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Federal Reserve Bank of St. Louis
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AMERICA AND FRANCE SIGN AGREEMENT (See Page 22)
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M any banks find it to their great advantage to carry a correspondent
account in this, the Grain Center of America.
The Merchants National
invites you to use its facilities in handling your grain items, in addi
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THE HE I! H I VI’S NATURAL BAIR
CEDAR RAPIDS, IOWA
Member Federal Deposit Insurance Corporation
Northwestern Banker, published monthly by the Northwestern Banker Company, at 527 Seventh Street, Des Moines, Iowa. Subscription, 35c
per copy, $3.00 per year. Entered as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, uner Act of March 3, 1879.
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Federal Reserve Bank of St. Louis
...are known from horde
to border and coast t<
coast as the natio
stand ard of safet
' n
THE WAVY LINES ARE
A LA MONTE TRADE-MARK
«
For Samples o f La Monte Safety Paper see your Lithographer or P rin ter-or write us direct.
SAFETY PAPER FOR CHECKS
GEORGE LAMONTE & SON, NUTLEY, NEW JERSEY
A CHECK PAPER ALL YOUR OWN
W hy not follow the lead of America's outstanding banks
and corporations? Let us reproduce your trade-mark in the
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maximum protection against counterfeiting —saves banks
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Federal Reserve Bank of St. Louis
Northwestern Banker, July, 7946
THE House o f the Seven Gables
in
a mariner, either in 1668 or 1669. As the
Her vivid memory of tales her parents told
Salem, Massachusetts, made memorable by
Ihe
House
of the
Seven
Gables”
family fortunes increased, a lean-to was
Nathaniel Hawthorne in his delightful ro
added and the old kitchen was turned into
a shop where M rs. Turner sold the small
her enabled the author to piece together a
complete word picture of the house.
mance named for the house, was, in its
infancy really a house of eight gables. This
fact was discovered when a plan which had
been made in 1746 came to light.
Aside from the gables, the most interest
ing feature of the building is the secret
stairway which was not uncovered until
items from the cargoes of her husband's
four ketches. Eventually, other rooms were
In appearance, the house resembled the
added until the house assumed
the appearance of today’s res
traditional Gothic structure with its steep
roof, the second floor overhang with orna
toration.
Upon the death of the male
John Turner around 1692, the
mental drops, and the leaded glass case
descendants of John Turner, the
year the witchcraft delusion ran
ment windows. The original part which had
house was bought by Samuel
rampant throughout Salem. Be
four gables had been built by John Turner,
Ingersoll, a sea captain, whose
cause over-sensitive children in
discriminately accused women
near the end of the nineteenth
century. It is believed that this
had been built by the second
wife had been a Hawthorne.
O nly one child of this union,
Susannah, survived her parents
of this evil, the whole country
Nathaniel Hawthorne
and she became the mistress of
side became terrified. Due to
this situation, John Turner un
the famous home in 1812.
It was because of an unhappy love affair
doubtedly built the stairway so
that the women and girls in his family could
be safely hidden away.
of this “ Cousin Susy,” that Hawthorne be
7he Home, through its agents and bro
kers, is America's leading insurance pro
tector of American Homes and the Homes
of American Industry.
came so closely associated with the house.
This sorrow led her to become a recluse and
the only male allowed to cross the threshold
was Nathaniel, eighteen years her junior.
^THE HOME ☆
NEW
A corner o f the garden showing interesting overhang.
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Federal Reserve Bank of St. Louis
FIRE
•
A U T O M O B IL E
Y O R K
.
MARINE IN S U R A N C E
5
idland
National Bank of Minneapolis
,
Condensed Statement of Condition June 29, 1 9 4 6
D IR E C TO R S
R E SO U R C ES
Cash and Due from Banks_________________________
$14,886,674.66
Other Bonds and Securities___________
4,983,973.48
CLIFFORD H. ANDERSON
Vice President and General Manager
Crown Iron Works Company
U. S. Government Securities__________ $33,610,317.70
38,594,291.18
CALVIN W. AURAND
Vice President
Loans and Discounts____________
13,638,102.10
Income Earned but Not Collected
169,604.18
Other R esou rces_______________
4,571.01
N. C. BEIM
Chairman of the Board
W. H. Barber Company
FREDERIC B. CARR
Minneapolis
$67,293,243.13
CHARLES W. COLE
LIAB IL IT IE S
President and Treasurer
Harrison & Smith Co.
Demand and Time Deposits____________$56,364,267.81
U. S. War Loan Deposit Account______
7,774,263.98 $64,138,531.79
Reserves for Interest, Expenses and Taxes____________
191,543.43
Income Collected but Not Earned_____________________
79,088.30
Capital S t o c k _________________________$ 1,000,000.00
Surplus ----------------------------------------------
1 ,000,000.00
Undivided P r o fits____________________
361,089.98
Reserve for Contingencies_____________
522,989.63
G. L. HEEGAARD
President, Mandan Mercantile Co.
W. C. HELM
Vice President
Russell-Miller Milling Company
DR. O. B. JESNESS
Chief, Division of Agricultural
Economics, University of Minnesota
2,884,079.61
$67,293,243.13
U. S. Government and Other Securities carried at $20,708,132.58 are pledged, to
secure public deposits and trust funds and for other purposes, as required by law.
CHARLES B. JORDAN
President and Manager
Jordan Stevens Co.
BEN C. McCABE
President, McCabe Brothers Co.
President, International Elevator Co.
h. clay
McCa r t n e y
President, Marshall-McCartney Corp.
HENRY J. NEILS
OFFICERS
ARNULF UELAND __________________________
________________ President
CALVIN W. AURAND________________________
------------------Vice President
W. E. BROCKMAN___________________________
----------------- Vice President
----------------- Vice President
___________ Vice President
WILLIAM R. CHAPMAN_____________________
ALBERT W. GRAY___________________________
LAWRENCE O. OLSON_______________________
ROBERT S. STEBBINS__________________ _____
CLIFFORD C. SOMMER______________________
MELVIN D. BURT____________________________
E. WALTER ENGSTROM_____________________
JAMES A. GALBRAITH______________________
KENNETH D. MORLAN______________________
EVERETT L. THOMPSON____________________
HARRY M. WILLMERT______________________
FRANK W. PETERSON_____________________
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Federal Reserve Bank of St. Louis
------------------Vice President
Vice President and Cashier
__ Assistant Vice President
-------------- Assistant Cashier
-------------- Assistant Cashier
-------------- Assistant Cashier
_________ Assistant Cashier
-------------- Assistant Cashier
-------------- Assistant Cashier
--------------------- Comptroller
Secretary-Treasurer
Flour City Ornamental Iron Co.
J. R. RANDALL
President, Reserve Supply Co.
EDW. A. SCHLAMPP
President and Treasurer
P. Schlampp & Son, Inc.
MAURICE SCHUMACHER
Building Contractor
ARNULF UELAND
President
PAUL E. VON KUSTER
President
David C. Bell Investment Company
JAMES C. WYMAN
Minneapolis
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
Northwestern Banker, July. 1946
6
T H E
P H IL A D E L P H IA
NATIONAL
* À * (Y Y < /r .i/ a n t /
BANK
0fìri<n-Y? An @ $ en n A ^ A <rm Act
© j ^ a - n A z e f / ,/ &Û&
Statement o f Condition, June 29, 1946
RESOURCES
Cash and D ue from B a n k s ................................
$186,161,160.20
U. S. Government S e c u r i t i e s .........................
440,099,407.64
State, County and Municipal Securities
Other S e c u r itie s ...................................................
13,097,391-83
34,147,925.70
Loans and D i s c o u n t s ......................................
Accrued Interest R e c e i v a b l e ..........................
91,069,669-89
2,156,030.95
2,454,811.16
Customers’ Liability Account o f Acceptances
Bank B u i l d i n g s ...................................................
1.0 0
$769,186,398.37
LIABILITIES
Capital Stock (Par Value $20.00)
.
.
.
.
$14,000,000.00
Surplus
...............................................................
Undivided P r o f i t s ............................................
28,000,000.00
Reserve for Taxes, etc...........................................
3,337,724.06
Dividend (Payable July 1 , 1946)
.
.
.
.
Unearned Discount and Accrued Interest .
A c c e p t a n c e s ......................... $7,923,312.94
Less Am ount Held in Portfolio 4,381,889-95
13,611,690.50
875,000.00
128,558.00
3,541,422.99
Deposits
United States Treasury
.
$87,633,595.08
All Other Deposits
.
618,058,407.74
.
705,692,002.82
$769,186,398.37
Philadelphia, Pa.
Northwestern Banker, Jul y, 1946
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Federal Reserve Bank of St. Louis
Member o f the federal Deposit Insurance Corporation
7
DIRECTORS
EDWIN M. ALLEN
Chairman, Mathieson
A lka li W orks, Inc.
M A N U FA C T U R E R S
T K U ST
C O M P A N Y
EDWIN J. BEINECKE
Chairman, The Sperry &
Hutchinson Co.
EDGAR S. BLOOM
Condensed Statement o f Condition as at close of business
Chairman, A tlantic, Gw//" ami
Indies Steamship Lines
June 30, 1946
ALVIN G. BRUSH
Chairman, Am erican Hom e
Products Corporation
LOU R. CRANDALL
President, G eorge A .
Fuller Com pany
CHARLES A. DANA
President, Spicer
Manufacturing Corp.
HORACE C. FLANIGAN
V ice-President
JOHN M. FRANKLIN
President, United States
Lines Com pany
CHARLES FROEB
Chairman, Lincoln
Savings Bank
PAOLINO GERLI
President,
La France Industries, Inc.
HARVEY D. GIBSON
President
JOHN L. JOHNSTON
President, Lambert Company
RESOURCES
Cash and Due from Banks
U. S. Government Securities .
U. S. Government Insured F. II. A
M o r t g a g e s ........................
State and Municipal Bonds
Stock of Federal Reserve Bank
Other S e c u r i t i e s ........................
Loans, Bills Purchased and Bankers
A cceptances..............................
M o rtg a g e s....................................
Banking H o u s e s ........................
Other Real Estate Equities
Customers’ Liability for Acceptances
Accrued Interest and Other Resources
OSWALD L. JOHNSTON
New York City
Capital .
Surplus .
Undivided Profits
JOHN T. MADDEN
President, Emigrant
Industrial Savings Bank
JOHN P. MAGUIRE
President., John P.
M aguire & Co., Inc.
C. R. PALMER
President, Cluett
P eabody & Co., Inc.
GEORGE J. PATTERSON
President, Scranton &
Lehigh Coal Co.
490,061,485.44
10,564,179.30
11,462,030.67
305,780.51
7,408,873.50
6,932,439.69
LIARI CITIES
KENNETH F. M acLELLAN
SAMUEL McROBERTS
3,927,687.45
15,436,239.09
2,475,000.00
19,964,927.00
52,489,524,759.33
Simpson Thacher &
Bartlett
President, United Biscuit
Company o f Am erica
J 560,937,086.87
1,360,049,029.81
.
$41,250,000.00
41,250,000.00
33,604,839.50 $ 116,104,839.50
Reserve for Contingencies
Reserves for Taxes,
Unearned Discount, Interest, etc.
Dividend Payable July 1 , 1946
Outstanding Acceptances .
Liability as Endorser on Acceptances
and Foreign Bills
. . . .
D e p o s i t s ....................................
9,476,214.52
10,309,418.74
1,237,498.20
8,508,737.64
331,025.12
2,343,557,025.61
HAROLD C. RICHARD
New York City
¡52,489,524,759.33
HAROLD V. SMITH
President, Hom e
Insurance Co.
ERNEST STAUFFEN
United States Government securities carried at $272,989,542.48 are pledged to
secure U. S. Government War Loan Deposits o f $241,461,153.23 and other public
funds and trust deposits, and f o r other purposes as required or perm itted by law.
Chairman, Trust Committee
GUY W . VAUGHAN
President, Curtiss- W right
Corporation
HENRY C. VON ELM
Vice-Chairman o f the Board
ALBERT N. WILLIAMS
President, W esting house
A ir Brake Company
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Federal Reserve Bank of St. Louis
Principal Office: 55 Broad Street, New York City
71 R A N K I N G
OFFICES IX GREATER X E W
YORK
European Representative Office: 1, Cornhill, London, E. C. 3
Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit Insurance Corporation
Northwestern Banker, July, 1946
Warehouse R ec eipts
L oans Against I nventories
Inventories are valuable assets and they constitute the repaying
power of many manufacturers, processors, producers and dealers.
Where inventories are present, hanks have splendid opportu
nities to employ profitably their resources through new and
larger loans based on them . . . .
And when secured by our Warehouse Receipts inventory loans
are sound.
Long experience, integrity and responsibility stand
behind our operations . . . .
For inventory collateral there is no substitute for a Warehouse
Receipt issued by an experienced bona fide Public Warehouse
Company . . . .
Without obligation, our representative will call on
request and explain how our Field Warehousing serv
ice provides collateral on inventories on the owner's
location . . . .
gs>t. $ a u l terminal ÜHare&otrôe Co.
ST. PAUL, MINN.
— Other Offices —
— iow a Office —
515 Iow a-Des Moines National Bank Building
DES MOINES
TELEPHONE 2-1208
T. C . C A N N O N , DISTRICT M A N A G E R
M INNEAPOLIS
M ILW AU K EE
C H IC A G O
N E W YORK
PHILADELPHIA
MEMPHIS
PITTSBURGH
A T LA N T A
DETROIT
BOSTON
SYRACUSE
ALBANY. G A .
CHARLOTTE
"The only company engaged in Field Warehousing with an office in Iowa"
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
n e a r E d ita r
O ldest Financial Journal West of the Mississippi
The following letters were received
from Northwestern Banker readers.
Your views and opinions on any sub
ject will be gladly published in this
column.
•
51st Year
•
No. 708
IN THIS JULY, 1946, ISSUE
EDITORIALS
Across the Desk from the Publisher.......................................................... 10
"A Token of Appreciation"
“ Dear Mr. De Puy: It is the wish of the
Secretary that the men and women who gave
more than ordinary assistance in behalf of
the several War and Victory Loan campaigns
be given a lasting token of appreciation for
their contribution to the great national suc
cess of the war financing effort.
“ I have the pleasure of presenting to you
the Treasury Silver Medal Award, an honor
justly deserved for your distinguished serv
ice to the Treasury.”
Vernon L. Ciarle, National
Director U. S. Savings Bond
Division, Treasury Depart
ment, Washington, D. C.
"Splendid Writeup"
“ That was a splendid writeup that you
gave the Iowa Junior Bankers and Auditors
State Convention program in your June,
1946, issue and we all, including the officers
of both those organizations and President
Sawyers, sincerely appreciate it.
“ Thanks, too, for the grand and thorough
way in which you covered our Group meet
ings.”
Frante Warner, Secretary,
Iowa Bankers Association,
Des Moines, Iowa.
"To Germany for a Year"
“ My dear Cliff : As a 'go getter’ my hat
is off to you.
“ Here is a $5 check to pay for two added
years for the N orthwestern B anker .
“ Wonder if I could not say, as the
other man did, that I have taken the
N orthwestern B anker since it started?
“ Only thing that is worrying me is how I
am going to get the N orthwestern B anker
in Germany for a year after September 1st?
“ Carl and his family will be in Germany
for two years more and I am to be their
guest for a year after the date mentioned.”
Charles B. Mills, Moline.
E d. N ote : Passport difficulties prevented
this trip.
"Want Directors to read
NORTHWESTERN BANKER"
of
“ We would like to enter the names
our directors as subscribers to the
N orthwestern B anker .
(Turn to page 72, please)
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Federal Reserve Bank of St. Louis
FEATURE ARTICLES
Dear Editor .........................................................................................................
Frontispage .....................
How to Increase Your Earnings After Taxes........ H. Holden Smith
News and Views of the Banking World.......... .......... Clifford De Puy
Minnesota Bankers Convention and Pictures.................................... 16,
South Dakota Bankers Convention and Pictures............................. 18,
North Dakota Bankers Convention and Pictures............................. 20,
About Bankers You Know— Eugene Meyer.............................................
Merchandising Bank Service.......................................Lehman Plummer
W ar Bond Sales and Redemptions...............................................................
9
13
14
15
17
19
21
22
24
30
BONDS AND INVESTMENTS
Where Are the Money Managers in Washington
Headed ........................................................................ Raymond Trigger 33
INSURANCE
How I Wrote a Million in 1945................................ Franklin A, Jenson 37
STATE BANKING NEWS
Minnesota News .....................................................
Twin City News.......... ............................................ E. W. Kieckhefer
South Dakota News...........................................................................................
Sioux Falls News.......................................................................................
North Dakota News...........................................................................................
Fargo News ..............................................
Nebraska News ..................................................................................................
Omaha News ......
Lincoln Locals ............................................................................................
Iowa News ........................................................................
Iowa Junior Bankers and Auditors Convention and Pictures....
Des Moines News......................
What Do You Think?..........................
Conventions .........................................................................................................
41
43
49
49
53
53
55
57
61
63
67
69
82
85
IN THE DIRECTOR'S ROOM
A Few Short Stories to Make You Laugh........................
N O RTH W ESTERN
86
BANKER
527 Seventh St., Des Moines 9, Iowa, Telephone 4-8163
CLIFFORD DE PUY, Publisher
RALPH W. MOORHEAD
Associate Publisher
HENRY H. HAYNES
Editor
BEN J. HALLER, JR.
Associate Editor
ELIZABETH COLE
Advertising Assistant
HAZEL C. HADLEY
Auditor
SADIE E. WAY
Circulation Department
NEW YORK OFFICE
Frank P. Syms, Vice President, 505 Fifth Ave., Suite 1806
MUrray Hill 2-0326
Northwestern Banker, July, 1946
10
1. The percentage of wages and salaries to na
tional income was 69.19.
2. The percentage of dividends to national in
come was 2.80.
Are your “ Communistic comrades” getting as
high a percentage of the national income in
Russia ?
You know they are not— so we say that you
are “ away off the beam” when one of your
officials says that the United States is seeking to
crush the working class. The “ working class”
in the United States is the most powerful group
in the nation and if you think, Mr. Stalin, that
“ big business” controls America, let us remind
you that it was not Henry Ford, Alfred Sloan or
John D. Rockefeller, Jr., who brought the wheels
of industry in this country to almost a complete
stop recently, but it was three other fellows known
as John L. Lewis, Alexander Fell Whitney and
Alvanley Johnston.
Across the Desk
From the Publisher
Jb e a n
S ta lin :
W hy you and your associates continue to at
tack the United States at every opportunity and
continue to say “ N o ” at every conference where
the peace of the world is under discussion, is
beyond us.
There is no reason on earth why the United
States and Russia should not have friendly rela
tions— you under your Communistic regime, and
we under a capitalistic and free enterprise econ
omy.
Yet you seem determined to undermine our gov
ernment, undermine our political organizations
and control our unions with your Communistic
leaders and do everything within your power to
make us mad.
More recently an article by one of your writers
in Moscow said “ that the United States is seek
ing to crush the working class.”
You know that is a lie, because there is no
where in the world where the working man is
paid as high a scale of wages as in the United
States.
Just look at the figures from the United States
Department of Commerce, presided over by one
of your admirers, Henry Wallace, and which fig
ures indicate that the national income in 1945
was divided as fo llo w s:
Northwestern Banker, July, Ì946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
^bean W alien. tyJ. S m ith :
W e read with considerable interest about the
defeat of the CIO to organize the bank employes
in the First National Bank in St. Louis of which
you are president.
The campaign which the United Office and Pro
fessional W orkers CIO union conducted was an
intense and bitter one, and the final result re
flects much credit upon you and your institution
since 558 of your employes voted against the
CIO and only 185 favored having them act as bar
gaining agent.
The fact that Lewis Merrill, national president
of the United Office and Professional Workers, as
well as the other officers associated with him, all
have definite communistic affiliations, indicates the
type and character of the men back of this CIO
union.
You perhaps also noticed, Mr. Smith, that in an
election held recently under the direction of theNational Labor Relations Board to determine
whether Bank Employes Local Union, A. F. of L.,
should be certified as the collective bargaining
representative for employes of the Midland Na
tional Bank of Minneapolis, bank employes cast
17 votes for the union and 1 0 1 against the union.
Banks must see that their “ employe relations”
are satisfactory from every standpoint so that
there may be no need for any outside “ organ
izers.”
11
IRVING TRUST
COMPANY
NEW YORK
CHARTER
MEMBER
NEW
YORK
CLEARING
HOUSE
ASSOCIATION,
OCTOBER
4, 1853
Statement of (Condition, June j o , 1 9 4 6
ASSETS
Cash and Due from Banks..................................................................... $ 254,085,256.08
U. S. Government S ecurities................................................................
725,724,386.44
Other S e c u r itie s ......................................................................................
Stock in Federal Reserve B a n k ..........................................................
4,819,153.84
3,088,100.00
Loans and D i s c o u n t s ...........................................................................
First Mortgages on Real E s t a t e ..........................................................
243,576,235.87
7,002’875.79
Headquarters B u ild in g ...........................................................................
Customers’ Liability for Acceptances Outstanding........................
15,146,000.00
2,497,397.63
Other A s s e t s ............................................................................................
-
3,535,657.93
$1,259,475,063.58
LIABILITIES
D e p o sits......................................................................$1,130,335,994.05
Official Checks....................................................
7,687,210.69
A c c e p t a n c e s ....................................................
Less Amount in P o r tfo lio .............................
$1,138,023,204.74
$8,833,679.28
5,443,559.89
3,390,119.39
Reserve for Taxes and Other E x p e n s e s .........................................
Dividend payable July 1, 1946
..........................................................
Other L ia b ilitie s ......................................................................................
3,773,902.34
750,000i00
1,470^984J8
Capital S t o c k ....................................................
Surplus and Undivided Profits . . . .
$50,000,000.00
62,066,852.93
112,066,852.93
$1,259,475,063.58
United States Government Securities are stated at amortized cost. Of these, $ 173,498,490.53
are pledged to secure deposits of public monies and for other purposes required by law.
M em ber Federal Deposit Insurance Corporation
BOARD
OF
DIRECTORS
H A R R Y E. W AR D
W IL L IA M N. ENSTROM
Chairman o f the Board
President
O. L. A L E X A N D E R
President
Pocahontas Fuel Company
Incorporated
H E N R Y P. BRISTOL
W IL LIA M K. DICK
Chairman o f the Board
National Sugar Refining
Company
H EN R Y FLETCH ER
President
Bristol-Myers Company
Fletcher & Brown
W. GIBSON C AR EY. Jr.
GEORGE F. GENTES
H IRAM A. M ATH EW S
Vice President
M IC H A E L A. MORRISSEY
President
The American News Company
PETER S. PAINE
President
N ew York & Pennsylvania Co.
President
The Yale & Towne M fg . Co.
Vice President
REID L. CARR
Vice President
Deering Milliken & Co., Inc.
President, Otis Elevator Company
D AVID L. LUKE, Jr.
J. W H IT N E Y PETERSON
H AR OLD A. H A T C H
President
Columbian Carbon Company
JOHN F. DEGENER, Jr.
C. A. Auffmordt & Co.
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Federal Reserve Bank of St. Louis
President, West Virginia
Pulp and Paper Company
Le ROY A. PETERSEN
President
United States Tobacco Company
JACOB L. REISS
President, International
Tailoring Company
FLETCH ER W . ROCKWELL
President
National L ead Company
W IL LIA M SKINNER
President
William Skinner & Sons
R ICH AR D H. WEST
Vice President
FRANCIS L. W H ITM AR SH
President
Francis H. Leggett & Company
Northwestern Banker, July, 1946
12
Central
National Bank and Trust Company
On Fifth Avenue — Between Walnut and Locust — Des Moines
STATEMENT OF CONDITION AT CLOSE OF BUSINESS, JUNE 29, 1946
ASSETS
Cash and Due from
Federal Reserve and
other banks...............$18,148,281.70
United States Govern
ment Securities. . . . 28,106,559.80
Obligations of United
States Governmental
Agencies ...................
1,660,696.14 $47,915,537.64
Municipal Securities..............................
7,119,870.28
Market Bonds............................................
605,601.24
Loans and Discounts..............................
23,388,266.61
Overdrafts .................................................
9,600.45
Stock Federal Reserve Bank.............
67,500.00
Accrued Interest Receivable...............
174,993.61
Bank Premises and Equipment...................................... 447,692.34
T O T A L ...............................................$79,729,062.17
D I R E C T O R S
G. E. BR A M M E R
Brammer, Brody, Charlton & Parker
E.
F.
BUCKLEY
President
H ARRY GOLDMAN
President, C. C. Taft Co.
W M . J. G O O D W IN
Chairman, Board of Directors
R O BER T K. G O O D W IN
President, Redfield Brick & Tile Co.
LIABILITIES
H. F. GROSS
Secretary, Iowa Mutual
Tornado Insurance Assn.
Common S to c k ...........$ 1,250,000.00
Surplus ..........................
B. REES JONES
President, Town Mutual Dwelling
Insurance Company
1,250,000.00
Undivided Profits. . . .
551,779.50
Other Reserves...........
612,506.38 $ 3,664,285.88
G U Y E. L O G A N
Reserve for T a x es...................................
165,369.93
Discount C ollected .................................
139,822.48
D E P O S IT S
.............................................. 75,759,583.88
T O T A L ...............................................$79,729,062.17
U. S. Government and other securities carried
at $15,680,499.73 are pledged to secure U. S.
W ar Loan Deposit account, Public Funds, and
Trust Department Funds.
W A L T E R E. M U IR
President, Window Devices, Inc.
G EORGE A. P EAK
Real Estate
J U L IA N A. P E V E R IL L
President, Hudson Jones Auto Co.
W A L T E R L. S T E W A R T
Gibson, Stewart & Garrett
F R A N K R. W A R D E N
Vice-President
★
Member F. D. I. C.
Northwestern Banker, July, 1946
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
13
Northwestern Banker, July, 1946
14
H ow to in crea se Y our
Jùirninfjs A fte r Tuxes
Distribution of Your Securities Account
Can Make a Substantial Difference
By H. HOLDEN SMITH
Of
Halsey, Stuart & Co. Inc.
HE removal of Federal Excess
Profits Taxes January 1st unfor
tunately did not eliminate the tax
problem for many country banks.
Federal income taxes (normal and
T
surtax), as applied to bank income
earned in 1946, are still high and also
vary considerably with the size of that
income.
A glance at the following summary
T a x -E x e m p t r s. T a x a b le H a n d Y ie ld s
fo r H anks
1
Yield from
Tax Exempt Bond
.25
.30
.35
.40
.45
.50
.55
.60
.65
.70
.75
.80
.85
.90
.95
1.00
1.05
1.10
1.15
1.20
1.25
1.30
1.35
1.40
1.45
1.50
1.55
1.60
1.65
1.70
1.75
2
2 5 % Tax Rate
$20,000 to $25,000
(Taxab le Income)
.33
.40
.47
.53
.60
.67
.73
.80
.87
.93
1.00
1.07
1.13
1.20
1.27
1.33
1.40
1.47
1.53
1.60
1.67
1.73
1.80
1.87
1.93
2.00
2.07
2.13
2.20
2.27
2.33
3
5 3 % Tax Rate
$25,000 to $50,000
(Taxab le Income)
.53
.64
.74
.85
.96
1.06
1.17
1.28
1.38
1.49
1.60
1.70
1.81
1.91
2.02
2.13
2.23
2.34
2.45
2.55
2.66
2.77
2.87
2.98
3.09
3.19
3.30
3.40
3.51
3.62
3.72
4
3 8% Tax Rate
O v e r $50,000
(Taxab le Income)
.40
.48
.56
.65
.73
.81
.89
.97
1.05
1.13
1.21
1.29
1.37
1.45
1.53
1.61
1.69
1.77
1.85
1.94
2.02
2.10
2.18
2.26
2.34
2.42
2.50
2.58
2.66
2.74
2.82
If a tax-exem pt bond yields the rate shown in Column 1, taxab le bonds must yield
ra te s shown in Colum ns 2, 3, 4 to provide an equ ivalent return, a fte r the tax rates shown.
Northwestern Banker, July, 1946
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Federal Reserve Bank of St. Louis
shows the total tax rates and how
these rates will differ among various
banks:
B an k s N et
T a x a b le In c.
First $ 5,000
Next $15,000
Next $ 5,000
$25M to $50M
Over $50M
N orm al
T a x R a te
S u rta x
R a te
T o ta l
T a x R a te
15%
17%
19%
31%
24%
6%
6%
6%
22%
14%
21%
23%
25%
53%
38%
The difference in the effect on earn
ings remaining for surplus and divi
dends can quickly be seen between a
total tax rate of 25 per cent and one
of 53 per cent or 38 per cent. Depend
ing on the tax bracket in which a bank
may be, the fact is that roughly from
one-quarter to over one-half of 1946 net
taxable income must be paid out in
federal taxes.
The effect of this reduction of earn
ings by taxes is naturally greatest on
the largest section of the bank’s in
vested assets—namely securities. Fed
eral reserve summary figures, for
member banks in the Seventh District
for 1945, show an average of over 63
per cent of total assets was invested
in securities; and approximately 55
per cent of total earnings came from
interest on securities. This included
all types, i.e.: Fully taxable govern
ment bonds, equipment trust and other
taxable corporation bonds, partially
tax exempt governments, and munici
pals exempt from all present federal
income taxation.
The arrangement or distribution of
these various types in a securities ac
count can make a substantial differ
ence in the net earnings after taxes.
Two banks with almost identical cap
ital and deposit accounts, having the
same approximate totals of cash, loans,
and securities, may show a difference
of over 25 per cent in earnings after
taxes, because of a difference in the
distribution of their securities between
taxable and tax exempt.
With this picture facing the average
country bank it is obviously important
(Turn to page 52, please)
15
News and Views
OF THE BANKING WORLD
By Clifford De Puy
general
manager and vice president
Rof thesalesInvestors
Syndicate Company
OBERT L. SMITH, JR.,
of Minneapolis, told us that, “our
business has increased 100 per cent
over a year ago.”
Charles M. Nelson, vice president
and cashier, and John V. Haas, assist
ant cashier of the Northern Trust Com
pany, have been attending bankers
conventions throughout the middle
west. John was in the Navy during
the war and hasn’t played golf for
about five years, but he is an expert
when he plays. The last time we
played with him, we saw him get an
Eagle 3 on a par 5 hole measuring
525 yards.
vice president of
Charles E. Walters and Company of
Omaha, raises blue ribbon cattle on
his Byercroft farm at Logan, Iowa.
He owns the state champion of Iowa
in the triple letter classes, having made
the highest record ever made by a
Guernsey for twice-a-day milking for
10 months.
H.
H.
Byers,
T. S. Jackson, manager of the Field
of Europe now is directed by “the com
missars of the Kremlin and it is here
that the seeds of a new world war if
anywhere are being sown.”
How could you talk like that Win
ston when you know how cooperative,
how docile, and how thoughtful Com
rade Stalin is of every other country in
the world and how unselfish he is in
connection with any of Russia’s plans?
Fred Vinson, who changes govern
ment positions so fast you can’t keep
track of him, was a few weeks ago
Secretary of the Treasury, “now he is
Chief Justice of the Supreme Court”
and while Secretary he said, “ If we
keep price controls a little longer—and
keep them really effective—the accu
mulated savings of the public can re
sult in a sustained demand for houses,
automobiles, refrigerators and other
goods for many years to come. But if
we remove price controls too soon,
these same savings will be used to bid
up prices before goods have been pro
duced to match the demand.”
Robert R. Wason, president of the
National Association of Manufacturers,
praised John L. Lewis “for his record
as a labor leader, his honesty and his
loyalty to America. He has always
worked in the interests of the people
he represents. He has improved the
miners’ conditions, not for political
purposes, but for welfare purposes.”
Perhaps Mr. Wason interprets “loy
alty to America” as closing up the coal
mines during the war so that muni
tions could not be manufactured and
closing up the mines in peacetime so
that reconversion would be delayed.
Maple T. Harl, chairman of the Fed
eral Deposit Insurance Corporation, in
discussing the dangers of inflation em
phasized that “From a keen awareness
of the instability of today’s real estate
(Turn to page 83, please)
M a d era H ank in te r io r
Warehouse Division of the St. Paul
Terminal Warehouse Company, St.
Paul, Minnesota, not only knows field
warehousing in all of its various rami
fications, but he is also one of the most
interesting story tellers to whom we
have ever listened.
Before entering the field warehous
ing business he lived in Canada, was
active in World War I and later on
represented one of the big Canadian
banking systems in the “ States.”
i
»
t
Ralph Heinzen, for 25 years the
United Press correspondent in Europe,
told the Minnesota bankers that the
greatest menace to peace in Germany
is represented by 11% million Hitler
youths who from the time they were
6 to 16 years of age, were indoctrinated
with the Hitler propaganda and still
believe that Mein Kampf is their bihle.
He said all these young men and women need is a new leader to again
start a war.
He also emphasized that Europe is
at the lowest level in 100 years and
that state socialism is on its way in
France, Italy, Germany and later on
in Spain.
Winston Churchill charged recently
that nearly one-third of the population
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Federal Reserve Bank of St. Louis
THE NEW ROCKEFELLER Center Office of Bankers Trust Company, New
York, is believed to be the nation’ s most modern bank, a number of new develop
ments in design and color having been utilized in employing architecture as a ve
hicle of public relations. The result is a bank without the conventional marble or
bronze, cages or bars.
To provide a friendly, open-door effect, the main-entrance door is built almost
entirely of tempered glass. Further accentuating the hospitable appearance of
the bank, all cages or screens have been eliminated in constructing the tellers’
area. This is made possible by equipping each teller’s space with a roll-top desk,
invisible from the public space. By simply closing the roll top, the teller can lock
up his currency, making rails or screened cages, unnecessary.
Northwestern Banker, July, 7946
16
M in n esota
Mo f
M illion s H old M eetin g
By BEN J. HALLER, JR.
Associate Editor
Northwestern Banker
ORE than 1,500 bankers gath
ered at the Hotel Nicollet in
Minneapolis last month to at
tend the largest convention of the
Minnesota Bankers Association since
prewar days. Attendance was further
swelled by the fact that there was no
state convention last year.
A. W. Sands, president, Western
State Bank, St. Paul, was elected presi
dent of the association, succeeding
George Beito, president, Northern
State Bank, Gonvick. John Carlander,
president, State Bank of Faribault,
was elected vice president and C. E.
Cadwell, president, First National
Bank, Farmington, was elected treas
urer. These two offices were left va
cant by the executive council at its
meeting last year.
Named to the American Bankers
Association executive council were Mr.
Beito and Wilbur F. McLean, vice pres
ident, Minnesota National Bank, Du
luth.
Both Mr. Beito and Frank C. Rathje,
president of the A.B.A., urged the
bankers to do all in their power to
keep veterans from burdening them
selves with debts that may prove dis
astrous. Mr. Rathje pointed out that
the veteran would be better off biding
M
his time until present high prices are
reduced, production is increased and
the general economy is more stable.
Since the G. I. bill allows the veteran
10 years to utilize its benefits, this
would give him time to gain experi
ence and “better visualize the trend
and the prospects that lie ahead,” Mr.
Rathje said.
Other speakers were Lehman Plum
mer, vice president, Central National
Bank & Trust Company, Des Moines;
C. G. Pearse, assistant sales manager,
J. I. Case Company, Racine, Wisconsin;
Dale Brown, assistant vice president,
National City Bank of Cleveland, and
president, Financial Advertisers Asso
ciation; and Dr. Marcus Nadler, econo
mist, Central Hanover Bank & Trust
Company, New York. Ralph Heinzen,
United Press chief in France and vet
eran of 25 years reporting in Europe,
addressed the bankers at a dinner con
cluding the convention.
S een a n d H e a r d
William Duncan, Jr., secretary of the
Minnesota Bankers Association, put on
a great program and had hundreds of
“satisfied customers” when the meet
ings were all over. Bill was president
of the association in 1933 and really
knows all the answers.
Frederick O. Glasoe, vice president,
Fourth Northwestern National Bank,
Minneapolis, told us that their banking
quarters are being remodeled. In or
der to please all the ladies in the bank,
Mr. Glasoe told them to choose their
own committee to select the tile and
color scheme for the ladies’ lounge.
The girls picked out pink tile with a
black border and the upper half of
the room will be powder blue. This
sounds like a “rest room” where they
will do a lot of resting.
Harold Lewis, Mel Thies and Verne
Bartling were three assistant vice pres
idents who did a fine job of represent
ing the First National Bank of Chicago
during the convention. Hal is a for
mer football star, Mel is a present golf
star and Verne is a swell story-teller—
some combination.
Willis A. Putman, vice president of
the First and American National Bank
of Duluth, said the hay fever season
was as valuable an “income producer”
as the winter season in Southern Cali(Turn to page 46, please)
A t th e M in n e s o t a H a n k e r s C o n ven tio n
THE PICTURES ON THE OPPOSITE PAGE were taken by
the N orthwestern B anker at the annual convention of the
Minnesota Bankers Association held last month in Minneapolis.
Those pictured, reading from left to right, are:
1. Wallace Kurth, Harry Felepe and Ralph Bergstrom, assist
ant cashiers, the Citizens Bank, Hutchinson, Minnesota.
2. The crowd at the pre-convention smoker Wednesday night
just before the festivities started. Wilbur F. McLean, first vice
president of the Northern Minnesota National Bank of Duluth,
is in the immediate foreground.
3. A family trio enjoying the show Wednesday night. Bill
Duncan, secretary of the Minnesota Association, holds Grandson
Master Duncan Fowler on his lap while B ill’s daughter, Mrs. E.
W. Fowler, smiles her approval.
4. W. C. Krog, president, the Farmers and Merchants State
Bank, Stillwater, Minnesota, and James Hogan, president, Kerrick State Bank, Kerriek, Minnesota.
5. J. T. Peterson, president, State Bank of Be Sueur, Minne
sota, and A. W. Hoese, president, Security State Bank, Glencoe,
Minnesota.
6. Calvin W. Aurand, vice president; Clifford C. Sommer,
assistant vice president, and W. E. Brockman, vice president,
The Midland National Bank, Minneapolis.
Northwestern Banker, July, 1946
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Federal Reserve Bank of St. Louis
—
^
7. George A. Beito, president, Northern State Bank, Gonvick,
Minnesota, and retiring president, Minnesota Bankers Associa
tion; Frank C. Rathje, president, American Bankers Association,
and president, Chicago City Bank and Trust Company, and Dale
Brown, president, Financial Advertisers Association, and assist
ant vice president, The National City Bank of Cleveland.
