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https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W. F. McLEAN Vice President, Minnesota National Bank, Duluth President, Minnesota Bankers Association. See page 19. South Dakota, Minnesota, North Dakota Conventions Pages 17, 19, and 20 ^ <r « «fr ^ » ;> > ^ ■> > ^ 1ECAUSE this bank serves as correspondent for many banks in several states of the middle west, we bring to our friends and customers the broad viewpoint thus gained from wide-spread business contacts. These contacts enable this institution to offer a service over and above mere routine efficiency. W e invite you to enjoy its benefits. A CEDAR RAPIDS BANK CEDAR RAPIDS SERVICING ALL IOWA MERCHANTS NATIONAL BANK O F F IC E R S James E. H am ilton , Chairman S. E. Coquillette, President H. N. B oyson , Vice President Roy C. F olsom, Vice President Mark J. M yers, V. Pres. & Cashier George F. M iller, V. Pres. & Tr. Officer Marvin R. Selden , Vice President F red W. S m it h , Vice President John T. H amilton II, Vice President R. W. M an att , Asst. Cashier L. W. Broulik , Asst. Cashier P eter B ailey , Asst. Cashier R. D. B rown , Asst. Cashier 0 . A. K earney , Asst. Cashier Stanley J. M ohrbacher, Asst. Cashier E. B. Zb an ek , Building Manager j Cedar Rapids Member Federal Deposit Insurance Iowa Corporation Northwestern Banker, published monthly by the De Puy Publishing Company, at 527 Seventh St., Des Moines, Iowa. Subscription, 35c per copy, S3.00 per year. Entered as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, under Act of March 3, 1879. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ★ M a in ta in A llie d A ir S u p e r io r ity — K e e p B u yin g W ar B o n d s ★ W hen Uncle Sam 's Flying Fortresses start off on an egg-laying mission over enemy territory, they "co m e through", time and again, against terrific opposition. » » This world-famous Bomber has what it takes in fire-power and armament. It is protected against enemy attack both trout and back — tor it mounts deadly machine guns in its nose and its tail. » » Your Banker will tell you that La Monte Safety Paper is SAFE because it protects checks, iront and back. Both sides of the sheet are equally effective in preventing alteration and coun terfeiting. That's why when you specify La Monte Safety Paper you have the satisfaction of knowing that both the face of your check and the endorsements are fully protected. For S a m p les ot La M on te S a fe ty P aper s e e your Lithographer or Printer — or write us direct. We su p p ly many b a n k s and b u sin ess organ ization s w ith their o w n S a fety P a p er. The issu in g orga n iza tion 's TradeM ark is in th e p a p e r itself and a p p ea rs on b oth the fron t and b a ck of the ch eck . Such individualized p a p er add s to th e p res tig e o f y o u r ch eck s — saves sortin g tim e — p r e v e n ts errors in b a n k s and clearing hou ses. individually identified https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis GEORGE LA MONTE & SON. NUTLEY. NEW JERSEY 4 > I r v in g T r u st C o m pa n y ONE W ALL STREET • NEW YORK 4 > *■ Statement of Condition, June 30, 1944 ASSETS Cash on Hand, and Due from Federal Reserve Bank and Other Banks . . . U. S. Government Secu rities.................................................................................... $250,717,144.11 7 57,078,595.32 Other Securities............................................................................................................ Stock in Federal Reserve B a n k ................................................................................ 2,560,719.12 3,088,100.00 Loans and Discounts.................................................................................................... First Mortgages on Real E state................................................................................ 235,923,373.86 8,018,313.97 Headquarters Building................................................................................................ Other Real E s t a t e ........................................................................................................ 16,640,400.00 80,479-72 Liability of Customers for A ccep tan ces................................................................ Other A s s e t s ..................................................................................................................... -4~ 1,942,722.94 3,263,891.69 $1,279,313,740.73 LIABILITIES D e p o s i t s ................................................................................ $ 1,144,869,544.97 Official C h e c k s .................................................................... 18,846,893.47 Acceptances............................................................................ Less Amount in P o r t f o l i o ................................................ $1,163,716,438.44 $4,045,777.73 ........ 1,665,964.16 2,379,813.57 Reserve for Taxes and Other E x p e n se s................................................................. Dividend payable July 1, 1944 ................................................................................. Other Liabilities............................................................................................................. 4,083,337.41 7 50,000.00 970,588.84 Capital S t o c k ........................................................................ Surplus and UndividedP r o fit s .......................................... $50,000,000.00 57,413,562.47 107,413,562.47 $1,279,313,740.73 United States Government Securities are stated at amortized cost. Of these, $272,030,332.60 are pledged to secure deposits of public monies and for other purposes required by law. Y M em ber Federal D eposit Insurance Corporation BO A R D OF 4 DIRECTORS WILLIAM N. ENSTROM HARRY E. W ARD President Chairman of the Board J. W HITNEY PETERSON O. L. ALEXANDER JOHN F. DEGENER, Jr. JAMES W . HUBBELL President Pocahontas Fuel Company Incorporated C. A . Auffm ordt & C o. President N ew Y ork T elephone Company Executive V ice President United States T obacco Company ADAM K. LUKE JACOB L. REISS Vice President and Treasurer W est Virginia Pulp and Paper Company President, International Tailoring Company HENRY P. BRISTOL President Bristol-M yers Company WILLIAM K. DICK Chairman of the Board National Sugar Refintng Company W . GIBSON CAREY, Jr. HENRY FLETCHER President The Yale & T ow n e M fg . C o. Fletcher & Brown HIRAM A. MATHEWS REID L. CARR MICHAEL A. MORRISSEY President Columbian Carbon Company EDWARD H. CLARK Chairman o f the Board Cerro de Pasco Copper Corporation Northwestern Banker July 19J4 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis V ice President FLETCHER W . ROCKWELL President, N ational Lead Company WILLIAM SKINNER V ice President President President The American N ew s Company, Inc. William Skinner & Sons HAROLD A. HATCH AUGUSTUS G. PAINE GEORGE F. GENTES V ice President Deering M illiken & C o., Inc. Chairman of the Board N ew Y ork & Pennsylvania Co. FRANCIS L. WHITMARSH President Francis FI. L eggett & Company > ft 5 C o n t in en t a l I llin o is N a tio n a l B a n k a n d T rust C o m pany O F C H IC A G O Statement of Condition, June 30, 1944 RESOURCES Cash and Due from Banks............................................................$ 453,066,532.41 United States Government Obligations, Direct and Fully Guaranteed.................................................... 1,562,236,992.23 Other Bonds and Securities........................................................... 79,635,908.52 Loans and Discounts....................................................................... 367,077,469.58 Stock in Federal Reserve Bank.................................................. 3,600,000.00 Customers’ Liability on Acceptances........................................ 623,341.20 Income Accrued but Not Collected............................................ 5,970,871.85 Banking H ouse.................................................................................. 11,250,000.00 $2,483,461,115.79 L IA B IL IT IE S Deposits................................................................................................. $2,320,155,664.36 i Acceptances....................................................................................... 689,637.16 Reserve for Taxes,Interest andExpenses................................ 10,045,921.90 Reserve for Contingencies............................................................. 18,092,633.49 Income Collected butNot Earned............................................... 257,657.16 Capital Stock..................................................................................... 60,000,000.00 Surplus................................................................................................. 60,000,000.00 Undivided Profits.............................................................................. 14,219,601.72 , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $2,483,461,115.79 United States Government obligations and other securities carried at $515,904,968.14 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 July 6 TH E CHASE N A T IO N A L BANK O F T H E C I T Y O F N E W YORK STATEMENT OF CONDITION, JUNE 30, 1944 RESOURCES Cash and Due from B a n k s .............................................. $ U . S. Governm ent O bligation s, direct and fully g u a r a n t e e d ........................................................................ 8 8 6 ,3 4 7 ,9 8 8 .6 7 2 ,7 7 8 ,2 1 8 ,2 7 2 .8 6 State and M unicipal Secu rities....................................... O ther S e c u r i t i e s ................................................................. 8 4 ,9 8 7 ,9 8 6 .7 3 1 2 2 s6 2 8 ,5 6 0 .9 4 Loans, D iscounts and Bankers’ Acceptances . . Accrued Interest R e c e i v a b l e ....................................... 1 ,0 4 8 ,6 2 7 ,0 0 6 .0 0 1 0 ,3 2 8 ,8 5 1 .6 5 M o r t g a g e s .............................................................................. Custom ers’ Acceptance L i a b i l i t y ................................. 6 ,7 5 1 ,7 1 6 .0 5 4 ,1 8 5 ,9 9 5 .0 7 Stock o f Federal Reserve B a n k ....................................... 7 ,0 5 0 ,0 0 0 .0 0 Banking H o u s e s ................................................................. O ther R eal E s ta t e ................................................................. 3 5 ,2 8 2 ,0 6 5 .7 5 4 ,4 5 6 ,9 4 6 .0 9 O ther A s s e t s ........................................................................ 1 ,3 1 7 ,4 5 3 .1 1 $ 4 ,9 9 0 ,1 8 2 ,8 4 2 .9 2 L IA B IL IT IE S Capital Funds: Capital Stock Surplus U ndivided Profits $ 1 1 1 ,0 0 0 ,0 0 0 .0 0 . . . . 1 2 4 ,0 0 0 ,0 0 0 .0 0 4 3 ,2 0 9 ,1 3 1 .7 1 $ D ividend Payable August 1, 1 9 4 4 2 7 8 ,2 0 9 ,1 3 1 .7 1 .......................... 5 ,1 8 0 ,0 0 0 .0 0 Reserve fo r C o n tin g e n c ie s .............................................. Reserve fo r T axes, Interest, etc....................................... D e p o s it s ..................................................................................... Acceptances Outstanding . . $ 7 ,9 5 5 ,6 1 4 .1 6 Less Am ount in Portfolio . 3 ,3 0 1 ,7 9 5 .3 6 1 0 ,2 8 9 ,2 7 0 .5 3 8 ,2 4 9 ,3 1 7 .5 8 4 ,6 7 7 ,8 7 2 ,6 8 7 .9 1 Liability as Endorser on Acceptances and Foreign Bills O ther Liabilities . 4 ,6 5 3 ,8 1 8 .8 0 7 4 ,2 2 0 .0 2 5 ,6 5 4 ,3 9 6 .3 7 $ 4 ,9 9 0 ,1 8 2 ,8 4 2 .9 2 ried at $1,199,414,965.00 are pledged 1 $1,021,381,481.02 and other public ; as required or permitted by law. Member Federal Deposit Insurance Corporation Northwestern Banker July 1944 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis SHOCK TROOPS OF HUIMIIIITV! F rom the shell-torn areas right b eh in d o u r fighting m en to the firesides o f the m ost p eacefu l o f A m erica n hom es, an arm y o f m en and w om en m o b iliz e d under the m ost hum ane o f all banners is d oin g an en orm ou s part to w in this war. Just think a minute of the major divisions And there are many subdivisions of this of this great force— think what they are doing army — blood donors, Nurse’s Aides, Gray every hour of every day! Here are the three Ladies, field service men and women. Backing great “ arms” of the American Red Cross: them, in turn, are the millions of Americans, First— those directly aiding the armed forces; often anonymous, who through their generous contributions make this possible. Second— the countless guardians of civilian It is with a feeling of gratitude that The welfare, tireless workers on the home front; Home Insurance Company— many of whose Third— those who send aid to prisoners of war, producers, staff, and their families are taking unswerving in their help to our captured an active part in this noble work— publishes fighters. this message. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis This is the fourth o f a series of advertisements dedicated to the American Red Cross by THE HOME INSURANCE COMPANY, NEW YORK F IR E • A U T O M O B IL E • M A R IN E 4 Warehouse R eceipts L oans A gainst Inventories Inventories are valuable assets and they constitute the repaying pow er o f m any m anufacturers, processors, p rodu cers and dealers. W here inventories are present, hanks have splen did o p p ortu nities to em p loy profitably their resources through new and larger loans based on them . . . . A n d w hen secured by our W arehouse R eceipts inventory loans are sound. L on g experien ce, integrity and responsibility stand beh in d ou r operations . . . . F or inventory collateral there is no substitute fo r a W arehouse R eceip t issued by an exp erien ced bona fide P u b lic W arehouse C om pan y . . . . W ithout o b liga tio n , our re p re se n ta tiv e w ill ca ll on req uest and explain how our F ie ld W areh ou sing se rv ice p ro v id e s co lla te ra l on in ve n to rie s on the ow ner's location . . . . g>t $aul terminal SBSareJouse Co. ST. PAUL, MINN. — Other Offices — — Iowa Office — 515 iowa-Des Moines National Bank Building DES MOINES TELEPHONE 2-1208 T. C. CANNON, DISTRICT MANAGER MINNEAPOLIS MILWAUKEE CHICAGO NEW YORK PHILADELPHIA MEMPHIS PITTSBURGH ATLANTA DETROIT BOSTON SYRACUSE ALBANY, G A . CHARLOTTE "The only company engaged in Field Warehousing w ith an office in Io w a " Northwestern Banker July https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis / NORTHW ESTERN The following letters were received from Northwestern Banker readers. Your views and opinions on any sub ject tvill be gladly published in this column. Oldest Financial Journal West of thefMississippi River "Exceptionally Useful" “ Please send us another Iowa-Nebraska Bank Directory at your early convenience as we find them exceptionally useful in our daily activities. ’ ’ M arvin R. Selden, Vice President, The Merchants National Bank, Cedar Bapids, Iowa. "Soldiers Are Not Striking" “ Atta Boy on that Foreman's Union Jibe in your editorial in the June issue of the N orthwestern B anker , a single spy, sabo teur or traitor is quickly apprehended and gets the works, but a bunch of unpatriotic, selfish roughnecks controlling a nice block of votes can get away with murder. Do you suppose the New Deal might just wink the other eye a little at that kind of traitors and excuse them on a technicality? “ I ’m in favor of having a lot of poli ticians investigated rather than business men and industry. I don’t believe in this tailwagging the dog business. These strikers are entitled to a good ball and chain, when the boys come home who suffered, fought and bled, with never a thought of striking. ’ ’ D r . E. C. J itnger, President, Soldier Valley Savings Bank, Soldier, Iowa. "Fight for Private Enterprise" *‘ I appreciate your favorable comments on the efforts of my associates and myself in trying to build a bigger and better Oma ha livestock market. I am equally sincere in my efforts to crystalize public sentiment to fight now to preserve private enterprise, because I am afraid if we don’t, we may not have a chance later.” H arry B. Coffee, President, Union Stock Yards Company of Omaha, Nebraska. "Miss Him Terribly" ‘ ‘ Thank you for your recent letter with reference to the death of our good friend and business associate, Ray Snyder. ‘ ‘ We miss him terribly. I will assure you I will pass along your sincere sympathy to his good wife.” J. A. Greenfield, J r., Vice President, First St. Joseph Stock Yards Bank, South St. Joseph, Missouri. "Hope We Won't Go Nuts" Editor’s N ote: The following letter was (Turn to page 72, please) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N U M B ER 684 F O R T Y - N IN T H Y E A R IN T H IS J U L Y , 1944, IS SU E Editorials Across the Desk from the Publisher Feature Articles Dear Editor ........................................................................... -............................. Frontispage ............................................................................. Things I Have Learned as a Bank Director....... ............................ M. J. Nelson Waking Up Bank Customers................................................................................ News and Views of the Banking World........ ............................ Clifford De Puy The South Dakota Convention............................. - ............ — Henry H. Haynes When a Receiver Is Appointed—Legal Questions....... ..... ............................... —The Minnesota Convention.............................................. ...................................The North Dakota Convention............................................................................. What Do You Think?........................................................................................... Will Banks Become Unionized?....................... ............................. R- G. Lexvold 9 13 14 15 16 17 18 19 20 22 22 Bonds and Investments How Southern Banks Meet PCA Competition........................ ............................ 33 Insurance Lyle W. E rnst 37 Selling the Man Who Doesn't Want to Buy. State Banking News ............... ............................. ........ ............. ............................ ............................. .......... ............... ............................. John Lauritzen ............................. ................... ............................. ............................. Minnesota News ........................................ Twin City News................................... South Dakota News................................-.... Sioux Falls News................................. North Dakota News..... ............................. Fargo News ................ ............ -.......... Nebraska News ...... ............................... ----Junior Banking News.—........... ............ Omaha Clearings ................................ Lincoln Locals ......... ............................ Iowa News ................... .............................. Des Moines News...............................— 41 45 47 48 51 52 55 56 57 59 61 69 The Directors’ Room A Few Short Stories to Make You Laugh.............................................. -..................... 74 Conventions ..................................................................................................................... — 74 • • N O R T H W E S T E R N B A N K E R , 527 Seventh St., Des Moines 9, Iowa, Telephone 4 -8 1 6 3 C L IF F O R D D E P U Y , Publisher R A LP H W. M O O R H EA D Associate Publisher H EN RY H. H A Y N ES Editor RUTH K IL L E N Associate Editor E L IZ A B E T H C O L E Advertising Assistant M A R G U E R IT E B R O W N Office Supervisor BETTY M IL L E R Circulation Department N EW Y O R K O F F IC E Frank P. Syms, V ice President, 505 Fifth A v e ., Suite 1 806 Telephone MUrray Hill 2-0326 Northwestern Banker July I9!tb 10 Across the Desk equal to the 190,000 trucks and 36,000 jeeps received in 2 years by way of Lend-Lease. That is, Russia can take about 10 per cent of our annual output of trucks under favor able circumstances. 4. During the next two years, Russia will need steel, aluminum and other metals in quanti ties at least as large as our Lend-Lease ship ments. These are only a few of the items in which Russia is interested and many others will develop when the war is over. So, in considering our foreign trade and a plan whereby we can keep our national income on a high level, Russia must not be overlooked as one of the biggest postwar markets. 2>east lA Jillicun M . M a+ uiel: As Research Director of the American-Russian Institute and as author of ‘ ‘ The Soviet Far East, ’ ’ we have read with a great deal of interest your recent article on, “ Russia, our biggest post war market. ” If any kind of a durable peace is worked out — arid future wars must be prevented— we can see no reason why Russia should not be one of our best customers when the war is over. It is true that the political philosophy of Rus sia and that of the United States are in many ways divergent. But it is also true, that the one thing which Stalin has admired most about our “ Capitalistic System” has been our industrial enterprise and mass production. As a result of this, and other reasons, the United States and Russia, after the war, should be on a more friend ly basis than ever before. That Russia will represent a great potential market for United States goods is indicated in your article, Mr. Mancie], when you point out that . . . 1. Russia is already seeking to purchase 10 bil lion dollars worth of capital goods over a 10 year period. 2. Russia is seeking to place immediate orders with American industry for 6,000 locomotives and 50,000 freight cars. This would main tain the American Locomotive building in dustry in operation at 1929 levels for 6 years. 3. With a land area 2 y2 times as large as the United States and with highway traffic easier to extend than railroads, peacetime imports from this country may be at a rate Northwestern Banker July 1944 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis jb e a n . /fo t h u s i <J. R o ilt : Your plan for merchandising and selling your banking service to your community is most in teresting and certainly up to date. As executive vice president of the Franklin Square National Bank of Franklin Square, Long Island, your ideas on how to develop bank busi ness should be given consideration throughout the nation and especially in the smaller com munities. We understand that your bank serves an area with a population of 10,500 and that your community has 30 retail stores and your bank has deposits of $10,500,000. Your plans, Mr. Roth, for increasing the busi ness of your bank are ones that any other bank can pursue and include, we believe, the following program. 1. Wartime banking by mail. 2. Personal calls in the hemes of your com munity to discuss their banking needs. 3. Financial secretary service for customers who wish to pay their, income taxes, insur ance expenses, medical bills through the bank’s “ financial secretary service.” 4. Your bank’s postwar purchase club. 5. Community room in the bank for the use of the public. 6. Free bank training to high school students who attend classes one week each month for five weeks. Your results, Mr. Roth, seem to have been most satisfactory since you have opened over 3,000 new accounts in the past five years and 11 From the Publisher over 600 new accounts in your “ postwar pur chase club.” We were interested in your -statement when you said, “ What is the reaction— splendid! For instance they will say when you call at their homes they have always wanted to have a check ing account but they were afraid to inquire. Also they say they do not know how to make out a check. A quiet chat in the home produces the desired effect. These people open up and ask questions they never would ask in the bank. ’ ’ So we extend our congratulations, Mr. Roth, on doing a real up to date “ selling jo b ” in your community—you have set an example for many other bankers from coast to coast. community will be anxious to extend consumer credit to its customers when the war is over. The country bankers today are more alive and alert than ever to the competition they face now, and which competition will increase after the war, from all of the various lending companies and agencies. Bankers are more anxious than anyone not to lose any consumer credit business in their own territory, first because they want the business, and second because by making legitimate loans they will in turn help increase our national in come. jbeaA Q e*te/ial GUanleA. <te CjauU e: ^beosi G. B auA ltaU : As president of the Morris Plan Bank of Vir ginia, you should have a fairly good knowledge of the amount of consumer credit which will be needed after the war. In a recent address you emphasized the need to keep 56 million people employed who will develop an income of $150 billion annually if we are to support a federal debt of $300 billion, in the postwar era. We agree Mr. Boushall, that the extension of consumer credit will help to increase our national income provided it is extended wisely and con servatively. You asked, who will extend this credit? Will it be (1) the already established nation al finance companies (2) will it be the gov ernment (3) will it be a few of the larger banks in various areas of the country or (4) will it be the local banks in America who will furnish this credit which will be so much in demand when the war is over? There is something to consider in your state ment that, “ Banks all over the nation will fail in their proper function, in their proper re sponsibility, and in their urgent opportunity until and unless they become thoroughly familiar with the critical and essential function of con sumer credit in the postwar world. If the gov ernment moves in to offer consumer credit to the people of your county, it will probably be by reason of the fact that you failed to provide proper consumer credit facilities. If larger distant banks pervade your territory, you have yourself to blame that you let the land about lie fallow.” Your recent remarks are quite interesting in which you told the French consultative assembly to ignore foreign plans for the post-invasion regime in France and that “ France doesn’t need a lesson from any one and doesn’t need to listen to what is said outside her frontiers regarding her own destiny.” We hope all this is true, General DeGaulle, but past experience indicates that if France had had more lessons from some one she would not have collapsed when Germany moved in, in spite of the fact that France had one of the largest standing armies in the world. Also, if you are in such an impregnable position that you have no worries about the destiny of France, may we remind you that twice in a period of 25 years, France has been invaded by Germany, and the flower of American youth has been sent to France to help defeat and expel those Huns. We sincerely hope, General DeGaulle, that France can re-establish herself and have a strong and sound democracy, but when you say that “ France doesn’t need a lesson from anyone” you talk like a super egotistical boy who thinks he knows all the answers. But do you? Nevertheless, General, with all of your ar rogance we are in favor of recognizing your French Provisional Government until the war is over and France can have an election and choose its own leaders. We have already recognized eight governments in exile so why not give you a chance in spite of your conceit? We are sure that every bank in every local https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker July Í.944 12 S T A T E M E N T OF C O N D I T I O N At C lose o f Business June 3 0 , 1 9 4 4 " Iowa's friendly Bank" CENTRAL NATIONAL BANK AND TRUST COMPANY MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION LIABILITIES ASSETS Common Stock____ $ 1,000,000.00 Cash and Due from Federal R e s e r v e and other banks--$21,744,790.20 Preferred S to ck ___ United States Govern ment Securities___ 28,940,987.76 Surplus Obligations of United States Government al Agencies_______ 2,013,570.32 52,699,348.28 Municipal Securities______________ 5,970,116.27 Market B o n d s______________________ 694,493.75 Loans and Discounts_______________ 13,202,735.18 Overdrafts_________________________ Stock Federal Reserve Bank_______ Accrued Interest Receivable______ Bank Premises and Equipment___ 7,479.16 55,500.00 185,132.05 326,598.32 Total_____________________________ $73,141,403.01 250,000.00 1,250,000.00 _______________________ 600,000.00 Undivided P r o fits_______________ 608,680.17 Reserve for Retirement of Preferred Stock_____________ 250,000.00 Other Reserves___________________ 397,635.51 Discount Collected________________ 57,705.47 DEPOSITS: D e m a n d _________ 52,552,325.96 S av in g s_________ 3,875,168.31 Public F u n d s___ 13,549,887.59 69,977,381.86 Total_____________________________ $73,141,403.01 U. S. G overnm en t and oth er se cu rities carried at $16,705,424.61 are p led g ed to secu re P u b lic Funds, Trust D ep artm en t Funds and W a r L oan D e p o sit A cco u n t DIRECTORS G. E. B R A M M E R B. REES JONES B R A M M E R , B R O D Y , C H A R L T O N & PARKER P R E S ID E N T , T O W N M U T U A L D W E L L IN G INS. CO. GUY E. LO G AN E. F. B U C K L E Y P R E S ID E N T , P R E S ID E N T CO. COM PANY R EAL E S T A T E W M . J. G O O D W IN JU LIA N A. P E V E R IL L C H A IR M A N , B O AR D OF D IR E C T O R S P R E S ID E N T , H U D S O N -J O N E S A U T O *R O B E R T K. G O O D W IN P R E S ID E N T , R E D F IE L D C H E M IC A L W A L T E R E. M U IR GEO R G E A. PEA K H A R R Y G O LD M A N P R E S ID E N T , C. C. T A F T STANDARD BR IC K & T IL E CO. COM PANY CHAS. N. P IER C E V IC E P R E S ID E N T , L A N G A N PAPER C O M P A N Y H. F. GROSS W A L T E R L. S T E W A R T S E C R E T A R Y , IO W A M U T U A L T O R N A D O INS. ASSN. G IB SO N , S T E W A R T & G A R R E TT M A R K L. JOH N SON REAL ESTATE *On leave of absence serving in U. S. Armed Forces. Northwestern Banker July https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13 If you would like extra copies of this picture we will be glad to send them to you with our compliments.— The Northwestern Banker. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker July 1944- 14 11 Things I Have Learned as a Bank Director Being a Director of a Bank Gives One a Different Impression of W hat Goes On in Your Bank and Your Community HE board of directors of a bank: A group of overstuffed penny pinchers who sit at stated intervals in the overstuffed chairs of the direc tors’ room to pass dividends that will cause further bulges in their already overstuffed wallets or increase further their swollen bank accounts. This defi nition which appears to have been adopted by most cartoonists seems to satisfy a great many persons. As a matter of fact, this definition would probably have seemed satisfactory to me, had I ever given the matter any thought, even as recently as seven or eight years ago. But then came an awakening for, through the maneuvers of one of my friends, I suddenly found myself in possession of a very few shares of stock in a local bank. Almost as sud denly it happened at the annual meet ing of the stockholders that my name was proposed as a director and, to my amazement and bewilderment, election followed in short order. One of the mysteries of my life will always be how anyone, much less our capable and conservative stockholders, could have considered me adequate for the job. Yes, I had one qualification to rec ommend me: I had never taken a course in economics. Experience in handling funds? Hardly, since no one had ever asked me to handle his and all of my earnings aside from those of that sixteen month period when Uncle Sam put me in uniform and paid me the princely sum of $30 per month ($33 while sojourning in France and Germany) have been derived from my pedagogical pursuits! Whatever my limitations, I am grateful for the op portunity of serving as a bank direc tor for it has been one of the most en lightening of my “ extra-curricular” experiences. Managing a bank, I soon discovered, means more than deciding whether to approve requests for loans. That’s an important job, to be sure, but it rather surprised me to find that there are other considerations that enter besides the prospect of repayment. As much time is spent in considering the ques tion, “Will this loan actually benefit the borrower and the community?” T Northwestern Banker July 194b https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis By M. J . Nelson Dean of the Faculty Iowa State Te achers College C e d a r Falls, Iowa M. J. N EL SO N An “ extra -cu rricu la r” a ctiv ity That was a new idea but it keeps bob bing up as frequently as that hardy perennial of my profession, “Will this action benefit the youngsters?” In my few years of service as a director it has become evident that on some occa sions men have been saved from them selves by our refusal to grant loans. On many more occasions, however, the cause of free enterprise has been helped by the financial assistance that it has been possible to advance. It takes courage at times to help finance new enterprises and from time to time mistakes will be made. Yet it has been revealing to note how often the com bined judgment of a group such as ours can sense the possibilities in a new business. After all, it is true in this business as in my own field that the “human equation” is the most impor tant element. It would be quite possible to recall all the worthwhile experiences one has had as a bank director but, among other things, I have learned: 1. Something of the contribution which a financial institution can make to its community. 2. That like all public servants the banker has m a n y responsibilities; namely, to the stockholders, to the de positors, and to the community. 3. Something about the banking system of this country. 4. Something about other business enterprises in our small city and the problems that confront them. 5. Some things about “government by bureaus” that would otherwise have escaped me. 6. That learning to appraise dwell ings is a fascinating business and that in placing a value on income properties there is more than at first may meet the eye. 7. Some things about the rural areas surrounding my community that I would not have learned otherwise. 8. That the raising of sows and cows, not to mention chickens and tur keys, can develop into large scale en terprises that are not at all drab and colorless. 9. That each issue of the N orth western B anker has some interesting pages, the last of which is usually very entertaining. 10. That even bankers can say and mean, “While our boys are shedding their blood on foreign battlefields, per haps profits are not so important after all.” 11. To look as intelligent as pos sible while our President asks author ity to purchase bonds that will cost 112.010974 and yield .49875 to the op tional date. Of course, I have been exceptionally fortunate in my experience. The pres ident of our bank is president of our State Bankers Association and even here at home we can understand why he should have been chosen to this position of leadership. But even with out such a president I commend to the consideration of every stockholder the experience of serving on the board. 