christ­
mas dinner party.
Following the dinner, Santa Claus
appeared and distributed gifts to all.
He was later revealed to be H. W.
Arveson.

R.
W. Delaney, president, presented commissioner of banks, disclosed in
gifts to the employes in behalf of the submitting his biennial report to
bank and Mr. Delaney and E. A. Cam­ Governor Edward J. Thye.
pion, cashier, were the recipients of
The report, covering the two years
gifts from the employes which were ending June 30th, showed that total
presented by Mrs. Marjorie Shaw.
assets of the financial institutions in­
Guests enjoyed an informal evening creased $376,772,721 during the two
of dancing and playing cards.
years and reached the unprecedented
total of $1,274,637,107.
Deposits in the state banks jumped
Commissioner's Report
Deposits and assets in state banks fully 50 per cent during the two years
and other financial institutions under covered by the report, increasing from
supervision of the state banking de­ $463,014,717 on June 30, 1944, to $705,partment increased more than 40 per 271,285 on June 30, 1946. Of this huge
cent during the past two years to increase, the biggest proportion came
reach the greatest volume in Minne­ during the 1946 fiscal year. Total as­
sota history, F. A. Amundson, state sets of the banks increased from $496,635,519 to $745,463,492 in the two years.

Addresses Duluth Group
q

Rex Hatten, vice president of the
First and American National Bank of
Duluth, discussed veterans’ rights un­
der the GI Bill of Rights at the annual
election meeting of the Duluth Board
of Realtors last month.

C\<BA/\//

Granite Falls Change

Statement of Condition December 31, 1946
RESOURCES

Open Bank at W aldorf

Loans and Discounts..........................................................$ 2,102,273.66
Vaults and Fixtures............................................................
Interest Earned not Collected..........................................
U. S. Gov't. Bonds............................... $10,372,654.73
Other Bonds and Securities...........
669,211.27
Cash and Due from Banks................. 5,210,521.55

1-00
56,336.39

16,252,387.55

T O T A L ............................................................................ $18,410,998.60
LIABILITIES
C a p ita l..................................................................................... $
Surplus.....................................................................................

250,000.00
450,000.00

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

217,066.35

Reserved for Interest, Expenses and Taxes...............
90,468.42
Interest Collected not Earned..................................
4,002.77
D ep osits................................................................................... 17,399,461.06
T O T A L ............................................................................$18,410,998.60

The

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

FEDERAL

D E P O S IT

Northwestern Banker, January, 1947


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

IN S U R A N C E

Fred W. Siewert, former president
of the State Bank of Wheaton, Minne­
sota, purchased the interest of M. S.
Orwoll in the Yellow Medicine County
Bank, Granite Falls, Minnesota, and
replaced Mr. Orwoll as president on
January 1st. Mr. Orwoll had been
president of the bank since November,
1927, and is now retiring. Mr. Siewart’s son, Allan F. Siewert, will be
vice president. M. G. Moe will con­
tinue as cashier.

C O R P O R A T IO N

The Waldorf State Bank was sched­
uled to open for business in Waldorf,
Minnesota, the first part of January,
fulfilling a long-awaited desire by peo­
ple of that community.
Officers of the bank have been an­
nounced as L. L. Druley, president;
Oscar Burmeister, vice president, and
Frank Toller, cashier. Mr. Druley, Mr.
Brumeister and Edward A. Bluhm,
Henry M. Gallagher and Robert Sheran will be directors. The bank has
capital stock of $25,000, surplus of
$5,000 and undivided profits of $5,000.
The bank site will be the former Wal­
dorf village hall.

Postmaster Resigns
Pat DuBois has resigned as post­
master to become an active vice presi­
dent of the First State Bank of Sauk
Centre, Minnesota.

Simple Remedy
Any person can be cured of snor­
ing by good advice, co-operation, kind­
ness and by stuffing an old sock in
his mouth.

45

as a t December 31, 1946

Statement o f Condition

First National Bank of Minneapolis
RESOURCES

$ 93,083,931.27

Cash and Due from Banks
United States Government Securities

179,999,751.25

.

12,349,130.67

Other Bonds and Securities
.

Loans and Discounts

.

.

75,775,014.72

.

Accrued Interest and Accounts Receivable

859,243.09

Bank and Office Buildings

751,551.04

Customers’ Acceptance Liability

1,287,444.02
$364,106,066.06

L IA B IL IT IE S

Capital S t o c k ...........................................

6, 000, 000.00

$

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

1 1 , 000 , 000.00

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

3,006,182.34

Unallocated Reserves

1,734,460.42

.

.

.

.

Reserve for Interest, Expenses, Taxes, etc

2,057,303.52

Acceptances and Letters of Credit .

1,287,444.02

Other L i a b i l i t i e s ...................................

185,018.73

Deposits (Includes U . S. W ar Loan
D eposit o f $8,682,243.58)

.

338,835,657.03
$364,106,066.06

DIRECTORS
Henry E. Atwood, President
Atherton Bean,
Executive Vice President,
International Milling Co.
Russell H. Bennett, Mining Engineer
Daniel F. Bull, President
The Cream of Wheat Corfi.
J. G. Byam, Vice President
John Cowles, President,
Minneapolis Star and Tribune
Franklin M. Crosby, Director,
General Mills, Inc.
Donald D. Davis, President,
Minnesota and Ontario Paper Co.
Paul V. Eames, President,
Shevlin, Carpenter & Clarke Co.
Harry J. Harwick, Chairman,
Mayo Association, Rochester, Minn.
John H. Hauschild, Chairman of
the Board, Chas. W. Sexton Co.
Horace M. Hill, President,
Janney, Semple, Hill & Co.
W. E. Huff,
Executive Vice President and Treas­
urer, M inneapolis-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, Retired
A. F. Pillsbury, Director,
Pillsbury Mills, Inc.
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 $73,980,300.00 in the foregoing statement
are deposited to secure public funds andfor other purposes required by law.
M EM BER

FEDERAL


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

D E P O S IT

IN S U R A N C E

C O R P O R A T IO N

•

A F F IL IA T E D

W IT H

FIR ST

BANK

ST O C K

C O R P O R A T IO N

Northwestern Banker, January, 1947

46

Minnesota News

T HREE vice presidents of the First
National

Bank

of

Minneapolis

whose long service with that in­
stitution ended with retirement at the
end of the year were honored at a
dinner of the bank’s official staff last
month at the Minneapolis club.
They are C. B. Brombach, John G.
Maclean and Robert W . Webb.
Mr. Brombach began his banking
career in 1902 at the old Security
Bank of Minnesota which later be­
came the Security National bank. In
1905, he organized and became man­
ager of the transit department and
became chief clerk when the Security
National and the First National con­
solidated in 1915. Since then he has
been assistant cashier, assistant vice
president and vice president. He was
president of the Minneapolis chapter
AIB in 1914-15, president of the Min­
nesota Bankers association, 1930-31,
was a member of the Council of Ad­
ministration of the ABA, 1931-34, and
a member of the executive committee
of the national bank division of the
ABA, 1938-41.
Mr. Maclean began his banking ca­
reer with the Continental Illinois in
1897 and came to Minneapolis and
the Security State bank in 1905. He
organized the bank’s first credit de­
partment and in 1912-13 was president
of the Retail Credit Association of
Minneapolis. He was elected an as­
sistant cashier of the Security Na­
tional in 1914 and held the same title
in the consolidated First and Security
National. He was elected cashier of

By E. W. KIECKHEFER
Special Correspondent
Northwestern Banker

the First National in 1938 and vice
president and cashier in 1943. He re­
linquished his duties as cashier last
January.
Mr. Webb joined the former Min­
neapolis Trust Co. in 1894 and after
holding a succession of offices with
that firm became its president in 1920.
When Minneapolis Trust merged with
the bank in 1933, Mr. Webb became
chairman of the trust committee of
the then First National Bank and
Trust Co. Since 1941 he has been a
vice president of the bank and has
served on the board of directors. He
relinquished the latter position in
November.
The general committee of the Twin
City bankers and University of Min­
nesota authorities have set February
10-12 as the dates for the eighth an­
nual conference of Minnesota bankers.
Final details are to be arranged by a
subcommittee consisting of William
Duncan, Jr., secretary of the Minne­
sota Bankers association; Deans R. B.
Kozelka and J. M. Nolte of the uni­
versity, and L. R. Bun den, comptroller
of the university.
Harry J. Harwick, chairman of the

SPECIAL OFFER
Accident Insurance, $5000 Principal Sum for
only $2.00 Paid Up in Full to the Middle of
next March.
MINNESOTA COMMERCIAL MEN'S ASSO CIATIO N
2550 Pillsbury Ave. So.
Northwestern Banker, January, 1947


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

Minneapolis 4, Minnesota

Mayo Properties association and ex­
ecutive officer of the Mayo Clinic of
Rochester, has been elected to mem­
bership on the board of directors of
the First National of Minneapolis.
Walther H. Feldmann, president of
the Electric Machinery Manufacturing
Co., has been appointed to the advisory
committee of the First National’s St.
Anthony Falls office.
Officers of Group One Wisconsin
Bankers association have arranged the
program with the St. Paul Clearing­
house committee for the group’s an­
nual meeting at St. Paul February 22.
Presidents of banks in the Ninth
Federal Reserve district affiliated with
Northwest Bancorporation held a
meeting at the Northwestern National
bank in Minneapolis recently to dis­
cuss interest rates, commercial credit,
insurance and other subjects of im­
mediate interest.
J. Thomas Powers, who joined the
First National of Minneapolis in 1927,
has been appointed head of the new
instalment loan department of the
First Produce State bank. He had
been an instalment loan assistant at
the West Broadway office since July.

Four new examiners and seven as­
sistants have been added to the staff
of the national bank examiner’s office
in the Ninth Federal district. New
examiners are Russell E. Mooney, B.
H. Bundlie, M. J. Colton, Jr., and John
A. Sweeney. New assistants are Rob­
ert B. Johnson, John F. Rowland, Wal­
ter A. Carpenter, Richard J. Johnson,
Richard J. Chervenka, Wilbur J.
Heimerman and P. Peter Henning.
W . E. Brockman, Midland National
Bank and Trust Co. vice president, has
been appointed chairman of the in­
dustrial division of the 1947 Civic fund
campaign in Minneapolis.

Active officers of the Bremer banks
at their annual conferences in St. Paul
were informed their 52 banks and

The F I R S T N A T I O N A L B A N K of Saint Paul
Statement of Condition
Decem ber 31, 1946

R

D

esources

$ 79,992,758.29

Cash and Due from Banks

125,498,211.72

U. S. Government Securities

8,321,728.35

Other Bonds and Securities

82,179,831.47

Loans and Discounts

668,891.09

Accrued Interest and Accounts Receivable

M. A r c h e r , President
Archer-Daniels Midland Company

Sh reve

B. B a ir d , President
The First National Bank

J u l ia n

P. B en d
Bend-Southall Sleepack Co.

H ar old

E m m e t t B utler,

President

Butler Brothers
General Manager
Central Co-Operative Association

N o r r is K . C a r n e s ,

82,872.50

Customers’ Acceptance Liability

ir e c t o r s

F. C o d e r e , President
St. Paul Fire & Marine Ins. Co.

C harles

2,400,000.00

Bank and Office Buildings

Vice President
Minnesota Mutual Life Insurance Co

H ar old J . C u m m i n g s ,

$299,144,293.42

H. D a g g e t t , President
National Battery Co.

A lbert

L

E. W. D a v is , Vice President
Wood Conversion Co.

ia b il it ie s

6,000,000.00

$

Capital Stock

11,000 ,000.00

Surplus
Undivided Profits

2,425,997.83

Unallocated Reserves

1,355,763.65

Reserve for Interest, Expenses, Taxes, etc.

1,194,590.23

E. T. F o l e y
Foley Brothers
President
Great Northern Railway Co.

F r a n k J . G a v in ,
M

il t o n W. G r ig g s , President
Griggs, Cooper & Co.

W

il l ia m

82,872.50

Acceptances and Letters of Credit

1,158,187.18

Other Liabilities
n o i-w -icitc
U e p O S IlS

E. D e n n e y , President
Northern Pacific Railway Co.

C h arles

275,926,882.03

(Includes United States War Loan
Deposit of $13,362,374.28)

$299,144,293.42

Louis W. H i l l , J r ., Vice President
Arthur Iron Mining Co.
u n t e r , President
Northwest Airlines, Inc.

C r o il H

H. I r v in e , President
Weyerhaeuser Timber Company

H o rac e

R
United States Government obligations and other securities carried at $5 3 , 676 , 509.29 in the
joregoing statement are deposited to secure public funds and for other purposes required by law.

R

ic h a r d

C. L il l y ,

P h il ip L . R a y ,

Chairman, Board of Directors

Chairman, Executive Committee

J u l ia n

B.

B a ir d ,

of

Banks

President

H a m m , J r ., President
Theo. Hamm Brewing Co.

C. L i l l y , Chairman,
Board of Directors
The First National Bank

ic h a r d

W m . L. M c K n i g h t , President
Minnesota Mining & Mfg. Co.
John

A.

O ace

I. A. O ’S h a u g h n e s s y , President
Globe Oil & Refining Co.
L. R a y , Chairman,
Executive Committee
The First National Bank

P h il ip
D epartm ent

and

B ankers

Alden B. Lathrop, Vice President

Elmer M. Volkenant, Assistant Cashier

Wallace L. Boss, Vice President

Lloyd L. Leider, Assistant Cashier

Lee A. Sauer, Assistant Cashier

Donald W. Buckman, Representative


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

Member Federal Deposit Insurance Corporation

A. S c h i l l i n g , President
Waldorf Paper Products Co.

Paul
H

O . W a s h b u r n , President
American Hoist & Derrick Co.

ar old

F. K. W e y e r h a e u s e r , President
Weyerhaeuser Sales Co.

Northwestern Banker, January, 1947

48

Minnesota News

stations had a 25 per cent increase in
aggregate- deposits and a 50 per cent
increase in loans during the last year.
Ralph E. Rasmussen has been elect­
ed an assistant cashier of the First
Minnehaha National of Minneapolis
and will be in charge of the bank’s
installment loan activities. He began
his banking career with the First Na­
tional in 1927 and served 22 months
with the army in Europe.
Clarence Hill, chairman of the board
of the Northwestern National of Min­
neapolis, and Homer P. Clark, chair­
man of the board of the West Publish­
ing Co. of St. Paul, begins new three
year terms as directors of the Federal
Reserve Bank of Minneapolis January
1st.

N o r t h w e s t Bancorporation has
bought the controlling interest in the
Union National bank of Rochester,
Minnesota. The controlling interest
had been sold by H. R. Hommedal last
June to R. R. Schroeder of Marengo,
Iowa, and associates. It was repur­
chased by Hommedal just previous to
the sale to Banco.
Julian B. Baird, president of the
First National Bank of St. Paul, an-

nounced recently that one million dol­
lars had been added to the surplus of
the First National before the year end.
The addition was voted by the bank’s
board of directors, according to Mr.
Baird, and was accomplished by a
transfer of a like amount from the
undivided profits.
The adjustment now establishes the
First National’s surplus at 11 million
dollars. The capital of the bank re­
mains at 6 million dollars.

With La Salle National
Robert Lindquist joins the executive
staff of the La Salle National Bank of
Chicago as vice president this month,
according to an announcement by
Laurance Armour, the bank’s board
chairman. Mr. Lindquist resigned as
assistant vice president of the Ameri­
can National Bank and Trust Com­
pany of Chicago to accept this new
position. He will work closely with
John C. Wright, who assumed the
La Salle National presidency on Jan­
uary 2, and will be particularly re­
sponsible for the bank’s public rela­
tions and development activities.
An outstanding leader in -the field
of bank public relations, Mr. Lindquist
is presently first vice president of the
Financial Advertisers Association.

Royal Bank
The annual balance sheet of The
Royal Bank of Canada for the year
ended November 30, 1946 shows that
total assets, which last year topped
the $2 billion mark for the first time,
have again increased to the new record
level of $2,131,974,000. Deposits by the
public, excluding Dominion and Pro­
vincial government deposits, increased
more than $171,000,000. The greater
part of this increase is in interest
bearing deposits in Canada, an indi­
cation that the scale of private savings
is being well maintained.
The bank’s investments in Govern­
ment and other public securities, total­
ing $1,098,880,239 include $109,000,000
of Government securities other than
Canadian, of which the greater portion
is in United States and British Gov­
ernment securities. Investments in
other bonds, debentures and stocks,
now standing at $65,269,639, have in­
creased by some $32,000,000.
The upward trend in commercial
loans and discounts in Canada has
continued, the increase under this
heading amounted to $25,000,000.
The liquid position of the bank is
very strong. Liquid assets now total
$1,609,742,166, equal to 81.69 per cent of
the bank’s liabilities to the public.

F I R S T AND A M E R I C A N N A T I O N A L B A N K
OF DULUTH, MINNESOTA
STATEMENT OF CONDITION, December 31, 1946
RESOURCES

LIABILITIES

Cash on Hand and D ue from B a n k s............................................ $15,185,486.43
U nited States Government Securities ............................................. 39,521,254.00
M un icipal Securities ..................................
812,569.00
2,134,438.60
Other Bonds and Securities ....................... .......................................
Loans and D iscounts ................................. . ........................................ 11,625,086.32
Federal Reserve Bank Stock ................
B anking H ouse ...........................................................................................

120,000.00
1.00

Am erican Exchange Property ..........................................................
Interest Earned But N ot C ollected .................................................
O verdrafts
.........................

1.00
173,304.63
954.97

Capital Stock ........................................................
Surplus ........................................................................
Undivided Profits .................................................
R eserves ....................................................................

$ 2, 000, 000.00
2 , 0 0 0 , 000.00
828,986.91
700,000.00

T o ta l Capital A c c o u n t s ....................................................... $ 5,528,986.91
Reserve for Interest, T a xes and E x p en ses.....................
307,580.80
D iscount N ot Earned .............................................................................
63,316.06
D e p o s its :
Dem and ................................................................$39,916,073.21
T im e ...................................................................... 20,978,472.87
U. S. Government ..........................................
2,878,666.10
T otal D eposits .......................... ................................................

$69,673,095.95

$69,673,095.95

OFFICERS
W i ll i s

DIRECTORS
W.

W i ll i s D . W y a rd , P resident
A . Putman, V ice P resid ent Edw ard L. Palm er, V ic e P resident
Banking D epartm en t
Trust D epartm ent

B A N K IN G D E P A R T M E N T
Em m ons W . C ollins, V ice P resid ent T hom as A . Paulson, A ssistan t
J. D aniel M ahoney, V ic e P resid ent
V ic e P resid ent
Robert W . H otchkiss, V ice P resi- W illia m K. Alford , A ssistan t
dent
Cashier
Hubert U. M oore, V ic e P resid ent W illa rd F. A rio, A ssista n t Cashier
Sylvester T. Strain, Cashier
H arry W . Gooch, A ssista n t Cashier

B.

Castle

Robert Congdon
M ining
Stuart B. Copeland
P resident, N orthw est Paper Co.
A . H . Crassweller
C rassw eller & Crassweller,
A tto r n e y s

M O R T G A G E A N D IN S T A L L M E N T L O A N D E P A R T M E N T
Rex H atten, V ice P resid ent
W a lte r L . Grandy, A ssista n t V ice
P resident

H enry La Liberte
P resident, C u tler-M agner Com pany

TR U ST D EPAR TM EN T
Chester D . Seftenberg, V ice P resi- Vernon K . Falgren, Trust Officer
dent
M orris S. Knudsen, A ssistan t Trust
Officer
John L. E vans, A uditor

Charles F. Liscom b
P resident, L isc o m b -H o o d Com pany

L.

Northwestern Banker, January, 1947


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

63,773,212.18

J.

Daniel Mahoney
V ic e President

W.

Robert S. M ars
P. & R . S. M a rs Co.

W a lte r R. M cC arthy
P resident, Capitol E lev a to r

Co.

J. F. Parker
P resident, R ust-P arker G rocery Co.
George H . Spencer
D irector, M a rsh a ll-W ells Com pany
Adam G. Thomson
P resident, K e lle y -H o w e -T h o m s e n
Co.
W i lli s
D. W y a rd
President
Harry W . Zinsm aster
P resident, Zinsm aster Bread Co.

Minnesota News

49

Six New Officers at
Northwestern National
The naming of two women officers
among the six officers elected and two
promoted at Northwestern National
Bank was announced last month by
Joseph F. Ringland, president.
The women officers are Miss Marion
E. Mattson, formerly manager of the

W E IN V IT E A C C O U N T S FROM B A N K S , C O R P O R A T IO N S A N D
IN D IV ID U A L S • S E N D US Y O U R P A C IF IC C O A S T B U S IN E S S

MEMBER

FEDERAL

RESERVE

o-uÁccia-cÁ*
E.

H.

SYSTEM

tiitement

NEW HART
E . O. A N D E R S O N
N ow A ssistan t V ic e Presidents

stenographic department and in the
bank’s service since 1922, who becomes
assistant cashier at the main office,
and Mrs. Mary K. Cunningham, who
was elected assistant manager of the
Lincoln office.
At the main office, Keith Barnett,
Navy veteran and a member of the
bank staff since 1928 in its grain draft,
bond and banks and bankers depart­
ments, becomes assistant cashier, con­
tinuing in the department of banks
and bankers.
Four trust department members, all
with the Minnesota Loan and Trust
company prior to its consolidation
with Northwestern National Bank in
1934, are among those holding new
offices and receiving promotions.
Ellwood H. Newhart, a World War
II veteran, advances from the position
of trust officer to assistant vice presi­
dent. Elmer O. Anderson, assistant
comptroller since 1941, also was elected
assistant vice president.
Elected trust officers are Paul A.
Burkland, formerly in the bond depart­
ment as well as the trust department,
and Alexander J. Kraemer. Both
served in the Army during World War
II.
Frank J. Dulian, Northwestern em­
ploye since 1923 and at the Lake Street
office since 1929, was elected assistant
manager of that office.

& FEDERAL

D E PO SIT

IN SU R A N C E

C O R PO R A T IO N

{2 >ec. 31,1946

o■

RESOURCES
Cash and Due from Banks........................................................
United States Government Securities......................................
Obligations o f Other Federal Agencies. . .
$4,340,867.60
State, County and Municipal Bonds............
2,948,120.87
Other Bonds and Securities...................................557,938.68
Stock in Federal Reserve Bank..................................................
Ownership o f California Trust Company................................
Loans and Discounts.................................................................
Bank Premises, Furniture and Fixtures...................................
Earned Interest Receivable........................................................
Customers’ Liability under Letters o f Credit and Acceptances .
Other R esou rces......................................................................
T o t a l .........................................................................................................................

| 96,113,858.15
271,114,834.08*

7,846,927.15*
390, 000.00

1,475,324.661
81,485,530.04
990,787.87
1,168,058.00
1,080,187.38
165,090.66
$461,830,597.99
■

LI A B I L I T I ES

-

D em an d...................................... $265,151,633.76
T im e ............................................ 159,938,965.71
8,952,789-55
United States War Loan Deposit.
8,318,242.34 $442,361,631.36
Other Public Funds....................
Reserve for Interest, Taxes and Expenses................................
1,249,984.90
Unearned Interest Collected.....................................................
462,438.89
Letters o f Credit and Acceptances............................................
1,138,246.49
Capital S t o c k ....................................................
6,500,000.00
Surplus...............................................................
6,500,000.00
Undivided Profits............................................
3,618,296.35 16,618,296.35
T o t a l .........................................................................................................................
$461,830,597.99

*
fk

■“$24,265,103.63 pledged, according to law, to secure Public Funds and Trust Deposits.
ICaliforniaTrust Company — owned by California Bank and devoted exclusively to trust service—
has Capital o f $1,000,000.00, Surplus o f $500,000.00 and Undivided Profits o f $228,894.88.

OFFICERS
F R A N K L. K I N G , President
Senior Vice President

Vice President and Counsel

ALLA N H A N C O C K

CHAS. E. D O N N E L L Y
Vice Presidents

Elected to Board
David R. Calhoun, president of the
St. Louis Union Trust Company, has
been elected to the board of directors
of the First National Bank in St. Louis.

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

W . F. B R A N D T

A R T H U R T. B R E T T

F. S. H A N S O N

H .E . H U D S O N

J. G . M A U L H A R D T
F. H O W A R D R U S S , JR .

C. C. D e P L E D G E
T. E. I V E Y , JR.

H . J. M E N D O N

J. A . S H I N E

A . H . S M IT H

W . W A Y N E GLOVER
F. M . M A G E E

B. B. O D E L L
C L IF F O R D T W E T E E

Northwestern Banker, January, 1947

50

Minnesota News

BUSINESS SURVEY
(Continued from page 17)
reached in this community. Real es­
tate prices, particularly those of urban
real estate, have risen very rapidly
and are now as high as we believe the
traffic will bear. There is considerable
unsatisfied demand f o r consumer
goods in this community but our mer­
chants have done an excellent job of
catching up during the past year.
“The student body of the State Uni­
versity has enlarged very greatly, per­
haps also to a peak figure. Housing
difficulties have been experienced in
this community as in every other but
we have hopes that this will be ad­
justed within the next year, both by

new building in the community and
aggressive effort on the part of the
State University to meet the require­
ments of the many veterans who are
here in school with their families.
“We look for a sort of business
plateau to be maintained throughout
most of 1947; some recessions, likely
farm prices which, of course, will af­
fect the buying power in the com­
munity. Fortunately, there is no
heavy farm debt of any sizeable pro­
portion.

etc. It has been generally found that
we get better results working through
and with the farm bureau than on in­
dependent efforts. Certainly there is
considerable interest in this movement
on the part of the farmers in this
community. We trust the results will
be all that we hope for.”

j Li. LTULIBRIDGE, president, Burke
L . State Bank, Burke, South Dakota:
“Living in a small rural community
without any industrial activity what­
“This bank during the last few soever, our general conditions here
years has been entering into an ar­ might or might not be indicative for
rangement with the local farm bureau a very large area. At the present time,
for a soil conservation program, which everything considered, the mercantile
includes rotation, contour farming, business I would say is average or
above for this season. For the past
year I would say that the business in
my community has been vfery good.
Agriculturally crops have been above
average for the year-and this fall we
have had the greatest abundance of
moisture on record for this area.
In short, the ground is in excellent
shape moisturewise for 1947 and with
reasonable growing conditions crop
prospects should be good.
“As for prices, that is anyone’s
guess but our view is that while they
should remain satisfactory for the
following season we anticipate an ad­
justment downward through the com­
ing year. Real estate sales have been
$242,226. 400.29
active and prices have not been above
628,273. 214.21
what we consider normal long term
Bankers’ Acceptances and Call Loans 75,095, 698.65
values.
56,239. ,843.05
State and Municipal Bonds.
“As for the activities of our bank,
52,000, 557.41
Other Bonds and Investments__
282,138, 718.36
we plan nothing special for 1947 other
Loans and Discounts__________
239.793.50
*Banking H ouses_______________
than the continuation of our program
2,231.,828.53
*Other Real Estate_____________
toward a sound agriculture for this
145,,911.37
Mortgages— ____ _____________
community, with emphasis on thrift
5,443, 717.48
Credits Granted on Acceptances.
for the future.”
Accrued Interest and Accounts
Receivable_________________
Other Assets----------------------------

3,045,915.01
492,674.05
$1,347,574,271.91

LIABILITIES
Capital Stock.
Surplus---------Undivided Profits-------Unallocated Reserves—

$25,000,000.00
70,000,000.00
8,501,663.45
5,980,149.43 $109,481,812.88

Reserves for Taxes, Expenses, etc.____
Dividend Payable Jan. 2, 1947-----------Acceptances Outstanding $6,044,885.78
(Less own acceptances
held in portfolio)
416,042.33

4,139,729.72
1,125,000.00
5,628,843.45

Other Liabilities ---------------------------------376,344.91
Deposits (including Official and Certified
Checks Outstanding $54 ,4 39 ,048 .5 0 ) 1,226,822,540.95
$1,347,574,271.91
Securities carried at $49 ,990 ,5 5 2 .5 6 in the foregoing
statement are deposited to secure public funds
and for other purposes required by law.
| I Assessed Valuation $4,056,690.00
Charter Member New York Clearing House Association
Member Federal Reserve System
Member Federal Deposit Insurance Corporation

Northwestern Banker. January, 1947


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

A. IAJKKEN, president, Alexan­
dria, Minnesota: “We have very
good prospects for 1947 and should be
fully as good as 1946. If we get a crop
about like our 1946 one it should be
better because prices are on the av­
erage better than they were last year.
This is strictly dairy. Tehy get good
prices for milk and cream. The farm­
ers are very prosperous.”

M

B RUCE TOWNSEND, president, The
City National Bank, Clinton, Iowa:
“ Our business people and farmers ap­
pear well fortified to stand a recession
of considerable depth, but in 1957 we
anticipate no wide shift in the tempo
of general business and agricultural
prosperity. Seldom do blows come
that are expected and prepared for.
“ It surely can be said that the bank­
ing business is being conducted in the
public interest, and on a conservative
plane; and should prosper for a con­
siderable period.” # #

Minnesota News

51

NEWS AND VIEWS
(Continued from page 19)
A sign in a well known Chicago
cocktail lounge reads “Water is a

A Banker reached for the Telephone

great aid to bathing and navigation.”

#

Anyway its better to be “all wet”
in a bathtub than any other place
we know.

and a factory escaped a shutdown

The C. I. O. Local 96 in New York
publishes on every other Wednesday
“ Finance Career” which is their prop­
aganda publication sent to financial
employes and in this they tell of
what they call a “Dream Contract”
which they have with the Albany Sav­
ings Bank and in one paragraph Fi­
nance Career says, “Women are guar­
anteed maternity leave and pay equal
to that of men doing similar work.
All employes are protected against
increased work loads.”

A True Story, of how a factory kept going despite parts short­
ages because a Banker called Lawrence Warehouse Company

We will let you make your own in­
terpretations of that paragraph.
Milton Tootle, Jr., president of the
Tootle-Lacy National Bank of St.
Joseph, Missouri, died recently at the
age of 74. Mr. Tootle had long been
active in civic and state affairs and
was recognized as one of the leading
citizens of his area.
His son, Milton Tootle, III, vice
president, survives him and has for
many years been in active manage­
ment of the bank.
Charles H. Griesa, vice president of
the Inter-State National Bank of
Kansas City, Missouri, reported on the
fine progress which his bank had made
during the past year and in a letter to
the N orthwestern B anker said, “Dur­
ing the year we have added $500,000
to our capital and surplus, $250,000 of
additional capital stock by means of
25 per cent stock dividend and $250,000
from reserves added to our surplus.
In addition, we have set up a reserve
for contingencies of $400,000.”

The deposits of the bank are now
over 70 million dollars.

(Reading time 4 9 seconds)

Tms

is the story o f a farm machinery manufacturer who was fa_ed with
a shutdown. Due to a shortage o f wheels and other vital components he
had to close his final assembly lines.
Soon he was afflicted with a surplus o f sub-assemblies and a shortage o f
working capital. W ith no shipments going out, no money was coming in.
T o meet payrolls and avoid a shutdown, money was needed, and quickly.
At this point the manufacturer’s banker
called Lawrence Warehouse Company

Thanks to Lawrence field warehousing, the manufacturer obtained the
needed financial relief. In a message o f assurance to his anxious employees,
the manufacturer said: "In order to keep our plant operating and to provide
maximum continuous employment, we have arranged with the Lawrence
Warehouse Company to establish a field warehouse within our plant.” W ith
the money thus obtained, men were kept working, incoming shipments of
vital parts were received and discounted. A costly shutdown was averted.
In the same manner, bankers everywhere can
help manufacturers cope with abnormal operat­
ing conditions.
Special Booklet for Bankers

We will be glad to mail you a copy o f our Special
Booklet on Inventory Financing. It contains a
study o f methods used successfully by many o f
the nation’s banks in making loans secured by
inventories.

The officers of the bank are George
S. Hovey, chairman; David T. Beals,
president; J. M. Hellings, executive
vice president; John J. Noone, vice
president; Geo. S. Bradbury, vice presi­
dent and comptroller; H. W. Hum­
phreys, vice president and cashier;
Chas. H. Griesa, Olney 1). Newman,
R. H. Thomas, F. B. Moore, and T. J.
Humphreys, vice presidents; Phil M.
Adams, assistant cashier; B. P. Michalski, assistant cashier; M. L. Steele,
Newt W. Jones and George Andrews,
assistant vice presidents.