8. A. W. Sands, newly elected president, M.B. A., and presi
dent, Western State Bank, St. Paul, and Mrs. Wilbur F. McLean,
Duluth.
9. J. O. Bondhuis, president, First National Bank, Heron
Lake, Minnesota; Emil A. Boie, Minneapolis, and G. H. Hubmer,
cashier, St. Clair State Bank, St. Clair, Minnesota.
10. The speakers’ table at the Thursday night banquet as it
appeared from the ballroom door keyhole before more than 1,200
diners began pouring in.
11. H. J. Steffen, president, American State Bank, Watertown, Minnesota; Ernie W. Swanson, vice president, Federal
Reserve Bank, Minneapolis, and W. R. Zabel, president, Peoples
State Bank, Plainview, Minnesota, and president, First National
Bank, Menomonie, Wisconsin.
12. Part of the more than 1,500 registrants waiting in line to
register before Thursday morning business sessions.
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Federal Reserve Bank of St. Louis
18
M a c h H ills Scene o f
South tlahota Convention
Large Attendance Marks Meeting in
the Beauty Spot of America
OLDING their 1946 annual con National Bank & Trust Company,
Another banker from a distance was
vention at Rapid City in the Sioux Falls.
John B. Connors, of the Security First
Black Hills, members of the
Among resolutions adopted was one National of Los Angeles, who at one
South Dakota Bankers Association opposing special tax consideration and time was an officer of the First Na
elected L. C. Foreman, president of the other special privileges granted to co tional Bank of Huron, South Dakota.
Corn Exchange Bank, Elkton, as presi operative organizations, which it was
After concealing his identity from
dent. Mr. Foreman succeeds C. (). felt gave such organizations an unfair
his
many friends and innocently mas
Corder, vice president and manager advantage over their tax-paying com
of the Deadwood Branch of the First petitors. Another resolution suggested querading as one of the distinguished
convention speakers or perhaps a
National Bank of the Black Hills.
that Government credit for agriculture
A. E. Dahl, president of the Rapid . Aiiouid be directed through bank fa member of the FBI, it was finally dis
City National Bank, was named to thé cilities similar to the F. H. A., and di covered that the man behind the
office of vice president, and George M. rect Government lending agencies gorgeous red beard was Curtis Mateer,
assistant cashier of the Pierre Nation
Starring was reappointed secretary should be eliminated. The committee
and treasurer by the executive coun also urged Congress to take immedi al Bank. Pierre is staging a “ Days
cil. Mrs. Lois Halvorsen has resigned ate steps to reduce the Federal debt, of ’81” this month, and the beard was
to help celebrate the occasion.
as assistant secretary.
eliminate unnecessary Federal bu
A delightful surprise was in store for
South Dakota officers of the Amer reaus, and balance the budget as quick
conventionites when they accepted the
ican Bankers Association were elected ly as possible.
as follows:
Registration at the convention ex invitation of Art Dahl to visit his sum
Member of the ABA executive coun ceeded 300, the speakers were of high mer home west of Rapid City on the
cil for a 3-year term, F. F. Phillippi, caliber and their messages carried the shore of a rushing mountain stream.
president Dakota State Bank, Milbank; ping and the punch bankers like to The home is spacious and strictly
member nominating committee, C. O. hear. The invitation of Sioux Falls modern with one exception, the excep
Gorder; alternate member nominating bankers to hold the 1947 meeting in tion consisting of a small rectangular
building not too far from the house,
committee, F. F. Phillippi; vice presi that city was accepted.
dent national bank division, H. B.
A new face among big city bankers upon the walls of which were various
Lovald, cashier First National Bank, at the South Dakota convention was small signs and printed suggestions
Philip; vice president savings division, that of Robert G. Lockton, represent which added to the general hilarity of
William C. Duffy, president Union ing the Continental National Bank of the occasion.
Charles W. Christen, president of
Savings Bank, Sioux Falls; vice presi New York, attending his first South
dent state bank division, Julius Dakota meeting. He was planning to the First State Bank, Roscoe, attended
Bertsch, cashier Fulton State Bank,
attend also the Montana and Wyoming his 39th annual South Dakota con
Fulton; and vice president trust divi- conventions to be held in Yellowstone vention in Rapid City. He started his
son, R. A. Pankow, trust officer First Park.
(Turn to page 50, please)
H
A t th e S ou th H u h o tn C o n ven tio n »"
> •
THE PICTURES on the opposite page were taken at the
Verne Abeel, superintendent of banking, Pierre; C. W. Christen,
annual convention of the South Dakota Bankers Association.
president First State Bank, Roscoe; and W. P. Jones, president
Reading from left to right, those pictured are:
Citizens Bank of Mobridge.
5—
The new officers of the South Dakota Bankers Association:
1—
These men were members of the 1946 resolutions commit
L. C. Foreman, Association president, president of the Corn
tee. Around the table they are: B. Datin, president Farmers
Exchange Bank, Elkton; and A. E. Dahl, the new vice president,
State Bank, Faith; T. M. Brisbine, cashier Sanborn County
president of the Rapid City National Bank.
Bank, Woonsocket; O. D. Hanson, vice president Bank of Union
6—
The nominating committee held a breakfast meeting to
County, Elk Point ; and Ralph M. Watson, president Northwest
discuss candidates. Around the table are R. W. Douglass, presi
Security National Bank, Sioux Falls, and chairman of the com
dent Farmers State Bank, Dupree; N. J. Thomson, president
mittee.
2—
—R. E. Driscoll, president First National Bank of the Black Farmers & Merchants Bank, Presho, committee chairman; W. H.
Jarmuth, vice president National Bank of South Dakota, Ver
Hills, Rapid City; and China Clark, Reconstruction Finance
million; Charles Danforth, president First Dakota National
Corporation, Minneapolis.
Bank, Yankton; and C. A. G-olden, vice president Northwest
3—
Curtis Mateer, assistant cashier Pierre National Bank; Security National Bank, Dell Rapids.
and John N. Thomson, vice president and cashier Bank of Cen
7—
William C. Duffy, president Union Savings Bank, Sioux
terville.
Falls; Robert G-leeson, assistant cashier First National Bank,
4—
-Here are the members of the South Dakota Banking Com Sioux City, Iowa; and T. C. Cannon, territorial manager St. Paul
mission: W. H. Erei, president Commercial State Bank, Wagner;
Terminal Warehouse Co., Des Moines.
Northwestern Banker, July, 1946
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Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
20
Facts and Fun at Fargo
North Dakota Bankers Elect C. W. Burges as
President at 62nd Annual Meeting
American Bankers Association, spoke
of Security National Bank, Edge- at the North Dakota meeting, as well
ley, North Dakota, was elected as the South Dakota convention in
president of the North Dakota Bank Rapid City. Before President Rathje
ers Association at the annual meeting has finished his State convention visits
in Fargo last month. F. A. Foley, he will have traveled around 35,000
president of Rolette County Bank of miles and visited about 25 conventions,
Rolla, was elected vice president, and speaking to about three-fourths of the
Lester Smith, cashier of Fargo Na total membership of the National As
tional Bank, Fargo, was elected treas sociation. His energy and capabilities
urer. Charles C. Wattam, Fargo at are illustrated by the fact that at al
torney, was again appointed secretary. most every meeting he departs from
A. C. Idsvoog of Grafton is retiring his regular speech, and gives his listen
ers facts and figures pertinent to their
president.
Optimism at prospects for the future local problems.
A caravan of several automobiles set
was the keynote of most of the ad
dresses at the convention which was out from Rapid City early the morning
attended by more than 300 bankers of of Sunday, June 16th, carrying a num
the state. President Idsvoog forecast ber of those wishing to be on hand for
a period of prosperity for the state and the opening of the North Dakota meet
its banks because farm debts are low ing in Fargo on Monday morning. In
and many customers of the banks have the group were Mr. Rathje; Bob Kneea backlog of government bonds and bone, assistant secretary ABA; Don
other securities to take care of their Crowley and A1 Junge, Northwestern
needs. He urged banks to pay par National, Minneapolis; George Henry
ticular attention to the needs of vet and M. O. Grangaard, First National,
erans and counselled making loans to Minneapolis; George Kernan, Conti
the servicemen who had a back nental Illinois National, Chicago;
ground of experience in their chosen Verne L. Bartling, First National, Chi
cago; and several of those appearing
field.
Brigadier General Lewis A. Pick of as speakers on both the South Dakota
Omaha, Missouri river division army and North Dakota programs. A lunch
engineer and co-author of the Pick- eon stop was made at Pierre, with ar
Sloan plan for the development of the rival in Fargo between 9 and 10 P. M.
river valley, predicted that the de Mileage for the trip was around 560.
Following the usual custom at North
velopment would mean a great future
for the valley. Foreseeing a doubling Dakota conventions, a social hour for
of the population of the area he said both ladies and men was held preced
that such an increase would mean a ing the annual banquet, a plan which
vast new volume of business for the appears to appeal to the bankers more
than the ordinary stag party. Banquet
banks of the state.
Frank C. Rathje, president of the speaker was Jeff Williams, witty and
C
HARLES W. BURGES, cashier
entertaining afterdinner speaker from
Oklahoma, who was followed by a
quartet of droll songsters from Monte
video, Minnesota. The four are all
business men in this small city, and
just sing for fun, and hearing and see
ing them is fun, too.
W. F. Kurke, a director of the First
National Bank of Fargo, and Mrs.
Kurke, invited a small group to his
home for an after-the-banquet visit,
among them being Charley Wattam,
secretary of the North Dakota Bank
ers Association, and Mrs. Wattam; H.
D. Crosby, vice president and trust
officer of the First National, and Mrs.
Crosby; G. H. Nesbit, president of First
National, and Mrs. Nesbit; Ed Simon
son, a director of the First National;
M. O. Grangaard, vice president of the
First National, Minneapolis; R. B.
Rathbun, Harris Upham & Company,
Minneapolis, and Mrs. Rathbun; and
Jeff Williams.
A. O. Aune, president of the North
western Bank of Langdon, was pre
sented a plaque during the convention
for leading Cavalier county to top posi
tion in the state in the drive for funds
for the fight against cancer. Mrs. J.
W . Snyder, of Fargo, state command
er of the American Cancer Society,
made the presentation.
This 62nd annual meeting of the
North Dakota Bankers Association
was held in Fargo for the third con
secutive year, although the Associa
tion held no annual meeting in 1945.
Selection of the 1947 convention city
was left to the executive council of
the Association. # #
A t th e N o r th D a k o ta C o n ven tio n
■>
gets a smile from J. W. Chapman, cashier First State Bank,
NORTH DAKOTA BANKERS met in annual convention in
Buffalo, and A. B. Fitzloff, Merchants National Bank, Fargo.
Fargo last month, and the pictures on the opposite page were
5—
Kenneth E. Glass, field representative officer of the U. S.
snapped at that meeting. Reading from left to right:
Treasury, Washington, D. C., tells how to sell savings bonds to
1—
F. A. Foley, president of the Rolette County Bank, Rolla, Morris Townsend, director of the banking investment section
as new vice president of the North Dakota Association, shakes
of the Treasury, and Harold G. Wheeler, Jamestown, North
hands with Charles W. Burges, cashier of the Security National
Dakota, director of bond sales for the Treasury.
Bank, Edgeley, the newly elected Association president.
6—
With the assistance of these charming ladies, it was a
2—
A. C. Idsvoog, president Grafton National Bank, and imme pleasure to register at the North Dakota convention: Agnes
diate past president of the Association, visits with T. L. Rask,
Newman, Dakota National; Clara May Beach, Merchants Na
cashier Farmers State Bank, Maddock, and J. I. Hegge, president
tional; Cora Brown, First National; and Mary Welsh, Fargo
Northwestern State Bank, Hillsboro, a past president of the
National, all of Fargo.
North Dakota Association.
7—
A. R. Weinhandl, First National Bank, Minot; F. A. Foley,
3—
Frank C. Rathje, president of the American Bankers Asso president Rolette County Bank, Rolla; Charles Wattam, Fargo,
Association secretary; and H. D. Crosby, vice president and
ciation, addresses North Dakota bankers.
trust officer, First National Bank, Fargo.
4— John A. Graham, North Dakota state examiner, Bismarck.
Northwestern Banker, July, 1946
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Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
22
A b o u t ita h l¿ors 1 ou K noir
A cm e P h o to
EUGENE MEYER
President, International Bank for Reconstruction and Development.
every President since 1917.
Has served under
ITH all the political flavor usually attendant upon such appointments,
it was announced last month that Eugene Meyer, publisher of the Wash
W
ington Post, had been elected president of the International Bank for Recon
struction and Development. Mr. Meyer’s nomination, made by Emilio G.
Collado, U. S. executive director of the board, with the official blessing of
President Truman, was approved by all the directors of the 38-nation W orld
Bank. This is not the first time that Mr. Meyer, a Republican, has been called
upon by a Democratic president to serve the government in an official capacity.
Born in Los Angeles on October 31, 1875, Mr. Meyer received public school
education on the West Coast, attended the University of California for one
year and completed his education at Yale University where he received his
A.B. degree. He lived in Europe for two years after graduation studying for
eign economics and languages. He then returned to the United States and in
1901 established his own investment banking house, Eugene Meyer, Jr., and Co.
He left this business in 1917 to enter government service at the outbreak of
W orld War I, a connection he maintained practically unbroken until 1933.
In various capacities, Mr. Meyer has served under every president since
1917. During the first World War he was Director of the War Finance Cor
poration, the counterpart of the present-day Reconstruction Finance Cor
poration. The W.F.C. was suspended from operations by the Secretary of the
Treasury in 1920. In 1921, after much urging by Mr. Meyer, Congress rein
stated the Corporation over President W ilson’s veto and a few months later
after President Harding took office, Mr. Meyer was renamed Director. Later
in the 20’s he reorganized the Federal Farm Loan Board under President
Northwestern Banker, July, 7946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Coolidge’s direction and served as
Commissioner for two years. In 1930
President Hoover appointed him Gov
ernor of the Federal Reserve Board.
The following year Mr. Meyer drew
up plans for the R.F.C. bill, urged its
passage before Congress and after its
enactment became the first chairman.
He resigned this post to devote full
time to his position as Governor of
the Federal Reserve. In the spring
of 1933 after President Roosevelt took
office, Mr. Meyer resigned this post
and since then has been actively en
gaged as publisher and editor of the
Washington Post.
Although approval was generally
echoed around the country for Presi
dent Truman’s choice of Mr. Meyer,
Jesse Jones, former secretary of com
merce and head of the R.F.C. from
1932 to 1939, felt differently. In a
Houston Chronicle editorial he de
clared the president’s advisers figured
wrongly when it was decided that “ be
cause of the difficulty they had had in
persuading any qualified man to take
the place, it would be better to fill it
with a man of Mr. Meyer’s caliber
than to leave it vacant. Under a nar
row political management, which may
he expected of Mr. Meyer, it can do
a great deal of harm and, in addition,
dissipate the $3,175,000,000 which is
the contribution of the United States
to the capital of the Bank.”
However, prominent government
officials feel that Mr. Meyer’s experi
ence with the Federal Farm Loan
Board and with the R.F.C. are his best
qualifications for the two main prob
lems facing the W orld Bank— solving
the food shortage and assisting world
wide reconstruction and development.
Loan to France
(See cover photo)
Pictured on the front cover of the
as they signed
a four-point economic and financial
agreement between the United States
Government and the Provisional
French Government at the Depart
ment of State are, from left to right:
James F. Byrnes, Secretary of State;
Henri Bonnet, French Ambassador to
the United States, and Leon Blum,
head of the French loan mission.
The U. S. and France agreed on a
settlement of their war accounts and
additional American credits of about
$1.4 billion to France. The U. S. also
agreed to cancel $1,800,000,000, the cost
of lend-lease to France during the war,
and to sell the French government war
surpluses left by American troops in
French territory. The $1,400,000,000
in supplies will be sold to France for
$300,000,000, a return of about 21.4 per
cent.
N orthwestern B anker
23
STATEMENT
O F
C O N D ITIO N
June 29, 1946
RESOURCES
Loans and Discounts..............................................
......................... $ 18,599,502.98
Overdrafts
. . . . .........................................................
.........................
7,004.34
State and Municipal Bonds................................
.........................
9,972,174.01
Other Bonds Bought for Investment...............
.........................
2,269,956.57
Stock in Federal Reserve Bank.........................
.........................
150,000.00
Bank Office Building............................................
.........................
461,500.00
Furniture and Fixtures..........................................
............................
1.00
Income Earned but Not Collected...................
.........................
417,672.61
Bonds of U. S. and Government Agencies.
89,641,627.63
Due from Federal Reserve Bank.....................
23,999,365.05
Cash and Sight Exchange....................................
19,205,807.00
132,846,799.68
$164,724,611.19
LIABILITIES
Capital Stock ......................................................................................................... $
2,500,000.00
Surplus
......................................................................................................................
2,500,000.00
Undivided Profits .................................................................................................
1,693,257.27
Reserve for Contingencies........................................................
744,688.15
Accrued Taxes, Interest
andOther Expenses............................................
532,504.42
Dividends Declared and
Unpaid....................................................................
50,000.00
U. S. Government Deposits
Deposits
$ 22,723,079.49
133,981,081.86
156,704,161.35
$164,724,611.19
Member
Federal Deposit Insurance Co rp o ratio n
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker, July . 1946
24
M ereh u n d isin y H unk S ervice
K e y to C on su m er C red it V olum e
money is en
tirely different from merchan
dising food, shoes, clothing,
automobiles, or any other commodity
that has eye appeal, utility appeal, or
comfort appeal, Lehman Plummer,
vice president of the Central National
Bank and Trust Company, Des Moines,
told the Minnesota Bankers Associa
tion at its annual state convention in
Minneapolis last month.
e r c h a n d is in g
M
Mr. Plummer, who is a member of
the consumer credit committee of the
American Bankers Association, said:
“You can’t advertise in the local papers
that your dollars are prettier or cheap
er than your competitors. You are
selling the same merchandise as the
bank across the street or the bank in
the neighboring town. Therefore, you
have to merchandise your money from
the standpoint of whatever it will ac-
complish for the borrower in the
things that he can buy for either his
pleasure, his comfort or his better liv
ing. Along with that you must also
merchandise your service, and by that
I mean that you must make known to
your borrower the fact that you are
willing to sit down and consult with
him on his various problems.
“To my way of thinking, it is very
important that every one of you anal-
MEMBER OF NEW YORK
CLEARING HOUSE ASSOCIATION
MEMBER OF FEDERAL
RESERVE SYSTEM
T he C O N T IN E N T A L
B A N K
&
T R U S T
C O M P A N Y
o f N E W YO R K
STATEMENT OF CONDITION
Close of Business June 30, 1946
RESOURCES
Cash and Due from Banks.......................................... - ........$
U. S. Government Obligations................. ..........................
Municipal Bonds ............. ....................................................
Corporate Bonds ..... ...............................................................
Federal Reserve Bank Stock......... ................................... .
Loans and Discounts................................— .........................
Accrued Interest Receivable— ..................................... ......
Customers’ Liability Under Acceptances Outstanding ...
Other Assets .... ................................. .......................... ..........
LEH M AN PLUMM ER
“ You must merchandise your service”
53,507,515.33
72,257,086.10
15,315,915.46
4,132,669.03
300,000.00
61,940,461.98
375,902.95
1,100,529.62
279,118.65
$209,209,199.12
LIABILITIES
Capital Stock ----------------------------------------$5,000,000.00'
Surplus Fund
............... ......... .......... ...... 5,000,000.00
Undivided Profits ___ _____ __ ___ _______ 1,681,673.55
$ 11,681,673.55
684,521.36
800,561.06
100,000.00
498,405.33
General Reserves ............. ....... — ...................
Reserve for Taxes, Interest and Expenses
Dividend Payable, July 1, 1946.....................
Other Liabilities .............. ...... ........ ................. ....... ..............
Acceptances:
Outstanding __ _____ ________ _________ $4,305,598.12
Less Amount in Portfolio__ ______ ___ 3,121,710.78
1,183,887.34
. 194,260,150.48
Deposits
$209,209,199.12
Securities carried at $19,233,335.98 in the above state
ment are pledged to qualify for fiduciary powers, to
secure public monies as required by law, including
$17,845,559.92 of United States Government W ar Loan
Deposits, and for other purposes.
MAIN OFFICE:
30 BROAD STREET, NEW YORK
Branch Offices: 345 Madison Avenue
•
512 Seventh Avenue
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
yze your costs in making installment
loans. If you give the proper time to
each installment loan by examining
and investigating the credit thorough
ly, discussing the terms with the bor
rower, set up a proper accounting sys
tem and proper system for collections,
you know that your costs are going to
run way above those of the average
commercial loan. In figuring the costs
on these loans, I think you should al
low the costs of executive supervision,
rent for the space involved, cost of all
of the supplies, the allowing of the
proper amount for reserve for losses,
and also the allowing of interest on the
money involved based on the average
daily amount outstanding. If you fig
ure these costs accurately, your rates
should be adjusted accordingly. Nat
urally, the costs will differ in various
localities because of the difference in
volume; and consequently, it is impos
sible to recommend a rate that will
cover all communities.
“ In your lending operations where
you have automobiles, radios and sim
ilar collateral, it might be well for you
to try now to anticipate what the sales
value of these commodities will be six
or nine months from now. True, pro
duction on these items is very slow at
25
*J
TAe
LIVE STO C K
* /V a/itw ia/BANK o f
U N I O N STO CK YARDS
•
M ’/ f f / e t i t e t t /
T E LE PH O N E YA RD S 12 20
f /' W
m if lif a m
Close of Business— June 2 9 , 19 4 6
RESOURCES
Cash and due from banks........................................ $ 1 3 ,4 7 2 ,4 4 7 .1 7
U. S. Treasury certificates and notes................... 3 2 ,0 0 0 ,0 0 0 .0 0
U. S. Treasury b o n d s ..............................................
1 ,9 9 1 ,2 0 0 .0 0
State and municipal securities...............................
6 0 2 ,2 1 4 .2 0
Other marketable bonds..........................................
3 1 6 ,1 1 7 .1 0
Loans and discounts...............................................
6 ,5 5 8 ,9 8 0 .5 4
Federal Reserve Bank stock...................................
7 5 ,0 0 0 .0 0
Bank building..............................................................
3 2 5 ,0 0 0 .0 0
Interest earned, not collected................................
1 4 0 ,2 5 2 .2 4
Current receivables and other assets...................
2 8 1 ,3 0 6 .4 0
$ 5 5 ,7 6 2 ,5 1 7 .6 5
L I A B I L I T I E S
Capital............................................................................ $ 1 ,0 0 0 ,0 0 0 ,0 0
Surplus............................................................................
1 ,5 0 0 ,0 0 0 .0 0
Undivided profits and reserves.............................
2 3 8 ,74 3.50
Unearned discount.....................................................
15,010.62
Deposits......................................................................... 5 3 ,0 0 8 ,7 6 3 .5 3
$ 5 5 ,7 6 2 ,5 1 7 .6 5
c ß c o / itf
o
f
Fr e d e r ic k H. P r in c e
J o h n w . A u st in
Treasurer, Union Stock Yard
& Transit Co.
A r t h u r G. L e o n a r d
I v a n E. B e n n e t t
O r v is T . H e n k l e
President, Union Stock Yard
& Transit Co.
Vice-President
Industrialist
R o b e r t J. D u n h a m
R a lp h m . Sh aw
Winston, Strawn & Shaw
Investments
R ic h a r d H a c k e t t
General Manager, Central
Manufacturing District
T h o m a s E. W ilso n
Chairman of the Board.
Wilson & Co., Inc.
D a v id H. R e im e r s
President
SERVING
ME MB E R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
AGRICULTURE
F E D E R A L
D E P O S I T
AND
I N S U R A N C E
INDUSTRY
C O R P O R A T I O N
Northwestern Banker, July, 1946
26
★
★
★
T H E
H A M M E R M I L L
★
O pens T ra vel K u rea u in Hank
C O L U M N
The capsule crime story we have for
you today might be called ‘ ‘ Know Your
Depositor.” It illustrates, we believe,
one of the latest refinements in the art
of forgery— and a dangerously ingenious
one. Two bright lads were picked up the
other day for practicing the scheme,which
was netting them about $1000 a week.
★
★
★
H ere's how it goes: A member of the gang
enters a bank and makes a deposit to the
account of one of the neighborhood taverns.
There are several checks, plu s a cash
deposit of from $75 to $100.
A t the same time he presents for cash
ing a check of $500 or more, signed by
the tavern owner and drawn on his
account. I f the teller shows any hesita
tion, the messenger suggests that he tele
phone the tavern and verify the check.
★
★
★
I f the call is m ade, the voice o f the
“ tavern keeper ” assures the teller that every
thing is okay and commends his caution.
★
★
★
Several days later the checks deposited
by the messenger are returned. No such
accounts. These are duly forwarded to
the tavernkeeper. That puzzled gentle
man insists he is seeing the checks for the
first time and knows nothing about the
deposit, or the messenger who made it.
★
★
★
The $500 check which was signed with
his name, and which the messenger had
cashed, was a well-executed forgery.
★
★
★
The telephone call? Phones in most
taverns are in public booths. While one
member of the gang is at the bank, the
other is in the tavern near the booth.
I f the phone rings, he explains that he is
expecting a call and shuts himself into the
booth. I f the bank is on the wire, he assures
the teller that everything is all right.
★
★
*
Notmuchrisk. Few tellers can identify
a depositor’s voice over the telephone.
So simple a plan is sure to appeal to
imaginative penmen. If you service any
tavern accounts, it might be well to ar
range a telephone password with the
proprietor.
A g a in st such r a c k e t s , e t e r n a l v ig ila n c e is
th e p ric e of s a f e t y . But y o u ca n p ro v id e g e n
e r a l p ro te c tio n fo r y o u r c u sto m e r’s c h e ck s
b y p ro d u cin g th e m on H am m erm ill S a fe ty .
To s e e th e im p ro v e d c o lo r r a n g e of th is fine
c h e ck p a p e r , s e n d a n o te on y o u r ban k
le t t e r h e a d fo r s a m p le s . A d d r e s s H am m erm ill
P a p e r C o ., 1513 E a st L a k e R o a d , E r ie , P a .
N o rth w esteri» Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE MERCANTILE-COMMERCE Bank and Trust Company, St. Louis, has
opened a complete travel bureau with American Express Company service. This
newest of the bank’s departments is located off the first floor lobby and is staffed
by experienced personnel of the American Express Company.
The picture was taken at the opening of the travel bureau. Shown in the picture
behind the counter, left to right, are A. R. Buckley, manager^ of the bureau;
Leslie K. Curry, vice-president of Mercantile-Commerce; G-. M. Shirey, manager of
the St. Louis office of the American Express Company; and Miss Maury White,
who is associated with Mr. Buckley in the operation of the travel bureau.
the present time, but this picture can
change very rapidly. Manufacturing
facilities are such that the full produc
tion schedule can catch up on back
order in a very short time. Also, with
the advanced engineering ideas it is
possible that new models of radios
and automobiles can come onto the
market and make obsolete the present
models now in use. Therefore, there
is a very grave possibility that present
collateral values on these commodities
will reduce rapidly during the next
nine months; and therefore, the ad
vances you make today should be
based on the possible collateral value
of six or nine months from today and
not on the present inflated value that
we now have. ” # #
Oppose Branch Banking
Following up the recent convention
of the Independent Bankers Associa
tion, a bulletin from the office of Ben
DuBois, secretary, was sent to all
members giving highlights of the
meeting. The matter of branch bank
ing was thoroughly discussed, espe
cially as it relates to proposed legisla
tion which would give national banks
the right to establish branches. In dis
cussing this, the bulletin says;
“The convention went on record as
supporting a bill to control bank hold
ing companies and opposing Congress
man Hays’ bill to give to national
banks the same privileges permitted
state banks in certain states in estab
lishing branches. It seems to us that
if this bill were passed, that branch
banking would secure quite a foothold
and that the national branches would
have greater banking powers than are
now permitted state banks in certain
states. Mr. Hays’ contention, which is
quite logical, is that if states permit
limited branch banking to its state
chartered banks that national banks
would naturally expect the same privi
leges. The mistake is apparently made
when state bankers ask their legisla
tures for limited branch banking
powers. Anything that opens the door
a bit to branch banking is dangerous
to our system of independent bank
ing. It is the establishment, we be
lieve, of a dangerous precedent.”
Appointments
Two major appointments of inter
est to bankers have been made by
Lawrence Warehouse Company, na
tionwide operators of field ware
houses, according to an announcement
made by Lawrence S. Coates, the com
pany’s executive vice president.
Murray T. Wellman, a member of
the Lawrence staff since 1926 and well
known to bankers in the east and
middle west, has been appointed vice
president of the company’s Mid-Conti
nent Division, with headquarters in
Chicago.
A. T. Bear has been appointed dis-
27
Entrance to the home of
The United States National Bank
of Denver
In the cattle country...
a n o th er lea d in g b an k uses H am m erm ill S a fety
Throughout
the
Rocky Mountain
a re a
the
no less than eight different western states!
is
W e are gratified that this important finan
reco gnized as the rancher's bank. Through
cial establishment uses Hammermill S afe ty for
United States N a tio n a l Bank
o f D enver
its efficiently o rgan ized and extrem ely activ e
its checks. The check pictured b e lo w is on
Livestock Loan Departm ent, the bank finances
Straightline Hammermill S afety with the bank's
feeders and g ro w ers of cattle and sheep in
emblem as part of the surface design.
vï>.
MANUFACTURED
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BY H A M M E R M I L L
SAFETY
PAPER
COMPANY,
ERIE,
PA. ,
FOUNDED
1898
Northwestern Banker, July, 1946
28
trict manager with headquarters in
the company’s newly opened Cleve
land office. Mr. Bear is a graduate of
the University of Missouri and the
Harvard Graduate School of Business.
Dividend
The board of directors of the City
National Bank and Trust Company of
Chicago, at their regular meeting, June
25, 1946, declared a semi-annual divi
(ommercefrust (ompany9
18-1
Established 1865
dend of $2 per share, of which $1 will
be paid on August 1, 1946, to stock
holders of record as of July 20, 1946,
and $1 on November 1, 1946, to stock
holders of record as of October 21, 1946.
E le c ts D ire ct© ?
Percy N. Edwards, secretary and
treasurer of the New York Telephone
Company, was elected a director of
the Public National Bank and Trust
Company of New York. Luke J.
Murphy, a vice president of the bank,
was also elected a director, in accord-
Kansas City, Missouri
Member Federal Reserve System
Statement of Condition at Close of Business June 29, 1946
RESOURCES
Cash and Due from Banks________________________ $129,926,069.66
U. S. Obligations, Direct and Fully Guaranteed__ 205,199,344.88
$335,125,414.54
State and Municipal Bonds_______________________ $ 24,918,183.40
Stock of Federal Reserve Bank____________________
450,000.00
Other Bonds and Securities_______________________
4,946,305.25
Loans and Discounts_____________ ____________________________________
Bank P rem ises__________________
__________________________________
30,314,488.65
57,440,570.82
1,709,222.03
Customers’ Liability AccountLetters of Credit______________________
419,928.49
Accrued Interest Receivable__________________________________________
695,240.13
O v erd rafts________________________________________________
Other R e so u r c e s__________________________________________
81,711.98
165,935.01
Total R esou rces--------------------------------------------------------------------- $425,952,511.65
L IA B IL IT IE S
PER CY N. E D W A R D S
Elected a Director
Deposits:
U. S. Government Deposits__________________ $ 23,503,475.61
Other D e p o s its ________________________________
380,554,745.61
Capital _____________________________________________ $
$404,058,221.22
9,000,000.00
S u rp lu s_____________________________________________
6,000,000.00
Undivided P ro fits_________________________________
5,866,715.24
20,866,715.24
Liability Account Letters of Credit---------- ------------------------------------------
419,928.49
Accrued Interest, Taxes and Expense-------------------------------------------------
568,219.61
Other L ia b ilitie s ______________________________________________________
39,427.09
Total Liabilities _____________________________________________$425,952,511.65
M E M B E R F E D E R A L D E P O S IT
IN S U R A N C E
C O R P O R A T IO N
ance with the action taken by the
shareholders at a special meeting.
The shareholders also voted ap
proval of the directors’ recommenda
tion that the date of the regular an
nual shareholders’ meeting be changed
from the second to the third Tuesday
in January.
Now’s a Good Time
Professor: “What is your idea of
civilization?”
Student: “ It’s a good idea.
body ought to start it.”
Some
D /r / you know that our Cash Letter Policy not only gives protection
but enables you to cut operating expenses substantially?
A sk us lor details. You will not obligate yourself.
& Company
In s u r a n c e C ounselors
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
to Banks
FIRST N ATIO N AL B AN K B LD G . • CH ICAGO 3 , IL L. • STA TE 4 3 2 5
29
39 Million Bank Loans
T A S T year .he l » . " “ “
L
loans to l » « "
made approximately . 9
J
ten.year high of
ness and individua s. «•>
SJl-hiUion on December 31, U « ,
increase of 4 3 *
☆
Reprint of a series
1 of advertisements
fpL appearing in Time
jj| M agazine, Busi■ ness Week, News
omw eek , A tla n tic
||1 Monthly, Harpers,
■ Wall Street JourJ| nal, Barron’s.
over 1938.
f
'
ranital funds of $9-bilUon, deposits t
With aggregate cap
^
officers and person-
$ 15 1 -billion, and
^ „ complete line” of services,
,
nel, the banks are pros
8
needs Co-operation
specifically adapted ^ „ k i n g relationships and 48 regional
through correspond
e of adequate bank credit
credit groups is turtner
for every constructive business
• ■„ banking is working hand-m-hand
Private enterprise m
^ inCrease production
with private enterprise »
and to make more ,obs • •
w ff with your
f
.
☆
RANKERS TRUST COMPANY
XEW YtìRK
Atem
berti.«U nd Dépolit ÌHiur«»ee Corpo™'«'"
U H
Another step toward informed public opinion
T
O promote a clearer understanding of how the banks are serving the country,
Bankers Trust Company last year published a series of advertisements under
the general heading "T h e Banks Are Ready.” T o bring the picture up-to-date,
Bankers Trust is publishing a new series entitled "T h e Banks at W o rk .” Pamphlet
reprints are being mailed to banks and the material may be used in any way, with
or without credit. This is an effort to inform public opinion in our mutual interest.
B A N K ER S T R U ST CO M PANY
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
N ew
Y ork
Northwestern Banker. July, 1946
30
W a r Itom i Sales and R ed em p tio n s
318 million between March 1, 1935,
when they were first issued, and May
31, 1946. Series A Bonds entirely ma
tured during 1945, and Series B Bonds
started to mature during January of
1946, and in varying amounts will con
tinue coming due during each month
of the current year.
E ditor’ s N ote : W e thought the read
ers of the N orthwestern B anker would
be interested in the total sale and
redemption of War Bonds — the term
now used is Savings Bonds—in the
United States since these bonds were
first issued on March 1, 1935.
The following summary was pre
pared by Roger F. Warin, State Direc
tor for Iowa, U. S. Savings Bonds Divi
sion, Treasury Department.
(1) United States Savings Bonds of
all Series, A, B, C, D, E, F, and G,
have been issued in the amount of $63,-
(2) Aside from the now-matured
Series A Bonds, $63,063 million of Se
ries B, C, D, E, F, and G Bonds have
been issued. Of these series, $14,146
million have been redeemed. In other
words, the Treasury still has $77.57
The First National Bank
of Chicago
Statement of Condition June 29, 1946
a
Cash and Due from Banks, .
s SETS
.
.
.
.
.$
404,690,933.84
of every $100 invested in these bonds.
(3) United States Savings Bonds Se
ries E, F and G were first issued on
May 1, 1941. Since that day through
May 31, 1946, the amount issued to
talled $58,734 million.
Redemptions through May 31, 1946,
totalled $13,200 million, or 22.4 per cent
of amount issued.
Therefore, 77.53 per cent of the funds
invested in Series E, F and G Bonds
since they were first offered is still in
vested in these bonds.
(4) United States Savings Bonds Se
ries E—amount issued through May
31, 1946, aggregated $42,593 million.
Redemptions through May 31, 1946,
totalled $12,167 million, or 28.5 per cent
of total issued.
As of May 31, 1946, 71.43 per cent of
the $42,593 million Series E U. S. Sav
ings Bonds sold remains outstanding
in the hands of the original pur
chasers.
Note: (1) In the above summary
“amounts issued” of Series A, B, C, D,
E, and F include accrued discount. Se
ries G are stated at par. Redemptions
and amounts outstanding are quoted
at current redemption value. Amounts
outstanding of Series G are quoted at
par.
(2) Figures are rounded to nearest
million dollars and do not necessarily
add to totals.
United States Obligations—Direct and fully Guaranteed,
Unpledged,
.
.
.
.
$734,601,916.61
C. F. A. Election
Pledged—To Secure Public Deposits and
Deposits Subject to Federal Court Order, 316,616,189 .04
51,070,083.20
To Secure Trust Deposits,
Under Trust Act of Illinois,
536,960.00 1,102,825,148.85
.
Other Bonds and Securities,
104,663,699.10
Loans and Discounts, .
543,102,728.04
Real Estate (Bank Building),
3,364,810.80
Federal Reserve Bank Stock,
3,600,000.00
Customers’ Liability Account of Acceptances,
1,540,421.04
Interest Earned, not Collected,
4,854,766.61
Other Assets,
.
.
.
.
.
_______ 4 13,510.08
.
$2,169,056,018.36
L I A B I L I T I E S
Capital Stock,
Surplus,
.
.
.
.
.
.
.$
.
.
60,000,000 00
60,000,000.00
.
Other Undivided Profits,
1,101,892.14
Discount Collected, but not Earned,
Dividends Declared, but Unpaid,
982,341.44
1 , 200 , 000.00
Reserve for Taxes, etc.,
8,679,658.86
3,159,351.78
Liability Account of Acceptances,
Time Deposits,
Demand Deposits,
.
.
.
Deposits of Public Funds,
.
. $ 328,847,233.08
.
.
.
.
1,339,892,183.59
365,193,250.27 2,033,932,666.94
Liabilities other than those above stated,
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.
.
. _____________107.20
$2,169,056,018.36
At the annual meeting of the Chi
cago Financial Advertisers, the fol
lowing officers and directors were
elected for the coming year: President,
Harry G. Duntemann, assistant cash
ier, First National Bank of Chicago;
vice president, George W. McSweeney,
DeLuxe Check Printers; secretary,
Charles Greene, Doremus & Co.; and
treasurer, Paul D. Christman, Chicago
Daily News. Directors: Daniel J.