15 K. G. Harvey, president, Douglas County Bank of Omaha, has always given special attention to his windows and lobby displays. Here he is with a display designed for Douglas County Bank’s ‘ ‘ WAKE UP AM ERICA” program. Waking Up Bank Customers The Douglas County Bank of Omaha Is Planning to Use the "Wake Up Am erica" Radio Program to "W ake Up" More Customers ITH three years of radio adver tising experience, executives of the Douglas County Bank of Omaha took a big step recently and began sponsorship of Wake Up Amer ica, a half hour show, 6:30 to 7:00 every Sunday evening over KOIL. K. G. Harvey, president of the bank, said their decision was based on these important factors: “ 1. The right program is always more powerful than spot announce ments. Programs are considered the property of the sponsor by the listen ers; spot announcements seem to be long to the radio station. “2. We render a service when we sponsor a program, and there’s oppor tunity for a ‘selling’ job to be done. “ 3. Programs tend toward the plan ning of a continuous campaign. “ 4. Programs can be promoted, and at KOIL programs contracted for on a year’s basis are ‘backed’ to the limit by KOIL promotion department.” Bob Dooley, KOIL salesman, who worked out the details with Douglas County Bank officials, arranged for W https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis plenty of promotion to give the pro gram a big kick-off and lay hold of an ever expanding loyal audience. “Wake Up America” is timely, pro gressive and impartial and it appeals to an audience that is definitely the bank’s prospective customers. The American Economic Foundation of New York which plans this program is a non-profit educational organization supported entirely by voluntary contri butions. The “Wake Up America” forum is open to any speaker with a worthwhile message that does not in volve controversial, religious or propa ganda activity. The Douglas County Bank opened for business on May 2, 1932, with re sources totaling $265,436 and now has total resources of $3,833,957. In a letter to the N orthwestern B anker , Henry R. Roose, assistant cashier, said: “ It was on the 19th of May, 1942, that K. G. Harvey, now president, ac quired controlling interest in the bank. Shortly thereafter Herbert H. Meile, cashier; Henry R. Roose, assistant cashier; Regina Nagle, private secre tary to Mr. Harvey; Warren Rushing and Howard Nielsen, all former busi ness associates of Mr. Harvey, joined the bank’s personnel. Mr. Rushing and Mr. Nielsen are now on leave of ab sence for service with the United States armed forces. Other former as sociates of Mr. Harvey now on leave of absence for service include Jack Houston and Clarence Dyer. “At the present time we have ap proximately 3,300 checking and ap proximately 2,600 savings accounts. In addition to our regular checking serv ice we offer the Pay-As-You-Check plan, in which a book of 20 checks is sold for $1.00 and which covers the regular service charge on the account. “We feel that in sponsoring this radio program we are contacting a wider group of people—all prospective customers—and along with the interest and value of the program, we have an opportunity to acquaint these people with the many services available at the bank.” Northwestern Banker July 16 > N e w s a n d V ie w s OF THE BANKING WORLD By Clifford DePuy advertising and publicity manager of the City C National Bank and Trust Company of HESTER B. PRICE, Chicago, was vice-chairman of the Pub licity Division of the Chicago and Cook County War Finance Committee for the Fifth War Loan Campaign. The Committee issued a very com prehensive, “plan of organization” which contributed greatly to the suc cess of the campaign. The booklet told the “What—Why—Who and How of the Fifth War Loan Drive in Chi cago.” Ben DuBois, secretary of the Inde pendent Bankers Association, has sent out a bulletin urging independent bankers to give their support to the bill sponsored by Congressman Wright Patman of Texas, which would put a stop to the centralization of the bank ing machinery of the country and also adequately control bank holding com panies. As Mr. DuBois puts it, “Con gress is sympathetic toward small business; it realizes the devastating effect of a banking monopoly on a free economy. Our representatives in Con gress are friendly toward the inde pendent hank and at your urging they will legislate protection along the lines recommended by the Board of Gov ernors of the Federal Reserve System. It is incumbent upon you to write your representatives in the Congress. We now have an opportunity to secure protection for independent banking; we must strike while the iron is hot.” During the man power shortage, the fair sex have invaded many lines of business which were formerly con sidered the exclusive domain of homo sapiens, but not until Miss Jennie R. Williams started making correspond ent bank calls for the Empire Na tional Bank and Trust Company of St. Paul, has this particular branch of the financial world been represented by any representative of the “pin up group.” It all happened when C. E. Johnson, president of the Empire National Bank and Trust Company realized that with John M. Kane, vice president, and other members of his official staff in the Army he needed someone to make calls on their bank customers. So he decided to send Miss Williams out “in the territory” to call on the Empire customers. Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July B944 In addition to her own charming personality and previous country bank experience, she also took along candy for the girls and cigars for the men. The results were wonderful. Ed Johnson has been receiving let- president of the Empire, has really “started something new in the bank ing business.” Mrs. Mortimer Goodwin, wife of the executive vice president of the Pella National Bank, Pella, Iowa, is in charge of a special department for the sale of war bonds in their bank. Over three million dollars of bonds have been sold at the bank during the various drives. Two barometers show the sales from day to day, one bar ometer registering millions and the other in thousands. Mortimer Good win is now with the U.S.N.R. and is stationed at Wichita, Kansas. Thos. J. McCullough was recently advanced to the position of cashier of the First St. Joseph Stock Yards Bank of South St. Joseph, Missouri, follow ing the recent death of Ray W. Snyder, 52, who had been cashier of the bank for many years. Mr. McCullough started with the St. Joseph Stock Yards Bank November 15, 1924, as a bookkeeper and worked in practically every capacity in the back part of the bank until November JE N N IE R. W IL L IA M S Calls on Correspondent Customers ters by the score from his country bank friends who are not only de lighted to have Miss Williams call on them but who also thought the inno vation was an excellent idea. If this idea should be taken up by other banks, as well it may, the regu lar boys in the correspondent bank divisions may have keen competition— but think how lovely it would be for the customers. We asked Miss Williams what helped her most when making calls on country banks and she said, “Be fore coming to the Empire National two years ago, I had worked for the Bank for Co-Operatives and previous to that I had been 7 years with the Detroit State Bank of Detroit Bakes, Minnesota, where I was an assistant cashier and therefore I could speak the language and knew the routine of the average country bank, and this helped me tremendously.” Miss Williams was born in Fargo and attended Business College there before she entered the banking busi ness. She has a brother, Clyde C. Williams, who is in the Marines and is stationed in the South Pacific, and she has a sister, 1st Lt. Baura M. Williams, who is an Army nurse at Fort Des Moines. Anyway, Miss Williams likes her new work and perhaps Ed Johnson, . j. M cC u l l o u g h Promoted to Cashier th o s 1936, at which time he was appointed auditor for the First Banks, compris ing the First National Bank, The First Trust Company, and the First St. Joseph Stock Yards Bank and moved up town. In April of 1937, he was pro moted to assistant cashier and re turned to the First St. Joseph Stock Yards Bank in that capacity. This position he has held until his recent promotion to cashier. He is a past president of the local chapter of the American Institute of Banking, having served as president in 1932. He is also a past president of (Turn to page 70, please) 17 lace, vice president, both of the Continental Illinois National Bank, Chicago. 4—L. C. Foreman, president, Corn Exchange Bank, Elkton; W. H. Frei, president, Commercial State Bank, Wagner; H. O. Bard, president, Hand County State Bank, Miller, and F. F. Phillippi, vice president and cashier, Dakota State Bank, Milbank. 5—William C. Rempfer, cashier of the First National Bank, Parkston, has a good laugh with Lois Halvorsen, while A. G. Berger, vice president and cashier, Deuel County National Bank, Clear Lake, listens in. 6— T. M. Brisbane, cash ier, Sanborn County Bank, Woonsocket; John Hirning, president, Miners & Merchants Savings Bank, Lead, and H. T. Gerhard, president, Farmers & Merchants State Bank, Plankinton. AT THE SOUTH DAKOTA CONVENTION— Reading from left to right, 1— H. R. Kibbee, Jr., vice president, Commercial Trust & Savings Bank, Mitchell, and new president of the South Dakota Bankers Association; Lois J. Halvorsen, acting secretary of the Association, and T. N. Hayter, vice president, First Na tional Bank, Sioux Falls, immediate past president of the South Dakota Association. 2— Paul Jones, president, Citizens Bank of Mobridge; Chas. W. Christen, president, First State Bank, Roscoe; John Thomson, vice president and cashier, Bank of Center ville, and F. A. Olson, president, Bank of Toronto. 3— Thomas A. Cannon, St. Paul Terminal Warehouse Company, Des Moines; Verne Bartiing, assistant vice president, First National Bank, Chicago; W. E. Resseguie, second vice president, and Barry Wal- The SùUth DakotaConven 53rd Convention in Aberdeen Names H. R. Kibbee, J r .( Mitchell, President— Selects Rapid C ity for 1945 Meeting H R. KIBBEE, Jr., vice president of the Commercial Trust & Sav• ings Bank, Mitchell, was elected president of the South Dakota Bank ers Association at the 53rd annual meeting held last month in Aberdeen. Mr. Kibbee succeeds T. N. Hayter, vice president of the First National Bank, Sioux Falls. The new vice president of the As sociation named was C. O. Gorder, vice president and manager of the Dead wood branch of the First Na tional Bank of the Black Hills. Lois J. Halvorsen will, of course, continue as acting secretary. Among executive council members elected were E. A. Eystad, AVakonda, Group One; A. F. Letz, Delmont, Group Three; Russell Bard, Miller, Group Five. Re-elected to the executive coun cil were L. C. Foreman, Elkton, Group Two, and Charles Christen, Roscoe, Group Four. Others on the council https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis whose terms have not expired are L. A. Lohr, Lake Norden, Group Six, and C. J. Poshusta, New Underwood, Group vention in Rapid City was extended by Art Dahl, vice president of the Rapid City National Bank, and was accepted with the provision that if war activity made it seem advisable to restrict traveling, Rapid City would concede the convention to some more conveni ently reached point in the eastern part of the state. Seven. South Dakota officers of the Ameri can Bankers Association were named as follows: H. IV. Thomson, Presho, member nominating committee; W. C. Rempfer, Parkston, alternate; R. S. Banfleld, Aberdeen, vice president, na tional bank division; C. A. Christopherson, Sioux Falls, vice president, sav ings division; Frank Olson, Toronto, vice president, state bank division, and P. H. McDowell, Sioux Falls, vice pres ident, trust division. Four cribbage players demonstrated their ability (?) on the train from Sioux City to Aberdeen—A. G. Sam, president of the First National Bank, Sioux City; W. E. Resseguie, second vice president of the Continental, Chi cago; Henry Byers, Charles E. Walters Company, Omaha, and Tom Cannon, St. Paul Terminal Warehouse, Des Moines. Honors were about even, with Byers shading Cannon and Resse guie just a little. By Henry H. Haynes Edito r An invitation to hold the 1945 con (Turn to page 47, please) Northwestern Banker July W hen a Receiver Is Appointed, To W hom A re R e fit s Paid? UPPOSE that, in connection with S some probate work in Iowa, a bank These and Other Timely Legal er there is confronted with a situation whereby he has before him a will that contains no attestation clause. Does the lack of such a clause mean that the will is invalid? Questions Are Answered No. Under Iowa statute an attesta tion clause is not necessary in the exe cution of a will, although it is cus tomary and is considered the better practice to use such a clause. The Supreme Court of that state so com mented in a recent decision. Agerton, a South Dakota attorney, collected a judgment obtained by him on behalf of a client and deposited the funds in his personal bank account. He remitted by personal check to his client. The bank failed before the check cleared. The attorney acted in perfect good faith and without negli gence at all times. Was he liable to his client for the resulting loss? Yes. In South Dakota an attorney who deposits in his personal account proceeds of a judgment recovered and collected for a client and Avho makes remittance to the client by personal check is liable to the client for a loss resulting from the intervening insolvency of the bank. This is true even though the attorney acts in perfect good faith and without negligence. By the LEGAL DEPARTMENT call an attack of diarrhea about two years previously. The Iowa Supreme Court so held in a recent decision. Melton and his wife owned a twostory building in Iowa. They lived in the upper story and rented part of the lower. The building was so con structed and used that the entire property was their homestead. Black obtained a judgment against them and sought to garnishee the rentals. Could he do so? No. In Iowa the owner of a home stead has the right to hold as exempt not only the homestead and its use but any money which he may derive from its use while the property con tinues to be his homestead. Smith mortgaged certain premises in Beloit, Wisconsin, to a bank. Smith defaulted and a receiver was ap pointed. Notice of the appointment was duly recorded. Smith entered into a verbal lease of the property to Wilson, who went into possession and paid rents to the receiver. Later Smith sought to recover the rents from Wil son. Could he do so? Burton, an Iowa banker, carried cer tain life insurance. He permitted the insurance to lapse and, later on, through proper application, reinstated it. On the application was a question regarding whether he had had any ‘ ‘serious illness.” This he answered in the negative. In doing so he over looked the fact that he had had an attack of diarrhea about two years previously. Could the question be re garded as answered untruthfully so as to permit cancellation of the policy by the insurer? No. The recording of a notice of the appointment of a receiver of real es tate is notice to all tenants to whom the mortgaged premises are subse quently leased of the existence of the receivership. Such tenants take the premises subject to the receiver’s rights and are obliged to pay the rents to him. No. A question in a life insurance application as to whether the insured had any “serious illness” could not be regarded as answered untruthfully because of the insured’s failure to re- Brown, a Nebraska banker, died leaving a will that favored to a con siderable extent some of his children over their brothers and sisters. The children who were not so favorably Northwestern Banker July 1944 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis treated sued to contest the will on the ground that it was induced through undue influence. At the trial the only evidence presented by the contestants related to matters that occurred sev eral years after the will was made. Should they prevail? No. Where there is no evidence of undue influence at the time the will AAra s executed, evidence tending to es tablish undue influence at a time sub sequent to the date the will was made is not material to the case. A dispute arose regarding the value for tax purposes of a house and lot in a small Nebraska town. The local banker was called to testify regard ing such value. It so happened that he had never bought or sold land in the vicinity. Was he disqualified as a witness? No. A witness is qualified to testify to the market vailue of land, if he has had an opportunity to form a correct opinion as to its value. He need not ha\re bought or sold land in the vicin ity- As a general rule one person can not validly procure insurance on the life of another unless he has an in surable interest in the life of the in sured. Jordan, a Nebraska resident, took out and paid for insurance on his own life. Is it necessary that the beneficiary named by Jordan have an insurable interest in Jordan’s life for such beneficiary to recover under the policy? No. A person may lawfully take out a policy of insurance on his own life and make the benefit payable to whom soever he pleases, either himself or his estate or a third person, regardless of whether or not the latter has an in surable interest. In such cases the in sured has an unlimited insurable in terest in his own life which is sufficient to support the policy. Suppose that, in the preceding ques tion, Jordan had designated as the beneficiary one with whom he alleged ly had been living in adultery. Sup(Turn to page 46, please) 19 Y ' m m ___ i AT THE MINNESOTA CONVENTION—Reading from left to right, 1—Wilbur F. McLean, vice president, Minnesota National Bank, Duluth, and new president of the Minnesota Bankers Association; C. W. Bailey, vice president, First National Bank, Clarksville, Tennessee, a convention speaker, and George A. Beito, president, Northern State Bank, Gonvick, and new vice president of the Minnesota Association. 2—H. R. Kurth, presi dent, Citizens Bank, Hutchinson, and immediate past president of the Minnesota Association; Anton Hommerberg, vice presi dent, Farmers & Merchants State Bank, Balaton; and C. J. Katzenmeyer, Farmers State Bank, Hayward. 3—W. Randolph Burgess, vice chairman of the board, National City Bank, New York City; A. P. Hechtman, president, Farmers State Bank, Osseo. and treasurer of the Minnesota Association; Mr. Bailey, and William Duncan, Jr., Minneapolis, secretary of the Minne sota Association. I—J. B. Doornwaard, cashier, State Bank of Edgerton, and Ray A. Butts, vice president and cashier, First National Bank, Carlton. 5— W. P. Jones, cashier, First State Bank, Meridan; Mrs. Clayton Jones; Clayton Jones, cashier, Lake Crystal National Bank, and Mrs. W. P. Jones. 6—G. O. Hage, president, Crookston Trust Company, Crookston, and K. J. McDonald, president, Iowa Trust & Savings Bank, Estherville. Iowa, a convention speaker. The Minnesota Convention 55th Annual Meeti ng Elects Wilbur F. McLean, Duluth, As President M INNESOTA bankers, their wives, and guests from other states, attending the fifty-fifth convention and wartime conference of the Minnesota Bankers Association held last month in St. Paul, turned in a total of 1,300 registrations, the largest registration in recent years, and ap proaching the huge attendance rolled up just prior to the war. Wilbur F. McLean, vice president of the Minnesota National Bank, Duluth, was chosen to head the Minnesota As sociation for the coming year. Serving with him in the official family are George A. Beito, vice president, who is president of the Northern State Bank, Gonvich; A. P. Hechtman, re-elected treasurer, president of the Farmers State Bank, Osseo; and of course Wil liam Duncan, Jr., secretary, who has served the Minnesota Association so long and so well in that office. Wilbur McLean, who takes the Min nesota presidency during World War https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis By Clifford De Puy Publisher II, is a graduate of Yale, and served as a captain in the army in World War I. He has been with the Minne sota National Bank since its organiza tion, has been a member of the coun cil of administration of the Minnesota Bankers Association, and was chair man of the committee which organized the Regional Clearing House Associa tions in the state. On the home front he has been president of the Chamber of Commerce of Duluth. In addition to being an officer of the Minnesota National, he is also president of the Gogebic National Bank, Ironwood, Michigan. Wm. Duncan, Jr., secretary of the Minnesota Bankers Association, once again “clicked” with a fine program. It was well arranged—the speakers were interesting, inspiring and the subjects discussed were of vital inter est to bankers, who will soon be facing the problems of the postwar period. W. Randolph Burgess, vice-chairman of the board of the National City Bank of New York and vice president of the American Bankers Association, is “tall, dark and handsome” , being six feet three inches and still in his “roaring forties.” To his friends he is known as “Randy” and has spoken before twelve state Bankers Conventions in the last few months. In his speech before the Minnesota Convention, he discussed all of the cur rent topics facing bankers today and said that because of the fine work which bankers are doing to help win the war they are being recognized as the leading citizens in their communi- (Turn to page 41, please) Northwestern Banker July 20 > AT THE NORTH DAKOTA CONVENTION— Reading from left to right, 1—A. C. Idsvoog, vice president, Grafton National Bank, Grafton, and new president of the North Dakota Bankers Association, and C. W. Burges, cashier, Security National Bank, Edgeley, newly elected vice president of the North Dakota Asso ciation. 2— B. E. Groom, secretary of the Greater North Dakota Association; H. M. Weydahl, president, Bank of Killdeer; Verne Wells, president and cashier, Security State Bank, Robinson, and H. C. Bowers, cashier, First State Bank, Regent. 3—O. N. Stenehjem, cashier, First National Bank, Watford City, and C. P. The Kjelstrup, executive vice president and cashier, American State Bank, Minot. 4—H. A. Fischer, president, Farmers Security Bank, Washburn, immediate past president of the North Dakota Association; Fred Olson, president of the city commissioners of Fargo; C. C. Wattam, secretary North Dakota Bankers Associa tion, and C. W. Burges. 5—J. W. Chapman, cashier, First State Bank, Buffalo, and W. J. Johnston, president, Walsh County State Bank, Grafton. 6— E. O. Lerberg, cashier, Peoples State Bank, Parshall; J. J. Schmid, president, First National Bank, Wilton, F. D. McCartney, president, First National Bank, Oakes. North Dakota Convention Highlights of the Forty-second Annual Meeting Held in Fargo OLLOWING its usual custom of ad vancing the vice president to the presidency, the North Dakota Bank ers Association, in its forty-second an nual convention held in Fargo on July 1st, named A. C. Idsvoog, vice presi dent of the Grafton National Bank, as top officer of the association. Mr. Idsvoog succeeds H. A. Fischer, presi dent of the Farmers Security Bank, Washburn. C. W . Burges, cashier of the Security National Bank, Edgeley, was named vice president of the North Dakota Association and, of course, C. C. W at tam will continue as secretary. F At the election of American Bankers Association officers of the North Da kota Bankers Association, Clarke Bas sett, vice president of the Merchants National Bank, Fargo, was named to the ABA executive council. Fred Irish, chairman of the First National, Fargo, becomes the North Dakota member of the ABA nominating committee, with A. C. Idsvoog as alternate. Other offi cers named were J. J. Schmid, presi dent of the First National, Wilton, na tional bank division; A. C. Thorkelson, Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 19't^k president, American National, Valley City, savings division; Arne Gregor, president, Farmers State, Leeds, state division, and Harold Crosby, vice pres ident and trust officer, First National, Fargo, trust division. More than 200 bankers registered during the afternoon of Friday, June 30th, arriving for the stag party held that evening, with the Fargo Clearing House Association acting as host. Af ter the social hour and dinner, guests heard John W . Haw, director of the agricultural development department of the Northern Pacific Railroad, speak on the Missouri River reclamation project. Mr. Haw told his audience that North Dakota has three great nat ural resources------her soil, her lignite coal deposits, and the Missouri River. The state stands to lose the last eco nomic asset unless a fight is put up to preserve the rights of the state to the waters of that great stream. Excellent crop conditions through out North Dakota were reported by the bankers. Conditions on the Mis souri slope area are almost ideal. Grain all over the state is heading out and there is a uniformly excellent stand. There have been some scattered re ports of Hessian fly damage, but such is not believed to be of any serious proportions. Li. A. Sayer has recently purchased the Citizens State Bank of Finley and is the new president of the institution. He took the bank over from E. L. Hub bard, who is president of the Citizens State Bank of Mohall. Mr. Sayer. had been in the livestock loan business. Mr. Hubbard says that at one time loans in his bank exceeded deposits. In 1933 deposits, including checking and savings, were $18,000, with a capi tal of $15,000. Since then capital has been increased to $25,000, and deposits are now more than a million. In his address as president of the association, Mr. Fischer gave some in teresting figures on North Dakota banks. In 1933, Mr. Fischer said, de(Turn to page 51, please) 21 STATEMENT OF CONDITION June 30,1944 RESOURCES Loans and Discounts.............................. Overdrafts ................................................ State and Municipal Bonds............... Other Bonds Bought for Investment Stock in Federal Reserve Bank........ Bank Office Building........................... Furniture and Fixtures......................... Income Earned But Not Collected. Bonds of U. S. and Government Agencies..................... $71,816,063.77 Due from Federal Reserve Bank...................................... 18,800,384.08 Cash and Sight Exchange................................................... 16,767,654.49 $ 16,072,560.22 748.84 10,493,203.51 2,459,030.08 120 , 000.00 574,000.00 1.00 394,932.44 107,384,102.34 $137,498,578.43 LIAB IL IT IE S Capital Stock ......................................................................................................... $ 2,000,000.00 Surplus ...................................................................................................................... 2,000,000.00 Undivided Profits ................................................................................................... 1,046,523.38 Reserve for Contingencies................................................................................ 521,882.12 Accrued Taxes, Interest andOther Expenses............................................ 194,109.91 Dividends Declared and Unpaid.................................................................... 40,000.00 Deposits ....................................................... 131,696,063.02 $137,498,578.43 Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker July 194b 22 Q u e stio n : Do you think in sta ll ment financing w ill in cre a se after the w a r? bond holdings of a large percentage of our people. Another factor will be the restrictions on production to hold down inflation and prices. In time in stallment financing will reach a proper balance in our financial picture, but competition will make for lower rates. Banks will force rates lower—not the finance companies.” Ij. C. Foreman, president, Corn Ex change Bank, Elkton, South Dakota: “ I cannot help believe but what in stallment financing will be a big busi ness for the banks after the war, due to the rehabilitation of farm equipment and automobiles, and really feel that there will be quite a building program. All of this to be done at higher prices will require considerable financing.” Guy Cook, cashier, Foster County State Bank, Carrington, North Dakota: “ I think that the demand for install ment financing in this territory will be less after than before the war, for the following reasons: “We are exclusively an agricultural region and we have had good crops and high prices; livestock raising and dairying has brought good returns. Deposits of farmers are the highest in this bank’s history. Then, too, the farmers have bought liberally of War Savings Bonds and they are holding these in reserve. “Our farmers are fairly well supplied with up-to-date p o w e r machinery. However, if more of this machinery and automobiles are needed after the war, it is my opinion that their pur chase will be through straight bank loans rather than installment buying. “There will doubtless be some in stallment purchasing by the town peo ple after the war, but this will be of small volume.” Charles Zimpfer, cashier, Ravenna Bank, Ravenna, Nebraska: “ I believe that there is going to be a heavy demand for autos, refrigera tors, etc., after the war or as soon as they are available and naturally a lot of this merchandise will be sold on the installment basis.” Wayne C. Currell, president, Emmet County State Bank, Estherville, Iowa: “ I think installment financing will increase from the present volume after the war, but will not reach the dollar volume of 1935 to 1940 for some years. This will be due to increased cash and Northwestern Banker July Í944 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J. H. Bradley, vice president, Un ion Bank, Lincoln, Nebraska: “ In my opinion installment financ ing will increase materially after the war, and that U. S. W. S. Bonds, Series E, will be used to constitute the down payment. We will have more pros perity and commercial activity than the most optimistic can imagine.” M. F. Henderson, cashier, Peoples Trust & Savings Bank, Indianola, Iowa: “ I think that installment financing will increase after the war almost ex actly as fast as reconversion is accom plished. Those who buy on install ments will not have as large a reser voir of purchasing power laid up as the producers think so they will be back in the market for installment loans. The continuance of regulation “W ” or a similar plan should be em ployed by the lenders. One-third down is not too much for both lender and consumer.” W ill Banks Become Unionized? “ The unions are trying to bid for leadership among the employes of our great banking fraternity. Their statements are powerful and regardless of what the union is or is not, they are presenting their platform very convinc ingly.” By Robert G . Lexvold President, Junior Bankers Association Assistant Cashier, Farmers Trust & Savings Bank Spen cer, Iowa | HOPE I can leave a few constructive thoughts with you as to the Junior Bankers who have left their jobs, homes, and loved ones behind to enter the services of our country. Some of them will never return, others will be crippled for life, and some will return with a much broader knowledge of life and living than they had ever dreamed. I believe the time is most fitting for all of us to begin looking into the future, and with careful thinking and planning start laying the foundation for the readjustment program that will take place when this war is over and the boys come home. All of us know that the banks are going through one of the greatest re adjustment programs, in regard to manpower, that has ever been known to exist in the entire banking world. Seventy per cent of the male employes have either been drafted or enlisted, and the adjustments that you men have had to meet in your shops have been a great undertaking. Although the hurdles have been quite high at times, by forethought and deep think ing these hurdles have been cleared away—at least temporarily. Today we are operating our banks almost entirely with women employes. They are doing work that a few years ago we thought would be impossible; but as to the routine work in our shops, they have been and are doing a mighty fine job. As to the responsi bilities, maybe these have not been placed on the women employes’ shoul ders; but you men, in addition to your own work, have accepted these addi tional responsibilities; and I know you are working longer and harder hours in the banking business today than you had ever dreamed of doing. The picture as to whether we have reached the bottom, in so far as taking any more staff members or employes into the armed services, is purely a guess ing game on our part; although the picture today looks much better, and the one hope that is on every person’s lips is—that this great, horrible, war will soon be over and the boys can return to their American way of living. All of us want to remember that the boys that are on the fighting fronts, and those who are in service in this country, are thinking about us at home, the job, fellow employes, and the employer that they left behind, wondering in their minds as to whether these jobs will be there when and if they come back. I know there is not a banker that would go back on his word, the last word he had with his employe before A n o th er lead in g b a n k using H am m erm ill S a fe ty Symbol of the leadership en jo y e d by the M e r c a n tile National Bank at Dallas is its beautiful new home. The checks of this progressive financial institution are on Ham mermill Safety Paper. The check shown below is on straight line Hammermill Safety with a repro duction of the seal of the Mer cantile National Bank at Dallas in the surface design. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis - ■- CO Northwestern Banker July 19bh- 24 he embarked for the armed services of his country. As busy as all of us may be we owe it to the boys to write them letters of encouragement and praise for the job they are doing today. We as bankers, are today confronted with another movement that has been trying to worm its way into our or ganization, and that is the union. They are trying to bid for leadership among the employes of our great banking fraternity. Their statements are pow erful and regardless of what the union is or is not, they are trying to actually bring these conditions into being. The facts are, that they are presenting their platform very convincingly, in well written literature and in well con structed oral discussions to a large number of the employes in our banks. We out here in the midwest and es pecially in the smaller banks have not had any direct contact with these con ditions; but they do exist and will exist if we, as a banking fraternity, do not come to attention and keep our eyes and ears open. I believe voluntary action on the part of bank management, leading to ward improvements of conditions and staff relations might very well result in benefits to both the employes and the staff. To acomplish this, a staff management council or committee, meeting regularly in its own bank, and discussing with the bank manage ment measures designed to strengthen relations and improve conditions to the point whereby both the employes and management would feel that their ob ligations were being fully discharged and their rights fully respected, would avoid trouble from this cause. It is up to every one of us to study our own shops and start working on some kind of a program. This is America and the belief that men and nations have a right to carve for themselves a place in the sun— provided the carving is done, not with a sword or shells but by the sweat of one’s brow. And as long as America remains a land where honest labor is the meas ure of a man, she’ll solve any postwar problems. /-// Club Goes All Out in War Bond Effort The Four-H Clubs of America, 1,700,000 strong, are making a vital contribution to the war program helping in the gigantic problem of keeping the food supply line strong and in buying War Bonds. Here are some scenes of 4-H boys and girls at their war work. No. 1 shows Glenn Whittenberg, of Hidalgo County, Texas, with his fine litter which will help the food sup ply. Glenn is putting his profits in War Bonds. No. 2 shows an ambulance purchased by che 37,000 members of the 4-H Club members of Virginia. Representing the Virginia Clubs in the picture is Carolyn Steele, Fairview, and Richard Fleming, of Branesville. Major Barnard Sobol, USA, is accepting the ambulance, with Director M. L. Wilson of the Extension Service Depart Northwestern Banker July 7,944 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ment of Agriculture, looking on. No. 3 shows Billy Fleming of Fairfax County, Virginia, helping Dad with the chores. Billy is putting his earnings into War Bonds. 