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Federal Reserve Bank of St. Louis

Northwestern Banker, January, 1947

52

Minnesota News

A. G. Sam, president of the First Na­
tional Bank in Sioux City, Iowa, sent
the N orthwestern B anker a very in­
teresting letter dated June 11th, 1934,
which shows what happened to the
price of pigs 12 years ago.
In his letter to us, Mr. Sam said,
“ I thought you might be interested
in the enclosed copy of a letter which
came to my attention a couple of days
ago down at the Yards. It is eloquent
and shows what has happened and
we hope won’t recur.” Here is the
letter to which Mr. Sam refers:
June 11, 1934
Dear John:
Enclosed find bill for double of pigs

and sows shipped you today. They
will arrive in Sioux City Tuesday
morning and should reach Homer,
Nebraska, the same day. On account
of there being no agent at Homer 1
had to pay freight on them.
My commission and all expenses
are in the $328.03, on which I have
drawn a draft today. I think you A vill
find this is a good, cheap bunch of
hogs.
Now if you can use another load
next week, write me at Huron as early
as possible and 1 might be able to get
another load, but I am afraid the
price will be a little higher as the de­
mand has started for them. I hope

REPORT OF THE CONDITION OF

^JUe jß iv e StoeJz M a tton a i ßanJz
SIOUX CITY, IOWA
At the close of business December 31, 1946
RESOURCES
Loans and Discounts ......................................................................................................$ 3,657,643.07
United States Bonds and Notes................................................................................... 12,718,136.89
Municipal Bonds ..............................................................................................................
452,492.40
Other Bonds and Securities............................................................................................
331,618.84
Federal Reserve Bank Stock..........................................................................................
24,000.00
Interest Earned, Not Collected.....................................................................................
68,318.37
Cash on Hand and Due lrom Banks........................................................................... 10,611,835.42
$27,864,044.99
LIABILITIES
Capital Stock .................................................................................................................... $ 400,000.00
Surplus ..................................................................................................................................
400,000.00
Undivided Profits .............................................................................................................
51,858.66
Reserves for Interest and Taxes, etc..........................................................................
37,717.38
Reserve for Contingencies............................................................................................
104,802.51
Interest Collected, Not Earned.....................................................................................
6,785.31
Deposits:
Time and Demand...........................................................................$26,713,694.94
U. S. War Loan Deposit Account.............................................
149,186.19
Total Deposits ...............

26,862,881.13
$27,864,044.99

CARL

L. F R E D R I C K S E N
President

W IL L IA M
C. S C H E N K
Cashier

M A R K A. W IL S O N
V ic e President

W IL L IA M
G. N E L S O N
A sst. V ic e President

C L IF F O R D
L. A D A M S
A s s t. Cashier

J O H N S. H A V E R
A sst. Cashier

J A M E S L. S M I T H
Auditor

this shipment will please you and
hope we will never have to buy them
that cheap again.
Thanking you for the favor, I re­
main
Yours truly,
78 Pigs
9,060 @ $1.20
$115.92
97 Sows
11,410 @
.90
147.69
175
Freight
Permit

26,070

$263.61
63.00
2.42

$329.03
Pigs average 124 pounds.
Sows average 169 pounds.
Average cost $1.25 per cwt. Homer,
Nebraska.
T. Stanley Jackson, the popular and
well-known manager of the Field
Warehouse Division of the St. Paul
Terminal Warehouse Company, has
recently been appointed district chair­
man of the American Warehousemen’s
Association Committee on Bank Re­
lations.
Mr. Jackson’s district will include
Minnesota, Montana, North Dakota,
South Dakota and Wisconsin.
For many years, Mr. Jackson has
been in regular attendance at bankers
conventions and because of his previ­
ous banking experience, plus his
thorough knowledge of field ware­
housing, he is well and favorably
known personally to hundreds of
bankers throughout the N or th w est ­
ern B anker territory. # #

Executive Vice President
Election of E. O. Jenkins of Great
Falls, Montana, to the newly created
office of executive vice president of
First Service Corporation, Minneap­
olis, and the corporation’s board of di­
rectors was announced by A. H. Ken­
nedy, president. He will move to
Minneapolis to assume his new duties
about February 1, 1947.
Mr. Jenkins has been a member of
the First Bank Stock Corporation
organization for 17 years and since
1937 has been president of the First
National Bank of Great Falls, Montana,
which bank is now the largest First
Bank Stock Corporation affiliate out­
side Minneapolis and St. Paul. He
is a director of First Bank Stock
Corporation.

Self-Expression
Outraged Judge: “ Silence! I fine
you $5 for contempt of court.”
Irate Defendant (planking down a
$20 bill): “ Sir, $5 does not begin to
express my contempt of this court.”
Northwestern Banker, January, 1947


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Federal Reserve Bank of St. Louis

53

South Dakota

NEWS
L. C. FOREMAN
President
Elkton

Named Board Chairman
A. B. Cahalan, president of the First
National Bank, Miller, South Dakota,
for fifteen years, was to be elected
chairman of the board at the annual
stockholders meeting January 14th.
Mr. Cahalan’s place as president was
to be taken by L. T. Jarmuth, vice
president there for 16 years. Other
promotions scheduled for the same
meeting included the advancement of
L. E. Weaver to the vice presidency.
An interesting aspect of Mr. Cahal­
an’s four decades of service in the
banking profession is the fact that he
has been with the First National Bank
on the same corner during that entire
time. In 1930 he was elected president
of the South Dakota Bankers Associa­
tion and at present is serving on the
executive committee of the American
Bankers Association. He is also a
director of the First State Bank of
Highmore.

Opens Branch

GEORGE M. STARRING
Secretary
Huron

elected chairman of the board of
directors and treasurer. Mr. Starring
was secretary of the South Dakota
Bankers Association for many years
and is the father of George M. Star­
ring, who is at present secretary of
the South Dakota Bankers Association.

To Travel the Dakotas
J. W. Franks, who for the past year
has been representing the N o r t h w e s t ­
e r n B a n k e r in Minnesota as news re­
porter and circulation executive, is

Sioux F alls Newts

At a meeting of the board of directors
of the First National Bank of Volga,
South Dakota, Charles E. Lee was
named president, Edward Lee was
elected cashier and H. C. Hillestad
was named to the board of directors.
A. H. Norvold and Gust Leite will
continue to serve on the board.

40th Anniversary

Honor State Bankers
The Greater South Dakota Associa­
tion has elected bank executives to the
two top positions in that association
for 1947. Fred L. Lewis, president,
First National Bank in Lemmon, was
voted in as president and J. M. Lloyd,
vice president, American State Bank,
Yankton, was elected vice president.
George A. Starring, who has been
executive officer of the organization
since it started on March 6, 1936, was

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Federal Reserve Bank of St. Louis

The Dakota State Bank of Colman,
South Dakota is expanding by opening
a class A branch bank at Chester,
though the actual time of opening will
be deferred three or four months.
Meanwhile, the old Farmers State
bank building, recently purchased by
the Colman institution, will be re­
paired and refitted to house the new
institution. The structure is of two
stories with full basement.
Authority for the establishment of
this branch was issued by the state
banking department, and to meet the
capital structure required for increased
activity the Dakota State Bank’s capital
has been increased from $25,000 to
$50,000.

F OUR South Dakota bankers were
present at a meeting held in Sioux
Falls for the purpose of unifying de­
mands for direct air service between
Billings, Montana, and Chicago via
Sheridan, Wyoming, Rapid City,
Mitchell and Sioux Falls, South Da­
kota, and Mason City, Iowa. They
were Tom Harkison, president of the
National Bank of South Dakota, Sioux
Falls; J. M. Patton, vice president of
the Mitchell National Bank; H. R. Kibbee, Jr., vice president of the Commer­
cial Trust & Savings Bank, Mitchell,
and H. R. Browning, assistant cashier
of the First National Bank of the Black
Hills, Rapid City. The meeting re­
sulted in formation of the Iowa-Dakota Airways Association.

Fills Presidency

The Farmers State Bank of Lyons,
South Dakota, celebrated its 40th an­
niversary last month on December
16th with “open house.” Present offi­
cers of the bank are Dan Eitrheim,
president; Morris Visser, vice presi­
dent; A. C. Lemme, cashier, and M. A.
Lemme, assistant cashier.

The bank’s total capital structure is
now: common capital, $500,000; sur­
plus, $900,000, and undivided profits
and unallocated reserves, $350,000, Mr.
Watson reported.

J. W . F R A N K S
T o Enter the D akotas

planning to expand his activities to
include North Dakota and South Da­
kota. Mr. Franks has been connected
with the publishing business for the
past 20 years, and because of his long
residence in the Northwest, has a
wide acquaintance in that area.
When Mr. Franks calls at your bank,
any courtesies extended to him will
be appreciated by the N o r t h w e s t e r n
B

anker.

Increase Surplus
Increase of the surplus of the North­
west Security National Bank, Sioux
Falls, by its directors, from $800,000
to $900,000 was announced last month
by President Ralph M. Watson.

H. O. Engen, cashier and vice presi­
dent of the Union Savings Bank, Sioux
Falls, was elected finance officer of
the Sioux Falls Sportsmen’s club.
Tom S. Harkinson, president of the
National Bank of South Dakota, was
elected treasurer of the Sioux Falls
Kiwanis club.
C. A. Christopherson, chairman of
the board of directors of the Union
Savings Bank, Sioux Falls, said at an
underwriters’ luncheon that life insur­
ance is recognized as the greatest ve­
hicle of savings for the masses. The
former South Dakota congressman
also stressed the need for every citizen
keeping in contact with legislators,
and warned against overspending and
power concentration in the national
scene.
Northwestern Banker, January, 1947

54

South Dakota News

Paced by increased Christmas buy­
ing, Sioux Falls business zoomed to
new records in November and was
climaxed by an all-time record total of
bank clearings for a single month—
$20,060,503.65. Nearest approach to
that record was February’s total of
$19,668,278.04. The November total far
overshadowed even .the high figures
of the 1929 era when the figures never
exceeded eight or nine million dollars.
It appeared that total bank clearings
for the year would establish a new
record, too. Up to December 1 they
were $187,278,344.16—higher than any
total in recent years.
The November bank clearings sur­

passed the 1945 comparable figure by
$6,146,831.55.
Ralph M. Watson, president of the
Northwest Security National Bank,
and C. A. Cliristopherson, chairman of
the board of directors of the Union
Savings Bank, were among past poten­
tates honored at a homecoming cere­
monial staged by El Riad Shrine in
Sioux Falls.
O. A. Bray, assistant cashier of the
Northwest Security National Bank,
was re-elected treasurer of two Sioux
Falls Masonic bodies—Sioux Falls
chapter No. 2, R. A. M., and Minne­
haha lodge No. 5, A. F. & A. M.

STATEMENT OF CONDITION

NORTHWEST SECURITY
NATIONAL BANK
of S i o u x Fal l s, South Dakot a
South Dakota’s Leading Bank
DECEMBER 31, 1946

Increasing of the surplus of the
Northwest Security National Bank, by
the directors, from $800,000 to $900,000
was announced by President Ralph M.
Watson. The institution’s total capital
structure is now: Common capital,
$500,000; surplus, $900,000, and undi­
vided profits and unallocated reserves,
$350,000, Watson said.
John P. McQuillen, the bank’s vice
president and trust officer, and O. A.
Bray, assistant cashier, attended an
ABA savings and mortgage conference
in Minneapolis last month. McQuillen
and Vice President J. V. Lowe at­
tended a federal reserve meeting in
Minneapolis for junior officers.
Annual Christmas party for the
bank’s employes was held last month
at the Carpenter hotel.
Dr, W. R. Laird, a director of the
bank, accompanied by Mrs. Laird, has
gone to San Diego, California, to spend
the remainder of the winter.
John Hiiiinan has resumed his
duties as assistant cashier at the bank
after a two months’ illness.
Tony Westra, agricultural and live­
stock representative of the bank, ad­
dressed the Gregory Rotary club last
month. He attended the International
Livestock Exposition in Chicago.
Interior of the bank has been exten­
sively redecorated.

R ESO U RCES
Cash on H and, in Federal R eserve Bank, and D ue from Banks
and Bankers .................................................................................................... $ 9,932,953.88
U . S. Government O b lig a tio n s...................................................................... 24,629,976.72
State and M un icipal B o n d s.............................................................................
865,974.43
O ther Bonds and S ecu rities...............................................................................
799,124.56

G. I. LOAN QUESTION BOX
(Continued from page 20)

o
, .
$36,228,029.59
Stock in Federal Reserve Bank in M in n ea p o lis....................................................................
39,000.00
O verdrafts
...................................................................................................................................................
2,084.69
Loans and D isc o u n ts..............................................................................................................................
5,987,169.73
B anking H ouses .......................................................................................................................................
262,500.00
Includes Banking Houses at Sioux Falls, Brookings, Chamberlain, Dell
Rapids, Gregory, H uron and Madison, all clear of encumbrance.
Interest Earned but N ot C ollected ..............................................................
137,267.93
TOTAL

................................................................................................................................................. $42,656,051.94

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

500,000.00
900,000.00
376,019.47

RFC Mortgage Company Approved
Form of Note and Mortgage

„
,
„
$1,776,019.47
Reserve for Interest, T a xes, and Other E x p en ses............................................................
132,155.04
Interest Collected but N ot E a rn ed ......... .....................................................................................
18,485.08
D e p o s its :
T im e
.................................................................................
6,624,585.08
Dem and .................................................................................................................... 33,041,649.30
U . S. W a r L o a n ..................................................................................................
1,063,157.97
$40,729,392.35
TOTAL

................................................................................................................................................. $42,656,051.94

BRANCHES A T

BROOKINGS, CHAMBERLAIN, DELL RAPIDS,
GREGORY, HURON, MADISON

Affiliated w ith N orth w est Bancorporation
M e m b e r Federal D ep o sit Insurance Corporation

Northwestern Banker, January, 1947


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Federal Reserve Bank of St. Louis

ment may not be used by the insured
directly or indirectly as a means of
securing in cash proceeds of such
bond, or any portion thereof, prior to
maturity of the bond or maturity of
such policy by death, whichever is
earlier. This assignment shall be
deemed to constitute an agreement by
the insured to this effect.

Question: Is is necessary that this
approved form of note and mortgage
be used in connection with all real
estate mortgage loans?
Answer: Lenders may continue to

use their form of note and mortgage if
desired; however, it should be kept in
mind that the RFC Mortgage Company
will not purchase loans unless made on
the approved forms. Every approved
lender for the sale of loans to the RFC
Mortgage Company should acquaint
himself with all the conditions under
which purchase of loans will be made.
It would appear that every approved
lender for the sale of mortgages would
desire to use these forms in connection
with home loans, thereby placing
themselves in position to gain liquidity
through this secondary market.

South Dakota News

Determination of Cost Factors in
Relation to Reasonable Value
Question: In a n e av construction
loan, does labor performed by veteranborrower ha\Te to be taken into con­
sideration in arriving at cost?
Answer: Total cost of the property

must not be in excess of determination
of reasonable value. Cost, as defined
in the regulations, is the entire consid­
eration paid or payable for, or on ac­
count of, the application of materials
and labor to tangible property. (Sec­
tion 36:4301 (f )). Minor contributions of
labor by the veteran, such as weekend
or evening work, might not be con­
strued as cost, but it is obvious from
the above that any major contribution
of labor by a veteran must be consid­
ered as cost.

55

Lloyd, assistant secretary, was elected
assistant trust officer.

Promotions
At a meeting of the board of direc­
tors of Bankers Trust Company, New
York, held several promotions and
changes in titles were made.
H. A. Watkins, assistant vice presi­
dent, was elected vice president, J. Y.
Sauter, assistant trust officer, was
elected trust officer, F. A. Cochrane,
trust officer, was elected assistant vice
president. H. P. Gundersdorf, man­
ager, of the tax department, was made
assistant vice president, G. C. Ben­
nett, insurance manager, was made
assistant comptroller, and G. F. Valen­
tine, assistant manager, tax depart­
ment, assistant secretary. J. S. Biays
was elected assistant secretary. C. C.

New Officer
Frank K. Houston, chairman of the
Board of the Chemical Bank & Trust
Company, announces the election of
William C. Bennett, vice president and
director of J. P. Stevens & Co., Inc.
to the advisory board of the 320
Broadway office of the Bank.
Mr. Bennett is also a director of
the Exposition Cotton Mills Co. of
Atlanta, Georgia, and of the Highland
Park Manufacturing Company of Char­
lotte, North Carolina, and has other
textile interests.

Automatic Business Loans
Question: What has been your expe­
rience to date with business loans?
Answer: During the past year, we

have issued guaranties or i n s u r e d
credit on 1,421 business loans, totaling
$4,091,278.12. These loans have caused
both us and the lenders more trouble
than 10,258 home loans made during
the same period, totaling $47,226,742.72.
If you want the benefit of our expe­
rience, we would say — unless you
know your applicant thoroughly —
don’t make automatic business loans;
submit them under prior confirmation
procedure. This gives us a chance to
pass on eligibility of purpose and call
your attention to other difficulties be­
fore you have paid out the money.
Of the c r e d i t factors involved—
character, ability, experience, collat­
eral—character ranks first in this type
of loan. Without character, we have
seen inventory and working capital
dissipated and depleted. Heavy-duty
machinery, such as trucks, portable
grinders, and bull dozers, are good
enough collateral at the start, but
abused and depreciated by neglect and
hard usage to the extent that the col­
lateral was of little value within the
year.
The bad loans of this type are not
so much the result of poor appraisal
of collateral, as the lack of investiga­
tion and consideration of the appli­
cant’s character, ability and experi­
ence.
The year 1947 will bring declining
value in inventory and increased com­
petition f r o m well-trained business
with adequate capital.
A veteran has 10 years to use his
available guarantee for a business
loan. In the meantime, two years of
on-the-job t r a i n i n g is available in
many lines of business, thus providing
training, experience, and a testing
ground for character and ability # #

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Federal Reserve Bank of St. Louis

The First National Bank
o f Chicago
Statement of Condition December 31, 1946
A S S E T S
C a sh a n d D u e fro m B a n k s, .

.

.

-

•

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

U n i t e d S ta tes O b li g a t i o n s — Direct and fully Guaranteed,
U n p le d g e d ,

.

.

.

.

$ 7 1 1 ,2 4 6 ,5 2 0 .5 7

P le d g e d —ToSecure Public Deposits and
Deposits Subject to Federal Court O rder,
T o Secure Trust Deposits,

.

U n d er Trust A c t o f Illinois,

.

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

.

5 3 3 ,8 4 0 .0 0

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

O t h e r B o n d s a n d S e c u ritie s ,
L o a n s a n d D is c o u n t s , .

.

.

.

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

.

R e a l E sta te ( B a n k B u ild i n g ) ,

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

F e d e ra l R e s e r v e B a n k S to c k ,

3 ,6 0 0 ,0 0 0 .0 0

C u s t o m e r s ’ L ia b ility A c c o u n t o f A c c e p t a n c e s ,

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

In te r e s t E a r n e d , n o t C o lle c t e d ,

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

O t h e r A s s e ts ,

.

.

.

.

.

__________2 1 5 , 2 5 1 . 1 9

.

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

LIABILITIES
C a p ita l S t o c k ,
S u r p lu s ,

.

.
.

.

.

.

$

.

.

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

.

3 .6 1 5 .4 3 6 .8 3

O t h e r U n d i v i d e d P ro fits ,

7 4 1 ,5 9 5 .4 0

D is c o u n t C o lle c t e d , b u t n o t E a r n e d ,

1 , 200 , 00 0.0 0

D iv id e n d s D e c la r e d , b u t U n p a i d ,
R e s e r v e f o r T a x e s , e tc .,

7 ,0 7 2 ,1 0 7 .0 2

L ia b ility A c c o u n t o f A c c e p t a n c e s ,

3 .3 8 0 .8 0 3 .8 4

T im e D e p o sits,
D e m a n d D e p o s it s ,

.

.

.

. $

.

.

.

.

.

D e p o s its o f P u b lic F u n d s ,

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

L ia b ilitie s o t h e r t h a n th o s e a b o v e s ta te d ,

.

.

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

Northwestern Banker, January, 1947

56

in Chicago with winning entries in
barley, flax, brome grass and large
yellow field peas. North Dakotans
won more prizes at this exhibition
than at any time in the past 35 years.
The Greater North Dakota Association
paid out more than $1,000 in prizes
to top exhibitors.

N o r t li D a k o ta

NEWS
C. W. BURGES
President
Edgeley

C. C. WATTAM
Secretary
Fargo

Named GNDA Director

Increase Common Stock

17th. The Bismarck-Mandan Clearing
There were no changes in bank House Association will be in charge.
titles, liquidations, consolidations, or
closings during the month of Decem­ Legislature Meets
ber according to R. S. See, secretary,
Stories indicate that bills for the
North Dakota State Banking Board.
elimination of the exchange and float
The applications for permission to charges were to be introduced in the
amend their Articles of Incorporation coming session of the North Dakota
to provide for an increase of common legislature. The North Dakota Bank­
stock of the following banks were ap­ ers Association legislative committee
proved by the State Banking Board has suggested that every banker in
on December 12, 1946:
the state contact members of the legis­
First State Bank of Cando, Cando, lature from his district and explain
North Dakota, $50,000 to $75,000; Mer­ the bankers’ side of this subject to
chants and Farmers Bank of Cavalier, them. The legislature convened Jan­
North Dakota, $30,000 to $50,000; North­ uary 7th.
western Bank of Langdon, North Da­
kota, $25,000 to $50,000; First State Receives Charter
Bank of Park River, North Dakota,
The Bank of Glen Ullin, North Da­
$25,000 to $50,000; Rolette County Bank
kota, received its charter December
of Rolla, North Dakota, $25,000 to
20, 1946, and opened for business on
$40,000; Bank of Killdeer, North Da­
January 2nd. The officers of the bank
kota, $25,000 to $50,000; First Interna­
are: Herman Leutz, president; Herman
tional Bank of Watford City, North
F. Leutz, vice president, and E. G.
Dakota, $25,000 to $35,000.
Laub, cashier.

1947 State Convention

Four Championships

The North Dakota Bankers Associa­
tion 1947 annual convention will be
held at Bismarck on June 16th and

North Dakota farmers won four
world championships at the recent
International Hay and Grain Show

The First National Bank and Trust Company of Fargo
FARGO, NORTH DAKOTA
THE CAPITAL STRUCTURE OF THIS BANK IS NOW IN EXCESS OF
ONE MILLION DOLLARS
htatement of Condition, December 31, 1946
R ESO U RCES
Loans and D isc o u n ts...................$ 2,431,549.03
Overdrafts
3,512.31
Stock in Federal Reserve Bank
22,500.00
Bank B uilding ..............................
185,000.00
Furniture and Safety D eposit
V a u lts
...................................
Interest Earned, N ot Collected
77,451.03
O ther Resources ..........................
29,000.00
Quick A s s e t s :
*U . S. Government
Bonds ................ $16,894,223 77
*M un icip al Bonds
304,976.57
*O th er Bonds . .
425,535.17
Cash and Due
from B a n k s -----6,084,772.27 23,709,507.78

L IA B IL IT IE S
Capital .................................................$
350.000.
00
Surplus .................................................
400.000.
00
Undivided Profits and Reserves
337,338.38
Interest Collected, N ot Earned
16,215.23
Other L iab ilities ..........................
61,000.00
D eposits (Includ in g U. S. W a r
Loan D eposits $ 4 7 7 ,4 3 9 .6 8 ).. 25,293,967.54

1.00

'A t market or less.

$26,458,521.15

$26,458,521.15

Offic
F.
G.
H.
G.

A.
H.
D.
W.

I R I S H ............ Chairman o f the Board
N E S B I T ..................................... President
C R O S B Y ....................... Vice President
J E N S O N .. . .V ice Pres, and Cashier
The

O ld e s t

Bank

G. H . M A Y ...................Assistan t V ice Pres.
M. W . L O F F E R ............. Assistant Cashier
E . M. S H A F E R ............. Assistant Cashier
in

N o r th

D a k o ta

M em ber of the Federal D eposit Insurance Corporation
Affiliated with NORTHWEST BANCORPORATION

Norfhwestern Banker, January, 1947


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

A. C. Idsvoog, president, Grafton
National Bank, Grafton, North Dakota,
is listed as one of the five newly ap­
pointed directors of the Greater North
Dakota Association. R. J. Hughes,
president, National Bank in Wahpeton,
and president of GNDA, announced
Mr. Idsvook’s appointment. Mr. Ids­
voog has been active for many years
in state and civic work and has been
associated with banking in North Da­
kota since 1908.

Director at Large
Election of J. B. Bridston executive
secretary of the First National Savings
and Loan Association of Grand Forks,
North Dakota, as a director at large
of the Federal Home Loan Bank of
Des Moines, Iowa, was announced
recently by R. J. Richardson, president
of the Home Loan Bank.

Horace Young
Horace Young, 57, prominent Fargo
attorney, died last month at Wilmette,
Illinois, after a brief illness. His fa­
ther, the late Judge N. C. Young, was a
former president of the Stock Growers
Bank in Napoleon, North Dakota, and
Horace Young was also at one time
an officer of that institution.
Mr. Young was born at Bathgate,
North Dakota, April 3, 1890. He ob­
tained his law degree from the Uni­
versity of Iowa in 1913. He was
nationally prominent in citizens tax
organizations and, in North Dakota,
took a leading role in advancing tax
legislation.

I'V ii'i/ « N ew s
ARD D. DWIGHT, assistant cash­
ier of the Fargo National Bank
since January, 1941, resigned his posi­
tion January 1 and will go to Minne­
apolis January 15, where he will be
associated with First Service corpora­
tion, an affiliate of First Bank Stock
corporation. He will make his home
in Minneapolis.
Mr. Dwight was honored at a din­
ner in the Graver Hotel in Fargo by
bank officials and employes. He has
been president of the Fargo Jaycees,
chairman of the junior bankers com­
mittee of the North Dakota Bankers
Association and a past president of

W

North Dakota News

57

Permission to establish and operate
interest, plus a premium of $10.50 cash,
the First National Bank of Minne­ a paying and receiving station at
apolis and First National Bank of St. Leonard, North Dakota, was granted
Paul became successful bidders for the the Casselton State Bank, Casselton,
city of Fargo’s $75,000 bond issue. The North Dakota, with the station open­
issue, for purchase of fire department ing for business recently.
equipment, was approved by voters
Mid-Winter Trust Conference
August 27.
The 28th Mid-Winter Trust Con­
The Twin city banks’ bid will mean
a net cost to the city of Fargo of .895 ference of the American Bankers As­
of 1 per cent—lowest interest rate ever sociation at The Waldorf-Astoria on
made in any municipal financing issue February 3, 4, and 5, is expected to
in North Dakota, said T. G. Evensen, attract to New York over 1,500 leaders
in the field of trust administration
bond consultant.
Nearest comparison is Hector air­ according to Evans Woollen, Jr., presi­
port (Fargo) bond issue of $300,000 in dent of the Trust Division of the
1943, which had a net cost of .98 of 1 A.B.A. and president of the Fletcher
Trust Company, Indianapolis, Indiana.
per. cent.
The opening session on Monday
Second lowest bidder was Halsey,
Stuart of Chicago, with 1 per cent plus morning, February 3, will feature ad­
$109.50 premium; third, the Milwaukee dresses by President Woollen, and by
Company, 1 per cent plus $68 cash C. W. Bailey, who is president of the
premium; fourth, Fargo Clearing American Bankers Association and
House Association, 1 per cent and no president of the First National Bank,
premium; fifth, E. J. Prescott, Minne­ Clarksville, Tennessee. A new feature
apolis, 1.20 per cent and $75 premium, of the opening session will be a “ Get
and sixth, Piper, Jaffray & Hopwood, Acquainted Hour” following the talks.
1.20 per cent and $5.11 cash premium.
The $75,000 issue is dated December Dividend
The board of directors of The First
1, 1946, and maturity is stretched over
a three-year period, 1948 to 1950, in­ National Bank of Chicago, at a recent
clusive, with $25,000 principal matur­ regular meeting, declared a dividend
ing in each of the three years. Face of $2.00 per share on the capital stock
value of the bonds is $1,000. No option of the bank, payable January 1, 1947,
to stockholders of record December 23.
is given for prior payment.

Fargo chapter, American Institute of
Banking.
A native of Blue Earth, Minnesota,
he began his banking career with the

W A R D D. D W IG H T
M o v es to M inneapolis

Merchants National Bank and Trust
Company of Fargo, while attending
the North Dakota Agricultural college.
In 1936 he became assistant cashier
of the First State Bank of Cando,
North Dakota, going to Fargo and
the Fargo National Bank June 1, 1940.
With a bid of .9 of 1 per cent

City National Bank and Trust Company
of Chicago
Condensed Statement of Condition— December 31 , 1946
LIABILITIES

RESOURCES
Cash and Due from Banks

-

-

U. S. Government Securities

-

-

-

-

-

State. M unicipal, and Other Securities

-

$ 84,720,167.49
160,806,240.54
6,088,037.54

Capital

-

Surplus

-

Undivided Profits

$

4,000,000.00
4.000,000.00

-

-

-

-

2,409,506.40

Reserve for Interest, T axes, and
Loans and Discounts

-

-

-

Federal Reserve Bank Stock
Accrued Interest

-

-

-

-

-

-

-

79,543,585.63
-

-

-

2,293,994.73

240,000.00

Reserved for Dividends Declared

160,000.00

627,015.52

Letters of Credit and Acceptances

Customers' Liability on Letters of Credit
and

A cceptances

Other Resources


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

-

-

-

-

-

-

3,176,974.91

-

-

-

79,945.00

Contingencies

-

Outstanding

-

Other Liabilities

-

-

-

3,176,974.91
-

91.583.33

D e p o s i t s ............................................

319.149,907.26

$335,281,966.63

-

-

$335,281,966.63

Member Federal Deposit Insurance Corporation

Northwestern Banker. January, 1947

58

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

31,

1946

RESOURCES
Cash and Due from Banks. . .

...........................$22,554,829.44

U. S. Government Obligations.

$36,727,431.99

Municipal and Other Bonds. .

3,006,872.82

39,734,304.81

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

.......................... 11,393,579.92

Bank Premises.........................

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

675,000.00

Stock in Federal Reserve Bank

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

90,000.00

Other Assets ...........................

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

311,604.37
$74,759,318.54

LIAB ILITIES
Deposits

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

Capital Stock .........................
Surplus

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

Undivided Profits and Reserves
Other Liabilities .....................

.........................$70,516,309.98
$1,500,000.00
1,500,000.00
926,505.57
........................

3,926,505.57
316,502.99
$74,759,318.54

Northwestern Banker, January, 1947


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Federal Reserve Bank of St. Louis

59

Bonus for Employes

N e b ra sk a

NEWS
GLEN T. GIBSON
President
Gibbon

CARL G. SWANSON
Secretary
Omaha

H e n r y C. K a r p f H ea d s
L iv e S tock N a tion a l o f O m aha
H ENRY C. KARPF, executive vice
president of the Live Stock Na­
tional Bank of Omaha, has been elected
president.
Directors of the bank, at a special
meeting, named him to succeed Alvin
E. Johnson, who died December 31.
Mr. Karpf has been executive vice
president for ten years.
The new bank president has strong
faith in midwestern area agriculture
and a particular liking for western

H E N R Y C. K A R P F
Nebraska Banker for 39 Years

Nebraska, where he began his career
in the banking business. He came to
Omaha from the joint cashiership of
the Morrill and Mitchell, Nebraska,
banks. Mr. Karpf was a commuting
banker. He lived in Morrill and spent
three days a week at each of the banks.
The new head of the Live Stock
National is 53, the same age as Mr.
Johnson. The two started in the bank­
ing business the same day, December
8, 1907. Mr. Johnson started in Omaha,
Mr. Karpf in Mitchell when a 14-year
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Federal Reserve Bank of St. Louis

old in knee pants. He was born at
Conneaut, Ohio, and came to Nebraska
with his parents and two sisters.
Western Nebraska was anything
but tame in 1907. The Tristate and
Government irrigation ditch was being
constructed at Mitchell, and the ditch
workers often exchanged more than
harsh words.
Young Karpf had a knowledge and
liking for livestock, gained in Ohio.
His father was in the wholesale and
retail meat business. Henry Karpf
went to work in a slaughterhouse at
the age of 9.
The bank president is a leading
cattle and sheep raiser in western
Nebraska. He owns 760 acres of irri­
gated land in four farms near Morrill,
and has a 2,600 acre ranch in that area.
He also is a partner in a five hundredacre irrigated farm on the outskirts of
Torrington, Wyoming. Recently Mr.
Karpf disposed of his interest in a
cattle-feeding farm near Avoca, Iowa.
Mr. Karpf is a strong booster for
western Nebraska, which “from an
agricultural standpoint is the greatest
spot in the country,” he says. Any­
body, he said, can go there and trans­
late hard work into a good income.
Mr. Karpf’s son is a government
civilian auditor in Germany. He took
the job after his discharge from the
army. The son returned to Germany
December 11th, and will be gone a
year.