Healy, Metropolitan Trust Co.; Frank
J. Burke, Chicago City Bank & Trust
Company; Louis W. Fischer, American
National Bank and Trust Company;
Ruth Gates, State Bank and Trust
Company of Evanston, and Victor
Cullin, Chicago Title and Trust Com
pany.
Five Years As Chairman
William M. Sherrill, advertising
manager, First National Bank in St.
Louis, recently completed five years’
service as chairman of the Public Re
lations Committee of the Missouri
Bankers Association. This past year
a practical, long-range program was
launched by the committee at the Mis
souri Bankers University Conference,
in January.
31
1
THE
CHASE
N A T IO N A L
BANK
i
OF THE CITY OF NEW YORK
STATEMENT OF CONDITION, JUNE 30, 1946
|
i
RESOURCES
Cash and Due from B a n k s ...........................................
$ 1 ,2 4 9 ,7 1 4 ,4 7 4 .6 0
U. S. Government O bligations.....................................
2 ,6 1 1 ,0 9 3 ,2 9 3 .9 2
State and Municipal Securities.....................................
1 1 9 ,3 7 3 ,8 2 9 .5 9
1 8 6 ,6 6 5 ,4 1 6 .3 4
Other S e c u r i t i e s ..............................................................
\
)
1 ,1 6 6 ,3 8 6 ,4 3 4 .4 6
Loans, Discounts and Bankers’ Acceptances
Accrued Interest R e c e i v a b l e .....................................
1 2 ,0 1 2 ,2 1 8 .7 1
M o r t g a g e s ..........................................................................
8 ,2 7 6 ,1 1 7 .5 5
Customers’ Acceptance L ia b ilit y ...............................
Stock o f Federal Reserve Bank.....................................
6 ,6 8 6 ,9 1 3 .3 1
7 ,5 0 0 ,0 0 0 .0 0
Banking H o u s e s ..............................................................
3 3 ,0 7 2 ,8 2 2 .4 0
Other Real E sta te..............................................................
1 ,5 3 1 ,5 2 6 .8 1
Other A s s e t s ....................................................................
1 ,5 3 4 ,0 7 4 .0 6
$ 5 ,4 0 3 ,8 4 7 ,1 2 1 .7 5
!
>
j
L IA B IL IT IE S
Capital Funds:
Capital S t o c k ......................... $ 1 1 1 ,0 0 0 ,0 0 0 .0 0
1
|
S u r p l u s .....................................
Undivided Profits
.
.
.
.
1 3 9 ,0 0 0 ,0 0 0 .0 0
5 9 ,3 9 2 ,0 1 2 .2 0
$
3 0 9 ,3 9 2 ,0 1 2 .2 0
l
Dividend Payable August 1, 1 9 4 6 ...............................
2 ,9 6 0 ,0 0 0 .0 0
;
Reserve for C o n tin g e n c ie s...........................................
>
\
j
>
|
Reserve for Taxes, Interest, etc.....................................
D e p o sits................................................................................
Acceptances Outstanding . . $ 1 2 ,0 8 9 ,0 1 2 .6 5
Less Amount in Portfolio. .
3 ,6 8 6 ,8 0 3 .2 9
Liability as Endorser on Acceptances
and Foreign B i l l s ........................................................
1 4 ,2 5 3 ,9 6 5 .9 5
1 6 ,7 7 9 ,1 2 4 .3 5
[
Other L ia b i li t i e s ............................... ......
5 ,0 3 9 ,7 0 8 ,9 2 0 .7 9
8 ,4 0 2 ,2 0 9 .3 6
2 ,4 4 0 ,7 8 3 .6 4
9 ,9 1 0 ,1 0 5 .4 6
$ 5 ,4 0 3 ,8 4 7 ,1 2 1 .7 5
>
>
>
United States Government and other securities carried at $929,216,353-35 are pledged
to secure U . S. Government War Loan Deposits of $597,475,844.21 and other public
funds and trust deposits, and for other purposes as required or permitted by law.
)
Member Federal Deposit Insurance Corporation
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
j
?
?
Northwestern Banker, July, 1946
32
CENTRAL
BANK
AND
HANOVER
TRUST
NEW
COMPANY
YORK
Statement of Condition, June 30, 1946
TRUSTEES
GEORGE W . DAVISON
Honorary Chairman
LOUIS S. CATES
ASSETS
President, Phelps Dodge Corporation
COLBY M. CHESTER
Honorary Chairman
General Foods Corporation
JOHN B. CLARK
President, The Clark Thread Co.
JARVIS CROMWELL
President
William Iselin & Company, Inc.
BERNARD M. CULVER
Chairman o f the Board
Continental Insurance Company
JOH NSTON DE FOREST
Attorney
TH OM AS DICKSON
President
Berlin and Jones Company, Inc.
WALTER G. D U N N IN G T O N
Attorney
Dunnington, Bartholow and M iller
W ILLIAM A. ELDRIDGE
Cash and Due from B a n k s .............................. $ 452,470,634.06
U.
S. Government Securities................................... 9 3 1,6 10 ,352.38
State and Municipal S ecu rities..........................
16 ,682,383.50
Other S e cu ritie s...................................................
1 1 ,16 7,135.02
Loans and Bills Purchased.......................................... 468,166,927.23
Real Estate M ortgages.........................................
2,054,108.86
Banking H o u s e s ...................................................
1 3 ,074,009.00
Interest A ccru e d ...................................................
3,067,692.40
Customers’ Liability Account of Acceptances
4,072,963.34
»
Vice President
Total
W ILLIAM F. C. EW ING
Vice President and Treasurer
Alexander Smith and Sons Carpet Co.
1 1 ,902,366,205.79
ROBERT L. GERRY
President, The Gerry Estates, Inc.
LIABILITIES
W ILLIAM S. G R AY, JR.
President
C. JARED INGERSOLL
Chairman o f the Board
Kansas, Oklahoma and G ulf Railway
Capital
......................................$2 1 ,000,000.00
S u rp lu s ........................................80,000,000.00
K . T. KELLER
President, Chrysler Corporation
Undivided Profits..........................18 ,3 10 ,985.76
$1 1 9 ,3 10 ,985.76
GEORGE M. MOFFETT
Chairman o f the Board
Corn Products Refining Co.
JOHN K . O L YPH AN T, JR.
Vice President
BENJAMIN O ’SHEA
Chairman Executive Committee
Union Carbide and Carbon Corporation
EUSTIS PAINE
Chairman o f the Board, N ew York and
Pennsylvania Company, Inc.
Reserves:
Taxes, Interest, etc.............................
10 ,073,379.93
Dividend:
Payable July 1 , 1946
1 ,050,000.00
A c c e p t a n c e s ........................................................
4,225,402.30
AUGUSTE G. PRATT
President
The Babcock and Wilcox Company
G W IL YM A. PRICE
President
Westinghouse Electric Corporation
1 ,767,706,437.80
Deposits..................................................
Total
$ 1 ,902,366,205.79
LUCIUS F. ROBINSON, JR.
Attorney
Robinson, Robinson and Cole
There are pledged to secure public monies and to qualify for fiduciary powers
JOHN P. STEVENS, JR.
President, J. P. Stevens & Co., Inc.
IJ. S. Government Securities.......................................................... $ 2 6 3 , 9 6 7 , 5 6 6 .0 8
HENRY P. TURNBULL
Montclair, N ew Jersey
WILLIAM W O O D W A R D
N ew York, N. Y.
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M EMBER FEDERAL DEPOSIT IN S U R A N C E C O R P O R A T IO N
33
W h ere A r e the At one y At a nay ers
in W a sh in y ton tieniteli?
Vinson Is Out— Snyder Is in the Treasury— and
Mr. Eecles Is Still Prominent in the Picture
By RAYMOND TRIGGER
Investment Analyst
New York City
A
C O N T R A S T b e tw e e n c o m m e r
cia l b a n k in g an d th e a ctiv itie s
o f th e in su ra n ce co m p a n ie s and
th e sa v in g s b a n k e rs is th a t n e w life
in su ra n ce sales m a y rise an d s u r r e n
d ers d r o p in tim es o f e x p a n d in g g e n
era l b u sin ess, ju s t as sa v in g s b a n k
d e p o sits n o r m a lly rise in tim es o f g o o d
b u sin e ss b e ca u se th at m ea n s a h ig h
le v e l o f e m p lo y m e n t at g o o d w a g es.
B u t it is a lso u n d e r ju s t su ch c ir c u m
sta n ces th at d e p o sits in c o m m e r c ia l
b a n k s w ill b e d ra w n u p o n fo r n e w
p la n t an d o th e r ca p ita l ou tla y s.
At
th e sam e tim e, o r a little la ter in th e
c y c le , c u s to m e r s w ill in cre a se th e ir
b o r r o w in g s . T h is m a y en ta il th e sale
o f b o n d s at th e v e r y tim e w h e n risin g
d e m a n d fo r c o m m e r c ia l loa n s is h a v
in g its e ffe ct o n th e p r ic e o f lon g -term
co rp o ra te s .
A ll o f th is g iv e s th e c o m m e r c ia l
b a n k e r p le n ty to th in k a b ou t. W ith
r e s p e c t to h is co r p o r a te s h e p r o b a b ly
c o n clu d e s , n o t to o h a p p ily , th a t c u r
re n t in te re s t ra tes on lo n g -te rm “ b a n k
q u a lity ” c o r p o r a te s are to o low . H e
k n o w s h e is n ’t g e ttin g m u ch re tu rn
fr o m th at se g m e n t o f h is b o n d p o r t
fo lio . A n d w h e n h e c o n s id e rs th e m a t
te r o f ca p ita l gain , o r th e p o s s ib ility
o f a loss, h e ca n h a r d ly m a in ta in th at
th e re is a g re a t deal o f r o o m fo r a
fu r th e r rise in p rice s. So h e p r o b a b ly
co n c lu d e s th a t h e w o n ’t b e b u y in g
a n y c o n s id e r a b le a m o u n t o f m e d iu m
to lo n g -te rm co r p o r a te s .
A n d h e is
p r o b a b ly rig h t.
This is a discussion of factors
affecting your investment port
folio. If you have any questions,
or if you find yourself in dis
agreement with comments here
in, your letters, addressed to the
NORTHWESTERN BANKER, will
be welcome and will be answered
here if the subject matter is of
general interest. Under no cir
cumstances will the editor of this
column discuss specific securities.
000 o f n e w r o llin g s to c k at th e tim e th e
issu e is crea ted , th e s e c u r ity ra tio is
1.25:1. F iv e y e a rs la ter th e re m ig h t
b e o n ly $5,000,000 o f b o n d s le ft o u t
sta n d in g an d th e r o llin g s to c k still
p le d g e d m ig h t w e ll b e w o r t h $10,000,000, to re s u lt in a s e c u r ity ra tio o f 2:1.
B u t th e re w o n ’t b e a n y flood o f ra il
e q u ip m e n ts c o m in g to fo r p erh a p s a
g o o d m a n y m on th s. A lto g e th e r , th e
b a n k er, at least u n til th e d em a n d fo r
c o m m e r c ia l loa n s b e c o m e s r e a lly s ig
n ifican t, is p r e tty m u c h d r iv e n b a ck
u p o n g o v e rn m e n ts .
is im p r o v e d ea ch y e a r b e ca u se r a il
roa d e q u ip m e n t d o e s n ’t w e a r ou t as
fa st as seria l o b lig a tio n s are retired .
T h u s, if $10,000,000 ra il e q u ip m e n ts
are s e cu re d b y th e p le d g e o f $12,500,-
W h a t th en , w ith V in s o n ou t an d S n y
d er in th e T r e a s u r y an d w ith E c c le s
still p r o m in e n t in th e p ictu re , is th e
lik e ly c o u rs e o f th e W a s h in g to n m o n e y
m a n a g ers? T h e r e ca n b e n o q u e stio n
th at th e T r e a s u r y an d th e R e s e r v e
The Money Managers
Specializing in 'Lin¿isfeci Securities
Bank — Insurance
Public LJtility — Industrial
Real Estate
Lumber Sz Tim ber
Bonds, Preferred and Com m on Stocks
Rail "Equips" Attractive
H e m a y m a k e an e x c e p tio n in so fa r
as ra ilro a d e q u ip m e n t o b lig a tio n s are
c o n c e r n e d b e ca u se th ese h a v e a p r e
fe r r e d p o s itio n in th e estim a tion o f
m o s t b a n k e rs b a sed o n a sp le n d id r e c
ord . A d d itio n a lly , if th e b a n k e rs b u y
th e sa m e a m o u n t o f ea ch m a tu rity , th e
a v e ra g e m a tu r ity is s h o r te n in g e v e r y
d a y . F u r th e r m o r e , th e s e c u r ity ra tio
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BOUGHT — SOLD — QUOTED
REMER,
MITCHELL
& REITZEL,
INC.
208 SOUTH LA SALLE ST., CHICAGO 4 • PHONE RANDOLPH 3736
W ESTERN
U N IO N
TELEPR INTE R " W U X ”
•
BELL S Y S T E M
TEL E TY P E
C G -9 8 9
Northwestern Banker, July, 1946
34
Investm en ts
h a v e th e m ea n s to d o a lm o st a n y th in g
th e y th in k best.
P r o b a b ly a cla ss ic
c o u r s e w o u ld b e fo llo w e d w e r e the
m a n a g ers c o n c e r n e d o n ly w ith th e
T r e a s u r y ’s p ro b le m s.
T h a t w o u ld
m ea n a series o f lo n g -te rm re fu n d in g
o b lig a tio n s p la ce d w ith in stitu tio n a l
a n d p riv a te in v e sto rs. In th is w a y th e
fu n d in g o f an e x tr e m e ly la rg e an d p o s
s ib ly d a n g e r o u s ly la rg e d e b t in cu rre d
to fin a n ce th e w a r e ffo r t w o u ld b e a c
c o m p lis h e d .
S u ch a sim p le an d o b
v io u s p r o g r a m d o u b tle s s is th e u lti
m a te o b je c t iv e o f th e m a n a g ers; a
c o u r s e to b e e m b a rk e d u p o n som e
y e a rs h e n ce , h o w e v e r . T h e im m ed ia te
p la n m u st ta k e in to a c c o u n t th e b u d g
e ta ry p o s itio n an d th e fe a r o f e ith er
in fla tion o r d eflation .
T h e b u d g e t a p p ea rs to b e c o m in g u n
d er c o n tr o l. T h e d eficit in th e fiscal
y e a r ju s t en d ed w a s in th e n e ig h b o r
h o o d o f 23 b illio n d olla rs, a su m so
la rg e th at a m u c h sm a ller d eficit in th e
’47 fiscal y e a r c o u ld h a r d ly b e a v oid ed .
T h e last official estim a te o f th e d eficit
to b e in c u r r e d in th e c u r r e n t tw e lv e
m o n th s w a s u n d e r 3.5 b illio n s an d th e
r e v is e d b u d g e ta r y estim a te w ith w h ic h
th e P re sid e n t is c o m in g u p th is m o n th
m a y b e fo r an a p p r o x im a te “ b a la n ce .”
S u ch a b a la n ce, if a ch ie v e d , is fo r e c a s t
Federal Home Loan Bank of Des Moines
DES MOINES, IOWA
STATEMENT OF CONDITION, IUNE 30, 1946
RESOURCES
Cash ................................................................................................................................................. S 671,105.09
U. S. Government Obligations and Securities fully guaranteed by U. S............
7,951,759.55
Advances to Members...........................
16,720,157.25
Accrued Interest Receivable.....................................................................................................
45,713.67
Deferred Charges and Other Assets....................................................................................
3,023.51
Furniture and Equipment (Cost $10,361.06)......................................................................
1.00
$25,391,760.07
LIABILITIES AND CAPITAL
Deposits— Members ................................................................................................................... $ 1,759,795.28
Accrued Interest Payable.........................................................................................................
15,939.91
Accounts Payable ........................................................................................................................
450.04
Dividends Payable— July 8, 1946.............................................................................................
98,929.75
*Debentures Outstanding ...........................................................................................................
8,500,000.00
Capital Stock Subscriptions..................................................................................................... 13,390,000.00
Surplus :
Reserves .............................................................................................. $1,496,044.35
Undivided P ro fits................................................................................
130,600.74
1,626,645.09
$25,391,760.07
*Participation in $68,500,000 Consolidated Federal Home Loan Bank Debentures outstanding,
which are the joint and several obligations of the eleven Federal Home Loan Banks.
B O N D S
Public Utility
Industrial
Railroad
Municipal
A .C .A LLYN andc o m p a n y
Incorporated
100 W e s t M o n ro e S tre e t, C h ic a g o
N ew Y o rk
O m aha
M ilw a u k e e
W a te rlo o
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B o sto n
K a n s a s C ity
M in n e a p o lis
M o lin e
at a ro u n d 40 b illio n s .
T h e s e esti
m ates, in th e lig h t o f w h a t to p a d m in
istra tio n officials h a v e fo r e c a s t w ith in
th e p ast y ea r, m u st b e a cce p te d s o m e
w h a t h esita n tly , b u t h o w e v e r c lo s e to
o r fa r fr o m th e m a rk th e y p r o v e to be,
th e y are th e estim a tes th a t w ill e n te r
in to official p la n n in g .
A s r e c e n tly as s ix m o n th s ago, h o w
ev er, an in c o m e o f o n ly 31.5 b illio n s
w a s estim a ted fo r th e ’47 fiscal y ea r.
T h e h o p e d -fo r “ b a la n c e ” at 40 b illio n s
in v o lv e s a m a rk -u p o f in c o m e b y 8.5
b illio n s an d a rise in o u tg o o f fo u r
b illio n s.
T h e la tter is c o n s id e r a b ly
m o r e p r o b a b le th a n th e fo r m e r .
It
m a y a lso b e re ca lle d th a t a flo o d o f
p o s tw a r fo r e c a s ts an d b lu e p r in ts h a v e
b e e n p u b lis h e d in w h ic h a figu re o f
a b o u t 25 b illio n s w a s u sed as in co m e .
Deficit Vis-a-vis Refunding
So, th en , if a fig u re o f 38 b illio n is
ta k en as o u tg o (a s s u m in g so m e m o d
est r e d u c tio n o f p r e s e n tly p r o je c t e d
e x p e n d itu r e s ) an d 33 b illio n is a ctu a l
ly r e ce iv e d , th e ’47 fiscal y e a r d eficit
w o u ld b e a r o u n d five b illio n d olla rs.
I f a n y th in g lik e th is d e v e lo p s , o r in
d eed if th e d eficit is b e tw e e n on e and
ten b illio n s , th e sta rt o n a lon g -term
p r o g r a m o f fu n d in g th e n a tio n a l d eb t
w ill r e c e d e fu r th e r in to th e fu tu re.
T h is is b e ca u se a rise in th e a v e ra g e
in te re s t ra te o n th e d eb t o f as little as
on e p e r c e n t m ea n s fr o m 2.5 to 3 b il
lion s a y ea r, a v e r y la rg e su m in fa c t
and a v e r y la rg e su m in r e la tio n to a n
n u a l d eficits o f th ree, fo u r o r fiv e b il
lion s.
T h a t a ttem p t to su m m a rize th e b u d g
e ta ry o u tlo o k cle a rs th e w a y fo r an
a n a ly sis o f th e fe a r (e ith e r o f in fla tion
o r d e fla tio n ) th a t w ill ta k e h o ld in th e
m in d s o f th e m o n e y m a n a g ers. It is,
o f c o u rse , d a n g e ro u s to p r e d ic t w h ic h
fe a r w ill p r e v a il s ix m o n th s o r m o r e
h e n c e in th e lig h t o f th e s w ift abou tfa ce s sin c e th e en d o f th e fig h tin g w a r,
b u t an in te llig e n t g u ess as to w h a t is
th e fe a r o f th e m o m e n t m a y b e v e n
tu red.
B e fo r e th is is u n d e rta k e n th e s o m e
w h a t d is c o n c e r tin g r e c o r d m a y b e
b r ie fly r e p o rte d . A y e a r a g o g o v e r n
m e n t e c o n o m is ts w e r e c o n v in c e d th at
a se v e re d efla tion w o u ld set in as s o o n
as th e s h o o tin g w a r en d ed. T h e r e c o r d
h ig h estim a te o f th e e a r ly p o s tw a r
(th a t w o u ld h a v e b e e n th e S p rin g o f
th is y e a r ) u n e m p lo y m e n t w a s th e F e d
era l R e s e r v e ’s 20 m illio n id lin g w o r k
ers. M r. S n y d er, th e n in a n o th e r o f
ficia l p o sitio n , n o w S e c r e ta r y o f th e
T re a su ry , w a s let d o w n r e la tiv e ly g e n t
ly b y h is staff. H e lo o k e d fo r o n ly
8,000,000 u n e m p lo y e d . H a p p ily , n e ith e r
th e e x te n t o f u n e m p lo y m e n t lo o k e d
fo r a y e a r ago, n o r th e se v e re d efla tion
so co n fid e n tly fo re ca st, w e r e v is ite d
u p o n th e co u n tr y .
In v estm en ts
A c c o r d in g ly , last sp rin g , th e fo r e c a s t
w a s r e v e r s e d to o n e o f w ild in fla tion
an d p la n s w e r e fo r m u la te d to m o d
era te o r p r e v e n t su ch a ca ta strop h e.
T e s tify in g b e fo r e a C o n g re ssio n a l c o m
m ittee a fe w m o n th s ago, th e h ea d o f
th e F e d e ra l R e s e r v e p r o m is e d an e a rly
“ s p e c ia l” r e p o r t o n th e b e s t w a y to
c u r b cre d it an d m o n e y ex p a n sio n .
T h is w a s to h a v e b e e n th e b lu e-p rin t
w ith w h ic h to fig h t in fla tion , a lo n g
w ith c o n tin u e d p r ic e c o n tr o ls a d m in
iste re d b y th e O .P.A . B y th e tim e m idJ u n e r o lle d a ro u n d th e R e s e r v e h ad
lo st its fe a r o f in fla tion . C o n seq u en tly ,
th e r e g u la r a n n u a l r e p o r t m e r e ly o u t
lin e d p o s s ib le step s to b e ta k en , if
n eed ed, at som e fu tu re, u n s p e cifie d
tim e an d a sk ed fo r n o e n a b lin g le g isla
tio n b y th e C on g ress. T h e p ro m is e d
“ s p e c ia l” r e p o r t w a s sh elv ed .
g o a lo n g w a y to w a r d s o lv in g th is
p r o b le m b e ca u se it w o u ld p e r m it th e
T r e a s u r y to c o n tin u e to re d u ce th e
G o v e r n m e n t d e b t.”
35
M u ch , som e 10 b illio n d olla rs w o r th ,
w a s d o n e a lo n g th ese lin es in th e first
h a lf o f th is y e a r an d a n o th e r $2,000,000,000 w a s re tire d on J u ly 1st. T h e
Practical Assistance
to In stitu tio n s in
the Solving of Their
Investment Problems
Deflation?
T h e r e is a c o n s id e r a b le b o d y o f e v i
d e n ce to s u p p o r t th e cu r r e n t e x p e c ta
tio n th a t d efla tion w ill b e a p r o b le m
b e fo r e th e en d o f th e c u r r e n t fiscal
y ea r.
T h e a u th o ritie s m a y w e ll be
r ig h t th is tim e, if fo r n o o th e r re a so n
th a n th e la w o f a v e ra g e s w h ic h so
o fte n re s cu e s th e r e a lly p e rsiste n t
g u esser. T h a t is n o t im p o rta n t, h o w
ev e r. W h a t is v ita l is th e b e lie f o f th e
m o n e y m a n a g ers. A p p a r e n tly th e c u r
re n t c o n v ic tio n is th a t th e re is g rea ter
re a s o n to fe a r th e o n s e t o f d efla tion
th a n th e e v il o f in fla tion , a lth o u g h
te m p o r a r ily h ig h e r p r ic e s fo r g o o d s
an d s e r v ic e s are b y n o m ea n s ru led
ou t. T ra n s la tin g th e fe a r o f th e d a y
in to a p p r o p r ia te a c tio n m ea n s th a t n o
n ea r-term cu rb s on m o n e y , o r cr e d it
e x p a n s io n w ill b e im p osed . In tu rn ,
th is sig n ifies n o stiffe n in g o f in terest
ra tes o r sig n ifica n t d e clin e s b y g o v e r n
m en t b o n d p rice s.
N o on e ca n ta k e e x c e p tio n to th e
m e a su re d w o r d s o f M r. S zy m ca k , a
m e m b e r o f th e B o a rd o f G o v e r n o r s o f
th e F e d e ra l R e s e r v e S y stem . H e calls
fo r tim e in w h ic h to ta k e s to c k o f th e
situ a tio n an d ce rta in p r o p o s e d r e m
ed ies. “ In th e m ea n tim e, r e tire m e n t
o f G o v e r n m e n t d e b t is a n ti-ex p a n sion a ry . A s lo n g as th is re tir e m e n t c o n
tin u es, th e p r o b le m o f b a n k cr e d it e x
p a n s io n b e c o m e s less u rg en t.
T h is
g iv e s u s a b r e a th in g sp ell in w h ic h to
s tu d y th e p r o b le m . T h e d e v e lo p m e n t
o f a su b sta n tia l b u d g e t su rp lu s w o u ld
Today’s changing markets call for all available
aid in the solving of the many investment prob
lems which constantly confront banks, insurance
companies and other large institutional inves
tors. That we are fitted to render a comprehen
sive service has been proved by our many years
of successful experience in this field.
Our staff members are familiar with all types of
securities and are able to provide basic facts,
when needed, concerning current security mar
kets. Moreover, through the facilities of our
91 strategically located offices— interconnected
by direct wires— we are able to obtain these
investment facts promptly.
Should you require such a practical and compre
hensive service, we would be happy to discuss
your problems with you in person on a confi
dential basis.
M
e r r il l
Lynch , P
ie r c e ,
F enner
Sc B
eane
Underwriters and Distributors of Investment Securities
Brokers in Securities and Commodities
70 PINE STREET
N E W Y O R K 5, N . Y .
Offices in 90 Cities
Insurance Counselors to Banks
D id you know that this com pany has specialized in
Bank Insurance since 1 9 1 9 — that it has the inside view on Bank
&
Insurance problem s? Consult us freely at any time.
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Federal Reserve Bank of St. Louis
F IR S T
N A T IO N A L
Scarborough
BANK
B U IL D IN G
C om pany
• C H IC A G O
3,
IL L IN O IS
• STATE
4325
Northwestern Banker, July, 1946
36
Investments
d eb t is d o w n to a ro u n d 260 b illio n fr o m
a p ea k o f c lo s e to 280 b illio n at th e en d
o f F e b ru a ry . R e d u c tio n o f th e d eb t
w ith m o n e y o b ta in e d fr o m e a rlier b o r
r o w in g is n ot th e sam e th in g as u sin g
“ a su b sta n tia l b u d g e t s u r p lu s ” fo r the
p u rp ose, b u t it h as its m erits.
O n ce a ga in th e a d v ice is p ro ffe re d
J a mi es on
THOMSON &
McKINNON
&
C ompany
STOCKS * BONDS
COMMODITIES
Members
New York Stock Exchange
and
Other
Principal
to k e e p a v era g e m a tu rity o f th e g o v
e rn m e n t b o n d p o r tfo lio a little on th e
n ear side, sa y u n d e r five y ea rs, to
c o v e r all W a r L o a n d e p o sits w ith c e r
tificates du e in sid e th e y ea r, to a n tici
pate som e r e d u c tio n o f d ep osits, v a r y
in g w ith lo ca l c o n d itio n s and, finally,
to re fr a in fr o m r e a ch in g fo r g o v e rn -
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MINNEAPOLIS
FAR GO
ST. PAUL
GR AND FORKS
DULUTH
SIOUX FALLS
EAU CLAIRE
M anager
Members New York Stock Exchange
and other principal exchanges
m en ts d u r in g s tr o n g m a rk ets w h ile
m a in ta in in g c o n fid e n ce th at th e au
th o ritie s w ill n o t a llo w a n y real, o r
p r o lo n g e d p r ic e d eclin e. # jf.
Official Changes
S.
S loan Colt, p re sid e n t o f B a n k ers
T ru s t C om p a n y , has a n n o u n c e d th e
fo llo w in g official ch a n g e s w h ic h h a v e
ju s t b e e n a p p r o v e d b y th e b o a rd o f
d ire cto rs:
H. C. Strait, fo r m e r ly a ssistan t
trea su rer, w a s ele cte d a ssista n t v ic e
p re sid e n t an d w ill c o n tin u e h is a sso
cia tio n w ith th e R o c k e fe lle r C en ter
office.
H. D. Shea, fo r m e r ly assista n t tre a s
u rer, w a s ele cte d a ssistan t v ic e p r e s i
d en t an d w ill c o n tin u e in th e b a n k in g
d ep a rtm en t.
C. H. G ra v es w a s ele cte d assistan t
tre a su re r an d w ill c o n tin u e in th e
b a n k in g d e p a rtm e n t at th e F ifth A v e
n u e office.
H e n r y G. S h a rpe w a s ele cte d a ssist
ant tre a su re r and w ill c o n tin u e h is
a sso cia tio n w ith th e R o c k e fe lle r C en
te r office.
C h arles G arrett, at p re s e n t in m ili
ta ry se rv ice , w a s ele cte d assista n t
trea su rer, an d w ill b e a ssig n ed to th e
b a n k in g d e p a rtm e n t o n h is r e tu r n to
th e ban k .
Private W ire to A ll Principal Markets
IN F O R M ED ACTION IS TH E KEY TO S U C C E S S F U L IN VESTIN G
Dividend
T or Dependable,
Tax-Tree Income
In the prevalent quest for security and for
permissible relief from burdensome taxation,
it is not surprising that state and municipal
bonds have been accorded broader recognition.
Long favored by institutional buyers for their
demonstrated security, these bonds recently
have become the object of new demand by
individuals to whom tax exemption under ex
istingFederal laws is animportant consideration.
Still, many investors remain not fully acquainted
with the merits of municipals — investors
forwhom these bonds have special advantages.
Send for this Informative
N ew Booklet
HALSEY, STUART & CO. In c .
123 S. La Salle Street, Chicago 90, Illinois
Gentlemen: Please send me, without cost or
obligation, the booklet "T h e Investment
Merits o f Selected Municipal Bonds.”
i Name_
-
AddressCity_
State-
i NB-7
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
For all to whom dependable, tax-free income is
a primary objective, this new and inclusive
resumé defines and discusses the exceptional
investment qualities of municipal bonds. An
accompanying chart discloses the value of the
tax-exemptionfeatureundercurrentFederal laws.
Without obligation, send for "The Investment
Merits of Selected Municipal Bonds.”
Use this request fo r m — at no cost.
T h e d ir e c to r s o f C ity N a tion a l B a n k
C o m p a n y in K a n sa s C ity
v o te d a d iv id e n d o f 4 p e r cen t, p a y
ab le J u n e 29, 1946, to s to c k h o ld e r s o f
r e c o r d o n J u n e 20, 1946.
& T ru s t
Joint Concert
T h e F ir s t N a tion a l B a n k o f C h ica g o
o rc h e s tr a an d th e F ir s t N a tio n a l B a n k
ch o ra l c lu b last m o n th g a v e a jo in t
con cert
e n title d
“An
E v e n in g
of
M u s ic ” at O rch estra H all. T h e o r c h e s
tra, o rg a n iz e d in 1931, n u m b e rs 80
p ie ce s and th e C h ora l C lub, o rg a n iz e d
in 1921, has 90 v o ic e s .
REPRESENTATIVE M UNICIPAL LISTINGS
Compiled by the Northern Trust Company, Chicago
(As of June 24, 1946)
Arkansas .................................... •3 ti
4-1-64 1.85
California .................................. .4
7-2-65 1.25
San Francisco, California. . . .4 Vo
7-1-69 1.55
Arapahoe County, Colorado. . 1 V4
11-1-62 1.20
Chicago Park District.............TVo 12-1-65/63 1.25
Baltimore, Maryland ............. •3%
10-1-62 1.00
Boston, Massachusetts ......... •1 %
8-1-62 1.15
Detroit, Michigan ................. .3
10-1-62 1.70
Kansas City, Missouri........... .4
4-1-62 1.30
Jersey City, New J e r s e y .... ■4%
10-1-61 1.50
Albuquerque School District,
New Mexico ......................... •1 %
6-15-66 1.30
New York State ..................... .3
12-15-71 1.15
Durham, North Carolina . . . .1
1-1-63 1.00
Cuyahoga County, Ohio . . . . •1 %
4-1-68 1.40
Oklahoma City, Oklahoma. . .1
5-1-66 1.25
Portland, Oregon ................... .4
7-1-58 1.00
Philadelphia, Pennsylvania . •1 V4
1-1-63 1.35
Knoxville, Tennessee ............ ,3V2
9-1-68 1.75
Fort Worth, Texas ............... •1 %
2- 1-68 1.35
37
IN SU R A N C E
f#off* f 11 rote a M illion
in N ineteen F o r ty -F ir e
Here Is a Life Salesman Who Is Always Trying to
Beat His Own Record, and Has Done So for the Last Three Years
By FRANKLIN A. JENSON
Equitable Life Assurance Society
Spencer, Iowa
H
O W to w r ite in su ra n ce s u c c e s s
fu lly is b o th a rid d le an d a state
o f m in d — a rid d le b e ca u se it is
so m u ch a state o f m in d . N o w h e r e is
th e clich e , “ T h e r e ’ s n o th in g lik e suc-
in ta n g ib les, th e re are n o cle a r cu t an d
set ru les fo r all cases. H o w e v e r , th ere
are c e rta in fa ctu a l m e th o d s th a t I ’v e
e sta b lish ed fo r m y s e lf th a t u n d e rlie all
m y p ro d u ctio n .
a libi o r ex cu se, “ I h a v e n ’t th e m o n e y .”
I h a v e fo u n d th is n e g lig ib le an d d is
c o u n t it. F r e q u e n tly b y th e tim e I am
th ro u g h , su ch a p r o s p e c t w ill ask if h e
ca n p rep a y .
I r a r e ly g o b a c k to an in d iv id u a l I ’v e
in te r v ie w e d u n less th e re is a re q u e st
to d o so. T h e r e are h u n d re d s w h o m I
ca n w r ite o n th e first in te r v ie w , w ith
m u c h less effort. A n d to a ttem p t to
o v e r p e r s u a d e a p ra ctica l “ n o ” case, is
a w a s te o f tim e to m e, to th e b u sin ess,
an d to th e s o cie ty . A n d a m an p e r
su a d ed a g a in st h is w ill d oes n o t b u ild
u p fr ie n d ly b u sin ess.
H o w e v e r , I tr y to g et a fa ir esti
m ate o f an in d iv id u a l’s a b ility to p a y
b e fo r e a p p r o a c h in g h im — o r h er. I f I
fe e l th at a d efin ite h a rd sh ip w o u ld b e
th e re s u lt o f tr y in g to k e e p u p a p o licy ,
I d o n ’t p ress to sell— esp e cia lly , if a
fa m ily w o u ld b e p in ch ed .
E v e r y in su ra n ce m a n e n c o u n te r s th e
T h e “ e a r ly b ir d ”
a n ce. R e g u la rly , I
s e v e n o ’c lo c k in th e
op e ra te w h e n th e y
is O.K. fo r in su r
am o n m y w a y b y
m o rn in g . D o c to r s
are at th e ir b e s t—
Finance That New Car
L O C A L L Y ...
For w ell over a year A llied Mutual has run (and w ill continue to run)
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F R A N K L IN A. JENSON
“ Most of my policies are for $5,000”
of all car financing problems.
Our A llied Mutual agents continue to cooperate with home town banks.
M any banks represent A llied Mutual.
cess to p r o d u c e su c c e s s ,” m o re tru e
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F o r in
sta n ce, I h a v e fo u n d th a t if I w r ite
e v e n o n e p o lic y b e fo r e n o o n , I a m su re
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T h e r e is a c e rta in elan th a t ta k es on e
o v e r th e top.
A ls o , it ’s a state o f m in d b e ca u se
p s y c h o lo g y p la y s a h e a v y part. N o tw o
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b e c o n d itio n e d b y th e p e r s o n y o u ’re
d e a lin g w ith . So b e ca u se o f th e m a n y
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Federal Reserve Bank of St. Louis
Write
ALLIED MUTUAL
C A S U A LT Y COM PANY
Harold S. Evans, President
Hubbell Building
Oes Moines 7, Iowa
Northwestern Banker, July, 7946
38
In su ra n ce
in th e m o rn in g , ea rly. N e v e r b e lie v e
th at y o u c a n ’t p r o d u c e b est w h e n y o u
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DES MOINES 8, IOWA
Northwestern Banker, July, 1946
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Federal Reserve Bank of St. Louis
Still Learning
“ H o w lo n g d id it ta k e y o u r w ife to
lea rn to d r iv e ? ”
“ It’ll b e ten y e a r s in S e p te m b e r.”
W h e n a m an h ed g es b e ca u se o f h is
w ife , I c o u n te r w ith “ L e t ’s ta lk to h e r .”
S om etim es h e ’ll say, “ Y o u d o n ’t k n o w
m y w ife ,” and h e w ill c lo s e th e deal
w ith o u t se e in g h er. Or a ga in a fte r w e
h a v e ta lk ed w ith th e w ife , I h a v e b e e n
to ld b y th e h u sb a n d , “ Y o u k n o w all
th e a n s w e r s .”
It g o e s w ith o u t s a y in g th at th e in
su ra n ce a g en t m u st k n o w all th e a n
s w e rs an d b e w e ll s c h o o le d in th em .
A n d , o f co u rse , h e m u st h a v e th o r
o u g h ly sold h im self.
C lose a deal at on ce . N e v e r ta k e a
ch a n ce o n te m p o r a r y a g reem en ts.
I
ask, “ W h a t’ s y o u r b a n k ? ” I f h e d oes
n o t h a v e a c h e c k h a n d y , I h a v e b la n k
c h e c k s rea d y .
☆
tion.
A n d n e v e r d o I h esita te to a p p ro a ch
an in d iv id u a l b e ca u se o f h is p r o m i
n en ce, h is afflu ence, o r h is p re ssin g
b u sin ess. I k n o w I h a v e so m e th in g
g o o d — w h y sh o u ld I h esita te to tak e
h is tim e to d o h im a fa v o r , in a m ea s
ure. W e ’re all h u m a n b e in g s ; n o on e
is to o h ig h o r to o set ap art to b e in
te rv ie w e d . M an y, m a n y tim es clien ts
h a v e b e e n g ra te fu l th a t I h a v e in te r
ested th em in a p r o p o s itio n “ so g o o d .”