4-H Club members own 90,000 head of dairy cattle. No. 4— 4-H Clubs make a mighty contribution to the poultry and egg supply, raising 9 million chickens in 1943. Here is Helen Wheeting, Brown County, South Dakota, with a couple of her birds. She also buys War Bonds with her profits. No. 4— 4-H Clubbers are also Victory Gardeners. Here is Jane Budderar of Frederick County, Maryland, in her garden. These farm youngsters raised 5 million bushels of garden produce last year. Back the Attack—Buy More Than Before. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 25 A cancelled war contract may leave a large unused inventory of raw materials. . . . . . W H I C H CAN BE SOUND COLLATERAL FOR A BANK LOAN Many of your bank customers may be faced with cancelled war contracts that leave them with heavy inventories of raw materials representing 50% to 75% of their current assets. At this crucial time your bank can perform a real service by suggesting an inventory loan based on Lawrence System field warehouse receipts. This type of loan may enable you to hold a good customer . . . while permitting him to reconvert to current or post war requirements. And for customers who wish to purchase materials that are released for normal production, new inventories can be built up through Lawrence System. Your bank can arrange a Lawrence System inventory loan on the raw materials right where they stand on the borrower’s premises . . . always readily available for processing or marketing. Almost any kind of marketable commodity is sound collateral. The representatives of Lawrence System are experienced in this type of loan and can help you with any specific problem. Write or phone the office nearest your bank— service available from coast to coast. LAWRENCE SYSTEM FOR BANK LOANS AGAINST wa/ieheusinq INVENTORY New York: 72 Wall Street • Chicago: 1 N. LaSalle Street • San Francisco: 37 Drumrn Street Los Angeles: W. P. Story Bldg. • Buffalo • Atlanta • Cincinnati • Boston Philadelphia • Kansas City • St. Louis . New Orleans • Charlotte, N. C. • Jacksonville, Fla. Minneapolis • Dallas • Houston • Denver • Fresno • Portland, Oregon • Honolulu Northwestern Banker July Í944 26 Heads Unique Organization Allison Waugh of Chicago is head of the Financial Development Company which renders a unique service to in vestors interested in purchasing build ing and loan association certificates. Allison Waugh is a native of Minne apolis. When his parents moved to Spokane, Washington, in 1903, he ac companied them and attended the schools there, finally graduating in arts and sciences from Gonzaga University of that city, and this was followed by a legal education at the University of Washington. Mr. Waugh began his financial ca reer while in attendance at Gonzaga University by accepting employment at the old Exchange National Bank of Spokane. During his law studies in Seattle, he was deputy in the county treasurer’s office at Seattle and after leaving college he spent two years teaching in Seattle and Spokane. and also president of savings and loan associations and has acquired a general knowledge of savings and loan theory and practice. Financial Development Company represents a group of insured asso ciations located in every section of the Beginning in 1915, Mr. Waugh be came engaged in development work for banks and building and loan, and he continued that line of endeavor until he formed Financial Development Company in New York in 1936. He moved his offices to Chicago in 1938 and located in the Borland Building at 105 South LaSalle Street. Mr. Waugh has served as a director gpr jm ST. L O U I S 2, M IS S O U R I Statement of Condition. June 30. 1944 A L L IS O N W A U G H “ S erv ice to I n v e s to r s " RESOURCES Cash and due from banks........................................................ $ 36,749,768.63 U. S. Government Securities.................................................... 100.569,816.21 (Including those pledged $57,718,000.00) Other Bonds and Securities...................................................... 11,494,835.71 Federal Reserve Bank Stock.................................................... 252,000.00 Loans and Discounts................................................................... 48,892,807.43 Customers' Liability on Acceptances and Letters of Credit ......................................................................................... 294,363.22 Real Estate ................................................................................... 930,981.20 Accrued Earnings Receivable (Net)....................................... 553,101.68 Overdrafts Union. Its function is to make avail able to institutional accounts groups of selected associations, together with comprehensive analyses and statistical data. Its service to investors is ren dered without fee or brokerage. ..................................................................................... 16,867.85 Other Resources .......................................................................... 51,265.96 $199,805,807.89 LIABILITIES Capital ............................................................................................ 6,000,000.00 Surplus and Undivided Profits................................................ 4,554,066.65 Dividends declared, payable August 1st and Novem ber 1st, 1944.............................................................................. 240,000.00 Accrued Interest, Expenses and Taxes Payable (Net) Usual Dividend The board of directors of the City National Bank and Trust Company of Chicago, at their regular meeting, June 27, 1944, continued their policy of de claring a semiannual dividend of $2 per share, of which $1 will be paid on August 1, 1944, to stockholders of record as of June 20, 1944, and $1 on November 1, 1944, to stockholders of record as of October 20, 1944. and Other Reserves ............................................................. 1,465,873.76 Acceptances and Letters of Credit......................................... 294,363.22 Conference in Minneapolis Other Liabilities .......................................................................... 125,891.68 The Minneapolis Chapter of the American Institute of Banking will be host at a regional conference of the organization on Saturday, July 29th, at the Nicollet Hotel. States included in the conference are North Dakota, South Dakota, Iowa, Minnesota and Wisconsin. The Minneapolis meeting is one of ten such conferences to be held throughout the country. A conference will be held at Kansas City on the same date, comprising the states of Nebraska, Kansas, Illinois, Missouri and Colorado. The one-day conference is divided Deposits: U. S. Government, and other Public Funds .................................... $ 41,846,559.16 Other Deposits .................................... 145.279,053.42 187,125,612.58 $199,805,807.89 Member Federal Deposit Insurance Corporation Northwestern Banker July 1944 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 89 Years of Banking Experience 27 CENTRAL BANK AND HANOVER TRUST NEW COMPANY YORK Statement of Condition, June 30, 1944 ASSETS Cash and Due from B a n k s .............................................. $ 275 ,026 , 223.99 U. S. Government Securities.................................................... 1 ,075 , 118 , 624.62 State and Municipal Securities........................................ 17 , 807, 992.31 Other Securities..................................................................... 19 ,4 17 , 173.16 Loans and Bills P u r c h a s e d .............................................. 324 , 545 , 377.98 Real Estate M o r t g a g e s .................................................... 2 , 767 ,089.74 Banking H o u s e s ..................................................................... 13 , 774 ,008.00 Interest Accrued..................................................................... 3 ,495 , 521.60 Customers’ Liability Accountof Acceptances . . 76 1 , 120.93 . Total ^ 1 , 732 , 7 13 , 132.33 LIABILITIES C a p it a l...........................................................$ 2 1 ,000,000.00 S u rp lu s.................................................... 60,000, 000.00 Undivided P r o f i t s ............................. 23 , 948, 930.12 $ 104 , 948, 930.12 Taxes, Interest Accrued, etc....................................... 9, 20 1 , 631.80 Reserves: Dividend: Payable July 1 , 1944 1 ,050 ,000.00 A c c e p ta n c e s ........................................................................... 762 , 998.53 D e p o s i t s ...................................................................................... 1 , 616 , 749 , 571.88 Total $ 1 , 732 , 7 13 , 132.33 There are pledged to secure public monies and to qualify for fiduciary powers U. S. Government S e cu ritie s......................................................$ 446, 340, 327.65 H E A D O F F I C E : 70 Broadway, N ew Y o rk 15, N . Y . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • L O N D O N O F F I C E : 7, Princes Street, E . C . 2 M EM BER FEDERAL DEPOSIT IN S U R A N C E C O R P O R A T IO N Northwestern Banker July 19 28 Guaranty Trust Company o f New York Fifth Ave. at 44th St. ^^ Broadway London: 11 Birchin Lane, E. C. 3 ; Madison Ave. at 60th St. Bush House, W . C. 2 Condensed Statement of Condition, June 30, 1944 RESOURCES Cash on Hand, in Federal Reserve Bank, and Due from Banks and Bankers U. S. Government Obligations Loans and Bills Purchased $ 5 7 ,3 7 0 ,0 0 3 .6 0 Public S e c u r i t ie s ...................... 7 ,8 0 0 ,0 0 0 .0 0 Stock o f the Federal Reserve Ban 1 6 ,6 1 7 ,8 4 7 .4 0 Other Securities and Obligations 1 ,6 1 8 ,5 5 4 .4 6 Credits Granted on Acceptances Accrued Interest and Accounts 9 ,6 2 5 ,4 9 5 .2 7 R e c e i v a b l e ................................ 1 ,6 5 9 ,7 2 5 .3 6 Real Estate Bonds and Mortgages Bank B u i ld i n g s ........................... Other Real E s t a t e ...................... Total Resources 5 5 8 ,2 4 7 ,4 2 8 .1 0 2 ,1 7 8 ,7 3 7 ,3 1 2 .7 9 7 5 8 ,7 3 6 ,2 7 5 .6 7 Eugene L. Voss, assistant vice presi dent of the Continental Bank & Trust Company of New York, has been elected vice president in charge of . $3,601,236,269.04 2 9 6 ,0 5 4 ,4 2 7 .9 1 3 4 ,8 2 0 ,3 6 2 .9 6 3 ,1 9 0 ,8 0 0 ,3 6 2 .2 3 5 7 ,6 5 0 ,0 0 0 .0 0 E U G E N E L. VO SS Now a Vice President 2 1 ,9 1 1 ,1 1 5 .9 4 Total L ia b ilit ie s ........................... ..... $3,601,236,269.04 Securities carried at 8 9 8 2 ,3 9 0 , 0 2 4 . 0 8 in the above Statement are pledged to qualify for fiduciary powers, to secure public m oneys as required by law, and for other purposes. In previous Statements balances then in General Contingency Reserve were applied to reduce the stated value o f assets, while in this Statement the General Contingency Reserve is shown separately. T h is Statement includes the resources and lia b ilities o f the English Branches as o f June 2 6 , 1 9 4 4 , French Branches as o f O ctober S I , 1 9 4 2 , and Belgian Branch as o f O ctober 3 1 , 1 9 4 1 . Member Federal Deposit Insurance Corporation Read the . . . Northwestern Banker The oldest financial publication west of the Mississippi river Northwestern Banker July Í944 Becomes Vice President 9 4 ,6 9 1 ,6 2 6 .0 9 . 9 ,9 6 2 ,7 7 8 .1 9 . _________ 8 6 0 ,8 4 8 .2 0 LIABILITIES C a p i t a l ........................................... $ 9 0 ,0 0 0 ,0 0 0 .0 0 1 7 0 ,0 0 0 ,0 0 0 .0 0 Surplus F u n d .......................... . Undivided P r o f i t s ...................... 3 6 ,0 5 4 ,4 2 7 .9 1 Total Capital Funds . General Contingency Reserve . D e p o s i t s ........................................... $ 3 ,1 5 7 ,0 8 1 ,7 2 7 .7 1 Treasurer’s Checks Outstanding 3 3 ,7 1 8 ,6 3 4 .5 2 Total Deposits . . . Federal Funds Purchased . , Acceptances . . . . . $ 3 ,4 9 9 ,5 5 2 .8 8 Less: Own Acceptances Held for Investment . . . 1 ,8 8 0 ,9 9 8 .4 2 $ 1 ,6 1 8 ,5 5 4 .4 6 Liability as Endorser on Accept auces and Foreign Bills . . 1 1 3 .5 8 9 .0 0 Foreign Funds Borrowed . . 1 5 2 .5 5 0 .0 0 Dividend Payable July 1 ,1 9 4 4 2 ,7 0 0 ,0 0 0 .0 0 Items in Transit with Foreign Branches and Net Difference in Balances between Various Ol fices Due to Different Statemen Dates o f Foreign Branches 7 4 3 ,5 9 8 .7 8 Accounts Pavable, Reserve for Ex penses, Taxes, etc. . . . 1 6 ,5 8 2 ,8 2 3 .7 0 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis into two sections — an educational program in the morning, and a chap ter administration conference in the afternoon. Study group problems will be discussed as presented during open forum periods following the several program features. At Minneapolis an evening program will be presented, including dinner and entertainment. the bank’s business in the Chicago and midwestern territory. Mr. Voss, who resides with his wife at 425 Winnetka Avenue, Winnetka, Illinois, has been serving the midwestern states for the Continental Bank & Trust Company of New York for the past five years. With American Trust William M. Hale, vice president of the Federal Reserve Bank of San Fran cisco, is resigning on August 1st to become executive vice president of American Trust Company. This 600 million dollar bank, which this year celebrated the 90th anniversary of its establishment in San Francisco, has numerous banking offices serving the San Francisco Bay area and contigu ous parts of northern California. Illinois Convention Secretary Harry C. Hausman of the Illinois Bankers Association, has an nounced that the council of adminis tration of the Association has fixed the time and place of its 55th annual con vention at Jefferson Hotel, St. Louis. 29 Missouri, May 2, 3 and 4, 1945, and that the annual meetings of groups of the northern half of the state will be held during the week of October 9th and those in the southern half during October 23, 1944. Elect E. A . Hintz E. A. Hintz, executive vice president of the South Shore National Bank, was elected president of the Chicago Fi nancial Advertisers Association re cently to succeed J. L. Chapman, City National Bank & Trust Company, who was named a director. Other new officers are: D. J. Healy, Metropolitan Trust Company, vice president; Mrs. Loraine H. Nicholson, Industrial National Bank, secretary; and H. G. Duntemann, First National Bank of Chicago, treasurer. New di rectors include Charles Greene, Doremus & Company; John B. Reynolds, Chicago Federal Savings and Loan As sociation; and G. W. McSweeney, De Luxe Check Printers, Inc. Elected Assistant Vice President S. Sloan Colt, president of Bankers Trust Company, announces that at a recent meeting of the board of direc- THE PHILADELPHIA NATIONAL BANK . J / J /i.lyYvfi/¿r<f £ 7 /ie ( f Yr/rJY r //n f Ç Y r / j ' - ^ e ô / û i Statement o f Condition, June 30, 1944 RESOURCES Cash and due from B a n k s .................. $174,323,874.22 U. S. Government S e c u r i t i e s ........ 478,944,727.92 State, County and Municipal Securities . . Other Securities.................................... 33,780,083.03 Loans and D i s c o u n t s ........................ 86,758,159-46 Bank B u i ld i n g s ................................... 1.00 Accrued Interest R e c e i v a b l e ........ 2,315,456.46 Customers’ Liability Account o f Acceptances . 15,144,656.47 2,763,433.62 $794,030,392.18 L I AB I LI T IE S Capital S to c k ............................................................. $ 14,000,000.00 S u r p l u s ................................ 28,000,000.00 Undivided P r o f i t s ............ 8,893,002.26 Reserve for T a x e s ............ 3,259,253.58 Dividend (Payable July 1, 1944) . R O B E R T C. P A T T E R S O N Elected Assistant Vice President . . . 875,000.00 Unearned Discount andAccrued Interest . . A c c e p ta n c e s.......................... 2,961,863.17 135,754.55 Deposits tors, Robert C. Patterson was elected assistant vice president. He will as sume his duties with Bankers Trust Company on September 1st. Mr. Patterson is at present chief administrative officer and chairman of the review committee of the RFC Price Adjustment Board, handling negotia tion of war contracts for the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company and the Rubber Reserve Company. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis United States Treasury . $159,230,381.92 All Other Deposits . . 576,675,136.70 735,905,518.62 $794,030,392.18 Philadelphia, Pa. Member o f the Federal Deposit Insurance Corporation Northwestern Banker July 19'i't 30 Entertains Australians Jim Anderson of George LaMonte & Son was the genial host at a lunch eon recently to two distinguished visi tors and customers of his company from “down under.” They were Mr. W. A. Ball and Mr. Reginald Lane, both of B. J. Ball, Limited, the leading distributors of paper and the largest printers in Aus tralia with offices in Sydney, Mel bourne, Canaberra and New Zealand. Both gentlemen were sincere in their appreciation of the part that the Yanks have played in the southern seas, and praised the spirit of com radeship that exists between our boys and their own Anzacs. In fact, it is their hope that many of our boys will go out there to settle for it is truly a land of opportunity with an area equal to that of our own country, a climate similar to that of California and a pop ulation of only 7,000,000 people. It is perhaps a commentary on the times that we live in, that George LaMonte, Jr., who has now safely re turned to this country, played his own part in the defense of Australia, for he was aboard one of the destroyers that was blown up in one of the island conquests. T R U S T COMPANY F ounded 1824 165 Broadway, N ew York C O N D E N S E D S T A T E M E N T O F C O N D IT IO N A t the close o f business, June 30 , 1944 ASSETS Cash and Due from Banks________ .$282,097,403.68 U. S. Governm ent Obligations, Direct and Fully Guaranteed. 710,300, J 06.83 Bankers’ Acceptances and Call Loans 99,874 ,583.74 State and Municipal Bonds______________ 69,358, ,778.61 Other Bonds and Investments___________ 67,092 ,926.58 Loans and Discounts____________________ 171,174, 963.35 Banking H o u ses_________________________ 389, ,793.50* Other Real Estate________________________ 2,187, ,805.71* Mortgages. 567. ,600.83 Credits Granted on Acceptances. 914, ,690.00 4,390, ,852.27 Other A ssets_____________________ $1,408,349,505.10 LIAB ILITIES $20,000,000.00 55,000,000.00 8,558,020.36 7,936,642.03 $91,494,662.39 Reserves for Taxes, Expenses, etc Dividend Payable July 1, 1944 Acceptances Outstanding $3,923,337.27 (Less own acceptances held, in portfolio) 2,745,342.58 2,752,757.39 900,000.00 1,177,994.69 305,405.43 O ther Liabilities__________________________ Deposits (including Official and Certified Checks Outstanding $ 17 ,7 5 3 , 3 5 7 -7 1 ) 1,311,718,685.20 $1,408,349,505.10 Securities carried at $ 357 , 554 ,256.47 in the foregoing statement are deposited to secure public funds and for other purposes required by law. 5 1 Assessed Valuation $4,757,700.10 Charter Member New York Clearing House Association Member Federal Reserve System Member Federal Deposit Insurance Corporation Northwestern Banker July Î9Ü https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Thomas J. Herbert was elected as sistant trust officer and Harry H. Salk, assistant cashier of the American Na tional Bank and Trust Company of Chicago at a June meeting of the board of directors. Mr. Herbert is a graduate of The Graduate School of Banking and since 1942 has been a member of the faculty T H O S. J. H E R B E R T C h e m ic a l B AN K Capital Stock__ Surplus. Undivided Profits. Unallocated Reserves— Two New Officers H. H. SALK of this school for bank officers con ducted at Rutgers University by the American Bankers Association. He will assume his new duties with the American National Bank on July 10th following completion of the 1944 resi dent session of The Graduate School. Mr. Salk, a native of Chicago, is a graduate of DePaul University and Chicago Law School. He has been associated with the American National Bank since 1937 and will continue as manager of the real estate loan divi sion. He is a director of the Chicago Mortgage Bankers Association and chairman of its legislative committee. New Board Member Arthur B. Church, president of the Midland Broadcasting Company, own er and operator of Radio station KMBC in Kansas City, has been elected member of the board of di rectors of the City National Bank & Trust Company of Kansas City, Mis souri. Mr. Church’s membership on the bank’s board of directors culminates an association of many years, starting with City National Bank’s assisting in the financing of a reorganization in which Mr. Church became president of the broadcasting company. KMBC is one of the pioneer and lead ing stations serving the Kansas City territory. It is the outlet of CBS and has originated many nationally known programs. Unfamiliar Barber: You say you’ve been here before? I don’t remember your face. Customer: Probably not — it’s all healed up now. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 31 îKank oi America NATIONAL m V d S i ASSOCIATION Condensed Statement o f Condition June SO, 1944 RE SOURCES Cash in Vault and in Federal Reserve B a n k ............................................. Due from B a n k s ............................................................. TOTAL CASH . . . . $ 735,624.271.84 Securities oi the United States Government and Federal A g e n c i e s ........................................................ State, County, and Municipal B o n d s ...................... Other Bonds and S e c u ritie s ....................................... Stock in Federal Reserve B a n k ................................. Loans and D i s c o u n t s .................................................. Accrued Interest and Accounts Receivable . . . Bank Premises, Furniture, Fixtures, and Safe Deposit V a u l t s ............................................................. Other Real Estate Owned . . . „ ............................ Customers' Liability on Account of Letters of Credit, Acceptances, and Endorsed Bills . . . . . Other R e s o u r c e s ............................................................. $ 509,210,147.45 226,414,124.39 2,040,595,346.53 217,733,025.42 61.107,596.11 4,110,000.00 857.395,312.99 11,119.040.87 25.354.239.81 768.001.43 21.010,053.61 676.117.54 TOTAL RESOURCES LIABILITIES DEPOSITS: Demand . . . . . . . $2,384,600,011, Savings and Time . . . . 1,382,843,310, Liability for Letters of Credit and as Acceptor, Endorser, or Maker on Acceptances and Foreign B i l l s ............................................................. Reserve for Interest Received in Advance . . Reserve for Interest, Taxes, etc. . Capital: Common (4,000.000 Shares) . $ 50,000.000.00 8.085.560.00 Preferred ( 404,278 Shares)* . 75,000,000.00 Surplus ............................................. 31.306.171.17 Undivided P ro fits............................ Reserve for Increase of Common 3,914,440.00 C a p it a l............................................. 3,308.167.22 Other Reserves .................................. 162.053.65 Preferred Stock Retirement Fund $3.767.443.322.19 TOTAL CAPITAL FUNDS 21.296.643.12 3,546,494.68 11.430.154.12 171.776.392.04 TOTAL LIABILITIES * I s s u e d a t $ 5 0 ( $ 2 0 C a p ita l— $ 3 0 S u r p lu s ), A n n u a l D iv i d e n d $ 2 . P r e fe r r e d to e x t e n t o f a n d r e ti r a b l e a t i s s u e p r i c e a n d a c c r u e d d iv id e n d s . This statement includes the figures of the London, England, banking office. MAIN OFFICES IN TW O RESERVE CITIES OF CALIFORNIA SAN FRANCISCO LOS ANGELES FEDERAL RESERVÌ; Branches throughout California united for strength an d service MEMBER FEDERAL DEPOSIT INSURANCE CORP | Northwestern Banker July 1944 32 > STATEMENT OF CONDITION First National Bank of Minneapolis as at June 30, 1944 DIRECTORS RESOURCES Henry E. Atwood, Vice President, Cash on Hand and Due from Banks Russell H. Bennett United States Government Bonds (.Direct and Fully Guaranteed) 208,955,058.85 The Cream o f Wheat Corp. 600.000.00 United States Government Bonds with State Treasurer to guarantee performance of Fiduciary Duties) John Cowles, President, M inneapolis Star Journal and Tribune Co Loans and D i s c o u n t s ...................................... . . J. G. Byam, Vice President E. L. Carpenter, Retired ( . M in in g Engineer Daniel F. Bull, President, Guaranty F u n d ............................................... Other Bonds and Securities The B. F. Nelson M fg . Co. $ 86,088,630.04 . 45,367,310.79 9,720,368.17 . Franklin M . Crosby, Vice President, General M ills, Inc. Paul V. Eames, President, Shevlin, Carpenter & Clarke Co. O v e r d r a f t s ........................................................ 15,931.51 Bank B u i l d i n g s ...................................... Customers’ Acceptance Liability 479,539.64 . 68,533.10 Interest Earned but not Collected 798,745.06 Other A s s e t s ........................................................ Total Resources . . . 16,311.84 $352,110,429.00 . John H. Hauschild, President, Chas. W . Sexton Co Horace M . Hill, President, Janney, Semple , H ill & Co W . L. Huff, Vice President and Treasurer, M inneapolis-Honeywell Regulator Co C. T . Jaffray, Chairman, M ., St. P & S. Ste. M . Ry. Co. John H. M acMillan, Jr., President, Cargill, Inc. LI ABILI TI ES Sumner T . McKnight, President, S. T Capital Stock M cK n igh t Co. 6,000,000.00 W . G. Northup, President, . 8,000,000.00 S. G. Palmer, President. Undivided P r o fits ............................................... 3,299,819.24 Reserve for Interest, Expenses, Taxes, etc. 2,057,644.19 . . . . . . . S u r p l u s ............................................... .............. North Star Woolen M ills Co. S. G. Palmer Co A. F. Pillsbury, Director, Pillsbury Flour M ills Co. Lyman E. Wakefield, President Interest Collected but not Earned 52,646.74 Letters of Credit and Acceptances 68,533.10 H. R. Weesner, Chairman Board, Other L i a b i l i t i e s ............................................... 90,131.39 F. B. Wells, Vice President, D e p o s it s .................................................................. 332,541.654.34 United States Government War Loan Deposits included) . Wabash Screen Door Co. F. H . Peavey & Co. C. J. Winton, Jr., President, Winton Lumber Co. ( * Total Liabilities Robert W . W ebb, Vice President Sheldon V. W ood, President and . . $352,110,429.00 . General M anager, Minneapolis Electric Steel Castings Co. Edgar F. Zelle, President, * United States Government W ar Loan Deposits . . * . S84,925 ,4 3 4 .2 7 Jefferson Transportation Co. United States Government obligations and other securities carried at SI20,909,779.67 in the joregoing statement are deposited to secure public funds and f o r other purposes required by law. M em ber Federal Deposit Insurance Corporation Af f i l i at e d with first b a n k st o c k c o r p o r a t i o n V Northwestern Banker July 1944 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 33 How Southern Banks M eet P C A Competition As Related in the Monthly Review, Federal Reserve Bank of Atlanta PCA territories. On 180-day loans, such a bank can undersell the PCA on loans up to $500 in 10 PCA territories; on loans up to $1,000 in nine territories; on loans up to $2,500 in two territories; and on loans up to $5,000 in one ter ritory. In no case, on loans of this ma turity, can the PCA undersell a bank charging 6 per cent by more than 6/10 of 1 per cent. On loans having a ma turity of a year, such a bank can under sell the PCA on $250 loans in four PCA territories, and on $500 loans in two territories. On all larger loans the PCA has the cost advantage, but never by more than 9/10 of 1 per cent. This analysis would seem to indicate that banks that can keep their net effective interest rates down to 6 per ANKS vary widely among them selves with respect to their desire to handle short-term loans and also with respect to their success in ob taining such loans. At a time like the present when private borrowing is showing signs of reviving and when banks in general are hungry for loans, many banks that have heretofore been uninterested in farm loans may now be desirous of expanding this class of business. Success in obtaining and servicing farm loans depends upon a multitude of highly variable factors. From the composite experience of a number of banks in the sixth district that have been successful with farm loans, it is possible to state some principles and practices that have contributed to such success: B S https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis c a r b o r o u 3. For a bank to succeed in getting farm loans, it must be prepared to "To Be Successful in O btaining Farm Loans, the Lending Bank Must Educate the Farm er A s to W h ere His Real Financial A d van tag e Lies. The Possession of a C o st A d van tag e O v e r C om petitors Is Not Enough in Itself to Insure Success in This Enterprise: the Fact Must Be M ade Known to Potential Farm Borrowers" 1. To obtain a desirable volume of farm loan business, the lending bank must establish its net effective interest rates on a competitive basis. A farm borrower is a purchaser of something that the bank has to sell, and the bank sells credit and services. Like any sensible buyer, a farmer will get his credit, other things being equal, from the agency offering it to him on the cheapest terms. In other words, loans will tend to be placed on a basis of the cost of money used. At present, the chief source of short term farm credit, apart from private banks, is the Production Credit Asso ciations set up with governmental assistance in 1933. Computations of the cost of money on a per annum basis from 11 of these associations scattered throughout the sixth district show that on 90-day loans of all sizes up to and including $500 a bank having a 6 per cent net effective rate of interest can undersell the PCA in each of these rowers. Unless potential farm bor rowers know that the overall cost of money is cheaper from the banks than from the PCA, when this happens to be true, they will most likely compare in their minds the 4% per cent PCA rate with the 6 per cent bank rate and come to the plausible conclusion that the PCA is the cheaper source of credit. Bankers who have been most suc cessful in getting farm loans make it a point to keep in close contact with potential farm borrowers, calling upon them at their farms in some cases and pointing out to them the advantages of dealing with the bank. cent have a cost advantage over their chief competitors, the PCA’s, on the great majority of short-term farmloans. Even when the competing agen cy has the cost advantage, the advan tage is rarely if ever sufficient by itself to sway the placing of the loan if the bank is determined to have it. adapt its loans to fit the needs of local agriculture. Such “tailoring” involves, first of all, the amount of the loan. A farmer must be assured of sufficient credit to enable him to carry his oper ations to the most profitable point. As one bank officer explained. “We bankers have always made the mis 2. To be successful in obtaining farm take of lending the farmer too little to do him the most good. Such driblets loans, the lending bank must educate the farmer as to where his real finan are dissipated without ever building up the farmer’s business to the point cial advantage lies. The possession of a cost advantage over competitors is where it is profitable. On the other hand, a farmer should not enough in itself to ensure success in this enterprise; the fact must be not be encouraged to borrow more made known to potential farm bor money than he actually needs, thus g M P A N Y h * ¿m First National Bank Building, Chicago A i € h 4 ^ tft€ '£ y fa / 3 z m & £ Horace A . Smith, Iowa Representative Des Moines, Iowa Northwestern Banker July 19J4 34 saddling himself with a burden of in terest charges that may eat up his profits. The establishment of a line of credit seems to be the best solution. Under this arrangement the bank can assure the borrower of sufficient credit to carry out his operations, and the borrower can draw against the commit ment from time to time as he actually needs funds and thus will pay interest only for the time he actually uses the money. The fitting of farm loans to actual needs also involves the timing of the BONDS Public Utility Industrial Railroad Municipal loans. The bank should make its com mitment to the farmer early enough in the season to enable him to plan his operations wisely and with a feeling of security. Moreover, since different types of agriculture have different pro duction cycles, the maturity of the loans should be made to coincide as far as possible with the borrower’s production cycle. When such timing is not advisable, the borrower must be assured of renewals of his note with the minimum of difficulty until his pro duction cycle is covered. Under nor mal economic conditions, to press for repayment on a note of too short ma turity may force the sale of the farm er’s crop or livestock at an unprofit able time. Given a little more time, the farmer might be able to market his product under more advantageous cir cumstances, thus increasing his profit and in the long run making him a sounder risk for the bank . Heads Foundation A .C A L L Y N andC O M P A N Y Incorporated lOO W e s t M on roe S tre e t, C h ic a g o N ew Y o rk R e p r e s e n ta t iv e s : M ilw a u k e e W a te r lo o Host on M in n e a p o lis M oline M ichi^airs Leading M ort gage ( om paiiy O f f e r s Increase Surplus Unusual Investment Opportunities in TITLE VIFHA MORTGAGES CLOSED, DISBURSED, READY FOR PROMPT DELIVERY F ra n k K r n e iV Co. Originators, Sellers and Servicers of FHA Insured Mortgages for more than 135 Leading Banks and Insurance Companies in all parts of the United States 15th FLOOR 8ARLUM TOWER • DETROIT 26, MICHIGAN Offering Documents S u b m i t t e d on R e q u e s t *Frank Krue & Company led all other Michigan Mortgage Companies, Banks and Insurance Companies in volume of FH A Mortgages recorded during month of February, 1944. Banker Digitized Northwestern for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July VJkb At the annual meeting of the board of directors of the Thomas Jefferson Memorial Foundation held in New York, Frank K. Houston, president of the Chemical Bank & Trust Com pany of New York, was elected presi dent of the Foundation, succeeding the late Stuart G. Gibboney. Mr. Hous ton is a native Tennesseean and a graduate of Vanderbilt University of which institution he is at the present time a trustee. He is also president of the national board of trustees of the Sigma Alpha Epsilon Fraternity, and is a director of many large corpo rations. He has been vice president of the Foundation. The directors of the First National Bank of Chicago at a regular meeting authorized the transfer of $10,000,000 to surplus, making the surplus $50,000,000. Part of the $10,000,000 addi tion was taken from reserves and the balance from undivided profits. The combined capital and surplus accounts, after the transfer, total $100,000,000. The regular quarterly dividend of $2 per share, payable July 1st to stock holders of record June 23rd, had been declared at a previous meeting. Dividend At the meeting of the board of trus tees of The New York Trust Company a quarterly dividend of 3% per cent ($0.87% per share) on the capital stock of the company was declared payable July 1, 1944, to stockholders of record at the close of business on June 16, 1944. 