Employes of the First National bank
of Fairbury were given a 10 per cent
bonus at their Christmas party De­
cember 19, which was in addition to
a 5 per cent bonus paid July 1st.
Bank officers stated they had a very
successful year and that the paid in
capital stock in 1883, when the bank
was first organized, was $50,000, and
at the present time the assets are
over $9,000,000.

Alvin E. Johnson
Alvin Emanuel Johnson, 53, presi­
dent of the Live Stock National Bank
of Omaha, died at his home last month.
He had been in ill health for the past
year. Death came peacefully while
he was asleep.
Mr. Johnson began his successful
career at the Live Stock National the
day it opened, December 9, 1907, and
just recently he had celebrated two
thirty-ninth anniversaries — that of
founding the bank and his employ­
ment there.
A native of Omaha, Mr. Johnson
was born February 18, 1893. He at­
tended grade school and two years of
high school at Omaha’s South High.
He entered business college Septem­
ber 7, 1907, and began work at the
bank just three months later. Much
of Mr. Johnson’s fine executive ability
was acquired by long hours of hard
toil, for he was only 14 years of age
when he began his banking career as
a messenger boy.
President Johnson always gave cred­
it for his bank’s success to the many
friends throughout the territory sur­
rounding Omaha for the cooperation
they gave the bank. He was quick to

Increase Capital, Surplus
At a special stockholders meeting
held December 27, 1946, the capital
structure of the South Omaha Savings
Bank was increased $50,000, making
capital $75,000, surplus $75,000 and un­
divided profits and reserves $57,312.
C. F. Witt, president, said this increase
was made because the volume of busi­
ness has increased three and one-half
times in the past four years. An un­
usual loan ratio shows total loans of
$1,220,000 and deposits of $2,075,000.

A L V IN

E. J O H N S O N

Northwestern Banker, January, 1947

60

Nebraska News

pass on praise to his associates for the
progress made through his guidance.
He is survived by his wife, Nina;
two sons, Warren and Howard; a
daughter, Myrtle Louise; his mother,
Mrs. John F. Johnson; two sisters and
one brother.
Mr. Johnson was a Mason, Shriner
and an Elk. He was on the board of
trustees of the First Baptist Church
and the Children’s Memorial Hospital.,

Nebraska Bankers Clinic
Dates for the first Bankers Clinic
of the Nebraska Bankers Association
have been set for July 8th, 9th and

10th. Location is to be at Doane Col­
lege, Crete, Nebraska.
The Bankers Clinic has been a topic
of discussion for some months. A
short time ago Edward Huwaldt, Com­
mercial National Bank, Grand Island,
and J. R. Kenner, Thayer County
Bank, Hebron, attended the Kansas
Bankers Clinic for purposes of study­
ing the operations of their Clinic.
Their findings were reported to the
Banker Clinic committee at a meeting
held last month in Lincoln. After a
lengthy discussion, it was decided that
the Nebraska Bankers Association
should sponsor the Bankers Clinic in

OVER SEVENTY-FIVE YEARS OF BANKING EXPERIENCE

Statement of Condition

The First National Bank of Lincoln
LINCOLN, NEBRASKA
(ORGANIZED 1871)

Nebraska. The biggest problem con­
fronting the committee at that time
was in finding a school which could
accommodate the bankers. Several
schools were investigated. The com­
mittee finally decided on Doane Col­
lege at Crete, Nebraska. The basis of
the decision was facilities offered, and
availability of the college.
There are several points which
should be made clear. The Bankers
Clinic is not to be a school with col­
lege professors as teachers. Bankers
with experience in the various fields
will lead the discussion groups. This
is to be a clinic, to use a very trite
expression, “of the bankers, for the
bankers, and by the bankers.”
The next point for clarification is
that the clinic is not to be another
convention. It is definitely a working
group. The days spent at Doane will
be filled with work.
Another misunderstanding that has
cropped up here and there is that the
Bankers Clinic will take the place of
the group meetings. This is not the
case, nor will the Bankers Clinic
travel about the state. The Clinic will
be held for three days only at Doane
College . . . it is not a substitute for
any other activity of the Nebraska
Bankers Association.

AT THE CLOSE OF BUSINESS DECEMBER 31, 1946

Increase Capital $50,000
ASSETS
Cash and Due from Banks......................................................$13,215,406.37
U. S. Government Bonds........................................................ 32,914,735.58
Other Bonds and Securities.................................................

1,411,897.05

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

78,000.00

Loans ............................................................................................
Interest Earned Not Due..........................................................

4,425,697.79
139,879.15

Banking House ...........................

342,630.89

Total A s s e t s ....................................................................... $52,528,246.83
LIABILITIES
Capital S tock ................................................$1,500,000.00
Surplus .......................................................... 1,100,000.00
Undivided Profits .......................................

546,018.90

R e se rv e s..................

$ 3,146,018.90
220,821.06
34,555.81

Discount Unearned
Deposits ...................

49,126,851.06

Total Liabilities

$52,528,246.83
OFFICERS

P. R. E A S T E R D A Y ...................... Chairman
A. C. GLANDT . Vice-Pres. and Cashier
GEORGE W. HOLMES . . . .
President R. J. B E C K E R ............................ Vice-President
HOWARD FREEMAN . Exec. Vice-President CLIFFORD G. WESTON . Asst. V.-President
BURNHAM YATES . . . Vice-President LYLE F. STONEMAN . Asst. V.-President
B. O. CAMPBELL
. . . Vice-President G. H. C R A N E ............................ Asst. Cashier
E. U. GUENZEL . . . .
Vice-President R. A. GESSNER . . . .
Asst. Cashier
Member Federal Deposit Insurance Corporation

W. J. Stafford, president, Scottsbluff
National Bank, Scottsbluff, Nebraska,
announces that the board of directors
has voted an increase in capital stock
from $100,000 to $150,000. At the same
time it was voted to increase the sur­
plus fund from $100,000 to $150,000.
The increases were effected by trans­
ferring the necessary amounts from
the undivided profits account and the
issuance of a stock dividend to present
stockholders. This gives the bank
total capital and surplus of $300,000
with undivided profits and reserves
of over $100,000.
Deposits of the Scottsbluff National
have increased from about two and
one-half million dollars in 1940 to over
eleven million dollars in 1946. This
increase makes possible the greater
capital structure of the bank according
to Mr. Stafford. Other officers of the
Scottsbluff National are J. L. Witters,
vice president; A. A. Hulse, cashier;
R. K. Patrick, Bernard Kelly and
Frank Ralston, assistant cashiers.

B ANKS

Bought and Sold

Confidentially and with becoming dignity

BANK EMPLOYEES PLACED.
40 Years Satisfactory Service

THE CHARLES E. WALTERS CO.
OMAHA. N EBRASKA

Northwestern Banker, January, 1947


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Federal Reserve Bank of St. Louis

Nebraska News

61

Retires at Howells
Frank Tillman has been elected
president and a member of the board
of directors of the Howells Bank in
Howells, Nebraska. He succeeds J.
A. Novak who sold his interest in the
bank and retired last month.
Other bank officers are Elmer Brad­
ley, Sr., vice president, and Elmer
Bradley, Jr., cashier.

Sponsors Corn Show
Oscar Mueller, Columbus, Nebraska,
won the grand championship trophy
in the seventh annual Corn Show
sponsored by the Central National
Bank in Columbus. H. L. Burdick,
cashier, says this was probably the

RESOURCES
Cash and Due from B a n k s................................................. $26,935,506.78
U. S. Government Securities............................................ 30,050,539.70
Other Securities ......................................................................

Loans

and

4,251,327.72

$61,237,374.20

D iscounts..............................................................................................

13,853,286.14

Stock in Federal R eserve B a n k ........................................................................

75,000.00

$75,165,660.34

LIABILITIES
Capital .............................................................................................$1,250,000.00
Surplus

Judging o f Corn Show entries in
Central National Bank, Columbus.

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

1,250,000.00

Undivided P r o fits ........................................................................

1,252,993.13

R eserved forContingencies...............................................................................

most successful of the shows yet, both
from the standpoint of quality of grain
displayed and the enthusiasm of the
crowds which gathered at the bank
during the two week show.
Judging of the entries was con­
ducted the final night of the show in
the bank lobby and winning entries
in all classes were left on display for
a few days so that all those not at
the judging could see the champions.
At least $75 in prizes were awarded
to winners.

Reserved for Taxes, etc.
Deposits

400,000.00

$4,152,993.13

405,405.29

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

. 70,607,261.92

$75,165,660.34

Member Federal Deposit Insurance Corporation

the Inter-State

National Bank

Fish Story
“What’s the trouble with people
who drink like fish?”
“They don’t drink what the fish do.”


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Federal Reserve Bank of St. Louis

Northwestern Banker, January, 1947

Holding Company Act. The ruling,
said Mr. McEntire, will allow the com­
mission “to complete the job outlined
for us (by Congress).”
Dale Clark, president of the Omaha
National Bank, was host at a luncheon
for 75 persons at the Fontenelle Hotel
to honor E. Roland Harriman, re­
cently-named chairman of the Board
of the Union Pacific Railroad, and
F. W . Charske, chairman of the Union
Pacific Executive Committee, who
were Omaha visitors recently.

HE Omaha Bridge Commission re­
cently retired 40 thousand dollars
in bonds on the South Omaha Bridge.
liouis Hines, manager, said the com­
mission has retired a total of 160 thou­
sand dollars in bonds this year. Still
outstanding are 565 thousand dollars
worth of the 1% per cent refunding
bonds issued last year.
The commission can call the bonds
at option in denominations of 10 thou­
sand dollars every three months.
The commission took bids January
3 on insurance for the next three
years, Mr. Hines said.
Bids are being asked on $1,760,000
all-risk insurance for the full value of
the bridge and its approaches. Bids
also will be taken on 10 thousand dol­

T

lars a month use and occupancy insur­
ance. That type is for a guarantee of
revenue.
In Omaha recently were Richard
McEntire, a member of the five-man
SEC; Edward A. Cashion, chief coun­
sel for SEC’s corporation finance di­
vision, and John 1<. Geraghty, ad­
ministrator for the SEC regional office
at Denver, Colorado, which serves Ne­
braska, Colorado, New Mexico, North
and South Dakota, Wyoming and Utah.
It was the first time SEC top execu­
tives had come to Omaha.
Mr. McEntire hailed the Supreme
Court ruling upholding the constitu­
tionality of the so-called “death sen­
tence” clause of the Public Utility

l * t _ Banks
Condensed Statement of Condition

First National Bank
of Saint Joseph, Missouri
and affiliated

First Trust Company
and

First St. Joseph Stock Yards Bank
of South Saint Joseph, Missouri
at the close of business December 31, 1946
R ESO U RCES
F irst N ational
Bank
Cash and Due from Federal Reserve and
O ther Banks ................................................... $ 9,551,951.17
U . S. Governm ent O b lig a tio n s..................... 16,363,409.66
Other Bonds and S ecu rities..........................
1,636,053.64
Federal Reserve Bank S to c k ..........................
30,000.00
Loans and D isc o u n ts..........................................
3,989,097.28
Bank B uildin g, Fixtures and O ther Real
E state
.......................................................... . . . .
1-00
Interest Earned U ncollected and Other
A sse ts
.........................................
76,572.15
$31,647,084.90

T o ta l

F irst Trust
Company
$137,522.28
195,261 ! 33

..................................... : .......................$31,647,084.90

$ 4,207,110.97
5,926,472.47
537,412.27
10,500.00
1,120,992.46

1.00

1.00

285.60

32,134.07

$333,070.21

$11,834,623.24

L IA B IL IT IE S
$ 100 , 000.00
Capital
......................................................................$
500,000.00
120, 000.00
Surplus
..................................................................... $
500,000.00
112,346.66
Undivided Profits ...............................................
253,670.59
723.55
Reserves for T a xes, D ividends, E tc ........
109,900.24
................................................................. 30,283,514.07 Trust B usiness
D eposits
O nly
T o ta l

F irst St. Joseph
Stock Y ards Bank

$333,070.21

$

250,000.00
150,000.00
115,767.10
39,168.02
11,279,688.12

$11,834,623.24

COMBINED DEPOSITS $41,563,202.19
U nited

M E M B E R S O F 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
States Government Bonds in the amount of $1,426,218.75 are pledged to
Public D eposits as required by law.

Northwestern Banker, January, 1947

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Federal Reserve Bank of St. Louis

secure

H. M. Bushnell, president of the
United States National Bank of
Omaha, has been re-elected vice presi­
dent of the Ak-Sar-Ben Bridge Associa­
tion.
J. B. Frazier, Jr., has been elected
president of the Omaha Council of the
Navy League to succeed Robert A.
Fitch. Mr. Frazier is an Omaha in­
vestment banker. John F. Davis of
the First National Bank of Omaha was
elected secretary-treasurer. Richard
H. Mallory, United States National
Bank of Omaha, is a director.
Clyde O. Darner of the Omaha Na­
tional Bank was one of the leaders for
the 112th reunion of the four bodies
of Scottish Rite in Omaha recently.
He is Venerable Master of Kadosh of
the Nebraska Consistory.
Stephen J. Wirtz of the Omaha Na­
tional Bank and treasurer of the
Covered Wagon Council of Boy Scouts,
was presented the Silver Beaver
Award for outstanding work in Scout­
ing at the annual meeting of the Coun­
cil in Omaha. Mr. Wirtz has been
associated in Scouting activities for
12 years.
J. Clifford Rahel, investment bank­
er, is a new council vice president.
Dale Clark, Omaha National Bank
president, is on the Advisory Com­
mittee.
Re-elected president of the Council
was C. A. Abrahamson, insurance man.
Members-at-large include Robert H.
Hall, Alvin E. Johnson, Dean Vogel,
and Charles Saunders.

Christmas savings funds are now in
their thirty-sixth year nationally. The
original purpose was a weekly bank
deposit for Christmas needs. Six of
eight Omaha banks having the weekly
savings plans paid out $485,336 to ap­
proximately 6,171 depositors. A total
of 655 savers in three Council Bluffs
banks collected checks totaling $31,604.
AV. B. Millard, Jr., vice president of
the Omaha National Bank, has been

Nebraska News
elected vice president of the Ak-SarBen Board of Governors.
Frank B. Heintze, deputy state treas­
urer, and Mrs. Beatrice Anderson were
married recently. The bride will con­
tinue her work in the bond depart­
ment of the First National Bank of
Omaha. Mr. and Mrs. Carl Swanson
were their attendants at the ceremony.

Commercial banking processes were
explained at the Omaha Cosmopolitan
Club luncheon by Ernest Tanner of
the First National Bank of Omaha.
L. D. Snell presided at the meeting
at the Castle Hotel.

63

Sails for Manila

W. Frank Copeland

Dwight Davis, son of Mr. and Mrs.
E. W. Davis of Carroll, Nebraska,
sailed from San Francisco December
27th for Manila where the Bank of
America is opening a new internation­
al branch. Seven employes left to­
gether and about 50 Filipino natives
will also be in the bank. Mr. Davis
has been with this instituion in Cali­
fornia for seven years. He expects to
be in Manila at least a year. He for­
merly was employed in the First Na­
tional Bank and the Kingston ice plant
in Wayne, Nebraska.

W. Frank Copeland, vice president
of The First National Bank of Chicago,
died last month in Sault Ste. Marie,
Michigan. He was 53 years old.
Mr. Copeland, formerly a vice presi­
dent of the Foreman-State National
Bank, joined The First National Bank
in 1931. Before coming to Chicago, he
had been connected with the Union
National Bank and the Union Trust
Company of Cleveland, Ohio. He was
a member of the Union League, Knollwood Country and Westmoreland
Country Clubs, and of the Beta Theta
Pi fraternity.

"Unusual" Letter
Officers of the Saline State Bank,
Wilber, Nebraska, were placed on the
receiving end of an “unusual” Christ­
mas letter when the mailman deliv­
ered a letter of apology from the man
who attempted to rob the bank in 1941.
Orval Lloyd Skinner, who is serving
time in Alcatraz for this attempted
bank robbery and two other successful
bank hold-ups, wrote the letter to J.
J. Novak, Anton W. Fridrick and
Henry Jelinek, all of whom were in
the bank at the time. Mr. Jelinek was
shot in the foot accidentally when
the robber became frightened after
Mr. Novak touched off the burglar
alarm.
In his letter to the three, the pris­
oner said he would no doubt be in
confinement for many years, but
wanted to offer his apologies for the
fear and inconvenience he caused
them and asked them to bear him no
ill will.

AMERICAN NATIONAL HANK
ST. JOSEPH, MO.

STATEMENT OF CONDITION, DECEMBER 31, 1946
RESOURCES
_$ 3,957,790.90

Loans.
Banking House

95,000.00

Federal Reserve Bank Stock

21,000.00

United States Obligations

.

$14,577,762.25

Cash and Sight Exchange

- -

7,283,948.11

21,861,710.36
$25,935,501.26

LIABILITIES

Corn Kings

Capital Stock

Herman Klug and Glenn Black cap­
tured first and second prizes respec­
tively in the corn contest sponsored
by the Battle Creek State Bank, Battle
Creek, Nebraska.
Farmers were asked to exhibit five
ears of corn from their field. A num­
ber of other prizes were also given.

Surplus Profits

.

$

350,000.00
423,492.56

Reserves

34,600.00

Deposits: Banks
Individual

.

10,191,994.17

-

14,585,533.60

U. S. Government

349,880.93

808,092.56

25,127,408.70
$25,935,501.26

Surprise Bonus
Employes of the Overland National
Bank in Grand Island, Nebraska, re­
ceived a Christmas surprise.
Each employe was given a Christ­
mas bonus consisting of 20 per cent
of his annual salary.

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.

OFFICERS
R. R . C A L K IN S
President

J O H N T. R U T H E R F O R D
Assistan t Cashier

GEO. U . R IC H M O N D
V ice President

K . L . M O R R IS O N
Assistant Cashier

B E V E R L Y P IT T S
V ice President and Cashier

W . W . L IM B A C K
Assistant Cashier

Member Federal Deposit Insurance Corporation

OMAHA


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

Northwestern Banker, January, 1947

64

Nebraska News

Heads La Salle National
John C. Wright has been elected
president of the LaSalle National Bank
in Chicago. He assumed his duties on
January 2nd, upon retirement of C.
Ray Phillips, who has served as presi­
dent and director since 1940. Mr. Phil­
lips will continue as a director of the
bank, but is giving up its executive
direction in order to have more time
for his hobbies and other interests.
Mr. Wright became associated with
LaSalle National Bank, as executive
vice president, earlier this year.
Mr. Wright is widely known in
banking circles and is an active mem-

ber of American Bankers Association,
Illinois Bankers Association, and Re­
serve City Bankers, having served as
a member of various committees in all
of these organizations. He also is ac­
tive in community and civic affairs,
both in Chicago and in Evanston,
where he resides with Mrs. Wright.

Travel in Europe
European countries will be ready to
receive pleasure tourists next year,
Ralph T. Reed, president of the Ameri­
can Express Company, predicted after
returning from a two-month survey
trip of Europe and talks with govern­

J lin co ln ----------

v

JL OU are certain to notice the cordial atm osphere

which greets you at the "C o n tin en tal."
N eb raska's

Located in

capital city, the "C on tin en tal," through

experienced officers and m any departments, is w ellqualified to assist you.

It w ill b e a

pleasure

to

serve you.

ment, transportation and hotel author­
ities in the British Isles, France, Hol­
land, Belgium, Switzerland, Italy and
Germany.
“The countries themselves are ex­
pecting tourists in large numbers in
1947, particularly at resorts,” Mr. Reed
said. “ I am so certain that facilities
will be available in some of the coun­
tries that I am going to urge the State
Department to issue passports for
pleasure travel in Europe.
“ It is too easy to be ‘bearish’ on
conditions in Europe,” he said. “Ac­
tually, I found conditions generally
better than I had anticipated from
general impressions prevailing in this
country prior to my trip. Transporta­
tion and hotels will not soon equal
prewar standards, but the rehabilita­
tion of present facilities is progressing
remarkably well. Food is not abun­
dant and hotels and restaurants do
not offer an extensive variety, but
generally speaking, the American
tourist will not suffer from lack of
adequate food. In short, there will be
some inconveniences for next year’s
tourists, but the education and satis­
faction to be derived will, in my
opinion, outweigh any inconveniences
which the tourists may experience.”

(ONTIMENTAL [s|ATIONAL

Bank
LINCOLN
Member Federal Deposit Insurance Corporation

1892

—

1947

FIELD WAREHOUSE RECEIPTS
By

WILLIAM H. BANKS WAREHOUSES, INC.
INCREASE THE SAFETY OF BANK LOANS;
GIVE PROPER THIRD PARTY CONTROL TO PLEDGED MER­
CHANDISE;
DEFINITELY DESCRIBE THE COMMODITY STORED.
ALL ADEQUATELY BONDED.
If you have loans which should be secured by W a re­
house Receipts, or, if you desire further information
about our Service, please write, or telephone, our
offices. W e will be glad to furnish complete details.
OFFICES:

209 S. La Salle Street, Chicago, Illinois
Telephones: STAte 0204-0205

Northwestern Banker, January, 1947


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

By FRED L. FASSETT
p p o in t m e n t

of

j. f .

McLain as

A director of the state banking de­
partment, effective with the induction
of the new administration, has been
announced by Val Peterson, governorelect. He succeeds J. Paul Peters, in­
cumbent.
A native of Chase county, Nebraska,
and a veteran of World War I, McLain
now heads the same department in
which he became a state employe 20
years ago. The last 12 years he has
been deputy director. Before enter­
ing state employ he had been associ­
ated with banks at Imperial and Mc­
Cook, Nebraska, Beloit, Kansas, and
Mena, Arkansas.

Nebraska News
D in n e rs a n d a b u ffe t lu n c h e o n fe a ­
tu re d th e a n n u a l C h ristm a s p a rtie s o f
L in c o ln ’s th re e d o w n to w n n a tio n a l
b a n k s, in D e ce m b e r, a lo n g w ith sk its
a n d e n te rta in m e n t b y th e e m p lo y e s .
T h e C o n tin e n ta l N a tion a l p a r ty w a s
h e ld in th e b a n k ’s la rg e r e c r e a tio n
r o o m , w ith u p w a r d s o f 100 officials,
e m p lo y e s , an d in v ite d g u e sts in at­
ten d a n ce.
A n illu m in a te d fir tree
w h ic h c e n te r e d th e r o o m d o m in a te d
th e d e c o r a tio n s w h ic h w e r e in th e
C h ristm a s m o tif. F r e d S. A ld r ic h , v ic e
p re sid e n t, w a s m a ster o f c e r e m o n ie s
an d a n n o u n c e d th e p r o g r a m w h ic h h a d
b e e n a r r a n g e d b y a c o m m itte e h ea d ed
b y V e r n e D e V o re , g e n e r a l ch a irm a n .
T h e r e w a s a n e x c h a n g e o f g ifts d u r in g
th e e v e n in g .
Y u le c a r o ls w e r e su n g d u r in g th e
tu r k e y d in n er, w ith V ic e P re s id e n t
Edward A . Becker as lea d er. A v o c a l
trio w h ic h g a v e “ C om e A ll Y e F a ith ­
fu l,” in c lu d e d th e M isses H e le n W a rd ,
B o n n ie S m ith , a n d W ilm a F is c h e r .
President T. B. Strain sp o k e b rie fly
e x p r e s s in g a p p r e c ia tio n o f th e officia ls
fo r th e “ u n tir in g e ffo r ts ” o f th e e m ­
p lo y e s b o th d u r in g th e w a r y e a r s a n d
th e p ast y ea r.
T h e p a r ty w a s m a d e th e o c c a s io n
o f th e a n n u a l d is tr ib u tio n o f b o n u s e s
to th e e m p lo y e s .
M ore th a n 160 officers, w o r k e r s ,
m e m b e r s o f th e ir fa m ilies, an d in v ite d
g u e sts a tte n d e d th e F ir s t N a tio n a l
b a n k p a r ty at th e C o r n h u s k e r h otel,
a rra n g e m e n ts fo r w h ic h h a d b e e n
m a d e b y C. A . McConaughey an d Fred
W hipple, co -ch a irm en .
W it h Paul W a tt as leader, C h rist­
m as ca r o ls fe a tu re d th e d in n er. H o w ­
ev e r, th e h ig h lig h t o f th e e v e n in g w a s
a sk it h a r k in g b a c k to th e d a y s w h e n
th o s e p r e s e n t w e r e in s ch o o l. It w a s
a “ C o u n tr y S c h o o l C h ristm a s P a r ty ,”
a rra n g e d an d d ir e c te d b y Miss Maxine
Miller. T h o s e ta k in g p a rt w e r e d re sse d
in fo r m e r s c h o o l d a y c o stu m e s. T h e
re cita tio n s, so n g s an d o th e r e n te rta in ­
m e n t w e r e a lso ty p ic a l o f th e p e r io d
p o rtra y e d .
Ellis Dann w a s Old S ain t N ick fo r
th e e x c h a n g e o f g ifts, an d th e e v e n in g
clo s e d w ith d a n cin g .
T h e N a tion a l B a n k o f C o m m e rce
p a r ty w a s h e ld at th e C o rn h u sk e r h o ­
tel, an d w a s a tten d ed b y 160 officers,
e m p lo y e s , an d in v ite d g u ests. T h e re
w a s a b u ffe t d in n e r an d d a n cin g .
G a m es w e r e p la y e d u n d e r th e d ir e c ­
tio n o f Arnott Folsom , a d ir e c to r o f
th e b a n k . Albert Held, v ic e p resid en t,
w a s g e n e ra l ch a irm a n , an d officia ted
as Santa.
F e a tu r in g th e e v e n in g w a s th e a n ­
n u a l d is tr ib u tio n o f b o n u s e s, each o f
w h ic h , w r a p p e d as a p a ck a g e o f coin s,
h a d b een h u n g o n th e c o s tu m e o f a
“ d u m m y ,” a n d r e m o v e d b y th e e m ­
p lo y e s as th e y m o v e d b y it.


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

T h e N a tion a l B a n k o f C o m m e rce has
in sta lled an en te rta in m e n t s y ste m fo r
th e b en efit o f its e m p lo y e s a n d c u s ­
to m e rs. It is a w ir e s e r v ic e o v e r
w h ic h h ig h ty p e m u sica l p r o g r a m s are
p la y e d at in te rv a ls d u r in g b a n k in g
h ou rs . A lth o u g h th is is th e first s y s ­
tem in s ta lle d in a L in c o ln b a n k , it is
said b y th e o p e ra to r, it is n o t n e w
e ls e w h e r e sin ce a la rg e n u m b e r o f
b a n k s are u s in g it.
B y s im p ly to u c h in g a p u sh b u tton ,
th e p r o g r a m s ca n be s w itc h e d fr o m
th e ce n tra l sta tion m u s ic a l a rra n g e ­
m en ts to ra d io.
A g r ic u ltu r a l loa n s, fa rm m a c h in e r y
a n d liv e s to c k a n d g ra in p r o d u c tio n
fin a n cin g , as w e ll as p r o b le m s in c o n ­
n e c tio n w ith loa n s to v e te r a n s w ill b e '
d iscu sse d at th e N eb ra sk a 1947 m id ­
y e a r b a n k in g c lin ic. T h e c lin ic is h e ld
u n d e r th e a u sp ice s o f th e N eb ra sk a
B a n k e rs a sso cia tio n .
T h e s u b je c ts to be d iscu sse d at th e
c o m in g m e e tin g w e r e o u tlin e d at a
c o n fe r e n c e o f th e c lin ic c o m m itte e in

L in c o ln . Ed H uwaldt o f G ra n d Islan d ,
ch a irm a n , p resid ed .
N e b ra sk a b a n k s an d tru st co m p a n ie s
are p r o h ib it e d fr o m d o in g p e rso n a l
lo a n b u sin e ss th r o u g h a g en ts loca ted
in c o m m u n itie s o th e r th a n th e city
in w h ic h th e b a n k o r tru st c o m p a n y
is ch a r te r e d to d o b u sin ess. T h a t is
th e o p in io n o f Robert A . Nelson, as­
sista n t a tto r n e y g en era l, in r e p ly to
a q u e r y b y J. F r e d P eters, d ir e c t o r o f
th e state b a n k in g d ep a rtm en t.
C la r ify in g h is o p in io n , th e a ssista n t
a tto r n e y g e n e r a l said th a t N eb ra sk a
law , “ e x p r e s s ly p r o h ib its b r a n c h b a n k ­
in g ,” w h ic h w o u ld b e th e ca se if lo a n s
w e r e m a d e e ls e w h e r e th a n at th e
p la ce a u th o riz e d b y th e ch a rter.
I f a re c o m m e n d a tio n m a d e b y th e
state le g is la tiv e c o u n c il to th e le g is ­
la tu re is e n a cte d in to la w , th e r e s p o n ­
s ib ility fo r c o lle c tin g ta x es a g a in st
N e b ra s k a ’s sm a ll lo a n co m p a n ie s w ill
b e p la ce d u n d e r th e ju r is d ic tio n o f
th e state b a n k in g d ep a rtm en t.

RESOURCES

L IA B IL IT IE S

Loans and Discounts............. $ 5 ,4 2 2 ,1 3 6 .4 4
Overdrafts
................................
2 4 8 .7 5
Banking House ........................
1 1 0 ,0 0 0 .0 0
U. S. B o n d s ............................. 2 5 ,0 4 3 ,0 0 0 .0 0
Other B o n d s ..............................
2 5 ,0 0 0 .0 0
W ar Srvings Stam ps..............
1 ,5 0 0 .0 0
Customers Liability for Letter
of Credit .............................
5 ,0 0 0 .0 0
Stock Federal Reserve Bank
3 0 ,0 0 0 .0 0
Cash and Sight E x ch a n ge .. 14 2 06 ,35 8.01

Capital . . . .$ 5 0 0 ,0 0 0 .0 0
Surplus . . .
6 0 0 ,0 0 0 .0 0
Reserves . . . 5 0 0 ,0 0 0 .0 0
Undivided
Profits . 1 7 8 , 2 7 2 . 1 2
$ 1 ,7 7 8 ,2 7 2 .1 2
Reserve for Dividends.............
3 0 ,0 0 0 .0 0
Letters of C re d it........................
5 0 00 .00
Deposits $ 3 8 ,9 1 3 ,7 7 2 .4 1
W ar Loan
Deposits 1 ,2 1 6 ,1 9 8 .8 7
4 0 ,1 2 9 9 7 1 .2 8
Due Federal Reserve B ank. .
2 9 0 0 ,0 0 0 .0 0

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

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

N A T IO N A L B A N K

65

of C O M M E R C E

LINCOLN
M em b er Federal D e p o s it Insurance

Corporation

/
N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947

66

Hank of Friendly Service
STATEMENT OF CONDITION
December 31, 1946
Liabilities

Resources
Loans and Discounts_______________ $13,386,780.02
Bonds and Other Securities_______
853,133.76
45,000.00
Stock in Federal Reserve Bank____
Banking House and Fixtures--------1.00
Other Real Estate__________________
None
Interest Accrued on Government
Securities, E t c .__________________
183,834.38
U. S. Government
Securities____ $31,763,847.26
Cash and Sight
Exchange____ 23.342,241.06
55,106,088.32

Capital Stock (Com m on)--------------- ! !