T h e y o fte n re m a rk , “ I d id n ’t k n o w
th e re w a s su ch a g o o d th in g in in s u r
a n ce ,” a n d th a n k m e fo r h a v in g p r e
sen ted it to th em .
and th e p s y c h o lo g y o f a p p ro a ch — if I
can g en era lize, and stan d off, an d esti
m ate m y s e lf— I find a c o m b in a tio n o f
ca n d id n ess, co n fid e n ce , an d h u m ility is
d esira b le. T h e r e is su ch a th in g as
b e in g to o b re e z y , e v in c in g to o m u ch
b ra sh an d b ra ss a ssu ra n ce. S u ch a tti
tu d es ten d to a n ta g on ize. B e in g e n u
ous. S tand y o u r g ro u n d , a lw a y s w ith
d e fe r e n c e an d th e u tm o s t co u rte s y .
B u t d o n ’t oil it. # #
N o n otes! I n v a r ia b ly m y p o lic y is
ca sh deals. N otes m e a n w o r r y , w a s te d
tim e a n d effort.
F o llo w u p w ith th e “ m e d ic a l” th e
sa m e day.
I see th a t a p p o in tm e n t
w ith th e d o c to r is m ad e at on ce. A n d
th e d o c t o r ’s r e p o r t g o e s in th e d a y o f
th e a p p lica tion . T h is p e rm its o f n o
tim e fo r a slip -u p — fo r a ch a n g e o f
m in d o r fo r a n o th e r a g en t to ta g and
d iv e r t th e p ro sp e ct.
I f a fa r m e r is w o r k in g in th e field,
I a p p ro a ch h im th ere. U su a lly , I in
v ite th e in d iv id u a l I ’m s e llin g in to m y
ca r w h e r e w e ca n ta lk c o m fo r ta b ly .
C red it th e p r o s p e c t w ith th e in te lli
g e n c e to e n d e a v o r to k n o w an d u n d e r
stan d w h a t h e ’s b u y in g .
C ea selessly, I tr y to b ea t m y o w n
r e c o r d o f th e p r e v io u s y ea r. In the
last th re e y e a rs I h a v e so firm ly b e
lie v e d in b e a tin g m y s e lf th a t I h a v e
“ h e p p e d u p ” m y r e c o r d a q u a rte r o f
a m illio n ea ch s u c c e e d in g y ea r.
T h e m illio n d o lla r q u a lifica tio n ($1,129,000) has b e e n a c h ie v e d o n th e
w h o le th r o u g h sm a ll p o licie s . N o b ig
ju m p s . M ost o f th e p o lic ie s I sell are
fo r $5,000.
F in a lly , to r e v e r t to a “ state o f m in d ”
T h e s e are headlines of a few of
Northwestern National Life’s adver
tisements which have appeared in
various publications during the past
few years. Each of these advertise
ments expresses an idea — a point of
view — on a subject of timely impor
tance to life insurance policyholders
and the nation as a whole. Giving
currency to such ideas through adver
tising is just one way in which N^NL
discharges its obligation as a good
citizen — an obligation this Company
believes rests on a business institution
no less than on an individual.
We will gladly furnish reprints of any
of these advertisements on request.
NORTHWESTERNT tá ttío n o í LIFE
INSURANCE C O M P A N Y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C ontinental I llinois
N ational B ank
and T rust C ompany
OF C H IC A G O
,
,
Statement of Condition June 29 1946
RESOURCES
Cash and Due from Banks............................................................... $
487,556,250.80
United States Government Obligations......................................
1,446,728,764.81
Other Bonds and Securities...............................................................
41,064,484.40
Loans and Discounts...........................................................................
375,459,066.26
/
Stock in Federal Reserve B an k......................................................
3,600,000.00
Customers’ Liability on Acceptances...........................................
700,388.49
Income Accrued but N ot Collected..............................................
5,917,709.81
Banking H o u se .......................................................................................
10,650,000.00
$2,371,676,664.57
L IA B IL IT IE S
D eposits....................................................................................................... $2,188,364,732.45
Acceptances.............................................................................................
Reserve for Taxes, Interest,
740,989.49
andE xpenses..............................
12,200,708.61
Reserve for Contingencies................................................................
18,107,570.52
income Collected but N ot Earned................................................
205,266.24
Capital S to ck ..........................................................................................
60,000,000.00
Surplus.......................................................................................................
60,000,000.00
Undivided Profits..................................................................................
32,057,397.26
$2,371,676,664.57
$408,814,018.43 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, 1946
STATEM EN T
OF
CONDITION
First National Bank
Minneapolis
as at June 29, 1946
D IR E C T O R S
RESOURCES
Henry E. Atwood,
Atherton Bean,
.
Cash and Due from Banks
$ 85,745,829.93
.
.
46,706,038.67
:
J. G. Byam, Vice P resident
John Cowles, P resident,
M in n ea p o lis Star J o u rn a l and
T ribun e C o.
Franklin M. Crosby,
Accrued Interest and Accounts Receivable
Customers’ Acceptance Liability
.
Bank and Office Buildings
;
.
E ngin eer
T h e Cream o f W h ea t C orp.
14,564,372.38
Other Bonds and Securities
Loans and Discounts
E xecutive Vice P residen t,
International M illin g C o.
Russell H. Bennett, M in in g
Daniel F. Bull, P resident,
229,871,237.21
United States Government Securities
President
903,304.0 7
1,026,166.09
:
298,628.76
$379,115,577.11
V ice P residen t,
G eneral M i l l s , Inc.
Donald D. Davis,
President
M in n eso ta and O n tario P a p er C o.
Paul V. Eames,
President,
Shevlin, C arpenter & C larke C o.
John H. Hauschild,
Chairm an o f
the B oard, Chas. W . Sexton C o.
Horace M. Hill,
P resident,
J a n n ey , Sem ple, H i l l & C o.
W. L. Huff,
E xecu tive V ice P residen t and T re a s
urer, M in n ea p o lis-H o n e y w ell
R egulator C o.
LIAB ILITIES
C. T. Jaffray,
C hairm an o f the B oard,
F irst B a n k Stock Corporation
.
Capital S t o c k ................................
$
6,000,000.00
John H. MacMillan, Jr.,
Sumner T. McKnight,
10,000,000.00
S u r p l u s ........................................
Howard I. McMillan,
P residen t,
O s b o r n e -M c M illa n E leva tor C o.
W. G. Northup,
Unallocated Reserves
1,150,462.49
S. G. Palmer,
Reserve for Interest, Expenses, Taxes, etc.
2,006,247.75
A. F. Pillsbury,
Acceptances and Letters of Credit .
1,026,166.09
Other Liabilities
Deposits
.
.
.
.
.
.
.
111,665.65
.
P residen t,
N o rth Star W o o len M i l l C o.
P resident,
S. G . P alm er C o.
D irector,
P illsb u ry M i l l s , Inc.
Robert W. Webb, V ice President
, H. R. Weesner, Chairm an o f the
B oard, T h e W a b a sh Screen D o o r
F. B. Wells,
P resident,
F . H . P eavey & C o.
C. J. Winton, Jr.,
(Includes U . S. W a r Loan
D ep o sit o f S.5 0 .8 6 6 ,5 6 4 .5 8 )
P resident,
S. T . M c K n ig h t C o.
3,944,215.25
Undivided Profits
P residen t,
C a rgill, Inc.
.
;
354,876,819.88
$379,115,577.11
President,
W in to n L um ber C o.
Sheldon V. Wood,
P residen t and
G eneral M a n a g e r , M in n e a p o lis
E lectric S teel C astin gs C o.
Edgar F. Zelle,
P residen t,
J efferson T ran sportation Co.
U n ited States Governm ent o b liga tion s and other securities carried at $ 1 2 0 ,1 6 4 ,8 0 0 .0 0 in the fo r e g o in g statem ent
are deposited to secure p u b lic fu n d s and f o r other pu rp oses requ ired by la w .
M EMBER
A F F I L I A T E D
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FEDERAL
W I T H
D E P O S IT
F I R S T
IN S U R A N C E
B A N K
C O R P O R A T IO N
S T O C K
C O R P O R A T I O N
Co.
41
R o n a ld S p e lb rin k an d R. C. E ich ter,
tellers, h a v e ju s t re tu rn e d fr o m s e r v ic e
in W o r ld W a r II.
M r. H u e v e lm a n n is n o w in ch a rg e o f
th e C itizen s State G. I. loa n d e p a rt
m en t.
M in n e s o ta
N EW S
W. SANDS
President
St. Paul
A.
Heads Union National
R. R. S ch r o e d e r o f M a ren g o, Iow a,
has p u rch a se d th e in te re s t o f H. R.
H o m m e d a l in th e U n io n N a tion a l B a n k
o f R o ch e s te r, M in n esota , an d has been
ele cte d p re s id e n t o f t h e , in stitu tion ,
w h ic h has a ca p ita l o f $120,000, su rp lu s
o f $100,000 an d u n d iv id e d p rofits o f
$40,000, w ith d e p o sits o f o v e r $6,000,000.
M r. H o m m e d a l d is p o s e d o f h is in te r
est b e ca u se o f th e c o n d itio n o f h is
h ealth , an d h as n o p la n s fo r th e fu tu re,
b u t w ill re m a in in R o ch e ste r, at least
u n til fall.
M r. S ch r o e d e r co m e s to R o c h e s te r
fr o m th e v ic e p r e s id e n c y o f th e Iow a
State S a v in g s B an k , M a ren g o, w h e r e
h e se r v e d as a b a n k officer fo r 17 yea rs.
A stu d en t at th e Io w a State C o lle g e at
A m e s, M r. S ch r o e d e r le ft c o lle g e to
e n te r th e a r m y in W o r ld W a r I. A fte r
a r m y s e r v ic e h e en te re d th e b a n k in g
field at L u v e r n e , Iow a . H e is a past
co m m a n d e r o f th e W a lte r A . W a d lin g
A m e r ic a n L e g io n P o st at M a ren g o.
M r. S ch ro e d e r, o n a ssu m in g th e p r e s i
d e n c y o f th e R o c h e s te r ba n k , said all
officers an d e m p lo y e s w ill co n tin u e in
th e ir posts.
W . R. H atter, ca sh ie r o f th e Io w a
State B a n k at M a ren g o, w ill b e in
ch a rg e o f th at in s titu tio n w h e r e M r.
S c h r o e d e r w ill still re ta in h is in te r
ests. C h a rles E. W a lte rs C o m p a n y o f
O m aha h a n d led th e sale.
Two Brothers Back
WILLIAM DUNCAN, Jr.
Secretary
Minneapolis
th e A r m y A ir F o r c e s and is n o w w ith
th e b a n k as b o o k k e e p e r an d teller. H e
is a lso s tu d y in g a c c o u n tin g at th e
U n iv e r s ity o f M in n esota .
T he Cam
b rid g e State B a n k r e c e n tly in cre a se d
its ca p ita l s to ck fr o m $75,000 to $100,000.
New Assistant Cashier
L. W . H illia rd w a s p r o m o te d fr o m
te lle r to assista n t ca sh ie r at th e last
m e e tin g o f th e b o a rd o f d ir e c to r s o f th e
F irs t N a tion a l B a n k o f B ra in erd , M in
n esota.
E d w a rd R ic h te r has re tu rn e d to th e
b a n k as te lle r a fte r b e in g d isch a rg ed
fr o m m ilita r y se rv ice . R o g e r K le v e n ,
fo r m e r ly loa n s an d d is c o u n t te lle r w ith
th e F ir s t N ation al, is n o w w ith th e
F r e e b o r n C o u n ty N a tion a l B a n k o f
A lb e r t L ea as assista n t ca sh ier.
Elect Cashier
T h e b o a rd o f d ir e c to r s o f th e F irst
N a tion a l B a n k o f M ilaca, M in n esota,
h a v e e le cte d H u g o D a h lstro m ca sh ier.
M r. D a h lstro m h ad b e e n s e r v in g as
assista n t ca sh ie r an d h as b e e n w ith
th e F ir s t N a tion a l fo r 12 yea rs.
Six Veterans
T w o b ro th e rs h a v e r e tu rn e d to W e s t
C o n co rd , M in n esota , fr o m m o r e than
30 m o n th s ’ s e r v ic e in th e a rm y . T h e y
are B u rto n J. Iv e r s o n and A ld r ic h O.
Iv e rso n , b o th o f w h o m w e r e assistan t
ca sh iers.
B u rto n J. is b a c k in th e
b a n k in h is o ld p o s itio n an d A ld r ic h is
a tte n d in g th e U n iv e rs ity o f M in n esota ,
ta k in g a c o u r s e in p e rs o n n e l m a n a g e
m en t.
Remodeling at Dodge Center
C om p lete r e m o d e lin g has b e e n
sta rted on th e D od g e C en ter State
B a n k o f D o d g e C en ter, M in n esota, a n d
is to b e c o m p le te d b y S e p te m b e r 1st.
T h e b u ild in g is to b e e x te n d e d 20 feet
to th e rea r an d th e re w ill b e n e w c u s
to m e r an d b a n k v a u lts and a n e w and
la rg e r in sta llm en t loa n d ep a rtm en t.
P la n s d ra w n u p fo r th e b a n k sh ou ld
m a k e it o n e o f th e m o st m o d e rn b a n k s
in D o d g e co u n ty .
Navy Veteran
A fte r m o re th an th ree an d on e -h a lf
y e a rs in th e U. S. N a v y , A lb e r t C ole is
n o w b a ck at h is jo b as assista n t ca sh
ier w ith th e F ir s t N ation al B a n k o f
St. P eter, M in n esota. M r. C ole spent,
m o st o f h is tim e o n th e d e s tr o y e r s
S h a w an d D yess, s e r v in g in th e S ou th
P acific.
T h o m a s W e b e r has a lso re tu rn e d to
th e F ir s t N ation al.
Heads Insurance Department
W ith th e r e tu r n o f th re e m en fr o m
B u rto n J. P leh al, w h o w a s a captain
th e a rm ed fo r c e s , th e C itizen s State
in th e a rm y , is n o w b a c k at th e A u s tin
B a n k o f N e w U lm , M in n esota , n o w
State B a n k o f A u stin , M in n esota , and
has s ix v e te ra n s a m o n g its eig h t e m
is in ch a rg e o f th e in su ra n ce d e p a rt
p loy es.
m en t.
H. P. P rah l, e x e c u tiv e v ic e p r e s i
C om p lete re m o d e lin g o f th e b a n k
A.
H. H a a k en son , ca sh ier, A u s tin d en t; W . F. H u e v e lm a n n , assista n t
ca sh ier, an d W . E. C o m n ick , assista n t
w ill start as s o o n as p ossib le, a c c o r d in g
State B an k , A u stin , M in n esota , has
ca sh ier, all se rv e d in W o r ld W a r I.
to w o r d fr o m A. H. H a a k en son , ca sh
s u cce e d e d A . P. G a rn otz as p re sid e n t
W . J. K u n z, assista n t ca sh ier, and
ier.
o f th e M o w e r C o u n ty B a n k e rs A s s o
cia tion . M r. G a rn otz has retired . T h e
e le c tio n w a s h eld at th e A u s tin C o u n
tr y C lub.
O ther officers are K e n n e th K ra m er,
ca sh ier, F ir s t N a tion a l B ank, A u stin ,
ele cte d v ic e p resid en t, an d G era ld C.
H a n son , a ssista n t ca sh ier, F a rm e rs
Accident Insurance, $5000 Principal Sum for
State B ank, E lk to n , ele cte d s e cre ta ry
only $2.00 Paid Up in Full to the Middle of
an d trea su rer.
Mower County Officers
SPECIAL OFFER
next December.
Returns to Cambridge
W a r r e n V. E r ic k s o n , son o f E lm e r
V. E r ic k s o n , p re s id e n t o f th e C am
b r id g e State B an k , C a m b rid g e, M in n e
sota, has r e c e iv e d h is d is ch a rg e fr o m
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MINNESOTA COMMERCIAL MEN'S ASSOCIATION
2550 Pillsbury Ave. So.
Minneapolis 4, Minnesota
Northwestern Banker, July, 1946
42
June 29, 1946
R E SO U R C E S
Cash and Due from Federal Reserve and Other Banks.....................$ 95,899,659.52
U. S. Government Securities, direct and fully guaranteed............... * 218,386,811.00
Other Bonds......................................................................................... * 15,436,446.43
Loans and Discounts............................................................................
59,758,986.19
Stock in Federal Reserve Bank...........................................................
450,000.00
Customers’ Liability on Letters of Credit and Acceptances..............
981,880.20
Interest Earned but not Collected.......................................................
994,764.78
Banking House......................................................................................
3,500,000.00
Other Resources.....................................................................................
47,795.96
Total Resources..............................................................................$395,456,344.08
LIABILITIES
5,000,000.00
Capital Stock............................................................................
Surplus......................................................................................
Undivided Profits....................................................................
Reserve for Contingencies.......................................................
10,000,000.00
943,498.50
3,081,046.81
Total Capital Accounts..................................................
19,024,545.31
Reserve for Interest, Taxes and Other Expenses...................
Interest Collected but not Earned..........................................
Letters of Credit and Acceptances..........................................
Deposits....................................................................................
1,560,676.68
610,895.36
981,880.20
373,278,346.53
( Deposits include U. S. Government War Loan account $52,526,187.25)
Total Liabilities............................................................................. $395,456,344.08
*United States Government and other securities carried at $85,710,444.74 are
pledged to secure U. S. Government War Loan Deposits and other public funds and
trust deposits and for other purposes as required or permitted by law.
N atio nal
Bank
of
M inneapolis
Minneapolis 2, Minnesota
D I R EGTORS
James F. Bell
Chairman o f Board,
General Mills, Inc.
Benton J. Case
Director, Janney, Semple,
Hill & Company
C larence R. Chaney
Vice Chairman of Board,
Northwestern National
Bank of Minneapolis
G eorge B. Clifford, Jr .
Treasurer, The Cream of
Wheat Corporation
John Crosby
Director,
General Mills, Inc.
T homas L. D aniels
Vice President,
Archer-Daniels-Midland
Company
G. N elson D ayton
President,
The Dayton Company
Stephen P. D uffy
President,
Hall Hardware Company
John B. Faegre
Faegre and Benson,
Attorneys
F rank T. H effelfinger
Chairman of Board,
F. H. Peavey and Co.
F. Peavey H effelfinger
Vice President,
F. H. Peavey and Co.
Clarence E. H ill
Chairman o f Board,
Northwestern National
Bank of Minneapolis
Frank P. L eslie
Vice President and
Treasurer,
The John Leslie Paper Co.
C harles C. M assie
President, Northrup, King
and Company
Robert F. Pack
Chairman o f Board,
Northern States Power
Company
John S. Pillsbury
Chairman of Board,
Pillsbury Mills, Inc.
Joseph F. R ingland
President, Northwestern
National Bank of
Minneapolis
Lucian S. Strong
President and Treasurer,
The Strong Scott
Manufacturing Co.
Member Federal Deposit Insurance Corporation
Northw estern
Banker,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
July,
1946
D. J. Strouse
President, Twin City Rapid
Transit Company
H arold W . Sweatt
President,
Minneapolis-Honeywell
Regulator Company
H arold H. T earse
Vice President and General
M anager,
Searle Grain Company
J. Cameron T homson
President,
Northwest Bancorporation
V alentine W urtele
President,
Minnesota Linseed Oil
Paint Company
Minnesota News
E W h o m e s are a m a jo r in te re s t o f
b a n k s n o w as th e y are th e m a jo r
in te re st o f v e te r a n s an d e v e r y o n e else
in n e e d o f a p la ce to liv e an d h a v in g
m o n e y to in v est.
N
In M in n ea p olis, fo u r m a jo r b a n k s
are fe a tu r in g d is p la y s o f m o d e l h o m e s
a n d h ou s e plan s.
Marquette National Bank is d e v o t
in g lo b b y an d b a lc o n y sp a ce to a d is
p la y o f d esig n s b y le a d in g a rch ite cts
o f th e n a tio n w h ic h w e r e se le cte d in
th e $24,000 p riz e h o m e s c o m p e titio n
s p o n s o r e d b y th e C h ica g o Tribune.
T h e b a n k h as b e e n o p e n b e y o n d r e g u
la r b a n k in g h o u r s on w e e k d a y s and
on S u n d a y a fte r n o o n s an d M on d a y
e v e n in g s to a llo w th o s e in te re ste d to
see th e d isp la y .
T h e First National Bank has n in e
m o d e l h o m e s in m in ia tu re o n d isp la y
o n th e b a n k in g floor. T h e m in ia tu res
are c o m p le te ly la n d sca p e d a n d ra n g e
in sty le fr o m tra d itio n a l c o lo n ia l to
m o d e r n w ith a ra n g e in c o s t e q u a lly
w id e .
A n e w g r o u p o f m in ia tu re s
g o e s o n d is p la y e v e r y tw o w e e k s.
F lo o r p la n s fo r th e h o u s e s are a v a il
a b le fo r in s p e c tio n . A ll are d e sig n e d
b y th e A r c h ite c ts H o m e P la n In stitu te.
T h e Northwestern National Bank
h as a d is p la y o f m in ia tu res five to
se v e n fe e t lo n g in c lo s e d in p la stic
d om es, c re a te d in a c o n te s t fo r H o u se
an d G a rd en m a g a zin e. T h e s e m o d e ls
a re la n d sca p e d an d fu r n is h e d w ith
m in ia tu re fittin gs. T h e m o d e ls are on
d is p la y at th e b a n k ’ s g r o u n d floor
H o m e In stitu te w ith a fe a tu re d isp la y
o f o n e m o d e l in th e m a in flo o r lo b b y .
Special Correspondent
Northwestern Banker
The First National Bank o f M in n e
a p o lis h as a n n o u n c e d p u rch a s e o f fo u r
b u ild in g s an d o p tio n s o n tw o m o re
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
H e o b s e r v e d th at th e N o r th w e s t
e c o n o m y is b e tte r b a la n ced , its p o p
u la tio n m o re stable an d litera te and
flu ctu a tion s fe w e r th a n in a n y o th er
area in th e n a tion . H e said h e fo u n d
a “ fine, flu id c r e d it” in th is reg ion .
w h ic h o c c u p y a p p r o x im a te ly a q u a rter
o f th e sq u a re b lo c k o n w h ic h th e b a n k
n o w is loca ted .
T h e p r o p e r ty w a s
p u rch a se d fr o m th e M ia m i C o rp o ra tio n
o f C h ica go.
W it h th e n e w p u rch a s e an d op tion s,
th e F ir s t N a tion a l n o w is en g a g ed in
a lo n g te rm stu d y o f th e p r o p e r ty
w h ic h is c o n tr o lle d b y it an d b y th e
F ir s t N a tion a l-S oo L in e B u ild in g Co.,
c o m p r is in g a b ou t th re e q u a rters o f th e
sq u a re b lo c k . H. E. Atwood, p re sid e n t
o f th e b a n k , said n o im m ed ia te
ch a n g e s are c o n te m p la te d in th e n e w ly
a cq u ire d p r o p e r tie s b u t th a t r e ce n t
g r o w t h o f th e b u sin e ss o f th e b a n k
w ill m a k e n e c e s s a r y e x p a n s io n o f th e
b a n k ’s q u a rte rs in th e fu tu re. P la n s
a lre a d y h a v e b e e n m ad e fo r th e b a n k
to p la ce its h o m e loa n d e p a rtm e n t in a
b u ild in g n o w o c c u p ie d b y th e m u n ic i
p a l an d b u sin e ss b r a n c h o f th e M in n e
a p o lis P u b lic L ib ra ry .
James K. Vardanian, r e c e n tly c o n
firm ed as a g o v e r n o r o f th e F e d e ra l
M r. V a rd a m a n said h e fa v o r s g rea ter
e m p h a sis on th e re g io n a l o p e r a tio n o f
th e F e d e r a l R e s e r v e to b r in g th e p r o
g ra m in to clo s e r c o -o p e ra tio n w ith th e
im m ed ia te n eed s o f th e area.
A p p o in tm e n t o f Findley J. Reay as
a m e m b e r o f th e a d v is o r y b o a rd o f th e
N o rth A m e r ic a n office o f th e N o r th
w e s te r n N a tion a l B a n k o f M in n ea p olis
has b e e n a n n o u n ce d b y J. F. Ringland,
p resid en t. M r. R e a y is p re s id e n t o f
D ia m o n d Ir o n W o r k s , In c., an d o f th e
M ah r M a n u fa ctu rin g Co.
Robert H. Baker, m a n a g er o f th e
p r o o f an d tra n sit d e p a rtm e n ts o f th e
m a in office, w a s a p p o in te d assista n t
m a n a g e r o f th e N o rth A m e r ic a n office.
Christian R ie s o f th e M in n ea p olis
F e d e r a l R e s e r v e has b e e n ele cte d to a
th ree-y ea r te rm o n th e e x e c u tiv e cou n -
A GOOD TRICK ^
TWO BUTTONS W
STRIN G !
A good trick and anyone can do it
Farmers and Mechanics Savings
Bank is r e p o r tin g p ro g r e s s o n th e
m o d e l v illa g e w h ic h it is s p o n s o r in g
a n d fin a n cin g in s o u th w e s t M in n e
a p olis w h e r e 30 h o u s e s w ill b e b u ilt.
P r e p a r a tio n o f th e tw o -b lo c k sq u a re
a rea is a b o u t c o m p le te d an d th e c u r v e d
c e n te r stre e t h as b e e n cu t th r o u g h b y
g ra d e rs .
R e s e rv e , w a s a T w in C ity v is ito r r e
ce n tly . H e ca m e as a s p ea k er at th e
M in n esota a sso cia tio n c o n v e n t io n and
sp en t c o n s id e ra b le tim e at th e M in n e
a p olis F e d e ra l R e s e r v e B ank.
By E. W . K I E C K H E F E R
TENSION
TIE
ENVELOPE
43
— one simple twist of the string
’round the lower button o f the
Tension Tie envelope and everything’s
under co n trol —and locked in.
Popular sizes carried in stock. Made
in any size and paper.
T e n s io n E n v e l o p e C o r p .
Oiù^iHoU^ BERKOW ITZ ENVELOPE CO
1912 Grand Avenue
Prone 4-4126
Des Moines 14, Iowa
Northwestern Banker, July, 1946
44
Minnesota News
c il o f th e A m e r ic a n In stitu te o f B a n k
in g.
A. E. Wilson, v ic e p re sid e n t and
ch a irm a n o f th e tru st d e p a rtm e n t o f
th e F ir s t N a tion a l, h as b e e n n a m ed
ch a irm a n o f th e M in n e a p o lis C o m m u
n ity C hest fu n d fa ll ca m p a ign .
Russell L. Stotesbery, p re sid e n t o f
th e M a rq u ette N a tion a l B a n k o f M in
n ea p olis, has a n n o u n ce d a p p o in tm e n t
o f R. B. Harrison to b e a ssistan t v ic e
p resid en t.
M r. H a rrison , w h o has
b e e n a ssistan t ca sh ie r and assistan t
tru st officer fo r sev e ra l y ea rs, w ill
co n ta c t M in n esota b a n k e rs ou tsid e o f
M in n ea p olis.
A t th e sam e tim e M r. S to te s b e ry
a n n o u n ce d that W. G. Kirchner, w h o
w a s a ssistan t ca sh ie r w h e n h e le ft fo r
th e a rm ed fo r c e s m o re th a n tw o y e a rs
ago, has re tu rn e d to h is o ld p osition .
Edward J. Hamernick, Edward L.
Olson and F. Edward Traux w e r e p r o
m o te d fr o m assista n t in sta llm en t loa n
officers to a ssista n t ca sh iers.
M r.
O lson and M r. T r a u x b o th h a v e b e e n
relea sed fr o m m ilita ry s e r v ic e as c a p
tains. Reuben 1). Skog has jo in e d the
M a rq u ette N a tion a l as a ssistan t m o r t
g a g e loa n officer.
F iv e T w in C ity b a n k e rs a tten d ed
th e G radu ate S c h o o l o f B a n k in g o f
th e A m e r ic a n B a n k ers A s s o c ia tio n at
R u tg e r s u n iv e r s ity . T h e y are Wins
ton L. Molander, assista n t sgQrgtary
o f N o r th w e s te r n N ation al; C. Herbert
Cornell, ca sh ie r U n iv e r s ity N a tion a l;
M. A. Stroth man, Jr., a ssista n t co u n s e l
F e d e ra l R e s e rv e ; Walter Berquist, as
sista n t v ic e p re sid e n t o f th e F ir s t N a
tio n a l o f St. P aul, and Chester N. Eggen, assista n t ca sh ie r M a rq u ette N a
tion al.
A p p lic a tio n fo r o p e n in g o f th e F a l
c o n H e ig h ts S tate B a n k in St. P au l
has b e e n r e c e iv e d b y th e M in n esota
C o m m e rce C om m is so n e r. P re sid e n t o f
th e p r o p o s e d b a n k is A. L. Ritt, p re s i
d en t o f th e M id w a y N a tion a l B ank,
w h o r e c e n tly o rg a n iz e d th e H ig h la n d
P a rk State B a n k in St. Paul.
Duluth Banker Honored
HERE’S HOW IT ADDS UP AT THE
BANK
MARQUETTE
OF M IN N EA P O LIS
RESOURCES
(June 29, 1946)
Total Resources
Duluth Merger Completed
LIABILITIES
(June 29, 1946)
Loans and Discounts. . 5, 669,504.10
Overdrafts...................
2,639.69
Cash and Due from Ranks 6, 828,813.46
U. S. Gov’t Securities. . 17, 730,340.52
Federal Res. Bank Stock
18,000.00
Banking House and Site
164,391.15
Furniture and Fixtures.
50,234.65
Accrued Interest
R eceivable...................
80,171.41
Other A s s e ts ...............
28,112.43
$30,572,207.41
D eposits....................... 29,563,283.34
Capital, Common Stock
300,000.00
S u r p lu s .......................
300,000.00
Undivided Profits . . .
341,283.18
Cash Letters of Credit .
Unearned Discount
650.00
. .
33,764.59
Reserve for Interest,
Expenses, Taxes, etc.. .
33,226.30
Total Liabilities
. .$30,572,207.41
The Marquette National Bank of Minneapolis is very
happy to have served its friends and looks forward to
continued pleasant and mutually profitable relationships.
R A L P H W . M A N U E L , Chairman o f the Board
R U S S E L L L . S T O T E S B E R Y , President
W IL L IA M F.
E D M U N D S.
F R E D E R IC K
C H A R L E S C.
K U N Z E , Vice President
J O N E S , Vice President
F. Z A N D E R , Vice President
R I E G E R , Vice President
L Y N N F U L L E R , Executive Vice President
M E R T H E . M O R T E N S O N , Cashier
S E L M E R L . J E R P B A K , Comptroller
R O N A L D B . H A R R IS O N , Assistant Vice Pres.
W I L L I A M G . K I R C H N E R , Assistant Cashier
C H E S T E R N . E G G E N , Assistant Cashier
517 M A R Q U E T T E A V E N U E
•
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W . F. A rio , assista n t ca sh ie r o f th e
F irs t an d A m e r ic a n N a tion a l B ank,
D u lu th , M in n esota , w a s h o n o r e d r e
c e n tly as th e J u n io r C h a m b er o f C om
m e rce m e m b e r w h o w a s a d ju d g e d to
h a v e “ c o n tr ib u te d th e m o st to c o m m u
n ity s e r v ic e ” in th e last y ea r. M r. A r io
w a s p re se n te d w ith a p la q u e b y C h es
ter H. T eb b etts, o f th e M in n esota P o w
er and L ig h t C om p a n y , o n b e h a lf o f
th e c o m p a n y . M r. A r io is a p a st d ir e c
to r an d v ic e p re s id e n t o f th e D u lu th
J u n io r C h a m b er o f C o m m e rce an d has
s e r v e d as ch a irm a n an d a m e m b e r o f
n u m e r o u s co m m itte e s .
M E M B E R F E D E R A L DE PO SI T I N S U R A N C E C O R P O R A T I O N
T h e m e r g e r o f th e N o rth e rn N a t io n
al an d th e M in n esota N a tion a l B a n k s
o f D u lu th , M in n esota , u n d e r th e n am e
o f N o rth e rn M in n esota N a tion a l B ank,
w a s o fficia lly co n c lu d e d w h e n R ich a rd
L. G rig g s w a s ele cte d ch a irm a n o f th e
b o a rd b y th e c o m b in e d b o a rd s o f d ir e c
to rs; S. R. K ir b y w a s e le cte d ch a irm a n
o f th e e x e c u tiv e c o m m itte e ; L e w is G.
C astle w a s ele cte d p re sid e n t, an d W il
b u r F. M cL e a n w a s ele cte d first v ic e
p resid en t.
M erg er o f th e tw o b a n k s w ith a p
p r o v a l o f s to c k h o ld e r s p r o v id e s th e
n e w b a n k w ith a b o a rd o f 25 p r o m i
n en t D u lu th an d n o r th e r n M in n esota
b u sin e ss lead ers. O ther officers e lected
at th e m e e tin g o f d ir e c to r s a re:
W illis W . S p rin g , L. O. A n d e rso n ,
P. R. P a s co e an d S tep h en R. K ir b y ,
Jr., v ic e p resid en ts, w ith J o r ic e E.
B r o w n , v ic e p re s id e n t an d ca sh ier, all
in th e b a n k in g d e p a rtm e n t; A r th u r B.
M iller, v ic e p r e s id e n t a n d e x e c u tiv e
h ead o f th e tru st d e p a rtm e n t; J. W .
L y d e r, R a y m o n d E. C h ah ot an d J oh n
R. C o lb e ck , v ic e p re sid e n ts and tru st
officers, an d J o h n O. B a k er, assistan t
tru st officer, and G e o rg e E. O strom ,
Minnesota News
v ic e p re sid e n t an d m a n a g er o f th e in
v e s tm e n t d ep a rtm en t.
Luverne Veteran Returns
A fte r m o r e th a n tw o an d o n e-h a lf
y e a r s o f m ilita r y s e rv ice , m o st o f
w h ic h w a s ov e rse a s, H. R. C lela n d is
n o w h o m e in L u v e r n e , M in n esota , r e
tu rn in g to h is fo r m e r p o s itio n as a ssist
an t ca sh ie r o f th e R o c k C o u n ty B a n k
o f L u v e rn e .
Fortieth Anniversary
L a st m o n th m a rk e d th e fo r tie th a n n i
v e r s a r y o f th e F ir s t N a tion a l B a n k o f
B au dette, M in n esota .
It o p e n e d fo r
b u sin ess as th e F ir s t State B a n k o f
B a u d ette o n J u n e 19, 1906, w ith I. R.
S e v e rts o n as ca sh ie r and m a n a g in g
officer. A t th e c o n c lu s io n o f b u sin e ss
th at d a y th e d e p o sits w e r e $10,843.02,
w ith fo o tin g s o f $20,878.01.
A t th e
c lo s e o f b u sin e ss o n th e 40th a n n iv e r
sary, th e d e p o sits w e r e $1,825,836.41,
w ith fo o t in g s o f $1,966,877.58.
P re se n t officers o f th e b a n k are H.
C. H a n son , w h o has b e e n p resid en t
sin ce 1935; W a lte r J. Orr, w h o jo in e d
the b a n k in 1919 as assista n t ca sh ier
a n d is n o w v ic e p re s id e n t an d ca sh ier,
a n d C arl S ton e, w h o has b e e n assistan t
ca sh ie r sin ce 1923.
Buys Controlling Interest
C o n tr o llin g in te re st in th e F a rm e rs
State B a n k o f R a pid a n , M in n esota , has
b e e n p u rch a s e d b y A . L. L era a s o f
M in n e a p o lis fr o m
W illia m
Jen sen ,
ca s h ie r.
M r. J e n se n w ill co n tin u e te m p o r a r
ily as ca s h ie r o f th e ba n k . M r. L era a s
fo r m e r ly s e r v e d as d is tr ic t s u p e r v is o r
f o r th e F a rm C red it A d m in is tr a tio n
a n d h as b e e n a ca sh ie r w ith th e H a rold
T h o r s o n b a n k s in w e s te r n M in n esota
an d N orth D akota.
Navy Veterans Return
R e -e m p lo y m e n t o f th e N a tion a l B a n k
o f A u stin , M in n esota , o f L u v e r n e C.
P ik e an d G u y W illia m s , b o th v e te ra n s
o f n a v y s e rv ice , w a s a n n o u n ce d last
m o n th b y C. W . W ilk in s , p r e s id e n t o f
th e ban k.
A n a tiv e o f B r o w n s d a le a n d a g ra d u
ate o f th e A u s tin h ig h sch o o l, M r. P ik e
w a s w ith th e b a n k fr o m F e b r u a r y ,
1941, u n til O ctob er, 1942, w h e n h e e n
listed in th e n a v y . H e c o m p le te d su b
m a rin e tra in in g at N e w L o n d o n , C o n
n ecticu t, an d re p o r te d a b oa rd th e USS
S ailfish S e p te m b e r 30, 1943, at P ea rl
H a rb or.
G u y W illia m s le ft th e e m p lo y o f th e
F ir s t N a tion a l to e n list in th e n a v y
N o v e m b e r 5, 1943. A ft e r tr a in in g in
ra d a r a n d ra d io an d s e r v ic e as a fly in g
in s tr u c to r in ra d a r b o m b in g , h e w a s
sta tio n e d in th e H a w a iia n Isla n d s an d
la ter sa w d u ty a b oa rd th e U SS L e x
in g ton .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
45
STATEMENT IIP I IIVIIITIIIV
As of June 29, 1946
ASSETS
June 29, 1946
First Mortgage Loans______________________________ $3,725,319.46
Loans on Passbooks and Certificates--------------------4,079.84
45,670.65
Properties Sold on Contracts--------------------------------Investments and Securities-----------------1,660,825.00
Cash on Hand and in Banks--------------------------------172,274.53
Furniture, Fixtures and Equipment, Less
Depreciation___________________________________
5,622.94
10,287.84
Deferred Charges and Other Assets----------------------Office B uilding___________________________________
48,990.88
Dec. 31, 1945
$2,783,427.75
16,705.46
52,994.84
2,299,875.00
245,383.30
5,014.38
8,686.21
47,604.83
$5,459,691.77
T o t a l________________________________________ $5,673,071.14
LIABILITIES
Dec. 31, 1945
June 2 9 ,1 9 4 6
$4,422,951.52
Member’s Share Accounts------------------$5,200,637.99
400,000.00
Borrowed M o n e y ___________________
150,000.00
97,248.04
Loans in Process____________________
168,319.95
8,485.81
Other Liabilities------------------------------2,292.28
Specific Reserves-----------$
1,060.61
$
1,393.05
107,433.89
General Reserves_______ 117,751.40
Undivided Profits_______
33,008.91
22,179.46
131,006.40
------------------151,820.92 -------------------,459,691.77
T o t a l___________________________ $5,673,071.14
SI. Paul Federal Savings &LoanAssociation
353 Robert Street, St. Paul, Minn.
CE dar 8419
OFFICERS
LOUIS PETERSON
GUSTAV AXELROD
A X E L A. OLSON
President
Vice-President-Attorney
Secretary-Treasurer
DIRECTORS
LOUIS PETERSON
AXEL A. OLSON
GUSTAV AXELROD
ROY C. SMELKER
CHARLES J. FLYNN
ROBERT HEIN
GEORGE H. LYSER
Fxperienced Foreign Banking Service in
C E N T R A L and S O U T H
A M E R IC A
T o banks and business firms interested in Central and South America, we
offer a service backed by over a quarter century o f experience in these im
portant areas. Our long established branch offices assure you ofvaluable assistance.