35 idle Money Vice President Dies Two hundred million dollars a year might be the cost to people who pile up currency and put it in jars and mattresses instead of making such money earn interest by using it to buy war bonds, E. E. Crabb, president of Investors Syndicate, estimates. This $200,000,000 represents unearned in terest on the stock of idle money in the hands of the American public. “About $112.50 is in the hands of every man, woman and child in the United States,” said Mr. Crabb. “ Cur rency in the hands of individuals, as distinct from the coin and bills used by banks and all types of businesses, approximates $450 for the average four person family. “ It is unlikely that any except very unusual families use or need as much as $450 in currency. Many families, newly moved into war industrial cen ters, bank ‘on the hip’ or ‘in the mat tress.’ Their former banking connec tions have been broken. They have not yet made new banking connec tions. Thousands of people, too, for the first time are earning more money than their living expenses require. They have never been bank custom ers.” Norman J. Ford, a senior vice presi dent of the Continental Illinois Na tional Bank and Trust Company of Chicago, died last month following a heart attack. He had been ill for two weeks. Mr. Ford was born in Lacon, Illinois, but went to Chicago when a young man and began his banking career there with the Merchants National Bank. For 49 years he was a member of the Continental Illinois organiza tion and of three of the predecessor banks comprising that organization, namely, the Merchants National Bank, the Corn Exchange National Bank, and the Illinois Merchants Trust Com pany. For 26 years he had held the office of vice president, specializing in the field of commercial credits where he won wide recognition in busi ness as well as banking circles. Bottled Agent: “ Sir, I have something here which will make you popular, make your life happier and bring you a host of new friends.” G.I.: “ I’ll take a quart.” Federal Intermediate Credit Bank Consolidated Debentures Offer .. * Purchase and Collateral W ay Heads A . I. B. William C. Way, trust officer of the Central National Bank of Cleveland, was elected president of the American Institute of Banking, educational sec tion of the American Bankers Asso ciation at its wartime conference and 42d annual meeting in St. Louis. He joined the Cleveland chapter of the American Institute of Banking in 1914, and has held practically every office in his chapter including the presidency in 1932-1933. He received his Standard Certificate in 1929. He has been an instructor in Cleveland Chapter since 1933. Prior to his elec tion as a member of the executive council at the Boston convention in June, 1940, he served seven years as an associate councilman for northeast Ohio. T HESE O B L IG A T IO N S , in maturities not exceeding six m onths, are eligible for purchase by Federal Reserve Banks and as collateral for their 15-day loans to m em ber banks. T h e debentures also provide security for various fiduciary, trust and public funds. Issued under authority o f the Federal Farm Loan Act, as amended, they may be pur chased, w ithout limitation, by national banks as well as by many state chartered banks. Denom inations from $ 5 ,0 0 0 to $ 1 0 0,00 0 are offered for subscription at regular intervals. W e solicit the investment — — r — OT — — — T ru st Funds Endow m ent Funds In su r a n c e F u n d s P e n sio n F u n d s C e m e te ry C a re F u n d s In d iv id u a ls /S a f e t y THE FEDERAL INTERMEDIATE CREDIT BANKS F u r t h e r p a rticu la rs r e s p e c t in g t h e s e d e s ir a b le in v e s tm e n t s iv ill b e s u p p l ie d b y i i f fV f c W ) with1 LW u.... W Jm t I F re e d o m fro m t M ark et L osses C H A R L E S R. D U N N , Fiscal A g en t 31 N assau Street N ew Y ork 5, N . Y . The Russell County Building & Loan Association https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker July Dividends The board of directors of the Chem ical Bank & Trust Company have de clared the regular quarterly dividend of 45 cents per share on the capital stock of the bank, payable July 1, 1944, to stockholders of record June 15, 1944. The board of directors of the Guar anty Trust Company of New York de clared a quarterly dividend of three per cent for the quarter ending June 30, 1944, payable on July 1, 1944, to stockholders of record June 14, 1944. The 186th consecutive quarterly div idend of The Northern Trust Company, Chicago, was declared by the direc tors. This dividend of $4.50 is pay able on July 1, 1944, to stockholders of record June 20, 1944. Directors of Bank of America N. T. & S. A. have declared regular divi dends for the current semi-annual pe riod on both the common and the $2 cumulative preferred stock, payment to be made on June 30th to share holders of record as of June 15th. Dividend declared on the common stock was $1.20 for the six months at the regular annual rate of $2.40 per share. The board of directors of Manufac turers Trust Company, New York, de clared the regular quarterly dividend of 50 cents per share on the common stock, payable on July 1, 1944, to stock holders of record on June 15, 1944. The board also declared the regular quarterly dividend of 50 cents per share on the preferred stock, payable July 15, 1944, to stockholders of record on June 30, 1944. W ar Loan Exhibit During the Fifth War Loan Drive the First National Bank in St. Louis had on display in its lobby an inter esting exhibit of United Nations war posters which attracted a great deal of favorable attention. It is believed to be the only exhibit of its kind that has been shown in St. Louis. Large banners carrying War Bond drive slo gans and flags of the United Nations were also used in the bank’s lobby. Frank Rathje Endorsed Illinois members of the American Bankers Association, at a recent cau cus, endorsed Frank C. Rathje, presi dent, Chicago City Bank and Trust Company, for vice president of the American Bankers Association. Mr. Rathje’s name will be presented at the convention in September of the Ameri can Bankers Association. Mr. Rathje is also president of the Mutual Na tional Bank of Chicago, and is active in state banking circles. Wins Speaking Contest First prize in the annual National Public Speaking Contest for the A. P. Giannini Educational Endowment Prizes, held as a feature of the War time Conference of the American In stitute of Banking, was won by Mau rice Allendoerfer of Kansas City Chap ter and the Federal Reserve Bank of Kansas City, Missouri. Mr. Allendoer fer was winner in a field of eight con testants representing the eight dis tricts into which the country is di vided for the purpose of this contest. His prize was $500 in war bonds and cash. Up N o th Texas is such a big. state that it’s a real trip from one part of it to another. A man from Brownsville, on the south ern edge, was gone quite a time away from home and when he got back a neighbor inquired where he had been. He replied: “ I been on a trip North.” “Where’d you go?” the friend asked. “ I went to Dallas.” “ Have a good time?” “ Naw, I never did like them Yan kees.” Shriek to Shriek “Lillian and Jim are always going to those mystery plays.” “Well, it’s all right as long as they love each shudder.” F ederally Insured Certificates to yield A GGREGATIN G $20,000,000.00 HAVE BEEN PURCHASED THRU US BY INSURANCE, FRATERNALS, COLLEGES, CEMETERY ASSOCIATIONS, TRUST DEPARTMENTS, PENSION AND RETIREMENT FU N D S............ SELECT FROM OUR LISTS AND PLACE YOUR FUNDS D IR E C T ! Federally Insured Savings & Loan Associations— about 400 represented— located in every section of the country, offer Liquidity, Insured Safety of Principal, complete Freedom from Market Losses— plus 3% to 3V2% YIELD! WE WILL PROVIDE— WITHOUT FEE (AND THERE IS NO BROKERAGE) — (1) Lists of Selected Insured Associations. (2) Financial Statements on each. (3) Operating Statements. (4) Analysis of Loan Portfolios. (5) Semi-Annual Comparison Sheets. (6) History and Dividend Records. Financial Development Company (N O T I N C O R P O R A T E D ) 105 South LaSaHe Street Northwestern Banker July 1944 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Chi ca go 3, I llinoi s S ellin g the Man W h o Doesn’t W ant to Buy In Direct and Referred Business, This One Sale Resulted in Total Sales of $213,500 By Lyle W . Ernst Bankers Life Com pany of Nebraska Wichita, Kansas L Y L E W . ER N ST " G iv e — and you shall r e c e iv e ” NE day in a drug store I met a young wife, whom I had known for years. I suggested a coca cola, and while sipping our drinks she asked, “ Lyle, how do you sell people insurance who don’t believe it is a necessary thing to have? My husband doesn’t like insurance men because they always talk about his death and use “dictionary words.” I wish he had some insurance, but I know he will never buy any.” I explained to her that all right-thinking men believed in the ultimate ends carried out by insur ance contracts, but possibly it was just a lack of understanding that kept her husband from buying. I had known Mr. H. for some time, knew that he had two sons, that he was a machinist and that he was very positive in his views. Both husband and wife were enthusiastic bridge play ers and I suggested to Mrs. H. to sug gest a session of bridge and to call me at my hotel. About eight o’clock T re ceived a call from Mr. H., asking me to drive down to his home. Had an enjoyable bridge game, Mr. H. and I winning from Mrs. H. and a neighbor school teacher. At midnight our game broke up, the school teacher going home and the wife retired. O https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis During the evening Mr. H. had warned the guest about being careful around insurance peddlers. When the ladies were gone he asked me how business was. I told him good, that men were now buying incomes and us ing insurance for savings and ultimate investment, mentioned our new en dowment annuity and when his cur iosity seemed legitimate, I outlined a $3,000 plan on the back of an applica tion—and darned if he didn’t refuse to say “no.” I turned the application over, got the information necessary, he endorsed the application and gave me a check. The only time death was mentioned was at the signing of the check, as follows, “Mr. H., your wife and boys now have clear title to a $3,000 estate.” Mrs. H. was responsible for the business. She gave me the rea son he would not buy. I merely-avoided that and he practically asked for the contract. Scientists have not told us what happens when an irresistible force meets an immovable object, but the object can be by-passed. Some ob jections can be conquered by merely ignoring them. In the several years following, I saw Mr. H. on a few occasions, as I was living in another part of the state. First National Bank Building, Chicago Four years later I ran across him in his home town and he told me he had just buried his oldest son, he had lost his job, the home he had been buying was about to be lost and that it wasn’t a very good world that we were living in. We smoked a few cigarettes and I noticed he was “ rolling his own.” I offered him a package but he refused them. He was, and is, a proud boy. I told him he could get some money on his contract and I would go through Wichita and have the papers made out when he arrived home. As I drove away I tossed a carton of cigarettes at his feet. I arranged for a loan of $249.50. He and a friend, Mr. G., who raised a like sum, established the H. & G. Ma chine Company, rented a building which contained an old lathe and a drill press, brought down a few tools which each man owned, and the two partners were full-fledged business men. The landlord agreed to wait six months for his first check. At that time an airplane plant was in receivership and the man who was in charge of disposal of equipment and stock was susceptible to flattery and cigars. I used my automobile for a pick-up truck, bought cigars and while Horace A. Smith, Iowa Representative Des Moines, Iowa N orthw estern Banker July Í9JJ 38 my two friends haggled about prices, I’d kick together brass and copper scraps, broken equipment, odds and ends and anything else usable, give the man a cigar and suggest that if he’d throw in the junk, they might buy. Invariably, he’d light the cigar and “throw it in.” The partners would sell enough to get their money out of a load, put the balance in stock at their shop, and back we would go for an other load. This went on for three weeks, then they purchased a second hand truck. Six months later they paid the rent and bought $5,000 partnership insur ance. The landlord got the rent money. You know who got the insurance. The Auto Insurance AoInine UP for A l l ied Mutual Agents Allied Mutual agents continued to write more auto Insurance volume during the month of May. Likewise Allied agents wrote a lot more Farm Liability, more Burglary and Robbery insur ance last month. Good agents writing good protection, promptly serviced at claim time, make a winning combination. If you are interested in an Allied Mutual contract, write ALLIED MUTUAL C A S U A LT Y COM PANY Harold S. Evans, Hubbell Building P re sid e n t Des Moines, Iowa SUNNY DAYS; AIR-CONDITIONED NIGHTS Jfiy ^ EXCELSIOR j y SWINGS health furlough Enjoy 20 acres of beautiful gardens with thousands of centuryold shade trees. Spacious cool verandas for complete relaxation AM ERICAN PLAN at America’s finest resort Hotel. J U L Y 6 th TILL SEPT. 15th Dinner music. Golf, riding, ten nis, swimming. . . . Drink of the Magical waters— revigorate in the Miracle baths. . . . Rates for rooms with private bath and air - conditioned rooms are slightly higher. Dally W EEK rates including all meals from $5.25 per day single; from $4.50 a day per person double. last ten years they have prospered, own homes, bonds, farm lands, their business building and the land around them. Their income is well up in five figures—also their income tax. One day last spring when the firm bought their most recent partnership insurance, Mr. H. said to me, “ Lyle, do you know why we bought our busi ness insurance of you? Because one day you threw a carton of cigarettes at my feet, when I was almost down and out.” Every action has a reaction. Re member the stone you thew in the middle of the pond, and then the little waves that came to the shore? A friendly gesture, a little service made an impression—and kept him thinking of me when he thought of insurance. Graduate Survey Skeleton graduating classes, or no graduates at all, are marching on men’s college campuses last month, ac cording to a preliminary report from an employment survey by Northwest ern National Life Insurance Company. The armed services are taking 90 to 100 per cent of civilian men students still left on various campuses, includ ing the formerly deferred engineering and technology undergraduates. Under the new draft program, most men’s schools and engineering colleges are reduced to Army and Navy training program students, a few classified as 4-F, and a scattering of returned vet erans. Deferments of a few graduates are being made for Government research, for the manufacture of secret weapons, and for rubber, shipyards, and aero nautical engineering work, college placement bureaus report. There are, of course, from 10 to 20 job offers per man remaining available for employment, the survey finds. Homesteaders Life Meeting The Homesteaders Life Association, Des Moines life insurance company, held a convention last month in Des Moines at which approximately 75 of its agents from all parts of the country were present. It was a twoday meeting and both Iowa Governor B. B. Hickenlooper and Iowa Insur ance Commissioner Charles Fischer were speakers on the convention pro gram. A. A. Ball is president of this company which was organized in 1906. Increases Surplus An unusual step taken by The Phil adelphia National Bank, oldest and largest bank in Philadelphia, was re vealed with the announcement by Evan Randolph, president, that the Northwestern Banker July https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 39 board of directors had voted to write down the value of bank buildings from $2,200,000 to $1. Directors of the bank also author ized an increase of $7,000,000 in the surplus of the bank, raising this ac count 33 per cent from $21,000,000 to $28,000,000. Declares 20c Dividend The board of directors of Investors Mutual, Inc., an investment company of the balanced fund type, has de clared a quarterly dividend of 20 cents a share, payable July 15th to share holders of record June 30th. Earl E. Crabb, president and chair man of the board of directors, reported that the distribution to shareholders for the first two quarters of 1944 amounted to 30 cents. Assets of In vestors Mutual, Inc., are now over $35,700,000. Warning A warning against a threatened run away price movement in urban homes, accompanied by inflationary mortgage lending on such properties, was issued by John H. Fahey, commissioner of the Federal Home Loan Bank Admin istration. He drew a parallel between present ascending price levels and the “boom” market of the ’twenties, which collapsed in a tide of foreclosures. “ The development of inflationary prices for existing houses which at tracted attention in some centers of war industry in 1942 has now spread to many sections of the nation,” said Mr. Fahey. “Two years ago, the effects of mass migration of workers and the shortage of housing in many cities began to be apparent. With prices on existing homes far above normal because of the stoppage of the construction of houses for all except war workers, mortgages in unjustifiable amounts are now be ing made in an increasing list of cities and towns throughout the country. The chief exception to the general trend is in the northeastern group of states, where only in 1942 did home val ues begin to recover from the extreme deflation of the ’thirties. Even in these states real estate prices and loans are now climbing to hazardous levels in a few communities.” New Trust Officer Percy H. Johnston, chairman of the Chemical Bank & Trust Company, at the meeting of the board of directors announced the appointment of Wil lard R. Brown as trust officer in the personal trust department. Mr. Brown is a native of Utah and attended the State University, gradu ating B.A. in 1934. Attended Columbia University Law School from which he received his LL.B. degree in 1937, and was admitted to the New York bar in 1938. He has been admitted to prac tice before the U. S. Treasury Depart ment and the U. S. Tax Court. He re ceived practical experience in trust administration with the New York Trust Company and has been asso ciated with the law firm of Shearman & Sterling since 1941. About Time Old Lady (to two small boys at zoo): Those are storks—the clever birds that brought you. Johnny (to Jimmy): Poor old thing, shall we tell her? A CONTRACT OF QUALITY! For th ir ty -s e v e n years W e s t e r n M u tu a l F ir e I n s u r ance Com pany has w r itin g and q u a lity in s u r a n c e tr a c ts . fo r p le te been im p r o v in g con T o d a y w e p r e se n t your ap p roval p r o t e c tio n in com sta n d a r d in s u r a n c e p o lic ie s . We a sk th at y o u c o n s id e r th e a d v a n ta g e s of W estern M u tu a l p r o t e c tio n . O u t - o f - T o w n B a n k s Out-of-town banks and bankers will find here complete banking facilities for prompt and economical handling of accounts in Chicago. We ★ ★ W ESTERNM UTUAL FIRE INSURANCE COMPANY would appreciate the opportunity of serving you. C it y N a t io n a l AN » T i t IT S T 2 0 8 S O U T H https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis COMPANY H ank of Chicago L A S A L L E S T R E E T NINTH & GRAND DES MOINES 8, IOWA ( M em ber F ed eral D ep osit Insurance Corporation) Northwestern Banker July 194b 40 SERVICE AS USUAL There is nothing particularly glamorous about the Transit Department. Theirs is a routine day-to-day job, but let this service slow up, let it break down in any one of the detailed jobs that must be done, and its importance is instantly realized. To keep up this vital service, the Northwestern is taking extraordinary steps these days. Constant training o f per sonnel — and the addition of mechanical equipment has enabled us to maintain “ service as usual.’ ' At the same time we continue to give special service wherever it is necessary. If you have an item which requires special attention, we are glad to follow your instructions. Yes, indeed — the Transit Department is far from glam orous, but it is essential to you and to us, and we are giving “ service as usual.” W e invite you to try Northwestern’ s fast, accurate, and efficient Transit service if you are not using it already. Remember, we are no further from you than your telephone, telegraph, or typewriter. Department of Banks and Bankers Wm. N. Johnson V ic e P r e sid e n t F. W. Conrad A sst. V ic e P r e s . A. F. Junge, D. E. Crouley A sst. V ic e P r e s. L. P. Gisvold A s s t. C a sh ier R ep resen ta tiv e NORTHWESTERN NATIONAL BANK o f « . NNEAPOLIS M arquette Avenue — 6th to 7th Streets Member Federal Deposit Insurance Corporation Northwestern Banker July 19/ i't https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 41 Guaranty Trust Company of New York York, and who originally came from Topeka, Kansas, was on hand to rep resent his institution. Mr. Sharp has charge of the territory including, Mich igan, Indiana, Illinois, Iowa, Wiscon sin and Minnesota. M IN N E S O T A NEWS WILLIAM DUNCAN, Jr. Secretary Minneapolis WILBUR F. McLEAN President Duluth T H E M IN N E S O T A C O N V E N T IO N (Continued from page 19) ties and they are “almost out of the doghouse.” He also emphasized that, “no business can exist with govern ment competition carried to the Nth degree.” H. R. Kurth, retiring president of the Minnesota Bankers Association and president of the Citizens Bank of Hutchinson, Minnesota, in his very fine annual address, said that, “Min nesota is at the bottom of the list of states as far as income from service charges in banks is concerned”. He believes that more uniform and com pensatory rates should be put in effect. S. Hal Witmer, president, and H. O. Chapman, secretary-treasurer, of the Policyholders National Life Insurance Company of Sioux Falls were on hand greeting their many banker friends throughout the northwest. The Policy holders National has doubled its assets within the last five years and now has 32 million dollars of insurance in force. Edwin Brickson, president of the Adrian State Bank of Adrian, Minne sota. started his banking career with the First National of Fort Dodge, Iowa, and has just finished 51 years of bank ing—44 of those years he has lived in Minnesota. George A. Beito, president Northern State Bank of Gonvick, Minnesota, and the new vice president of the Minne sota Bankers Association, has two young daughters who are keeping a collection of the tipped in colored pic tures which appear in each issue of the N orthwestern B anker . J. Cliff Moore, vice president of the Stock Yards National Bank of South St. Paul and Harry H. Sivright, vice president of the Iowa-Des Moines Na tional Bank and Trust Company, were https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis both born in the same town—Hutch inson, Minnesota. C. F. Topping, president of the St. Paul Union Stock Yards Company, was on “jury duty” during the Minnesota Convention and therefore did not get a chance to meet his many banker friends at the convention. A. Li. Roocb, assistant vice president of the Anchor Casualty Company, was the “master of ceremonies” at the company headquarters in Suite 1101. Archie gave all of his friends a copy the “Office Questions and Answers of the Minnesota Insurance Division” for use in connection with examinations to qualify for licenses to sell insurance in the State of Minnesota. Frederick W. Conrad, assistant vice president Northern National Bank, Minneapolis, told us that the 82 banks which are members of the Northwest Bancorporation, now have deposits of over one billion dollars. In the lobby of the Northwestern National Bank of Minneapolis there are 24 pictures of airplanes in action, which have been loaned to the bank by the navy department. These are most interesting pictures and you shouldn’t miss seeing them if you are in the bank. Arvid Carlson, president of the Mar shall County State Bank, Holt, Minne sota, looked like the front page of Esquire the night of the banquet, when he appeared in his white linen suit and very colorful summer tie. One question which Mr. Carlson would like to have answered is wheth er in about two years after the war is over, bonds will go down and interest rates go up. If you know the answer, be sure to write and tell him. Dale E. Sharp, vice president of the H. V. Kaltenborn, who was born in Milwaukee, Wisconsin, 66 years ago and graduated from Harvard in 1909, at the age of 31, kept 1,000 Minnesota bankers and their wives sitting on the edge of their chairs while he gave his opinions of world conditions as of now and also what they are likely to be after the war is over. It was a terrifically hot night-—the air conditioning system was not work ing and Mr. Kaltenborn took off his coat along with all of the other men at the head table, as well as most of them in the audience. Mr. Kaltenborn spoke for one hour and then answered questions from the audience. He cost the Association $1,000 and was worth it. A few of his statements were these: “Today the allied nations and not Hitler, have the new secret war weap ons. “The Prussian military ideas have been in the German blood for 200 years. “The German Avar will he o\rer be fore the end of this year and maybe before the election. After we have defeated Germany, it will take ns about a year to defeat Japan. “General Charles de Gaulle is a prima donna and a mixture of Na poleon and Joan of Arc. He is arbi trary and pig-headed, but eAren so, he kept urging the French to keep on fighting after France fell and Avhen England Avas in great danger. “Air transportation A v i l l he much cheaper after the war.” After his lecture was over, we had the pleasure of meeting Mr. Kaltenborn personally and in discussing the question what effect it would have on the election if the war was over, Mr. Kaltenborn said, “President RooscATelt is licked on domestic issues and is likely to he defeated provided the war is OA er before the election this fall.” A. E. Felsted, advertising manager First National Bank of St. Paul, ar ranged an interview for a St. Paul newspaper man with H. V. Kaltenborn while he was in St. Paul and Bert told us that all during the interview Mr. Kaltenborn carried a small port able radio, which was turned on all the time and he was making notes to be used in his evening broadcast over NBC. This portable radio he carries with him most of the day in order to keep posted on the latest events. N orthw estern B anker July 1944 42 * Ben S. Woodworth, advertising man ager First National Bank of Minneap olis, among his many other activities, is also treasurer of the Minneapolis Symphony Orchestra, of which Dmitri Mitropoulous is the conductor. Ben has been such a good treasurer that the Orchestra is now operating in the “black” and their budget for the com ing year is $154,000. Robert Forgan, assistant vice presi dent of the National City Bank of New York, was born in Scotland and at the age of 16 worked for $40 per year in a bank and at the age of 20 moved to Canada. r r o m scnool and kitcher cam e the farm er’s daugh ters and often his w ife, eager, determ ined and able to operate th e m odern machines o f food p rodu ction ; o u t o f w e ll-e a r n e c r e tir e m e n t c a m e h ard y veterans o f the farm . . . m en w ho already had p u t in 4C to 60 years tilling the soil; an d from the sch oolroom cam e stu rd y farm b o ys tc pitch in w h oleh eartedly to get the j o t done. A n d the jo b w as done! E a ch yeai since the w ar began, A m erica ’s farms h av e produced in unparalleled a b u n d ance! T h e N a tio n salutes those gallant reserves w ho saved the v ital F oo d Front for our cou n try. A n d w hile everyone on the farm food fron t pitch ed in to do a m ore ou tsta n d - N orthw estern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 19kk M I N N E S O T A NEWS His uncle was James B. Forgan, the late president of the First National Bank in Chicago, and his father was Thos. B. Forgan of R. Forgan & Son, Ltd., of St. Andrew, Scotland, a firm which was established in 1819 and has been manufacturing golf clubs ever since that time. Robert Forgan Mactavisb, comp troller and secretary of the Northwest Bancorporation is his cousin. And if you would like to have a few thrills and many chills, have Mr. For gan tell you about some of the expe riences of the National City branch managers in foreign countries since the war started. ing jo b in the production o f fo o d , fiber, and oils the R eserve T ro o p s o f rural A m erica did other vital W a r w ork, to o . T h e farm ers and farm m achinery d eal ers o f A m erica did, and are still doing the ou tstan din g jo b o f G E T T I N G A L L S C R A P IN T O T H E B IG S C R A P . T h e y are b uying W a r B o n d s and are keeping th em , and p laying an im p o r ta n t p art in every W a r task on the h om e fron t. A ll A m erica and all the U n ited N a tio n s can ju stly salute the R eserve T ro o p s o f the U n ited S ta tes in action on the F o o d F ron t. M in n e a p o lis-M o lin e is producing all the tractors and farm m achinery allow ed under govern m en t lim itation orders for w hich m aterials can be o b , t ta in e d — an d m a n y q u a lity ^ p r o d u c t s fo r o u r A r m e d f F orces so V ic to ry m a y be ours sooner. * A report of the Minnesota conven tion in St. Paul would not be complete without recognition of the hospitality and cordial reception extended to the bankers by the entire staff of the St. Paul Hotel, under the capable manag ership of Frank Bellizzi. It is a pleas ure to stop at a hotel where every em ployee with whom you come in con tact makes you feel it is a pleasure for them to serve you. In New Home St. Paul Federal Savings and Loan has moved into its new offices at 353 Robert street in St. Paul. The entire equipment is streamlined from the front counter to the kitchen in the basement. Axel A. Olsen, secretary-treasurer, is justly proud of the fine record the St. Paul Federal Savings and Loan Association has made, and which is the oldest savings and loan association in St. Paul having been organized in May of 1921 as a state association. A federal charter was obtained in 1935 and business was carried on with as sets of $73,000. Today the assets are well over $3,000,000 and the associa tion has yet to take its first loss on a loan. The organization purchased and moved recently into its own three stories and basement building at 353 Robert street. The quarters being used more than double the associa tion’s former floor space. A new two story fireproof vault gives ample safe ty and space for files and money. Officers and directors of the asso ciation are Louis Peterson, president; Frank Pampusch, vice president; Axel A. Olson, secretary-treasurer; Gustave C. Axelrod, attorney; Roy C. Smelker, Charles J. Flynn, Robert Hein and George H. Lyser, directors. Apprais ers are J. W. Petterson and Edward McAdam. President Celebrates J. A. Allen, president of the First National Bank of Milaca, Minnesota, was surprised by a large group of friends and members of the Eastern Star lodge last month, the occasion being his 75th birthday. Mr. Allen came to Milaca on February 1, 1907, to take charge of the First National Bank and the footings at the time were $64,000 and now after 37 years under his management the deposits are $1,435,000, capital stock $60,000, surplus $40,000 and undivided profits $10,000. This gain reflects the enormous growth of this community from the pioneer days until the present time. 43 * Buy Stewart Bank Stock A. W. Hoese of the Security State Bank of Glencoe, Minnesota, and for merly of New Germany, and Wm. H. Grell of the First State Bank of New Germany have purchased the stock of the First State Bank of Stewart, Min nesota. G. W. Harrington, former owner of the First State Bank stock of Stewart and operator of the institution, will remain at Stewart for several weeks as cashier of the bank, until a new man has been named for his position. MI N N E S O T A N E W S Willis Rich and Donald Vincent, Ft. Dodge, Iowa. The board organized by re-electing Hoodecheck as presi dent, Habicht and Nelson as vice presi dents, and Martin H. Voss as cashier. It was the first annual meeting of the bank since the reorganization, January 10th. Appoint Two Tellers Vacancies on the staff of the Union State Bank of Thief River Falls, Min nesota, have been filled by the appoint ment of two additional tellers, E. O. * Peterson, president, announced last month. The new employes are Alice Brannon, formerly of the Farmers State Bank of Maddock, North Da kota, and Mrs. Fern Selle of Thief River Falls. Assistant Cashier Leaves Ralph Sather, who has been assist ant cashier at the Annandale State Bank, Annandale, Minnesota, for the past fourteen years, tendered his res ignation some weeks ago to have been effective July 1st. Dean of Bankers C. E. Mobeck, assistant cashier of the Worthington National Bank of Worthington, Minnesota, is the dean of the banking profession at Sioux Falls, South Dakota, at 47. He suc ceeded to the mythical distinction with the recent withdrawal of the veteran Ned Jones of the State Bank of Worth ington from the business. At the regular monthly directors meeting, Mobeck was presented with a fine wrist watch in recognition of his 25 years of service with the insti tution, which he joined in 1919. To Leave Bemidji G. H. Wahler has resigned his posi tion as cashier at the Security State Bank of Bemidji, Minnesota, effective August 1st, and will move his family to Indiana where he expects to enter into business with his brother. Mr. Wahler has been associated with the Security State Bank for the past seven years. G. H. Murphy of the Backus State Bank, Backus, Minnesota, for the past 14 years, has been appointed to suc ceed Mr. Wahler. Becomes National Bank The Merchants Bank of Winona, Minnesota, became a national bank July 1st, J. R. Chappell, president of the bank, announced. It will be known as the Merchants National Bank. Action, changing the institution from a state bank to a national bank was approved at a meeting of the stockholders held last month. First Annual Meeting The annual meeting of the State Bank of Worthington at Worthington, Minnesota, was held last month. Directors elected were A. W. Hoodecheck, E. F. Habicht, Roy W. Martin, Theodore Nelson, Worthington, and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . . . in a NEW Building! . . . at 353 Robert St. ST. PAUL FEDERAL is N O W in their new building at 353 Robert Street, between Fourth and Filth! They have a new address . . . but it's the same 100% St. Paul institution and you'U receive the same friendly and efficient service as alw ays! SAVINGS SHARE ACCO UNTS . . . W A R BONDS ST. PAUL FEDERAL S A V IN G S A N D L O A N A S S O C IA T IO N AXEL A . OLSON, Executive Secretary 353 Robert Street "St. Faul's Oldest Association . . . Established 1921" N orthw estern B anker July 44 • MINNESOTA NE WS Mark 30th Year J a m ie s o n & C o m p a n y Members New York Stock Exchange and Other Principal Exchanges ★ STOCKS BONDS COMMODITIES ★ MINNEAPOLIS ST. PAUL DULUTH FARGO GRAND FORKS SIOUX FALLS PRIVATE WIRES Another 30 year period of the exist ence of the Farmers State Bank of Upsala, Minnesota, started recently. In 1914 the institution commenced op eration under its certificate of incorpo ration, with little more than the fore sight of the founders, and their con fidence in the future of the commu nity. The late John S. Borgstrom, his son, A. M. Borgstrom, and Peter Viehauser were responsible for establishing the bank and received cooperation from J. W. Falk and Gust Lindgren of Little Falls, who were directors. Serves 25 Years Recently the Security State Bank of Marine, Minnesota, completed its 25th year of service in the community. It was organized on May 10, 1919, with a capital of $12,000 and surplus of $3,000. The present officers are: Pres ident, R. E. Strand; vice president, R. G. Thoreen, executive vice president, Henry A. Johnson; cashier, Olga L. Zimmer; assistant cashier, Astrid J. Rosell. Directors are R. E. Strand, Wallace Strand, Henry Johnson, R. G. Thoreen, Gust Krogman, Richard Guslander and Carl R. Johnson. On Board of Directors S. J. Kryzsko was elected a direc tor of the Winona National & Savings Bank to complete the unexpired term of Dr. E. G. Thomssen, who resigned recently. Mr. Kryzko joined the staff of the Winona National & Savings Bank 19 years ago as teller, coming to the bank from the Farmers and Merchants State Bank of Greenbush, Minnesota. He has served in various capacities, and last October was elected second vice president and trust officer. Reorganize Bank Something New in Health Insurance! A Sickness Policy which Pays for Every Disease at the M aximum Rate. Confining or Non-Confining both covered at the same rate. Full Benefits from the first day for any disability of more than six days. $4.00 will pay for a $25.00 a week policy in full to December 15. 