500,000.00
1 .0 00,000.00

Surplus (Earned) ------------------------Undivided Profits__________________

715,091.72

Reserved for Taxes, Interest, Etc._

237,421.29

Unearned Discount

16,497.36

______________

7,500.00

Dividend Payable January 2, 1947
Deposits________________________

67,098,327.11

$69,574,837.48

$69,574,837.48

Best Wishes for a Happy, Prosperous 1947 to all our
Friends from the

OFFICERS and DIRECTORS
A L V IN

E. JO H N S O N
President
(D eceased , D ec. 31, 1946)
R.

H E N R Y C. K A R P F
V ic e President
W A D E R. M A R T I N
V ic e President

H.

H. K R O EG ER
V ic e President

H. E C H T E R M E Y E R
V ic e President

PAUL

H AN SEN

W.

V ic e President
C. G. P E A R S O N
Cashier

DEAN VOGEL
V ic e President

L. V . P U L L I A M
A sst. Cashier
H.

B. B E R G Q U I S T
Coal and Grain

A L B E R T R. S T E L L I N G
A ss t. Cashier

E L M E R E. O LSO N
A sst. Cashier

L . S. B U R K
Chicago

JA S. J. F I T Z G E R A L D
Pres. Com m ercial Sav. &
Loan Assn .

LEO T. M U R PH Y
M g r. A llie d M ills , Inc.

J A M E S L . P A X T O N , JR.
Pres. P a xton -M itch ell Co.

H E R M A N K. SC H A F E R
Pres. M aney M illin g Co.

J. L . W E L S H
B u tle r-W elsh Grain Co.

C A R L A. S W A N S O N
Pres. C. A . Swanson & Sons

J O H N R. J I R D O N
Livestock and Grain

W.

P. A D K I N S
Om aha

UVE STOCK NATIONAL BANK
24th at N Street— Omaha
MEMBER

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947


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

FEDERAL

D E P O S IT

IN S U R A N C E

C O R P O R A T IO N

67

I o \v a

NEW S
W. H. BRENTON
President
Des Moines

FRANK WARNER
Secretary
Des Moines

Hold Annual Meeting

n o u n c e m e n t fr o m J. H . R ed m a n , as­
sista n t to th e su p e r in te n d e n t o f th e
Io w a D e p a rtm e n t o f B a n k in g .
T h e a rticle s o f in c o r p o r a tio n o f th e
b a n k h a v e b e e n a m e n d e d to p r o v id e
fo r th e iss u a n ce o f an a d d itio n a l $10,000 in p r e fe r r e d sto ck , th u s p r o v id in g
a tota l b a s ic ca p ita l o f $60,000, $25,000
o f w h ic h is c o m m o n s to c k a n d $35,000
lo ca l p r e fe r r e d stock .

T h e E x c h a n g e State B a n k o f W e s ­
ley , Io w a , in th e “ K in g d o m o f K o s ­
su th ,” h e ld its a n n u a l s to c k h o ld e r s
m e e tin g in D e ce m b e r, 1946, an d r e ­
e le cte d a ll officers an d d ir e c to r s . P r e s ­
id e n t G u y M. B u tts sta ted th e y e a r
h ad b e e n sa tis fa c to r y , e n a b lin g th e
b o a r d to d e c la r e an a n n u a l d iv id e n d
a n d ad d to th e u n d iv id e d p rofits. O th er
officers are A n d r e w G olln er, v ic e p r e s ­
id en t, an d J o h n H u tch is o n , ca sh ier.
D ir e c to r s b e s id e s th ese th re e m e n are
O laf F u n n e m a r k , L e r o y H . K le in b e te r
a n d J. D. L o w e .

R o b e r t M. M o e h n h as b e e n a d d ed to
th e staff o f th e C o m m e rcia l S a v in g s
B an k , C a rroll, Io w a , as v ic e p resid en t.

Winter in Hawaii

Charles L. Gunderson

M r. an d M rs. H . A . L u b k e , th e ir
d a u g h te r, L u c ille , an d Ir e n e E r ic k s o n
le ft r e c e n tly fo r H a w a ii to sp e n d th e
w in te r .. M r. L u b k e is a d ir e c t o r o f th e
F a r m e r s S a v in g s B a n k , C lerm on t,
Io w a , a n d M iss E r ic k s o n is a d a u g h te r
o f J. A . E r ic k s o n , ca s h ie r o f th a t ba n k .

C h a rles L . G u n d e rso n , 88, v ic e p r e s i­
d en t, R o lfe S tate B a n k , R o lfe , Iow a ,
d ie d o f a h e a rt a tta ck at h is h o m e
th e re la st m o n th . M r. G u n d e rs o n w a s
a n a tiv e o f W is c o n s in a n d h ad liv e d in
R o lfe s in c e 1881.
H e s e r v e d tw o te rm s as P o ca h o n ta s
c o u n t y r e p r e s e n ta tiv e in th e Io w a le g ­
isla tu re in 1919 a n d 1921 an d w a s a
tru s te e o n th e B u e n a V ista C o lle g e
b oa rd .
H e w a s a lso p r e s id e n t o f th e P o c a ­
h o n ta s In s u r a n c e C o m p a n y a n d h ad
b e e n p re s id e n t o f th e State M u tu al
In s u r a n c e A s s o c ia tio n sin ce 1923.

Ferdinand Henze
F e r d in a n d H en ze, 86, p r o m in e n t
G ru n d y c o u n t y fa rm e r, d ie d at h is
h o m e n ea r G r u n d y C en ter, Io w a , last
m o n th . M r. H e n z e h a d b e e n a r e s i­
d e n t o f th e c o u n t y fo r 64 y e a rs , w a s
o n e o f its m o s t e x te n s iv e la n d o w n e rs ,
w a s p a st p r e s id e n t o f th e G ru n d y N a ­
tio n a l B a n k a n d a m e m b e r o f th at
in s titu tio n ’s b o a r d o f d ir e c to r s at th e
tim e o f h is d eath .
M r. H e n z e w a s b o r n in G e rm a n y b u t
c a m e to Io w a at an e a r ly a g e w h e r e
h e t o o k u p fa rm in g .
H e g r a d u a lly
a c q u ir e d a cre s o f fa r m la n d an d at
th e tim e o f h is d ea th o w n e d h is o w n
fa r m a n d h a d d e e d e d fa r m s to each
o f h is n in e ch ild re n .

Bank Office in Rowan
A ce rtifica te o f a u th o r ity has b e e n
is s u e d to th e F a r m e r s State B a n k ,
D o w s , Io w a , to o p e ra te an office at
R o w a n , Io w a , a c c o r d in g to a n a n ­

Joins Carroll Bank

Joins A.B.A.
T h e U n io n S tate B a n k , R ich la n d ,
Iow a , h as jo in e d th e A m e r ic a n B a n k ­
ers A s s o c ia tio n , a c c o r d in g to an a n ­
n o u n c e m e n t fr o m M a x S tieg, c h a ir ­
m a n o f th e o r g a n iz a tio n c o m m itte e .

Honor Corn Champ
G len n B a b b itt, w h o w o n th e N a­
tio n a l C orn G r o w e r s C h a m p io n sh ip
b y r a is in g 183 b u s h e ls p e r a cre, w a s
g u e s t o f h o n o r w h e n th e C o u n cil B lu ffs
S a v in g s B a n k w a s h o s t at th e b a n k ’s
F a r m e r s ’ D in n er.
M r. B a b b itt has
b e e n a c u s to m e r o f th is b a n k s e v e ra l
y e a rs a n d is a n e ig h b o r to B. A . G ron -

D id you know th at this com pany has specialized
in Bank Insurance since 1919— th at it has the inside
view on Bank Insurance problem s? Consult
us fre e ly at any time.
F IR S T

N A T IO N A L


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

BANK

B U IL D IN G

•

C H IC A G O

stal, p r e s id e n t o f th e ba n k . M r. B a b ­
b itt w a s p r e s e n te d w ith a $50 b o n d in
r e c o g n itio n o f h is a ch ie v e m e n ts.
In D e c e m b e r th e C o u n cil B lu ffs S a v ­
in g s B a n k d e cla re d a 100 p e r ce n t
s to c k d iv id e n d , p a id a ca sh d iv id e n d
o f 4 p e r c e n t o n th e n e w ca p ita l an d
e n d ed th e y e a r w ith ca p ita l o f $300,000, su rp lu s o f $300,000, a n d u n d iv id e d
p rofits a n d r e s e r v e s o f $351,957, fo r a
tota l ca p ita l a m o u n t o f $951,957 an d
d e p o sits o f $15,217,818.
M r. G ron sta l a n n o u n c e d p a y m e n t o f
a 10 p e r ce n t b o n u s to e m p lo y e s b a sed
on th e ir y e a r ’s ea rn in g s.

Fred Durbin
F r e d D u rb in , 70, p r e s id e n t o f th e
M a lv e rn T ru s t & S a v in g s B a n k u n til
last sp rin g , a n d a d ir e c to r o f th e b a n k
u n til last m on th , d ie d at h is h o m e in
M a lv ern , Io w a , la st m on th . H e h ad
b e e n affiliated w ith M a lv e rn b a n k in g
in te re sts fo r 47 y ea rs.
J u st a fe w d a y s b e fo r e h is death ,
M r. D u rb in s o ld th e la st o f h is h o ld ­
in g s in th e b a n k an d J. F. W e a r in , Jr.,
w a s e le cte d to fill h is p la ce o n th e
b o a r d o f d ire cto rs.

With Chariton Bank
C arl H e n d e r s o n is th e n e w a ssist­
an t ca s h ie r at th e F ir s t State B a n k
in C h a riton , Iow a .
M r. H e n d e r s o n
b e g a n w o r k la st m on th .
P r io r to s e r v ic e in th e n a v y , M r.
H e n d e r s o n w a s at th e A tla n tic State
B a n k . H e s e r v e d in th e P a cific T h e a ­
te r o f O p era tion s tw o a n d o n e-h a lf
y e a rs an d sin ce h is d is ch a rg e has b e e n
m a n a g e r o f an o il c o m p a n y at A n ita .

Crash Victims
R a y m o n d L a g e rq u ist, 32, assista n t
ca sh ier, C ity N a tion a l B an k , S h en a n ­
doa h , Io w a , w a s k ille d in a fa ta l p la n e
cra sh last m o n th .
M r. L a g e rq u ist,
w h o h a d o v e r 100 h o u r s o f fly in g tim e
to h is cred it, w a s p ilo tin g a lig h t p la n e
re n te d fr o m th e m u n ic ip a l a ir p o r t
w h e n it d iv e d in to E n n is D oty , R iv e r ­
to n fa rm e r, a n d h is son , D allas, 11.
T h e fa th e r lo s t h is le g a n d th e y o u th
d ie d o f cra n ia l in ju rie s.

Named Councilman
W . L. H a e se m e y e r, p re sid e n t, C en ­
tra l S tate B a n k , S tate C en ter, Io w a ,
w a s a p p o in te d c o u n c ilm a n at its r e g u ­
lar m e e tin g last m o n th to fill th e v a ­
c a n c y ca u sed b y th e re s ig n a tio n o f
W . S. R ip le y a m o n th ago.

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

STATE

to Banks

4325

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947

68

Iowa News

M a y o r L. C. H ille m a n a lso a n ­
n o u n c e d th at th e n e w c o u n c ilm a n w ill
fill all co m m itte e a ssig n m e n ts h e ld b y
M r. R ip le y . T h e s e in c lu d e c h a ir m a n ­
sh ip o f th e d u m p co m m itte e , m e m b e r
o f th e w a ter, p ark , ba n d , fin an ce, a c ­
c o u n tin g an d o r d in a n c e co m m itte e s ,
as w e ll as h ea d o f th e stre e t an d a lle y
co m m itte e . H e w ill c o m p le te th e tw oy e a r te rm e x p ir in g A p r il 1, 1948.

Heads Loan Division
W illa r d D. K in g , w h o fo r s e v e ra l
y e a r s has b e e n a sso cia te d w ith th e
P e rs o n a l F in a n c e C o m p a n y o f C h i­
ca g o, jo in e d th e staff o f th e D a v e n p o rt

B a n k & T r u s t C o m p a n y J a n u a ry 2nd,
a n d is in ch a rg e o f its p e r s o n a l and
in sta llm e n t lo a n d ep a rtm en t.
In a d d itio n to h is e x p e r ie n c e in a
m a n a g eria l ca p a c ity w ith th e C h ica g o
firm , M r. K in g w a s at o n e tim e e m ­
p lo y e d in D a v e n p o r t w ith th e R eta il
C red it C o m p a n y an d th e U n iv e rs a l
C red it C om p a n y , w h e r e h e h a n d le d all
p h a ses o f co n s u m e r cred it.
A g ra d u a te o f St. A m b r o s e C olleg e,
M r. K in g a lso a tten d ed th e U n iv e r s ity
o f Illin o is .
H e sa w s e r v ic e in b o th
the A tla n tic an d P a cific O cean s w h ile
s e r v in g w ith th e N a v y in W o r ld W a r
II.

Christmas Party
F o r ty -n in e e m p lo y e s an d g u ests o f
th e State B a n k o f F o r t D od g e, lo w a ,
w e r e e n te rta in e d at a C h ristm a s p a rty
at th e C o u n tr y C lu b.
P rogram
c o m m itte e m e m b e r s in
ch a rg e o f a rra n g e m e n ts w e r e S tev en
M a n ch ester, Jr., M rs. J o h n M cH e n ry ,
M iss W a n d a C ib ert a n d M iss L o is
L a n sm a n .
M em b ers o f th e d e c o r a tio n c o m m it­
tee in clu d e d H a rris R e n q u ist, M iss
H e le n C ollin s, M iss N o rm a D a y and
M rs. W a r d e n H a n k in s.

Joins Fonda Bank
W a lte r S tege has a c c e p te d a p o s itio n
as a ssista n t ca s h ie r o f th e F ir s t N a­
tio n a l B a n k at F o n d a , Io w a .
M r. S teg e h as s e r v e d as d e p u ty
c o u n t y tre a s u re r an d fo r a y e a r h e
w a s e m p lo y e d w ith th e M e lv in S a v ­
in g s B a n k . F o r th re e y e a rs h e s e rv e d
w ith th e A r m y A ir F o r c e o f th e U .S .A .

County Meeting

ROVERS FRIENDLY SERVICE
COVERS

ALL

DROVERS
A

D IR E C T

C H IC A G O
IT S

C H IC A G O .

N A T IO N A L
M EM BER
C L E A R IN G

F A C IL IT IE S

TH E

BANK IS
OF

THE

H OUSE.

FO R S P E C IA L

HANDLING OF ITEMS TH R O U G H ­
O U T THE CITY ARE COMPLETE.

O v er 100 p e r s o n s a tte n d e d th e m eet
in g o f th e W a s h in g to n a n d L o u is a
C o u n ty B a n k e rs A s s o c ia tio n , h e ld at
th e “ Y ” in W a s h in g to n , Io w a , w ith a
d in n e r fo llo w e d b y a b u s in e s s session
an d p ro g ra m .
O rrin J o h n s o n , ca sh ier, P e o p le s Sav­
in g s B a n k o f C r a w fo r d s v ille , p r e s i­
d e n t fo r th e p a st y ea r, p re sid e d at th e
m eetin g . F r e d L in d e n m e y e r , ca sh iei
o f th e W e s t C h ester S a v in g s B ank,
w a s e le cte d p re sid e n t; F e r d S kola,
p r e s id e n t o f th e F a r m e r s B a n k at Kalon a, v ic e p re s id e n t; T h o m a s P a rson s
o f th e W a p e llo State B a n k , se cre ta ry
an d trea su rer.
M eetin g s are h e ld q u a rte rly , an d th e
n e x t s e ssio n w ill b e h e ld s o m e tim e
in A p r il in L o u is a co u n ty .

Name New Officers
F . S. H a m ilton , ca sh ier, an d H o w a r d
R e m e in , o f th e H a rla n N a tion a l B a n k ,
w e r e ele cte d p r e s id e n t an d se cre ta ry ,
r e s p e c tiv e ly , o f th e S h e lb y C o u n ty
B a n k e rs A s s o c ia tio n at a d in n e r m e e t­
in g at th e S a y lo r H o te l in H arlan ,
Iow a , re c e n tly . A b o u t tw e n ty -fiv e at­
te n d e d th e m eetin g .

Leaves Allerton

DROYERS NATIONAL BANK
DROVERS TRUST 0 SAVINGS BANK
U N I O N

S T O C K

Y A R D S ,

C H I C A G O

Members, Federal D eposit Insurance Corporation

N o r t h w e s t e r n B a n ke r, J a n u a r y , 1947


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

W a y n e F . K e s te rs o n , ca s h ie r o f th e
S e c u r ity State B a n k at A lle r to n , Io w a ,
has a n n o u n c e d h is re s ig n a tio n w h ic h
has b e e n a cce p te d b y th e b a n k , and
w a s to b e c o m e e ffe c tiv e J a n u a ry 15th.
M r. K e s te r s o n h as a cce p te d a p o s i­
tion w ith th e S eattle F ir s t N a tion a l
B a n k at Y a k im a , W a s h in g to n , and
w ill jo in th a t b a n k o n F e b r u a r y 1st.
A ca s h ie r has n o t as y e t b e e n ele cte d
to fill th e v a c a n c y ca u se d b y M r. K este r s o n ’s re sig n a tio n .

69

Here’s how it looks at the

M A RQ U ETTE

BANK

OF M I N N E A P O L I S
RESOURCES
(December 3 1 ,1 9 4 6 )

L IA B IL IT IE S
(.December 3 1 ,1 9 4 6 )

Loans and D is c o u n t s ................ $ 6,147,102.45

Deposits

O v erd rafts........................................

311.20

Capital, Common Stock

Cash and Due from Banks - -

11,338,372.06

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

300,000.00

U.S. Government Securities - -

15,451,003.67

Undivided P r o f it s ........

368,807.35

-

18,000.00

Cash Letters of Credit

- - -

161,991.15

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

Furniture and Fixtures - - - -

75,782.79

Accrued Interest Receivable

-

86,286.46

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

29,558.61

Federal Reserve Bank Stock
Banking House and Site

Other Assets


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

T otal Resources - - - - $33,308,408.39

...........................................$32,244,402.20
- - -

- - - -

300,000.00

25,000.00

48,766.41

Reserve for Interest, Expenses?
Taxes, e t c . ................
21,432.43

T otal Liabilities - - - - $33,308,408.39

Recognizing the desirability for mutual cooperation between banks,
the M arquette National Bank of Minneapolis is happy to have
served its friends and looks forward to continued pleasant and
mutually profitable relationships.

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947

7V
Q

Iowa News

Elected Director
J a c k s o n M cC oy , e d ito r an d g e n e ra l
m a n a g e r o f th e W a te r lo o Daily Cour­
ier, W a te r lo o , Io w a , w a s n a m e d a d i­
r e c to r o f th e N a tion a l B a n k o f W a te r ­
lo o , a c c o r d in g to an a n n o u n c e m e n t b y
C h a rles M c K in s try , p r e s id e n t o f th e
b a n k ’s b o a r d o f d ir e c to r s . M r. M cC o y
w ill fill th e v a c a n c y o n th e b o a rd
ca u sed b y th e d ea th o f H e n r y C.
W u r s te r , M r. M c K in s tr y said.

fo llo w in g th e r e s ig n a tio n o f E . E.
Y o d e r, w h o h a d h e ld th a t p o s it io n fo r
th e la st te n y ea rs.
M r. Y o d e r h a d s e r v e d as an officer
o f th e b a n k fo r 25 y e a rs.
C. T . J o h n s o n , Jr., su c c e e d s M r.
S a n d y in th e office o f v ic e p resid en t.

ba n k . T h e o th e rs are J. E . B o v e e an d
Ode F e r g u s o n .
T h e d is tr ib u tio n a m o u n te d to a b o u t
$10,000 a n d th e d iv id e n d w h ic h w a s
3 p e r cen t, w a s th e s e v e n th d iv id e n d
p aid.

Sioux City News

Pay Old Dividends

D iv id e n d c h e c k s fo r s e v e ra l h u n d re d
p e rs o n s w h o h a d m o n e y o n d e p o s it in
th e W a s h in g to n N a tion a l B a n k w h e n
Sandy Named President
it clo s e d in 1933 w e r e d is tr ib u te d at
S.
P. “ R e d ” S a n d y s u c c e e d e d to th e th e N a tion a l B a n k o f W a s h in g to n ,
Iow a , la st m o n th b y L u c y D e m p se y ,
p r e s id e n c y o f th e W e llm a n S a v in g s
B a n k , W e llm a n , Io w a , la st m o n th ,
o n e o f th e th r e e tru ste e s o f th e o ld

One Y e a r’s
COMMERCE
Transit Items
(LAID END TO END)

Would Circle
the Globe 3 Times
That's a whale of a lot of transit items
— but not too m any for the Commerce
Transit Department to handle each and
every one with time-saving swiftness.
From north, east, south and west, these
thousands upon thousands of items flow

F F I C E R S a n d e m p lo y e s o f th e
W oodbury County Savings Bank
m e t at th e J a c k s o n H o te l la st m o n th
fo r th e ir a n n u a l C h ristm a s d in n er.
T h e r o o m w a s g a y ly d e c o r a te d w ith
C h ristm a s g re e n s a n d b e lls b y Nellie
M iller a n d Eunice Okin. F o llo w in g
th e d in n er, President Marble Eidsmoe
m a d e a fe w re m a rk s o f g r e e tin g , a fte r
w h ic h W illiam Buck to ld o f s o m e o f
h is w a r e x p e r ie n c e s . Ed Sattler g a v e
a s h o r t ta lk o n c e rta in p h a ses o f b a n k ­
in g . A ft e r an e x c h a n g e o f g ifts in
w h ic h a ll 31 p e r s o n s p a r tic ip a te d w ith
a lo t o f fu n , a s p e llin g m a tch w a s
h eld , fo llo w e d b y a “ T w e n t y Q u es­
tio n s ” c o n te s t a n d B in g o . R o s e L a r ­
s o n p re s id e d d u r in g th e e v e n in g ’ s e n ­
terta in m en t.
It w a s n o tic e d th a t 12 m o r e m e n
w e r e p r e s e n t th is y e a r, at th e Security
National a n n u a l C h ristm a s d in n e r
p a rty , h e ld in th e W a r r io r H o te l
C o u n cil O aks r o o m last m o n th , th a n
a tte n d e d la st y e a r.
T h e rea son : a ll
tw e lv e w e r e s till in s e r v ic e a y e a r
a g o — a ll a re n o w b a c k at th e S e cu rity
a fte r th e ir se p a ra tio n fr o m se r v ic e .
F o llo w in g a v e r y e x c e lle n t stea k d in ­
n er, a p r o g r a m o f sk its p r e s e n te d b y
m e m b e r s o f th e b a n k staff w a s g r e a tly
e n jo y e d b y all. M iss K ay Hodsdon,
u n til r e c e n tly a m e m b e r o f th e R .A .F .
a n d n o w te le p h o n e o p e r a to r at th e
b a n k , p e r fo r m e d a H ig h la n d F lin g
w h ic h w o n h e r e n th u s ia s tic a p p la u se.
E a c h o f th e 51 p e r s o n s p r e s e n t r e ­
c e iv e d a g ift fr o m S anta C laus W allace
Arney.

O

in and out of this transit crossroads of
the Nation. And Commerce 24-hour transit
service saves from one to three days time
on a great m any of them.
This exceptional service awaits you.

(om merceJru st (om pany
(2a iu ta i tf-uttcLj &4c,ceetL 3.0 J\4¿U¿o*t ^hcrtla'iA.

KANSAS CITY'S LA
R G E S T BANK
M EM BER FEDERAL DEPOSIT
E s ta b lis h e d

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947


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

1865

INSURANCE CORPORATION

N in e ty -s e v e n officers a n d e m p lo y e s
o f th e First National Bank a tten d ed
th e ir first C h ristm a s p a r ty sin ce 1940
in th e W a r r io r H o te l la st m o n th . A
d e lic io u s tu r k e y d in n e r w a s se rv e d
at b e a u tifu lly d e c o r a te d in d iv id u a l
ta b les, e a ch w ith a sm a ll C h ristm a s
tre e in th e ce n te r. T h e e n te rta in m e n t
o f th e e v e n in g w a s v a r ie d a n d w e ll
r e c e iv e d b e ca u s e o f th e tota l a b se n ce
o f sp e e ch e s. E v e r y b o d y h a d a lo t o f
fu n e x c h a n g in g a n d s h o w in g th e ir
g ifts. T h e fine c o lo r e d m o v in g p ic tu r e s
o f J a sp er P a rk in th e C an adian R o c k ­
ies s h o w n b y B a n k D ir e c to r C h a rles
V a n E a to n w e r e e s p e c ia lly e n jo y e d .
President A . G. Sam d e fe r r e d to A s ­
sista n t C a sh ier Bob Gleeson w h o M C ’d
th e e v e n ts o f th e e v e n in g . D e c o r a ­
tio n s w e r e a rra n g e d b y L u c ille S oderb e r g a n d H a r o ld S trifert.

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

71

Statement of Condition
AS OF D E C E M B E R 31, 1946
RESOURCES
Loans and Discounts — ------------------------------- $ 9,007,705.68
Other Bonds and S tock s-------------------------------

67,500.00

Customers Liability on Letters of Credit--------

28,120.00

Overdrafts-------------------------------------------------------

11.91

Government Obligations-------- $5,179,008.10
Municipal B on d s------------------Cash and Due from Banks —

486,500.00
2,967,342.12

8,582,845.22
$17,686,182.81

L I A B I L I T I E S
Capital Stock— Com m on--------------------------------$

200,000.00

Surplus------------------------------------------------------------

200,000.00

Undivided Profits--------------------------------------------

139,563.52

Reserves-----------------------------------------------------------

185,114.05

Unearned Discount-----------------------------------------

33,891.22

Bank Liability on Letters of Credit-----------------

28,120.00

Deposits-----------------------------------------------------------

16,899,494.02
$17,686,182.81

\ium BankandTrust Company
W ALNUT AT FOURTH, DES MOINES

Frederick M . M orrison, President
W infield W . Scott, Senior V ice President
J. R. A stley, V ice President
Edward P. Kautzky, V ice President
Roy E. Huber, V ice President
F. M . Thompson, Cashier
Ray L. Thompson, A sst. V ice President
Carl W . A ltm an , A sst. Cashier
George W . Gill, A sst. Cashier

M e m b e r

F e d e r a l

D e p o s i t

I n s u r a n c e

C o r p o r a t i o n

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947

72

Iowa News

A n o v e l fe a tu re o f th e e v e n in g w a s
th e r e a d in g o f th e a n n u a l “ N e w s ­
p a p e r ” w h e n officers an d e m p lo y e s o f
th e Livestock National Bank h e ld th eir
a n n u a l C h ristm a s d in n e r p a r ty at th e
J a ck so n H o te l in D e ce m b e r.
The
“ N e w s p a p e r ” co n ta in s h ig h lig h ts o f
th e y e a r at th e L iv e s to c k b a n k an d
a fford s a g o o d d ea l o f a m u se m e n t as
its d ia ry -lik e d eta ils are rea d e v e r y
y ea r. President Carl Fredricksen p r e ­
sen ted ea ch p e r s o n w ith a C h ristm a s
g ift fr o m th e b a n k . F o llo w in g th e e x ­
ch a n g e o f g ifts, a c c o r d in g to a lo n g
esta b lish e d cu sto m , Earl Anderson o f
th e L iv e s to c k E x c h a n g e p r o v id e d en ­
terta in m e n t w ith h is a c c o r d io n and
led th e g r o u p in c o m m u n it y sin g in g .

L a ter, th o se w h o fo u n d p lea su re in
d a n cin g , e n jo y e d th e a c c o r d io n a c ­
c o m p a n im e n t o f M r. A n d e r s o n , w h o s e
r e p e r to ir e o f d a n ce tu n es is u n lim ited .
R e -elected r e c e n tly to th e b o a r d o f
d ir e c to r s o f th e S io u x C ity In d u stria l
D e v e lo p m e n t C ou n cil, Carl Fredrick­
sen n o w h o ld s tw o C o u n cil offices. H e
h a d p r e v io u s ly b e e n n a m ed tre a su re r
fo r a n o th e r term .
T h e In d u stria l
C o u n cil w a s o rg a n iz e d in S io u x C ity
tw o y e a r s a g o to d e v e lo p n e w in d u s ­
tries in S io u x C ity an d in th e te r r ito r y
a d ja ce n t to S io u x C ity. E x e c u t iv e d i­
r e c to r o f th e C o u n cil is C. J. Manning,
S io u x C ity p u b lic rela tio n s co u n s e lo r .

Heads St. Louis Bank
T h e M e rca n tile -C o m m e rce B a n k and
T ru s t C om p a n y , St. L o u is, a n n o u n c e d
th at G ale F. J o h n s to n , v ic e p re s id e n t
o f th e M e tr o p o lita n L ife In s u r a n c e
C o m p a n y o f N e w Y o r k , w ill b e ele cte d
p re s id e n t o f th e B a n k at its a n n u a l
m e e tin g J a n u a ry 15, 1947, an d w ill
a ssu m e h is d u ties e a rly n e x t m on th .

THE N O R T H E R N
TR UST C O M P A N Y
CHICAGO

Statement o f Condition, December 31, 1946
G A L E F. J O H N S T O N
N ew President

RESOURCES
Loans and Discounts....................................................... $ 78,211,005.77
U. S. Government Securities........................................ 313,865,999.26
Other Ronds and Securities..........................................

95,676,175.99

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

450,000.00

Bank Premises....................................................................

1,400,000.00

Customers’ Liability, Account Letters of Credit
and Acceptances..............

1,184,278.72

Other Resources...............................................
Cash and Due from Banks............................................

152,960.00
149,332,378.88

TO TAL....................................................................................$640,272,798.62
LIABILITIES
Capital Stock...................................................................... $ 3,000,000.00
Surplus.................................................................................. 12,000,000.00
Undivided Profits...............................................................
5,163,206.74
Reserve for Taxes, Interest, etc....................................

11,570,474.28

Dividend Payable January 2, 1947...............................

135,000.00

Letters of Credit and Acceptances Outstanding. .

1,211,690.72

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

W . L. H e m in g w a y , w h o has b e e n p r e s i­
d en t o f th e b a n k sin ce J a n u a ry , 1933,
w ill b e e le cte d ch a irm a n o f th e b oa rd .
M r. J o h n s to n , a fo r m e r re sid e n t o f
St. L ou is, h as b e e n r e s id in g in N e w
Y o r k sin ce 1942, w h e r e h e has se rv e d
as v ic e p r e s id e n t o f th e M e tro p o lita n

173,335.64

Bankers:
We

specialize

in

writing

automobile and fire insur­
ance.
Special bank service and
attractive proposition for
banker agents.

Deposits:
Demand. ...........................................$451,774,704.76

★

T im e .................................................. 133,398,888.81
U. S. Government........................
TO T AL............................... ..................

21,845,497.67

607,019,091.24

........................... .. $640,272,798.62

United States G overnm ent securities carried in the above statem ent at
$27,000,000.00 are pledged to 3ecure public and other monies, as required
by law ; and U nited States G overnm ent and other securities carried at
$517,309.17 are deposited with the State Authorities under the Trust A ct.
M em ber Federal D eposit Insurance Corporation

CENTRAL STATES MUTUAL
INSURANCE ASSOCIATION
ML Pleasant, Iowa
E. A. HAYES, President
O. T. WILSON, Secretary
Established 1929

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947


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

Iowa News
L ife In s u r a n c e C o m p a n y in ch a r g e o f
g r o u p in s u ra n ce sales in th e U n ited
S ta tes a n d C anada, w ith r e s p o n s ib ilit y
fo r d ir e c tin g g r o u p in s u ra n ce p r o d u c ­
tio n a m o n g th e M e tr o p o lita n ’s 26,000
a g e n ts an d field r e p re se n ta tiv e s.