Branches
in
Argentina,
Brazil,
British
Guiana,
British
Honduras, Colom bia, Peru, Uruguay, Venezuela, Cuba and
the W estJn d ies.
T w o branches in London, England
Complete foreign banking service in all parts o f the world
N ew Y o rk A gency— 68 W illiam Street
THE ROYAL BANK OF CANADA
Incorporated i8 ô ç
HEAD OFFICE— MONTREAL
Branches in Canada
from Coast to Coast
Resources exceed
$1,900,000,000
Northwestern Banker, July, 1946
46
Minnesota News
Appointed Cashier
W . A . N u e rn b e rg o f G a y lo rd has
b e e n a p p o in te d ca s h ie r o f th e State
B a n k o f Y o u n g A m e rica , M in n esota ,
ta k in g th e p o st o f th e late F. S. M ayer.
M r. N u e rn b e rg is w e ll k n o w n in th e
Y o u n g A m e r ic a co m m u n ity , h a v in g
b een b o r n and ra ised th ere.
Cashier Retires
T h e F a rm e rs State B a n k o f R o u n d
L ak e, M in n esota, has a n n o u n ce d th e
r e tire m e n t o f H e n r y W . M iller, its
ca sh ie r fo r th e p ast 28 y ea rs.
A . W . W h ip k e y , fo r m e r assista n t
ca sh ier, w h o b eg a n h is w o r k w ith th e
b a n k in 1923, w a s n a m ed ca sh ier. F r e d
e r ic k Z. J on es, N in th A r m y v etera n ,
fo r m e r ly o f W o r th in g to n , w h o en tered
w
THE
th e e m p lo y o f th e in stitu tio n M ay 1st,
w a s a n n o u n ce d as s u c c e s s o r to Mr.
W h ip k e y , and D on a ld M iller, son o f
th e re tir in g ca sh ier, w h o a lso w a s d is
ch a rg e d fr o m th e a rm ed fo r c e s in J a n
u ary, b e ca m e teller.
E d w in B rick s o n , A d ria n , is p r e s i
dent, and J. E. S alstrom , R o u n d L ak e,
v ic e p resid en t.
Name New President
C h arles G o e h rin g has b e e n elev a ted
fr o m v ic e p re sid e n t to p r e s id e n t o f th e
S a n b orn State B ank, S a n born , M in n e
sota, re p la c in g J o h n H a g em a n , w h o
d ied r e ce n tly .
E. C. S te in b e rg w a s
m ade v ic e p resid en t.
D ire cto rs are
G oeh rin g , S tein b erg , A . C. D ietz, E. J.
Y ea g er and W . D. Y ea g er.
HABÏE T RS
rr
5
0
New Cashier at Fairmont
L y le R. B a rk e r o f M ed ford , M in n e
sota, b e g a n w o r k as ca sh ie r at th e
F ir s t N a tion a l B a n k in F a ir m o n t r e
c e n tly , r e p la c in g H a rla n d E r ic k s o n
w h o has resig n ed . D isch a rg e d fr o m
th e A r m y T r a n s p o r ta tio n C o rp s in
F e b r u a r y , M r. B a rk e r has s p e n t th e
p ast tw o m o n th s as ca sh ie r in B ro w n ton.
B e fo r e e n te rin g th e s e rv ice , Mr.
B a rk e r w a s e m p lo y e d at th e F irst
State B a n k at M e d fo rd fo r se v e n y ea rs.
MINNESOTA BANKERS
CONVENTION
(C o n tin u e d fr o m p a g e 16)
fo rn ia , as m a n y h u n d re d s o f p e o p le
co m e to D u lu th w h e n th e p o lle n p eriod
is at its h eig h t an d sp en d a g re a t deal
o f m o n e y fo r fo o d , lo d g in g , e n te rta in
m e n t and o th e r item s.
B.B.B. stan ds fo r Beautiful Blanche
Boesch, B ill D u n ca n ’s se cre ta ry , w h o
w a s th e B elle o f th e B a ll th e n ig h t o f
th e d a n ce w h e n sh e a p p ea red in h er
fla m in g re d e v e n in g g o w n .
J. Cliff Moore, v ic e p re s id e n t o f th e
S to ck Y a rd s N a tion a l B a n k o f Sou th
St. P aul, w a s m a ster o f c e r e m o n ie s at
th e ir h e a d q u a rte rs at th e H o te l N ic o l
let w h ile H. Lloyd Smith, p resid en t,
an d A. T. Larson, ca sh ier, g r e e te d th eir
g u ests w h e n th e y a rriv e d . '
HARVESTORS
i Ge t a nd S a v e the Crops
MM HARVESTORS, in six sizes, point to a faster,
surer way of harvesting all grain, seed, bean and rice
crops at lower cost per bushel, per acre and per
dollar invested. Sell-outs on MM HARVESTORS were
a regular occurrence year after year even before the
war—attesting to their popularity. Production of
Harvestors, greatly curtailed during the war years
due to shortage of materials, has now been expanded
to the limit of materials available.
There is now a HARVESTOR for every size farm.
The 5 foot HARVESTOR 69 is the ideal unit for a
speedy harvest of all crops on the family-size farm.
For larger acreages there are the tractor-drawn 9 foot
and 12 foot HARVESTORS and the Self-Propelled 12
foot and 14 foot HARVESTORS. A special SelfPropelled 13 foot Rice Harvestor is also available.
There are many things about MM Harvestors which
enable them to harvest all crops faster and surer.
See your MM Dealer for the MM Harvestor of your
choice. They're worth waiting for.
gSSBI
George J. Johnson, v ic e president,.
A m e r ic a n N a tion a l B a n k o f St. P aul,
has h is arm an d h a n d b a n d a g e d up, as.
h e a lm ost lo st tw o fin g ers an d a th u m b
w h e n h e a c c id e n ta lly p u s h e d h is hand'
in to a w h ir lin g sa w w h ile h e w a s f o l
lo w in g h is h o b b y a n d d o in g som e'
w o o d w o r k in h is b a sem en t.
Dale Brown, p re s id e n t o f th e F .A .A .
o f C lev ela n d , said th a t “ 51 p e r c e n t of'
th e p e o p le o f th e U n ite d States h a v e
n o re la tio n w ith o r b a n k c o n n e c tio n o f
a n y k in d .”
Dr. Marcus Nadler, e co n o m is t o f
N e w Y o rk , b e lie v e s th at (1 ) b a n k s will;
b u y fe w e r b o n d s, (2 ) b a n k s w ill m a k e
m o r e c o m m e r c ia l loan s, (3) d eposits:
w ill d eclin e, (4) b u sin ess in th e U n ited
S tates w ill in crea se, (5 ) an d w e w ill
h a v e a b u ild in g b o o m fr o m th re e to
five y ea rs.
James K. Vardanian, Jr., g o v e r n o r o f
th e F e d e ra l R e s e r v e B o a rd at W a s h
in g to n , a n d w h o s e a p p o in tm e n t w a s
v ig o r o u s ly o p p o s e d b y m a n y St. L o u is
b a n k ers, a p p ea red as a su rp rise gu est
th e n ig h t o f th e M in n esota ban q u et.
“ T am shocked,” he said, “hy the com
placency of bankers to let governNorthwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
47
T he
N ew Y o r k T ru st
Co m pan y
100 BROADW AY
M A D IS O N A V E N U E A N D 40 t h
STREET
• T E N ROCKEFELLER P L A Z A
CONDENSED STATEMENT OF CON DITION JUNE 30, 1946
ASSETS
$ 1 9 0 ,6 9 3 ,890.90
388,02 5,635.39
20,152,921.94
204,197,749-79
407,636.18
1,027,448.86
2,220,085.07
$806,725,368.13
Cash and Due from Banks...........................................................................
United States Government Obligations.....................................................
Other Bonds and Securities.......................................................................
Loans and D iscounts...................................................................................
Real Estate Bonds and M ortgages.............................................................
Customers’ Liability for Acceptances.........................................................
Interest Receivable and Other Assets.......................................................
LIABILITIES
Capital............................................................................... $15,000,000.00
Surplus...............................................................................
3 5 ,000,000.00
Undivided Profits.........................................
11,865,313.78
General Reserve.............................................................................................
Dividend Payable July 1 , 1946 .................................................................
A cceptan ces...................................................................................................
Reserve for Taxes and Other Liabilities...................................................
Deposits...........................................................................................................
$61,865,313.78
3,690,272.09
6 0 0 ,0 0 0 .0 0
1,333,005.99
5,261,626.31
733,975,149-96
$806,725,368.13
United States Government obligations carried at $98,262,442.03 in the above statement are pledged
to secure United States Government deposits of $87,914,700.87 and other public and trust deposits
and for other purposes required by law.
TRUSTEES
MALCOLM P. ALDRICH
FRANCIS B. DAVIS, JR.
H O W A R D W . MAXWELL
N ew York
Chairman of the Board
United States Rubber Company
HAR R Y T. PETERS
GRAHAM H. A N T H O N Y
N ew York
President
Colt’s Patent Fire Arm s M fg. Co.
SAMUEL H. FISHER
N ew York
Fitchfield, Conn.
SETON PORTER
ARTHUR A. BALLANTINE
WILLIAM HALE HARKNESS
Root, Ballantine, Fiarían, Bushby & Palmer
N ew York
President, National Distillers
Products Corporation
JOH N E. BIERWIRTH
HORACE HAVEMEYER, JR.
President
Executive Vice President
T he National Sugar Refining Company
ROBERT C. REAM
ALFRED A. C O O K
Cook, Fehman,
Goldmark & Loeb
WILLIAM F. CUTLER
Vice President
American Brake Shoe Company
RALPH S. D AM O N
President
American Airlines, Inc.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B. BREWSTER JENNINGS
President, Socony-Vdcuum Oil
Co., Inc.
J. SPENCER LOVE
President
American Re-Insurance Company
MORRIS SAYRE
President, Corn Products
Refining Company
President
Burlington M ills Corporation
CHARLES J. STEWART
AD R IAN M. MASSIE
VANDERBILT WEBB
Vice President
Vice President
N ew York
Member of Federal Deposit Insurance Corporation
Northwestern Banker, July, 1946
48
Minnesota News
ment regiment their business. Bank
ers have allowed Washington to take
over more and more of their functions
and if bankers do not fight back, they
are headed for socialization.”
Robert M. Cobb, resid en t m a n a g er,
B a n k R e la tio n s D ep a rtm en t, G en eral
M o to rs A c c e p ta n c e C orp ora tion , C hi
ca g o, is n o w a c tiv e ly c o v e r in g th e m id
w es t te r r ito r y w h ic h in clu d es Iow a ,
M in n esota, N eb ra sk a , N orth and S ou th
D akota, M ich iga n , In dian a, Illin o is and
W is c o n s in .
B o b w a s on th e jo b at
M in n e a p o lis r e n e w in g h is frie n d sh ip s
w ith h is n u m e ro u s b a n k e r frien d s.
Russell B. Knudsen, assista n t ca sh
ier, A m e r ic a n State B a n k o f Y a n k ton ,
S ou th D akota, w a s a b u s y y o u n g m an
w h ile h e w a s in M in n ea p olis, as h e
a tten d ed th e M in n esota B a n k ers C on
v e n tio n , th e n a tion a l c o n v e n t io n o f
th e N o rw e g ia n L u th e ra n C h u rch o f
A m e r ic a an d a w e d d in g .
A m o n g h is o th e r a ctiv ities, Mr.
K n u d se n is a C ou n cilm a n fo r th e A m e r
ica n In stitu te o f B a n k in g fo r S ou th
D ak ota.
Earl R. Gafford, v ic e p re sid e n t o f the
P u b lic N a tion a l B a n k an d T ru s t C om
p a n y, N e w Y o rk , an d h is v e r y c h a r m
in g w ife , a tten d ed th e M in n esota c o n
v e n tio n a fte r h a v in g a lrea d y b e e n to
th ree
o th e r
state
c o n v e n tio n s ,
^ ___
N a tla n a l S a n k
SIOUX CITY, IOWA
At the close of business June 29, 1916
RESOURCES
Loans and Discounts....................................................................................................... $ 3,471,106.77
United States Bonds and Notes................................................................................... 11,474,855.27
Municipal Bonds ..............................................................................................................
530,451.30
Other Bonds and Securities.........................................................................................
141,100.35
Federal Reserve Bank Stock..........................................................................................
24,003.00
Interest Earned, Net Collected.....................................................................................
85,438.83
Cash cn Hand and Due from Banks........................................................................... 7,655,879.79
$23,382,832.31
LIABILITIES
Capital Stock .................................................................................................................... $ 400,000.00
Surplus .................................................................................................................................
400,000.00
Undivided Profits ............................................................................................................
35,828.54
Reserves for Interest and Taxes.................................................................................
90,920.21
Reserve for Contingencies..............................................................................................
87,868.90
Interest Collected, Not Earned.....................................................................................
7,046.37
Deposits:
T'mo and Demand........................................................................ $21,705,432.68
U. S. W ar Loan Deposit Account.............................................
655,735.61
Total Deposits .............................................................................
22,361,168.29
$23,382,832.31
C. L.
F R E D R IC K SE N
President
W . C SCH EN K
Cashier
J. S. H A V E R
Assistant Cashier
W . G. N ELSO N
Assistant Vice President
c L ADAMS
Assistant Cashier
JAM ES L. SM IT H
Auditor
jyj a . W IL S O N
Vice President
q
L IN D U S K I
Assistant Cashier
Member Federal Deposit Insurance Corporation
“T H E
Live
Na t / o n a l
OF
SIOUX
"yÆe
Northwestern Banker, J ii /v , 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
"W
Bank
CITY,
M E M B E R !
F, D .I .C .
'
rtf t/ie
IOWA
Ray Meyer, v ic e p resid en t, State
B a n k o f F a rib a u lt, M in n esota , su b
s crib e s to th e N orthwestern B anker
fo r h im s e lf an d all o f h is b a n k d ir e c
tors. H e says, “ I e s p e c ia lly e n jo y th e
ed ito ria ls ‘A c r o s s th e D esk fr o m th e
P u b lis h e r .’ ”
In th e Minnesota Bankers Conven
tion Program fo r th e 56th a n n u a l m e e t
ing, it g a v e a list o f fo r m e r a sso cia tio n
p resid en ts, b e g in n in g w ith D. A. Monfort, w h o w a s p re sid e n t in 1897. S u b
tr a ctin g 1897 fr o m 1946 g iv e s us 49
y ea rs, an d again su b tra ctin g 49 y e a r s
fr o m 56 lea v es se v e n y e a rs in w h ic h
a p p a re n tly th e a sso cia tio n had n o p r e s
ident.
P e rh a p s Bill Duncan ca n ex p la in
th is on e to us.
In cid e n ta lly , o f th e 49 m en w h o h a v e
b een p re sid e n t o f th e M in n esota a sso
cia tion , 26 are a liv e and 23 are dead.
Philadelphia National
REPORT OF THE CONDITION OF
c7<4e J llu e , S t a c k
w ith
th ree o r fo u r m o r e on th e ir s c h e d u le
a fter th e M in n esota g a th erin g .
T h e sta tem en t o f T h e P h ila d elp h ia
N a tion a l B a n k fo r th e p e r io d en d ed
J u n e 29, 1946, sh o w s d e p o sits o n th at
d ate o f $705,692,003, c o n s is tin g o f $87,633,595 o f U. S. T r e a s u r y d e p o sits and
$618,058,408 r e p r e s e n tin g all o th e r d e
p osits. T h is co m p a r e s w ith d e p o s its
o f $764,124,700— $159,904,981 o f U. S.
T r e a s u r y d e p o sits and $604,219,719 c o v
e r in g all o th e r d e p o s its — r e p o rte d on
M a rch 30, 1946.
T o ta l r e s o u r c e s a m o u n te d to $769,186,398, co m p a r e d w ith $827,720,601;
ca sh an d du e fr o m b a n k s a g g reg a ted
$186,161,160, co m p a r e d w ith $186,950,970; U. S. G o v e r n m e n t secu rities, $440,099,408, co m p a r e d w ith $483,054,501;
state, c o u n t y an d m u n icip a l se cu ritie s
w e r e $13,097,392, ag a in st $13,862,392;
o th e r secu rities, $34,147,926 ag a in st
$38,788,378; loa n s and d isco u n ts, $91,069,670 co m p a r e d w ith $98,566,888.
Guaranty Trust
T h e sta tem en t o f c o n d itio n o f G u a r
a n ty T ru s t C o m p a n y o f N e w Y o r k as
o f J u n e 30, 1946, sh o w s tota l re s o u r c e s
o f $3,489,673,319.99, as c o m p a r e d w ith
$3,609,511,466.11 at th e tim e o f th e last
p u b lish e d sta tem en t, M a rch 31, 1946.
D ep osits are $3,100,757,646.76, as c o m
p a red w ith $3,093,764,158.11 on M a rch
31; U. S. G o v e r n m e n t o b lig a tio n s tota l
$1,946,239,729.41, as co m p a r e d w ith $2,060,896,995.82; and loa n s and b ills p u r
ch a sed tota l $737,594,522.21, as c o m
p a red w ith $897,933,684.37.
T o ta l ca p ita l fu n d s o f $317,476,732.61,
c o m p r is in g ca p ita l o f $90,000,000, su r
p lu s fu n d s o f $170,000,000, an d u n d i
v id e d p rofits o f $57,476,732.61, co m p a re
w ith a tota l o f $314,865,940.97 on M arch
31.
49
South Dakota
N EW S
L. C. FOREMAN
President
Elkton
GEORGE M. STARRING
Secretary
Huron
New Bank Opens
H. D. Harrington
One n e w b a n k an d on e b r a n c h office
w e r e esta b lish ed in S ou th D a k ota d u r
in g Ju n e, a c c o r d in g to an a n n o u n c e
m en t fr o m th e office o f V e r n e W .
A b e e l, su p e r in te n d e n t o f b a n k s in th at
state.
T h e T ri-C o u n ty B a n k o f W a lla c e
o p e n e d fo r b u sin e ss J u n e 22nd w ith a
ca p ita l o f $25,000, su rp lu s o f $5,000,
an d u n d iv id e d p rofits o f $2,500. Offi
ce rs o f th e n e w in s titu tio n are B en t
B en son , p re sid e n t, and P. O. B rek k e,
ca sh ier.
T h e U n d e r w o o d State B a n k o f N e w
U n d e r w o o d o p e n e d a b r a n c h “ A ” office
at Q u inn , S ou th D akota, e a rlier in th e
m o n th u n d e r a u th o r ity g ra n te d b y th e
state b a n k in g d ep a rtm en t.
H a r r y D. H a rrin g to n , o f Iro q u o is,
S ou th D akota, d ied at a H u ro n h o s
pita l re ce n tly .
M r. H a r r in g to n w a s a ssistan t ca sh ier
o f th e F a rm e rs an d M erch a n ts State
B ank, w h ic h p o s itio n h e h a d h e ld fo r
a n u m b e r o f y ea rs.
S u r v iv in g b e sid e s th e w id o w are tw o
son s, L y m a n an d R a y m o n d , b o th o f
D en v er, C olora d o, w h o a r r iv e d in
H u r o n b y p la n e; an d on e d a u g h ter,
M rs. Ir v in K ru m m , H u ron , an d sev era l
g ra n d ch ild re n .
Scotland Couple Wed
M a rily n B r o o k s an d D a rw in D. B ehl,
b o th o f S cotla n d , S ou th D akota, w e r e
m a rrie d in th e M eth od ist C h u rch in
S cotla n d last m on th . M rs. B e h l had
b een e m p lo y e d at th e F a rm e rs & M e r
ch a n ts State B a n k th ere.
M r. B eh l
g ra d u a ted fr o m N e ttle to n B u sin ess
C olleg e, th en se r v e d th re e an d oneh a lf y e a rs in th e a rm y , th re e y e a rs o f
w h ic h w e r e ov e rse a s. H e is n o w e m
p lo y e d at th e F a rm e rs & M erch a n ts
State B ank.
Elect Two Officers
T h e d ir e c to r s o f th e N o r th w e s t S e
c u r ity N a tion a l B a n k o f S io u x F a lls,
S ou th D akota, h a v e ele cte d J o h n P.
M cQ u illen to th e office o f v ic e p r e s i
d en t an d tru st officer.
A d o lp h L od m ell w a s a d v a n ce d to th e p o s itio n o f
v ic e p re sid e n t and assista n t tru st offi
cer.
S io u x Myalls N e w s
C. A. Christopherson, ch a irm a n o f
th e b o a rd o f d ir e c to r s o f th e U n ion
S a v in g s ban k ; Ralph M. Watson, p r e s i
d en t o f th e N o r th w e s t S e cu rity N a
tio n a l ba n k , an d Frank J. Cinkle, ca sh
ier and v ic e p re sid e n t o f th e N ation al
B a n k o f S ou th D akota, all o f S iou x
F alls, a tten d ed a d is trict c o n v e n tio n
o f th e sa v in g s d iv is io n o f th e A m e r i
can
B a n k e r s ’ a ssocia tion ,
in
D es
M oin es.
State Bond Chairman
T.
N. H a y ter, v ic e p re s id e n t o f th e
F ir s t N a tion a l B a n k and T ru s t C om
p a n y o f S io u x F a lls, S ou th D ak ota, has
b e e n n a m ed state ch a irm a n to h ea d
th e a ctiv itie s o f S ou th D a k ota b a n k s
in a b o n d s e llin g ca m p a ign . H is a p
p o in tm e n t w a s m ad e b y F r a n k C.
R a th je , p re s id e n t o f th e A m e r ic a n
B a n k e rs A s s o cia tio n . H e w ill c o o r d i
n ate a ctiv itie s b e tw e e n th e tr e a s u r y ’s
state d ir e c to r o f sa v in g s b o n d s sales
an d S ou th D a k ota ban k s.
Veterans
Pich Their Mames
John Oursland
J o h n O u rsland, 72, p r o m in e n t r e
tire d b a n k e r an d fa r m e r o f V o lin ,
S ou th D akota, d ied at h is h o m e fo llo w
in g a c e re b ra l h e m o rrh a g e .
P r o m in e n t in c o m m u n it y affairs, M r.
O u rsla n d w a s p r e s id e n t o f th e F a rm e rs
G u a ra n tee B a n k u n til it c lo s e d in th e
1930s. H e se rv e d as p re s id e n t o f th e
s c h o o l b o a rd fo r 20 y ea rs, and w a s a c
tiv e in th e L u th e ra n C h u rch . H e liv e d
in th e V o lin c o m m u n it y fo r 30 y ea rs
an d p r io r to th at fa rm e d in C la y c o u n
ty.
S u r v iv o r s in clu d e h is w id o w , five
son s, J e w e ll o f W a k o n d a , C h ester o f
S io u x F a lls, and B ern a rd , D elm a r an d
L e r o y o f V o lin ; an d tw o d a u g h ters,
M rs. J o h n N e lso n and M rs. T o r e J o h n
son , b o th o f V o lin .
O ne son , J oh n ,
p r e c e d e d h im in death.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
LOWELL W. MARTEN AND BERTIL H. CARLSON, veterans who have
recently returned to work at the Farmers and Mechanics Savings Bank of Min
neapolis, inspect large scale model of Penn Model Village on exhibit at the
Builders’ Show at the Minneapolis Auditorium. When completed, these thirty
new homes will be sold to veterans. Marten and Carlson have already spoken
for theirs.
Northwestern Banker, July, 1946
50
South Dakota News
Tom S. Harkison, p re s id e n t o f th e
N a tion a l B a n k o f S ou th D ak ota, w a s a
re p re s e n ta tiv e o f S io u x F a lls post,
A m e r ic a n L e g io n , to th e a n n u a l state
d e p a rtm e n t c o n v e n t io n at M itch ell.
H elen H a y ter, d a u g h te r o f M r. and
M rs. H a y ter, w a s m a rrie d J u n e 8 to
V a u g h n F e llo w s . T h e c o u p le w ill liv e
in S io u x F alls.
W. C. Duffy, p re s id e n t o f th e U n ion
T. N. Hayter, v ic e p re s id e n t o f th e
F ir s t N a tion a l B a n k & T ru s t C om p a n y ,
S io u x F alls, has b e e n n a m ed state
ch a ir m a n to h ea d a ctiv itie s o f S ou th
D a k ota b a n k s in a b o n d -se llin g c a m
p aign . H is a p p o in tm e n t w a s m a d e b y
Frank C. Rath je, p re sid e n t o f th e
A m e r ic a n B a n k e rs A s s o cia tio n . H e
w ill co o r d in a te a ctiv itie s b e tw e e n th e
tr e a s u r y ’s state d ir e c to r o f sa v in g s
b o n d sales an d S ou th D a k ota b a n k s.
S a v in g s B a n k , S io u x F a lls, a c c o m p a
n ied b y M rs. D u ffy , sp en t a tw o w e e k s ’
v a ca tio n in D en v er.
M. I. Omis has re s ig n e d as c o m p
tr o lle r o f th e
tion a l ba n k ,
v a c a tio n an d
tu re h o m e at
O rm s jo in e d
ago, c o m in g
N o r th w e s t S e c u r ity N a
is n o w o n a tw o -m o n th
in ten d s to m a k e h is fu
B e m id ji, M in n esota . M r.
th e b a n k staff 25 y e a rs
to S io u x F a lls in 1920
STATEMENT OF CONDITION
N O R T H W E S T SECURITY
N A T I O N A L BANK
of S i o u x F a l l s , S ou t h D a k o t a
South Dakota’s Leading Rank
JUNE 29, 1946
RESOUR CES
Cash on Hand, in Federal Reserve Bank, and Due from Banks
and Bankers ...........................................................................................$ 8,129,636.99
U. S. Government Obligations................................................................. 25,148,804.80
State and Municipal Bonds........................................................................
1,019,975.23
Other Bonds and Securities........................................................................
898,689.86
Stock in Federal Reserve Bank in Minneapolis...............................................................
Overdrafts .......................................................................................................................................
Loans and Discounts................................................
Banking Houses ............................................................................................................................
Includes Banking Houses at Sioux Falls, Brookings, Chamberlain, Dell
Rapids, Gregory, Huron and Madison, all clear of encumbrance.
Interest Earned but Not Collected.........................................................................................
TOTAL
$35,197,106.88
39,000.00
2,315.05
4,269,231.27
272,500.00
128,010.22
................................................................................................................................... $39,908,163.42
L IA B IL IT IE S
Capital Stock— Common ............................................................................
Surplus
.............................................................................................................
Undivided Profits and Reserves...............................................................
500,000.00
800,000.00
410,745.33
Reserve for Interest, Taxes, and Other Expenses.............................................................
Interest Collected but Not Earned.....................................
Deposits:
Time ..........................................................
6,114,084.69
Demand ......................................................................................................... 29,267,993.10
U. S. W ar Loan........................................................................................... 2,574,153.22
$1,710,745.33
225,434.44
15,752.64
fr o m M on roe, S ou th D akota, w h e r e h e
w a s ca sh ie r o f th e B a n k o f M on roe.
H e has b een S ou th D a k ota v ic e p re s i
d en t o f th e N a tio n a l A s s o c ia tio n o f
B a n k A u d ito r s & C o m p tro lle rs an d
m e m b e r o f th e b a n k m a n a g e m e n t c o m
m ittee o f th e S ou th D ak ota B a n k ers
A s s o cia tio n .
P. H. McDowell, w h o resig n ed , e f
fe c t iv e J u ly 1, as v ic e p re s id e n t an d
tru st officer o f th e N o r th w e s t S e cu rity
N a tion a l B a n k to e n g a g e in o th e r b u s i
n ess in S io u x F a lls, has b een d ecla red
e le cte d m e m b e r o f th e c it y ’s s c h o o l
b oa rd . H e w a s th e o n ly ca n d id a te to
file a p e titio n fo r n om in a tion . H e su c
c e e d e d D r. J. B. G re g g w h o re tire d
a fte r 16 y e a r s ’ s e r v ic e o n th e b oa rd .
M r. M cD o w e ll a tten d ed th e n a tion a l
R o ta r y c o n v e n t io n in A tla n tic C ity,
N e w J ersey .
C ity o f S io u x F a lls e m e r g e n c y h o u s
in g b o n d s o f 1946 in th e su m o f $85,000
w e r e so ld to th e jo in t a c c o u n t o f th e
First National Bank & Trust Co., th e
Northwest Security National Bank and
Fred Gefke. T h e a cce p te d b id w a s p a r
v a lu e w ith in terest at ra te o f th reefo u r th s o f on e p e r c e n t a n d a ccru e d
in terest fr o m date o f th e b o n d s (J u n e
15, 1946) to date o f d e liv e r y an d a p r e
m iu m o f $10. T h e issu e o f n e g o tia b le
c o u p o n g e n e ra l o b lig a tio n b o n d s w a s
a p p r o v e d in a sp e cia l m u n ic ip a l e le c
tio n M a y 21. T h e fu n d s are to be u sed
fo r c o n v e r tin g h o sp ita l b u ild in g s at
th e S io u x F a lls A r m y A ir F ie ld in to
225 a p a rtm en ts w h e n th e area is re
lea sed to th e c it y fo r h o u s in g b y U. S.
a u th orities.
Don L. Johnson, a fo r m e r e m p lo y e
o f th e N o r th w e s t S e cu rity N a tion a l
B an k , S io u x F a lls, w a s m a rrie d last
m o n th to N o rin e O ’N eill o f H a v a n a ,
C uba, in th e C u ban ca pital. H e h ad
b een sta tion ed th e re as a ca p ta in in
th e a rm y a ir fo r c e s . N o w th a t h e has
b e e n re lea sed fr o m a r m y d u ty , h e
p la n s to re tu rn to h is stu d ies at P u r
d u e u n iv e r s ity .
H is fa th er, Frank
Johnson, is assista n t ca sh ie r at th e
N o r th w e s t S ecu rity .
$37,956,231.01
TOTAL
................................................................................................................................... $39,908,163.42
(C o n tin u e d fr o m p a g e 18
BRANCHES A T
BROOKINGS, CHAMBERLAIN, DELL RAPIDS,
GREGORY, HURON, MADISON
FRED H. HOLLISTER
Chairman
RALPH M. WATSON
President
Affiliated with Northwest Bancorporation
Member Federal Deposit Insurance Corporation
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
SOUTH DAKOTA BANKERS
CONVENTION
c o n v e n t io n c a re e r in 1907, an d has
n e v e r m issed a m e e tin g sin ce. T w o
o th e r p io n e e r s a lso sta rted c o m in g to
S ou th D a k ota c o n v e n tio n s in 1907—
T. W. Delicate, p re s id e n t o f th e C uster
C o u n ty B an k , C uster, an d M. J. Shir
ker, ca sh ie r D e w e y C o u n ty B ank,
T im b e r L a k e, b u t n e ith e r o f th em h a v e
m a in ta in ed th e ir 100 p e r ce n t a tten d
a n ce r e c o r d as h as M r. C hristen .
S ou th D a k ota has a g o o d ch a n ce to
51
Guaranty Trust Company o f New York
MAIN OFFICE
140 Broadway
FIFTH AVE. OFFICE
Fifth Ave. at 44th St.
MADISON AVE. OFFICE
Madison Ave. at 60th St.
ROCKEFELLER CENTER OFFICE
40 Rockefeller Plaza
LONDON • PARIS • BRUSSELS
Condensed Statement of Condition, June 30, L946
RESOURCES
Cash oil Hand, in Federal Reserve Bank, and Due from Banks and Bankers • «
U. S. Government O b lig a tio n s......................................................................................................
Loans and Bills P u r c h a s e d ...........................................................................................................
Public S ecurities..........................................................................................$
74,452,248.38
Stock of the Federal Reserve B a n k ......................................................
*,800,000.00
Other Securities and Obligations............................................................
11,312,182.16
Credits Granted on A cc ep ta n c es............................................................
5,178,997.71
Accrued Interest and Accounts Receivable . ....................................
11,205,8*2.09
Real Estate Bonds and Mortgages ......................................................
1,410,640.98
Items in Transit with Foreign Branches and Net Difference in
Balances between Various Offices Due to Different Statement
Date of Foreign B r a n c h e s .............................. ..... ............................. ....................129,387.46
$
684,994,413.52
1,946,239,729.41
737,594,522.21
111,489,828.78
9,212,723.19
__
142,602.88
$3,489,673,319.99
Bank Buildings . .
Other Real Estate
Total Resources
LIABILITIES
C a p it a l............................................................................................................$
90,000,000.00
Surplus F u n d ................................................................................................
170,000,000.00
Undivided Profits........................................................................................................ 57,476,732.61
Total Capital F u n d s ........................ ..... ...................................................................................
General Contingency R eserve....................................................................... ....................................
D e p o s i t s ......................................................................................................$3,049,310,013.67
Treasurer’s Checks Outstanding
......................................................
51,447,633.09
Total D e p o s it s ........................................................................................................................
A c c e p t a n c e s ................................................................................................$
9,066,268.84
Less: Own Acceptances Held for Investment . . . . . . .
______ 3,887,271.13
$
5,178,997.71
Liability as Endorser on Acceptances and Foreign Bills . . . .
196,788.00
Dividend Payable July 1, 1946 ............................................................
2, *00,000.00
Accounts Payable, Reserve for Expenses, Taxes, etc........................
26,286,229.78
$
317,476,732.61
37,076,925.13
3,100,757,646.76
34,362,015.49
$3,489,673,319.99
Total Liabilities
S e c u r it ie s c a r r ie d a t $ 5 4 6 ,8 0 0 ,4 4 9 .0 9 in t h e a b o v e S t a t e m e n t a r e p le d g e d t o q u a l if y f o r fid u c ia r y p o w e r s , t o se c u r e p u b lic m o n e y s
a s r e q u ir e d b y la w , a n d fo r o t h e r p u r p o s e s . T h i s S t a t e m e n t in c lu d e s t h e r e s o u r c e s a n d li a b ilit ie s o f t n e E n g l is h , F r e n c h , a n d
B e lg i a n B r a n c h e s a s o f J u n e 2 6 , 1 9 4 6 .
EUGENE W. STETSON
Chairman of the Board
GEORGE G. ALLEN
Director, BritishAmerican Tobacco Company, Limited,
and President, Duke Power Company
WILLIAM B. BELL President, American
Cyanamid Company
F. W. CHARSKE
Chairman, Executive
Committee, Union Pacific Railroad Company
J. LUTHER CLEVELAND
President
W. PALEN CONWAY
Chairman of the
Executive Committee
CHARLES P. COOPER
Vice-President,
American Telephone &Telegraph Company
WINTHROP M. CRANE, JR.
President,
Crane &Co., Inc., Dalton, Mass.
STUART M. CROCKER
President,
Columbia Gas &Electric Corporation
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J. LUTHER CLEVELAND
President
W. PALEN CONWAY
Chairman of the Executive Committee
WILLIAM L. KLEITZ
Vice-President
DIRECTORS
JOHN W. DAVIS of Davis Polk Wardwell
Sunderland &Kiendl
ARTHUR C. DORRANCE
President,
Campbell Soup Company
CHARLES E. DUNLAP
President,
Berwind-White Coal Mining Company
GANO DUNN
President, The J. G.
White Engineering Corporation
WALTER S. FRANKLIN Vice-President,
The Pennsylvania Railroad Company
LEWIS GAWTRY
JOHN A. HARTFORD
President,
The Great Atlantic & Pacific Tea Company
CORNELIUS F. KELLEY Chairman of the
Board, Anaconda Copper Mining Company
MORRIS W. KELLOGG Chairman of the
Board, The M. W. Kellogg Company
CHARLES S. MUNSON
President, Air
Reduction Company, Inc.
WILLIAM C. POTTER
Retired
GEORGE E. ROOSEVELT of Roosevelt &Son
EUGENE W. STETSON
Chairman
of the Board
ROBERT T. STEVENS
Chairman of the
Board, J. P. Stevens & Company, Inc.
THOMAS J WATSON
President,
International Business Machines Corporation
CHARLES E. WILSON President, General
Electric Company
ROBERT W WOODRUFF
Chairman,
Executive Committee, The Coca-Cola Company
M ember Federal Deposit Insurance Corporation
Northwestern Banker, July, 1946
52
Condensed Statement o f Condition June 29, 1946
RESOURCES
Cash in Vault and in
Federal Reserve B a n k ................................................ $
Due from B a n k s ..........................................
TOTAL C ASH
. . . .
$960,619,791.94
United States Government Obligations, direct and
fully g u a r a n t e e d ............................................................
State, County, and Municipal B o n d s ........................
Other Bonds and S e c u r i t i e s ...........................................
Stock in Federal Reserve B a n k ....................................
Loans and D i s c o u n t s ......................................................
Accrued Interest and Accounts R eceivable . . .
Bank Premises, Furniture, Fixtures, and Safe
Deposit V a u l t s ..................................................................
Other Real Estate O w n e d .................................................
Customers' Liability on Account of Letters of Credit,
Acceptances, and Endorsed B i l l s ........................
Other R e s o u r c e s ..................................................................
684.828,114.00
295,791,677.94
2,848,132,068.30
323,940,281.68
130,026,315.64
6,137,600.00
1,198,680,168.77
17,690,494.68
28.061.091.09
96,850.99
40,737,711.78
187!606.53
TOTAL R E S O U R C E S ............................................ $ 5 , 5 5 4 , 3 0 9 , 9 8 1 . 4 0
LIABILITIES
Capital:
Common (8,528,646 Shares)
. $
106,608,075.00
Preferred (
6,258 Shares)*
125,160.00
S u r p l u s ..............................