1944. If you are between twenty and fifty years of age, and in good health, write for application and particulars. M IN N ES O T A C O M M E R C IA L M EN'S A S S O C IA T IO N Paul Clement, Secretary, 2550 Pillsbury Ave. MINNEAPOLIS 4, MINN. Stockholders of the First State Bank, Floodwood, Minnesota, met recently and elected Chris Nielsen, Gust Hill, M. W. Johnson, Dorothy Schleinitz and Ed M. Graf, directors. The direc tors held a meeting immediately fol lowing and elected Chris Nielsen, president of the reorganized bank, Gust Hill, vice president; M. W. John son, vice president, Ed. M. Graf, cash ier, Nora Jarvi, assistant cashier; and Patsy Roney, teller. Takes Over Isle Bank FHA Government Insured Mortgages for Bank Investment Meet All Investment Requirements 1. 2. 3. 4. 5. 6. SECURITY FAIR YIELD MARKET STABILITY SELF LIQUIDATION MARKETABILITY HEDGE AGAINST HIGHER INTEREST RATES FRANK VM OM AN COM PANY Selling FHAs Since 1935 1 36 0 Rand Tower N orthw estern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 1944 Minneapolis Leo. H. Scherf, Elk River, Minne sota, and two associates have taken over the capital stock of Lakeside State Bank, Isle, Minnesota. Mr. Scherf is president and cashier and Mrs. Scherf a director. Mr. Scherf served with a bank at Ada, Minnesota, for 24 years and has been in Elk River since September. Iowan Is Cashier Donald T. Lawler arrived last month from Estherville, Iowa, in Elk River, Minnesota, to take the position as cash ier of The Bank of Elk River. He takes the place of Leo Scherf, who resigned, having purchased a banking business at Isle. Albert Lea Banker Resigns H. W. Arveson, who has been with the First National Bank of Albert Lea, Minnesota, for the past fifteen years, has severed his connection to go into business for himself in Albert Lea. 45 Tw i n C ity N e w s in n e h a h a n a t io n a l b a n k , M Minneapolis, First National Bank affiliate, has purchased the building adjoining its present quarters and within a few weeks will begin remod eling it for additional banking quar ters. The addition, according to Guy W. LaLone, vice president of Minnehaha, has a 32 foot frontage and depth of 133 feet. “Deposits totaling over $6,000,000 re flect an increase in business which has caused the bank to outgrow its present quarters and require additional space,” he said. Three Twin Citians have been ap pointed to national committees of the American Institute of Banking by President William C. Way, trust officer of Central National Bank, Cleveland. Arthur AV. Johnson of Minneapolis Federal Reserve Bank was named to the public relations committee; Em mett J. Erickson of Farmers & Me chanics Savings Bank, Minneapolis, to the forum and seminar committee, and Dorothy Goth, First National Bank of St. Paul, to the debate and public speaking committee. Johnson and Erickson are both former presidents of Minneapolis chapter of the A.I.B. By James M. Sutherland Special Corre spon de nt ing Avenues, St. Paul, has let contracts for extensive alterations to its build ing, according to A. E. Rltt, president. Newly elected officers of the Minne sota Safe Deposit Association named at the annual spring party at Curtis Hotel, Minneapolis, are: J. G. Goblich, Grand Avenue State Bank, St. Paul, president; L. TV. Johnston, Bloomington-Lake National Bank, Minneapolis, vice president; Dorothy B. Rich, Bloomington-Lake Bank, re-elected sec retary-treasurer, and E. XV. Oredson, Minnehaha National Bank, Minneap olis, executive committee member. A primary postwar concern of bank ers will be problems arising from a “tremendous” government debt, J. Cameron Thomson, president of North west Bancorporation, Minneapolis, told the American Institute of Banking at its annual meeting in St. Louis. Buys Additional Interests A. O. Stromseth, who has served as executive officer of the Atwater State Bank, Atwater, Minnesota, since its organization and has held a con siderable amount of stock in the in stitution, purchased the stock inter ests of Dr. George W. McBroom and Ned L. Larson. Messrs. McBroom and Larson were among the incorporators of the bank in 1932, and have served as directors since that time. Dr. McBroom has also served in the capacity of vice pres ident since 1936. Present officers are L. P. Larson, president; Dr. I. L. Porter, vice presi dent, and A. O. Stromseth, vice presi dent and cashier. They also serve as directors. T. C. Danielson serves as assistant cashier and Mrs. Douglas Johnson as part time assistant. Association Meets Nearly 75 bankers from six coun ties, members of the Minnesota Valley Clearing House Association, met at Recent visitor in Minneapolis was C. B. Mills, Moline, Illinois, former president of Midland National Bank & Trust Company, later vice president of Northwestern National Bank. Arthur R. Upgren, vice president and economist of Minneapolis Federal Re serve Bank, is attending the interna tional monetary conference at Bretton Woods, New Hampshire, as a technical expert for the United States. To provide additional space and fa cilities for its growing needs, Midway National Bank, University and Snell https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N orthw estern Banker July 194b 46 y • MINNESOTA St. Peter, Minnesota, recently for their annual meeting. Hosts were the staff of the First National Bank there with C. T. Olsen, vice president of the association, in charge of arrangements. Speakers were Wm. H. Grell of New Germany, president of the association; H. R. Kurth of Hutchinson, president of the Minnesota Bankers Association; and William Duncan, secretary of the state association. Valhalla Host to Bankers A meeting of the Southwestern Min nesota Bankers Association, compris- N E W S *------------------------------- ing the five counties of Lyon, Nobles, Rock, Cottonwood and Murray, was held at Valhalla, Minnesota, recently. A. W. Hoodecheck of Worthington, who is president of the Association, presided and was assisted by John Engebretson of Kenneth, who is sec retary. Between 40 and 50 bankers were present. Talks were given by Chas. Rieger of Minneapolis, representing Jamieson & Company, on bonds and investments; Mr. Parsons, economist from the Federal Reserve Bank in Minneapolis and Emil Boie of the Min- neapolis War Loan office, who spoke on the Fifth War Loan drive and the banker’s part in it. In Business 40 Years May, 1904, the Farmers & Merchants State Bank of Blooming Prairie, Min nesota, opened its doors for business. May, 1944, finds this strong financial institution completing 40 years of serv ice to its community. Officers and directors that head the institution now are E. O. Habberstad, president; F. J. Faltejsek, vice president; Gilbert R. Johnson, cashier; T. B. Peterson, Dr. B. Melby and Ole Habberstad, direc tors. A Increases Capital Stock The First National Bank of kato, Minnesota, has increased its ital stock from $30,000 to $50,000. bank is now owned by 63 farmers business men of the community. LIVESTOCK SPECIALISTS C. L. FR E D R IC K SE N President M. A. W IL S O N Vice President W . G. N EL SO N Assistant Vice President For 49 years this bank has specialized W . C. SCH ENK Cashier in feeder and livestock loans. By both H. C. L IN D U S K I Assistant Cashier and Manager of Air Base Facility experience and location in the midst of the C. L. A D A M S Assistant Cashier Sioux City stockyards, we are especially J. S. H A V E R Assistant Cashier equipped to serve country banks on all JAM ES L. S M IT H Auditor their livestock, grain, and hay items. Try our correspondent service. T H Live N ä T OF i O St N A L SIO UX M E M 'y Æ e o c k B CITY. B E R ... W N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis E F, D I G . ... ~ t/ r e July 1944 A N IOW A K Cocap The and > L E G A L QUESTIO N S (Continued from page 18) pose further that he died and the in surance company had brought a civil action to determine to whom the pro ceeds of the policy should be payable. Should the beneficiary named in the policy be permitted to recover? Yes. That a beneficiary, in the cir cumstances outlined, allegedly lived with the insured in adultery does not justify denial of insurance benefits in a civil action to determine to whom the policy should be payable, since the Nebraska law does not authorize the imposition of a penalty for such offense in a civil action. Lamberton, a Minnesota banker, owned certain property in that state concerning which he had considerable difficulty in establishing the property lines. In checking into the matter it developed that nothing better could be found than a street to use as a fixed monument for the purpose of locating such lines. Could the street be so used? Yes. In the absence of other controll ing calls or landmarks, a street may be accepted as a fixed monument for the purpose of locating property lines. The Minnesota Supreme Court so stated in a recent decision. Promises Hostess: You know, I’ve heard a great deal about you. Absent-minded Politician: Possibly, but you can’t prove a thing. < * -A 47 SOUTH DAKOTA NEWS H. R. KIBBEE, JR. President Mitchell Acting Secretary LOIS J. H ALVORSEN GEORGE M. STARRING Secretary-Treasurer Huron (In the Service) The South Dakota Convention (Continued from page 17) In the southern section of their home state working on the Fifth War Loan at the time of the convention in Aberdeen, four North Dakotans looked in on the South Dakota meeting— Charley Wattam, secretary of the North Dakota Association; Clarke Bas sett, vice president of the Merchants National; H. D. Crosby, vice president, and Fred Irish, chairman of the board, both of the First National, and all four from Fargo. Addressing the South Dakota meet ing on the problems and prospects of postwar financing, Dr. Paul F. Cadinan, then economist for the ABA, but we understand soon to become asso ciated with the huge Kaiser interests, said: “Already it is being said that post war finance is too big a job for Ameri can banking and American investment banking. We know that is not the case! But we must back up this con viction with facts and with sound analysis. We should now be in con tact with every potential borrower, anticipating his needs, advising and counseling with him. We should be alert to the shifts in business activity which are certain to follow the declar ation of peace. We should be thinking about the restoration and development of postwar markets—and we should never lose sight of the fact that such planning is a sure builder of morale. It will inspire confidence and hope in those who are worried about their fu ture. It will give heart to those who fear unemployment and the disloca tions incident to returning peace. It will hold sustaining promise for our fighting men.” R. H. Kroeger, vice president, and Earl R. Cherry, assistant cashier of the Live Stock National Bank, Omaha, were convention registrants. It was South Dakota convention number one for Mr. Cherry, who recently became associated with the Omaha institution. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Charley Gossett, president of the Se curity National Bank, Sioux City, couldn’t be in Aberdeen and Annapolis on the same dates, so he decided to go to Annapolis where his son, Dick, graduated from the U. S. Naval Acad emy. It was the first South Dakota convention Mr. Gossett has missed in several years, but there will be other conventions in South Dakota and Dick could graduate from Annapolis only once. B. M. Wheelock, vice president of Security National, covered the Aber deen meeting. Bankers attending the convention were taken for a verbal look into the future with Howard Gramlich, agricul tural agent for the Northwestern Rail road, who said: “ In helping farmers plan for the future it would be well to also have in mind that certain obsta cles must be overcome. Basically, Mother Nature is not going to change appreciable. We will have spells of good years and a series of seasons in which rainfall does not come when needed. We will have an occasional early frost or a late spring. Let’s help encourage the production of crops which are best adapted to conditions as we find them in South Dakota. “By working together I believe the future of this great state will be mate rially enhanced. Teamwork always has won. It will win in the future. You bankers work through your state association in splendid, teamlike fash ion. You work with the farm folks and town business men of your com munities. You encourage the fullest of cooperation between town and farm folks and, above all, your association has always stood for a progressive agriculture such as that sponsored by your state agricultural college and the extension service which it maintains in the various counties.” In his address to the members, Pres ident Hayter reported the South Da kota Association in excellent condition in all departments—financially and in the many projects which it has brought to completion during the past year. Committees have functioned smoothly and well. Mr. Hayter estab lished what might be termed a prece dent at the Aberdeen meeting by hav ing all the sessions start on time—an objective sought by all association presidents, but attained by few. During an interval in one of the con vention sessions, bankers from numer ous sections of South Dakota were called upon to report crop and busi ness conditions in their community. These reports indicated the state has excellent crop prospects, but that there will be some shortage of livestock. It was thought, however, that with the ample moisture which the state is get ting, feed will be increased, and this will tend to bring cattle back into the localities where there is now a short age. Don Crouley, assistant vice presi dent of the Northwestern National Bank, Minneapolis, will graduate from Rutgers this year, as will also E. Schouweiler, cashier of the Bank of Veblen, at Veblen, South Dakota. Both were at the South Dakota convention, and both have made livestock the sub ject of their graduating thesis. Sub ject of the Crouley thesis is “Financing the Cattle Feeder,” and for Schou weiler, “National Economic Factors Affecting Livestock Prices.” Speaking on the Fifth War Loan, Carroll Lockhart, vice president of the First Citizens National Bank, said: “ I hope every South Dakota banker will make a prospect list of his customers having balances of $2,500 or over and make it a point to contact these cus tomers and sell them the amount of bonds which he feels they should buy, likewise, type of bonds the customer should own. Direct solicitations by the officers of a bank is the best way to sell bonds. The banker knows his customers and knows their capacity to purchase and are better able to do a selling job than strangers or ac quaintances.” Among resolutions presented by Ralph Watson, president of the North west Security National Bank, Sioux Falls, and adopted at the closing ses sion of the convention, was one to the effect that banks be permitted to ad just salaries on their own volition— the equalization of taxes—lower corpo ration taxes—elimination of govern ment subsidies—and to let the banks of the country meet postwar needs, and not have government interference in a job that the banks are so well able to do. N orthw estern Ranker July 19M- 48 > • SOUTH If you want a good job done in this war, let the infantry do it, believes Mark Wilson, vice president of the Live Stock National Bank, Sioux City. Mark, following his mustering out from World War One, has been a mem ber of the United States Infantry Asso ciation for the past 25 years. He thinks the infantry is the best part of any man’s army. The South Dakota convention to taled a registration of 210—not the largest on record, but very good dur ing war times. The sessions were well DAKOTA NEWS attended and those responsible for ar ranging the program should be proud of the caliber of the speakers—every one had a real message. Elected Assistant Manager Oscar E. Fristad of Huron, South Dakota, was elected assistant manager of the Huron branch of the National Bank of South Dakota. He assumed his new duties last month succeeding C. W. Davis, who expects soon to enter military service. Mr. Fristad has been a resident of STATEM EN T OF CONDITION N O R T H W E S T SECURI TY N A T I O N A L BANK of S i o u x Fal l s , South Dakot a “South Dakota s Leading Bank JUNE 30, 1944 • Huron since 1935 as farm manager in charge of Huron field office for the Mutual Benefit Life Insurance Com pany of Newark, New Jersey. Pre vious to this he was engaged in the banking business for 13 years and was an officer first of the Farmers State Bank at Storla and later of the First National Bank of Mt. Vernon. Name Herreid Bank Officers 4 'V Campbell County Bank, Herreid. South Dakota, which opened for busi ness recently, has elected as officers of the new institution: Joe Wolf, presi dent; H. P. Ochsner, vice president; Wm. Block, cashier; and Esther J. Werner, assistant cashier. The branch office of the Eureka State Bank, located at Herreid, discontinued business. Assistant Cashier Audrea Coughlin was elected second assistant cashier of the Peoples State Bank, De Smet, South Dakota, at the last monthly meeting of the board of directors. In the advancement she replaces Mrs. Boyd Haufie. < RESOURCES Cash on Hand, in Federal Reserve Bank, and Due from Banks and Bankers ..........................................................................................$ 7,059,923.70 U. S. Government O bligations.............................................................. 17,514,874.20 State and Municipal Bonds................................................................... 864,432.07 Other Bonds and Securities................................................................. 312,162.31 Sioux Falls News TOTAL ................................ $29,351,123.43 L IA B IL IT IE S Capital Stock— Common ........................................................................ $ Surplus ...................................................................................................... Undivided Profits and Reserves............................................................ 500,000.00 500,000.00 420,375.64 $ 1,420,375.64 Reserve for Interest, Taxes, and Other Expenses......................................... 70,402.70 Interest Collected but Not Earned...................................................................... 9,115.10 D eposits: Time .........................................................................................................$ 3,407,071.86 Demand .................................................................................................. 21,399,696.15 U. S. War L oan................................ 3,044,461.98 $27,851,229.99 TOTAL ........................................................................................................................ $29,351,123.43 BRANCHES A T BROOKINGS, CHAMBERLAIN, DELL RAPIDS, GREGORY, HURON, MADISON BAN KIN G F A C IL IT Y AT SIO U X FALLS ARMY AIR H. HAGEN of the Northwest Security National Bank staff was elected president of the Sioux Falls chapter, American Institute of Bank ing, when the board of governors of the organization held its annual busi ness meeting. Other officers named are Harriet. M. Owens, First National Bank and Trust Company, vice president; Marilyn Kruse, Northwest Security National Bank, secretary, and Loren T. Shoop, First National Bank and Trust Company, treasurer. Newly elected members of the board of gov ernors to serve three-year terms are Olive Frerichs of the First National Bank and Trust Company, L. H. Hagen and Adolph Lodmell of the Northwest Security National Bank. The course of study for the past year has been that of Fundamentals of Banking con ducted by B. C. Grangaard, assistant cashier of the National Bank of South Dakota. Local chapter delegate to the national organization’s war conference in St. Louis was Miss Christina Muel ler, Sioux Falls. j $25,751,392.28 Stock in Federal Reserve Bank in M inneapolis.............................................. 30,000.00 Overdrafts ............................................................................................................................ 1,985.82 Loans and Discounts................................................................................................ 3,166,201.33 Banking Houses .................................................................................................................. 310,500.00 Includes Banking Houses at Sioux Falls, Brookings, Chamberlain, Dell Rapids, Gregory, Huron and Madison, all clear of encumbrance. Interest Earned but Not Collected....................................................................... 91,044.00 FIEL D L. ■4 A Sioux Falls, S. D. FRED H. H OLLISTER Chairman R ALPH M. W A TSO N President U nited S ta tes D e p osita ry M em b er F ed era l D e p o sit In su ra n ce C orporation N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 1944 Sioux Falls bankers were cooperat ing to a greater extent than ever be fore as the Fifth War Loan drive, with a local goal of $5,300,000, opened. Ef forts were being made to reach the K 49 • SOUTH goal, highest ever assigned to the city, through an intensive, 10-day solicita tion campaign. C. A. Christopherson, president of the Union Savings Bank, continues to serve as executive man ager of the state war finance commit tee, and P. H. McDowell, vice president and trust officer of the Northwest Se curity National Bank, is regional co ordinator of the campaign. With the development of an acute manpower shortage in Sioux Falls, a community emergency committee has been established to work with the War Manpower Commission in seek ing means to alleviate the condition. Named to a sub-committee charged with financing whatever programs are approved was Ralph Watson, president of the Northwest Security National Bank. Tom S, Harkison, president of the National Bank of South Dakota, and Ralph Watson, president of the North west Security National Bank, are mem bers of an advance gifts committee responsible for raising 70 per cent of a $40,000 fund being sought in the Sioux Falls College New Development program. A division leader in the cam paign is W. E. Perrenoud, cashier of the First National Bank and Trust Company. When the South Dakota State Elks Association held its annual conven tion, delegates named P. H. McDowell, vice president and trust officer of the Northwest Security National Bank, to serve as trustee for two years. Among the delegates attending the annual convention of the South Dakota department, American Legion and Auxiliary, was Tom S. Harkison, presi dent of the National Bank of South Dakota. In his capacity as president of the Sioux Falls Chamber of Commerce, Ralph Watson, president of the North west Security National Bank, spoke at a ceremony commemorating the fif tieth anniversary of the founding of Sioux Valley Hospital. Watson also presided at a membership meeting of the Chamber of Commerce at which Herbert A. Hedges, Kansas City, presi dent of the National Association of Life Underwriters, warned of the dangers ahead in extension of federal social security. DAKOTA NE WS South Dakota, North Dakota, Iowa and Minnesota, was marked with a dinner meeting at the Chamber of Commerce. Among the guests of honor were T . N . Hayter, vice president of the First National Bank and Trust Company; Ralph Watson, president of the North west Security National Bank; C. A . Christopherson, president of the Union Savings Bank, and Tom S. Harkison, president of the National Bank of South Dakota. A new system of awards will be used • at the Sioux Empire fair late this sum mer. Outstanding exhibits will be di vided into blue, red and white ribbon classes. Cash awards will be divided among the blue and red ribbon holders, with the former receiving double the amount given the latter. Awards for heavier livestock will be twice those for the lighter divisions, which in turn will be twice those for other agricul tural exhibits. Treasurer of the Sioux Empire fair association is Frank J. Cinkle, cashier of the National Bank of South Dakota. The First National Bank of Chicago S ta te m e n t o f C o n d itio n J u n e 30, 1944 A S SETS .$ 411,714,357.10 Cash and Due from Banks, . United States Obligations—Direct and fully Guaranteed Unpledged, . . . . $541,826,750. 26 Pledged—To Secure Public Deposits and Deposits Subject to Federal Court Order, 587 680,348. 19 To Secure Trust Deposits, . . 29,561,236. 95 Under Trust Act of Illinois, . . 543,639. 30 1,159,611,974.70 94,362,972.29 Other Bonds and Securities, 405,730,237.01 Loans and Discounts, . . . . . 3,943,345.98 Real Estate (Bank Building), 3,000,000.00 Federal Reserve Bank Stock, 1,943,465.82 Customers’ Liability Account of Acceptances, 5,042,780.67 Interest Earned, not Collected, 411,638.32 Other Assets, . . . . . . $2,085,760,771.89 LIABILITIES $ 50,000,000.00 Capital Stock, . . . . 50,000,000.00 Surplus, . . . . . 1,192.920.55 Other Undivided Profits, 624.333.67 Discount Collected, but not Famed, 1,000,000.00 Dividends Declared, but Unpaid, 6,920,737.67 Reserve for Taxes, etc., 2,002.461 61 Liability Account of Acceptances, Time Deposits, . . . . $ 220,365,384-29 Demand Deposits, . . . 1,252,324,755.56 Deposits of Public Funds, . . 501,323,490.12 1,974,013,629.97 Liabilities other than those above stated, . . ._________ 6,688.42 $2,085,760,771.89 Organization of the Sioux Empire Shorthorn Club, with members in https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker July 1944 50 B a n k er s T rust C o m p a n y NEW YORK C O N D E N S E D S T A T E M E N T O F C O N D IT IO N , J U N E 30, 1944 A S S E T S C a sh an d D u e fr o m B a n k s . . $ . 3 0 4 ,8 7 9 ,8 9 8 .8 0 U . S. G o v e r n m e n t S ecu rities . . . 1 ,0 2 8 , 5 6 6 , 9 7 0 . 0 9 L o a n s an d B ills D is c o u n t e d . . 4 5 3 ,8 2 8 ,3 9 9 .9 0 State an d M u n ic ip a l S ecu rities . . 1 3 ,2 8 3 ,3 9 2 .9 6 . O th e r Secu rities an d In v e stm e n ts . 4 4 ,9 5 9 ,3 5 9 -6 6 R e a l Estate M o r t g a g e s .................... 5 4 8 ,4 3 4 .4 7 B a n k in g P r e m i s e s .............................. 1 5 ,7 0 8 ,0 7 5 .1 4 A c c r u e d In te re st an d A c c o u n ts R e c e i v a b l e ............................................. 4 ,8 8 5 ,4 7 3 .1 6 C u s t o m e r s ’ L ia b ility o n A c c e p t a n c e s ........................................ 4 6 6 ,2 2 3 .6 3 $ 1 ,8 6 7 ,1 2 6 ,2 2 7 .8 1 L I A B I L I T I C a p ita l . . . . $ 2 5 ,0 0 0 ,0 0 0 .0 0 Su rp lu s . . . . 7 5 ,0 0 0 ,0 0 0 .0 0 U n d iv id e d Profits 2 8 ,4 2 9 ,9 7 0 .5 1 D iv id e n d P a v a b l e ju l y 1 , 1 9 4 4 $ 1 2 8 ,4 2 9 ,9 7 0 .5 1 8 7 5 ,0 0 0 .0 0 D e p o s i t s ....................................................... A c c r u e d T a x e s , In te re st, etc. E S . . 1 ,7 3 1 ,2 8 4 ,7 2 0 .3 3 5 ,3 3 8 ,3 9 4 .8 3 A c c e p ta n c e s O u t s t a n d in g . . $ 4 9 7 ,0 7 8 .3 2 L e ss A m o u n t in P o r t fo lio . 2 3 4 .6 1 O t h e r L i a b i l i t i e s ................................... 4 9 6 ,8 4 3 .7 1 7 0 1 ,2 9 8 .4 3 $ 1 ,8 6 7 ,1 2 6 ,2 2 7 .8 1 Securities in the above statement are carriec in accordance with the method described in the annual report to stockholders, dated January 13, 1944. Assets carried at $566,399,921.20 have been deposited to secure deposits, including $543,458,592.87 of United States Government deposits, and for other purposes. N orthw estern B anker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis First South Dakota county to ex ceed its quota in the First War Loan drive, and possibly the first in the nation, was Gregory county, which a few years ago was stricken by drought, grasshoppers and dust storms. In a drive conducted by 4-H club members, based on bond auctions and personal solicitation, the county had exceeded its $378,000 quota by $1,000 on June 8th, when the campaign officially op ened. The drive was engineered by H. E. McKee, vice president and man ager of the Gregory branch, Northwest Security National Bank, and L. L. Lillibridge, president of the Burke State Bank. At a conference for the study of South Dakota’s rural industrial de velopment, scheduled at Huron on June 24th, one of the panel speakers was Carl Odegaard, manager of the Huron branch of the Northwest Secur ity National Bank. Another speaker was Wilbur H. Thompson of the Bank of Cooperatives, Omaha, who discussed experiences in financing small indus tries. Nationwide publicity for the Fifth War Loan drive was the result of a publicity stunt engineered by C. A. Christopherson, executive manager of the South Dakota War Savings staff and president of the Union Savings Bank, Sioux Falls, and Dr. O. Charles Ericksen, Sioux Falls. Erickson purchased eight war bonds, issued by Christopherson and made out to leaders of enemy countries. The catch was that Erickson made the bonds payable to himself upon the death of the enemy leaders. Thus in effect he wagered that he would out live each and every one of them. Bonds were issued to Adolf Hitler, Berchtesgaden, Germany; Benito Mus solini, address unknown; Pierre Laval, Vichy, France; Heinriek Himmler, Gestapo headquarters, Berlin; Paul Goebbels, Berlin; Vidkun Quisling, Oslo, Norway, and Heidike To.jo, Tokyo, Japan. “Our troops are moving in on the world gangsters from many fronts and the Fifth War Loan drive is going to carry the boys to their objective,” Ericksen commented. “ I’m not going to lose on my investment.” Although the treasury department pointed out that regulations prohibit the listing of enemy aliens as co-own ers, Erickson was still awaiting word of revocation of the bonds at this writ ing. Member o f the Federal Deposit Insurance Corporation Painful Death A recruit was overheard saying in his sleep: “ Don’t kill Hitler at once. Make him finish basic training first.” July 1944 51 National Bank Examiner ★ ★ ★ A. C. I D S V 0 0 G President Grafton L. O. Peterson, who has managed a nursery at Hankinson, North Dakota, for many years, last month accepted a position as national bank examiner. He will stay at Hankinson. NORTH DAKOTA Redecorate Bank ★ ★ if NEWS C. C. W ATT AM Secretary Fargo The North Dakota Convention (Continued from page 20) posits in state banks were $14,500,000, while last year state banks, and prob ably fewer of them, had deposits of $162,000,000. Total deposits last year for both state and national banks in North Dakota were around $300,000,000. Postwar prices, the speaker said, will probably not be as high at pres ent, and bankers must be prepared for the problems lower prices will bring. In 1943 the average cash income per North Dakota farm was $5,870, accord ing to Fred Irish, reporting as chair man of the agricultural committee. The state has 73,962 farms, averaging 513 acres each. North Dakota was first in the United States in wheat produc tion last year, with 154,156,000 bushels; first in barley, with 63,648,000 bushels; flax was second in the country, with 15,052,000 bushels, and rye production was third, with 4,014,000; bourbon, ac cording to Fred remained unreported. North Dakota produced another United States first in certified seed potatoes, with 5,084,342 bushels, and the total number of livestock in the state was the largest in history. No wonder North Dakota was awarded the ABA rating of “1000 Plus.” Pat O’Brien, RFC, Minneapolis, has a greeting which is always good for a laugh, especially during the social hour at any convention. Pat says, “ How are you (pause), you liar?” and, after a brief look of blankness on the face of the greeted, laughter reigns. With lend-lease out of the picture, and foreign nations back on a program of food production, the time is coming when the American farmer will have the domestic market as his principal outlet, according to O. B. Jesness, chief of the division of agricultural econom ics of the University of Minnesota, a North Dakota convention speaker. This will put agricultural production badly out of balance for a. time, depending https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis on how rapidly we convert to peace time wants and needs of our people. Mr. Jesness says we need not be afraid of “wants”—“the problem is one of directing our production in such a way that we will maintain the highest pos sible satisfaction of wants.” B. E. Groom, secretary of the Greater North Dakota Association, discussed plans on how to help the 10,000 men from North Dakota farms who are now in the service of our armed forces, get established when they return to civil ian life. His association has already conducted an exhaustive survey, and has reports from several hundred serv ice men, both married and single, as to their desires regarding returning to farms after the war. The association, according to Mr. Groom, is approach ing the problem along three lines— determine what lands are available and suitable—what land is actually wanted —and to undertake a program that would establish usable farm credit for service men in buying farms, or in the matter of obtaining equipment. This North Dakota project is creating na tion-wide interest, and inquiries have come to Mr. Groom from many other states and Washington in an effort to adopt the plan to other areas. Following the close of the afternoon and final session, a number of bankers from out in the state remained in Fargo to attend the Shrine outdoor circus, held in the field house of the agricultural college. Appointed New Director Simeon Grenier of Dunseith, North Dakota, was recently appointed as a new director of the Security State Bank there. Mr. Grenier is a farmer and cattleman who has lived many years in the community. W. E. Hosmer is president of the bank and W. P. Campbell, cashier. The Security State Bank of New Salem, North Dakota, has completely changed the interior of the building. The old, tall partitions have been cut down and rearranged, and with other redecoration New Salem will have a modern designed bank. Resigns After 27 Years Charles L. Hawley, who has been employed at the First National Bank of Minot for 27 years, more than 25 of which he was teller, resigned to take a position as accountant with the Minot Federal Savings and Loan Asso ciation, of which A. M. Christensen is president, and E. A. Shirley, secretary. Starting as messenger boy, Mr. Hawley’s first job after leaving Minot high school was with the First Na tional Bank. Modernized The First National Bank in Bot tineau, North Dakota, recently has taken down the old cages and fixtures and in their place new modern fixtures have been installed, giving the bank a fine looking appearance. Change of Address The North Dakota Bankers Associa tion office at Fargo, North Dakota, has been moved from 55% Broadway to the third floor of the Edwards Block, across the street. Post Office Box 1389 still catches your mail, however. Changes Banks The board of directors of the Liberty National Bank, Dickinson, North Da kota, have announced that M. J. Raschko entered the employ of the bank in an official capacity recently. Mr. Raschko was president of the Farmers State Bank there which started a voluntary liquidation pro cedure recently. Station at Page North Dakota’s state banking board last month granted the First State Bank of Hope, North Dakota, permis sion to establish and operate a paying and receiving station at Page. Devils Lake Banker Dies A. W. Omdahl, 54, cashier of the Ramsey County National Bank of Devil’s Lake, North Dakota, and forNorthwestern Banker July 19H 52 > • NORTH mer Starkweather businessman, died at his home last month after an illness of nearly four months. Born at Galesburg, North Dakota, he first came to Devil’s Lake in 1908 as an employe of the Farmers Grain and Shipping Company. With the or ganization of the Farmers Bank of Starkweather in 1919, he was elected cashier of that institution, a position which he held until 1935, when he re turned to Devil’s Lake as cashier of the Ramsey County National, a posi tion he held until the time of his death. DAKOTA Approve Capital Increases North Dakota’s state banking board has approved increases of capital for six North Dakota banks. They are: First State Bank of Hope, $20,000 to $25,000. Northwestern Bank of Langdon, $15,000 to $25,000. Citizens State Bank of Lankin, $15,000 to $25,000. Citizens State Bank of Mohall, $15,000 to $25,000. Rollette County Bank of Rolla, $15,000 to $25,000. AMERICAN NATIONAL BANK AND T R U S T C O M P A N Y OF CH ICAG O LA S A L L E ST R E ET 41 AT W A S H I N G T O N -------------------------tlâir---------------------------M e m b e r F e d e r a l D e p o s it 1©* |I15k I n s u r a n c e C o r p o ra tio n SB0 STATEM ENT AT THE CLOSE OF NE WS JUNE .TO, 1 9 4 4 It E S O U I I C E S $ 3 4,9 3 3,4 0 8.31 Cash and due from b a n k s ................................ direct U nited States G overn m en t obligations and fully guaranteed 8 2 ,5 1 3 ,5 8 1 .8 8 M u n icip al and other m arketable securities 1 4 ,2 9 8 ,5 9 0 .6 4 Loans and discounts ............................................. 3 7 ,3 3 3 ,8 3 8 .9 0 Federal Reserve Bank s t o c k .......................... 1 50 ,0 0 0 .0 0 . 4 6 .4 0 0.6 2 Accrued interest r e c e i v a b l e .......................... 3 8 5 ,1 8 2 .4 5 Custom ers’ liability on acceptances . . First International Bank of Watford City, $15,000 to $25,000. The board also approved the appli cation of the Farmers State Bank of Crosby for renewal of its corporate existence for a period of 25 years from August 4, 1944. > Business Is Good For all parts of Montana, the Da kotas, Minnesota, Northern Wisconsin and Upper Michigan, May debit totals reported by banks measured 4 per cent above May of 1943, and the increase in volume for the five months of 1944 over the same period in 1943 was 14 per cent. The volume of bank debits in May, 1944, for Grand Forks, North Dakota, indicates that business activity was 54 per cent above the same month last year, while figures for this year to date show a 41 per cent increase when com pared with the January through May period of 1943. Death Takes Fargo Banker OF C O N D IT IO N B U S IN E S S • Real estate o w n e d ............................................. 1.00 Other a s s e t s .......................................................... 8 5 ,1 0 0.8 9 $ 1 6 9 ,7 4 6 ,1 0 4 .6 9 L IA B IL IT IE S Capital s t o c k ...................................................................... $ 2,000,000.00 S u r p l u s ................................................................................... 3 ,0 0 0 ,0 0 0 .0 0 U ndivided p r o f i t s .......................................................... 7 0 8 ,1 04 .1 6 Reserve for taxes, interest, contingencies, etc. . 9 1 6 ,8 3 3 .6 3 Unearned d i s c o u n t .......................................................... 3 3 2 ,3 0 8 .5 2 L iability on a c c e p t a n c e s ............................................. 4 6 .4 0 0.6 2 Newton A. Lewis, 89, founder and for many years operator of the Lewis Vidger Wholesale Company, later con solidated with the Nash-Finch organi zation, died at his home in Daytona Beach, Florida. Mr. Lewis was one of the founders of the Merchants Na tional Bank of Fargo, and served on the board of directors until his death. 4 Dakota Bank Director Announcement was made in Bis marck, North Dakota, recently, by F. B. Heath, president of the board of directors of the Dakota National Bank, of the election of W. W. Whitson to the board at a special meeting. The board now has its authorized number of members. Whitson is president of the Bismarck Bakery Company and has interests in bakeries throughout the state. He is a native of Valley City. Fargo N ews D eposits : A D e m a n d .......................................$ 1 3 1 ,3 9 7 ,3 1 7 .2 0 U nited States G overnm ent . 4 ,8 6 5 .4 8 S a v i n g s ................................ 9 ,0 9 1 ,0 3 9 .4 7 Other public funds . . Other tim e deposits RADLEY C. MARKS of Fargo, pres B 2 2 ,2 1 9 ,2 3 5 .6 1 30,0 0 0.0 0 1 6 2 ,7 4 2 ,4 5 7 .7 6 $ 1 6 9 ,7 4 6 ,1 04 .6 9 United States Government obligations and other securities carried at $38,673,784.92 are pledged to secure public and trust deposits and fo r other purposes as required or permitted by law. N orthw estern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July IQbb ident of the North Dakota grand lodge of the Ancient Order of United Workmen, was elected a member of the board of directors of the First Na tional Bank and Trust Company of Fargo at the June meeting of the board. Mr. Marks, prominent in financial and fraternal circles, is a native of Kansas and has been a resident of r 53 North Dakota 45 years. In addition to being president and chairman of the board of the AOUW, he is president of the First Federal Savings and Loan of Fargo and a director of the Northern States Power Company. He is a past president of the National Fraternal Congress of America, a char ter member of the Fargo Kiwanis Club and a member of the Chamber of Com merce. He served 10 years as a mem ber of the Fargo Board of Education and is a former president of the Fargo Y. M. C. A. Since he became AOUW president in 1915 there have been 14 state AOUW organizations affiliated with the North Dakota jurisdiction. George W. Mace of Campbell, Minne sota, one of the earliest pioneers of Wilkin county and a pioneer banker, died in St. Francis Hospital, Breckenridge, following a stroke. He would have been 90 on July 9th. In 1900 he organized the Farmers State Bank at Tintah, Minnesota, and was its president many years. In 1910 he moved to Campbell and in 1915 be came vice president of the First Na tional Bank, serving in that capacity until 1923. He served six years as mayor of Campbell and also served many years on the school board. He was an officer of the Farmers Elevator Company and the Tintah Telephone Company. In the First World War he was chairman of the south Wilkin county Liberty Loan Drive. He was a member of the Masonic Lodge at Campbell and of the Scottish Rite bodies at Fargo, North Dakota. Ma sonic funeral services were conducted at Campbell. I S prompt, efficient collection of W isconsin checks and drafts im portant to you? D o you ever need first-hand facts about sources o f supply in W isconsin? . . . credit information? . . . market data? . . . who’s who? W hatever your requirements — routine bank F . A . I r is h of Fargo, president of the First National Bank and Trust Com pany, was appointed a member of the United States Chamb.er of Commerce agricultural committee by Eric John ston, president, just before Mr. John ston left on his trip to Russia. Mr. Irish was notified of the appointment by Ralph Bradford, general manager. Mr. Irish was a director of the na tional body in the eighth election dis trict, comprising North and South Da kota, Minnesota and Nebraska, for three years. This post is now held by F . L . C o n k lin of Bismarck, North Dakota. J. A . G r a h a m of Bismarck, chairman of the North Dakota State Banking Board, announced that at a special meeting of the board held at Bismarck recently, the following action was taken: A hearing was held on the applica tion of the proposed Fordville State Bank of Fordville, North Dakota, and the application was denied. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ing service, special information, or off-the-beatenpath assistance — the chances are that the facil ities, long experience and statewide contacts of the First W isconsin National Bank o f Milwaukee can supply the answer. This bank is the largest in the state . . . 25th in size among all banks in America . . . and over 85 per cent o f the hundreds o f banks throughout W isconsin are First W isconsin correspondents. B a n k s a n d B a n k e r s D iv isio n GE O R G E T . CA M P BE LL - V ice-P resid en t R IC H A R D J. LA W L E SS . . . A ssistan t V ice-P resid en t DONALD . . . A ssistant V ice-P resid en t A . HARPER * M em b er o f <» the F e d e ra l D ep osit In su ra n ce C o rp o ra tio n N orthw estern Banker J u l y tQh-k 54 o 8 %: 8 r y S \& B O A S e U N N E R a K V r s D IN G IC E STATEMENT, JUNE 30, 1944 RESOURCES Cash and Due from Banks.................................................. $20,791,716.76 U. S. Government Obligations....................$45,774,993.07 2,673,781.48 48,448,774.55 Municipal and Other Bonds...................... Loans and Discounts............................................................. 6,064,474.82 Bank Premises ........................................................................ 720,000.00 Stock in Federal Reserve Bank.......................................... 75,000.00 Other Assets ............................................................................ 224,566.97 $76,324,533.10 LIABILITIES Deposits .................................................................................. $73,129,904.94 Capital S t o c k ................................................... $1,100,000.00 Surplus ............................................................. 1,400,000.00 Undivided Profits and Reserves.................. 585,143.03 3,085,143.03 Other Liabilities ............................................................... 109,485.13 $76,324,533.10 DIRECTORS V 5thwar loan LINN P. CAMPBELL, President Byron Reed Company, Inc. SAMUEL L. CO O PER President Orchard & Wilhelm Company EDWIN A. DUFF _. V. IU EDWARD FLYNN, Executive Vice President. Chicago, Burlington 6? Quincy Railroad Co. RUSSELL J. HOPLEY, President Horthwestern Bell Telephone Co. JO H N W. H UGH ES, President Guarantee Mutual Life Company GLENN E. JEN N IN GS, President Wright & Wilhelmv Company ARTHUR A. LOWMAN E. M_ MORSMAN, JR., Attorney ROY PAGE, Vice Pres, and Gen. Mgr. Nebraska Power Company u c . . ov . .. DICDD„ MT _ HENRY W. PIERPONT, President Standard Oil Company of Nebraska ABRAHAM L, REED, Chairman of the Bo<ird. Byron Reed Company. Inc. u a d d y c pern p j . HARRY F. REED, President c, , ELLSWORTH MOSER, Executive Vice President HERBERT M. BUSH NELL, President U N IT E D S T A T E S ffaiional B A N K of Omaha J MEMBER FDIC Northwestern Banker July Í.944 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banker Passes Away W. L. Evans, 73, former Nemaha county school superintendent, who has been associated with the banks at Verdon and Shubert, Nebraska, died in Falls City last month. NEBRASKA NEWS R. I. STOUT President Tekamah Burchard Banker Dies President of the State Bank of Burch ard, Nebraska, C. A. Yarpe, 76, passed away last month. He had been presi dent of the bank for the past 12 years. Son Takes Over Herman Holsten, president of the Farmers State Bank of Dodge, Ne braska, while still retaining his stock ownership and the position of presi dent, has been forced by health to give up the active management of the insti tution. In addition to his banking duties, he was actively engaged in farming and livestock feeding. Mr. Holsten was one of the original incor porators of the bank on March 1, 1899. His son. Richard H. Holsten, cashier of the bank, has assumed active charge. He, too, is farming and feeding live stock. Cashier Holsten announces that the bank deposits have increased 34 per cent since the December, 1943, call. In the Navy W M. B. HUGHES Secretary Omaha closer and broader banker cooperation with 4-H activities. Arrangements have been completed for a working combi nation of bankers and county agents in nearly all of the counties in the state, so that the 4-H Club work in 1944 will not lack for leadership or adequate financial support. Already bankers in most counties have renewed their prac tice of furnishing 4-H Club leaders with paid-up subscriptions to the Na tional 4-H Club N ew s. Chairman Mc Bride also notes an increase of the practice of financing boys and girls, totally on their own responsibility, to raise, feed and market their own hogs and cattle. This practice, first tested on a small scale several years ago, proved so practical and so popular that it has now grown into a customary service. Boys and girls are encour aged to go to the banks for the money they need to raise their own livestock and to meet their obligations when they market their stock. William L. Wilson, president of the Nebraska City National Bank, Nebras ka City, Nebraska, reported at Fort MacDonough, Plattsburg, New York, for indoctrination into the United State Navy as a lieutenant (j.g.) on June 30th. He is 35 years old, is married and has two children. Lions Club Director John Lauritzen of the First National Bank of Omaha was just elected to the board of directors of the Omaha Lions Club for the year 1944-45. Clerk Resigns Florence Anderson, clerk at the Citi zens State Bank, Polk, Nebraska, for the past thirteen years, has resigned her position with that institution and will leave soon for Washington, D. C., where she will be employed by the civil service commission. Doris Binford will be the new clerk at the bank. Helps During Vacation Maxine Swanson is holding a posi tion at the Commercial State Bank, Wausa, Nebraska, during the summer vacation. Banker Buys Home Ralph Misko, former president of the First National Bank of Ord, Ne braska, and now with the First Nation al Bank of Omaha, has just purchased a brick home in the Country Club edi tion in Omaha, along with complete rooms of new furniture. W ins First in NVindow Display An Omaha Director James Allen, Sr., of Valley, Nebras ka, prominent farmer and livestock feeder, has been appointed to the board of directors of the Stock Yards National Bank in Omaha, W. A. Sawtell. president, announced last month. Training Young Farmers To stimulate the program of 4-H Club work this year so that it may take a more prominent place in realistic postwar planning, bankers of Nebras ka have been contacted during the past month by Edgar McBride, chairman of the agricultural committee of the Ne braska Bankers Association. Plans are already being laid for a https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D uring the F ifth W ar L oan drive in Omaha, the W orld-Herald and the A ssocia ted R etailers sponsored a contest fo r the best w in dow display designed to assist in the sale o f W ar Bonds. W in ner o f first prize was the F irst N ational Bank o f Omaha, w ith the display pictu red above. Northwestern Banker July Í944 56 Junior News T he From the Nebraska Junior Bankers Association N e w Y o r k T rust John Lauritzen, Editor Com pany Capital Funds . $45,000,000 IO O B R O A D W A Y M A D IS O N AND Walter H. Hartman, assistant cash ier of the First National Bank of Ful lerton, Nebraska, has been serving with the Navy for the past two and one-half years. He has a first class petty officer rating, and is aboard the U.S.S. Hamul. AVENUE 40T H STREET TEN R OCK EFELLER PLAZA ★ BUY W AR The First National Bank of Fuller ton, Nebraska, has altered their meth od of service charges. They now charge each account 50 cents, plus a 3 cent charge for each ledger entry, checks and deposits, and 15 cents for each check that increases an over draft. Then there is a credit of 10 cents per hundred on the minimum balance for the month. Margaret Russell, assistant cashier of the First National Bank of Fuller ton, Nebraska, is treasurer of the Nance County American Red Cross. BONDS M em ber of the Federal Deposit Insurance Corporation J. M. Brower, president of the Ful lerton National Bank of Fullerton, F ir s t N a t i o n a l B a n k Of Saint Joseph, Missouri Statement of Condition at the Close of Business June 30, 1944 R ESO U R CES Cash and Sight Exchange................................................$ 9,111,063.89 U. S. Government Obligations, Direct and Fully Guaranteed .................................. 11,963,663.48 Other Bonds and Securities.............................................. 1,708,931.53 Capital Stock in Federal Reserve Bank_____ _______ 25,500.00 Loans and Discounts.................................................. 3,078,441.99 Bank Building, Real Estate and Other Resources.... 125,487.40 Total .......................................................... $26,013,088.29 L IA B IL IT IE S Capital ............................................................................... $ 500,000.00 Surplus and Undivided Profits........... 555,234.84 Reserves ...................................................................... 25,029.87 Deposits ..... 24,932,823.58 Nebraska, is in charge of the Nance county Fifth War Loan Drive. Captain Charles H. Wiggenhorn, vice president of the Farmers and Merchants National Bank of Ashland, Nebraska, is serving with the Tank Corps in North Ireland. AV. E. Harnsberger, vice president of the Farmers and Merchants Na tional Bank, is serving as the chair man of the Fifth Bond Drive for the school district of Ashland, Nebraska. Edwin A. Frieke, president of the Farmers and Merchants National Bank at Ashland, Nebraska, has served as co-chairman in the past War Loan Drive. Mr. Frieke has just retired as president of the Ashland, Nebraska, school board. The capital at the Bank of Brainard, Brainard, Nebraska, has increased from $15,000 to $16,500. Along with the other Butler county banks, the Bank of Brainard has al tered checking a c c o u n t service charges, beginning July 1, 1944. The new charges will be 3 cents for each check drawn, plus 50 cents charge on $100 or less minimum balance. There will be no balance credit or no charge for deposit entries. Faye White, who has been with the Bank of Bennington for the past four years, is leaving next month to go to Illinois. Lorrene Logemann is taking her place. The Bank of Bennington, Benning ton, Nebraska, is another institution that has made a change in their meth od of figuring service charges on checking accounts. They now use a minimum balance instead of the aver age balance. Mrs. Edgar Burgett recently entered the employ of the Beatrice State Bank. Her husband, Lt. Burgett, is now on overseas duty. E. C. Austin of the Beatrice Nation al Bank, Beatrice, Nebraska, is again heading up the War Loan Drive as county chairman. R. W. Trefz, presi dent of the Beatrice State Bank, is chairman for the city of Beatrice. How well these men have been doing their job is indicated by the fact that Gage county was the high ranking county in the state of Nebraska for the Fourth War Loan Drive. Total ............... .................................................................. $26,013,088.29 United States Government Bonds in the amount of $3,019,836.03 are pledged to secure Public Deposits as required by law. Y O U R STATE B A N K ER S A S S O C IA T IO N O F F IC IA L S A F E , V A U L T A N D TIM ELO C K EXPERTS Member of Federal Deposit Insurance Corporation F. E. DAVENPORT & CO. OM AHA Northwestern Banker July 1944 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 57 & Company, Inc., and Lehman Broth ers, all of New York. An average interest rate 2.326 per cent was submitted by a second unsuc cessful syndicate of financial firms headed by Halsey, Stuart & Company, John Nuveen Company, and Blair & Company, also of New York. Charles D. Saunders, vice president of the First National Bank of Omaha, was elected vice president of the Oma ha Chamber of Commerce at the an nual meeting and thus became in line for the presidency next year. D. B. Woodyard, store manager, was elected president. Saunders also is a member of the dent; Stanley Matzke, Seward, third Jo h n s o n , president of the Live Stock National Bank of vice president, and Leslie E. Martin, Omaha, secretary-treasurer. Omaha, was renamed a director of the Omaha Better Business Bureau at the The 62 Nebraska savings and loan annual meeting. Harry A. Koch was groups, with combined assets of $65,re-elected president. Clarence Landen 000,000, have set a War Savings Bond also was renamed a director. quota of $2,225,000, and also will sell $1,125,000 worth during the present W. Dale Clark, president of the Oma drive. ha National Bank, was one of the speakers at a breakfast and re-dedicaConsumers Public Power district of tion service at the Omaha Y. M. C. A. Columbus, Nebraska, will save $5,988,to observe the centennial of the found 878 in interest charges on $41,533,000 ing of the international organization. worth of outstanding bonds as the re Lem T. Jones of Kansas City gave the sult of a refunding program approved address. by directors, General Manager V. M. Johnson said. John F. Scott, St. Paul, Minnesota, Assuming that all bonds run to ma president of the United States Savings and Loan League, urged members of turity and figuring costs of refunding negotiations, Johnson said the net sav the Nebraska Savings and L o a n League, at its annual convention in ing to the district, over the life of the Omaha, to “accept all the money of bonds, will total $4,417,712. fered by the public.” The entire bond debt of the district is being refunded under the best bid, Will Rowe, Fremont, was elected president of the Nebraska group, suc with average interest of 2.178 per cent, ceeding Phil Hockenberger, Columbus. submitted by a syndicate of 60 financial Others named are: C. E. Grundy, firms headed by Smith, Barney & Com Grand Island, first vice president; L. C. pany; Blyth & Company, Inc.; First Crittenden, Beatrice, second vice presi Boston Corporation; Harriman, Ripley l v in e . A CH AR LES D. SAU N D ER S Recently Named Vice President of the Omaha Chamber of Commerce | ■ executive committee. Born in Council Bluffs, he came to Omaha in 1929. He served as a chamber director two years and was treasurer last year. Ac tive in Community Chest and Red Cross campaigns, he also was chair man of the Douglas .county ration f i r s t National I B a n k o i Omaha https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Oldest National Bank From Omaha West Member Federal Deposit Insurance Corporation N orthw estern Banker July Î9JJ 58 • NEBRASKA board for nearly two years. A gradu ate of Northwestern University in 1922, he served in the First World War and is a member of the American Legion. N E WS F. J. Enerson, 62, vice president of the Stock Yards National Bank of Omaha, died of a heart attack while at the bank. Your F oreign Business in 1950 As part of your postwar planning, be sure your Foreign De partment has the contacts which will enable it to deliver the “ stepped-up” service your customers will expect. Even now, The Continental, through its correspondents in South America and abroad, can help you lay a solid ground work for the future. Frederick E. Hasler Chairman of the Board James A. Jackson President The CONTINENTAL BANK & TRUST * Enerson had been with the bank for 42 years, starting as a clerk, and had been vice president for 20 years. He is survived by his wife; son, Wil liam, Los Angeles, California, and a daughter, Miss Wilma, Valentine, Ne braska. Eight years before maturity, all out standing bonds of the Eppley Hotels Company were called in for redemp tion at par, plus interest to July 1, 1944, President Eugene C. Eppley an nounced. This is one of the first bond issues of the preponderant number of hotels that were in serious difficulty in the deep depression—an estimated 96 per cent of all hotels went through the financial wringer-—to be paid off in full, Eppley said. There is no refinancing of any kind in connection with the re tirement, he said. Gordon E. Anderson of Red Oak has been added to the board of directors of the Stock Yards National Bank at Oma ha, President W . A. Sawtell announced, COMPANY o f NEW YORK 30 BROAD STREET, NEW YORK MEM BER FEDERAL D E P O S IT IN S U R A N C E A. J. “Jack” Rhodes of the Omaha National Bank has been elected presi dent of the Associated Retail Credit Grantors of Omaha. C O R P O R A T IO N Send Us \ our Grain D rafts Let us collect your grain drafts and handle your transit items and O F F IC E R S livestock FRAZER L. FORD President J. A . GREENFIELD, JR. Vice President HARRY H. MOHLER Vice President t. j. M cCu l l o u g h Cashier M. E. BLANCHARD Assistant Cashier proceeds on the St, Joseph market. Our organization is experienced in every requirement of inter-bank relations and alive to the emer gency demands of war. Write us today. First St. «losppli STOCK YA R D S B A N K South St. Joseph, Mo. N orthw estern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A deed to the Y. W. C. A. residence, Scottish Rite Foundation, was pre sented as an outright gift to the Omaha Y. W. C. A. at its fifty-first annual meeting in Omaha. The residence oc cupies 200 feet of ground on Cass Street, 132 on Twenty-first Street, and contains approximately 50 rooms. The deed was presented by J. R. Cain of the Omaha National Bank, as president of the board of trustees of the Cathedral Association. “ O n ly B ank in the Y ard s” Member Federal Deposit Insurance Corporation July 19hh Elected to the Omaha Junior Cham ber of Commerce board of directors were Louis Barta, Live Stock National Bank; Paul Kupfer, Omaha Loan and Building Association; John Lauritzen, First National Bank, and William Bor ing, Byron Reed Company. Carl A. Falk, president of Buffett & Company, Omaha investment bankers, was elected president of the Omaha Noonday Club recently. Oscar N. Young, attorney for the Federal Inter mediate Credit Bank of Omaha, is vice president. Thomas E. Gledhill, 89 of Papillion, Nebraska, director of the Live Stock National Bank of Omaha since 1907, when he helped organize it, died re cently. 59 the surplus account, it should properly be considered the same as surplus.” Vehemently defending his stand re garding compulsory purchase of War Bonds, Emil E. Placek, Wahoo banker and former chairman of the Saunders county war bond committee, declared in Lincoln he favors conscription of industry, labor and money and is op posed to making exceptions for “cer tain religious sects, such as those which sell literature on street corners and would inject treason into our serv icemen.” Placek, explaining at the Knife and Fork Club the action for which he drew a rebuke from the treasury de partment, related, “The only thing I HE county board of equalization in said was that I was going to hand a Lincoln added $400,000 of reserve list of those who didn’t buy bonds to funds to the valuation of the Nationalthe ration board and draft board. Bank of Commerce, for assessment We have farmers in my county who purposes. The decision of the board haven’t bought a single $18.75 bond was unanimous, and increases the and yet they threatened to quit farm bank’s stock valuation to $1,212,654. It ing when their applications for a new cultivator or tractor were turned was $812,654. down. The action of the board was the re “Those are the things which kind of sult of lengthy discussions with state burn you up,” Placek asserted. “ And taxation authorities, representatives when I ask someone to buy and he of banks, and the county attorney’s wants to know what I was getting out office. The resolution adopted said of it, I feel like parting his hair with that the board had considered all fac a damned two-by-four. tors involved before setting the value “ That was the fight and if I was of each share of stock at $346.47. wrong I am going to stay wrong,” he The bank originally set up $500,000 declared. in reserve for contingent losses on bonds. The board reduced the reserve A Banker 25 Years $100,000, which the bank stated was The Security Home Bank of Malmo, reserved for payment of taxes, and Nebraska, has issued a little bulletin added the remaining $400,000 to the which contains the pictures of Gus original declaration of the bank. Houfek, cashier, in uniform in 1919 Subject to .008 mills taxation the board’s action increased the bank’s tax payment $3,200 and boosted the total to $9,701. T Nebraska Assistant Attorney Gen eral Edwin Vail, asked by the tax com missioner to interpret section 77-702 of the statutes of 1941 as amended by the recent legislature held that the amount invested as shown by the rec ords of a bank means the amount of the bank’s capital which is actually at the present time invested in the prop erty. Whether reserves should be gov erned by surplus, the opinion holds should be governed by this rule: “ If the item, were it not for the special reserve setup, would otherwise go into BANKS Bought and Sold Confidentially and with becoming dignity BANK EMPLOYEES PLACED. 39 Years Satisfactory Service and in business dress in 1944. He started with the bank March 12, 1919, and has served them for 25 years. A picture of Emil Barry, the president, and Mrs. Amy Houfek, assistant cash ier, are also on the folder. Mrs. Hou fek is the wife of Cashier Houfek and his co-worker. There are no other em ployes. The Houfeks are the parents of one son, William H. Houfek, now in the armed forces with the medical depart ment at Camp Carson, Colorado. Promoted in California George Lenhard, Ashland, Nebraska, has had a very fine promotion recent ly. He has been elected assistant cash ier and manager of the Bank of El Centro, California. He was assistant cashier of the Ashland State Bank, and city clerk. Elected Club President John G. Hohl, president of the Wa hoo State Bank, Wahoo, Nebraska, is the newly elected president of the Wahoo Lions Club. Replaces Cashier Walter L. Good severed his connec tions with the Bank of Chadron, Chadron, Nebraska, last month. S. H. McGown succeeds Mr. Good as cashier and managing officer of the Bank of Chadron. He comes to Chad ron from the Guardian State Bank at Alliance. Mr. Good was connected with the First National Bank for ten years and organized the Bank of Chadron, Feb ruary 1, 1941. Since that time he has served as cashier and managing officer. Our correspondent service is adapted to fit your special n e e d s in N e b r a s k a 's capital city. (O N T IN E N T A L |S|a TIONAL B a/ k LIN C O LN Member Federal Deposit Insurance Corporation THE CHARLES E. WALTERS CO. OMAHA, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NEBRASKA N orthw estern Banker July 1944 60 L IV E S T O C K N A T IO N A L B A N K - - OM AHA Statement of Condition, June 30, 1944 LIABILITIES RESOURCES $ 7,828,674.71 Loans and Discounts 1,000,000.00 45,000.00 Undivided Profits 234,945.55 Reserved for Taxes, Bond Amortization and Contingencies 477,153.12 1.00 None Other Real Estate Interest Accrued on Government Securities, etc. 168,294.82 U. S. Government Securities $34,944,545.12 N orthw estern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 500,000.00 Surplus (Earned) Banking House and Fixtures Cash and Sight Exchange $ 1,806.80 Bonds and Other Securities Stock in Federal Reserve Bank Capital Stock (Common) Unearned Discount 2,558.38 Dividends Payable June 30, 1944 7,500.00 Deposits 18,873,775.52 59,639,940.92 53,818,320.64 ' $61,862,097.97 $61,862,097.97 OFFICERS AND DIRECTORS ALVIN E. JOHNSON President HENRY C. KARPF R. H. KROEGER Vice President Vice President PAUL HANSEN Vice President and Cashier W . DEAN VOGEL H. H. ECHTERMEYER Vice President Vice President L. V. PULLIAM C. G. PEARSON Asst. Cashier Asst. Cashier EARL R. CHERRY TOM J. PRICE, JR, Asst. Cashier Asst. Cashier W . P. ADKINS H. B. BERGQUIST Omaha Coal and Grain L. S. BURK JAS. J. FITZGERALD Chicago Pres. Commercial Sav. & Loan Assn. JOHN R. JIRDON Livestock and Grain Morrill, Nebr. LEO T. MURPHY Mgr. Allied Mills, Inc. JAMES L. PAXTON, JR. HERMAN K. SCHAFER Pres. Paxton-Mitchell Co. Pres. Money Milling Co. CARL A. SWANSON J. L. WELSH Pres. Jerpe Com. & Cold Storage Co. Butler-Welsh Grain Co. T his B a n k Has N o A ffilia ted C om p a n ies M e m b e r o f F ed e ra l R e s e r v e S ystem and F ed era l D e p o s it In su ra n ce C o r p o r a tio n July 19bb 61 Heads Iowa A . I. B. IO W A N EW S Y. W. JOHNSON President Cedar Falls FRANK WARNER Secretary Carleton C. Van Dyke, assistant cashier of The Toy National Bank at Sioux City, has been appointed by William C. Way, president of the Amer ican Institute of Banking, as an asso ciate councilman for the state of Iowa for the year 1944-45. Mr. Van Dyke, a past president of Sioux City Chapter, A. I. B., served as a member of the national membership and publicity committee during the institute year just closed. Des Moines Banker's Mother Dies Hubbcll Elected Vice President its are $575,000 and reserves are more than $250,000, with deposits over $46,- James W. Hubbell, president of F. M. Hubbell Son and Company, has been elected a vice president of the Bankers Trust Company of Des Moines, according to B. F. Kauffman, president of the bank. Mr. Hubbell, a longtime director and member of the loan committee of the The officers of the bank now include: B. F. Kauffman, president; J. W. Hub bell, R. R. Rollins (on leave for mili tary duty); S. C. Pidgeon, C. W. Mesmer, L. Nevin Lee, vice presidents; F. C. Atkins, vice president and cash ier; F. S. Lockwood, secretary and trust officer; S. G. Barnard, assistant secretary; Wm. Ellison, and A. F. Erickson, assistant cashiers; G. A. Moeckly, assistant cashier and man ager, personal loan department, and K. L. DeBolt, assistant cashier and manager, mortgage department. 