Record Highs

Travels in Oklahoma
M iss issip p i V a lle y T ru s t C om p a n y ,
St. L o u is, a n n o u n c e s th e e le c tio n o f
L o w e ll B. C h e h o c k as a ssista n t s e c ­
r e ta r y o n J a n u a ry 6th. M r. C h e h o ck
w ill re p r e s e n t th e b a n k in O klah om a.
A r e s id e n t o f T u lsa, M r. C h e h o c k is
a g ra d u a te o f C oe C olleg e, C eda r

R a p id s, Io w a . H e is a lso a gra d u a te
a c c o u n ta n t o f th e O k la h om a S ch o o l
o f B u sin ess, L a w a n d F in a n c e in
T ulsa.
P r io r to h is jo in in g M iss issip p i V a l­
ley , M r. C h e h o c k s e r v e d fo r th re e an d
o n e -h a lf y e a rs as a ssista n t state d ir e c ­
to r in O k la h om a o f th e U. S. S a v in g s

A 52 p e r c e n t in cre a se in n e w
o r d in a r y sales a c c o m p a n ie d b y s u b ­
sta n tia l in cre a s e s in in su ra n ce in fo r c e ,
a ssets, a n d su rp lu s fu n d s all to r e c o r d
h ig h s w e r e re v e a le d in N o r th w e s te r n
N a tion a l L ife ’s 62d a n n u a l fin a n cia l
sta tem en t, r e le a se d as u su a l in c o m ­
p le te a n d final fo r m o n N e w Y e a r ’s
D ay.
“ A lth o u g h th e se gain s, w h ic h w ill b e
re fle cte d a lso b y th e sta tem en ts o f
o th e r life c o m p a n ie s as th e y are a n ­
n o u n ce d , a re n a tu ra lly g r a tify in g , I
b e lie v e th e y are n o m o r e im p o rta n t
th a n th e e n c o u r a g in g an d h e a lth y
p r o g r e s s o f th e b u s in e s s as a w h o le
d u r in g th e y e a r in b u ild in g c lo s e r
r e la tio n s h ip s w ith p o lic y h o ld e r s to th e
e n d th a t s e r v ic e to th e m a n d th e
p u b lic g e n e r a lly m a y c o n tin u e to im ­
p r o v e ,” P r e s id e n t O. J. A r n o ld said
in a n n o u n c in g th e sta tem en t. “ W h ile
it is p r o b a b ly to o m u c h to e x p e c t
1947 g r o w th , d olla r-w ise , to d u p lica te
th a t o f 1946, th e g a in s m a d e d u rin g
th e p a st y e a r in th e in ta n g ib le area
o f im p r o v e d p u b lic u n d e rs ta n d in g and
g o o d w ill m a y b e e x p e c te d to a c c e le r ­
ate in 1947 as c o m p a n y m a n a g e m e n ts
fu r th e r im p r o v e th e ir te c h n iq u e s o f
fin d in g o u t w h a t th e p u b lic e x p e c ts
o f life in su ra n ce , a n d a d d ress th e m ­
s e lv e s to m e e tin g th o s e d e s ir e s .”
T h e sta tem en t s h o w e d sales in n e w
o r d in a r y b u s in e s s in cre a s e d fr o m $50,658,491 in 1945 to $77,240,350 in 1946;
tota l in s u ra n ce in fo r c e in cre a se d b y
11 p e r ce n t fr o m $616,063,402 to $685,226,548 an d tota l assets ro s e fr o m
$126,962,632 as o f a y e a r a g o to $140,658,170 as o f D e c e m b e r 31, 1946.
T h e c o m p a n y ’s p r e m iu m in c o m e o f
$18,148,981 fo r 1946 c o m p a r e d w ith $16,086,223 in 1945. T o ta l d ea th cla im s
p a id a m o u n te d to $3,761,436, u p fr o m
$3,525,274 th e y e a r b e fo r e . P a y m e n ts
to liv in g p o lic y h o ld e r s , a sid e fr o m
loa n s, a g a in in crea sed , r is in g fr o m
$3,210,705 in 1945 to $3,641,795 in 1946.
H ea rt d isea se a n d ca n ce r, th e tw o
le a d in g ca u ses o f death , w e r e r e ­
s p o n s ib le fo r 51 p e r c e n t an d 14 p er
cen t, r e s p e c tiv e ly , o f d ea th cla im s in
1946.

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

73

A SSISTA N C E IN PLANNING

COMPLETE BUSINESS DEVELOPMENT
AND CONSERVATION PROGRAMS
In your program for business development or continued conserva­
tion, Central National Bank in Chicago can provide comprehensive
plans. You can expect every assistance possible from executives
who are fully experienced in this increasingly im portant phase of
public relations.

C

e n t r a l

.N a
IN

OF

R E S E R V E

a n k

CHICAGO

Member Federal Deposit Insurance Corporation.

M E M B E R

B

t io n a l

F E D E R A L

Member Federal Reserve System.

M E M B E R

S Y S T E M

OF

NEW

Y O R K

C L E A R I N G HOUSE A S S O C I A T I ON

TheCONTINENTAL
B A N K

&

T R U S T

C O M P A N Y

o f NEW YORK
Statement of Condition December 31, 1946
RESOURCES
Cash and Due from B anks................................................................................................................... 5
U. S. Government Obligations.............................................................................................................
Municipal Bonds .....................................................................................................................................
Corporate Bonds .....................................................................................................................................
Federal Reserve Bank Stock................................................................................................................
Loans and Discounts................................................................................................................................
Accrued Interest Receivable...................................................................................................................
Customers’ Liability Under Acceptance Outstanding...................................................................
Other Assets ..................................

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

S1 9 6 ,1 4 0 ,7 2 1 .7 7
L IA B IL IT IE S
Capital S t o c k .................................................................................................. . .$ 5 ,0 0 0 ,0 0 0 .0 0
Surplus Fund .............................................................................................
5 ,0 0 0 ,0 0 0 .0 0
Undivided Profits ............................................................................................. 1 ,8 7 8 ,3 9 1 .2 0

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

General Reserves .....................................................................................................................................
Reserve for Taxes, Interest and Expenses..........................................................................................
Dividend Payable, January 1, 1 9 4 7 ................................................................................................
Other L ia b ilitie s ........................................................................................................................................
Acceptances:
_____
Outstanding ...................................................................................................... $ 4 ,6 6 1 ,2 8 5 .5 5
Less Am ount in P ortfolio............................................................................ 3 ,7 6 0 ,8 3 5 .0 6
Deposits

..................................................................................................... * * ..........................................

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

$ecurities carried at $ 4 ,9 6 3 ,0 3 4 .4 9 in the above statement are pledged to qualify for fiduciary powers,
to secure public monies as required by law, including $ 2 ,9 7 8 ,3 2 6 .6 7 of United 3tates Government
W ar Loan Deposits, and for other purposes.

M AIN O F F IC E :
Branch Offices:

30 BRO AD S T R E E T , N EW Y O R K

345 Madison Avenue

- 512 Seventh Avenue

Member Federal D eposit Insurance Corporation

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947

Iowa News

74

B o n d s D iv is io n o f th e T r e a s u r y D e ­
p a rtm en t, w ith h e a d q u a rte rs in T u lsa.
T h rou gh
w e ll

th is

know n

w ork
to

he

h as

O k la h om a

Question: What difference, if any,
do you think the change in party
control in Congress will mean to
banking?

b ecom e
b a n k e rs,

h a v in g tr a v e le d th r o u g h o u t th e state
se ttin g

up

bond

o rg a n iz a tio n s .

J. F . Kennedy, p re sid e n t, F ir s t N a­
tio n a l B a n k , N e w H a m p to n , Io w a : “ I
th in k th e c a m p a ig n p r o p o s a l to cu t
ta x e s 20 p e r ce n t w ith a 250 b illio n
d o lla r d e b t a p p ea rs in s in c e r e a n d c e r ­
ta in ly is u n s o u n d . T h e w e lc h in g o n
th a t p r o p o s a l h as a lr e a d y b e g u n . I f
th is in d ica te s th e n e w c o n tr o llin g
g r o u p ’s a p p r o a c h to e c o n o m ic s , th in k ­
in g b a n k e rs m a y w e ll lo o k at th e m
w ith su sp icio n . T h e r e is o n ly on e
w a y to p a y th e d e b t a n d th a t is th e

M r.

C h e h o c k is a lso w e ll k n o w n in O kla­
h o m a th r o u g h e ig h t y e a r s o f tr a v e lin g
as a ta x a c c o u n ta n t w ith

th e

O kla­

h o m a T a x C o m m is sio n . E a rlie r in h is
c a re e r h e r e p r e s e n te d

What Do You Think?

M iller-B ry a n t-

P ie r c e C a rb on P a p e r C o m p a n y in th e
ea stern states, a n d la ter esta b lish e d
a b r a n c h office fo r th is c o m p a n y in
T ulsa.

h a rd w a y , th r o u g h e c o n o m y in g o v ­
e r n m e n t a n d th e c o lle c tio n o f ta x es.
In v ie w o f th is, I c a n n o t lo o k fo r
m u c h im p r o v e m e n t in th e G o v e r n m e n t
a p p r o a c h to e c o n o m ic s in g e n e r a l o r
b a n k in g in p a r tic u la r .”
R. H . Johnson, ca sh ie r, D r a y to n
S tate B a n k , D ra y to n , N o r th D a k ota :
“ I th in k th a t s o m e th in g w ill b e d o n e
to w a r d e lim in a tin g d ir e c t g o v e r n m e n t
c o m p e titio n w ith b a n k s, su c h as le n d ­
in g a g e n cie s c o m p e tin g fo r b a n k a b le
loa n s. T h e y m a y a lso see th e u n fa ir ­
n ess in p a y in g a h ig h e r s a v in g s in ­
te re s t ra te th r o u g h p o s ta l sa v in g s th a n
a ta x p a y in g s a v in g s in s titu tio n ca n
a fford.
“ P e rh a p s th is is o n ly w is h fu l th in k ­
in g .”

A M ER IC A N NATIO N AL BAN K
AND T RUST C O M P A N Y
O F C H IC A G O
L A S A L L E S T R E E T ,,'
Member Federal Deposit

AT W A S H I N G T O N

“ásp

Insurance Corporation

S T A T E M E N T OF C O N D IT IO N
A T TH E CLOSE OF B U SIN ESS

DEC EM It E ll 3 1 , 1 0 4 6

RESOURCES
Cash and due from b a n k s ..........................................$ 64,436,404.27
United States G overnm ent obligations — direct
and fu lly g u a r a n t e e d ...............................................
M unicipal and other m arketable securities

.

69,220,394.15

.

27,293,129.12

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

69,653,719.13

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

210,000.00

Custom ers’ liability on letters o f credit and
a c c e p t a n c e s .................................................................

1,327,238.95

Accrued interest re ce iv a b le ..........................................

374,164.85

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

108,890.11
$232,623,940,58

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

3.000.

000.00

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

4.000.

000.00

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

400,156.46

Reserves for taxes, interest, contingencies, etc. .

1,594,743.95

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

700,539.63

Other lia b ilit ie s .................................................................

122,035.15

Liabilities on letters o f credit and acceptances .

1,383,844.46

Deposits:
D e m a n d ........... $199,637,591.33
United States Governm ent

.

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

3,890,890.43
2,423,772.95

15,470,366.22
221,422,620.93
$232,623,940.58

United States Government obligations and other securities carried at $24,332,159.89 are pledged
to secure public and trust deposits and fo r other purposes as required or permitted by law.

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947


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

N . O. Folland, p re sid e n t, K a rlsta d
State B a n k , K a rlsta d , M in n esota : “ I
th in k w e ca n lo o k fo r n o m a te ria l
ch a n g e a ffe c tin g b a n k in g d u e d ir e c t ly
to c h a n g e o f p a r ty c o n tr o l, b u t th e
fo r c e s th a t b r o u g h t a b o u t c h a n g e in
p a r ty c o n tr o l (w h ic h r e a lly a m o u n ts
to a b e lly fu ll o f o n e tr e n d in p o litic a l
th in k in g ) to m e is a w a r n in g th a t
th e d a y o f r e c k o n in g is a p p ro a ch in g .
D a y s o f r e c k o n in g a lw a y s r e d u c e b u s i­
n ess a c tiv ity a n d w ith it g o s o m e o f
th e p rofits.

“A R e p u b lic a n C o n g re ss m a y h a ste n
s o m e o f th e in e v ita b le , b u t w e c a n
n o t fo r e s e e a n y le g is la tio n th a t c o u ld
h a v e m u c h e ffe c t o n a sm a ll c o u n t r y
b a n k s u c h as ou rs. T h e w a r is s o o n
o v e r a n d w e lo o k fo r th a t to h a v e
so m e e ffe c t.”
H . M . W eydah l, p re sid e n t, U n io n
B a n k , D u n n C en ter, N o r th D a k ota : “ I
th in k C o n g re ss w ill elim in a te at lea st
a p o r tio n o f g o v e r n m e n t c o m p e titio n
in b a n k in g an d I a lso th in k th a t C on ­
g r e s s w ill fin a lly r e c o g n iz e th e u n ­
ju s t ta x sta tu s n o w e n jo y e d b y F a r m ­
e rs U n ion s, C o-op s an d M u tu a ls. I f
th e y d o n ’t th e sm a ll c o u n t r y b a n k e r
a n d b u sin e ss m a n m a y ju s t as w e ll
b e g in to lo o k fo r a n o th e r h u n tin g
g r o u n d .”
O. D. Hansen, e x e c u tiv e v ic e p r e s i­
d en t, T h e B a n k o f U n io n C ou n ty , E lk
P o in t, S ou th D a k ota : “ B a n k in g w ill
b e n e fit to g e th e r w ith b u sin ess an d in ­
d u s tr y as a w h o le , w h e n la b o r o v e rlo rd s, h o ld in g w h a t a m o u n ts to a
m o n o p o ly o n v ita l co m m o d itie s , lik e
coa l, etc., w ill h a v e th e ir p o w e r s r e g ­
u la ted b y le g is la tio n d e s ig n e d to p r o ­
te ct th e p u b lic, in c lu d in g th e u n io n
m e m b e r s th e m s e lv e s . I f th e n e w c o n ­
g re ss fa ils to ta k e a c tio n in th is r e ­
sp ect, it w ill h a v e fa ile d c le a r ly to
c a r r y o u t a m a n d a te o f th e citiz e n s
o f th is c o u n t r y .” # #

Statement of Condition
D E C E M B E R 31, 1946

A S S E T S

C a s h ____________________________________________ $15,103,207.01
United States Government Securities__________ 46,945,349.74
L o a n s ___________________________________________ 14,070,945.27

DIRECTORS
V . O. FIG G E

President
JO SE P H L . H E C H T
D avenport

M unicipal B o n d s _______________

509,133.05

Bank P re m is e s ___________________

700,000.00

F urniture and F ix tu re s_________________________

43,469.60

Fed eral Reserve Bank Stock___________________

108,000.00

O verdrafts _____________________________________

11,491.86

J. M . H U T C H IN S O N
Vice P res, and Trust Officer
C H A R L E S J. JO H N S O N
Independent Biscuits, Inc.
JO S. S. K IM M E L
Republic Electric Com pany
F R E D E R IC K H . L A M B
Physician
H . E . L IT T IG
Iowa-IUinois Gas & E lec. Co.

$77,491,596.53
L I A B I L I T I E S
C apital -------------------------------------------------------------$

600,000.00

Surplus -------------------------------------------------------------

3,000,000.00

Reserves and Profits___________________________

1,328,721.02

Deposits ------------------------------------------------------------ 72,562,875.51

H ERM AN STAAK
V ice P res, and Cashier

$77,491,596.53

K U N O H . ST R U C K
V ice President
C A B L E G. V O N M A U R
P etersen -H a rn ed -V on Maur, Inc.
T. J. W A L S H
Walsh Construction Com pany
C. D. W A T E R M A N
La ne and W aterm an


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Federal Reserve Bank of St. Louis

DAVENPORT BA N K

AND T R U ST/Q i^CO M PA N Y
Qflembex, JedetaL

DAVENPORT,

Rjha£AV4ï S ifiiern ^

IOWA

■ ¿I
Member Federal Deposit Insurance Corporation

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947

76

Iowa News

H a n k e r s T r u s t H ro m n tio n s
T

H E B a n k e rs T r u s t C o m p a n y o f D es
M oin es has ad d ed a n e w d ir e c to r to
its b o a rd an d p r o m o te d tw o o f its offi­
cers.
S. F . M cG in n , v ic e p r e s id e n t o f th e
T a n g n e y -M cG in n H o t e l s C om p a n y ,
w a s e le cte d to th e b o a r d o f d ir e c to r s
to fill th e v a c a n c y ca u sed b y th e d eath
o f J. G. G am ble.
M r. M cG in n ’s h o m e w a s o r ig in a lly
in W a te r lo o , an d in 1930 h e an d E. F.
T a n g n e y leased th e H o te l K ir k w o o d .
T h e n in 1934 M r. M cG in n m o v e d to
D es M oin es a n d to o k o v e r th e m a n ­
a g e m e n t o f H o te l F o r t D es M oin es.

A t th e p re s e n t tim e h is c o m p a n y o p e r ­
ates e ig h t d iffe re n t h o te ls th r o u g h o u t
th e m id d le w e s t.
M r. M cG in n is a
m e m b e r o f th e G rea ter D es M oin es
C om m ittee, an d w a s g e n e ra l ch a irm a n
o f th e C o m m u n ity C h est C a m p a ig n in
1940.
W illia m
E llis o n a n d G e o rg e A .
M o e c k ly , fo r m e r ly a ssista n t ca sh iers,
h a v e b e e n p r o m o te d to assista n t v ic e
p resid en ts.
M r. E llis o n b e c a m e a sso cia te d w ith
th e b a n k tw e n ty -th re e y e a r s a g o as
a b o o k k e e p e r , p r e v io u s to w h ic h h e
h ad b a n k in g e x p e r ie n c e at R u n n e lls

a n d C arlisle, Io w a . H e is an a ctiv e
m e m b e r o f th e D es M oin es C on sisto ry .
G e o rg e A . M o e c k ly h as b e e n w ith
th e B a n k e rs T ru s t C o m p a n y n in e te e n

-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

S T A T E M E N T O F CONDITION
December 31, 1946

HOME FEDERAL
S A V IN G S A N D L O A N A S S O C IA T IO N
S. F. M c G I N N
E lected Director

O F DES MOINES
Sixth and Grand
A S S E T S
D IR E C T O R S
C. B. Fletcher
Chairman of the Board
Arthur S. Kirk
President
Dr. Lawrence E . K elley
V ic e P resid ent

Cash on Hand and in Banks........ ...........$ 467,480.88
United States Government Securities....
690,266.16
Federal Home Loan Bank Stock............ 114,000.00
First M ortgage Loans................................ 7,420,196.06
Loans on Passbooks and Certificates.... .
12,309.80
Office Building and Equipment................
209,251.75
Other Assets .................................................
6,245.29
3,919,749.94

Jonathan M . Fletcher
Secretary-T rea surer
H arold J. H ow e
Counsel
Joseph N . Chamberlain
R eal E sta te & Insurance
Dr. John L. H illm an
P resid ent E m eritu s,
Sim pson C olleg e
Dr. M arvin J. Houghton
D en tist
J. T . Schilling
Iow a P o w er <6 L ig h t Co.

L I A B I L I T I E S
Savings and Investment Share
Accounts ................................................... $7,869,464.61
Dividends Declared and Unpaid..............
87,675.72
Advances from Federal Home Loan
Bank ...........................................................
300,000.00
M ortgage Loans in Process......................
240,924.44
Other Liabilities .........................................
10,779.25
Specific Reserves ...................
1,671.63
Reserves and Undivided Profits..............
409,234.29
Reserve for Contin­
gencies ............................. $250,000.00
Federal Insurance Reserve 109,234.29
Undivided Profits ............. 50,000.00

O rganized under State Charter— M a y 6, 1936

Issued Certificate for Federal Insurance of Accounts-— September 21,
Converted to Federal Charter ■
— April 28, 1939
ASSETS

D ecem ber

31,
31,
31,
31,
31,
31,

1936............
1937............
1938............
1939............
1940............
1941............

............$
22,781.88
............
219,879.90
............
473,286.99
............
908,953.20
............ 1,519,623.15
............$2,007,458.08

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947


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Federal Reserve Bank of St. Louis

W M . E L L IS O N
N am ed A ssistan t

G. A . M O E C K L Y
V ic e Presidents

3,919,749.94

G RO W TH O F T H E HOME F E D E R A L

Decem ber
Decem ber
Decem ber
D ecem ber
D ecem ber

y e a rs an d b e g a n as a m e s s e n g e r b o y .
H e h as a lw a y s ta k en an in te re s t in
c iv ic affairs an d is n o w p r e s id e n t o f
th e “ S ix F o o t C lu b .”
T h e B a n k e rs T ru s t C o m p a n y h as
ju s t fin ish ed a v e r y s u c c e s s fu l y e a r
an d d e cla re d an ex tra d iv id e n d o f $1
p e r sh a re to s to c k h o ld e r s o f r e c o r d as
o f D e c e m b e r 7, 1946.

D ecem ber
D ecem ber
D ecem ber
D ecem ber
June
D ecem ber

2,382,920.45
3,385,610.88
5,610,071.53
6,722,411.21
7,376,805.55

31,
31,
31,
31,
30,

1942..........................
1943..........................
1944..........................
1945.........................
1946............ ............

31,

1946............ ............ 8,919,749.94

T h e officers o f th e b a n k n o w in ­
clu d e : B. F . K a u ffm a n , p re s id e n t; J.
W . H u b b e ll, S. C. P id g e o n , F . C. A t ­
k in s, v ic e p r e s id e n t an d ca s h ie r; L.
N e v in L e e an d C. W . M esm er, v ic e
p re sid e n ts; F. S. L o c k w o o d , s e c r e ta r y
an d tru st officer; W illia m E llis o n a n d
G e o rg e A . M o e ck ly , a ssista n t v ic e p r e s ­
id e n ts; A . F . E r ic k s o n an d J o h n B.
M on a h a n , a ssista n t ca sh iers, an d S. G.
B a rn a rd , a ssista n t se cre ta ry .
D ir e c to r s o f th e B a n k e rs T ru s t C om -

Iowa News
p a n y a re: P a u l B eer, p resid en t, T h e
F ly n n
D a iry
C om pany;
T h o s . A.
B u rch a m , M .D., r a d io lo g ist; S. F. M c­
G in n, v ic e p re sid e n t, T a n g n e y -M cG in n
H o te ls C o m p a n y ; J o s e p h F. R osen field ,
a tto rn e y ; F. W . H u b b e ll, p resid en t,
E q u ita b le L ife In s u r a n c e C o m p a n y o f
Io w a ; E. J. L in d h a rd t, p resid en t, N a ­
tio n a l B y -P r o d u cts, In c.; E. T. M ere­
dith, Jr., v ic e p re sid e n t, M ered ith P u b ­
lis h in g C o m p a n y ; S h ir le y P e rciv a l,
p re sid e n t, G re e n C o lo n ia l F u r n a c e
C o m p a n y ; R u s s e ll R eel, p re sid e n t, Y e l­
lo w C ab C o m p a n y ; J o h n D. S h u ler,
p re sid e n t, S h u ler C oal C o m p a n y ; B. F.
K a u ffm a n , p re s id e n t; J. W . H u b b ell,
v ic e p re s id e n t; R. R. R o llin s , rea l es­
tate in v e s tm e n ts , an d S. C. P id g e o n ,
v ic e p resid en t.

Information Service
A c o m p r e h e n s iv e in fo r m a tio n s e r v ­
ice fo r th e b e n e fit o f C a lifo rn ia sm a ll
b u sin e ss m en , p re s e n t an d p r o s p e c tiv e ,
is n o w b e in g o rg a n iz e d b y th e B a n k o f
A m e r ic a , a c c o r d in g to E. A . M attison ,
e x e c u tiv e v ic e p re s id e n t in ch a rg e o f
d e v e lo p m e n t o f L o a n S erv ices.
C a lled th e S m all B u sin e s s A d v is o r y
S e rv ice , th e n e w a c tiv ity is b e in g d e ­
sig n e d to p r o v id e a c le a r in g h o u s e o f
in fo r m a tio n o n lo c a l c o n d itio n s as w e ll
as c u r r e n t tre n d s an d a ctiv itie s in
reta il an d s e r v ic e fields. R e su lta n t in ­
fo r m a tio n w ill b e m a d e a v a ila b le in
all th e 300 C a lifo rn ia c o m m u n itie s

s e r v e d b y B a n k o f A m e r ic a b ra n ch e s .
C o m m e n tin g o n th e n e w s e rv ice ,
M a ttison said th at p r o b le m s fa c in g th e
sm a ll b u s in e s s m e n are n u m e ro u s ; y e t
m a n y b u s in e s s m e n are g e n e r a lly u n ­
fa m ilia r w ith th e la rg e r a m o u n t o f
w o r k th a t has b e e n d o n e b y F e d e ra l
a n d state g o v e r n m e n ts an d tra d e as­
so c ia tio n s to h elp th em s o lv e th e
p r o b le m s co n n e c te d w ith th e su cce s s ­
fu l m e r c h a n d is in g o f g o o d s an d s e r v ­
ices. B y p r o v id in g w id e r d is tr ib u tio n
o f th e m a n y s u r v e y s th a t h a v e b e e n
m a d e in th is field, it is h o p e d to h e lp
th e sm a ll o p e r a to r w h o s e fa cilitie s fo r
s tu d y an d r e s e a rch are lim ited .

CONDENSED STATEMENT OF CONDITION

On Chase Staff

December 31, 1946

E d w in A . L o c k e , Jr., sp e cia l assista n t
to P re s id e n t H a r r y S. T ru m a n sin ce
last M arch , r e tu r n e d to th e staff o f
th e C h ase N a tion a l B a n k o n J a n u a ry
1, a fte r a s ix -y ea r a b se n ce fo r w a rtim e
an d p o s tw a r s e r v ic e w ith th e e x e c u tiv e
b r a n c h o f th e F e d e r a l g o v e r n m e n t. H e
w ill b e a p p o in te d a v ic e p re s id e n t o f
C hase an d w ill a g a in b e id en tified w ith
th e h a n d lin g o f th e b a n k ’s loa n s an d
o th e r b u sin ess.

r

77

AS S ETS
Cash an d Due from B anks............................................................................................................$ 5,335,749.25
U. S. Governm ent Bonds...................................................... .......................................... ................. 9,692,902.36
State, County an d M unicipal Bonds........................................................................................
211,297.34
Other Bonds an d Securities............................................................................................................
92,485.62
Stock in Federal Reserve Bank................ ..................................................................................
24,000.00
Loans and Discounts............................................................................................................................
5,424,316.10
Bank Building, Furniture and Fixtures...................................................................................
155,000.00
Other A ssets ..........................................................................................................................................

1,553.60
$20,937,304.27

L I ABI L I T I ES
Capital
.......................................................................................................................... $400,000.00
Surplus .......................................................................................................................... 400,000.00
Undivided Profits ........................................................................................................ 79,512.79
Reserve forContingencies....................................................................................... 102,000.00

^

Total Capital Account..................................................................................................... $
Reserve for Taxes and Interest.................................................................................................
Other Liabilities ...................................................................................................................................

NoMistakes Possible

when coins are wrapped in

Deposits

981,512.79
90,390.60
80.00

.................................................................................................................................................... 19,865,320.88
$20,937,304.27

STEELtifrHONG

A . G. Sam , President
Fritz Fritzson, V ice Pres, and Cashier

A u to m a tic .

COIN W RAPPERS

E. A . Johnson, Assistant Cashier

J. T. Grant, V ice President

H. H. Strifert, Assistant Cashier

J. R. Graning, Assistant Cashier

R. E. G leeson , Assistant Cashier

Ford W h e e le r, Auditor

MEMBER FEDERAL RESERVE SYSTEM
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

P aten ted Red-Bordered
Windows Show theTotal
Amount and Denom ina­
tion of Contents— ''give
ease of visibility” .

T H I S famous, patented "Steel-Strong" Coin
■ W rapper has imitators, but it cannot be
duplicated. Only the precision machinery
specially created by "Steel-Strong", to print
and punch with perfect accuracy, gives you
com p lete p ro te ctio n . No w o n d e r "SteelStrong" is the largest-selling window w rap­
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Free Sam ples
W r i t e t o d a y , to D e p t . G

Ik * C. L D O W N E Y
H A N N IB A L, M ISSO U R I

*

*

★

★

///S'/o i/x C/fij ★

WvUdi JlaAifit M{/U* a{ Qoitt 'Wtayifi«44

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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, J a n u a r y , 1947

*

78

Iowa News

F.A.A. Annual Meeting

W a r w ic k H o te l in P h ila d elp h ia . T h e
E x te n s io n C om m itte e , u n d e r th e c h a ir­
m a n sh ip o f W a lt e r H . B is c h o ff, a ssist­
a n t ca s h ie r o f th e O ld N a tion a l B ank,
E v a n s v ille , In d ia n a , w ill m e e t at th e
sa m e p la c e t w o d a y s ea rlier, J a n u a ry
30 a n d 31.

T h e 32nd a n n u a l c o n v e n t io n o f th e
F in a n c ia l A d v e r tis e r s A s s o c ia tio n w ill
b e h e ld in N e w Y o r k C ity o n O cto b e r
6, 7, 8, an d 9, 1947, it w a s a n n o u n ce d
r e c e n t ly b y S w a y n e P. G o o d e n o u g h ,
p r e s id e n t o f th e A s s o c ia tio n a n d v ic e
p re s id e n t o f th e L in c o ln R o c h e s te r
T r u s t C om p a n y , R o c h e s te r , N e w Y o rk .
T h e a n n o u n c e m e n t w a s m a d e fo l lo w ­
in g a m e e tin g in C h ica g o o f th e e x e c u ­
tiv e c o m m itte e o f th e A s s o c ia tio n .

in 1940, b e c a m e a ssocia ted w ith th e
M a n u fa ctu re rs T r u s t C om p a n y . H e
e n te re d th e A r m y in 1942, a tta in ed th e

To Travel Midwest
C. F . M a cL e lla n h as b e e n n a m ed b y
th e M a n u fa ctu re rs T r u s t C om p a n y ,
N e w Y o r k , to re p r e s e n t th a t in s titu ­
tio n in Io w a , N eb ra sk a , C olora d o,
W y o m in g , a n d U tah,

D ates w e r e a lso set at th a t tim e fo r
th e m id -y ea r m e e tin g o f th e b o a r d o f
d ir e c t o r s an d th e e x te n s io n c o m m itte e
o f th e A s s o c ia tio n . T h e fo r m e r w ill
m e e t o n F e b r u a r y 1 a n d 2 at th e

M r. M a cL e lla n w a s b o r n in C h ica g o,
a n d im m e d ia te ly fo llo w in g h is g ra d u a ­
tio n fr o m th e U n iv e r s ity o f C h ica g o

Statement of Condition
December 31, 1946
C. F . M a c L E L L A N
W i l l C all on Bankers

A S S E T S

Cash on Hand and on Deposit with Banks........... $ 7,419,820.25
United States Government Securities..................... 13,091,065.88
Other Bonds and Securities.......................................
65,000.00
Loans and Discounts................................................... 5,601,379.16
Security National Bank Building, Vault and Fix­
tures ...........................................................................
339,042.65
Federal Reserve Bank Stock.....................................
25,500.00
Other Assets ...............................................................
1,542.10
$26,543,350.04
L I A B I L I T I E S

$

Capital............................................................
Surplus ..........................................................
Undivided Profits..........................................
Deposits..........................................................

500,000.00
400,000.00
59,871.28
25,583,478.76

$26,543,350.04
O F F IC E R S

D IR E C T O R S
Paul Bekins
Charles R. Gossett
H arold A . Jacobsen
Edw ard C. Palm er
George L . Booth
O tis P. Garrison
W m . W . M acF arlane
George C. Pechstein
H arry P. Pratt

Charles R. G ossett, P resid ent
B . M . W h ee lo ck , V ic e P resid ent
A lbert C. Eckert, V ic e P resid ent
R. Earl Brown, Cashier
D aniel B . Severson, A ssistan t Cashier
Frank H . A b el, A ssista n t Cashier
Robert W . L ew is, A ssista n t Cashier

c r a u R m

r

WJ of Sioux Cits?JL
M em ber

Federal

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947


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

D eposit

Insurance

Corporation

ra n k o f first lieu ten a n t, an d u p o n h is
d is c h a r g e in 1946 re tu r n e d to th e e m ­
p lo y o f th e ba n k .