98,752,325.00
30,232,550.65
Undivided P r o f i t s ............
R e s e r v e s ..............................
4,304,056.90
Preferred Stock Retirement Fund
162,053.65
TOTAL CAPITAL F U N D S .......................................... $
R eserve for Bad Debts
................................................
240,184,221.20
17,719,315.14
D e m a n d .........................$3,083,943,460.10 |
Deposits
Savings and Time
.
2,154,580,868.02
5,238,524,328.12
J
Liability for Letters of Credit and as Acceptor,
Endorser, or Maker on Acceptances and
Foreign B i l l s ........................................................................
Reserve for Interest Received in A d va n ce . . .
Reserve for Interest, Taxes, etc......................................
42.126,954.66
7.270,973.57
8,484.188.71
TOTAL LIABILITIES...................................................$ 5 , 5 5 4 , 3 0 9 , 9 8 1 . 4 0
* I s s u e d a t $ 5 0 ( $ 2 0 C a p ita l— $ 3 0 S u rp lu s ), A n n u a l D iv i d e n d $ 2 .
a n d to b e r e ti r e d in fu ll a s o f J u ly 3 1 , 1 9 4 6 .
C a lle d
T h is sta te m e n t in c lu d e s the fig u r e s o f the L o n d o n , E n g la n d , b a n k in g o ffic e .
O ne
7
¿ .
account covers
,
To other banks throughout the Nation,
Bank of America offers a correspondent service
which is the equivalent of an account in each
of 300 cities and towns of California. This
extensive California-wide coverage is possible
through one account—either at San Francisco
or Los Angeles—which brings to you direct
service in every major city and town in
California .. . plus rapid, efficient handling of
transactions in other Western states, Hawaii,
and Alaska.
ißttttk o f Antertnt
N A T IO N A L
MEMBER
s a v in g 's
DEPOSIT
INSURANCE
MEMBER
FEDERAL
RESERVE
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A SSO C IA T IO N
FEDERAL
CORPORATION
SYSTEM
h a v e a b a n k e r fo r its n e x t G o v e rn o r.
George T. Mickelson, p re sid e n t o f th e
F irs t N a tion a l B ank, S elb y , w a s n o m
in a ted to th e c h ie f e x e c u tiv e p o s t on
th e R e p u b lic a n tick e t at th e re ce n t
p rim a ries, and sin ce in S ou th D ak ota
a R e p u b lic a n n o m in a tio n is th e sam e
as b e in g elected , c o n g ra tu la tio n s are in
o r d e r fo r M r. M ick elson .
C o m in g to S ou th D a k ota in 1907,
w h e r e h e h o m e ste a d e d lan d in M eade
C ou n ty , B. Datin is n o w p re sid e n t o f
th e F a rm e rs State B a n k o f F aith . M r.
D atin is a n a tiv e o f D es M oin es, Iow a ,
and w h e n liv in g th e re w a s a re p o r te r
o n th e D es M oin es Leader, n o w k n o w n
as th e D es M oin es Register.
One o f th e step s ta k en at th e b u s i
n ess m e e tin g at th e S ou th D a k ota c o n
v e n tio n w a s to g ra n t to th e A s s o c ia tio n
e x e c u tiv e c o u n c il th e p o w e r to a rra n g e
th e sch e d u le o f tim e o f s e r v ic e o f
m e m b e rs o f th e c o u n c il.
T h e tim e
lim it sp ecified w a s a te rm n ot to e x
ceed th re e y ea rs.
HOW TO INCREASE YOUR
EARNINGS
(C o n tin u e d fr o m p a g e 14)
to m a k e a fe w sim p le c a lcu la tio n s to
d e te rm in e th e b est p r o c e d u r e fo r an
in d iv id u a l situ a tion . M ost b a n k s can
n o w estim a te th e ir a p p r o x im a te 1946
n et e a rn in g s an d th u s see th e ta x rate
w h ic h w ill a p p ly : 25 p er cen t, 53 p e r
ce n t or 38 p e r cen t. N e x t a r e v ie w o f
se cu ritie s n o w o w n e d w ill s h o w w h e th
e r ch a n g e s in d is tr ib u tio n b e tw e e n
ta x a b le an d ta x e x e m p t w o u ld be
p rofita b le. F in a lly a p o lic y ca n b e es
ta b lish ed fo r fu tu re p u rch a se s w h e n
fu n d s are a v a ila b le o r m a tu ritie s r e
in v ested . T h r o u g h th ese steps a b a n k
w ill k n o w w h e th e r a ta x a b le b o n d
y ie ld in g 1.50 p er ce n t m ea n s a n et a fter
ta x es o f 1.12 p er ce n t or .93 p e r ce n t
o r .70 p e r cen t; lik e w is e th at a ta x
e x e m p t b o n d y ie ld in g 1.10 p er cen t
w o u ld p r o v id e a b e tte r n et re tu rn th an
a ta x a b le b o n d y ie ld in g 2.30 p e r cen t,
1.75 p e r ce n t o r 1.45 p e r cen t.
Y ield s a v a ila b le fr o m all ty p e s o f
b a n k e lig ib le se cu ritie s are lo w and
are g e n e r a lly e x p e c te d to re m a in so
fo r som e tim e to co m e . C o n se q u e n tly
e v e n sm a ll a d v a n ta g es to be g a in ed
th r o u g h a tte n tio n to th e ta x status are
p r o p o r tio n a te ly m o r e im p orta n t. F u r
th e r m o r e th e ta x p o s itio n o f th e s e c u r i
ties a c c o u n t m a y c a r r y o v e r in effect
on th e ea rn in g s fr o m loa n s a n d o th e r
sou rces, th r o u g h a h ig h e r o r lo w e r
ta x b r a c k e t w h ic h m a y resu lt.
T h e sch e d u le h e r e w ith w ill p r o v id e
a u s e fu l r e fe r e n c e to k e e p on y o u r d esk
fo r q u ic k c o m p a r is o n s o f y ie ld s b e
tw e e n ta x a b le an d ta x e x e m p t s e c u r i
ties. # #
North Dakota News
S o rtii D akota
N EW S
JL
C. W. BURGES
President
'W ÊÊtk
¡¡k , H
H
Edgeley
Resume Window Displays
T h in g s o f c iv ic in te re s t in F a rg o ,
N o rth D akota, a g a in are b e in g fe a
tu red in th e M erch a n ts N a tion a l B a n k
w in d o w , r e s u m in g a c u s to m d r o p p e d
som e tim e b a c k a fte r a b o u t 20 y e a rs
o f fe a tu rin g p r o je c t s o f in te re st to
y o u n g an d old. T h e y ’ll b e s h o w n n o w
in th e n o r th w in d o w o n B r o a d w a y in
stead o f th e ir o ld s h o w p la ce to th e
sou th .
A lic e M o sh ie r o r ig in a te d th e idea
w h e n sh e w a s an e m p lo y e o f th e ba n k .
Increase Capital
T h e a p p lic a tio n fo r p e r m is s io n to
a m en d its a rticle s o f in c o r p o r a tio n to
p r o v id e fo r an in cre a se o f c o m m o n
s to c k has b e e n g ra n te d th e U n io n
B a n k o f D u n n C enter, N o rth D akota,
b y th e state b a n k in g b oa rd .
R. S.
See, s e c r e ta r y o f th e b oa rd , r e p o rts
th e U n io n B a n k has in cre a se d its c a p i
tal fr o m $15,000 to $30,000.
A sim ila r a p p lic a tio n fr o m th e U n ion
State B a n k o f H azen , N o rth D akota,
has a lso b e e n a p p ro v e d , its ca p ita l b e
in g in cre a se d fr o m $15,000 to $30,000.
N o ch a n g es in b a n k titles, liq u id a
tion s, co n s o lid a tio n s o r c lo s in g s w e r e
re p o rte d .
F a r g o
B a n k o f F a rg o , later to b e c o m e F irst
N a tion a l B a n k an d T ru s t C om p a n y.
H e ro s e s u c c e s s iv e ly th ro u g h v a rio u s
offices to th e p r e s id e n c y o f th e ba n k ,
w h ic h h e r e lin q u is h e d in 1944 to b e
c o m e ch a irm a n o f th e b o a rd o f d i
recto rs.
John Meland, 61, d ir e c to r o f F irs t
N a tion a l B ank, H a w le y , M in n esota ,
and a ctiv e in o th e r b u sin ess o r g a n iz a
tion s o f H a w le y and F a rg o , N orth D a
k ota, d ied in h is h om e, Ju n e 10th. H e
is s u r v iv e d b y M rs. M elan d, an d a son,
R a y m o n d , H a w ley .
Conrad R. Euren, assistan t ca sh ier
o f A m e r ic a n State B ank, M oorh ea d ,
M in n esota , has b e e n n a m ed officer in
ch a rg e o f G .I. loa n s fo r th e ban k . M r.
E u re n has had 17 y e a rs o f b a n k in g
e x p e rie n ce , h a v in g b een a ssocia ted
w ith F irs t N a tion a l B a n k an d T ru s t
C o m p a n y o f F a rg o , N o rth D akota, an d
w ith a M on ta n a b a n k b e fo r e jo in in g
th e staff o f A m e r ic a n State B ank.
George Nelson, r e c e n tly d isch a rg e d
v e te ra n o f a rm y s e rv ice , h as b e e n a d d
ed to th e staff o f th e b a n k as te lle r to
fill th e v a c a n c y left b y th e p r o m o tio n
o f M r. E u re n to th e n e w ly crea ted p o s i
tion .
Chase National
T h e sta tem en t o f th e C hase N a tio n
al B a n k fo r J u n e 30, 1946, w a s m ade
p u b lic th is m on th .
T h e d e p o sits o f
th e b a n k w e r e $5,039,709,000 co m p a re d
w ith $5,140,087,000 o n M a rch 30, 1946,
an d $4,952,627,000 o n J u n e 30, 1945. In
clu d e d in th e tota l d e p o sit fig u res are
U. S. G o v e rn m e n t W a r L o a n d e p o sits
w ith th e C hase N a tion a l B a n k o n th e
r e s p e c tiv e dates, as fo llo w s : Ju n e 30,
1946— $597,476,000; M a rch 30, 1946— $1,080,691,000; .Tune 30, 1945— $1,120,368,000.
T ota l r e s o u r c e s o n J u n e 30, 1946,
a m o u n te d to $5,403,847,000 co m p a re d
w ith $5,498,511,000 on M a rch 30, 1946,
an d $5,288,247,000 a y e a r ago; ca sh in
th e b a n k ’ s v a u lt and on d e p o sit w ith
th e F e d e ra l R e s e r v e B a n k an d o th e r
b a n k s a m o u n te d to $1,249,714,000 c o m
p a red w ith $875,763,000 an d $887,309,000 o n th e re s p e c tiv e dates; in v e s t
m en ts in U n ited S tates G o v e r n m e n t se
cu rities, $2,611,093,000 c o m p a r e d w ith
$2,960,277,000 an d $2,900,026,000; loan s
an d d is co u n ts $1,166,386,000 co m p a re d
w ith $1,315,612,000 and $1,159,769,000.
in te r e s t! ray 11 in eltur D isp la ys
N ew s
Fred A. Irish, ch a irm a n o f th e b o a rd
o f d ir e c to r s an d fo r m e r p re s id e n t o f
F ir s t N a tion a l B a n k an d T r u s t C om
p a n y , F a rg o , N o rth D ak ota, an d a d i
r e c to r o f F ir s t N a tion a l B a n k o f M o o r
h ead, M in n esota , w a s h o n o r e d Ju n e
7th in o b s e r v a n c e o f fifty y e a rs s e rv ice
w ith th e F a r g o ban k .
S p ea k ers at th e o b s e r v a n c e w e r e L .
B. Hanna, fo r m e r g o v e r n o r o f N o rth
D akota; Gordon Nesbit, p re s id e n t o f
F ir s t N a tion a l B a n k and T ru s t C om
p a n y ; J. Cameron Thompson, p r e s i
d en t o f N o r th w e s t B a n c o r p o r a tio n o f
M in n ea p olis, M in n esota , a n d Earl
Shaw, p re s id e n t o f F a r g o C lea rin g
h ou s e a ssocia tion .
M r. Irish , a n a tiv e o f T a y lo r F alls,
M in n esota , m o v e d to M o o rh e a d in 1879
an d in 1892 b e ca m e a ssocia ted w ith
th e F ir s t N a tion a l B a n k o f th at c ity as
c o lle c to r . In 1896 h e b e ca m e a ssistan t
ca sh ie r o f R e d R iv e r V a lle y N a tion a l
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C. C. WATTAM
Secretary
Fargo
53
BELIEVING THAT ATTRACTIVE and interesting window displays constitute
an important part o f a bank’s merchandising program, the American National
iBank and. Trust Company of Chicago has removed some iron bars on the outside
of its building and added two new windows to its present display facilities. These
windows flank the LaSalle Street entrance to the bank and are daily seen by
thousands of people in Chicago’s financial district. Utilizing techniques developed
by retail stores, a number of striking displays have already been placed in the
windows, advertising the various services offered by the bank, including com
mercial, savings, foreign, trust and safe deposit. Illustrated above is a recent
display appearing in one of these windows.
Northwestern Banker, July, 1946
54
EXPERIENCE
RESPONSIBILITY
ATTENTIVE SERVICE
SOUND
BANKI NG
SERVI CE
Vou are cordially invited to
visit us during the World’s Fair
of Aviation, Omaha, July 18-21
OFFI CERS
HERBERT M. BUSHNELL
AUSTIN L. VICKERY
President
ELLSWORTH MOSER
Assistant Vice President
HAROLD T. UEHLING
Executive Vice President
VICTOR B. CALDWELL
Trust Officer
ARTHUR D. ANDERSON
Vice President
RICHARD H. MALLORY
Cashier
JAMES L. SHIELDS
Vice President
THOMAS F. MURPHY
Assistant Cashier
NELS L. SHOLIN
Vice President
CASPER Y. OFFUTT
Assistant Cashier
ELDRIDGE C. McELHANEY
Vice President
EDWARD W. LYMAN
Assistant Vice President
HARRY E. ROGERS
Assistant Trust Officer
HENRY B. PIERPONT
Assistant Trust Officer
LEO M. BROWN
Assistant Vice President
Comptroller
UNITED^STATE S
Rational B A N K oj Omaha
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
V .
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
55
C on tin en ta l N a tion a l B an k , an d C arl
G anz, v ic e p re s id e n t an d tru st officer,
N a tion a l B a n k o f C o m m e rce , a ll o f
L in c o ln . T h is c o m m itte e w ill h a n d le
all h o te l re se rv a tio n s.
N e b ra sk a
N EW S
V. E. DOLPHER
President
David City
Purchase Howells Interest
E lm e r L: B ra d ley , Sr., p re s id e n t o f
th e C o lu m b u s B an k , C olu m b u s, N e
bra sk a , an d h is son , E lm e r Jr., h a v e
p u r c h a s e d an in te re s t in th e H o w e lls
B an k , it w a s a n n o u n ce d last m on th .
A t a r e c e n t m e e tin g o f th e d ire cto rs,
th e s e n io r M r. B ra d le y w a s ele cte d v ic e
p r e s id e n t o f th e H o w e lls in stitu tio n
an d h is son ca sh ier. T h e la tter and
h is w ife h a v e a lre a d y esta b lish e d th eir
h o m e in H ow ells.
T h e ju n io r M r. B ra d le y w a s r e c e n tly
d is ch a rg e d fr o m th e N a v y w ith th e
r a tin g o f lie u te n a n t ju n io r grade.
Donate Camp Site
J. H . C atron , p resid en t, T h e F a rm e rs
B an k , N eb ra sk a C ity, N eb ra sk a , a n
n o u n c e d th a t h is fa m ily has g iv e n a
63-acre w o o d e d tra ct n o r th w e s t o f N e
b ra sk a C ity to th e L in c o ln G irl S cou t
o rg a n iz a tio n . T h e v ir g in tim b er, m o s t
ly oa k an d h ic k o r y , w ill b e d e v e lo p e d
b y th e L in c o ln g r o u p as a ca m p site.
T h e ca m p w ill b e k n o w n as th e Ca
tr o n G irl S cou t C am p, a fte r th e late
Ja m es H e n r y C atron , p io n e e r O toe
c o u n t y b u s in e s s m an , fa r m e r and
b a n k er, w h o d ie d M a rch 2, 1914.
T h e g ift to th e L in c o ln g r o u p w a s
m a d e b y M r. an d M rs. J. H . C atron ,
M rs. M in a tree C a tron o f L e x in g to n ,
M issou ri, w id o w o f M r. C a tro n ’s b r o t h
er, an d h er tw o son s, R o b e r t E. and
E u g e n e C atron .
Heads Stock Growers
CARL G. SWANSON
Secretary
Omaha
a r m y th re e y e a rs ago, w a s e m p lo y e d
in th e F a rm e rs State B a n k th ere. M r.
D ietze ta u g h t s c h o o l on e y e a r a fter
b e in g g ra d u a ted fr o m G retn a h ig h
s ch o o l, th en jo in e d th e C la rk e ban k.
Assistant Cashier
H o w a r d L e e C la b a u g h b e c a m e a sso
cia ted w ith th e C o m m e rcia l B a n k o f
N elson , N eb ra sk a , re c e n tly , ta k in g th e
p la ce o f R o y B re w e r, assista n t ca sh ier,
r e c e n tly d ecea sed .
Convention Committees
A p p o in tm e n t o f c o m m itte e s fo r th e
N eb ra sk a B a n k ers A s s o c ia tio n C o n
v e n tio n in L in c o ln , O cto b e r 11th and
12th, h a v e b e e n a n n o u n ce d th ro u g h
th e office o f S e cre ta ry C arl S w a n son .
T h e g e n e ra l co m m itte e c o n sists o f
C h a irm a n G e o rg e H olm e s, p resid en t,
F ir s t N a tion a l B a n k ; B y r o n D u n n ,
p resid en t, N a tion a l B a n k o f C o m m erce,
an d T. B. S train, p re sid e n t, C on tin en ta l
N a tion a l B an k , all o f L in c o ln .
M em b ers o f th e h o te l an d re g is tra
tio n c o m m itte e a re: C h airm an , B e rn ie
Y ates, F ir s t N a tion a l B an k ; W a lk e r
B a ttey, v ic e p re s id e n t an d ca sh ier,
T h e N eb ra sk a S to ck G ro w e rs A s s o
cia tion , in c o n v e n t io n at O m aha,
n a m ed C h ris A b b o tt, p resid en t, B a n k
o f H y a n n is, an d p r o m in e n t stock m a n ,
as p resid en t, an d D r. C. R. W a ts o n o f
M itch ell, as v ic e p re sid e n t.
N o rth
P latte w a s s e le cte d as th e c o n v e n t io n
c it y fo r n e x t y ea r.
Election Finalists
C.
Y . T h o m p s o n , W e s t P oin t, an d
M erl C. T o w n s e n d , v ic e p resid en t, th e
F r e m o n t N a tion a l B ank, F r e m o n t, N e
bra sk a , w e r e n a m ed ca n d id a tes fo r th e
g e n e ra l e le c tio n ru n -off fo r state u n i
v e r s it y re g e n t fr o m th e ir d is tr ic t in
th e r e c e n t n o n -p o litica l p rim a ry .
T h e tw o p o lle d h ig h e s t v o te s a m o n g
fo u r ca n d id a tes r u n n in g in th e p r i
m a r y an d w ill o p p o s e ea ch o th e r a ga in
in N o v e m b e r .
M r. T h o m p s o n h o ld s
th e office n ow .
Change of Policy
In o r d e r to p r o te c t d e p o s ito r s ’ m o n e y
fr o m b a n k r o b b e r y losses, b a n k s o f
S alin e co u n ty , N eb ra sk a , are a sk in g
d e p o s ito r s w h o w is h to w ith d r a w o th e r
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
F. E.
D A V E N P O R T
&
C O .
OM AHA
Industrial development plus the activities
of State Government and its many depart
Elect County Officers
T h e D o u g la s-W a sh in g to n -B u rt-S a rp y
C o u n ty B a n k ers A s s o c ia tio n e lected
C hase N eu m a n n , ca sh ie r o f th e F a r m
ers & M erch a n ts N a tion a l B a n k o f
O akland, N eb ra sk a , as p r e s id e n t o f th e
o rg a n iz a tio n at th e an n u a l m e e tin g in
V a lle y last m on th .
A b o u t 40 b a n k e rs fr o m th e fo u r
co u n tie s w e r e p resen t.
loin Papillion Bank
T w o fo r m e r G retna, N eb ra sk a , y o u n g
m e n h a v e b e e n ad d ed to th e staff o f
th e b a n k in g h o u s e o f A . W . C larke,
P a p illion , N eb ra sk a . T h e y are A r th u r
D e n k e r an d D w a y n e D ietze.
M r. D e n k e r a tten d ed p u b lic sc h o o ls
in E lk h o r n an d u n til e n te r in g th e
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ments makes a correspondent relationship
with "The Continental" advantageous and
desirable.
May we serve you!
( o S t in e h t a l N a t io n a l
Bank
LINCOLN
Member Federal Deposit Insurance Corporation
Northwestern Banker, July, 1946
56
Nebraska News
th an o r d in a r y su m s o f m o n e y to n o tify
ban k s o f th is in te n tio n at lea st 24
h ou rs in a d v a n ce. T h e idea is to r e
d u ce a m o u n t o f ca sh h e ld on hand.
T o o m a n y b a n k r o b b e r ie s are b e in g
p u lled o ff in th e ce n tra l w e s t is th e
re a s o n fo r th e ch a n g e o f p o licy .
Heads New Firm
D ean Sack, p re sid e n t, Y o r k State
B an k , Y o rk , N eb ra sk a , is a lso p r e s i
d en t o f th e n e w Y o r k C old S tora g e
C o m p a n y firm . M r. S a ck w a s in s tr u
m en ta l in b r in g in g th is n e w in d u stry
Is !
to Y o r k and in p u s h in g co n s tr u c tio n
o f th e plan t. D e d ica tio n c e r e m o n ie s
m a rk e d fo r m a l o p e n in g e a r ly last
m on th .
Remodeling Bank
T h e B a n k in g H o u se o f A . W . C larke,
P a p illion , N eb ra sk a , c r o w d e d fo r ro o m ,
is fittin g u p on e o f th e offices o n th e
se c o n d floor fo r b a n k use. N e w lin o
leu m b lo c k flo o r in g h as b e e n laid and
th e w a lls w ill b e c o v e r e d w ith an a t
tra ctiv e sou n d d e a d e n in g m ateria l, and
w ith n e w p a in ts and v a rn ish es.
Banks
Condensed Statement of Condition
First National Bank
of Saint Joseph, Missouri
and affiliated
and
First St. Joseph Stock Yards Bank
of South Saint Joseph, Missouri
at the close of business June 29, 1946
Total
.........................................................$31,065,766.04
L IA B IL IT IE S
Capital .......................................................... 500,000.00
Surplus ..................................................
500,000.00
UndividedProfits ..............................................
217,907.63
Reserves forTaxes, Dividends, Etc...........
79,535.77
Deposits ............................................................. 29,768,322.64
Total
........................................................... $31,065,766.04
First Trust
Company
First St. Joseph
Stock Yards Bank
$ 97,622.47
$ 2,584,173.87
4,958,167.27
517.848.52
10,500.00
862,829.85
195,261.33
280.25
21,574.31
$293,165.05
$ 8,955,094.82
$100,000.00
120,000.00
71,997.14
1 167.91
Trust Business
Only
$293,165.05
250.000.
100.000.00
00
148,563.57
49,779.08
8,406,752.17
$ 8,955,094.82
M E M B E R S OF F E D E R A L D E P O S IT IN SU R A N C E C O R P O R A T IO N
United States Government Bonds in the amount of $3,239,261.49 are pledged to secure
Public Deposits as required by law.
Northwestern Banker, July, 1946
Delay Bank Charter
F r e d J. P eters, d ir e c to r o f b a n k in g
fo r th e state o f N eb ra sk a , a cco m p a n ie d
b y L. C. O pper, assista n t d ir e c to r o f
b a n k in g an d a lso in ch a rg e o f C o
o p e ra tiv e A s s o cia tio n s , m et w ith th e
d ir e c to r s o f th e p r o p o s e d n e w State
B a n k fo r O rch ard, N eb ra sk a , last
m on th .
A fte r v is itin g w ith th e d ir e c to r s fo r
o v e r an h ou r, M r. P eters d e cid e d it
w o u ld n ot b e a d v isa b le fo r th e ch a n g e
in b a n k in g fa cilitie s in O rch a rd at
th at tim e, an d a d v ise d th at th e ch a rte r
b e h eld u p fo r a tim e.
J. V. J o h n s o n , p re sid e n t o f th e J o h n
son C o u n ty B an k , T e cu m se h , N e b ra s
ka, a tten d ed a sh o rt c o u r s e on e c o n o m
ics and g o v e r n m e n t se cu ritie s o ffe re d
b y R u tg e r s U n iv e rs ity , N e w B r u n s
w ic k , N e w J ersey , d u r in g th e last tw o
w e e k s in June.
M rs. J o h n s o n an d th e ir d a u g h ter,
M argaret, a c c o m p a n ie d Mr. J o h n s o n to
N e w B r u n s w ick .
Surplus Increased
1.00
COMBINED DEPOSITS $38,175,074.81
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A lfr e d J. P ilger, fo r m e r O sm on d,
P la in v ie w an d C o lerid g e, N eb ra sk a ,
b a n k er, a ssu m e d d u ties as ca sh ier o f
th e F irs t N a tion a l B a n k o f O akdale,
N eb ra sk a , last m on th .
H e s u cce e d s
W . H. M orris, w h o h as resig n ed .
Attends Banking School
First Trust Company
R ESOURCES
First National
Bank
Cash and Due From Federal Reserve and
Other Banks ................................................ $ 8,730,488.84
U. S. Government Obligations................... 17,462,494.57
Other Bonds
and Securities......................
1,711,766.57
Federal Reserve Bank Stock.....................
30,000.00
Loans and Discounts......................................
3,056,281.77
Bank Building, Fixtures and Other Real
Estate .............................................................
1.00
Interest Earned Uncollected and Other
Assets .............................................................
74,733.29
Becomes Cashier
E d w a r d E . B ro w n , ch a irm a n o f th e
b o a r d o f th e F ir s t N a tion a l B a n k o f
C h ica go, a n n o u n ce d th at at th e re ce n t
r e g u la r m e e tin g o f th e d ir e c to r s , th e
b o a rd d ire cte d th e tr a n s fe r o f $10,000,000 fr o m u n d iv id e d p rofits to su rp lu s
a cco u n t. T h e su rp lu s o f th e b a n k is
n o w $60,000,000, eq u a l to th e ca p ita l o f
$60,000,000.
F iv e n e w officers w e r e ele cte d to th e
p o s itio n s o f assista n t ca sh iers as fo l
low s: J o h n F . B lom q u ist, Ja m es A .
B ou rk e, G u y A . C rum , D a n iel J. L a w lo r an d J oe H . M cC osh .
57
Nebraska News
Shackleford, w e a lth y O m ahan, was
n o t s u b je c t to th is tax.
T h e re su lt o f th e s e co n d ro u n d w ill
n o t be k n o w n u n til Federal Judge
John W. Delehant, w h o p re sid e d in
th e case, p a sses o n th e te ch n ica l p o in t
o f w h e th e r th e a ct o f p la c in g th e p r o p
e r ty in tru st w a s r e v o c a b le o r ir r e
v o ca b le .
J u d g e D eleh a n t a sk ed fo r b r ie fs on
th is p oin t, to b e filed b y A u g u s t 1.
j YMAN G. CROSS, m a n a g e r o f the
L
C en tral S e cu ritie s C o m p a n y o f
O m aha, has b e e n ele cte d p r e s id e n t o f
th e N eb ra sk a In v e s tm e n t B a n k e rs A s
so cia tio n .
O th er officers in clu d e: John M. Doug
las, o f th e O m aha in v e s tm e n t firm
b e a r in g h is n am e, v ic e p resid en t;
James F. McCloud, K irk p a trick -P e ttis
C o m p a n y , O m aha, v ic e p resid en t; Eli
C. Eisle, L a w r e n c e B r in k e r & Co.,
O m aha, v ic e p resid en t; N. H. Sears, N a
tio n a l C o m p a n y o f O m aha, se cre ta ry ,
a n d Ferdinand G. Smola, O m aha in
v e s tm e n t d ealer, trea su rer.
A series o f m o n th ly m e e tin g s are
p la n n ed , w ith sp ea k ers fr o m lea d in g
fin an cial in stitu tio n s.
T h e a n n u a l fa ll p a rty an d field d a y
w ill be h e ld at th e C o u n try C lu b in
L in c o ln in S ep tem b er.
Ray R. Ridge, v ic e p re s id e n t o f th e
O m ah a N a tion a l B an k , has b e e n e le c t
ed v ic e p re s id e n t an d ch a irm a n o f th e
E x e c u t iv e C om m ittee o f th e O m aha
C h a m b er o f C o m m e rce fo r th e fiscal
y e a r b e g in n in g J u ly 1st.
T h is m ea n s h e is in lin e fo r th e
p r e s id e n c y o f th e C h a m b er fo r th e fo l
lo w in g yea r. In th e tw o k e y p o sitio n s,
h e w ill c a r r y th e h ea v iest loa d in th e
C h a m b e r ’s p r o g r a m fo r th e c o m in g 12m o n th p eriod .
M r. R id g e has b e e n v ic e p re sid e n t
o f th e O m aha N a tion a l B a n k sin ce
1929. H e is a lso a d ir e c to r o f th e ba n k .
H e ca m e to O m aha fr o m St. J osep h ,
M issou ri.
A d v a n c e d to th e p r e s id e n c y o f th e
C h a m b er at th e a n n u a l m e e tin g w a s
Robert H. Storz, v ic e p re s id e n t o f th e
S torz B r e w in g C om p a n y . M r. S torz
h e ld th e v ic e p r e s id e n c y an d E x e c u
tiv e
C o m m ittee
ch a irm a n sh ip
last
y e a r.
er, e x e c u tiv e v ic e p re sid e n t o f th e
N A M , an d R. S. Smethurst, N A M c o u n
sel.
C. XV. Mead, p re sid e n t o f th e N e b ra s
ka B o n d an d M o rtg a g e C orp ora tion ,
w a s re-elected p re sid e n t o f th e Om aha
Y .M .C .A . B oa rd re c e n tly . Robert H.
Hall, v ic e p re sid e n t an d ca sh ie r o f th e
N o rth S ide B a n k o f O m aha, w a s r e
e lected a m e m b e r o f th e b oa rd . N e w
b o a rd m e m b e rs in clu d e Walter Lehmkuhl, Kermit Hansen, William C. Ram
sey an d Winslow Van Brunt, O m aha
life in su ra n ce m an.
Theodore A. Spaustat o f th e L iv e
S to ck N a tion a l B a n k o f O m aha has
b een ele cte d p re sid e n t o f th e O m ahaC o u n cil B lu ffs C o n fe re n ce o f th e N a
tion a l A s s o c ia tio n o f B a n k A u d ito rs
an d C o m p tro lle rs.
O th er officers:
A. D. Anderson, U n ited States N a
tio n a l B a n k o f O m aha, first v ic e p re s i
d en t; H. R. Roose, D ou g la s C o u n ty
lHere’s Your Daily 8
FINANCIAL NEWS |
Mrs. Elizabeth Brecht Davis and
James Robert Cain, v ic e p re sid e n t o f
th e O m aha N a tion a l B ank, w e r e m a r
ried r e c e n tly at th e h o m e o f M r. C a in ’s
d a u g h ter, M rs. O scar W . H a n son , an d
M r. H a n son .
M r. C ain ’s o th e r d a u g h ters, M rs.
L e w is P. A n d e r s o n o f L o n g B each ,
C a liforn ia , an d M rs. R o b e r t F . W in e g a r o f D en v er, C olora d o, h is b r o th e r
an d sister-in -law , M r. an d M rs. Jean B.
Cain, an d h is cou sin s, M rs. L o u E d
w a rd s an d M rs. R o b e r t N eitzel, all o f
F a lls C ity, N eb ra sk a , an d h is sisters,
M rs. D. L. M cC oy , S io u x F a lls, S ou th
D akota, an d M rs. Sue C. J u lian , L o n g
B ea ch , C aliforn ia , w e r e p resen t.
Stephen J. Wirtz o f th e O m aha N a
tio n a l B a n k w a s e le cte d p re sid e n t o f
th e O m aha A s s o c ia tio n o f C redit M en
at a re ce n t m e e tin g at L e g io n H e a d
q u a rters in O m aha.
Frank McCall is first v ic e p resid en t;
J. C. Conley, s e co n d v ic e p resid en t;
Gus P. Horn, e x e c u tiv e m a n a g er; an d
Carl M. Howard and Edwin \ . Solo
mon o f th e F ir s t N a tion a l B a n k o f
O m aha; Lloyd Johnson, Ernest R. Mor
gan, a n d Mrs. H. Ruth Jacobs o f L in
c o ln are d ire cto rs.
T h e Journal of Commerce jfgg
|| gives you each day— and ar'• ranged for fast and easy read- g||
I ing — the following impor- ¡¡g
¡1 tant financial news features:
|
|1 1 -
Exchange stock end bond g |f
quotations.
§§ 2 -
Complete New York Curb
quotations.
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The most complete Unlisted
Securities quotations any
w h e re pu blished — o v e r
1500 each day.
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Federal Reserve Bank of St. Louis
The Omaha National Bank r e c e n tly
w o n th e first ro u n d o f a legal b attle
to co m p e l th e G o v e r n m e n t to re fu n d
estate ta x es p a id on tru st p ro p e rty .
A F e d e ra l C ou rt ju r y u p h e ld th e
b a n k ’s c o n te n tio n th at p r o p e r ty p la ced
in tru st in 1922 w ith th e b a n k fo r O m a
ha b en e ficia rie s b y Margaret Scott
3-
¡¡I 4 -
Utility News Summary.
¡¡I 5 -
Railroad News Summary.
6 - Industrial News Summary. §§
7 - Stock Market Trends
i|| plus feature articles and com•\ plete coverage of all financial |f
news of the day.
Murray Shields, v ic e p resid en t o f the
B a n k o f M an h attan , N e w Y o r k C ity,
w a s in O m aha r e c e n tly to tak e p a rt in
a fo r u m d is cu s s io n at a c o n fe r e n c e o f
b u sin e ss m e n an d in d u stria lists. S e v
eral h u n d re d atten d ed . O thers o n th e
p ro g ra m in clu d e d Robert R. Wason,
p re sid e n t o f th e N a tion a l A s s o cia tio n
o f M a n u fa ctu re rs; W. B. Weisenburg-
Complete New York Stock g.-;
1111
The next 78 issues will be
sent for $5. If you are an
investor— you need this news
each day. Send your check now.
3
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THE
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Dumalotlommcric |
NEW Y O R K
53 Park Row, New York
15, N . Y .
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Northwestern Banker, July, 7946
58
Nebraska News
ian jo b . H e w a s at W e isb a d e n , G er
m a n y , an d has m a n a g ed to d o a lo t o f
s ig h tse e in g in E n g la n d , F ra n ce , B e l
g iu m , Ita ly , G reece a n d A u stria . H is
n e x t trip w a s to b e to h is g r a n d fa th e r ’s
o ld h o m e in S ch le sw ig -H o lste in , w h e r e
h e h o p e d to lo ca te som e d ista n t re la
tiv es. T h e v e te r a n ’ s fa th e r is v ic e
p re sid e n t o f th e L iv e S to ck N a tion a l
B a n k o f O m aha.
B a n k o f O m aha, s e co n d v ic e p resid en t;
W. B. Knight, O m aha N a tion a l B ank,
se cre ta ry ; James Gronstal, C ou n cil
B lu ffs S a v in g s B an k , trea su rer.
S. R. Kirkpatrick, O m aha in v e s t
m en t b a n k er, has b e e n re e le cte d p r e s i
d en t o f th e G rin n ell C olleg e B o a rd o f
T ru s te e s at G rin n ell, Io w a . T h e e le c
tio n to o k p la ce in c o n n e c tio n w ith
G rin n e ll’s C en ten n ia l C o m m e n ce m e n t
p r o g r a m re c e n tly .
State b a n k s w h ic h ch a rg e e x c h a n g e
o r d ra ft fe e s d u r in g th e in te rim b e
tw e e n d e cis io n s o f th e S a u n d ers C ou n
ty (N e b ra sk a ) D is trict C ou rt an d th e
N eb ra sk a S u p rem e C ou rt on co n s titu
tio n a lity o f th e la w , ru n th e r is k o f
W h e n h e w a s d is ch a rg e d fr o m th e
A r m y A ir F o r c e s , Charles (Chuck)
Karpf, son o f M r. an d M rs. H. C. Karpf,
d ecid e d to re m a in o v e rs e a s in a c iv il
CONDENSED STATEMENT
of
City National Bank and Trust Company
I8th and Grand Avenue
KANSAS CITY, MISSOURI
At Close of Business— June 29, 1946
R ES OUR CES
33,777,102.66
Cash and Due from Banks.....................................................................................................
Bonds (carried at less than market value)
U. S. Government and U. S. Government Guaranteed Bonds..... $35,811,470.12
Federal Land Bank, State, and Municipal Bonds.......................... 10,698,159.CG
High Grade Corporation Securities......................................................
498,844.19
47,008,473.37
120,000.00
Federal Reserve Bank Stock...................................................................................................
Loans and Discounts...............................................................................................................
City Bank Building— Unencumbered (Cost over $1,000,000)....
New City Bank Building........................................................... ............
Other Real Estate (One property).......................................................
Furniture, Fixtures, and Safe Deposit Vaults (Cost $100,000).
Customers' Liability Account Letters of Credit..............................
Accrued Interest Receivable...............................................................
Overdrafts .................................................................................................
42,806,195.81
1.00
333,183.13
1.00
1.00
129,222.72
332,742.88
3,461.40
$124,510,384.97
Total Resources
LIABILITIES
Capital Stock (Paid In)..................................................... 400,000.00
Capital Stock (Earned)...................................................... 600,000.00
Surplus (Earned) .........................................................................................
Undivided Profits (Earned)......................................................................
$
1,000,000.00
3,000,000.00
1,355,126.69
.$
Invested Capital .............................................................