000,000. West Des Moines Banker Marries The recent marriage of Johanna Sassman of Denver, Iowa, and A. L. Messerschmidt, cashier of the First National Bank of West Des Moines, has been announced. The couple honeymooned in Chicago and Wiscon sin. Vice President Dies JAM ES W . H U B B E L L Elected Vice President bank, began his new duties last month. Mr. Hubbell, who is 49 years of age, graduated from Harvard University in 1917 and was a 1st Lieutenant in the 176th Infantry Brigade of World War I. He has been a director of the Bank ers Trust Company for more than 15 years and is well qualified for his new duties as an active vice president of the bank. The Bankers Trust Company has had a most excellent growth and now has a capital of $1,000,000, and just re cently transferred $250,000 from earn ings to surplus, thus giving it a sur plus of $1,000,000. The undivided prof https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Thomas N. O’Neill, vice president of the Columbus Junction State Bank, Columbus Junction, Iowa, died recent ly as the result of a heart attack. He has been vice president ever since the bank was organized in 1927. Completes Final Payment In a recent statement of condition of the Bennett State Bank, Bennett, Iowa, and letters to the depositors, the bank declares that the final payment of 10 per cent on all accounts was ready, which means liquidation of the bank’s trust has been made in full. Cashier J. G. Engel calls attention also to the liquidity of its assets as they appear in their statement which are the highest in the bank’s history and well diversified. Total assets are shown as $1,026,016. Capital stock is listed as $30,000, with surplus $5,000 and depos its are $967,215. Mrs. John Dieken died at her home in Grundy Center, Iowa, last month. She was the mother of A. V. Dieken, who is the cashier of the Farmers Sav ings Bank in Grundy Center. Cashier Chosen Director T. C. Aarestad, cashier, was chosen a director of the First National Bank of Denison, Iowa, last month, when officers and directors held their regu lar monthly meeting. He fills a va cancy created by the recent death of P. J. Farrelly. Palmer and Hubbard Changes V. H. Reid, cashier of the Palmer State Bank, Palmer, Iowa, has sold his interest in the bank to Herman Beneke of Estherville, Iowa, and has pur chased controlling interest in the Se curity State Bank of Hubbard, Iowa. He became president of the Hubbard institution July 1st. Mr. Beneke, for mer sales manager for Grieg & Com pany, now is cashier of . the Palmer Bank. Bankers Man the Plows Elmer H. Mertz, vice president of the Hayesville Savings Bank, Hayesville, Iowa, and a brother, C. J. Mertz, cashier, helped their brother, L. B. Mertz, operator of a 400-acre farm in Keokuk county, after the day’s work at the bank. Eighteen chamber of commerce members at Dallas Center volunteered to help farmers. One volunteer, Lindley Finch, cashier, Brenton State Bank, Dallas Center, Iowa, reported at the 250-acre farm of Sam Miles at 5 p. m. on nine days and plowed until 11 p. m. Bank President Heads Exchange C. D. Evans, president of the South Ottumwa Savings Bank, Ottumwa, Iowa, and pioneer member of the Ot tumwa Merchants Exchange, w a s N orthw estern Banker July 1944 62 • IOWA elected president of the exchange at a meeting of the board last month. He succeeds Earle Beman. Manages Branch Bank Reynold Schat of Maurice, Iowa, has accepted the position as manager of the Maurice branch of the Northwest ern State Bank, Orange City, Iowa. He has been managing the Van Eizenga lumber yard there. Dewey Kuiken, former manager, goes to Gering, Nebraska, where he will be assistant cashier in the Gering National Bank. NEWS • Nebraskan Joins Bank Alfred Pilger of Plainview, Nebras ka, last month joined the staff of the Farmers Savings Bank, Remsen, Iowa. He has been engaged in banking for 22 years, during 12 of which he served as cashier. Brief Iowa News From E. R . Nicholson, cashier of the Carpenter Savings Bank, Carpenter, Iowa, comes word that the bank is undergoing an interior remodeling and paint job, which he says will add a lot C O N D E N S E D S T A T E M E N T O F C O N D IT IO N First National Bank in Sioux City JUNE 3 0 , 1944 ASSETS Cash and D ue from B a n k s ...................................................... $ 3,806,739.82 L oan s and D is c o u n ts .................................................................. 2,862,348.83 U . S. Governm ent B o n d s ........................................................... 7,165,462.74 State, County and M unicipal B o n d s ................................... 237,801.60 O th er B onds and Securities.................................................... 173,087.80 Stock in Federal R eserve B a n k ............................................. 19,500.00 Bank Building, Furniture and F ix tu re s.......................... 167,500.00 O ther A ssets ................................................................................... 7,059.59 $14,439,500.38 L IA B IL IT IE S Capital .................................................................$400,000.00 Surplus ................................................................ 250,000.00 Undivided Profits ................................................ 41,078.76 R eserve for C on tin g en cies.............................. 50,000.00 T o ta l Capital A c c o u n t .... Reserve for T a x e s and Interest O ther Liabilities ............................ D eposits ............................................. N orthw estern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis $ 741,078.76 26,498.32 39.50 13,671,883.80 $14,439,500.38 MEMBER M EMBER FEDERAL FEDERAL DEPOSIT RESERVE to the already neat interior of this institution. Writing up remittance letters is no longer a time killer at the First Na tional Bank, New Hampton, Iowa, through the ingenuity of J. F. Ken nedy, cashier, and W. J. Kennedy, as sistant cashier, plus the help of the maintenance man. These three fel lows put into use an old unused post ing machine. By changing the blocks and giving the merchants numerical identification, this bank can write up remittances in a matter of minutes when before it took hours. Anyone interested can stop in or write the boys and they will gladly show how simple and efficient the plan is. If 5c pay as you check service is so unprofitable, why are so many banks now using it reporting profitable re sults, satisfied customers and a decided increase in no minimum balance ac counts? From last reports issued by a current bank periodical, 70 per cent of all large banks are using this serv ice in addition to a regular metered charge. Among the Iowa banks a con siderable number have adopted this system in addition to the analysis serv ice they use. When the First National Bank, El don, Iowa, remodeled and converted the fixtures to the conversational style, Robert Weidenbach, cashier, could not get help so he took over and helped the carpenter. • Iowa State Bank, Stockport, Iowa, has moved back into its bank building, having completed the remodeling from top to bottom. Low style fixtures have added a great deal to the modern cheerful appearance. Sam Watkins is the active president of the bank. SYSTEM INSURANCE CORPORATION NATIONAL BANK c a v o c C ¿Ú ü á E. L. Gookin, former vice president of the National Bank and Trust Com pany of Chariton, Iowa, last month went to Minnesota to fish. Mr. Gookin retired to rest and regain his health. The government likes, when pos sible, to give banks a good boost. The U. S. Treasury is issuing a folder to be distributed by banks setting forth the following advice. “ If you have a checking account, use it for your own protection; if you do not have one, why Y O U R STATE B A N K ER S A S S O C IA T IO N O F F IC IA L S A F E , V A U L T A N D T IM ELO C K EXPERTS F. E. DAVENPORT & CO. OM AHA July Í944 63 S T A T E M E N T https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O F C O N D I T I O N • J U N E 3 0 , 1 9 4 4 esources Loans and Discounts__________ __________ Other Bonds and Stocks_________________ O verdrafts______________________________ 3,430,376.16 Customers’ Liability on Letters of Credit__ Government Obligations, Direct and Fully Guaranteed___________________________ Municipal Bonds ________________________ Cash and Due from Banks_______________ 400.00 15,000.00 NONE 6,588,625.00 188,825.00 2,667,487.18 $12,890,713.34 ab i l i t i e s Capital Stock— Common__________ Surplus ____________ __________ 1__ Undivided Profits____________ ___ _ Reserves_________________ ________ Unearned D iscount______________ Bank Liability on Letters of Credit Deposits ________________________ 200,000.00 $ 200,000.00 77,091.99 147,882.34 12,941.79 OFFICERS F rederick M. M orrison President 400.00 W infield W . S cott 12,252,397.22 Vice President $12,890,713.34 J. R. A stley Cashier E dward P. K autzky Assistant Vice President Roy E. H uber Assistant Vice President F rank M. T hompson Assistant Cashier Ra y T hompson Assistant Cashier A L L E Y Member Federal Deposit Insurance Corporation A V IN G DES MOINES B A N K N orthw estern Banker July 64 -• not start a checking account with this bank?” The government issues 300,000,000 checks a year, including 160,000,000 to servicemen’s wives and fam ilies. Incidentally, that could be a tip off on the size and scope of our armed strength—one-twelfth of 160,000,000 is roughly 13,300,000. If that constitutes our armed strength is it any wonder that we on the home front must buy War Bonds? That means a lot of boys up there on the front using a pile of supplies. It’s our job on the home I OWA NE WS front to keep pushing those supplies up there and buying War Bonds is one way of doing our job. L. H. Davis, assistant cashier of the Hampton State Bank, Hampton, Iowa, by the application of his hobby of photography made one service man very happy. He made an enlarged print of his grandson, life size, exactly and sent it to the father who is in Sicily. The father was so thrilled he in turn took snapshots of himself and LIVE ST O C K eAatwna/ B A N K T E L E P H O N E YARDS 1220 r J Y fffo j} ( f ' J t / if/ f/ ffW l June 3 0 , 1944 RESOURCES Cash and due from banks.................................... $18,328,296.49 U. S. Treasury certificates and notes................. 24,200,000.00 U. S. Government bonds..................................... 7 9 0 , 5 0 0 .0 0 State and municipal securities............................ 433,950.41 Other marketable bonds..................................... 7 9 6 , 3 9 9 .9 2 Loans and discounts............................................. 5,560,273.48 Federal Reserve Bank stock................................ 75,000.00 Bank building........................................................ 375,000.00 Interest earned, not collected............................. 9 4 , 4 3 4 ,9 2 Current receivables and other assets................. 27,079.20 $50,680,934.42 LIABILITIES Capital..................................................................... $ 1 ,0 0 0 , 0 0 0 .0 0 1,500,000.00 Surplus.................................................................... Undivided profits and reserves........................... 1 9 9 ,9 7 3 .0 1 Unearned discount................................................ 18,237.51 Deposits.................................................................. 47,962,723.90 $50,680,934.42 ¿S tiff i d c fl Fr ed er ick h . P r in ce A r t h u r g . Leo n a r d P resid en t, U nion Stock Y a r d & T ra n sit Co. R o b er t J. D u n h a m W illia m J. O’C o n n o r Investm ents G en er a l M a n a g e r , U nion Stock Y a r d & T ra n sit Co, R ic h a r d H a c k e t t G en era l M a n a g er, C en tra l M a n u fa ctu rin g D istrict W inston, Straw n & Shaw O r v is T . h e n k l e T h o m as e . W ilso n E x e c u tiv e V ic e -P r es id e n t, U nion Stock Y a r d & T ra n sit Co, Chairm an o f th e Board , W ilson & Co., In c. R a lph M. S h a w D a v id h . R eimers P resid en t, T h e L iv e Stock N a tio n a l B ank o f Chicago S E R V I N G A G R I C U L T U R E AND I N D U S T R Y F E D E R A L N orthw estern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D E P O S I T July 1944 I N S U R A N C E Bankers in the north central section of Iowa generally report a slowing down in activity but attribute it to the increased tempo of farm work. War Bonds are moving in satisfactory volume, as compared with the last bond drive and general forecasts point to meeting quotas or exceeding them in most places. Treasurer A ccepts Bank Post Henry A. Buxton, Benton county treasurer, resigned his county office last month to accept an assistant cashiership of the Sheffield Savings Bank at Sheffield, Iowa. He was to assume his new position July 1st. Vice President Resigns O. P. Petty, vice president of the City National Bank, Clinton, Iowa, has re signed and last month became deputy county attorney. Petty joined the City National Bank 24 years ago as cashier and became a vice president in 1932. C. Bruce Bickle succeeds Mr. Petty in the trust department at the bank, E. M. Warner, president, announced. He has been serving as an assistant cashier for a number of years. He formerly was with the Merchants Bank of Clinton, which was merged with the City National. Former Cashier Succumbs S. S. Trainer, 75, former Ackley, Iowa, banker, died last month in Des Moines. Banks Sold or Bought! quietly, quickly and in a personal manner JAY A. WELCH BAN K BROKER Haddam, Kansas ¿P in ce 4 8 6 8 MEMBER his son (whom he has not seen since he was four months old). The reprints were shown in the photo section of a widely distributed Sunday paper and a great many readers are writing Mr. Davis to learn how they, too, can send life size replicas of baby boys and girls to a lot of overseas daddies. Mr. Davis will, no doubt, bring many a service man a big thrill through passing along the clever and original idea to relatives of these fellows. H. L. Ollenburg, president of the Hancock National Bank, Garner, Iowa, is completing his graduate course at Rutgers School of Banking this sum mer. r¥Ze U N I O N S T O C K YARDS •- CORPORATION “ 3 6 Y e a r s P r a c tic a l B a n k i n g E x p e r i e n c e ” 65 Mr. Trainer was born at Ackley and attended Grinnell College. From 1893 to 1932 he was cashier of the First National Bank at Ackley, which closed about 12 years ago. Heads Legion Post C. W. Mesmer, vice president, the Bankers Trust Company, Des Moines, has been elected Commander of Argonne American Legion Post, Des Moines, for the coming year. Carl has he had served as director of the Re gional Agricultural Credit Corporation. George E. Wilson, for more than 30 years an employe of the Cherokee State Bank, was elected to succeed Mr. Huxford as president, and becomes a member of the board of directors. ing as president and director since 1906. He served as president of the Iowa Bankers Association from 1900 to 1901 and as president of the state bank division of the American Bankers As sociation 1917-1918. For several years (ommerceTrust (ompany 18-1 Established 1865 Kansas City, Missouri Member Federal Reserve System Statement of Condition at Close of Business June 30, 1944 RESOURCES Cash and Due from Banks______________$112,227,265.13 U. S. Obligations, Direct and Fully Guaranteed- 186,428,532.47 State, Municipal and Federal Land Bank Bonds- 26,160,302.32 Stock of Federal Reserve Bank________ 360,000.00 Other Bonds and Securities____________ 3,291,369.71 Loans and Discounts_______________________________________ Bank Premises and Other Real Estate Owned_______________ CARL w. M E SM E R American Legion Head been active in Legion affairs for years, serving as finance officer for the Iowa State Department, and as finance offi cer and a member of the executive committee of Argonne Post. Add Money O rder Service The First National Bank of Oelwein, Iowa, in addition to other services be gan the issuance of bank money orders last month. $298,655,797.60 29,811,672.03 54,268,107.39 1,847,500.98 Customers’ Liability Account Letters of Credit_____________ 41,635.25 Accrued Interest Receivable_______________________________ Overdrafts ______________________ 583,140.19 2,571.21 Other Resources __________________________________________ 2,514.14 Total Resources_______________________________________ $385,212,938.79 LIABILITIES Deposits: U. S. Government Deposits-------------------------- $ 50,783,106.37 Other Deposits ___________________________ 317,829,913.51 Capital 1_____________________________ $368,613,019.88 6,000,000.00 Surplus _____________________________________ Undivided Profits ___________________________ 6,000,000.00 3,888,648.37 15,888,648.37 Reserve for Dividend Declared-------------------------------------------Liability Account Letters of Credit-------------------------------------Accrued Interest, Taxes and Expense----------------------------------- 120,000.00 41,635.25 546,951.69 Other Liabilities ---------------------------------------------------------------- 2,683.60 Total Liabilities----------------------------------------------------------- $385,212,938.79 Cherokee President Dies Edward Dunn Huxford, 80, president of the Cherokee State Bank, Cherokee, Iowa, and prominent in state banking circles, died recently. Huxford was employed in a Chicago bank from 1885-1887 and in 1887 organ ized the Huxford, Robertson and Pat ton Bank at Washta. In 1888 he or ganized the Cherokee State Bank, serv https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis S carborough ¿ C M E M B E R F E D E R A L D E P O S IT C O R P O R A T IO N om pany a First National Bank Building, Chicago IN S U R A N C E , n S c fc 'l, \ Horace A. Smith, Iowa Representative Des Moines, Iowa Northwestern Banker July 66 List Bank Officers Statement of Condition IOWA STATE BANK Des Moines, Iowa At the Close of Business June 30, 1944 L o a n s and D isco u n ts . . . U . S . G overn m ent Bon d s . O th er B on d s and W a rra n ts F u rn it u re & F ix t u r e s . . C a sh and D ue from B a n k s $ 1 ,2 2 6 ,6 1 4 .7 3 8 0 6 ,0 0 0 .0 0 2 0 , 0 0 0 .0 0 1 2 ,7 3 4 .0 7 1 ,2 7 5 ,4 4 7 .5 7 $ 3 ,3 4 0 ,7 9 6 .3 7 C a p ita l Stock ................................................................................................................................................ S u rp lu s ............................................................................................................................................................... Reserves and U n d ivided P r o f i t s .................................................................................. D e p o s i t s .................................................................................................................. 1 0 0 .0 0 0 .0 0 1 0 ,0 0 0 .0 0 5 8 ,9 4 5 6 6 3 ,1 7 1 ,8 5 0 .7 1 $ 3 ,3 4 0 ,7 9 6 .3 7 Three Years Old April 16, 1944 One of Iowa’s Most Progressive Banks Announces Candidacy DIRECTORS V. W. Johnson of Cedar Falls, Iowa, president of the First National Bank there, and president of the Iowa State Bankers Association, last month an nounced his candidacy for nomination as director of the Chicago Federal Reserve Bank. Wm. A. Broquist G. A. Frampton Hugh N. Gallagher George O’Dea A. E. Sargent NATIONAL BANK OF BURLINGTON BURLINGTON, IOWA Statement of Condition, June 30, 1944 ASSETS Ca sh and D ue from B a n k s ...............$ 2 2 4 8 ,3 0 3 .3 5 U . S . Govern m ent S e c u ritie s. . . . 3 ,8 3 4 ,6 2 1 .9 4 S ta te , C o u n ty and M u n icip al Bon d s 1 ,2 3 5 ,6 7 6 .7 7 3 8 5 ,8 1 3 .3 2 O ther Bon d s ............................................. L o a n s and D is c o u n ts ........................... 1 ,0 5 3 ,6 6 2 .9 6 O verd rafts ....................... 4 7 .6 0 Stock in Fed era l Reserve B a n k . . . 1 0 ,5 0 0 .0 0 4 1 ,4 4 5 .0 0 B a n k B u ild in g ...................................... F u rn itu re and F ix t u r e s ..................... 7 ,4 3 8 .7 6 O ther A s s e t s ............................................ 1 .5 6 6 .1 1 L IA B IL IT IE S C a p ita l ..................................................... $ 2 0 0 ,0 0 0 .0 0 S u rp lu s ..................................................... 1 5 0 ,0 0 0 .0 0 Un d ivid ed P r o f i t s ................................. 5 7 ,4 6 5 .2 3 Reserve for T a x e s, 3 0 ,0 0 0 .0 0 e tc ...................... In te re st Co llected but Not E a rn e d D e p o s it s ........................... ................ $ 8 ,8 1 9 ,0 7 5 .8 1 John H. Witte. Jr., President. Vincent P. Cullen, Executive Vice President. At the Farmers State Bank, Ridge way, Iowa, recently, Rollin Baker was elected president to succeed the late I. G. McQueen, who had headed the bank since the reorganization. Mrs. Allie McQueen was elected director, to serve the unexpired term of I. G. Mc Queen and Robert Vopava was elected director, to serve the unexpired term of Joseph Vopava, Sr. M. O. Rue, cashier, was chosen exec utive officer of the bank and Robert McQueen, son of the former president, teller at the bank. 1 ,2 2 6 .2 6 8 .3 8 0 ,3 8 4 .3 2 $ 8 ,8 1 9 ,0 7 5 .8 1 Thomas L. Dyer, Cashier. F. J. Norton, E. L. Hausknecht, Asst. Cashiers. Member Fed era l D eposit In su ra n ce Co rporation An Ensign in New York Robert Fishbaugh last month was ordered to report to Plattsmouth, New York, as an ensign in the U. S. Naval Reserve, to receive indoctrination training as a gunnery officer. He is assistant cashier of the Security Trust and Savings Bank, Shenandoah, Iowa. C . C . Childs Dies Clarence C. Childs, 63, Sioux City banker, died there last month. He en tered the Toy National Group 32 years ago and at the time of his retirement from the banking field two years ago he was president of the Iowa Joint Stock Land Bank. Mr. Childs served as a bank cashier in Alta, Iowa, and Emerson, Nebraska, before coming to Sioux City 18 years ago as vice president of the Toy Na tional Bank there. In Exira Bank YOUR DIRECTORS should read the N orthw estern Banker REGULARLY! Write and ask us about our Special Reduced Rate for Bank Director Subscriptions NOR TH W ESTERN BANKER 527 Seventh Street, Des Moines 9, Iowa Mrs. George Cannon last month ac cepted a position at the Exchange State Bank, Exira, Iowa. She had worked there in the past. Banker Takes Vows Mary Magdaline McAninch was united in marriage to Verne R. Bright at Riverton, Iowa, recently. The wed ding took place in Riverton. Mrs. Bright, a graduate of Riverton High School, has been in government work. Mr. Bright is an assistant in the Nishna Valley State Bank in River ton. E. Carm ody Is Dead Edmundson Carmody, 45, assistant cashier, stockholder and director of Northwestern Banker July 1944 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 67 -• the Pocahontas State Bank at Poca hontas, Iowa, died suddenly at his home recently. Cashier G oes to Adel C. E. Orr, for the past five years cashier of the Security Savings Bank of Marshalltown, Iowa, recently an nounced his resignation from that post to become associated with the Brenton Banks as cashier of the Dallas County State Bank of Adel. IOWA NEWS •- Former Banker Dies John E. Wagner, 71, formerly a Dubuque, Iowa, bank official and for the last four years a deputy county treasurer, died suddenly at his home last month. For more than 40 years Mr. Wagner was associated with the former Con solidated National Bank, serving that financial institution in numerous ca pacities—in more recent years as as sistant cashier. For the last four years he had served as a deputy to County Treasurer Leo Meuser. Candidate for State House Guy M. Butts, president of the Ex change State Bank, Wesley, Iowa, an nounced his candidacy for State Rep resentative from Kossuth county. He has been associated with the Ex change Bank of Wesley all his life and in 1900 he purchased his father’s interest in the Wesley institution. Lt. G o v. Blue Speaks To Bankers A striking picture of the probable postwar situation which America will face was given last month by Lieuten ant Governor Robert D. Blue of Eagle Grove, speaking at a dinner of the Hardin County Bankers Association. The program was held at Pine Lake Country Club with about eighty per sons present. T. L. Greenleaf, presi dent, was in charge. Mr. Greenleaf in troduced the officers of the association, also James Nucholls, who has served 50 years in the Hardin County Bank of Eldora, and out of county guests, and presented V. W. Johnson of Cedar Falls president of the Iowa Bankers Association, who introduced the speak er. Rites for Former Cashier Services for Arthur G. Arrasmith, 64, of Ida Grove were held last month. He was cashier of the Griswold Na tional Bank for 25 years, later going to California, where he continued in the banking business. Later he was associated with banks in Red Cloud and Fullerton, Nebraska, and Wash ington, Iowa. He was with the Home Owners Loan Association of Sioux City until 1941. Service Checks G o Free FOR EFFICIENCY-CORN AND HOGS More economically, more efficiently than any other animal, the pig converts good, yellow corn into meat. So, on almost every middle western farm you'll find pork being made from that basic corn crop. The contribution in human food of these many hog-lots is tremendous. The Montezuma State Bank, Monte zuma, Iowa, is helping along the serv ice men and their banking accounts, says J. W. H. Vest, president. On all checking or savings accounts no service charge is made to service men or women or the wives of service men. Almost one-half (48.55 per cent) of the 1944 supply of grains and protein feeds is needed for pork production, according to an estimate of the Feed Industry Council. This is an indi cation of the importance of hogs in our national food program. Bankers Association Election Members, Federal Deposit Insurance Corporation Yates Allen, vice president and cash ier of First State Bank of Churdan, Iowa, was elected president of the Greene County Bankers Association at a meeting held in Jefferson last month. Joseph Hunt, assistant cashier of First State Bank, was elected secretarytreasurer. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Drovers National Bank is ready to give your bank efficient, friendly correspondent service. Your inquiry is invited. PIGS AND HOGS North Central States 1944 No. of head. . . . 57,420,000 Total value___ $1,114,113,000 1943 No. of head. . . . 50,353,000 Total value___ $1,274,759,000 1933-42 Average Per Year No. of head. . . . 33,978,000 Total value. . . .$ 344,446,000 Note: Best hog prices for this year are expected be tween last week in July and the middle of September. m ÊÊÊÊÊÊÊÊÊÊÊÊÊ!ÊÊÊÊÊÊÊÊÊKÊÊtÊÊÊÊÊÊÊÈÊÊÊÊKÊËÊÊtÊÊÊÊÊÊÊÊÊÎÊÊÊÊÊÊÊÈÊÊÊKÊÊÊÊÊÊBm M m Bm ÊÊÊBÊÊHnÊÊi DR0YERS NATIONAL BANK DROVERS TRUST 0 SAVINGS BANN UNI ON STOCK YARDS, CHI CAGO Northwestern Banker July 194b 68 Plan Stuart Bank S E L L I N G W is A R B O N D Plans are well under way to organ ize a new State Bank for Stuart, Iowa, according to a statement made by Ralph B. Hunter of Earlham, and Everett Sherman. Walter L. Hawley, at present assist ant cashier of the Capital City State Bank, Des Moines, will be cashier. Application for the charter has been approved by M. W. Ellis, superintend ent of banking, and application has been made to the Federal Deposit In surance Corporation for insurance on deposits. S o u r NUM BER ONE BUSINESS! STATEM ENT OF C O N D IT IO N ai Seventieth Anniversary C lo s e o f B u s in e s s J u n e 3 0 , 1 9 4 4 • RESOURCES Cash and D u e from B a n k s ..................... ................ $ 2,077,005.02 U nited States and O ther B o n d s ............ ................ 6,725,103.33 T o ta l Q uick R eso u rce s..................... ................ $ 8,802,108.35 N o tes and M o r tg a g e s ................................. .................$ 4,444,405.07 O verdrafts ...................................................... ................. Bank Building 1,891.40 ............................................... ................. 105,000.00 Bank Awards 4-H Members $13,353,404.82 The Central Savings Bank and Trust Company of Emmetsburg, Iowa, has made 4-H Club awards to outstanding club members in the county during the past two years. Bill Zunkel, cashier of the bank, has announced that they would like to con tinue their awards in order to help club boys and girls who do good work in their various club activities. In each of the projects, beef, dairy, pig L IA B IL IT IE S Capital ............................................................... .................$ Surplus ................................................................ ................. Profits and R e se rv e s................................... ................ D eposits ........................................................... ................ Marking of the seventieth anniver sary of the establishment of the Steele Bank in Cherokee, Iowa, is an event of both historical and business interest. Opening its doors for business only four years after completion of the Illinois Central Railroad into the new ly established village, the Steele Bank has been a reliable financial institution. Its resources now are around the $2,000,000 mark. 150,000.00 300,000.00 135,515.45 12,767,889.37 $13,353,404.82 COUNCIL BLUFFS SAVINGS BANK C o u n c il B lu f f s , I o w a B. A . G R O N ST A L , President Member FDIC Des Moines, Iowa PITY THE POOR BANKER AGENTS W ANTED OFFICE BOY! A strong mutual company in its 52nd Tension Envelopes seal easi ly and stay sealed. Office boys finish quicker . . . mail gets out faster . . . letters and enclosures arrive in perfect condition. Tension knows how! H L ension year liberal agency contracts • AUTO INSURANCE • TORNADO INSURANCE • TOWN DWELLING INSURANCE Envelope Co r r i BERKOWITZ ENVELOPE CO. ofiers covering— A • HAIL INSURANCE on Growing Crops Surplus to Policyholders $1,327,171.08 51 years of proven protection. W r ite io r our libera l p rop osition to bank rep resen ta tives. 1912 Grand Ave., Phone 4-4126, Des Moines 14, Iowa Northwestern Banker July Í944 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 69 and sheep, an outstanding member will be selected to receive the book, “ Feeds and Feeding,” by Morrison. This award was approved by the club committee. The committee also made a ruling that the same member cannot receive this award more than once. Des Moines News Iowa-Des Moines National Bank & Trust Company’s delegate to the A.I.B. convention held last month in St. Louis was Eldred McIntosh, who is in the trust department of the bank. She is retiring secretary of the Des Moines chapter. President F. M. Morrison of the Val ley Savings Bank was in New York last month on business. Two members of the Central Na tional Bank & Trust Company joined the ranks of Uncle Sam’s army last month as privates. They are John J. Buckley of the mailing department and Arnold Dressier, who was in the accrual department. Private Buckley is the son of E. F. Buckley, president of the Central National. Private Dress ier represented his bank at the A.I.B. convention shortly before his induc tion. Adding to the interest in the Fifth War Loan Drive, employes of the Iowa-Des Moines National have di vided into three groups, the red, white and blue. These teams are contesting for honors during the drive. They are led by Helen Harvey, Margery Cast ings and Lenora Matheny. A former employe of the Bankers Trust Company who is now in the service was married recently in Des Moines. Leila Chapman of Fernald, Iowa, became the bride of Ensign Paul W. Thielking of Des Moines. Ensign Thielking was with the bank for six years prior to his enlistment in the naval air corps. He is stationed at New Orleans, Louisiana, where the couple will live. Capital City State Bank’s president, Rolfe (). Wagner, and Mrs. Wagner left July 3rd for a two weeks vacation at Elkhorn Lodge in Estes Park, Colo rado. They plan to spend a good share of their time horseback riding. William J. Goodwin, chairman of the board of the Central National Bank & Trust Company, was in Chicago for the Republican Convention, held the first week of July. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Statement of Condition of The CITY NATIONAL BANK OF CLINTON, Iowa June 30, 1044 RESO U RCES Ca sh and D ue from B a n k s .............................................................................................. Lo a n s and D isco u n ts. . .................. .................................................................................. B o n d s: $ 4 ,6 7 1 ,2 1 9 .4 9 U . S . Govern m ent S e c u rit ie s ................................ M u n icip al Se cu ritie s ............................................................................................... 6 6 5 ,0 9 1 .1 2 O th e r M arketable S e c u r it ie s ................................................................................... 8 7 6 ,8 7 8 .5 9 S 3 , 4 4 4 ,5 5 2 .7 7 2 , 0 5 1 ,3 0 9 .1 8 6 2 1 3 ,1 8 9 .2 0 Stock in Fe d e ra l Reserve B a n k ...................................................................................... B a n k in g H ouse ......................................................... F u rn it u re and F ix t u r e s .................................................................................................... A ccru ed In terest ......................................................................................................... O verdrafts ............................................................................................................................... O th er R e s o u r c e s ....................... 1 8 ,0 0 0 .0 0 3 9 ,2 9 1 .6 2 5 ,1 8 5 .9 1 3 8 ,4 4 3 .7 0 3 ,9 4 0 .0 1 3 ,6 1 4 .6 8 $ 1 1 ,8 1 7 ,5 2 7 .0 7 L IA B IL IT IE S C a p ita l ............................................................................................................. S u rp lu s ............................................................................................................. Un d ivid ed Profits ..................................................................................... Reserve for T a x e s, In terest, C o ntin g encies, e tc ............................. D isco u n t C o llected but not e a r n e d ..................................................... D eposits: Dem and .................................................................................................... T i m e ............................................................................................................. $ 4 0 0 ,0 0 0 .0 0 2 0 0 , 0 00 .00 9 6 ,9 4 3 .8 3 8 6 ,8 3 4 .3 6 6 ,4 2 2 .3 2 $ 8 ,1 4 8 ,1 1 8 .7 1 2 , 8 7 9 ,2 0 7 .8 5 1 1 ,0 2 7 ,3 2 6 .5 6 $ 1 1 ,8 1 7 ,5 2 7 .0 7 OFFICERS Ernest L. Miller, Chairman of the Board Edward M. Warner, President J. H. Nissen, Cashier Bruce Townsend, Executive Vice President Emil Johannsen, Assistant Cashier Milo J. Gabriel, Vice President E. H. Jorgensen, Assistant Cashier C. B. Bickle, Assistant Cashier Member of The Federal Deposit Insurance Corporation, Washington, D. C. $5,000— Maximum Insurance for Each Depositor— $5,000 FIRST NATIONAL BANK CEDAR FALLS, IOWA STATEMENT OF CONDITION AS OF JUNE 30, 1944 RESO U RCES Ca sh and D ue from B a n k s ..................S 9 9 3 ,5 6 2 .3 3 U n ited Sta tes G overn m ent B o n d s. 1 4 1 0 ,4 0 0 .1 5 S ta te and M u n icip al B o n d s ............... 