Chemical Bank
In its sta tem en t o f D e c e m b e r 31st,
th e C h em ica l B a n k & T r u s t C o m p a n y
o f N e w Y o r k r e p o r te d d e p o s its o f $1,226,822,541 c o m p a r e d w ith $1,524,160,575 on D e c e m b e r 31, 1945, a n d tota l
assets o f $1,347,574,272 c o m p a r e d w ith
$1,637,503,776 a y e a r ago.
C ash on
h a n d an d d u e fr o m b a n k s a m o u n te d
to $242,226,400 co m p a r e d w ith $258,
593,487; U. S. G o v e r n m e n t o b lig a tio n s
to $628,273,214 a g a in st $790,555,298;
b a n k e r s ’ a c c e p ta n c e s an d ca ll lo a n s to
$75,095,699 a g a in st $171,435,856 and
loa n s an d d is co u n ts to $282,138,718
a g a in st $275,847,577.
C a pital s to c k w a s u n c h a n g e d at $25,000,000 b u t d u r in g th e y e a r $5,000,000
w a s tr a n s fe r r e d fr o m u n d iv id e d p rofits
to su rp lu s. T h e b a n k n o w h a s ca p ita l
o f $25,000,000, su rp lu s o f $70,000,000,
u n d iv id e d p ro fits o f $8,501,663 an d u n ­
a llo ca te d r e s e r v e s o f $5,980,149 o r tota l
ca p ita l fu n d s o f $109,481,813.

Chase National Bank
T h e sta tem en t o f th e C hase N a tion a l
B a n k o f N e w Y o r k fo r D e c e m b e r 31,
1946 s h o w s d e p o s its o f $4,495,304,000
co m p a r e d w ith $5,742,180,000 a y e a r
ago. D u r in g th e tw e lv e m o n th s th e re
w a s a r e d u c tio n o f $1,141,126,000 in th e
b a n k ’s U n ited S tates W a r L o a n D e­
p osit, w h ic h a m o u n te d to $113,076,000
o n D e c e m b e r 31, 1946 c o m p a r e d w ith
$1,254,202,000 th e p r e c e d in g y e a r en d.

Iowa News
T o ta l r e s o u r c e s o f th e b a n k w e r e $4,865,535,000 co m p a r e d w ith $6,092,601,000 o n D e c e m b e r 31, 1945. C ash in th e
b a n k ’s v a u lt a n d on d e p o s it w ith th e
F e d e r a l R e s e r v e B a n k a n d o th e r b a n k s
a m o u n te d to $1,143,401,000 c o m p a r e d
w ith $1,366,233,000 a y e a r ago; in v e s t­
m e n ts in U n ited S tates G o v e r n m e n t
s e cu ritie s $2,221,343,00 c o m p a r e d w ith
$3,078,103,000; loa n s a n d d is c o u n ts o n
D e c e m b e r 31, 1946, w e r e $1,126,462,000
c o m p a r e d w ith $1,271,694,000 a y e a r
a g o.
O n D e c e m b e r 31, 1946 th e ca p ita l o f
th e b a n k w a s $111,000,000, u n c h a n g e d
fr o m a y e a r a go. T h e s u rp lu s o n D e ­
c e m b e r 31, 1946 w a s $154,000,000 c o m ­
p a re d w ith $139,000,000 a y e a r ago, r e ­
fle c tin g th e tr a n s fe r o f $15,000,000 fr o m
u n d iv id e d p ro fits to su rp lu s o n D e c e m ­
b e r 26, 1946. U n d iv id e d p rofits, a fte r
th a t tr a n s fe r o f $15,000,000, a m o u n te d
to $48,501,000 o n D e c e m b e r 31, 1946
c o m p a r e d w it h $50,240,000 o n D e c e m ­
b e r 31, 1945.
T o ta l ca p ita l fu n d s w e r e $313,501,000
o n D e c e m b e r 31, 1946 c o m p a r e d w ith
$300,240,000 a y e a r ago.

California Bank
C a lifo rn ia B a n k ’s loa n s a n d d is­
c o u n t s to ta le d $81,485,530 at y e a r end,
a g a in o f 42 p e r c e n t o v e r th e 1945 tota l
o f $57,260,575, a c c o r d in g to th e b a n k ’s
D e c e m b e r 31st sta te m e n t o f co n d itio n .
G ross e a rn in g s in c r e a s e d a p p r o x i­
m a te ly $1,255,000 d u r in g th e y ea r.
F in a l n e t p ro fits w e r e $1,163,124 as
c o m p a r e d w ith fin al n e t p ro fits in 1945
o f $1,069,760.
T h e ca p ita l s tr u c tu r e o f C a lifo rn ia
B a n k n o w co n s is ts o f $6,500,000 ca p ita l,
$6,500,000 s u rp lu s a n d $3,618,296 u n ­
d iv id e d p rofits.
E a r n in g s o n 260,000 sh a res p r e s e n tly
o u ts ta n d in g a m o u n te d to a n a p p r o x i­
m a te $4.47 p e r sh a re. D iv id e n d s w e r e
p a id at th e a n n u a l ra te o f $1.50 p e r
sh a re.
P r e s id e n t F r a n k K in g in h is r e p o r t
to sh a re h o ld e rs, said th e 60,000 sh a res
o ffe r e d sh a r e h o ld e r s in J a n u a ry 1946
w e r e s u b s c r ib e d w ith o u t m a k in g a
p u b lic o ffe r in g at $40 a sh are. O f th e
p r o c e e d s , $1,500,000 w a s a d d ed to th e
b a n k ’s ca p ita l a n d $900,000 to su rp lu s.
T o ta l re s o u r c e s o f C a lifo rn ia B a n k
a re n o w $461,830,597.

Union Bank and Trust

79

u p fr o m $35,106,180 to $54,314,308 d u r ­
in g th e y e a r 1946. T h e p e r c e n ta g e o f
loa n s to d e p o s its stan d s at 37.54 p e r
cen t, a c c o r d in g to P r e s id e n t B e n R .

R e c o r d in g a n e w h ig h , U n io n B a n k
& T r u s t C o m p a n y o f L o s A n g e le s lo a n
tota ls in c r e a s e d 55 p e r cen t, m o v in g

CONDENSED STATEMENT
of

City National Bank and Trust Company
18th and Grand Avenue
KANSAS CITY. MISSOURI

At Close of Business— December 31, 1946
RESOURCES
Cash and Dus from Banks........................................................................................................ $ 35,334,167.25
Bonds (carried at less than market value)
U, S. Government and U. S. Government Guaranteed Bonds....$36,041,144.06
Federal Land Bank, State and Municipal Bonds............................
8,272,621.22
High Grade Corporation Securities....................................................
300,951.04
44,614,716.32
Federal Reserve Bank Stock.............................................................................................
..................
Loans and Discounts............................................................................................................
......................
City Bank Building— Unencumbered— (Cost over $1,000,000)................................
..................
New City Bank Building.....................................................................................................
......................
Other Real Estate (One Property)...................... .............................................................
..................
Furniture, Fixtures and Safe Deposit Vaults (Cost $100,000)................................
..................
Customers' Liability Account Letters of Credit...........................................................
......................
Accrued Interest Receivable.............................................................................................
......................
Overdrafts ........................................................................................................ ......................

120,000.00
42,713,989.71

1.00
711,647.69

1.00
1.00
620,181.94
300,687.74
3,993.71

Total Resources ................................................................................................................... $124,419,487.36
LIABILITIES
Capital Stock (Paid In)....................................................... $400,000.00
Capital Stock (Earned)........................................................ 600,000.00

$1,000,000.00

Surplus (Earned) ............................................................................................ 3,000,000.00
Undivided Profits (Earned)........................................... ............................... 1,572,649.01
Invested Capital .....................................................................................................................
Unearned Interest ...................................................................................................................
Accrued Interest and Taxes................................................................................................
Our Liability Account of Letters of Credit Issued..........................................................
Deposits—
U. S. Government Deposits.................................................................. $
721,675.04
Other Deposits ....................................................................................... 116,831,162.75

5,572,649.01
355,530.06
318.188.56
620,181.94

117,552,837.79

Total Liabilities ................................................................................................................... $124,419,387.36
The above statement is correct.
R. C. KEMPER, President.
OFFICERS
Rufus Crosby Kemper, President
George C. Kopp, Vice President
Edward F. Lyle, Comptroller
James S. Neely, Vice President
Louis G. Loschke, Assistant Vice President
F. D. Farrell, Vice President
James R. Gayler, Assistant Vice President
Kearney Wornall, Vice President
John C. House, Assistant Cashier
J. Milton Freeland, Vice President
Jack Black, Assistant Cashier
Dale R. Ainsworth, Vice President
John Yonts, Assistant Cashier
L. E. Stephenson, Vice President
Ewart H. Burch, Assistant Cashier
Cyril J. Jedlicka, Vice President
James F. Mack, Assistant Cashier
Robert L. Greene, Vice President
K. H. Armstrong, Assistant Trust Officer
Earl W . Deputy, Trust Officer
Dewey Shillerston, Assistant Trust Officer
Richard T. Pendleton, Trust Officer
Tom Collins, Publicity Director
James F. McPherson, Cashier
Bror W . Unge, Manager Foreign Department
M e m b e r o f Federal D ep o sit Insurance Corporation

THE TO Y N A T IO N A L BA N K
Rely on Us for Prompt Action
and Helpful Individual Attention
In th e h e a r t o £ d o w n t o wn S i o u x C i t y

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

M em ber F .D .I .C .

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947

80

Iowa News

M ey er. C o m m e r c ia l loa n s are u p 87
p e r cen t, w ith in sta llm e n t loa n s s h o w ­
in g a g a in o f 95 p e r cen t.

fr o m $3,000,000 to $3,500,000 a n d u n ­
d iv id e d p rofits in c r e a s e d b y $300,000
fr o m $1,040,876 to $1,340,876. R e s e r v e s
fo r c o n tin g e n c ie s are u p fr o m $242,047
to $607,443.

T h e T r e a s u r y D e p a rtm e n t’s w ith ­
d ra w a l o f fu n d s fr o m U. S. W a r L o a n
d e p o s its h as re su lte d in m o s t o f th e
n a tio n ’s b a n k s s h o w in g a n o m in a l d e ­
crea se in d e p o s its fo r th e y e a r. A t
$144,685,815, U n io n B a n k ’s d e p o sits
are o ff 4 p e r ce n t fr o m th e 1945 y e a r
en d fig u re; bu t, e x c lu s iv e o f th e T re a s ­
u r y ’s W a r L o a n d ep osits , th e tota l
s h o w s a 6 p e r ce n t g a in fo r th e p e rio d .

Manufacturers Trust
T h e y e a r en d sta tem en t o f c o n d itio n
o n D e c e m b e r 31, 1946 o f $2,286,946,694,
o f N e w Y o r k s h o w s to ta l d e p o sits
o f th e M a n u fa ctu re rs T ru s t C o m p a n y
c o m p a r e d w ith th e tota l a y e a r a g o o f
$2,555,885,573.
T h is in clu d e s a $433,500,000 d e cre a se du e to w ith d r a w a l o f
W a r L o a n d ep osits.
T h e ca p ita l an d su rp lu s a c c o u n ts
re m a in u n c h a n g e d fr o m a y e a r ago,

O th er ch a n g e s d u r in g th e y ea r: c a p ­
ital a cco u n ts are u p 18 p e r ce n t fr o m
$7,040,876 to $8,340,876, ca p ita l and
su rp lu s each h a v in g b e e n in cre a se d

¡i
\'l IIn h
ll
in

HI II m i m
Ail II M ilj i j j

OTTUMWA,

i if
Jl

IOWA

Member of Federal Reserve System
S ta tem en t o f C o n d it io n as o f D e c e m b e r 31, 1946

♦
RESO U RCES
Loans and D iscou n ts...........................
.$ 3,518,327.64
Bank Building .....................................
94.000.00
Furniture and F ixtu res.......................
26,999.59
Stock in Federal Reserve Bank . . .
30.000. 00
Overdrafts ..............................................
2,454.38
U. S. B on d s........................................... . .$6,094,678.36
Municipal Bonds ................................. . . 2,198,495.61
Other Marketable B on d s...................
122,558.00
Cash and E x ch a n g e............................. . . 3,506,053.81
11,921,785.78
$15,593,567.39
L IA B IL IT IE S
Capital .................................................................................. . $ 300,000.00
Surplus .................................................................................
700,000.00
Undivided Profits ............................................................
98,115.44
Dividend Payable January 2 , 1947...............................
15,000.00
Deposits .......... ..........................................................
. 14,480,451.95
$15,593,567.39

♦
O FF IC ER S
F R A N K V O N SC H R A D E R , Chairman of the Board
M A X V O N S C H R A D E R , President
H . L. P O L L A R D . V ice President
R. W . F U N K , V ice President
C L A R E N C E P. G L E N N , Cashier
W . C. M IL L E R , Assistant Cashier

FR E D D IM M IT T . Assistant Cashier
F R A N K M . P O L L A R D , Assistant Cashier
C. G. M E R R IL L , Trust Officer
J. C. B L A C K F O R D , M gr., Budget Loan Dept.

bu t th e u n d iv id e d p rofits tota l has b een
in cre a s e d fr o m $30,637,361 on D e c e m ­
b e r 31, 1945 to $36,529,898 as o f D e­
c e m b e r 31, 1946. A n o t h e r $600,000 has
b e e n ad d ed to th e r e s e r v e fo r c o n ­
tin g e n c ie s fu n d . T o ta l r e s o u r c e s are
$2,434,252,883 a g a in st last y e a r ’s tota l
o f $2,693,184,469. U. S. G o v e r n m e n t
s e cu ritie s w e n t fr o m $1,507,987,636 as
o f D e ce m b e r 31, 1945 to $1,233,148,318
at th e en d o f 1946. L o a n s an d b ills
p u rch a s e d w e r e o ff s lig h tly m o re th an
$5,000,000.

New Corporate
Bonds Department
S h a w -M cD e rm o tt & Co., 914 L ib e r ty
b u ild in g , D es M oin es, an in v e s tm e n t
firm e n g a g e d e x c lu s iv e ly in u n d e r w r it­
in g an d d is tr ib u tin g m u n ic ip a l b o n d s
fo r 13 y e a rs, has a n n o u n c e d th e o p e n ­
in g o f a c o r p o r a te s e cu ritie s d e p a r t­
m en t. It w ill h a n d le v a r io u s cla sses
o f sto ck s an d b o n d s, p a r tic u la r ly th ose
o f b a n k s an d in su ra n ce co m p a n ie s.
A ffilia ted w ith th e c o m p a n y in e n ­
te r in g th e n e w field are N o r m a n and
D ou g la s C on w a y , b r o th e r s , a n d P h ilip
C arroll. A ll a re w a r v e te ra n s and
h a v e b een p r e v io u s ly in th e se cu ritie s
b u sin ess.
M r. Carroll,* a fo r m e r re s id e n t o f
W a te r lo o and g ra d u a te o f N o tre D am e
u n iv e r s ity , w a s w ith an in v e s tm e n t
b a n k in g firm in N e w Y o r k , N. Y . T h e
C on w a y s, b o th o f D es M oin es, h a v e
b e e n in th e s e cu ritie s b u sin e ss in D es
M oin es an d in St. L o u is, M o ..

Continental of New York
T h e C on tin en ta l B a n k & T ru s t C om ­
p a n y o f N e w Y o r k re p o r te d as o f D e ­
c e m b e r 31, 1946, tota l d e p o sits o f $181,975,059 an d tota l assets o f $196,140,721,
c o m p a r e d r e s p e c tiv e ly w ith $187,279,109 an d $201,551,853 on S e p te m b e r 30,
1946.
C ash on h a n d an d du e fr o m
b a n k s a m o u n te d to $52,618,848, a g a in st
$50,429,691; h o ld in g s o f U. S. G o v e r n ­
m en t o b lig a tio n s to $72,448,078, ag a in st
$74,979,641; loa n s an d d is co u n ts to
$52,307,498, a g a in st $54,915,105.
C ap ­
ita l an d su rp lu s w e r e u n c h a n g e d at

DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION
Oldest in Des Moines
210 6th Ave.

Dial 4-7119

E L M E R E. M IL L E R
Pres, and Sec.

H U B ER T E. JA M ES
A sst. Sec.

FOR Y O U R E N JO Y M E N T . . .

Southern Iowa's Largest Bank
M e m b e r F ederal 'D eposit Insurance Corporation

Listen to the
“ W ORLD
K R N T , 1350 KC

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947


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

O F M U S IC ”
1 to 1 :3 0 p.m . Sundays

Iowa News
$5,000,000 each .
U n d iv id e d p rofits
w e r e $1,878,391, c o m p a r e d w ith $1,781,920 at th e en d o f th e th ird q u a rte r
o f 1946.

Joins Northwestern Banker
M a lco lm F r e e la n d has b e e n a p p o in t­
ed a ssocia te e d ito r o f th e D e P u y p u b li­
ca tio n s in c lu d in g th e N orthwestern
B an k er , Io w a -N e b ra sk a B a n k D ir e c to r y

State C olleg e, A m e s, in Ju n e, 1943,
w ith th e d e g r e e o f B a c h e lo r o f S cie n ce
in In d u stria l E c o n o m ic s .
A ft e r g ra d u a tion , h e en te re d s e r v ic e
w ith th e A r m y A ir F o r c e s an d sa w
o v e r s e a s s e r v ic e as a c r y p to g r a p h e r in
th e M a rsh a ll Isla n d s, P a cific area.
D isch a rg e d o n J a n u a ry 21, 1946, M r.
F r e e la n d a cce p te d a p o s itio n as n e w s
e d ito r on h is h o m e to w n n e w s p a p e r
in C larin da, Iow a , w h e r e h e has b een
e m p lo y e d u n til th e p r e s e n t tim e.
M r. F r e e la n d is m a rrie d an d has a
tw o y e a r o ld b a b y b o y .

John Hermelbracht
J o h n H e rm e lb ra ch t, 77, p resid en t,
F ir s t N a tion a l B an k , B a n cro ft, N e b ra s­

81

ka, a n d e x te n s iv e la n d o w n e r and
fe e d e r o f C u m in g co u n ty , d ie d at h is
h o m e last m on th . M r. H e r m e lb r a c h t
h ad b e e n a re s id e n t o f C u m in g c o u n t y
fo r 55 y e a rs, e sta b lish in g a r e p u ta tio n
as o n e o f th e fo r e m o s t b u ild e r s o f
n o rth e a st N eb ra sk a . H e w a s b o r n in
G e rm a n y an d ca m e to th e U n ited
S tates w h e n a b o y .
H e is s u r v iv e d b y tw o son s and tw o
d a u g h ters, all o f B a n cro ft.

Bank of America
B a n k o f A m e r ic a ’s y e a r en d sta te­
m en t o f c o n d itio n rev e a ls an in cre a se
in su rp lu s o f $13,500,000 to a n e w tota l
o f $110,000,000; a lso ea rn in g s, d ep osits,
tota l re so u rce s, loa n s an d ca p ita l fu n d s

re;«?!esc

T tra

JLJLfesr¡yl m Star l£*r JLJ® Jb JL

wm m m k

TRUST COMP,
ST, LOUIS

2 ,

MISSO*

M ALCOLM FREELAND
W ith D e Puy Publications

an d th e Underwriters Review, a ll o f
D es M oin es.
M r. F r e e la n d g ra d u a te d fr o m Io w a

(d
Statement of Condition, December 31, 1946
RESOURCES

M ERCHANTS
MUT UAL

BONDING
COMPANY
Incorporated 1933

Cash and Due from Banks.................................................... $ 56,306,799.60
U. S. Government Securities................................................... 73,820,072.53
(Including those pledged $18,423,823.76)
Other Bonds and Securities.....................................................
5,684,851.42
Federal Reserve Bank Stock...................................................
300,000.00
Loans and Discounts................................................................ 77,580,264.70
Customers' Liability on Acceptances and Letters of Credit
346,784.07
Real Estate ..............................................................................
243,606.86
Accrued Earnings Receivable (Net).....................................
444,934.81
Overdrafts ................................................................................
19,510.28
Other Resources ....................................................................
66,038.87
$214,812,863.14

H om e Office
S O U T H E R N S U R E T Y B U IL D IN G

Des Moines, Iowa
•
This is Iowa’s oldest surety company.
A progressive company with experi­
enced, conservative management.
We are proud of our hundred and
fifty bank agents in Iowa.

LIABILITIES
Capital ..................................................................................... $ 6,000,000.00
Surplus and Undivided Profits...............................................
6,855,796.89
Dividends Declared, Payable January 2, 1947....................
120,000.00
Accrued Interest, Expenses and Taxes Payable (Net) and
Other Reserves ....................................................................
1,057,916.77
Acceptances and Letters of Credit.........................................
346,784.07
Other Liabilities ......................................................................
202,390.62
Deposits:
U. S. Government, and Other Public
Funds .................................................. $ 11,576,024.73
Other Deposits ....................................... 188,653,950.06
200,229,974.79

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

W rite to

$214,812,863.14

Member Federal
Deposit Insurance
Corporation

92 Years of
Banking Experience

E. H. WARNER
S e cre ta ry an d M a n a g e r


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

N o r t h w e s t e r n B a n ke r, J a n u a r y , 1947

Iowa News

82

C h r is t m

a s

at n e w h ig h le v e ls a n d a g r e a tly in ­
cre a se d r e s e r v e a ccu m u la te d as in ­
su ra n ce a g a in st a n y p o s s ib le fu tu re
losses.

M * a r tif

A t D e c e m b e r 31, 1946, d e p o sits
to ta le d $5,415,849,000, an in cre a s e o f
$76,542,000 d u r in g th e y e a r .
U. S.
W a r L o a n d ep osits , in c lu d e d in th is
total, a m o u n te d to $62,800,000 as c o m ­
p a red w ith $439,000,000 a y e a r ago.
N et in cre a s e in d ep osits , e x c lu s iv e o f
w a r loa n , w a s $452,742,000 fo r th e y e a r.
T o ta l re s o u r c e s w e r e $5,765,525,000,
a g a in o f $139,462,000 d u r in g th e y e a r.
L o a n s a n d d is co u n ts o u ts ta n d in g at
th e y e a r e n d a g g re g a te d $1,722,743,000,
an in cre a s e o f $704,002,000 o v e r a y e a r
ago.
D iv id e n d s p a id in c r e a s e d $3,454,487,
o r m o r e th a n 25 p e r c e n t in 1946, an d
a m o u n te d to $17,063,043. A ft e r u se o f
$197,550, to r e tire p r e fe r r e d s to ck , c a p ­
ital fu n d s g a in e d
$11,702,000 and
to ta le d $241,296,000, n o t in c lu d in g th e
“ R e s e r v e fo r B a d D e b ts ” w h ic h w a s
in c r e a s e d $13,696,000 at th e e n d o f th e
y e a r fr o m e a rn in g s an d a m o u n te d to
$31,115,000.

THE PICTURE above was taken at tke Christmas Party o f the Live Stock
National Bank o f Sioux City, Iowa. Seated in the center o f the picture are
Mark Wilson, left, vice president, and Carl Fredricksen, president o f the bank.
The ^arty was held at the Jackson Hotel.

E a r n in g s fo r th e y e a r w e r e $58,290,000. F r o m th is to ta l $13,696,000 w a s
d e d u c te d fo r th e a b o v e re s e r v e , $12,635,000 w a s r e s e r v e d fo r d e p r e c ia tio n
o f b a n k p r e m is e s an d o th e r re a l es­
tate an d a m o r tiz a tio n o f b o n d p r e ­
m iu m s, a n d $1,032,000 w a s set u p in r e ­
s e r v e s an d a p p lie d to th e r e v a lu a tio n
o f a ssets a n d a b s o r p tio n o f loss e s o th e r
th a n loa n s. A p ro fit-sh a rin g b o n u s o f
$1,964,000 w a s p r o v id e d fo r e m p lo y e s ,
an in c r e a s e o f $443,000 o v e r la st y e a r .

Opened for Business October 15, 1934
Statement of the

IOWA STATE BANK & TRUST COMPANY
Iowa City, Iowa

December 3 1 , 1946
RESOURCES
Cash and Due from Banks................................................................ $3,786,499.06
U. S. Bonds .............................................................................................. 7,725,040.00
Other Bonds and Securities................................................................
74,946.00
.$11,586,485.06
. 2,512,065.87
217.00
50.000.
15.000.

CASH OR ITS EQUIVALENT
Loans and Discounts.....
Overdrafts ........................
Banking House ................
Furniture and Fixtures ..

Guaranty Trust Company
H T h e sta te m e n t o f c o n d itio n o f G u a r­
00
00

a n ty T r u s t C o m p a n y o f N e w Y o r k as
o f D e c e m b e r 31, 1946, s h o w s to ta l r e ­
so u r c e s o f $2,893,376,869, as c o m p a r e d
w ith $3,813,507,041 o n D e c e m b e r 31,
1945.
D e p o sits are $2,501,513,458 as
co m p a r e d w ith $3,309,452,507 a y e a r
ago; r e d u c tio n in U. S. W a r L o a n D e­
p o s it w a s $754,238,364. U. S. G o v e r n ­
m e n t o b lig a tio n s tota l $1,451,254,460,
as co m p a r e d w ith $2,059,320,457; and
loa n s a n d b ills p u r c h a s e d to ta l $747,370,321, as c o m p a r e d w ith $967,041,680.

$14,163,767.93

LIABILITIES
.$

150,000.00
150,904.63
. 10,377,960.72
3,484,902.58

Capital Stock ..........................................................................
Surplus and Undivided Profits..........................................
Deposits .......................................... ...................................... .
State Treasurer Fuel Tax Fund......................................

$14,163,767.93

O F F IC E R S
B e n S. SuMMERWiLn, President
D r . E . M. M a c E w e n , V ice President
W . W . S u m m e r w i l l , V ice President
M . B . G u t h r i e , Cashier
W . F. S c h m i d t , A ss’t Cashier
J a s . H . S c h m i d t , A ss’t Cashier
M . E . T a y l o r , Auditor

D IR E C T O R S
Dr. E.

M . Ma c E w e n
R . J. B a s c h n a g e l
M . B . Gu t h r ie
G eorge A . T h o m p s o n
Gu y A . S t e v e n s
B e n S. S u m m e r w i l l
W . W . S u m m e r w il l

C apital a n d su rp lu s r e m a in u n ­
c h a n g e d at $90,000,000 a n d $170,000,000, r e s p e c tiv e ly , a n d u n d iv id e d p ro fits
o f $61,627,360 c o m p a r e w ith $52,676,254 o n D e c e m b e r 31, 1945.

MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

D id you know th ere’s a gap in you r Cash Letter
protection that you could “ drive a tru ck th rou g h ?”
A sk us how to bridge it w ithout costing you a
cent.
F IR S T

N A T IO N A L

BANK

B U IL D IN G

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947


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

•

C H IC A G O

Scarborough & Company
Insurance Counselors
3,

IL L IN O IS

STATE

4325

to Banks

Iowa News

Crocker First National
S h o w in g su b sta n tia l g a in s in su r­
p lu s, u n d iv id e d p rofits, c o m m e r c ia l
a n d rea l esta te loa n s, an d d e p o s its
(e x c lu s iv e o f th e G o v e r n m e n t’s W a r
L o a n D e p o s it A c c o u n t ) C ro ck e r F ir s t
N a tio n a l B a n k o f San F r a n c is c o h as
ju s t c o m p le te d o n e o f its m o s t s u c ­
c e s s fu l y e a r s o f o p e ra tio n .
A c c o r d in g to th e b a n k ’s y e a r-e n d
sta te m e n t o f co n d itio n , th e su rp lu s
a c c o u n t h as b e e n in c r e a s e d b y $1,000,000 to $10,000,000.
C apital rem a in s
u n c h a n g e d at $6,000,000.
A ft e r p a y ­
m e n t o f d iv id e n d s to ta lin g $840,000
d u r in g 1946 an d th e tr a n s fe r o f $1,000,000 to su rp lu s, u n d iv id e d p ro fits w e r e
$3,324,482, a g a in o f $320,998 o v e r th e
$3,003,484 r e p o r te d a y e a r ago. A s o f
D e c e m b e r 31, 1946, d e p o s its to ta le d
$300,882,775, c o m p a r e d w ith $350,603,228 o n th e sa m e d ate a y e a r ago. ■ In
th e sa m e p e rio d , th e W a r L o a n D e p o sit
A c c o u n t d r o p p e d $71,129,199 to $8,098,675 fr o m th e $79,227,874 r e p o r te d on
D e c e m b e r 31, 1945. E x c lu s iv e o f th e
W a r L o a n D e p o s it A c c o u n t, c o r p o r a te
a n d in d iv id u a l d e p o s its o f th e b a n k
g a in ed m o re th a n $21,000,000 o v e r
sim ila r d e p o s its a y e a r ago.
In th e c u r r e n t sta tem en t, loa n s and
d is co u n ts , in c lu d in g first m o r tg a g e
loa n s on re a l estate, g a in e d $8,208,209
to $47,684,523 co m p a r e d w ith $39,476,314 r e p o r te d o n D e c e m b e r 31, 1945.
T h e ca sh a c c o u n t o f $80,893,597 c o m ­
p a res w ith $71,927,006 r e p o r te d a y e a r
ago.

New Director
V ic t o r E . C o o le y , p r e s id e n t-e le ct o f
th e S o u th w e s te r n B e ll T e le p h o n e C o m ­
p a n y , w a s e le c te d a d ir e c t o r o f th e
F ir s t N a tion a l B a n k in St. L o u is . T h e
d ir e c to r s a lso a p p r o v e d a lib e ra liz a tio n
in th e b a n k ’s R e tir e m e n t I n c o m e P lan ,
a n d a d d itio n a l c o m p e n s a tio n w a s v o te d
to e m p lo y e s in s e r v ic e p r io r to J a n u a ry
1, 1946, e q u iv a le n t to o n e -h a lf m o n th ’s
sa la ry, w ith a d ju s te d a m o u n ts fo r
oth e rs. T h e d ir e c to r s d e c la r e d a d iv i­
d e n d o f $1.00 p e r share,. 60 ce n ts o f
w h ic h is an e x tra d iv id e n d p a y a b le
D e c e m b e r 20 to s to c k h o ld e r s o f r e c o r d
D e c e m b e r 13, an d 40 ce n ts p a y a b le
F e b r u a r y 28, 1947, to s to c k h o ld e r s o f
r e c o r d F e b r u a r y 21.