Unearned Interest .........................................................
Accrued Interest and Taxes........................................
Our Liability Account of Letters of Credit Issued.
Deposits—
U. S. Government Deposits.....................................
Other Deposits ............................................................
.$ 6,708,187.54
111,544,519.99
5,355,126.69
379,276.15
394,051.88
129,222.72
p r o s e c u tio n if th e act is u p h eld , A s
sistan t A tto r n e y G en era l Homer L.
Kyle o f N eb ra sk a w a r n e d r e ce n tly .
S a u n d ers C o u n ty District Judge
Harry D. Landis r e c e n tly ru le d th at
th e p a r c h e c k la w p a ssed b y th e 1945
N eb ra sk a L e g is la tu r e is u n c o n s titu
tion a l. T h e A tto r n e y -G e n e r a l’ s Office
a p p ea led to th e N eb ra sk a S u p rem e
C ourt.
In a n s w e r to a q u e r y fr o m State
B a n k in g D ir e c to r J. F. Peters, M r.
K y le e x p la in e d that, s tr ic tly sp ea k in g ,
th e L a n d is d e c is io n has n o e ffe ct o u t
sid e th e lim its o f h is o w n ju d ic ia l d is
tr ic t an d a ffects o n ly th e p a rties o f th e
p a rticu la r suit.
Lorraine Landeryou, d a u g h ter of
M r. an d M rs. Harold T. Landeryou of
O m aha, h as b e e n a p p o in te d G ran d
W o r t h y A d v is e r o f th e O rd er o f R a in
b o w fo r G irls, fo r N eb ra sk a . H er
fa th e r is an O m aha in v e s tm e n t b a n k
er. M iss L a n d e r y o u is a ju n io r at th e
U n iv e r s ity o f N eb ra sk a an d a tten d ed
th e first G ra n d A s s e m b ly o f th e O rder
r e c e n tly in O m aha. F o u r h u n d re d at
ten d ed fr o m O m aha, V a lle y , W e s t
P oin t, W e e p in g W a te r, L in c o ln , Im
p e ria l an d B en son , N eb ra sk a .
A p p o in tm e n t o f Charles W. Gorr, Jr.,
as assista n t ca sh ie r o f th e O m aha N a
tio n a l B ank, w a s a n n o u n c e d re c e n tly .
M r. G o rr h as b e e n w ith th e B a n k sin ce
1918. D u rin g th a t tim e, h e has w o r k e d
in m a n y d e p a rtm e n ts o f th e in stitu
tion . M r. and M rs. G o rr h a v e tw o c h il
dren .
S e rv ice to v e te ra n s in o u tly in g sec
tio n s o f D ou g la s C o u n ty w ill be e x
p an ded , it w a s d ecid e d at a sp ecia l
m e e tin g in O m aha o f th e C o u n ty CoO rd in a tin g C om m ittee, o f w h ic h W. A.
Sawtell is ch a irm a n . M r. S a w tell is
p re s id e n t o f th e S to ck Y a rd s N a tion a l
B a n k o f O m aha. T h e C om m ittee is a
u n it o f th e V e te r a n s ’ S erv ice. It w a s
d e cid e d th a t a lia iso n officer w ill b e
a d d ed to th e V e te r a n s ’ S e rv ice C en ter
in O m aha.
118,252,707.53
................................ $124,510,384.97
Total Liabilities ...............................................
The above statement is correct.
R. C. KEMPER, President.
OFFICERS
Rufus Crosby Kemper, President
George C. Kopp, Vice President
James S. Neely, Vice President
F. D. Farrell, Vice President
Kearney Wornall, Vice President
J. Milton Freeland, Vice President
Dale R. Ainsworth, Vice President
L. E. Stephenson, Vice President
Cyril J. Jedlicka, Vice President
Robert L. Greene, Vice President
Earl W. Deputy, Trust Officer
Richard T. Pendleton, Trust Officer
James F. McPherson, Cashier
Edward F. Lyle, Comptroller
Louis G. Loschke, Assistant Vice President
James R. Gayler, Assistant Vice President
John C. House, Assistant Cashier
Jack Black, Assistant Cashier
John Yonts, Assistant Cashier
Ewart H. Burch, Assistant Cashier
K. H. Armstrong, Assistant Trust Officer
Dewey Shillerston, Assistant Trust Officer
Tom Collins, Publicity Director
Bror W. Unge, Manager Foreign Department
Member of Federal Deposit Insurance Corporation
Yes, I know just how you feel, Mrs.
Sm ith!
Northwestern Banker, July, 1946
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Federal Reserve Bank of St. Louis
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
59
R
eady for the Final Finish
in the £orn F elt...
Northwestern Banker, July, 1946
60
Nebraska News
A tur S en ior Vice l*i‘i>shh>nts
W . B. M illard, Jr., a n d R a y R. R id g e
w e r e r e c e n tly ele cte d S e n io r V ic e
o f h is d isch a rg e fr o m th e a rm y in O c
to b e r 1945. H e w a s in th e s e r v ic e fo r
W . B. M IL L A R D , JR.
“ In the army a Lieutenant Colonel
but now a Senior Vice President”
R AY R. RID G E
“ Promoted to Senior Vice President”
P re sid e n ts o f th e O m aha N a tion a l
B an k . P r e v io u s to th is, th e y b oth had
th e title o f v ic e p resid en t.
M r. M illard, b e tte r k n o w n as “ B o b ” ,
w a s a L ie u te n a n t C olon el at th e tim e
th re e y e a rs an d five m o n th s an d fr o m
M ay 1942 to D e ce m b e r 1944 w a s in th e
office o f th e C h ief S ign a l O fficer in
W a s h in g to n , D. C. F r o m J a n u a ry 1945
u n til h e w a s d is ch a rg e d h e w a s w ith
th e F in a n ce D iv is io n o f th e A r m y
S e rv ice F o r c e s , an d w a s sta tion ed in
B oston .
B o b b e ca m e a ssocia ted w ith the
O m aha N a tion a l B a n k in 1924 a fte r his
g ra d u a tio n fr o m Y ale. H e is a g r a n d
son o f th e late S en a tor J osep h H . M il
lard, on e o f th e fo u n d e r s o f th e ban k.
M r. R id g e b e ca m e a ssocia ted w ith
th e O m aha N a tion a l B a n k in 1929 an d
p re v io u s to th at tim e h e h a d b e e n w ith
th e F ir s t N a tion a l B a n k o f St. J osep h ,
M iss ou ri fo r 20 y ea rs.
R a y is a m e m b e r o f th e E x e c u tiv e
C om m ittee o f th e N eb ra sk a B a n k ers
A s s o c ia tio n an d has ju s t c o m p le te d h is
d u ties on th e E x e c u t iv e C o u n cil o f th e
A m e r ic a n B a n k ers A s s o cia tio n .
A lw a y s a ctiv e in lo c a l c iv ic affa irs
h e has ju s t r e c e n tly b e e n e le c te d v ic e
p re sid e n t o f th e O m aha C h a m b er o f
C om m erce.
In a d d itio n to M r. M illa rd an d M r.
R id g e, th e o th e r officers o f th e O m aha
N a tion a l B a n k in c lu d e W . D ale C lark,
P resid en t; J. R o b e r t Cain, Otis T. A lv ison , J o h n A . C h a n g strom , D. J. M on en ,
J am es H . M oore, an d D a v id F. D avis,
V ic e P resid en ts. W . B r itto n K n ig h t,
C om p tro lle r; G. F. K r o e g e r , T ru s t O f
ficer; S. J. W irtz , A . J. R h od es, T h om a s
R. N oon a n , L e w is C. M cV ea, H a ro ld K.
A lb u s, an d J o h n M. S p erry , A ssista n t
C ashiers.
T h e d e p o sits o f th e O m aha N a tion a l
B a n k are n o w o v e r $156,000,000.
Quiet, Please
D u r in g th e h e a r in g o f a case, th e
J u d g e w a s d is tu rb e d b y a y o u th w h o
k ep t m o v in g a b o u t in th e rea r o f th e
cou rt.
“ Y o u n g m a n ,” h e ex cla im e d , “ y o u
are m a k in g a g o o d deal o f u n n e c e s s a r y
n oise. W h a t are y o u d o in g ? ”
“ I h a v e lo st m y o v e r c o a t an d am tr y
in g to find it,” re p lie d th e offen d er.
“ W e ll,” said th e J u d g e, “ p e o p le o fte n
lo se w h o le su its in h ere w ith o u t all
th at fu s s .”
STATEMENT OF CONDITION
at the close of business, June 29, 1946
CTñe
PUBLIC
NATIONAL
Ba n k
ancTTrust^Company
ofJfeivfjork.
R ESOURCES
Loans and Discounts..................... $ 5,134,564.74
Overdrafts ........................................
72.23
Banking House ................................
115,000.00
U. S. Bonds........................................ 29,559,000.00
W ar Savings Stamps.....................
1,500.00
Customers Liability for Letter of
Credit ..............................................
14,180.00
Stock Federal ReserveB a n k ....
30,000.00
Other Assets ....................................
2,030.88
Cash and Sight Exchange........... 10,862,525.93
L IA B IL IT IE S
Capital
.............$
500,000.00
Surplus . . ........................................ 500,000.00
Reserves
........................................ 500,000.00
Undivided Profits
229,089.66
$1,729,089.66
Reserve for Dividends.................
Letters of Credit...........................
Deposits ...............$38,935,086.75
W ar Loan
Deposits ........... 5,020,517.37
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
14,180.00
43,955,604.12
$45,718,873.78
$45,718,873.78
HAxxonAL B â M O f Co m m erce
LINCOLN, NEBRASKA
O F F IC E R S
ALB ER T A. HELD
Executive Vice
President
E R N E S T C. F O L S O M
V ice President
JU L IU S W E IL
Vice President
C A R L D. G A N Z
V i c e P r e s i d e n t a n d T r u s t Of f ic e r
GLENN YAUSSI
V i c e P r e s , a n d A s s t . T r u s t Of f ic e r
M ARSHALL H E W ITT
Asst. V ice President
PAUL BOGOTT
Cashier
W IL L IA M S TR A TE M A N
Asst. Vice President
R. E . M I L L E R
Asst. Cashier
TED
THOMPSON
Asst. Cashier
Member of Federal Deposit Insurance Corporation
UlllllllllllllllllllllllillllllllllllllM
20,000.00
Nebraska News
61
fo r th e eigh t-state regional
conference of the American Insti
tute of Banking w h ic h w ill b e h e ld in
P
LANS
L in c o ln A u g u s t 10th at th e H o te l C ornh u s k e r are p r a c tic a lly co m p le te . M em
b e rs fr o m th e states o f M in n esota ,
N o rth D akota, S ou th D akota, Iow a,
M issou ri, K a n sa s, C o lo ra d o an d N e
b ra sk a w ill b e in a tten d a n ce.
G en era l ch a irm a n o f th e c o n v e n t io n
is Howard Freeman, e x e c u tiv e v ic e
p re sid e n t, th e F ir s t N a tion a l o f L in
co ln , an d Ted Thompson, assista n t
ca sh ier, th e N a tion a l B a n k o f C om
m e rce , is ch a irm a n o f th e h o te l re s e r
v a tio n s co m m itte e .
O th er c o m m itte e ch a ir m e n are: r e
c e p tio n , Harold Leinberger, a ssistan t
ca sh ier, th e C on tin en ta l N a tion a l; r e g
istra tion , Maxine Miller; p u b lic ity ,
Paul Bogott, ca sh ier, N a tion a l B a n k o f
C o m m e rce , an d d in n e r an d socia l,
Clifford AVeston, assista n t v ic e p r e s i
d en t, F ir s t N a tion a l, an d Verne De-
YTore.
E ven
th o u g h
LB
33, o th e r w is e
k n o w n as th e “ p a r c h e c k ” law , has
b e e n d e cla re d u n c o n s titu tio n a l b y D is
tr ic t J u d g e H a r r y L a n d is, b a n k s and
in d iv id u a ls w h o ch a rg e e x c h a n g e on
c h e c k s ru n th e r isk o f p ro s e c u tio n ,
sh o u ld th e a ct b e d e cla re d v a lid b y th e
S u p rem e co u rt, a c c o r d in g to a ru lin g
b y th e state a tto r n e y g e n e r a l’ s office.
Assistant Attorney General Homer
Kyle to ld J. F. Peters, state d ir e c to r
o f b a n k in g , th at th e ca se h as b e e n a p
p ea led to th e S u p rem e co u rt, se e k in g
a r e v e r s a l o f th e d e c is io n b y J u d ge
L a n d is.
P eters re q u e ste d th e o p in io n to d e
te rm in e if state b a n k s w o u ld b e safe
to ch a rg e “ e x c h a n g e ” o r “ d ra ft fe e s ”
w h ile th e a p p ea l is p en d in g .
N e b ra s k a ’ s b a n k b a la n ce c o n tin u e s
to b re a k all re c o r d s . State Treasurer
Edward Gillette said th e re w a s m o re
th a n 18 m illio n , on e th o u sa n d d olla rs
o n h a n d M a y 31. T h e p r e v io u s alltim e h ig h , n e a rly $503,000 less, w a s r e
c o r d e d last A p r il 30.
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Federal Reserve Bank of St. Louis
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W arehouse R eceipts are the financial in
their loan opportunities. By p rovid in g
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nection with any business seeking credit
expansion. Y ou can avoid saying " n o ! ”
w ith L aw rence System W a reh ou sin g.
LAWRENCE
We are prepared to advise
loan officers contemplating
inventory financing as an
extension of their services.
Send for your copy of this
booklet.
P h o n e o r w r i t e o u r b r a n c h in y o u r t e r r i t o r y
WAREHOUSE
COMPANY
D IV IS IO N O F F IC E S :
SAN F R AN C IS C O 11, CALIF.
37 Drumm Street
C H I C A G O 2, ILL.
1 N. LaS alle Street
NEW YOR K 5, N. Y.
72 W all Street
TWENTY-THREE BRANCH O FF ICE S IN PRI NCIPAL CITIES, C O AS T -T O -C OA ST
Northwestern Banker, July, 1946
62
Friendly Service
H asHelped U
Statement of Condition June 2 9 , 1946
RESOURCES
Loans and Discounts___________________________________ $10,604,109.19
Bonds and Other Securities___________________________
864,247.90
Stock in Federal Reserve Bank________________________
45,000.00
Banking House and Fixtures_______________
1.00
Other Real Estate_______________________________________
None
Interest Accrued on Government Securities, Etc.______
181,324.49
U. S. Government Securities_______ $39,689,327.72
Cash and Sight Exchange___________
17,495,319.18
57,184,646.90
$68,879,329.48
LIABILITIES
Capital Stock (Comm on)___________
$
500,000.00
Surplus (Earned) __________________
1,000,000.00
Undivided P rofits___________________
605,553.56
Reserve for Taxes, Interest, Etc______
249,743.53
Unearned Discount__________________
8,676.76
Dividends Payable June 29, 1946__
7,500.00
D ep osits_____________________________
66,507,855.63
$68,879,329.48
O F F IC E R S
D IREC TO RS
A L V IN E. JOHNSON
President
W . P. ADKINS
Omaha
HENRY C. KARPF
Vice President
H. B. BERGQUIST
Coal and Grain
R. H. KROEGER
Vice President
PAU L HANSEN
Vice President and Cashier
W . DEAN VOGEL
Vice President
WADE R. MARTIN
Vice President
H. H. ECHTERMEYER
Vice President
L. V. PULLIAM
Assistant Cashier
L. S. BURK
Chicago
JAS. J. FITZGERALD
Pres. Commercial Sav. & Loan Assn.
JOHN R. JIRDON
Livestock and Grain, Morrill, Nebr.
A L V IN E. JOHNSON
President
HENRY C. KARPF
Vice President
LEO T. MURPHY
Manager, Allied Mills, Inc.
JAMES L. PAXTO N , JR.
President, Pax ton-Mitchell Co.
C. G. PEARSON
Assistant Cashier
HERMAN K. SCHAFER
President, Maney Milling Co.
ALBERT R. STELLING
Assistant Cashier
CARL A. SW ANSON
President, Carl A. Swanson & Sons
W . W ALLACE KEENAN
Trust Officer
J. L. WELSH
Butler-Welsh Grain Co.
STOCK N A TIO N AL BANK
OMAHA, NEBRASKA
MEMBER FEDERAL RESERVE BANK AND FEDERAL DEPOSIT INSURANCE CORPORATION
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
63
I 4» W
SI
N EW S
F. L. SAWYERS
President
Centerville
FRANK WARNER
Secretary
Des Moines
Crawford County Officers
F. T. T h o m s e n , v ic e p re sid e n t, F a r m
ers State B an k , C h a rter Oak, Iow a , has
b e e n e le cte d p re s id e n t; G e o rg e S iev ert,
a ssista n t ca sh ier, C r a w fo r d C o u n ty
T ru s t & S a v in g s B a n k , D e n iso n , v ic e
p resid en t, an d R o b e r t T. K n a p p , a ssist
a n t ca sh ier, F ir s t N a tion a l B an k , D e n i
son , se cre ta ry -tre a su re r o f th e C ra w
fo r d C o u n ty B a n k ers A s s o c ia tio n . M r.
T h o m s e n su c c e e d s C la ren ce D ahl, c a s h
ier, K ir o n State B a n k , K iro n , as p r e s i
d en t.
Final Payment
F in a l p a y m e n t o n its tru st fu n d has
b e e n m a d e to d e p o s ito r s o f th e R eadly n S a v in g s B a n k , R e a d ly n , Io w a , w ith
a p a y m e n t o f 100 p e r cen t.
Banker-Farmer Tour
U n d er th e le a d e rsh ip o f its p r e s i
den t, T. L. G reen lea f, v ic e p r e s id e n t o f
th e H a rd in g C o u n ty S a v in g s B a n k o f
E ld ora , th e H a rd in C o u n ty B a n k ers
A s s o c ia tio n la st m o n th in itia ted th e
first p r o g r a m o f its k in d — a b a n k erfa r m e r in s p e c tio n to u r o f c o m p le te d
soil c o n s e r v a tio n w o r k in H a rd in c o u n
ty.
T h e b a n k e rs an d fa rm e rs w e r e c o n
d u c te d b y J a m es H a la sey , F e d e r a l S oil
C o n s e r v a tio n C o m m is s io n e r fo r th is
d is tr ic t o f fo u r co u n tie s, an d b y th e
lo ca l c o u n t y c o m m itte e c o n s is tin g o f
W . C. V ig a rs, ch a irm a n ; B. R . W o o d
a n d C. J. K e ls e y , w h o e x p la in e d th e
w o r k so fa r d on e. On th e to u r also
w e r e F. L. S a w y e rs, p re s id e n t o f th e
Io w a B a n k e rs A s s o c ia tio n , and H. C.
G reen lea f, fa r m m a n a g e m e n t agen t,
b o th o f C e n te rv ille , Io w a ; D ale S m ith,
a ssista n t ca s h ie r o f th e C en tra l Na-
tio n a l B a n k & T ru s t C om p a n y , o f D es
M oin es, an d th e H a rd in C o u n ty F a rm
B u rea u e x te n s io n d ire cto r, E. I. R osen b erg er.
A t th e clo s e o f th e to u r a fr ie d c h ic k
en d in n e r w a s s e r v e d to th e 56 fa r m
ers an d b a n k e rs at th e P in e L a k e
C o u n tr y C lu b h ou se, a fte r w h ic h Mr.
H a la sey fu r th e r e x p la in e d th e ben efits
o f so il c o n s e r v a tio n an d c o n to u r fa r m
in g.
and fa rm in g .
B o th o f th e b r o th e r s
h a v e p a ssed a w a y in r e c e n t y e a r s and
a th ird g e n e ra tio n is c a r r y in g o n the
B re n to n b a n k in g and fa r m in g tra d i
tion s. W . H a ro ld B ren ton , k n o w n to
h is h u n d re d s o f frie n d s as “ H a ro ld ,”
is th e son o f C harles.
H a ro ld has
p r o v e d h im s e lf to be an ou tsta n d in g
Io w a b a n k e r and has a b ly fo llo w e d in
th e fo o ts te p s o f h is fa th e r an d u n cle.
M r. B re n to n th r o u g h o u t th e y e a rs
h as se rv e d on v a r io u s co m m itte e s o f
th e Io w a B a n k ers A s s o c ia tio n an d h as
g iv e n fr e e ly o f h is tim e in m e e tin g
W. H. Brenton, Candidate
W . H a ro ld B r e n to n o f D es M oin es
has a n n o u n ce d h is ca n d id a c y fo r the
p r e s id e n c y o f th e Io w a B a n k e rs A s s o
cia tio n at th e n e x t state co n v e n tio n
w h ic h w ill b e h eld in D es M on es, Sept,
9th to 11th.
H a ro ld B r e n to n is p re sid e n t o f six
state in c o r p o r a te d b a n k s a n d tw o n a
tio n a l b a n k s all lo ca te d in Io w a . T h e
o ld fa m ily b a n k still rem a in s in D allas
C en ter.
W h ile H a ro ld liv e s in D es M oin es,
w h e r e h e n o t o n ly has b a n k in g b u t
m a n u fa c tu r in g in terests, h e m a y be
fo u n d m o s t a n y tim e in th e h o m e b a n k
o r o n h is fa rm s s u r r o u n d in g D allas
C en ter. M r. B r e n to n is on e o f th e o u t
sta n d in g b a n k e r-fa rm e r-m a n u fa ctu re rs
o f Iow a .
T h e first B r e n to n fa m ilie s ca m e to
D allas C o u n ty in th e p io n e e r days;
th e y w e r e in te re ste d in fa r m in g and
la ter in b a n k in g . In th e s e c o n d g e n
e ra tio n
th e
b ro th e rs ,
C ly d e
an d
C harles, b e ca m e in te re ste d in sev e ra l
b a n k s in D allas C o u n ty an d in on e or
tw o a d jo in in g co u n tie s an d C ly d e la ter
fo r m a n y y e a rs w a s a b a n k e r in D es
M oin es. T h e b r o th e r , C h arles, sta y ed
o n in th e h o m e to w n o f D allas C enter
w h e r e h e d e v o te d h is tim e to b a n k in g
W . H A R O LD B R E N TO N
Candidate for President
w ith co m m itte e s in v a r io u s s e c tio n s o f
th e state. L a st y e a r an d th is y e a r h e
h as se r v e d as c h a irm a n o f th e A s s o
c ia tio n ’s c o m m itte e o n “ S e r v ic e fo r
W a r V e te ra n s U n d er G. I. B ill.”
A s a ca n d id a te fo r th e P r e s id e n c y o f
th e Io w a B a n k e rs A s s o c ia tio n , it is a
ca se o f th e office se e k in g th e m an . It
has o n ly b e e n a fte r g re a t an d re p e a te d
u r g in g fr o m h is b a n k e r frie n d s th a t h e
has c o n s e n te d to b e a ca n d id a te. A s
th e o n ly ca n d id a te u p to th is tim e and
w ith th e C o n v e n tio n less th a n th ree
m o n th s off, it lo o k s lik e a cle a r field
fo r M r. B re n to n , p a r tic u la r ly in v ie w
o f th e fa c t th a t m a n y o f th e le a d in g
D id you know there’s a gap in your Cash Letter protection
that you could “ drive a truck th rou g h ?” A sk us how to bridge it
without costing you a cent.
Scarborough
Insurance Counselors
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
&
C om pan y
FIRST NATIONAL BANK BLDG. • CHICAGO
3,
ILL. • STATE
4325
to Banks
Northwestern Banker, July, Ì 946
64
Iowa News
b a n k e rs in all se ctio n s o f th e state
h a v e e n d o rse d h is ca n d id a cy .
Reveal Capital Increase
T h e M ed ia p olis S a v in g s B a n k o f
M ed ia p olis, Iow a , rev e a ls in Ju n e fig
u re s th at its ca p ita l a c c o u n t has b een
in cre a se d fr o m $32,500 on o p e n in g date
in S ep tem b er, 1940, to $91,500. C apital
o n o p e n in g d a y w a s $25,000, su rp lu s
$5,000 an d u n d iv id e d p rofits $2,500. A n
in cre a se in ca p ita l has p la ced th at fig
u re at $50,000, and su rp lu s is $30,000
and u n d iv id e d p rofits $11,500.
The
sta tem en t a lso lists n e a r ly a h a lf m il
lio n in loan s, $1,030,000 in U. S. G o v
e rn m e n t B on d s and $380,000 in cash.
A re ce n t a d d ition to th e staff is A u b
r e y D a e d lo w w h o w a s d is ch a rg e d fr o m
th e N a v y A ir C orp s a fte r e x te n s iv e
s e r v ic e in th e S ou th an d A sia tic P a
cific w a ters.
H e w a s a w a rd ed the
P u rp le H eart, D istin g u ish e d F ly in g
C ross w ith on e clu ster, A ir M edal w ith
se v e n clu ste rs an d th ea ter rib b on s.
H e is th e son o f R. A . D a ed low , v ic e
p re sid e n t and ca sh ier o f th e M ed ia p olis
S a v in g s B ank.
Trust Conferences
A series o f five T ru s t C o n fe re n ce s
w ill be h eld in k e y p o in ts a rou n d Io w a
th is m on th , sp o n s o re d b y th e Io w a
B a n k ers A s s o cia tio n . G ilb ert T. S tep h
en son , d ir e c to r o f th e T ru s t R e se a rch
D ep a rtm en t o f th e A .B .A ., W ilm in g to n ,
D ela w a re, w ill atten d all five c o n fe r
en ces. M. J. K lau s, ch a irm a n , C harles
C ity; F. A . J o h n s o n , v ic e ch a irm a n ,
D a v e n p o rt, an d C ly d e H. D oolittle, D es
M oin es, h a v e a n n o u n ce d c o m p le tio n o f
a rra n g e m e n ts fo r th e p r o g r a m s w h ic h
are to start J u ly 22nd at C edar R a pid s.
F o llo w in g is th e c h r o n o lo g ic a l list o f
c o n fe r e n c e s , th e p la ce it is to b e h eld,
th e g r o u p s c o v e r e d and c h a irm a n in
ch a rg e:
J u ly 22, M o n d a y — C edar R a p id s,
M o n tro se H otel; G rou p s 4, 7, 8 a n d 11;
C h a irm a n V a n V e c h te n S h affer, p r e s i
den t, G u a ra n ty B a n k & T ru s t C om
p a n y , C edar R a pid s.
J u ly 23, T u e s d a y — M a son C ity, H a n
fo r d H o te l; G rou p s 3 an d 2 (e x c e p t
B u en a V ista , C la y an d D ic k in s o n o f 2 );
C h a irm a n D ean H. L ig h tn e r , v ic e p r e s i
den t, th e F ir s t N a tio n a l B an k , M ason
C ity.
J u ly 24, W e d n e s d a y — D es M oin es,
H o te l F o r t D es M oin es; G rou p s 6 an d
10; C h a irm a n C lyd e H . D oo little , v ic e
p re s id e n t an d tru st officer, Iow a -D es
M oin es N a tion a l B a n k an d T ru s t C om
p a n y, D es M oin es.
J u ly 25, T hursday-— C o u n cil B lu ffs,
C h iefta in H otel; G rou p 5; C h airm an
R o b e r t M. B a ird , tru st officer, State
S a v in g s B ank, C o u n cil B lu ffs.
J u ly 26, F r id a y — S io u x C ity, M artin
H otel; G rou p s 1 a n d B u en a V ista , C lay
an d D ic k in s o n co u n tie s o f G rou p 2;
C h a irm a n E a rl A . H offm a n , v ic e p r e s i
den t, th e T o y N a tion a l B an k .
New Officers at Vinton
C H I C A G O CLEARI NG HOUS E IN ACTI ON
It's a bustling scene for a few minutes each
day. Messengers from all regular member
banks arrive and take their stations. Prompt
ly at 10:30 o'clock the bell rings and the
messengers ‘ start moving clockwise around
the "horseshoe." As each messenger passes
the Drovers station, he drops a bundle of
checks drawn against the Drovers National
Bank. In turn, the Drovers messenger places
the correct bundle of checks at the station
of each member bank. When he returns
to the Drovers station, he finds all the
Drovers checks which were paid by member
banks during the previous day's business.
The entire operation requires only 12 min
utes daily to clear checks representing more
than 100 million dollars.
Back of this important banking procedure are
the staff members of the Chicago Clearing
House Association. All balances, created by
members, are settled by full payment on or
before 12 o'clock noon. No details are left
until tomorrow. Work is completed each
business day.
The Drovers National Bank Is a Regular Member
of The Chicago Clearing House
M em b ers, F ed era l D e p o sit Insu rance C orporation
DRGVERS NATIONAL BANN
I DROVERS TRUST & SAVINGS BANK
UNI ON
STOCK
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
YARDS,
CHI CAGO
A lfr e d A . H a p p e l h as b e e n a p p o in te d
ca sh ie r o f th e B e n to n C o u n ty B a n k
a n d T ru s t C o m p a n y o f V in to n , Iow a ,
s u c c e e d in g Sam P. B o ie s w h o re tire d
last m o n th as v ic e p re s id e n t a n d ca sh
ier. W . H a ro ld B re n to n , D es M oin es,
is p re s id e n t o f th e ba n k . M r. H a p p e l
has b e e n a ssista n t ca sh ie r sin ce o p e n
in g o f th e b a n k in 1942 an d is a life
lo n g re sid e n t o f V in to n .
P a u l M. Sh ain , ca sh ier, P a lo A lto
C o u n ty S tate B a n k o f E m m e ts b u rg ,
Iow a , h as b e e n n a m ed v ic e p resid en t.
H e re s ig n e d h is p o s itio n w ith th e P a lo
A lto b a n k w h ic h is o n e o f th e B r e n to n
b a n k s.
Smith Named Cashier
In a r e c e n t s to c k h o ld e r s e le c tio n o f
officers fo r th e J e ffe rs o n S tate B an k ,
J efferson , Io w a , R . H . M a lon ey , fo r
m e r ly v ic e p re s id e n t an d ca sh ier, is
n o w v ic e p re s id e n t an d F . L . S m ith has
ta k en o v e r th e d u ties o f ca sh ier. M r.
S m ith h a d b e e n a ssista n t ca sh ier. R u s
sell G. H o lt an d J a m es H. A n d r e w , r e
c e n tly d is c h a r g e d fr o m th e a rm y , w e r e
e le cte d a ssista n t ca sh ie rs a n d D ean
A r b u c k le w a s tr a n s fe r r e d to th e D an a
office as an assista n t to L. H . K in s e y .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
65
Statement of Condition
AS OF JUNE 29, 1946
RESOURCES
Loans and D is c o u n t s --------- ----------------------------- $ 6,845,322.84
Other Bonds and S t o c k s --------------- ----------------69,500.00
Customers Liability on Letters of Credit —
122,262.00
O v e r d r a fts --------------- ----------------------------------------11.93
Government Obligations — —
$7,667,274.45
Municipal B o n d s --------------------375,500.00
Cash and Due from Banks —
2,040,901.71
10,083,676.16
$17,120,772.93
L I A B I L I T I E S
Capital Stock— C o m m o n ---------------------------------$
S u r p lu s --------- — -------------Undivided P r o fit s --------------------------------------------R e s e r v e s ----------------------------Unearned Discount----------------Bank Liability on Letters of Credit — --------D e p o s i t s -----------------------------------------------
200,000.00
200,000.00
125,859.26
152,769.88
24,245.08
122,262.00
16,295,636.71
$17,120,772.93
V allky B ank
and
Trust Company
W A L N U T A T F O U R T H , D ES M O IN E S
Frederick M. Morrison, President
Winfield W. Scott, Senior Vice President
J. R. Astley, Vice President
Edward P. Kautzky, Vice President
Roy E. Huber, Vice President
F. M. Thompson, Cashier
Ray L. Thompson, Asst. Vice President
Carl W. Altman, Asst, Cashier
George W. Gill, Asst. Cashier
M e m b e r
F e d e r a l
D e p o s i t
I n s u r a n c e
C o r p o r a t i o n
Northwestern Banker, July. 1946
66
Iowa News
Celebrates 52nd year
h e liv e s in D u b u q u e fo llo w in g h is p e r
son a l h o b b y o f r u n n in g an au to sales
and s e r v ic e b u sin ess.
H e h old s the
Ja m es N u ck o lls, p re s id e n t H a rd in
C o u n ty S a v in g s B ank, E ld ora , Iow a ,
ce le b ra te d h is 52nd y e a r w ith th e b a n k
o n J u n e 1st. M r. N u c k o lls jo in e d th e
o ld H a rd in C o u n ty B a n k o n th at date
in 1894 w h e n th e b a n k ’s assets w e re
o n ly a b ou t $100,000. H e has w a tc h e d
th e assets g r o w fo r m o re th a n h a lf a
c e n tu r y to th e p re s e n t tota l o f n e a rly
fiv e m illion s.
M iss F e lte s g ra d u a ted fr o m B a y le ss
B u sin es s C olleg e in D u b u q u e and a fte r
w o r k in g as p r iv a te s e c r e ta r y fo r a
sh o rt tim e, jo in e d h e r b r o th e r in th e
b a n k in 1937, w h e r e sh e h as sin ce b e e n
w o r k in g .
Cashier Resigns
C. A . B eistle, ca sh ie r o f th e K e o k u k
C o u n ty S tate B an k , S ig o u rn e y , Io w a ,
r e sig n e d last m o n th a fte r h a v in g b e e n
e m p lo y e d b y the. b a n k fo r 22 y ea rs,
an d is n o w a sso cia te d w ith a lo ca l firm .
Family Banking Team
H. D. U u tterb a ck , fo r m a n y y e a r s
e m p lo y e d b y th e ba n k , has b e e n ad
v a n c e d to ca sh ie r an d D o r o t h y R edlin g e r an d B e tty B r o th e r s e n h a v e b e e n
e m p lo y e d b y th e b a n k as clerk s.
O ne o f th e fe w b r o th e r an d sister
b a n k in g tea m s in Io w a is co m p o s e d o f
G eo rg e N. F eltes, v ic e p re sid e n t and
P r a n c e s M. F eltes, ca sh ie r o f th e State
B a n k o f W o r th in g to n .
S in ce 1937, w h e n M r. F e lte s w a s
g ra n te d a ch a rte r fo r th e b a n k in
W o r th in g to n , th e y h a v e b e e n to g e th e r
o p e r a tin g th e b u sin ess. G eo rg e F eltes
h e ld th e p o s itio n o f ca sh ie r u n til J a n u
a ry , 1945, w h e n h e b e ca m e v ic e p r e s i
d en t. H is sister, F ra n ce s , b e ca m e as
sista n t ca sh ie r in 1939 a n d to o k o v e r as
c a s h ie r in 1945.
B o th w e r e ed u ca ted in W o r th in g to n
a n d g ra d u a ted fr o m St. P a u l’s h ig h
s c h o o l. In 1932 M r. F e lte s b e ca m e m a n
a g e r o f th e b r a n c h office in W o r t h in g
to n o f th e C itizen s State B a n k o f H opk in to n , re m a in in g th e re u n til h e o r g a n
ize d th e State B a n k in 1937. A t p resen t
Central City Bank Opens
T h e C ity State B a n k , C en tra l C ity,
I o w a ’s n e w b a n k in g in stitu tio n , o p e n
ed its d o o r s J u n e 15th w ith w h a t w a s
te rm e d b y th e officers as e n tir e ly sa tis
fa c t o r y p a tron a g e.
A n u m b e r o f n e ig h b o r in g b a n k s, c ity
b a n k s, in su ra n ce c o m p a n ie s an d lo c a l
citiz e n s e x p r e s s e d th e ir g o o d w is h e s
an d g re e tin g s w ith flow ers.
GEORGE AND FRANCES FE LTE S
Brother and sister banking team
T h e in te r io r o f th e b u ild in g has b e e n
re d e co ra te d , re m o d e le d to som e ex te n t
an d n e w lig h tin g fix tu re s in sta lled .
D u b u q u e fr a n ch is e fo r K a ise r-F ra zie r
au tos.
A . J. S c h u e le r is ca sh ier.
City National Bank and Trust Company
of Chicago
Condensed Statement of Condition— June 29, 1946
RESOURCES
LIABILITIE S
-
$ 75,179.141.66
U. S. Government Securities
159,013,655.76
Cash and Due from Banks
State, Municipal, and Other Securities
Loans and Discounts
-
5,715,222.29
77,506,528.96
Federal Reserve Bank Stock
240,000.00
Accrued I n te r e s t........................................
533,647.44
Customers' Liability on Letters of Credit
and Acceptances
Other Resources
.
.
.
.
........................................
2,391,567.19
82,489.61
C a p i t a l ........................................
Surplus
........................................
Undivided Profits .
Contingencies
.
.
2,172,847.96
.
.
.
2,123,657.88
Reserved for Dividends Declared -
80,000.00
Letters of Credit and Acceptances
Outstanding
.
.
.
.
2,391,567.19
Other Liabilities
.
.
.
.
D e p o s i t s ........................................
M e m b e r F ed era l D e p o s it In su ra n ce C o rp o ra tio n
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.
4,000,000.00
4,000,000.00
Reserves for Interest, Taxes, and
$320,662,252.91
Northwestern Banker, July, 1946
.
$
112,009.16
305.782,170.72
$320,662,252.91
mm
-
V|f
,
lo n v i
J u n i o r Ê l u n l t r r s A u di
HAROLD SPENCER, assistant cashier Oakland Savings Bank,
was elected president of the Iowa Junior Bankers Association
at the annual meeting held in Des Moines last month. Other
officers serving with Mr. Spencer are Clarence Clausen, vice
president, assistant cashier Citizens National Bank, Boone, and
Howard 6 . Stephany, secretary and treasurer, assistant cashier
First National Bank, Woodbine.
At the annual meeting of Iowa Association of Bank Auditors
and Comptrollers, held at the same time as the Junior Bankers
convention, O. H. Johnson, cashier of the Peoples Savings Bank,
Crawfordsville, was named president. R. W. Lewis, assistant
cashier Security National Bank, Sioux City, was elected vice
president, and L. C. Siegner, assistant cashier of the Iowa-Des
Moines National Bank & Trust Company, was re-elected secre
tary and treasurer.
The pictures above were taken at the meeting of these two
important Iowa Associations. Reading from left to right, those
pictured are:
1—Here is a meeting of the board of governors of Iowa Bank
Auditors—C. R. Colton, vice president and cashier Fidelity
Savings Bank, Ottumwa; H. E. Lemkau, auditor Muscatine Bank
& Trust Company; L. C. Siegner, assistant auditor Iowa-Des
Moines National Bank & Trust Company; W. R. Hatter, cashier
Iowa County Savings Bank, Marengo, and immediate past presi
dent; R. W. Lewis, assistant cashier Security National Bank,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Sioux City, now vice president of the Association; and O. H.