4 8 0 ,1 2 9 .7 8 Stock in F ed era l R eserve B a n k . . . . 3 ,9 0 0 .0 0 Lo a n s and D is c o u n t s ........................... 2 0 6 ,8 9 4 .1 2 B a n k in g H ouse and F u rn it u re and F i x t u r e s ...................................... 3 0 ,0 0 0 .0 0 L IA B IL IT IE S C a p ita l Stock ......................................... $ 1 0 0 ,0 0 0 .0 0 S u rp lu s. U nd ivid ed Profits and Reserves ............................................... 7 7 ,3 9 0 .4 5 D eposits ..................................................... 2 ,9 4 7 ,4 9 5 .9 3 $ 3 ,1 2 4 ,8 8 6 .3 8 $ 3 ,1 2 4 ,8 8 6 .3 8 V. W . J o h n s o n , P r e s i d e n t J. B. Newman, Vice President W. E. Brown, Cashier Edwin T-. Unger, Asst. Cashier H. C. Messerer, Asst. Cashier Member Federal Reserve System Member Federal Deposit Insurance Corporation C O N D EN SED STA TEM EN T CENTERVILLE NATIONAL BANK of CENTERVILLE, IOWA Statement as of June 30, 1944 Member of Federal Deposit Insurance Corporation R ESO U R CES Loans and Discounts.................................................................................................................... $ 461,537.59 *U . S. Government Securities..................................................................................................... 1,455,034.69 State, County and Municipal Bonds....................................................................................... 369,770.10 Other Bonds and Securities....................................................................................................... 217,994.07 Overdrafts ....................................................................................................................................... 447.11 Banking House .............................................................................................................................. 28,695.39 Vaults, Furniture and Fixtures............................................................................................... 5,527.27 Other Real Estate.......................................................................................................................... 1.00 Cash on Hand and Due from Banks......................................................................................... 905,187.32 Other Assets ................................................................................................................................... 440.13 T otal...................................................................................... $3,444,634.67 L IA B IL IT IE S Capital .............................................................................................................................................$ 100,000.00 Surplus .................................................................................... 37,000.00 Undivided Profits .......................................................................................................................... 44,663.87 Reserves ........................................................................................................................................... 31,784.14 Deposits ................................................ 3,230,969.71 Other Liabilities .......................................................................................................................... 216.95 T o ta l.............................................................................................................................................$3,444,634.67 Directors: F. L. Sawyers, A. B. Sawyers, J. B. Taylor, J. A. Shanks, S. H. Mehrhoff *U. S. Government Bonds Pledged, $364,000.00 Northwestern Banker July 70 . IOWA NEWS W eds Army Lieutenant N EW S A N D VIEW S Wedding bells have been ringing in the Mr. and Mrs. Carl Fredricksen family at Sioux City. Carl, president of the Life Stock National Bank of Sioux City, and his charming wife, Louise, announce the marriage of their daughter, Charlene La Vonne, to Lieu tenant Frederick Webb Schatz, of the United States Army. The bride at tended Iowa State College at Ames, where she specialized in journalism, art and home economics. (Continued from page 16) •- the local county bankers association, the Andrew-Buchanan County Bank ers Association, which he served last year and at the present time he is treasurer of the St. Joseph Clearing House Association. Officers of the bank are Frazer L. Ford, president; Joseph A. Greenfield Jr., Harry H. Mohler, vice presidents; Thos. J. McCullough, cashier and M. E. Blanchard, assistant cashier. III * OTTUMWA, IOWA Member of Federal Reserve System Statement of Condition as of June 30, 1944 RESOURCES Loans and Discounts...................................................... $ 1,751,638.73 Bank Building .................................................................. 99,000.00 Furniture and Fixtures............... 23,769.17 Other Real Estate............................................................ 4,600.00 Stock in Federal Reserve Bank..................................... 18,000.00 Overdrafts ....................................................................... 1,669.65 U. S. Bonds............................................. $5,131,445.39 Municipal Bonds ................................... 1,933,960.63 Other MarketableBonds........................ 968,265.29 Cash and Exchange........................................................... 3,979,423.2212,013,094.53 $13,911,772.08 LIABILITIES Capital (Common) ..........................................................$ 300,000.00 Surplus ............................................................................. 300,000.00 Undivided Profits ........................................................... 140,905.32 Dividends payable July 1, 1944................................... 15,000.00 Deposits ......................................................................... 13,155,866.76 $13,911,772.08 OFFICER S FRANK VON SCHRADER, Chairman of Board and President H. L. POLLARD, Vice President W . C. MILLER, Assistant Cashier R. W . FUNK, Vice President FRED DIMMITT, Assistant Cashier M AX VON SCHRADER, V.-Pres. & Cashier FRANK M. POLLARD. Asst. Cashier C. P. GLENN, Assistant Cashier C. G. MERRILL, Trust Officer J. C. BLACKFORD, Manager Budget Loan Department Southern Iowa's Largest Bank M em b er F ed era l D e p o sit Insu rance C orporation Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis July 7,944 Captain Andrew S. Sawers, recipient of distinguished Flying Cross, and formerly paying teller at the 39th Street office of Manufacturers Trust Company, New York, returned home recently on a 27 day furlough after completing 90 flying missions in the South Pacific. Captain Sawers was warmly welcomed by Manufacturers Trust Company, New York, officials where he was employed for four years before entering military service. Sawers, who is 25 years old, began as a page boy in the bank in 1938. Eight months later, he was made a rack clerk. In the early part of 1941, he was promoted to teller, and this is the position he held until January 1942 when he entered military service. J. Mills Easton, second vice presi dent, and manager of advertising and publicity of the Northern Trust Com pany of Chicago sent us a copy of their very interesting booklet “United States Government Obligations” which they have been sending out to banks throughout the country. It is one of the best arranged and prepared booklets we have seen on government securities and if you have not already received a copy, we are sure that Mr. Easton will be glad to send you one. Frank Epperson, formerly with the farm credit administration, has been named ration banking specialist for the Omaha office of price administra tion, District Director John G. Aldrich announced recently. Mr. Epperson was president of the Iowa Bankers’ Association in 1914 and is now an Omaha resident. He was president of a bank at Eddyville, Iowa, for 20 years. J. Roy Capps, vice president of the Central National Bank and Trust Com pany has been elected to the board of trustees of Des Moines Still College of Osteopathy. H. A. Drake has retired as president of the Security State Bank of Radcliffe, Iowa, and the new officers elected are as follows: C. L. Drake, president; Rachael Drake, vice president; James W ill. Ryan, cashier; Ruth E. Gelliaus, teller, and Grace Twedt, teller. H. A. Drake has had 35 years of banking experience, having been with the Bank of Radcliffe, a private bank, which incorporated under the name of Security State Bank in 1914. The deposits of the bank in 1914 were $94,685 and they are now over $1,107,000 and during that time a divi- 71 * IOWA dend has been earned and paid each year. We are sure that Carroll I . Drake, the new president, and his associate officers will carry on the fine manage ment and excellent banking traditions established by his father. j A. M. Strong, Foreign Department, Public National Bank and Trust Com pany of New York, discussed the ques tion of “ Financing of Air Shipments” in a recent speech at Quebec, Canada, at which time he said, “The growth of air transportation and the result ant increase in banking transactions involving such shipments prompted the Committee on Uniformity in Docu ments and Practices of the Bankers Association for Foreign Trade to un dertake the study of air shipping docu ments and practices. “Air carriage of commodities is a comparatively new enterprise which began to assume importance only after the outbreak of the present war, and documents, practices, and regulations are still in their initial stages of de velopment.” S. Sloan Colt, president Bankers Trust Company, New York, and his fellow officers did a very fine piece of work in helping to promote the sale of bonds during the Fifth War Loan. At Bankers Trust Company building, at the corner of Wall and Nassau Streets, the bank erected a sign, 20 feet tall and extending from the Nas sau Street side of the building, around the corner and up Wall Street to the entrance of the bank. This sign, constructed of non-critical materials, is probably the largest sign erected in New York City since the dim-out. The figure of Uncle Sam, 16 feet tall, in Neon lights, strides across the face of the bank toward the main entrance door, as the accompanying message which follows him reads “Follow Bonds.” me to Victory—Buy War In order to convert curiosity seeking into bond sales, every person who en https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • W / R . J . F L Y N N .Pres. D . L . D U N G A N . Secy.V DES MOINES BUILDING-LOAN & SAYINGS ASSOCIATION OldestandLargestinDesM oines 411 “Foxhole” at One AVall Street was the name of an interesting outdoor war bond booth used during the Fifth War Loan Drive, represented an actual combat foxhole, and was erected by Irving Trust Company, New York. The “foxhole” booth was con structed of sandbags, with a back ground of trees, which were covered by regulation camouflage netting. Bonds and stamps were sold over a wood counter resting on top of the sandbags. NEWS 6th Ave. ismi Dial 4-7119 ELMER E. MILLER Pres, and Sec. HUBERT E. JAMES Asst. Sec. FOR YOUR ENJOYMENT . . . J^ rrim & sLicde S cd e iu Listen to the “ WORLD OF MUSIC” KSO, 1460 KC 9:30-10:00 a..m. Sundays THE NORTHERN TRUST COMPANY CHICAGO Statement o f Condition, June 30, 1944 RESO U RC ES Loans and Discounts.................................................. $ 49,250,803.13 U. S. Government Securities..................................... 391,677,305.82 Other Bonds and Securities....................................... 95,376,184.40 Federal Reserve Bank Stock....................................... 270,000.00 Bank Premises............................................................... 1,400,000.00 Customers’ Liability, Account Letters of Credit and Acceptances........................................................ 593,312.40 Other Resources............................................................ 692,138.00 Cash and Due from Banks......................................... 126,499,198.19 TOTAL........................................................................... $665,758,941.94 L IA B IL IT IE S Capital Stock................................................................. $ 3,000,000.00 Surplus Fund................................................................ 6,000,000.00 Undivided Profits.......................................................... 6,398,116.11 Reserve for Taxes, Interest, etc................................. 12,921,672.54 Dividend Payable July 1, 1944................................... 135,000.00 Letters of Credit and Acceptances Outstanding.. 665,441.19 Other Liabilities............................................................ 122,755.26 Deposits: Demand.......................................... $389,665,809.43 Time............................................... 92,316,732.71 U. S. Government..................... 154,533,414.70 636,515,956.84 TOTAL............................................................................. $665,758,941.94 United States Governm ent securities carried in the above statement at $1 62 ,1 84 ,632 .58 are pledged to secure public and other monies, as required by law ; and United States G overnm ent and other securities carried at $530 ,3 89 .98 are deposited with the State Authorities under the Trust A ct. M em ber Federal D eposit Insurance Corporation B U Y W A R B O N D S Northwestern Banker July idkk 72 * IOWA tered the bank received a circular, which makes provision for ordering a bond in the event that the individual does not wish to buy on the spot—it STATEMENT NEWS • being estimated that 70 per cent of the people who come in at any one time do not have with them the pur chase price of the bond. OF C O N D I T I O N M E R C A N T ILE -C O M M E R C E BANK AND TR U ST C O M P A N Y L o c u s t -E ig h t h -S t . Charles ST. L O U IS , M IS S O U R I JUNE 30, 1944 ☆ THE RESOURCES Cash and Due from Banks________ $67,682,500.71 United States Government Obligations, di rect and guaranteed (incl. $70,513,839.50 pledged*)_______________________ 166,599,910.78 Other Bonds and Securities_______ 23,158,824.41 Demand and Time Loans__________ 50,043,611.19 Stock in Federal Reserve Bank in St. Louis. 420,000.00 Real Estate (Company’s Building)__ 2,790,536.40 Other Real Estate (Former Bank of Commerce 1,500,000.00 Buildings)______________________ Overdrafts________________________ 6,470.15 Customers’ Liability on Acceptances and Letters of Credit--------------------------------------- 1,228,453.12 Other Resources__________________ 204,168.32 $313,634,475.08 THE DEAR EDITOR (Continued from page 9) written to Prank Warner, secretary of the Iowa Bankers Association, by A1 Agena, formerly cashier, Farmers Savings Bank, Garwin, Iowa, who is now in New Caledonia. ‘ ‘ I am in New Caledonia and working in a fiscal office in the accounting section. Like the work and glad I am not in the infantry. “ We get up at 5:45 and get through at 5 p. m., eat supper and after that, shave, shower, or wash out some clothes. They have free movies three nights a week, then we can get two bottles of beer each the other three nights. That leaves one night without anything special. We work seven days a week here, so hardly know when a week starts or ends anymore, but it really doesn’t matter, so we just live from day to day, hoping this war will end soon, so that we can all come back home. “ We live five men to a tent and I have a fine group of boys wfith me. Also have gravity showers and a good place to shave, but they have no sewer systems here. Have been to the city of Noumea and it is very primitive. Find our camp more modern and we can buy more at our P. X. ’s than we can in town, as about all they have are a few little bead shops, and a few vege table and fruit stands. So just sort of hi bernate here and hope we don’t go nuts. It is quite a change from my civilian busi ness and social life, and doubt if I will ever make a complete adjustment to it, and am sure I would not want to make a career of it. ’ ’ P fc. A. F. A gena, 37666122, Hq. Det. S.O.S. A.P.O. No. 502, c/o PM, San Francisco, California. } i LIABILITIES "Inside Dooe on Best Sellers" Capital Stock_______________ $10,000,000.00 Surplus----------------------------------------- 4,000,000.00 Undivided Profits_________________ 4,563,947.52 Reserve for Dividends Declared___ 525,000.00 Reserve for Interest, Taxes, etc.___ 965,073.49 Unpaid Dividends________________ 3,074.55 Bank’s Liability on Acceptances and Letters of Credit_______________________ 1,228,453.12 Other Liabilities__________________ 49,743.00 Editor’s N ote: Mayor John Mac Vicar has appointed Clifford De Puy, publisher of the N orthwestern B anker , as a Trus tee on the Des Moines Public Library Board rf Deposits, Secured: Public Funds__$ 61,330,572.04 Other Deposits, Dem and___________ 192,144,283.52 Other Deposits, Tim e_______________ 38,824,327.84 292,299,183.40 $313,634,475.08 * A ll Securities pledged are to the U. S. Government or its Agents, State o f Missouri and the City o f St. Louis, to Secure deposit and fiduciary obligations. MEMBER FEDERAL DEPOSIT INSURANCE t»W \ A STORE! CORPORATION « FORmOFFtCE! ^ ÌÀ J eS slin ^ C o u n s e l S e r v ic e s on B a n k Plan to use an a d vertisin g program o i w ell w orded m essa g es crea ted by W es slin g S er v ices , D e s M oin es, Iow a P u b l i c * R e l a t i o n s <•...... M D. R . W E S S L IN G , P R E S ID E N T < 2 )e i Northwestern Banker July 1944 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis l/l/joines 9, ou/a ESTABLISHED --------> STATIONERS V 1889 S BOOKBINDERS OFFICEOUTFITTERS^^yW^BUSINESS MACHINES Grand Ave . at Fourth Des Mo in es , Ia . 73 BANKERS WANTS ‘ ‘ In the convention and group pictures you publish in the N o r t h w e s t e r n B a n k e r , I marvel at how few o f the fellow s I know, when it was my proud boast ‘ away b a c k ’ in 1910 and thereabouts that I knew every bank officer in the state. ‘ ‘ Time changes everything ! ’ ’ L eo S t e v e n s , 316 Pacific Mutual Life Building, Los Angeles, California (Past President Iowa Bankers As sociation). M ay We H elp Yo u ? Rate— 5c per word with order NORTHWESTERN BANKER No Time Lost A recruit was running the obstacle course, puffing and groaning, when finally he fell down. “What’s the trouble?” demanded the chief. “ I think I’ve broken my leg, Sir,” the seaman moaned. “Well, don’t just lie there and waste time,” shouted the chief. “ Start doing push-ups.” 527 Seventh Street, Des Moines 9, Iowa FOR Posting roughs stands Central SA LE : One 6-13-02 Burroughs Machine; One 13-13-02 Bur Posting Machine Complete with and in good condition. Write State Bank, State Center, Iowa. available now or later with experience as assistant cashier in country bank, desires returning to coun try bank as cashier or assistant. Write W W W c/o Northwestern Banker, 527 7th St., Des Moines, Iowa. Bank Teller and the following letter was written after the Mayor's announcement was made public. ‘ ‘ The f a c t that you r litera ry talents and interests in m urder m ysteries, w ild w est stories and ph otograph ic arts has finally been app reciated b y the L ib ra ry B oard is indeed a cred it to Des M oines and an h on or which many a bank journal publisher w ill aspire to in years to come. I know that under you r ca refu l guidance the lit erary developm ent o f the youth o f Des M oines w ill take an enormous step f o r w ard and T erry and the P irates, and all o f those other dime dazzlers w ill be rele gated to their proper place— the ash barrel. ‘ ‘ Seriously, I think that it is a real gesture o f re co g n itio n ; and I am look in g fo rw a rd to seeing a b ook review in the De Puy Publications from now on ; fo r there is n oth in g like g ettin g the inside dope on the latest best sellers.” MERCHANTS MUTUAL SERVICE Maintaining an intimate, personalized correspondent bank service. BONDING COMPANY EXPERIENCE Officials with years of serv ice in this field, assuring a knowledge of requirements and valuable assistance. Incorporated 1933 POLICY To cooperate with out-oftown banks rather than compete for business which is rightfully theirs. Home Office V A L L E Y BANK BUILDING Des Moines, Iowa This is Iowa’s oldest surety company. A progressive company with experi enced, conservative management. We are proud of our hundred and fifty bank agents in Iowa. To be the exclusive representative of this company is an asset to your bank. Write to E. H. WARNER Secretary and Manager F r a n k P. S y m s , Vice Presi dent, The N o r t h w e s t e r n B a n k e r , 505 Fifth Avenue, Netv York City. "They Are Excellent" “ I certainly en joy the N o r t h w e s t e r n B a n k e r each month, especially your edito rials. They are excellent. ’ ’ Business Manager, Coast Banker, San Francisco, California. FIRST TRUST AND SAVINGS BANK N orthw est Co rn er T h ir d and B ra d y Streets DAVENPORT, IOWA C o n d it io n A l f h il d S w a n s o n , "Bank Directory a Birthday Present" “ M y dear old mother, 93, gave me $2 to get anyth ing I pleased fo r m y b irth day. So, a fter can vassin g about, I could n ot think o f an yth in g I w ould rather have than one o f you r good Iow a-N ebraska B ank directories. “ I have not seen a cop y in years and I w ould like to see how m any o f m y old frien d s o f 20 years ago are still on the jo b . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis on Jun e 30, 1944 RESO U R CES Lo a n s and D is c o u n t s ............................................................................................................. B a n k in g House .................... F u rn it u re and F ix t u r e s ............... U . S . G overn m ent B o n d s .............................................................. $ 1 ,8 5 8 ,4 8 8 .6 3 M u n icip al Bon d s ................................................................................................................... 9 5 0 ,4 6 3 .2 4 O th er Bon d s .............................. 1 3 8 .5 8 7 .0 2 C a sh and Due from B a n k s ................................... ............................................................. 2 , 0 0 4 ,5 5 2 .9 8 O th er A ssets ................................................................ O verd rafts .................................................................................................................................. T o ta l R e s o u r c e s ............................. ...................................................................... L IA B IL IT IE S C a p ita l ................................... ................................................................................................... $ S u rp lu s ..................................................................................... Undivided Profits and R e se rv e s..................... ........................................................... Deposits ................................................................... Unearned D i s c o u n t s ............................................................................................................. T o tal L ia b ilit ie s $ 2 ,0 2 2 ,9 7 4 .9 8 4 9 ,7 0 0 .0 0 1 3 ,8 7 8 .5 4 4 ,9 5 2 0 9 1 .8 7 2 ,0 9 3 .8 2 7 4 1 .1 1 $ 7 ,0 4 1 4 8 0 .3 2 2 0 0 ,0 0 0 .0 0 1 6 0 ,0 0 0 .0 0 5 0 ,7 0 8 .1 9 ................................................................................................. 4 1 0 ,7 0 8 .1 9 6 . 6 1 3 ,6 1 4 .5 4 1 7 ,1 5 7 .5 9 $ 7 ,0 4 1 .4 8 0 .3 2 G e o rg e M . B e c h te l, P r e s id e n t R . O . B y e r r u m , E x e c u t iv e V ic e P r e s id e n t P . A . J o h n s o n , V . P r e s ., C a s h i e r & T r u s t O ffic e r H . R . B e c h te l, V ic e P r e s id e n t L o u is M a r t in , A s s is t a n t C a s h ie r W . C . S id d le , A s s i s t a n t T r u s t O ffic e r M em ber F e d e ra l D e p o sit In su ra n ce Co rp oratio n N o r th w e s te r n B a n k er J u ly 74 In the Directors Room Colored Clubs Reports from inside Germany say morale is beginning to crack. However, we believe the news is colored. No doubt the Brown Shirts are feeling blue now that they see the rosy past turning into a red present and a black future. “ Do you believe in clubs for wom en?” “Yes, if kindness fails.” Insufficient Seeking a deferment, a draftee gave as his reason: “ Convalescing from a traumatic peritenositis of the flexor digitorum sublimis et profundus mus cles at the metacarpophalangeal joint.” The Army said no, a sore finger wasn’t a good enough excuse. Try It Sometime A young lady who had parked her car in forbidden territory returned some two hours later to espy from afar a large and patient policeman curled up in its front seat awaiting his prey. Making a quick decision, she stepped into a taxi, rode home and telephoned the police department that her car had been stolen. An hour later the car was returned by the same traffic policeman, quite proud of his alertness. As You Are A ever Asked “Why was it George Washington never told a lie, Pa?” “ Probably because no one ever asked him when the war would end.” Spelling A European visitor to America sug gests that “ fish” should be spelled “ghoti.” “ Gh” as in “rough,” “ o” as in women, and “ti” as in “nation.” “Will you marry me if I have my health rejuvenated?” the millionaire octogenarian asked the sweet young thing. “ I’ll marry you, all right,” said the S. Y. T., “but you leave your health the way it is.” Vaccinate Fan Dancer: “ Doctor, I want you to vaccinate me where it won’t show.” Doc: “ Okay! Stick out your tongue.” Well? He: May I kiss you? May I please kiss you? Say, are you deaf? She: No. Are you paralyzed? Some Hope “ Shay, lishen, lady, you’re the home liest woman I ever saw.” “Well, you’re the drunkest man I ever saw.” “ I know, lady, but I’ll get over it in the morning.” C O N V EN T IO N S Sept. 3-4, I O W A , Fort Des Moines Ho tel, Des Moines Sept. 19-20, N A T IO N A L A S S O C IA T IO N OF B A N K A U D IT O R S AND C O M P T R O L L E R S , Cleveland, Hotel Cleveland Sept. 24-27, A M E R IC A N BA N K E R S A S S O C IA T IO N , Chicago Oct. 25-29, F IN A N C IA L ADVER T ISE R S AS S N ., Edgewater Beach Hotel, Chicago Index To Advertisers A Allied Mutual Casualty Company............. 38 Allyn, A. C. and Company........................... 34 American National Bank and Trust Co.. 52 B Bank of America............................................. 31 Bankers Trust Company— Des Moines. . 75 Bankers Trust Company— New Y o r k ... 50 C Central Hanover Bank and Trust Co.. . . Central National Bank and Trust Com pany— Des Moines .................................... Centerville National B ank.......................... Chase National B ank.................................... Chemical Bank and Trust Company. . . . City National Bank— Clinton..................... City National Bank and Trust Company — Chicago ..................................................... Commerce Trust C o m p a n y ..,................... Continental Bank and Trust Company— New York ..................................................... Continental Illinois National Bank and Trust C om p an y........................................... Continental National Bank— L in coln ... Council Bluffs Savings B ank................. .. . National Bank of Burlington..................... New York Trust Company.......................... Northern Trust Company............................ Northwest Security National B ank......... Northwestern National B ank................... G Guaranty Trust Company, New York. . . 28 N 66 56 71 48 40 II O Omaha National B ank.................................. 21 30 69 Investors Syndicate...................................... 45 Iowa-Des Moines National Bank and Trust Company— Des Moines................. 76 Iowa State Bank— Des Moines................. 66 Irving Trust Company.................................. 4 I Philadelphia National B ank....................... 29 Public National Bank and Trust Co........ 73 6 39 65 58 g 59 68 3§ F https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 73 53 Hammermill Paper C om pany................... 23 7 Home Insurance Company......................... E Northwestern Banker July 1944 Minnesota Commercial Men’s Associa tion .................................................................. 44 Mississippi Valley Trust Company........... 26 12 69 II Farmers Mutual Hail Insurance Com pany of Iow a................................................. Federal Intermediate Credit Banks. . . . .’ Financial Development Company. . . First National Bank— Cedar Falls. . . First National Bank— Chicago........ First National Bank, Minneapolis. . . 57 56 62 58 27 Davenport, F. E. and Company..............56-62 Des Moines Building, Loan and Savings Association ................................................... 71 Drovers National Bank............................" ' ¿7 Elms Hotel ....................................................... First National Bank— Omaha................... First National Bank— St. Joseph............. First National Bank— Sioux City............. First St. Joseph Stock Yards Bank......... First Trust and Savings Bank— Daven port .................................................................. First Wisconsin National B ank............... 68 35 36 69 49 32 P J R Russell County Building and Loan Assn. 35 S K St. Paul Federal Savings and Loan Association ................................................... 43 St. Paul Terminal Warehouse Co............ 8 Scarborough and Company............... 33-37-65 L Tension Envelope Company....................... Jamieson and Company................................ 44 Koch B roth ers................................................. 72 Frank Krue and Company......................... 34 T 68 George LaMonte and Son.............................. 3 Lawrence S y s te m ..................... 25 Lessing Advertising Company................. 71 Live Stock National Bank— Chicago. . . . 64 Live Stock National Bank— Omaha......... 60 Live Stock National Bank— Sioux City. . 46 Union Bank and Trust Company— Ottumwa ....................................................... 70 United States National B ank........... . . . . . 54 M Valley Savings B ank.................................... 63 Frank Vrornan Company.............................. 44 Mercantile Commerce Bank and Trust Company ....................................................... 72 Merchants Mutual Bonding Company. . . 73 Merchants National Bank— Cedar Rapids ........................................................... 2 Minneapolis Moline Power Implement Company ..................................................... 42 U V W Want Ads ......................................................... 73 Charles E. Walters Company. . .'.’ ’. ' . ’ ' 59 Jay A. W elch............................................. 54 Wessling Services ............... ' . ! ! . ! ! ! ! ! . ! 72 Western Mutual Fire Insurance Co........ 39 ff— V D IR E C T O R S PAUL BEER President, The Flynn Dairy Co. T"~f D R . 0 . J. F A Y Surgeon J. G . G A M B L E Attorney J. W . H O W E L L 7 S T A T E M E N T OF C O N D IT IO N Pres., Warfield-Pratt-Howell Co. F. W . H U B B E L L Pres., Equitable Life Ins. Co. o f Iowa E . J. L I N D H A R D T J u n e 30, 1944 President, National By-Products., Inc. f E . T . M E R E D IT H , Jr * V. P ., Meredith Publishing Co. S H IR L E Y P E R C IV A L RESOURCES Pres., Green Colonial Furnace Co. RU SSELL R E E L Loans and D is c o u n t s ................................................. $ 7,876,288.02 ! Other S ecu rities......................................................... 700,920.72 j 60,000.00 j President, Yellow Cab Co. JO H N D . SH U L E R President, Shuler Coal Co. '* ~ T Stock in Federal Reserve Bank ............................. B. F. K A U F F M A N President J. W . H U B B E L L Vice President S. C . P I D G E O N Vice President R. R . R O L L IN S * Vice President L Real E s t a t e ................................................................. Furniture and F ix tu r e s ............................................. 3,992.73 j 44,665.26 U. S. Government Bonds . . . $35,631,473.18 Cash and E xch an ge................ 10,256,693.63 Customers Liabilities on Letters of Credit and Trade A c c e p ta n c e s ............................................. O T H E R O F F IC E R S 45,888,166.81 3,075.00 j $54,577,108.54 C. W . M E S M E R Vice President F. C. A T K IN S - Vice President and Cashier LIABILITIES L. N E V IN LE E Assistant Vice Pres. F . S. L O C K W O O D Secretary and Trust Officer Capital (Common S t o c k ) ......................................... $ 1,000,000.00 S u r p lu s .......................................................................... 1,000,000.00 1 S. G . B A R N A R D Assisant Secretary W M . E L L IS O N Assistant Cashier G. A. M O E C K L Y Assistant Cashier M gr. Personal Loan Dept. Undivided P r o fits ......................................................... Reserve for Taxes and I n t e r e s t ............................ Other R e se r v e s................ ............................................ D eposits......................................................................... 521,152.94 25,725.35 ! 243,685.10 ; 51,783,470.15 j 3,075.00 j $54,577,108.54 j A. F. E R IC K S O N Assistant Cashier K . L. D e B O L T Assistant Cashier Mgr. Mortgage Dept. * Bank’s Liability on Letters of Credit and Trade A ccep tan ces............................................................. In Government Service I» rf t ^ ^ *jp* Ifff f »»lumi B A N KER S T R U S T W COMPANY ttr DESMOINES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BUY U N 1 T F .O STATES j WAR B OND S I A ND STAMPS I In Iiiwa’s Financial Progress ["his Bank reported total deposits of $104,960,437.91 at the close of business D I R E C T O R S June 30, 1944, in response to the latest call FRED BOHEN from the Comptroller of the Currency for a P resid en t, M ered ith Publishing Com pany Statement of Condition. Total resources on P resid en t, B renton B roth ers, Inc. W. H. BRENTON GARDNER COWLES, JR. that date were $1 10,594,530.84. P resid en t, The R eg ister and T ribu n e Com pany J. H. COWNIE John H . C ow n ie T ru st The deposits recorded in our mid-year Statement represent the largest total ever E. C. FINKBINE P r e s id en t. G reen Bay L u m b er Com pany P resid en t, B row n-C am p H ardw are C o. HERBERT L. HORTON P resid en t reported by a bank in the history of Iowa. LOUIS C. KURTZ P resid en t, L . H . K u rtz Com pany M. MANDELBAUM To all of our customers, and especially to our many correspondent banks throughout the State whose confidence and patronage have enabled us to become Iowa's first "one hundred million dollar bank," V ice-P resid en t, Y o u n k er B ro s., Inc. JOS. MUELHAUPT P r e s id en t, C entral S ervice Com pany E. H. MULOCK P resid en t. C entral L ife A ssurance S o ciety (M u tu a l) AMOS C. PEARSALL G en ’l M g r ., P ittsb u rg h -D es M o in es S teel Com pany our ALBERT J. ROBERTSON officers and directors are happy to have OLIVER P. THOMPSON this opportunity to express our sincere V ice-P resid en t T ru stee, The T hom pson Trust CARL WEEKS P resid en t, The A rm and Com pany appreciation. ow a -D es https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M oines N ational B an & TRUST COMPANY M e m b e r F e d e ra l D ep o sit In sura n ce C o rp o ra tio n
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