Country Bank Conference
O m aha w ill b e th e sce n e o f th e
s e c o n d o f th re e R e g io n a l C o u n tr y
B a n k C o n fe r e n c e s w h ic h th e A m e r ic a n
B a n k e rs A s s o c ia tio n w ill h o ld th is
w in te r, a c c o r d in g to an a n n o u n c e m e n t
r e c e iv e d fr o m C. W . (B ill) B a iley ,
A m e r ic a n B a n k e rs A s s o c ia tio n p r e s i­
den t.
B a n k s o f e le v e n m id -co n tin e n t states
w ill b e in v ite d . T h e y a re In d ian a,


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

83

FIRST TRUST AND SAVINGS BANK
Northwest Corner T h ird and Brady Streets

DAVENPORT, IOWA

Financial Statement— Condition on December 3 1, 1946
RESOURCES
Loans and Discounts............. ..........................................................
Banking House ...................................................................................
Furniture and Fixtu re s.....................................................................
U. S. Government B onds................................................................
Municipal B o n d s ................................................................................
Other Bonds ........................................................................................
Cash and Due from B anks.............................................................
Other A s s e ts ........................................................................................
Overdrafts ........................................ ....................................................
Total

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

$ 9 ,0 1 9 ,8 0 8 .3 2

Resources
L IA B IL IT IE S

$ 200,000.00
200,000.00

Capital ..........................................
Surplus
..................... ..................
Undivided Profits and Reserves
Deposits ........................................
Unearned In t e r e s t .....................
Total

Liabilities

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

9 3 ,8 7 0 .8 8

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

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

Geo. M. Bechtel, President
R. O. Byerrum, Executive Vice President
Louis Martin, Assistant Cashier
H. R. Bechtel, Vice President
W. C. Siddle, Assistant Trust Officer
F. A. Johnson, Vice Pres., Cashier and Tr. Officer G. W. Thompson, Assistant Cashier
Member of the Federal Deposit Insurance Corporation

CONDENSED

STATEMENT

FIRST NATIONAL BANK
IN ST. LOUIS
A t the Close oj Business, D ecem ber 31, 1946
•

RESOURCES
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 o f Credit,
Acceptances, etc.
Accrued Interest Receivable
Overdrafts
Other Resources

$117,741,620.58
176,896,214.90
149,152,811.07
8,063,122.43
585,000.00
335,603.30
929,002.00
3,095,731.34
975,886.37
11,124.24
_______ 4,202.43
$457,790,318.66

LIABILITIES
Capital Stock
$ 10,200,000.00
9,300,000 00
Surplus
6,859,282.04
Undivided Profits
Reserve for Contingencies
500.000. 00
Dividend Declared, Payable Feb. 28, 1947
240.000. 00
Reserve for Taxes, Interest, etc.
1,901,710.92
205,730.92
Unearned Discount
Liability a /c Letters o f Credit, Acceptances, etc.
3,105,280.09
41,285.17
Other Liabilities
Demand Deposits
$355,922,361.68
Time Deposits
57,577,506.94
U. S. Government Deposits
11,937,160.90
Total Deposits
425,437,029.52
$457,790,318.66

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947

84

/owa News

Iow a , K an sas, M ich iga n , M in n esota ,
M issou ri, N eb ra sk a , N o rth D akota,
O k lah om a, S ou th D akota, an d W is c o n ­
sin. A tte n d a n ce w ill b e o p en , h o w e v e r ,
to b a n k s o u tsid e th is area.
C a rry in g fo r w a r d h is d esire to e m ­
p h a size th e im p o r ta n c e o f th e c o u n t r y
b a n k s ’ r o le in b o th th e c o m m e r ic a l
an d th e a g r icu ltu ra l p h a ses o f the
n a tio n ’s b u sin e ss life an d to rela te
th e A s s o c ia tio n ’s w o r k m o r e c lo s e ly
to c o u n t r y b a n k s in s e r v in g b u sin e ss
m e n an d fa rm ers, P re s id e n t B a ile y
states th at p la n s a re b e in g ra p id ly
c o m p le te d fo r th e c o n fe r e n c e w h ic h
w ill b e h eld in O m aha o n F e b r u a r y
20 an d 21.

O fficers o f th e A s s o c ia tio n an d lea d ­
ers o f its a ctiv itie s in c o u n t r y b a n k ­
in g an d sm a ll b u sin e ss w ill atten d
and p a rticip a te in th e d iscu ssion s.
L ea d ers in th ese a ctiv itie s in th e areas
w h e r e th e c o n fe r e n c e s are h e ld w ill
a lso be d ra w n u p on . P la n s are b e in g
w o r k e d o u t fo r a ssu rin g th e g rea test
p o s s ib le a m o u n t o f a u d ie n ce p a r tic ip a ­
tion .
A d d re sse s , g r o u p d iscu ssio n s,
an d m o tio n p ic tu r e s w ill b e e m p lo y e d .
A c o m p r e h e n s iv e p r o g r a m is b e in g
d e v e lo p e d c o v e r in g th e w h o le ra n g e
o f sm a ll b u sin e ss cr e d it an d c o u n t r y
b a n k in g s e r v ic e s an d w ill b e a n ­
n o u n c e d as s o o n as rea d y . A c c o r d in g
to M r. B a iley , n o m a tter w h a t a ban k -

NATIONAL BANK OF BURLINGTON
BURLINGTON, IOWA
Statement of Condition, December 31, 1946
ASSETS

L IA B IL IT IE S

Cash and Due from B anks...........$ 2 ,5 7 7 ,5 1 2 .4 4
U . S. Government S e c u ritie s ...
3 ,1 5 9 ,9 5 4 .4 4
State, County and Municipal
1 ,6 0 3 ,0 5 8 .0 6
B o n d s .............................................
Other B o n d s .....................................
6 5 6 ,9 9 7 .1 6
2 ,2 0 5 .8 5 9 .2 0
Loans and Discounts.....................
O v e rd ra fts ...........................................
2 5 3 .3 5
Stock in Federal Reserve Bank. .
1 5 ,0 0 0 .0 0
Bank Building ................................
3 8 ,7 0 0 .0 0
Furniture and Fixtures................
5 ,6 1 8 .3 8
1 ,1 8 3 .7 9
Other A s s e ts .....................................

Capital

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

200,000.00

Surplus

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

3 00 0 0 0 .0 0

Undivided Profits
Reserves

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

7 3 ,1 8 0 .6 4

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

3 0 ,0 0 0 .0 0

Interest Collected but not Earned
Deposits

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

$ 1 0 ,2 6 4 ,1 3 6 .8 2

John H. Witte, Jr., President
Vincent P. Cullen, Executive Vice President

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

$ 1 0 ,2 6 4 ,1 3 6 .8 2

Thomas L. Dyer, Cashier
E. J. Norton, R. K. Pearson, E. L. Hausknecht,
Asst. Cashiers.

Member Federal Deposit Insurance Corporation

STATEMENT OF CONDITION
December 31, 1946
RESOURCES
C ash and Due irom Banks.............................................
Loans and Discounts.........................................................
Bonds:
U. S. Government Securities...............................
M unicipal Securities ................................................
Other M arketable Securities................................

.$ 3,785,275.71
. 2,659,283.74
.$6,482,856.72
790 079 39
1,174,969.’64

8,377,899.68

Stock in Federal R eserve Bank.....................................................................................
Banking House ...................................................................................................................
Furniture and Fixtures........................................................................................................
Accrued Interest ...................................................................................................................
Overdrafts ...............................................................................................................................
Other Resources ...................................................................................................................

18,000.00
36,553.22
2,921.47
44,780.12
1,543.69
4,683.04
$14,930,940.67

LIABILITIES
Capital .....................................................................................
Surplus .....................................................................................
U ndivided Profits ................................................................
Reserve for Taxes, Interest, Contingencies, Etc.
Discount Collected but Not Earned...........................
Deposits:
D em and ........................................................................
Time ................................................................................
U. S. Governm ent W a r Loan Account...........

.$

400,000.00

200,000.00
84,639.66
79,730.41
13,919.19

$9,747,787.90
4,177,573.73
227,289.78

14,152,651.41
$14,930,940.67

FIFTH AVENUE
SOUTH- 2 26«

NATIONAL

BANK

Member of Th e Federal Deposit Insurance Corporation, Washington, D.
$ 5 ,0 0 0
Maxim um Insurance for Each Depositor
-

N o r t h w e s t e r n B a n k e r, J a n u a r y , 7947


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

C.
$ 5 ,0 0 0

e r ’s sp e cia l lin e o f in terest, th e re w ill
b e s o m e th in g o n th e p r o g r a m fo r h im .

Credit Conference
B a n k e rs w ill h ea r fr o m in d u stria l
lea d ers a b o u t th e r e q u ir e m e n ts o f in ­
d u s tr y fo r th e in sta llm e n t fin a n cin g
o f th eir m e rch a n d ise , a n d in d u s tr y w ill
h ear fr o m b a n k e rs a b o u t th e ir p la n s
fo r th e in sta llm e n t fin a n cin g o f c o n ­
su m e r d u ra b le g o o d s at a N a tion a l
C o n su m e r an d In sta llm e n t C redit C o n ­
fe r e n c e w h ic h w ill b e h eld in St. L o u is
o n J a n u a ry 23, 24, an d 25, u n d e r th e
a u sp ice s o f th e C o n su m e r C redit C o m ­
m itte e o f th e A m e r ic a n B a n k e rs A s s o ­
cia tion .
T h e p r o g r a m o n w h ic h th e C o m m it­
tee has b e e n w o r k in g fo r so m e tim e
has n o w r e a ch e d an a d v a n ce d stage.
A co m p le te ro s te r o f sp ea k ers has n o w
b e e n ob ta in ed , it is a n n o u n c e d b y C arl
M. F lo ra , c h a irm a n o f th e C o m m itte e
a n d v ic e p re s id e n t o f th e F ir s t W is c o n ­
sin N a tion a l B an k , M ilw a u k e e , W is ­
co n sin , w h o states th at th e c o n fe r e n c e
w ill b e h eld at th e H o te l J e ffe r s o n o n
th e dates n am ed .
U n d e r th is u n iq u e p ro g ra m , th e in ­
d u stria l lea d ers w ill p r e s e n t th e ir ca se
at th e m o r n in g s e ssio n s an d th e b a n k ­
ers w ill p re se n t th e ir ca se at th e a fte r ­
n o o n session s.
T h e o b je c t o f th e p r o g r a m is to g e t
a t h o r o u g h ly r o u n d e d d is c u s s io n o f
co n s u m e r cr e d it fin a n cin g fr o m th e
p r o d u c e r an d d is tr ib u to r a n g le o n th e
o n e h and, an d th e fin a n cin g o n th e
oth er, an d th u s g iv e th e b a n k e rs at­
te n d in g a fu lle r p ic tu r e o f th e p r o c ­
ess o f d is tr ib u tin g c o n s u m e r g o o d s
th r o u g h in sta llm e n t c r e d it th a n th e y
o th e r w is e co u ld ob ta in .

No Losses
C h a irm a n M aple T. H a rl o f F e d e ra l
D e p o sit In s u ra n ce C o r p o r a tio n an ­
n o u n c e d th at th e c o u n t r y is w e ll in to
its th ird y e a r w ith o u t a loss to a n y
d e p o s ito r o f an in s u re d hank. A s w ith
1945, th e re w a s n o fa ilu r e o f an in ­
su red b a n k in 1946, a n d o n ly on e
m e rg e r r e q u ir in g fin a n cia l aid fr o m
F D IC . In ea ch m e r g e r ca se all d e ­
p o s ito r s w e r e fu lly p r o te cte d .

Iowa News

#
D u r in g th e th irte e n y e a rs o f its
e x is te n c e , M r. H a rl p o in te d ou t, 399
in s u re d b a n k s w e r e liq u id a te d o r
m e r g e d w ith th e aid o f a d v a n ce s fr o m
th e C o rp o ra tio n .
T h e 1,310,000 d e ­
p o s ito r s o f th e se b a n k s h e ld d e p o s its
o f $505 m illio n . O f th ese d e p o sits , 98
p e r ce n t w e r e m a d e a v a ila b le p r o m p t­
ly to d e p o s ito rs , o f w h o m fe w e r th a n
o n e -q u a r te r o f o n e p e r ce n t h e ld a c­
c o u n ts in e x c e s s o f $5,000 th at w e r e
n o t fu lly p ro te cte d .
T o ta l assets o f th e C o r p o r a tio n on
D e c e m b e r 31, 1946 w e r e a b o u t $1,060,000,000, M r. H a rl estim a ted in h is
y ea r-en d sta tem en t.

Conference School
T h e n u m b e r o f a p p lica tio n s a lrea d y
r e c e iv e d an d th e ra te at w h ic h th e y
are c o m in g in in d ica te s th a t th e e n ­
ro llm e n t fo r th e 1947 fr e s h m a n cla ss o f
th e S c h o o l o f B a n k in g at th e U n iv e r ­
s ity o f W is c o n s in , s p o n s o r e d b y th e
C en tra l S tates C o n fe r e n c e , w ill b e
m u ch la rg e r e v e n th a n o r ig in a lly
p la n n e d fo r, a c c o r d in g to H a r r y C.
H a u sm a n , c h a irm a n o f th e b o a r d o f
tru stees o f th e S ch o o l, an d s e cre ta ry
o f th e Illin o is B a n k ers A s s o c ia tio n ,
C h ica g o.
T h e 1947 s e ssio n o f th e S c h o o l w ill
b e h eld at M adison , W is c o n s in , Ju n e
2-14. M r. H a u sm a n u rg e s b a n k s w h ic h

85

p la n to sen d m e n to th e s c h o o l th is
c o m in g su m m e r to fo r w a r d th e ir a p ­
p lica tio n s at o n c e to W a ll G. C oapm an , reg istra r, S c h o o l o f B a n k in g , and
se cre ta ry , W is c o n s in B a n k ers A s s o c ia ­
tion , 312 E a st W is c o n s in A v e n u e , M il­
w a u k e e 2, W is c o n s in , in o r d e r th at
p la n s m a y b e m ad e fo r th e ir a c c o m ­
m od a tion .
T h e first y e a r stu d en ts ta k e B a sic
E c o n o m ic P ro b le m s , In v e s tm e n ts I,
C o m m e r c ia l B a n k C redit an d L a w .
T h e s e co n d y e a r stu d en ts ta k e C om ­
m e rcia l B a n k A d m in is tra tio n , I n v e s t­
m en ts II, U rb a n R ea l E sta te F in a n c ­
in g, an d A g r ic u ltu r a l E c o n o m ic s and
A g r ic u ltu r a l C redit.

Loree Retires
J. L u th e r C lev ela n d , p re s id e n t o f
G u a ra n ty T ru s t C o m p a n y o f N e w Y o rk ,
a n n o u n c e d th e re tir e m e n t o f R o b e r t F.
L o r e e as a v ic e p r e s id e n t o f th e c o m ­
p a n y , an d th e a p p o in tm e n t o f W illia m
R. S tre lo w , v ic e p resid en t, to s u cce e d
M r. L o r e e as officer in ch a rg e o f th e
b a n k ’s fo r e ig n d ep a rtm en t.
M r. L o r e e r e tire s a fte r n e a r ly 33
y e a rs w ith th e G u a ra n ty .

Purchases Bank Equipment
Division of
O. B. McClintock Co.
A s its s e v e n th m a jo r m o v e in th e
la st ten y e a r s to e x p a n d its civ ilia n
m a rk e t an d o ffe r cu s to m e r s a d d ition a l
s e rv ice , it is a n n o u n c e d b y G e o rg e H.
B o c k iu s , p r e s id e n t o f D ie b o ld , In c.,
th a t D ie b o ld has p u r c h a s e d th e B a n k
E q u ip m e n t D iv is io n o f th e O. B. M c­
C lin to c k Co., o f M in n ea p olis, M in n e ­
sota, th e tr a n s fe r e ffe c tiv e J a n u a ry 2,
1947.
T h e tr a n s fe r in clu d e s th e rig h ts,
p a te n ts an d m a c h in e r y fo r th e m a n u ­
fa c tu r e o f M c C lin to c k ’s B a n d it B a r ­
rie r S y stem , B u rg la r A la rm , B a n k
V a u lt V e n tila to r , A fte r -H o u r D e p o s i­
t o r y an d o th e r d e v ic e s o f sim ila r c h a r ­
a cter. T h e s e p r o d u c ts w ill b e a dded
to th e D ie b o ld L in e s as th e M cC lin ­
t o c k D iv is io n o f D ie b o ld , In c. M a n u ­
fa c t u r in g w ill b e tr a n s fe r r e d to th e
C a n ton , O hio, p la n ts o f D ieb old , In c.,
as s o o n a fte r J a n u a ry 1st as p o ssib le .
T h e co a st to co a st sales a n d s e r v ic e
p e r s o n n e l o f M c C lin to c k ’s B a n k D iv i­
s io n w ill b e m e r g e d w ith th e n a tio n
w id e D ie b o ld o rg a n iz a tio n . S ales p e r ­
s o n n e l w ill b e c o m e p a rt o f th e B a n k
D iv is io n o f D ie b o ld , an d s e r v ic e p e r ­
s o n n e l w ill b e c o m e p a rt o f th e I n s p e c ­
tio n S e r v ic e D ep a rtm en t. C erta in k e y
m a n u fa c tu r in g p e r s o n n e l fr o m M cC lin ­
t o c k ’s M in n e a p o lis o r g a n iz a tio n w ill
la ter jo in th e D ie b o ld org a n iza tio n .

B ank of the Manhattan Company
NEW YORK, N. Y.

Condensed Statement o f Condition
as o f December 31, 1946
ASSETS
Cash and Due from Banks and Bankers
. . . . $ 316,145,094.33
U. S. Government O bligation s.....................................
378,042,008.54
Other Public S e c u r i t ie s ................................................
6,103,694.46
Other Securities................................................................
20,749,016.22
Loans and D is c o u n t s .....................................................
385,765,415.37
Real Estate M o r t g a g e s ................................................
4,105,786.81
Banking Houses O w n e d ................................................
12,005,982.42
Customers’ Liability for Acceptances...........................
4,005,065.47
Other A s s e t s .....................................................................
3,036,448.27
$1,129,958,511.89
LIABILITIES
Capital (2,000,000 shares). . . .
Surplus...............................................
Lndivided P r o f i t s ..........................

$20,000,000.00
30,000,000.00
13,110,036.19 $

Dividend Payable January 2, 1947
D e p o s i t s ..........................................................................
Certified and Official Checks...........................................
Acceptances Outstanding................................................
Other Liabilities, Reserve for Taxes, etc.......................

63,110,036.19
600,000.00
1,006,934,771.39
48,516,244.25
4,667,041.75
6,130,418.31

$1,129,958,511.89
O f th e a b o v e a ssets $ 3 8 ,8 0 4 ,3 6 6 .8 7 are p le d g e d t o secu re p u b lic d e p o s its a n d for
oth e r p u r p o s e s ; a n d ce r ta in o f th e a b o v e d e p o s its are p r e fe rr e d as p r o v id e d b y la w

M e m b e r F e d e r a l R e s e r v e S y stem

M e m b e r F ed era l D e p o s it In su ra n ce C o r p o ra tio n

FO R S A L E — Used Diebold m odern 10inch vault door, like new. 500 deposit
boxes. W rite B. W., c /o N orthw estern
Banker, 527 7th St., Des M oines, Iowa.


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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, J a n u a r y , 1947

86

Iowa News

E m

%

p lo y e s

C h o r a l

C r o u p

H e r b e r t V . P r o c h n o w , d ir e c to r o f
th e s ch o o l, a n d v ic e p r e s id e n t o f th e
F ir s t N a tion a l B a n k o f C h ica g o, an ­
n o u n c e s th e fo llo w in g co u r s e s fo r th e
th ird y e a r m en , th e first g ra d u a tin g
cla ss o f th e S c h o o l: T r u s t D e p a rtm e n t
O p era tion a n d M a n a g em en t, I n v e s t­
m en ts I I I , C o u n tr y B a n k in g , D e p a rt­
m e n ta l A d m in is tr a tio n (c o v e r in g sa v ­
in g s, p e r s o n n e l, fo r e ig n , tr a v e l an d
sa fe d e p o s it d e p a r tm e n ts ), P u b lic R e ­
la tion s a n d A d v e r t is in g an d W o r ld
B a n k in g S y ste m s a n d P r o b le m s .

With Fred S. James
THE EM PLOYES CHORAL GROUP o f the Central National Bank and Trust
Company in Des Moines entertained visitors in the bank on Friday and Saturday
noon preceding Christmas last month. The two days before Christmas at noon,
the Des Moines Za Ga Zig Shrine Chanters entertained bank customers and em­
ployes. Raymond W. Jones, trust officer (center, front row ), is director o f the
Central National Employes Choral Group.

W a r d M a cfa d d en , w e ll k n o w n to
b a n k e rs o f Io w a an d Illin o is , has
jo in e d F r e d S. J a m es & C o m p a n y , C hi­
ca g o.
B e fo r e s e r v in g fifty m o n th s o f N a v y
d u ty , le a v in g th e s e r v ic e w ith th e
ra n k o f co m m a n d e r , M r. M a cfa d d e n
r e p r e s e n te d S c a r b o r o u g h & C om p a n y ,
C h ica g o in s u ra n ce firm , in th e m id d lew est.

W HAT STATEMENTS SHOW

First T r ust & Savings Bank
CEDAR RAPIDS, IO W A
Statement of Condition December 31, 1946
RESOURCES
Loans and D isc o u n ts................. $1,054,817.62
State, County, M un icipal and
other Bonds ...............................
620,843.89
O verdrafts ........................................
1,098.29
Banking H ouse and F ixtu res.
45,300.00
E ly Office Banking H ouse
and Fixtures ...............................
1.00
U . S. Government Securities. 1,867,110.40
Cash on hand and due from
............................................ 1,348,934.60
Banks

L IA B IL IT IE S
Capital Stock (C o m m o n )..........$ 100,000.00
Surplus ...............................................
50,000.00
Reserve for C o n t in g e n c ie s ....
85,000.00
Other R eserves and U ndivided
.....................
21,364.06
Profits
Unearned D iscount ........................
6,877.32
...................................
4,674,864.42
D eposits

$4,938,105.80
Bank opened for bu sin ess N o v em b er 5th, 1934

$4,938,105.80

F. S. M I T V A L S K Y , President
D R . J O H N C. P E T R O V I T S K Y , V ice P resident
F R A N K J. D V O R A K , Cashier
L . W . S T R I T E S K Y , A sst. Cash, and Trust Officer
F R A N K J. S T A S T N Y , A sst. Cash, and A sst. Trust Officer
M EM BER

FEDERAL

D E P O S IT IN SU R A N C E

CORP.

STATEMENT OF CONDITION

IOWA

STATE

BANK

At the Close of Business December 31, 1946
ASSETS

L IA B IL IT IE S

Loans and D isc o u n ts......................$3,645,325.05
U nited States Government Bonds 1,828,500.00
O ther Bonds and S e c u r i t i e s ....
206.57
Furniture and Fixtures
(L e ss R eserve) ............................
10,606.94
Interest Earned B ut N ot
Collected ..........................................
11,598.71
Cash and Due from B a n k s.........
753,867.61

Capital Stock (C o m m o n )............$ 100,000.00
Surplus ..................... ..............................
25,000.00
R eserves and U ndivided Profits
110,751.16
D eposits
............................................... 6,014,353.72

$6,250,104.88

$6,250,104.88

O F F IC E R S
W M . A . B R O Q U I S T , P resid ent
G E O . H . B O R G , E x e c u tiv e V ic e P resid en t
L . A . R O D E N B A U G H , Jr., Cashier
J. H A M I L T O N , D A W S O N , V ic e P resid ent
C A R L W . M O O D Y , A ssista n t Cashier
F ederal D e p o sit

N o r f h w e s t e r n B a n k e r, J a n u a r y , 1947


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Federal Reserve Bank of St. Louis

Insurance

Corporation

OTHER BANKS
M ilw a u k e e — F ir s t W is c o n s in N a tio n ­
al B a n k — D e p o sits, $510,738,022. Y e a r
a g o — $622,370,579.
San F r a n c is c o — B a n k o f A m e r ic a —
D ep osits, $5,415,849,000. Y e a r a g o —
$5,339,307,098.
S io u x
F a lls — N o r th w e s t
S e cu rity
N a tion a l B a n k — D e p osits, $40,729,392.
Y e a r a g o— $38,335,597.
San F r a n c is c o — C r o c k e r F ir s t N a­
tio n a l
B a n k — D ep osits,
$300,882,775.
Y e a r a g o — $350,603,228.
L o s A n g e le s — C a lifo rn ia B a n k — D e ­
p osits, $442,361,631.
Y e a r a g o — $486,625,000.
L o s A n g e le s — U n io n B a n k & T ru s t
C o m p a n y — D e p o sits— $144,685,815. Y e a r
a g o— $150,262,000.
F a rg o , N o r th D a k ota — F ir s t N a tio n ­
al B ank and T ru st C om pany— D e­
p o sits, $25,293,957. Y e a r a g o — $23,602,000.

Add Million to Surplus

DES MOINES, IO W A

M em b e r

(C o n tin u e d fr o m p a g e 22)

D ir e c to r s o f F ir s t N a tio n a l B a n k o f
M in n e a p o lis h a v e a d d ed $1,000,000 to
th e b a n k ’s su rp lu s b y a tr a n s fe r o f th a t
a m o u n t fr o m th e u n d iv id e d p rofits a c ­
co u n t. T h e b a n k n o w h as ca p ita l o f
$6,000,000 an d s u rp lu s o f $11,000,000.
T w o n e w officers w e r e e le c te d a n d
titles o f tw o o th e rs w e r e altered .
G e o rg e J. H irs ch , fo r m e r ly m a n a g e r
o f th e rea l estate d iv is io n o f th e b a n k ’s
tru st d ep a rtm en t, w a s n a m e d re a l es­
tate officer a n d a ssig n e d to th e b a n k ’s
h o m e loa n d ep a rtm en t, r e c e n t ly r e lo ­
ca ted at 508 S e c o n d A v e n u e S ou th .
P. R . H a rriso n , rea l estate officer, c o n ­
tin u e s to h ea d th e h o m e lo a n d epart-

Iowa News
m en t. D o u g la s B. A lle rt, m a n a g e r o f
th e tru s t d e p a r tm e n t’ s rea l esta te d iv i­
sion , w a s n a m e d tru s t rea l esta te o f ­
ficer.
E r n e s t C. M addau s, fo r m e r ly a ssist­
a n t ca sh ier, w a s a ssig n e d th e title o f
in s ta llm e n t lo a n o fficer a n d w ill c o n ­
tin u e to s u p e r v is e o p e r a tio n o f th e
b a n k ’s in s ta llm e n t lo a n d e p a rtm e n t
w ith w h ic h h e h as b e e n a sso cia te d
sin c e its o r g a n iz a tio n in 1928 a n d o f
w h ic h h e h as b e e n m a n a g e r sin c e 1930.
T o a ssist h im , d ir e c to r s e le c te d D o n ­
a ld W . J u d k in s in s ta llm e n t lo a n officer.
M r. J u d k in s e n te re d th e e m p lo y o f th e
b a n k in 1929 a n d s e r v e d in s e v e r a l d e ­
p a rtm e n ts b e fo r e jo in in g th e in sta ll­
m e n t lo a n d e p a r tm e n t in M a rch , 1941.
A ft e r fo u r y e a r s in th e A r m y , h e w a s
d is c h a r g e d in A p r il 1946 as a C aptain
in th e a n ti-a ircra ft d iv is io n o f field
a rtille ry .

87

S T A T E M E N T O F CONDITION
at

Close of Business D ecem ber 31, 1946
ASSETS
Cash and Due from Banks........................................... ...$ 3,464,218.81
U. S. and Other Bonds................................................... ... 7,748,601.67
Loans ................................................................................. ...
Overdrafts .........................................................................
Bank Building ..................................................................

$11,212,820.48
4,880,768.24
1,187.53
75,000.00

$16,169,776.25
LIABILITIES
Capital Stock .................................................................... ...$ 300,000.00
300,000.00
Surplus ................................................................ ........ .
351.957.54
Undivided Profits and Reserves...................................
Deposits ............................................................................. ... 15,217,818.71
$16,169,776.25

COUNCIL BLUFFS SAVINGS BANK
Council Bluffs, Iowa
B. A. GRONSTAL, President

ties M o in es \ e ir s

Member Federal Deposit Insurance Corporation

E

F . B U C K L E Y , p re sid e n t, C en tra l
N a tio n a l B a n k an d T r u s t C o m ­
p a n y , w ill s e r v e as p r e s id e n t o f th e
D es M o in e s C le a rin g h o u s e A s s o c ia tio n
d u r in g 1947. H e w a s e le cte d r e c e n tly
to s u c c e e d Herbert L. Horton, p r e s i­
d en t, Io w a -D e s M oin es N a tio n a l B a n k
a n d T r u s t C om p a n y .
O th er C le a rin g h o u s e officers w ill b e,
first v ic e p re sid e n t, Frederick M . M or­
rison, p re sid e n t, V a lle y B a n k a n d
T r u s t C o m p a n y ; s e c o n d v ic e p re sid e n t,
Rolfe O. W agner, p re sid e n t, C apital
C ity State B a n k , a n d s e cre ta ry , Fred
C. A tkins, v ic e p r e s id e n t a n d ca sh ier,
B a n k e rs T r u s t C om p a n y .
W illiam A . Broquist, p r o m in e n t E a st
D es M o in e s b u sin e ssm a n , is th e n e w ly
e le c te d p r e s id e n t o f th e Io w a State
B a n k . H e s u cce e d s George A . Frampton, w h o r e s ig n e d e ffe c tiv e J a n u a ry
1st. M r. B r o q u is t is v ic e p r e s id e n t an d
tr e a s u r e r o f th e O ’D ea H a r d w a r e a n d
P a in t C o m p a n y a n d w a s o n e o f th e
o r g a n iz e r s o f th e b a n k fiv e y e a r s ago.
S in ce th a t tim e h e h as s e r v e d o n th e
b o a r d as a d ir e c to r . H e w ill d iv id e h is
tim e b e tw e e n d u ties at th e O’D ea c o m ­
p a n y a n d th e ba n k .
George O’Dea, c h a ir m a n o f th e
b oa rd , a lso a n n o u n c e d th e a d d itio n o f
George Borg, e x e c u tiv e v ic e p resid en t,
to th e d ire cto ra te .
M . J. Dwigans, a ssista n t ca s h ie r at
th e Io w a S tate B a n k sin ce 1942, a lso
re s ig n e d h is p o s itio n e ffe c tiv e Janu-

K L IP T O
MASON CITy. IOWA
Bank Supplies


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Federal Reserve Bank of St. Louis

Farmers State Savings Bank
IN D E P E N D E N C E , IO W A
Statem ent of Condition, D ecem ber 31, 1946
RESOURCES
Cash and Due from B anks...........................................................
Loans and D is co u n ts .....................................................................
First Real Estate Mortgages........................................................
U . S. Government B onds...........................................................
Municipal S e c u ritie s .....................................................................
Furniture and F ix t u r e s ................................................................
Overdrafts ........................... ...........................................................

$ 1 ,1 6 4 ,2 0 3 .9 4
6 2 0 ,0 9 8 .9 2
4 3 2 ,2 0 5 .3 7
3 ,67 1,95 7.0 1
2 7 2 ,4 3 0 .2 0
4 ,4 1 4 .2 0
2 6 5 .0 8
$ 6 ,1 6 5 ,5 7 4 .7 2

L IA B IL IT IE S

$ 100,000.00

Capital Stock (Co m m on)
Surplus ..............................
Undivided P r o f it s ...........
Deposits ...........................

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

$ 6 ,1 6 5 ,5 7 4 .7 2

26 Years of Continuous Service
O F F IC E R S

E. F. Sorg, President
P. E. Sorg, Assistant Cashier
E. E. Everett, Vice President
Jean Hohl, Assistant Cashier
C. L. Fiester, Cashier
Member Federal Deposit Insurance Corporation

1st Security Bank & Trust Co.
Charles City, Iowa
Statement of Condition, December 31, 1946
L IA B IL IT IE S

RESOURCES

Capital ................... $
Surplus ...................
Reserve ...................
Undivided Profits. .

Cash and Due from
Banks ................ $
9 6 9 ,5 8 8 .7 0
U . S. Securities. . . 3 ,7 6 8 ,8 7 0 .2 4
Total Cash and U . S. Securities. . $ 4 ,7 3 8 ,4 5 8 .9 4
Municipal and Other Ta x Exem pt
Bonds
..............................................
3 3,0 69 .0 1
Other B o n d s ........................................
3 2 ,5 1 2 .5 0
Loans and Discounts........................ 1 ,5 9 7 ,0 6 4 .2 6
O v e rd ra fts ..............................................
1 ,4 8 5 .4 5
Furniture and F i x t u r e s ...................
6 ,7 0 8 .9 4

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

Total Capital, Surplus and P ro fits.$
Demand Deposits. .$ 4 ,1 0 2 ,0 6 7 .1 9
T im e Deposits . . . 1 ,6 3 8 ,7 1 4 .7 0
U . S. Deposits . . .
2 9 5 ,2 6 4 .7 7
Total

Deposits

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

3 7 3 ,2 5 2 .4 4

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

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

Harlan M. Ellis, Chairman of Board
Raymond W. Ellis, Vice President
Ernst L. IValleser, President
Wm. A. Herbrechtsmeyer, Cashier _
Merten J. Klaus, Vice President
Robert L. Harding, Assistant Cashier
Clara A. Smith, Assistant Cashier
Member Federal Deposit Insurance Corporation

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947

88

Iowa News

a r y 1st, a n d has m o v e d to M a n ly , Iow a ,
to o p e ra te a G a m b le sto re d ea lersh ip .
M r. F r a m p to n su b m itte d h is r e s ig n a ­
tio n an d so ld m o s t o f h is s to c k last

m o n th . H e is n o w lo o k in g a fte r p e r ­
son a l affairs b u t is p la n n in g to r e e n ­
g a g e in th e b a n k in g b u sin e ss in th e
n ea r fu tu re .

Federal Home Loan Bank of Des Moines
DES MOINES, IOWA
STATEMENT OF CONDITION, DECEMBER 31, 1946
RESOURCES
C ash

L IA B IL IT IE S

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

9 2 2 ,0 0 1 .9 2

U. S . G o v e r n m e n t O b lig a tio n s an d S e ­
c u r itie s fu lly g u a ra n teed by U. S .
A dvan ces

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

M e m b e r s ...................................

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

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

4 6 ,6 4 2 .4 7

* C o n s o l ¡d a te d
O b lig a t io n s — D is c o u n t
and E xpen se
................................................

3 2 ,2 9 1 .7 0

A ccru ed

to

In te re st

D e p o s it s — M e m b e r s

O t h e r R e s o u r c e s ................................................
F u r n i t u r e a n d E q u ip m e n t
( C o s t $ 1 0 , 3 1 7 . 9 6 ) ...................................

AND

C A P IT A L

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

A ccru ed

Interest

P a y a b l e ..........................

A ccou n ts

P a y a b le

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

D iv id e n d s

P a y a b le — J a n u a r y

« C o n s o l¡d a te d
C a p it a l

O b lig a tio n s

S tock

8,

in $ 1 6 9 , 0 0 0 , 0 0 0

L oan B an k A d m in is t r a t io n a n d
F e d e ra l H om e L oan B an k s.

now

R eserves
i.o o

F ed eral

o u tsta n d in g ,

1 0 2 ,1 5 9 .0 8

P a id

1 7 ,5 0 0 ,0 0 0 .0 0

In .

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

S u r p lu s :

5 2 3 .4 7

C o n s o lid a t e d

4 3 9 .6 0

1947

U n d iv id e d

................$ 1 , 5 2 4 , 4 7 1 . 8 7
P r o f it s

1 4 2 ,1 5 1 .7 3

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

$ 3 6 ,7 6 8 ,3 5 3 .3 3

* P a r tic ip a tio n

4 0 ,4 4 6 .9 0

O u ts ta n d in g

S u b s c r ip t io n s

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

$ 3 6 ,7 6 8 ,3 5 3 .3 3

H om e

w h ic h

L oan

are

th e

B an k O b lig a tio n s
jo in t

and

is s u e d

several

by th e

o b lig a tio n s

F ederal
of

th e

CEDAR FALLS, I OWA
Statement of Condition, December 31, 1946

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

L IA B IL IT IE S
Capital Stock .............................
$
1 0 0 ,0 0 0 .0 0
Surplus and Undivided P ro fits..
8 5 ,1 1 3 .3 2
Reserves ...........................................
6 ,3 5 9 .0 0
Deposits:
U. S. Government . . .$ 1 5 5 ,0 8 9 .5 7
Demand and
Tim e .
4 ,0 1 9 ,6 7 5 .9 3
4 ,1 7 4 ,7 6 5 .5 0

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

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

V. W. Johnson, President
J. B. Newman, Vice President

W. E. Brown, Cashier
H. C. Messerer, Assistant Cashier

Member Federal Reserve System
Member Federal Deposit Insurance Corporation

UNITED HOME BANK & TRUST CO,
MASON CITY, IOWA
Statement of Condition at Close of Business December 31, 1946
R E S O U R C E S
Loans and D isco u n ts .
. .$2,393,696.45
U. S. G overn m en t and other
B onds
....................................
4,396,447.24
Stock in Federal R eserv e Bank
4,500.00
S a fety D ep osit V ault
. .
11,158.08
Furniture & F ix tu res
. .
2,587.90
O verdra fts
..............................
528.06
Cash on H and and D u e from
Banks
....................................
2,649,926.99

L I A B I L I T I E S
C a p i t a l ....................................
$
100 , 000.00
S u r p l u s ....................................
50.000. 00
U ndivided P rofits .
160,650.90
R eserv e for C ontingencies
30.000.
00
R eserve for In com e T a x
38.000.
00
D ep o s its
..............................
9,080,193.82

',458,844.72

$9,458,844.72

O F F IC E R S
E.
W.
R.
W.

W . Clark, President
E . Gildner, V ic e President
A . Potter, Cashier
Howard Stew art, A sst. Cashier

M EM BER FED ERAL

F. F. Potter, V ic e President
J. A . V an N ess, V ice President
C. F. W ea v e r, A sst. Cashier
Claude E . Sinnett, A sst. Cashier

RESERVE

BANK

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

N o r t h w e s t e r n B a n k e r, J a n u a r y , 1947


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

Rolfe 0 . W agner, p re sid e n t, C apital
C ity State B an k , a n n o u n c e d an in ­
crea se o f $50,000 in ca p ita l fo llo w in g
th e a n n u a l s to c k h o ld e r s m e e tin g last
w e e k , m a k in g tota l ca p ita l $250,000.
A ll officers w e r e r e e le c te d an d th e y
are, in a d d itio n to M r. W a g n e r , R ay­
mond G. Miller, e x e c u tiv e v ic e p r e s i­
d en t; J. N. Coffey, v ic e p re s id e n t an d
tru st officer; George Radcliffe, ca sh ier;
C. Allen Evans, a ssista n t v ic e p r e s i­
d en t, an d Fred C. Sutton an d Frank
J. Tamse, a ssista n t ca sh iers.
D ir e c to r s are John W . Bloem, W . F.
Donovan, Monroe S. Dutcher, Tver
Erickson, Ralph L. Jester, Lynn C.
Oxley, George W . Richter, Ernest L .
Sargent, Mr. W agner an d Mr. Miller.

H om e
e le v e n

FIRST N A T IO N A L B A N K

RESOURCES
Cash and Due from B an ks...........$
United States Government Bonds
State and Municipal Bonds. . . .
Stock in Federal Reserve B an k. .
Loans and Discounts.....................
O v e rd ra fts ................................
Banking House ........................
Furniture and Fix tures................

In th e fiv e a n d on e h a lf y e a r s o f
o p e r a tio n s in ce th e b a n k ’s o p e n in g ,
d e p o sits h a v e g r o w n fr o m $899,987 to
m o r e th a n $6,024,000.

M. S. Olson, v ic e p re s id e n t and
trea su rer, G en era l M o rtg a g e C o r p o r a ­
tio n o f Io w a , w a s e le c te d to th e p r e s i­
d e n c y o f th e D es M oin es M o rtg a g e
B a n k e rs A s s o c ia tio n r e c e n tly .
M r.
O lson h a d s e r v e d as v ic e p r e s id e n t last
y ea r. Ray Miller, e x e c u tiv e v ic e p r e s i­
d en t, C apital C ity State B ank, w a s
e le cte d v ic e p re sid e n t, a n d Orville
Gore, s e cre ta ry -tre a su re r. B o a rd m e m ­
b e rs in c lu d e John McGill an d Laird
M . Fryer, b o th o f th e Iow a -D es M oin es
N a tio n a l B a n k an d T ru s t C om p a n y ,
A . E . Cass, W illiam E . H ey, a n d W . H.
W illiam s.

50th Anniversary
C o m p le tio n o f th e p r o g r a m fo r th e
28th M id -W in te r T ru s t C o n fe r e n c e ,
to b e h eld in N e w Y o r k on F e b r u a r y
3, 4, an d 5, is a n n o u n c e d b y E v a n s
W o o lle n , Jr., p re s id e n t o f th e T ru s t
D iv isio n o f th e A m e r ic a n B a n k ers
A s s o cia tio n , w h o is a lso p re s id e n t o f
th e F le tc h e r T ru s t C om p a n y , In d ia n ­
ap olis, In dian a.
T h is M id -W in te r T ru s t C o n fe r e n c e
w ill b r in g 1,500 le a d in g tru st m e n to
N e w Y o rk , an d officia lly o b s e r v e th e
50th y e a r o f th e A .B .A . T ru s t D iv isio n .
O ne co m p le te sessio n o f th e c o n fe r ­
en ce, as w e ll as th e o p e n in g a d d resses
b y D iv is io n P re s id e n t W o o lle n an d
b y C. W . B a iley , p re s id e n t o f th e
A m e rica n B a n k e rs A s s o c ia tio n , w ill b e
d e v o te d to r e v ie w in g d e v e lo p m e n ts o f
the p ast h a lf c e n tu r y in th e tru st field.
D u rin g th e th re e days, le a d in g tru st
m en w ill d iscu ss tren d s in th e n a tion a l
e c o n o m y w h ic h m a y a ffect th e tru st
bu sin ess. Im p o r ta n t a lso w ill b e d is­
c u ssio n s a b ou t th e d e v e lo p m e n t o f
tru st s e r v ic e s d e sig n e d fo r sm a ll es­
tates an d tru sts to m e e t th e n eed s o f
an e v e r la rg e r se g m e n t o f th e p u b lic.
T w o n e w fe a tu re s w ill b e a p a rt o f

Iowa News
the c o n fe r e n c e p ro g ra m . D u rin g th e
o p e n in g s e ssio n on M on d a y , F e b r u a r y
3, fr o m 11 o ’c lo c k u n til n o o n w ill b e
h eld a “ g e t-a cq u a in te d ” p e r io d w h ic h
w ill b e a tten d ed b y le a d in g tru st m en
fr o m e v e r y state in th e U n ion , th e
officers an d staff m e m b e rs o f th e T ru s t
D iv is io n o f th e A .B .A ., an d m e m b e rs
o f th e v a r io u s w o r k in g c o m m itte e s o f
th e T ru s t D iv isio n . B a n k e rs a tten d in g
th e c o n fe r e n c e w ill h a v e an o p p o r ­
tu n ity to m eet an d d iscu ss in d iv id u a l
p r o b le m s an d e x p e r ie n c e s w ith th em .
On T u e s d a y a fte r n o o n , F e b r u a r y 4,
fr o m 3:30 p.m . u n til 5:00 p.m . th e re
w ill b e fo u r “ sh op -ta lk ” sessio n s to
d iscu ss th e fo llo w in g s u b je c ts : (1)
T r u s t In v e s tm e n t; (2 ) C o m m o n T ru s t
F u n d s ; (3) T a x P r o b le m s o f S m a ller
T r u s t D ep a rtm en ts. A n in fo r m a l p r o ­
g ra m is p la n n e d fo r th ese d is cu s s io n s
in w h ic h th o se in a tte n d a n ce w ill p a r ­
ticip a te.

89

Amer i can T r u s t & Sav i ngs Bank
DUBUQUE, IO W A
Incorporated 1912

Organized 1905

STATEMENT OF CONDITION, DECEMBER 31, 1946
RESOURCES
Cash and Due from B anks........... S 4 ,6 8 1 ,0 7 5 .9 8
U. S. Government Bonds............. 1 0 ,8 5 2 ,6 3 2 .8 2
1 8 ,0 0 0 .0 0
Federal Reserve Bank Stock .
State, County and Municipal
8 8 2 ,8 0 1 .6 0
Bonds .....................................
2 1 7 ,7 6 2 .0 9
Corporate B o n d s ......................
2 ,2 4 9 ,4 5 7 .7 0
Loans and Discounts..............
24.41
Overdrafts
................................
5 0 ,0 0 0 .0 0
Bank Building ........................
6 8 2 .6 0
O ther Assets ....................

L IA B IL IT IE S
2 5 0 .0 0 0 .
00
Capital Stock .................................. $
3 5 0 .0 0 0 . 00
........................................
Surplus
1
1
6
,2
6
7
.8
6
Undivided Profits .....................
1 2 5 .0 0 0 .
00
Reserves ........................................
Deposits:
Demand . . $ 9 ,6 9 3 ,0 5 2 .2 4
Tim e ........... 7 ,8 0 6 ,2 4 1 .9 9
$ 1 8 ,1 1 1 ,1 6 9 .3 4
W a r Loan . .
6 11 ,8 7 5 .1 1
$ 1 8 .9 5 2 ,4 3 7 .2 0

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

DIRECTORS
C. J. SCHRUP, Chairman
D. B. CASSAT
I). W. ERNST
ROY F. GLAB
W. N. GLAB
OTTO F. HENKER

OFFICERS
C. J. SCHRUP, Chairman of the Board
D. W. ERNST, President
ROY F. GLAB, First Vice President
C. J. KLEINSCHMIDT, Vice President
A. L. VOGL, Cashier and Trust Officer
N. J. GRETEMAN. Assistant Cashier
M. J. BAUMHOVER, Assistant Cashier
MER1YN B. KURT, Assistant Cashier

Member Federal Reserve System
Member Federal Deposit Insurance Corporation

C ha se N a t i o n a l B a n k ......................................
C h e m i c a l B a n k an d T r u s t C o m p a n y . . . .
C i t y N a t i o n a l B a n k — C l i n t o n ....................
C it y N a t io n a l B a n k a n d T r u s t C o m p a n y
— C h i c a g o ........................................................
C it y N a t io n a l B a n k an d T r u s t C o m p a n y
— K a n s a s C i t y ...............................................
C o m m e r c e T r u s t C o m p a n y ...........................
C o n t i n e n t a l B a n k an d T r u s t C o m p a n y —
N e w Y o r k ........................................................
C o n t i n e n t a l I l l i n o i s N a t i o n a l B a n k an d
T r u s t C o m p a n y .............................................
C o n t i n e n t a l N a t io n a l B a n k — L i n c o l n . . .
C o u n c i l B lu f fs S a v i n g s B a n k ....................
C r o c k e r F i r s t N a t i o n a l B a n k o f San
F r a n c i s c o ........................................................

4
50
84
57
79
70
73
41
64
87

AD
V E R T IS E R S
\7 ,
JANOARy, 1947
A

A l l i e d M u t u a l C a s u a l t y C o m p a n y ...........
A l l y n , A. C. a n d C o m p a n y ...........................
A m e r i c a n E x p r e s s C o m p a n y .......................
A m e r i c a n N a t i o n a l B a n k — St. J o s e p h . . .
A m e r i c a n N a t i o n a l B a n k an d T r u s t Co.
— C h i c a g o ........................................................
A m e r i c a n T r u s t an d S a v i n g s B a n k —
D u b u q u e ...........................................................

35
39
40
63
74
89

It

B a n k o f A m e r i c a ...............................................
B a n k o f the M a n h a t t a n ................................
B an k ers T ru st C om p an y— Des M oines.
B an kers Trust C om pan y— New Y o rk . . .
B a n k s , W il l i a m H., W a r e h o u s e , I n c .........

30
85
91
31
64

C
C a l i f o r n i a B a n k ...............................................
C e n t r a l H a n o v e r B a n k an d T r u s t C o . . .
C e n t r a l N a t i o n a l B a n k — C h i c a g o ..............
C e n t r a l N a t io n a l B a n k an d T r u s t C o . . .
C e n t r a l S ta te s M u t u a l I n s u r a n c e A s s o ­
c i a t i o n ...............................................................


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

49
36
73
14
72

87
88
48
88
55
60
45
61
62
83
47
77
56
87
65
86
83
28

Ij
L a M o n t e , G e o r g e , an d S o n ...........................
L a w r e n c e W a r e h o u s e C o m p a n y ................
L e s s i n g A d v e r t i s i n g C o m p a n y ..................
L ive Stock N ational B an k — C h ic a g o . . . .
L i v e S t o c k N a t io n a l B a n k — O m a h a . . . . .
L i v e S t o c k N a t i o n a l B a n k — S io u x C i t y . .

10
69
81
2
46
81

IS
N a t i o n a l B a n k o f B u r l i n g t o n .......................
N a t i o n a l B a n k o f C o m m e r c e ......................
N e w Y o r k T r u s t C o m p a n y ...........................
N o r t h e r n T r u s t C o m p a n y .............................
N o r t h w e s t S e c u r i t y N a t i o n a l B a n k .........
N o r t h w e s t e r n N a t i o n a l B a n k ....................
N orth w estern National L ife Insurance
C o m p a n y .................................

84
65
6
72
o4
42
32

O
O m a h a N a t i o n a l B a n k .................................... 21

P
P u b l i c N a t i o n a l B a n k an d T r u s t C o . . . .

25

R
R e m e r , M i t c h e l l & R e itz e l, I n c .................. 38
R o y a l B a n k o f C a n a d a ..................................
9
S

St. P a u l T e r m i n a l W a r e h o u s e C o ............. 26
S c a r b o r o u g h an d C o m p a n y .................33 -6 7 -8 2
S e c u r i t y N a t i o n a l B a n k — S io u x C i t y . . . 78
S ha w, M c D e r m o t t an d C o m p a n y .............. 39
S t o c k Y a r d s N a t i o n a l B a n k — S o u t h St.
P a u l ................................................................... 44

T
27
29
38

T o y N a t i o n a l B a n k ........................................... 79

76
5

U n io n B a n k an d T r u s t C o m p a n y —
O t t u m w a .......................................................... 80
U n it e d H o m e B a n k an d T r u s t C o m p a n y
— M a s o n C it y ................................................. 88
U n it e d S ta te s N a t i o n a l B a n k — O m a h a . . 58

I
Inter-State N ational B an k — K an sas
C it y .....................................................................
I o w a - D e s M o in e s N a t io n a l B a n k an d
T r u s t C o m p a n y .............................................
I o w a S ta te B a n k an d T r u s t C o m p a n y —
I o w a C it y ........................................................
I o w a S ta te B a n k — D e s M o i n e s ..................
I r v i n g T r u s t C o m p a n y ....................................

3
51
84
23
66
52

M
M a n u f a c t u r e r s T r u s t C o m p a n y ..................
M a r q u e t t e N a t io n a l B a n k .............................
M erch ants Mutual B o n d in g C om p a n y . . .
M e r c h a n t s N a t i o n a l B a n k ........................
M i n n e s o t a C o m m e r c i a l M e n 's A s s o c i ­
a t i o n ...................................................................
M is s is s ip p i V a l l e y T r u s t C o m p a n y ...........

II

H a m m e r m i l l P a p e r C o m p a n y ....................
H a r r i s T r u s t an d S a v i n g s B a n k ................
H o l l e y , D a y t o n a n d G e r n o n .......................
H o m e F e d e r a l S a v i n g s an d L o a n A s s o ­
c i a t io n ...............................................................
H o m e I n s u r a n c e C o m p a n y ...........................

87
89

K lipto Loose L eaf Com pan y
K o c h B r o t h e r s ...........................

7

D a v e n p o r t B a n k an d T r u s t C o m p a n y . . 75
D a v e n p o r t , F. E., a n d C o m p a n y .........63-73
D e L u x e C h e c k P r in t e r s , I n c ................. 35
D es M oin e s B u i l d i n g , L o a n an d S a v i n g s
A s s o c i a t i o n ...................................................... 80
D o w n e y , C. L., C o m p a n y .......................... 77
D r o v e r s N a t i o n a l B a n k ............................ 68

IN D E X OF

39

K

1)

F
F a r m e r s S ta te S a v i n g s B a n k — I n d e ­
p e n d e n c e ..........................
Federal
Hom e
Loan
Bank
o f Des
M oin e s ...............................................................
F i r s t an d A m e r i c a n N a t i o n a l B a n k —
D u lu t h ...............................................................
F i r s t N a t i o n a l B a n k — C e d a r F a l l s .........
F i r s t N a t io n a l B a n k — C h i c a g o ..................
F i r s t N a t i o n a l B a n k — L i n c o l n ..................
F i r s t N a t io n a l B a n k — M i n n e a p o l i s .........
F i r s t N a t io n a l B a n k — O m a h a ....................
F i r s t N a t i o n a l B a n k — St. J o s e p h ..............
F i r s t N a t i o n a l B a n k — St. L o u i s ................
F i r s t N a t io n a l B a n k — St. P a u l ..................
F i r s t N a t io n a l B a n k — S io u x C i t y ..............
F i r s t N a t io n a l B a n k an d T r u s t C o m p a n y
— F a r g o ............................................................
F i r s t S e c u r i t y B a n k an d T r u s t C o m p a n y
— C h a r le s C i t y ...............................................
F i r s t T r u s t C o m p a n y o f L i n c o l n ................
F i r s t T r u s t an d S a v i n g s B a n k — C ed a r
R a p i d s ...............................................................
F i r s t T r u s t an d S a v i n g s B a n k — D a v e n ­
p o r t ......................................................................
F i r s t W i s c o n s i n N a t i o n a l B a n k ................

J
J a m i e s o n an d C o m p a n y .........

II

61
92
82
86
8

V

V a l l e y B a n k an d T r u s t C o m p a n y ...........

71

\V
W a l t e r s , C h a r le s E., C o m p a n y ................ 60
W e s t e r n M u t u a l F i r e I n s u r a n c e C o ......... 34

N orthw estern

B a n ke r, J a n u a r y ,

1947

90

Iowa News

In the

DIRECTOR’S
Charge It

No F u tu re

“ D o y o u ch a rg e b a tte rie s h e r e ? ”
“ S u re do, la d y .”
“ T h e n p u t a n e w o n e in th is ca r
a n d c h a rg e it to m y h u s b a n d .”

T h e tr a g e d y o f th e flea is th a t h e
k n o w s th a t n o m a tte r w h a t ca re h e
u ses in b r in g in g u p h is c h ild re n , e v e n ­
tu a lly th e y w ill all g o to th e d og s.

No Cause fo r Complaint
J im — “ M y b a b y is th e liv in g im a ge
o f m e .”
B ill— “ W h a t d o
as h e ’s h e a lth y ? ”

you

care,

jo

lo n g

First R ound
N e w S ten o— “ W h e r e d o y o u
th e r o u n d e n v e lo p e s , s ir ? ”

k eep

B o s s — “ W h a t in th e w o r ld d o y o u
w a n t w ith ro u n d e n v e lo p e s ? ”
N e w S ten o— “ Y o u said I w a s to m a il
c ircu la rs , sir.”

Not That Easy
T e a c h e r — “ A n d w h a t a re y o u g o in g
to d o w h e n y o u g r o w u p, J o h n n y ? ”
J o h n n y — “ I ’m g o in g to g r o w m in t,
te a c h e r .”
T e a c h e r — “ M in t? ”
J o h n n y — “ Y es, m o th e r sa y s th a t’s
w h e r e all th e m o n e y c o m e s fr o m .”

T h e Good Old Days
W h e n th e In d ia n s w e r e r u n n in g th is
c o u n tr y , th e re w e r e n o ta x es, n o
d eb ts, an d th e w o m e n d id a ll th e
w o r k . W h ite m e n th o u g h t th e y co u ld
im p r o v e on a sy ste m lik e that.

No B ull
“ H e y cle rk , th e re are tw o m ic e
fig h tin g u p h e r e in m y r o o m .”
“ W e ll, w h a d d y a w a n t fo r $1.50— a
b u ll fig h t? ”

F o r M en Only
F a th er: J u n io r, w o u ld y o u lik e to
h ea r a little s to ry ?
F iv e -y e a r-o ld J u n ior: S ure, P op , b u t
k e e p it cle a n — th e o ld la d y m ig h t
h ea r ya.

Fatherly A dvice
F a th e r to son : “ I t ’s n o n e o f y o u r
b u sin e ss h o w I first m e t y o u r m oth er,
b u t I ca n te ll y o u o n e th in g — it c e r ­
ta in ly c u r e d m e o f w h is tlin g .”
N o rth w estern Banker, Ja n u a ry ,


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

1947

CONVENTIONS
January 23-24, A.B.A. Consumer Credit
Conference, St. Louis.
January 29-31, A.B.A. Executive Coun­
cil, mid-winter meeting, New York
City, Hotel Astor.
January 30-31, Wisconsin Mid-Winter
State Association Meeting, Mil­
waukee, Hotel Schroeder.
February 3-4-5, 28th Mid-Winter Trust
Conference of A.B.A., New York
City, Waldorf-Astoria.
February 12, Annual Meeting, Group
One, Iowa Bankers Association,
Sioux City, Hotel Martin.
February 20-21, A.B.A. Country Bank
Conference, Omaha, Hotel Fontenelle.
February 21, Mid-winter Meeting, Illi­
nois Bankers Association, Chi­
cago, Palmer House.
February 22, Annual Meeting, Group
Eleven, Iowa Bankers Association,
Burlington, Hotel Burlington.
April 13-15, A.B.A. Spring Council
Meeting, French Lick, Indiana,
French Lick Springs Hotel.
April 14-19, Annual Group Meetings,
South Dakota Bankers Associa­
tion.
May 19-21, 56th Annual Convention,
Illinois State Association, Chicago,
Palmer House.
June 2-6, A.I.B. Annual Convention,
Detroit, Hotels Statler and BookCadillac.
June 2-14, Central States School of
Banking, University of Wiscon­
sin, Madison.
June 16-17, Annual Convention, North
Dakota State Association, Bis­
marck.
June 16-28, Agricultural Credit School,
Ames, Iowa State College.
June 20-21, Annual Convention, South
Dakota State Association, Sioux
Falls.
June 23-25, Annual Convention, Wis­
consin State Association, Milwau­
kee, Hotel Schroeder.
July 7-19, Agricultural Credit School,
Ames, Iowa State College.
September 29-October 1, A.B.A., 73rd
Annual Convention, Atlantic City,
New Jersey.
October 6-8, 61st Annual Convention,
Iowa
State
Association,
Des
Moines, Hotel Fort Des Moines.

A S u re T h in g
P a tien t: “ W h a t are th e ch a n c e s o f
m y recov ery , d o cto r?”
D o cto r: “ O ne h u n d re d p e r cen t.
M ed ica l r e c o r d s s h o w th a t n in e o u t
o f e v e r y te n d ie o f th e d isea se y o u
h a v e co n tr a c te d . Y o u r s is th e te n th
ca se I ’v e trea ted. T h e o th e rs a ll died.
Y o u ’re b o u n d to g e t w e ll. S ta tistics
are sta tistics.”

T h e W innah!
B ill: “ H o w ’d y o u g e t a lo n g w ith
y o u r w ife in th a t fig h t th e o th e r
n ig h t? ”
T o m : “ Oh, sh e ca m e c r a w lin g to m e
o n h e r k n e e s .”
B ill: “ Is th a t so? W h a t d id sh e s a y ? ”
T o m : “ C om e ou t fr o m u n d e r th a t
b ed , y o u c o w a r d !”

H eart-rending
T h e m a n h a d lo st a fiv e-d olla r b ill.
S a d ly h e en te re d th e a d v e r tis e m e n t
office o f th e lo c a l n e w s p a p e r andi
h a n d ed in th e n o tic e h e w a n te d in ­
se rte d in th e “ L o s t a n d F o u n d ” c o l­
um n.
T h e a d ta k e r a lm o st g u ffa w e d w h e n
h e read, “ L ost, a $5 b ill. S e n tim e n ta l
v a lu e .”

A n d We L ik e ’E m T im ely !
D ia lo g u e h e a rd o n C razy-S am -T h eU sed-C ar-M an ’s sa les lo t: W h a t! (sa id
th e ca r s e lle r to C ra zy S a m ). Y o u o f ­
fe r m e o n ly $2000 w h e n I p a id $1400
fo r it n e w !

M aybe H e ’s Right
T e a ch e r: “ W h o ca n te ll m e w h a t th e
fo r m e r r u le r o f R u ssia w a s c a lle d ? ”
Class: “ C zar.”
T e a ch e r: “ C orrect, a n d w h a t w a s h is
w ife c a lle d ? ”
Class: “ C zarin a .”
T e a ch e r: “ C orrect, a n d w h a t w e r e
th e C zar’s c h ild r e n c a lle d ? ”
A p au se, a n d th e n a sm all, tim id
v o ic e p ip e d up: “ C za rd in es.”

em im sa m m

T i l

; :■? U

IIs M

b a n iíe

w u st

c o m pa x

W;/

,'ï‘AV:iV
■

Des Moines *r Iowa
D IR E C T O R S

☆

PAUL BEER
President, The Flynn D airy Co.

STATEMENT OF CONDITION

THOS. A. BURCHAM, M.D.

December 31, 1916

F. W. HUBBELL

Radiologist

Pres., Equitable L ife Ins. Co. of Iowa

E. J. LIN DH ARD T

RESOURCES

President, N ational B y-Products, Inc.

Loans and Discounts-----------------------------------$13.104,536.93
Other Securities____________________________

534.002.00

Stock in Federal ReserveBank-----------------------

60.000.00

Real E state----------------------------------------------------

6.00

Furniture and Fixtures---------------------------------

38,859.25

S. F. McGINN
S ecy., Tangney M cG inn

H otels

E. T. M EREDITH , J r .
V. P ., M eredith Publishing Co.

SHIRLEY PERCIVAL
Pres., Green Colonial Furnace Co.

RUSSELL REEL
President, Yellow Cab Co.

U. S. Government Bonds _ $29,139,948.98

R. R. ROLLINS

Cash and Exchange--------- 13.601.056.70

42,741.005.68

Real Estate and Investm ents

J. F. ROSENFIELD

Customers’ Liability on Letters of Credit
and Trade Acceptances-----------------------------

A ttorn ey

8,215.00

JOHN D. SHULER

$56.486,624.86

President, Shuler Coal Co.

B. F. KAUFFMAN
President

LIABILITIES

J. W. HUBBELL

Capital (Common Stock)---------------------------- $ 1.000.000.00
Surplus--------------------

1.000.000.00

Undivided Profits___________________________

1,000.000.00

Other Reserves______________________________

966,368.83

Reserve for Taxes and Interest____________

220,503.15

D ep o sits____________________________________

52,291,537.88

Bank’ s Liability on Letters of Credit and
Trade Acceptances_______________________


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

Vice President

S. C. PIDGEON
Vice President

O T H E R O F F IC E R S
C. W. MESMER

A. F. ERICKSON

Vice President

Assistant Cashier

F. C. ATKINS
Vice Pres, and Cashier

8,215.00
$56.486,624.86

L. NEVIN LEE

G. A. MOECKLY
Assistant Cashier
M gr. Personal Loan D ep t.

Vice President

F. S. LOCKWOOD

S. G. BARNARD
Assistant Secretary

S ecy, and Trust Officer

☆
Member Federal Deposit Insurance Corporation

•

WM. ELLISON

J. B. MONAHAN

Assistant Cashier

Assistant Cashier

Member Federal Reserve System

■

As of December 31, 1946
RESOURCES
Cash and Due from Banks. ......................................................................$ 31,328,042.53
* U . S. Governm ent Se cu ritie s................................................................
55,032,873.84
State, County and M unicipal S e c u ritie s...........................
2,175,833.33
Federal Reserve Bank S to c k ...................................................................
150,000.00
O th e r Bonds and S e c u ritie s..............................
669,743.39
Loans and D isco u n ts........................................
19,225,602.39
Interest Earned but N ot C o lle c t e d ....................................................
206,244.09
Bank Premises ..............................................................................................
935,000.00
Furniture, Fixtures and V a u lts ..............................................................
1.00
O verdrafts .....................................................................................................
646.84
Customers Liability on Letters o f Credit and A c c e p ta n c e s . .
23,818.00
$109,747,805.41
♦ $ 9 ,5 5 7 ,4 2 4 .4 1
U. S . G o v e r n m e n t S e c u r it ie s P le d g e d t o S e c u re
T r u s t D e p a r tm e n t F u n d s an d W a r L oan D e p o s it A c c o u n t .

P u b lic

F u n ds,

LIABILITIES
C ap ital Stock — C o m m o n ..................................................................... $
Surplus .............................................................................................................
U nd ivided Profits ......................................................................................
G en eral Reserve .........................................................................................

2,500,000.00
2,500,000.00
313,683.02
635,000.00

$

5,948,683.02
227,627.45
64,368.17
23,818.00

Reserve for Interest, Taxes and O th e r Expenses.
Interest Collected but Not Earned
Bank Liability on Letters of Credit and A c c e p ta n c e s ,
D eposits

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

103 ,483,308.77
$109 ,747,805.41

S isu o -W f, ^ Ò e ^ e ^ tA a À le
O o .'i 'i e 'L p .o n d e + i t G a + t * i e c t i a + i

i
Ì

♦

I0WA-DES MOINES NATIONAL BANK

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

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