Johnson, cashier Peoples Savings Bank, Crawfordsville.
2—
Dale C. Smith, assistant cashier Central National Bank,
Des Moines; Earl R. Gertz, Central Trust & Savings Bank, Eldridge; and Robert J. Tank, cashier of the same bank in Eldridge.
3—
A meeting of the board of governors of Iowa Junior
Bankers—Robert H. Nicolaus, assistant cashier Wilton Savings
Bank, Wilton Junction; C. D. Clausen, assistant cashier Citizens
National Bank, Boone, and new Association vice president;
A. A. Gerken, assistant cashier The State Bank, Fort Dodge,
immediate past president; Harold Spencer, assistant cashier
Oakland Savings Bank, now president of the Association; and
F. L. Sawyers, president of the Iowa Bankers Association.
4—
Horace Smith, Iowa representative Scarborough & Com
pany, Des Moines; T. A. Spaustat, assistant auditor Live Stock
National Bank, Omaha; James B. Gronstal, manager personal
loan department Council Bluff’s Savings Bank; A. J. Frey,
assistant cashier Continental Illinois National Bank & Trust
Company, Chicago; and L. D. Suchomel, assistant cashier Tipton
State Bank.
5—
R. R. Schroeder, president Union National Bank, Rochester,
Minnesota; H. L. Dalton, National Surety Company, Chicago;
L. H, Hammerstrom, auditor Continental Illinois National Bank
& Trust Company, Chicago; and Fred Cummings, Drovers Na
tional Bank, Chicago.
Northwestern Banker, July, 1946
68
Iowa News
Returns to Creston Bank
1
A . E. J en sen , p re sid e n t an d d ir e c t o r
o f th e F ir s t N a tion a l B a n k in C reston ,
Iow a , r e tu rn e d to C reston to re su m e
a ctiv e ch a rg e o f th e b a n k last m on th ,
it w a s a n n o u n ce d b y F r a n k A . Ide,
ch a irm a n o f th e b o a r d o f d ir e c to r s .
M r. J en sen has b e e n on lea v e o f a b
se n ce sin ce F e b r u a r y 1st an d has b e e n
p re sid e n t an d a d ir e c to r o f th e M idC ity N a tion a l B a n k o f C h ica go.
WE INVITE ACCOUNTS FROM BANKS, CORPORATIONS AND
IN D IV ID U A L S • SEND US YO U R PA CIFIC CO A ST B U S IN E S S
M EM BER
FEDERAL
RESERVE
SYSTBM
Jc F E D E R A L
D E P O S IT
IN S U R A N C E
M r. J e n s e n ’s re tu rn to th e C reston
b a n k w a s a rra n g e d b y th e b o a r d o f
d ir e c to r s a fte r th e r e c e n t d ea th o f B ert
T a llm a n , v ic e p resid en t, w h o h a d b e e n
in a c tiv e ch a rg e d u r in g M r. J e n s e n ’s
a b sen ce.
C O R P O R A T IO N
Rejoins Mount Ayr Bank
<zStatement a,&o<f
29
, 1946
RESOURCES
Cash and Due from B a n k s...............................................................
United States Government Securities............................................
Obligations o f Other Federal Agencies. . .
$4,337,006.27
State, County and Municipal B onds..............
2,509,164.10
Other Bonds and Securities...........................
716,254.13
Stock in Federal Reserve Bank.........................................................
Ownership o f California Trust Company.....................................
Loans and D iscou n ts..........................................................................
Bank Premises, Furniture and Fixtures........................................
Income Earned, N o t C o lle c te d ......................................................
Customers’ Liability under Letters o f Credit and Acceptances .
Other R e so u r ce s................................................................................
T o t a l ....................................................................................................
$ 90,804,040.97
299,560,102.14*
7,562,424.50*
390,000.00
1,475,324.661
65,013,825.23
789,902.55
1,228,139.02
1,417,223.68
408,702.80
$468,649,685.55
LIABILITIES
Deposits: D e m a n d ..............................................$256,238,105.19
153,632,446.78
T im e ..................................................
United States W ar Loan D eposit.
38,016,104.02
Other Public Funds........................
1,199,523.16
Reserve for Interest, Taxes and Expenses.....................................
Income Collected, N o t E a r n e d ......................................................
Letters o f Credit and Acceptances..................................................
Capital Stock (C om m on )..................................
6,500,000.00
Surplus...................................................................
6,500,000.00
Undivided Profits...............................................
3,302,728.71
T o t a l ....................................................................................................
$449,086,179.15
1,197,839.04
331,255.66
1,731,682.99
16,302,728.71
$468,649,685.55
*$45,294,685.13 pledged, according to law, to secure Public Funds and Trust Deposits.
tCaliforniaTrust Company—owned by California Bank and devoted exclusively to trust service—
has Capital of $1,000,000.00, Surplus of $500,000.00 and Undivided Profits of $239,960.38.
OFFICERS
FRANK
C h a ir m a n o f th e B o a r d
L . K I N G , P resid en t
Sen ior V ic e -P r e sid e n t
V ic e -P r e sid e n t a n d C ou n sel
ALLAN H A N C O C K
C H A S . E. D O N N E L L Y
V ice -P resid en ts
A R T H U R T. B R E T T
F. S. H A N S O N
T. E. I V E Y , JR .
F. H O W A R D R U S S , JR.
W . F. B R A N D T
C. C. D e P L E D G E
J. A . S H IN E
H .E .H U D S O N
W. W AYNE
F. M . M A G E E
M r. D a v is w a s fo r m e r ly e m p lo y e d
in th e M ou n t A y r b a n k b e fo r e a c c e p t
in g th e m a n a g e rsh ip o f th e c o o p e r a
tiv e in 1941.
Black Hawk County Officers
T h e B la ck H a w k C o u n ty B a n k ers
A s s o c ia tio n h eld its a n n u a l m e e tin g at
th e R u sse ll-L a m s o n H o te l in W a te r lo o ,
Iow a , r e c e n tly an d ele cte d th e fo llo w
in g officers: R o b e r t S tew art, ca sh ier,
H u d s o n S tate B a n k , H u d son , p r e s i
den t; J. J. K y h l, a ssista n t ca sh ier,
C edar F a lls T ru s t an d S a v in g s B an k ,
first v ic e p re sid e n t; W illia m D ew ees,
ca sh ier, P e o p le s S a v in g s B an k , W a te r
loo, se c o n d v ic e p resid en t; F o r r e s t
L o fto n , assista n t ca sh ier, W a te r lo o
S a v in g s B an k , s e cre ta ry ; H e n r y H offer,
assista n t ca sh ier, N a tio n a l B a n k o f
W a te r lo o , trea su rer.
BelSe Plaine Man Marries
P a tricia L e e B ro o k s, d a u g h te r o f M r.
an d M rs. W . D. P ru itt o f G reen v ille,
N o rth C arolin a, b e ca m e th e b r id e last
m o n th o f L e la n d G. H ix o f B elle
P la in e, Iow a . T h e c o u p le w a s m a rried
in G reen v ille.
: ì
ARCH W . A N D E R SO N ,
R o y c e D avis, w h o r e c e n tly te n d e re d
h is re s ig n a tio n as m a n a g e r o f th e
R id e ta E le c tr ic C oo p e ra tiv e , In c., in
M o u n t A y r , Iow a , has a cce p te d a p o s i
tio n as assista n t ca sh ie r in th e S e c u r ity
State B a n k o f M ou n t A y r . H e a ssu m ed
h is d u ties th e first o f J u ly.
GLOVER
M r. H ix r e c e n tly r e tu rn e d to th e
C itizen s S tate B a n k o f B elle P la in e as
a ssista n t ca sh ie r a fte r e x te n s iv e m ili
ta r y s e rv ice .
H . J. M E N D O N
C L IF F O R D T W E T E R
J .G .M A U L H A R D T
B. B .O D E L L
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
F. E. DAVENPORT & CO.
OM AHA
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Iowa News
69
D e s M o in e s N e w s
Dale C. Smith w a s ele cte d an as
sis ta n t ca s h ie r in th e d e p a rtm e n t o f
h a n k s an d b a n k e rs o f th e C en tral N a
tio n a l B a n k and T ru s t C o m p a n y at a
J u n e m e e tin g o f th e B o a rd o f D ir e c
tors.
M r. S m ith has b e e n w ith th e
h a n k fo r 15 y e a rs and h is s e r v ic e has
D A LE C. SM ITH
Now Assistant Cashier
I S prompt, efficient collection of
Wisconsin checks and drafts im
b e e n c o n tin u o u s w ith th e e x c e p tio n o f
43 m o n th s sp en t w ith an A r m y A ir
F o r c e s m e d ica l d e a tch m e n t in W o r ld
W a r II.
M r. S m ith is p a st p re sid e n t o f th e
D es M oin es ch a p te r o f th e A m e r ic a n
In stitu te o f B a n k in g an d p ast S tate A s
so cia te C o u n cilm a n fo r th e n a tion a l
o rg a n iz a tio n .
portantly you? Do you ever need first-hand facts
about sources of supply in Wisconsin? . . . credit
information? . . . market data? . . . who’s who?
Whatever your requirements — routine bank
ing service, special information, or off-the-beatenpath assistance — the chances are that the facil
ities, long experience and statewide contacts of
T h e p r o m o tio n o f George I). Jorgen
sen fr o m assista n t v ic e p re s id e n t to
v ic e p re s id e n t w a s a n n o u n ce d b y Her
bert L. Horton, p re s id e n t o f th e Iow a -
the First Wisconsin National Bank of Milwaukee
can supply the answer.
D es M oin es N a tion a l B a n k & T ru s t
C o m p a n y fo llo w in g th e J u ly b oa rd
m eetin g .
This bank is the largest in the state, and over
85 per cent of the hundreds of banks throughout
M r. J o rg e n se n , c o m m e r c ia l lo a n o f
ficer, ca m e to th e b a n k w h e n th e Io w a
T ru s t a n d S a v in g s B a n k b e ca m e p a rt
o f th e Iow a -D es M oin es N a tion a l B an k
& T ru s t C om p a n y . H e has h a d o v e r
28 y e a r s o f b a n k in g e x p e r ie n c e . M r.
J o r g e n s e n w a s n a m ed a ssistan t cash-
BANKS
Banks and Bankers Division
GEORGE T. CAMPBELL................................ V i c e
RICHARD J. LAWLESS.................. A s s i s t a n t V i c e
DONALD A. H A R P E R .................. A s s i s t a n t V i c e
Bought and Sold
Confidentially and with becoming dignity
BANK E M P L O Y E E S PLACED.
40 Y e ars Sa tis fa c to r y Service
THE CHARLES E. WALTERS CO.
OM AHA. NEBRASKA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Wisconsin are First Wisconsin correspondents.
■Member of ■
the Federal Deposit
Insurance Corporation
P re sid en t
P r e s id e n t
P re sid en t
FIRST WISCOISIS
niTIOML BAIR
O F
M I L W A U K E E
Northwestern Banker, July, 1946
70
Iowa News
I NV E NT OR Y . . . THE BASIC
A S S E T OF I N D U S T R Y
FIELD
WAREHOUSING
SERVICE
H om e Ferlerai
Our
GEARED
to m e e t to d a y ’s
req u irem en ts of *
In d u stries and
Fin a n cia l Institutions
Marketable inventories (raw
materials or finished goods)
the basic asset of industry, can
be conveniently and econom
ically con v erted into sound
loan collateral, through our
extensive Field Warehousing
Service, —the setting up of a
Legal Warehousing Operation
right on the premises of the
Borrower's Business Location.
of the merchandise.
V a lu e
A
er
support
ed by our Warehousemen’s
Legal Liability and Employee’s
Fidelity Bond, underwritten
by the Hartford Accident and
Indemnity Co.
Several banks engaged in the Person
alized Check program have tried—
with considerable success—the idea
of giving a complimentary supply of
fifty checks to their depositors, at the
same time advising them that sub
sequent orders may be purchased at
modest cost.
^
O u r A b ilit y a n d S k ill
—Not one
dollar of loss to Lending
Agent, Bonding Company or
Ourselves.
O u r R e co rd S ta n d s
T
W RITE TO
N EAREST O FF IC E
(Complete information
given —No obligation)
FIELD WA R E H O U SI N G DIV IS ION
ST.LDUISTERininflLUJHREHOUSE CD.
SERVIN G
IN D U S TR Y OVER TWENTY YEARS
G E N E R A L O F F IC E S - S T . L O U IS M O .
C I N C I N N A T I ••• KA N S A S CITY
CHICAGO» DALLAS»MEMPHIS
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
er in 1932 and a ssistan t v ic e p re sid e n t
in 1943. H e has b e e n a ctiv e in official
ca p a cities in th e R e ta il C redit A s s o c ia
tio n o f D es M oin es, th e B e tte r B u s i
n ess B u rea u , th e P o lk C o u n ty T u
b e r c u lo s is A s s o c ia tio n and A r g o n n e
P ost, A m e r ic a n L e g io n .
Joseph E. Roseniield, m e m b e r o f th e
la w firm o f G am ble, R ead, H o w la n d
an d R ose n iie ld , has b e e n e le cte d a d i
r e c to r o f th e B a n k e rs T r u s t Co. H e
fills th e v a c a n c y ca u sed b y th e r e c e n t
d ea th o f J. W . How ell w h o w a s o n th e
b o a rd fo r 29 y e a rs.
THE FREE FIFTY
FIELD W A R EH O USIN G presents a
proven way— to increase your Loan
Portfolio of Borrowers on a profit
able and well-secured basis.
^
INTERIOR VIEW of the beautiful new headquarters of the Home Federal
Savings and Loan Association of Des Moines. The location is on the southeast
coiner of Sixth and Grand Avenue, which is one of the choice corners in the city
°f Lies Moines. Officers include: Chairman, C. B. Fletcher; president, Arthur S.
Kirk; vice president, Dr. Lawrence E. Kelley; secretary-treasurer, Jonathan M.
Fletcher.
This sales approach develops some
rather interesting arithmetic. For ex
ample, if you extend the offer to 1,000
depositors about 300 will accept it.
To this group you give the kit of fifty
checks, which costs you 60 cents in
cluding postage. Of the 300 receiving
the gift package, about 170 will con
tinue to reorder.
Your investment amounts to $180,
and thereafter you save the cost of
checks, passbooks and covers which
you would normally have to assume
for the 170 depositors who fully ac
cepted the Personalized Check idea.
Not to be overlooked is the fact that
so at a very low, and ulti
mately at no cost at all, you please
170 people.
th e y lik e it,
The same offer should be extended
to new customers as they open their
accounts. You merely have to give
them our temporary envelope con
taining a few blank checks which will
last them until their gift of fifty checks
arrives, and by so doing you develop
a continuingly higher proportion of
Personalized Check users among your
depositors and a correspondingly
lower net check expense to your bank.
One bright young lady in your bank
could take this little idea and (1 ) do
a real customer relations job, (2 )
delight your operating department
and (3) make her salary. It’s worth
trying and we are ready to help with
publicity material. Write us for more
information.
Iowa News
In a d d itio n to b e in g a c tiv e in th e
p r a c tic e o f law , M r. R o se n fie ld is a
tru ste e o f G rin n e ll C olleg e, a m e m b e r
o f th e b o a rd o f Io w a M eth od ist H o s
pital, s e c r e ta r y o f N a tion a l B y p r o d
u cts, In c., v ic e p re s id e n t and d ir e c to r
o f th e F r a n k e l C lo th in g Co., an d d i
r e c to r o f Y o u n k e r B ro th e rs.
Harold Wellander, sa v in g s te lle r at
th e C apital C ity S tate B an k , w a s to be
m a rrie d J u ly 7th in th e F ir s t L u t h e r
an C h u rch to Lois Smith, a lso o f D es
M oin es.
M r. W e lla n d e r re tu r n e d to
th e C apital C ity in F e b r u a r y a fte r
fo u r y e a r s ’ d u ty w ith th e a rm y , tw o
y e a r s o f w h ic h w e r e sp e n t in In dia.
T o h a n d le th e fin a n cin g o f th e Io w a
C en ten n ia l C e le b ra tio n w h ic h w a s h eld
in D es M oin es J u n e 28th th r o u g h J u ly
6th, th e sp e cia l e v e n ts c o m m itte e o f
th e D es M oin es C h a m b er o f C o m m e rce
o r g a n iz e d th e D es M oin es E n te rp rise s,
In c. C h a irm a n o f th e fin a n ce c o m m it
tee fo r th e o r g a n iz a tio n w a s R. R. Rol
lins, v ic e p re s id e n t o f th e B a n k ers
T r u s t C om p a n y .
71
C O N D E N S ED ST ATEM ENT O F CO N D ITIO N
June 29. 1946
ASSETS
C a s h a n d D u e fro m B a n k s ........................................................................................................... S 4,629,708.77
U. S. G o v e rn m e n t B o n d s ................................................................................................................... 10,725,647.70
S tate, C o u n ty a n d M u n ic ip a l B o n d s .......................................................................................
226,837.07
O th e r B on d s a n d S e c u r itie s ............................................................................................................
117,396.00
S to ck in F e d e r a l R e s e r v e B a n k ..................................................................................................
24,000.00
L oa n s a n d D isco u n ts .....................................................................................................
4,880,612.06
B a n k B u ild in g , F u rn iture a n d F ix tu re s..................................................................................
157,500.00
C u stom ers L ia b ility , Letters o f C re d it.....................................................................................
65,557.20
O th er A s s e ts ..........................................................................................................................................
3,905.50
$20,831,164.30
L I AB I L I T I ES
C a p ita l ............................................................................................................................ $400,000.00
S u rp lu s ............................................................................................................................. 400,000.00
U n d iv id e d P rofits .........................................................................................
48,737.97
R e s e r v e for C o n tin g e n c ie s ....................................................................
100,000.00
T otal C a p ita l A c c o u n t.
R e s e r v e for T a x e s a n d Interest.
Letters o f C re d it................................
O th e r L ia b ilitie s .............................
D e p o s its ...............................................
$
948,737.97
50,029.05
65,557.20
71.00
19,766,769.08
$20,831,164.30
A. G. Sam, President
Fritz Fritzson, Vice Pres, and Cashier
E. A. Johnson, Assistant Cashier
J. T. Grant, Vice President
H. H. Strifert, Assistant Cashier
J. R. Graning, Assistant Cashier
R.
E. Gleeson, Assistant Cashier
W . F. Cook, Auditor
MEMBER FEDERAL RESERVE SYSTEM
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
Harold Klein, v ic e p re s id e n t o f th e
Iow a -D es M oin es N a tion a l B a n k and
T ru s t C om p a n y , w a s c h a irm a n o f th e
H is to r ic a l S p e cta cle c o m m itte e w h ic h
p r o d u c e d th e p a g ea n t, “ Io w a On th e
W in g s o f T im e ,” sta g ed b e fo r e th o u
san ds o f sp e cta to rs in D ra k e sta d iu m
fo r th re e n ig h ts d u r in g th e cele b ra tio n .
Sherman W. Fowler, assista n t v ic e
p re s id e n t at th e Iow a -D es M oin es N a
tion a l, a lso a ssisted o n th e co m m itte e .
il
T r a n s fe r o f $250,000 fr o m u n d iv id e d
p rofits to su rp lu s, m a k in g th e su rp lu s
$1,250,000, w a s a n n o u n c e d last m o n th
fo llo w in g a b o a r d m eetin g , b y E. F.
Buckley, p re s id e n t o f th e C en tra l N a
tio n a l B a n k a n d T ru s t C om p a n y . T h e
su rp lu s n o w eq u a ls ca p ita l o f $1,250,000, b r in g in g tota l ca p ita l fu n d s to
m o re th a n $3,600,000. A $2 ca sh d iv i
d e n d o n o u ts ta n d in g s to c k w a s a lso
d e c la r e d at th e m eetin g .
★
Mr. Banker:
DO YOU KNOW THAT
★
/f f
mini BANKS
S /O U X
( ///i f
★ ★ *
ARE REGULAR SUBSCRIBERS TO
D.A.S. AGRICULTURAL DIGEST
There is no other agricultural inform ation service just like it.
For sample releases and further inform ation write to
Doane Agricultural Service, Inc.
B ox 603, 206 P lym outh B ldg.
You Should Have It!
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Des Moines 9, Iowa
H o m e O Ilice— St. L o u is
Northwestern Banker, July, 1946
72
Iowa News
Mr. and Mrs. Erwin AV. Jones h a v e
a n n o u n ce d th e en g a g e m e n t o f th e ir
d a u g h ter, Ruth Pauline, to Robert
Lewis Stuhr o f W a s h in g to n , D. C. A n
e a rly fa ll w e d d in g is p la n n ed .
M r.
J o n e s is v ic e p re sid e n t o f th e Iow aD es M oin es N a tion a l B ank.
tern ity , and re c e iv e d h is M .A . d eg ree
fr o m th e State U n iv e r s ity o f Iow a .
M iss J on es an d M r. S tu h r b o th r e
c e iv e d B .A . d e g re e s fr o m D ra k e U n i
v e r s it y an d b e ca m e m e m b e rs o f P hi
B eta K ap p a, h o n o r a r y s ch o la stic fr a
te rn ity . M iss J on es a lso r e c e iv e d h e r
M .A . d e g re e at D ra k e an d h as b een
s tu d y in g at C h ica g o U n iv e r s ity in th e
gra d u a te s c h o o l fo r h e r d o c t o r ’s d e
gree. M r. S tu h r is a m e m b e r o f S igm a
D elta Chi, p r o fe s s io n a l jo u r n a lis m fra-
M r. W h e e lo c k w a s b o r n at H a rtley ,
Iow a , a n d w a s g ra d u a ted fr o m th e
State U n iv e r s ity o f Iow a .
H e h ad
liv e d in D es M oin es fo r m o r e th a n 25
yea rs.
and a son , L e w is F r e d e r ic k W h e e lo c k ,
jr.
Lewis F. Wheelock, 50, in v e stm e n t
b ro k e r, d ied th is m o n th at h is h om e
in D es M oin es. D eath resu lted fr o m a
h ea rt ailm en t.
H e had b e e n a m e m b e r o f th e in
v e stm e n t se cu ritie s firm o f W h e e lo c k
& C u m m in s, In c., sin ce 1934.
M r. W h e e lo c k is s u r v iv e d b y a
d a u g h ter, L o u ise M a n a trey W h e e lo c k ,
THE BEAUTIFUL YOUNG LADY
pictured above is Mrs. Patricia McAvoy Hewitt, the wife of Robert
Hewitt, teller at the Valley Bank
and Trust Company in Des Moines.
Mrs. Hewitt was born in Oxford,
England, where she met her husband
when he was stationed there with
the Army Air Forces.
Just a year ago this month, on
July 21st, they were married at Ox
ford when Mr. Hewitt had a fiveday leave from his B-26 outfit in
France. When he reported back to
France his unit was ordered to the
South Pacific but after putting to
sea those orders were changed to
Boston. He was discharged in Octo
ber, and returned to the Valley
Bank. It took from then until March
to get Mrs. Hewitt passage, on the
Queen Mary. Her greatest pleasure
is to go into stores and see so many
clothes for sale without ration cou
pons.
DEAR EDITOR
(C o n tin u e d fr o m p a g e 9)
“C. E. Nelson, vice president and cashier
and myself have been continuous subscribers
to the N o r t h w e s t e r n B a n k e r for many
years and are so impressed with your fine
publication that we have recommended the
N o r t h w e s t e r n B a n k e r for our directors.”
J. I. Christiansen, President,
T h e American National
Panic, Kimball, Nebraska.
"A n o th e r
-■ -
31 * 1
-
e
is a track raiser taking a
si glit necessary for accurate
H
ly raising track during a ballast
ing job on the Milwaukee Road.
This stretch of double track is
rated by engineers tops for high
speed, heavy-duty operation. It
cushions the H I AW A T HAS
and a great fleet of super-speed
trains running on faster than
mile-a-minute schedules between
Chicago, Milwaukee and the
Twin Cities. Properly cared
for, a well built roadbed like
this one improves with age. The
Milwaukee Road program of
track improvement and main
tenance never stops. As the track
expert pictured above with his
head to the rail said,” We make
’em as smooth as a ballroom
and as solid as Gibraltar.”
N ew
H ig h "
“I thought you would be interested in our
June 29th statement together with the cir
cular letter we are mailing out to some 1,500
of our customers. We have been getting
good results from, this form of advertising.
“You probably will be interested to know
that our deposits reached another new high
DES MOINES BUILDING-LOAN &
SAYINGS ASSOCIATION
Oldest In Des M oines
210 6th Ave.
Dial 4-7119
ELMER E. MILLER
Pres, and Sec.
HUBERT E. JAMES
Asst. Sec.
FOR YOUR ENJOYMENT . . .
Listen to the
“ WORLD OF MUSIC”
t h e
M
il w a u k e e
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R
oa
»
KRNT, 1350 KC
1 to 1:30 p.m. Sundays
73
of $2,687,160. Earnings quite satisfactory
and our bond account is now an even $2 ,000,000 with an appreciation of over $30,000.
All bonds are carried here at par and nothing
but governments. Our loans are at a low
point but we expect the demand to pick up
in the next 60 days as Oakland is quite a
cattle feeding center and they usually begin
to buy cattle for feeding purposes about the
middle of August or early September. ’ ’
W . L. S p e n c e r , President,
Oakland Savings Bank, Oak
land, Iowa.
"Enjoy Your Fine Magazine"
will appreciate it if you will send me
one of your new Iowa Bank Directories. We
find it very valuable and we also enjoy read
ing your fine magazine.”
Eugene W. Burdic, Presi
dent, Malvern Trust and Sav
ings Bank, Malvern, Iowa.
“I
"Prominent Milestone"
“You will note from our June 29th state
ment, that our Capital and Surplus are now
$1,000,000. We think this is a very promi
nent milestone in the career of the Union
Bank and Trust Company of Ottumwa.”
M a x v o n S c h r a d e r , Presi
dent, Union Bank and Trust
Co., Ottumwa, Iowa.
Bankers:
We
specialize
H . L . B rin k , fo r m e r ly assstan t v ic e
p re s id e n t o f th e L o s A n g e le s h ea d
q u a rters, h as b e e n a d v a n ce d to th e
m a n a g e rsh ip o f th e W ilsh ire-D u n sm u ir b ra n ch , su c c e e d in g G e o r g e
T h o m p s o n , w h o w ill ta k e u p a n e w
m a n a g eria l p o s t in th e n ea r fu tu re.
M r. A k e r
a n ty sin ce
W o r ld W a r
th e M ed ica l
has b e e n w ith th e G u a r
J a n u a ry , 1913.
D u rin g
I h e s e r v e d o v e rs e a s in
C orp s o f th e A r m y .
AMERICAN NATIONAL BANK
AMD T R U S T C O M P A N Y
O F C H IC A G O
LA SALLE STREET „III, AT WASHINGTON
Member Federal Deposit
Insurance Corporation
w
AT THE
Im p o r ta n t m a n a g eria l ch a n g e s in
B a n k o f A m e r ic a ’s S o u th e rn C a liforn ia
bran ch es have been an n ou n ced b y
A . J. G ock , c h a irm a n o f th e b o a r d o f
d ir e c to r s . W a lte r B. H a v e k o rs t, fo r
m e r ly o f th e L o s A n g e le s h e a d q u a r
ters, has b e e n n a m ed v ic e p re sid e n t
an d m a n a g e r o f th e F ir s t an d P in e
b r a n c h in L o n g B ea ch to s u c c e e d G ray-
G u a ra n ty T ru s t C o m p a n y o f N e w
Y o r k has a n n o u n c e d th e a p p o in tm e n t
o f L a w r e n c e M. P ritch a rd an d J osep h
G. A c k e r as assista n t trea su rers, and
o f H e n r y B. D y k e as a ssista n t s e c r e
tary.
M r. P ritch a rd , fo r m e r ly an assistan t
tru st officer, r e tu rn e d r e c e n tly fr o m a
m ilita ry lea v e o f a b se n ce o f tw o an d a
h a lf y ea rs, d u r in g w h ic h h e s e r v e d in
th e U. S. N a v y as a lie u te n a n t c o m
m a n d er.
V ic e P re sid e n t an d M a n a g er J. H.
C ro sb y o f th e San P e d ro b r a n c h w ill
a ssu m e an a d m in istra tiv e p o s t w ith
th e L o s A n g e le s h ea d q u a rters. H e is
s u cce e d e d b y C harles P. D on etti, fo r
m er assista n t m a n a g er o f th e b ra n ch ,
w h o re tu rn s fr o m m ilita ry se rv ice .
STATEM ENT
Manager Changes
Name Three Officers
d o n H offm a n , w h o b e c o m e s v ic e p r e s i
d en t and m a n a g e r o f th e San D ieg o
m a in office.
CLOSE
OF
OF C O N D IT IO N
ItC S IN E S S
JU NE
20, 1040
R E S O U R C E S
Cash and due from b a n k s .................................... $ 43,285,974.22
United States Government obligations — direct
and fully gu a ra n teed .........................................
73,467,430.39
Municipal and other marketable securities . .
24,791,118.64
Loans and d isc o u n ts..............................................
64,991,992.91
Federal Reserve Bank stock....................................
180,000.00
Customers’ liability on letters of credit and
a c c e p ta n c e s ........................................................
2,179,421.06
Accrued interest receivable....................................
366,266.03
Other a s s e t s .............................................................
155,764.92
$209,417,968.17
in
writing
automobile and fire insur
ance.
Special bank service and
attractive proposition for
banker agents.
★
CENTRAL STATES MUTUAL
INSURANCE ASSOCIATION
Mt. Pleasant, Iowa
E. A. HAYES, President
L I A B I L I T I E S
Capital sto c k ............................................................. $
Surplus......................................... ..............................
Undivided p r o f i t s ...................................................
Reserves for taxes, interest, contingencies, etc. .
Unearned discount...................................................
Other liabilities........................................................
Liabilities on letters of credit and acceptances .
Deposits:
Demand
United States Government .
Other public funds . . . .
S a v in g s....................................
2,000,000.00
4,000,000.00
629,351.78
1,767,356.75
576,918.59
62,618.76
2,185,323.64
$160,476,451.00
22,913,788.37
78,545.98
14,727,613.30
198,196,398.65
$209,417,968.17
O. T. WILSON, Secretary
Established 1929
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
United States Government obligations and other securities carried at $40,989,504.28 are pledged
to secure public and trust deposits and fo r other purposes as required or permitted by law.
Northwestern Banker, July, 1946
74
M r. D y k e ’s s e r v ic e w ith th e G u a r
a n ty h as b e e n w ith its fo r e ig n b r a n c h
es, an d w ith h is n e w a p p o in tm e n t as
a ssista n t s e c r e ta r y h e b e c o m e s a sso
cia te d w ith th e office in B ru ssels, B e l
g iu m .
Assistant Cashier
T h e F ir s t N a tio n a l B a n k in St. L o u is
h as a n n o u n c e d th e e le c tio n o f F r e d
C. R o e p e r as an assista n t ca sh ier, in
th e F H A d ep a rtm en t.
M r. R o e p e r is a n a tiv e St. L ou isa n ,
w a s ed u ca ted in th e c it y ’s p u b lic
s c h o o ls and h o ld s a S ta n d a rd C ertifi
ca te fr o m th e A m e r ic a n In stitu te o f
B a n k in g . In 1917 h e b e g a n h is b a n k
in g ca re e r in th e cle a r in g h o u s e o f th e
o ld M e ch a n ics-A m e rica n N a t i o n a l
B ank. S in ce 1919 h e has b e e n w ith
th e F ir s t N a tion a l, an d h as s e rv e d in
m a n y d e p a rtm e n ts o f th e ban k .
H e Made the Sale
“ W h a t !” e x c la im e d th e lad y, “ y o u
c h a rg e m e a d o lla r fo r th a t lo ose-lea f
scra p b o o k .”
“ Y es, m a ’m ,” re p lie d th e p o lite sta
tion er, “ th a t is th e v e r y lo w e s t p rice
w e ca n sell it fo r .”
“ H o w is it th a t I ca n g e t o n e ju s t
lik e it at B r o w n ’s fo r 90 c e n ts ? ”
“ I ca n n o t say, m a dam . B erh a p s M r.
B r o w n has ta k e n a fa n c y to y o u . H e
is a w id o w e r an d y o u are v e r y b e a u
tifu l a n d — y es, m a ’am , o n e dolla r.
T h a n k y o u .”
Announce Promotions
A lle n P. S tu lts w a s ele cte d a ssist
ant v ic e p re s id e n t in th e c o m m e r c ia l
d e p a rtm e n t and T. J. H e r b e r t a ssistan t
v ic e p re s id e n t in th e tru st d e p a rtm e n t
o f th e A m e r ic a n N a tion a l B a n k an d
T ru s t C o m p a n y o f C h ica go.
A ls o
ele cte d to official p o s itio n s w e r e A r
th u r H . M orsta d t, a ssistan t tru st offi
cer, an d G erald E. K eid el, assista n t
m a n a g er, fo r e ig n d ep a rtm en t.
M r. Stu lts, w h o en te re d th e b a n k ’s
e m p lo y in 1933 as office b o y , has s e rv e d
A L LE N P. STU LTS
T. J. H E R B E R T
in th e cr e d it d e p a rtm e n t an d as a
ju n io r lo a n officer, h a v in g b e e n e le c t
ed a ssista n t ca sh ie r in 1942. H e h as
a tten d ed th e U n iv e r s ity o f Illin o is an d
N o r th w e s te r n U n iv e rs ity , a n d w a s a
m e m b e r o f th e 1945 g ra d u a tin g class
o f th e G rad u ate S c h o o l o f B a n k in g at
R u tg e r s U n iv e rs ity .
M r. H e r b e r t b e ca m e a ssocia ted w ith
th e A m e r ic a n N a tion a l B a n k in 1944
w h e n h e w a s e le cte d a ssista n t tru st
officer.
H e p r e v io u s ly h a d sp en t 15
y e a rs in th e e m p lo y o f th e C ity B a n k
F a r m e r s T ru s t C o m p a n y o f N e w Y o rk
fo llo w in g h is g ra d u a tio n fr o m T h e
C olleg e o f th e C ity o f N e w Y o rk . H e
w a s a m e m b e r o f th e 1940 cla ss o f th e
G rad u ate S c h o o l o f B a n k in g , an d is
p r e s e n tly a m e m b e r o f th e fa c u lty o f
th is s c h o o l fo r b a n k officers co n d u c te d
b y th e A m e r ic a n B a n k e rs A s s o c ia tio n .
rOURTH andCRAND
DES MOINES
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
75
Manufacturers Trust
T h e sta tem en t o f c o n d itio n o f M an
u fa c tu r e r s T r u s t C om p a n y , N e w Y o rk ,
as o f J u n e 30, 1946, s h o w s d e p o sits o f
$2,343,557,026, w h ic h in c lu d e U n ited
S tates G o v e r n m e n t w a r loa n d e p o sits
o f $241,461,153. R e s o u r c e s are $2,489,524,759. T h e s e fig u res c o m p a r e w ith
d e p o s its o f $2,259,623,221 an d re s o u r c e s
o f $2,401,433,547 s h o w n o n M a rch 31,
1946. On J u n e 30, 1945, th e re s p e c tiv e
fig u res w e r e $2,145,420,789 an d $2,261,550,127.
U n ited S tates G o v e r n m e n t
w a r lo a n d e p o s its on M a rch 31, 1946,
w e r e $427,751,906 an d o n J u n e 30, 1945,
th e y w e r e $398,135,001.
C ash an d D u e fr o m B a n k s is listed
on J u n e 30, 1946, at $560,937,087 as
a g a in st $366,135,931 s h o w n o n M a rch
31, 1946, an d $381,982,154 s h o w n a y e a r
ago.
U n ited S tates G o v e r n m e n t se
c u ritie s stan d at $1,360,049,030; th re e
m o n th s a g o th e y w e r e $1,417,231,943
a n d on e y e a r a g o th e y w e r e $1,319,364,692. L oa n s, b ills p u rch a s e d and
b a n k e r s ’ a cce p ta n ce s are n o w $490,061,485 w h ic h c o m p a r e w ith $527,435,424 on M a rch 31, 1946, an d $484,681,046
o n J u n e 30 last y ea r. C a pital fu n d s
as o f J u n e 30, 1946, are s h o w n as: c a p
ita l $41,250,000, su rp lu s $41,250,000 and
u n d iv id e d p rofits $33,604,839.
T o ta l r e s o u r c e s s to o d at $5,554,310,000, a g a in o f $772,459,000 o v e r J u n e 30,
1945, c o m p a r in g w ith $5,626,063,000 at
th e y e a r end.
T o ta l loa n s and d is co u n ts a m o u n te d
to $1,198,680,000. T h is w a s an in cre a se
o f $267,433,000 sin ce J u n e 30, 1945, a
g a in o f 366 p e r c e n t o v e r th e c o r r e
sp o n d in g fig u re a y e a r ago.
Rockefeller Joins Chase
D a v id R o c k e fe lle r , y o u n g e s t son o f
J o h n D. R o c k e fe lle r , Jr., has b e e n a p
p o in te d an assista n t m a n a g er in th e
fo r e ig n d e p a rtm e n t o f th e C hase N a
tio n a l B a n k an d h as jo in e d th e staff at
th e h ea d office o f th e ba n k , 18 P in e
S treet.
M r. R o c k e fe lle r se r v e d in th e a r m y
Statement of Condition
June 29, 1946
ASSETS
Cash on Hand and on Deposit with Banks...............$ 6,448,687.42
United States Government Securities.......................... 13,827,516.29
Other Bonds and Securities............................................
Loans and Discounts...................
95,000.00
4,888,336.54
Security National Bank Building, Vault and Fix
tures .....................................................................................
301,370.18
Federal Reserve Bank Stock............................................
24,900.00
Customers Liability—-Letters of Credit.......................
106.00
Other A s s e t s .........................................................................
4,681.74
$25,590,598.17
Bank of America
LIABILITIES
A m a rk e d u p w a r d tre n d in ea rn in g s,
c h ie fly du e to in cre a s e d lo a n v o lu m e ,
is r e v e a le d b y th e B a n k o f A m e r ic a
sta tem en t o f c o n d itio n as o f J u n e 29,
1946. C apital fu n d s w e r e s u p p le m e n t
e d fr o m e a rn in g s a n d th e e q u ity o f
c o m m o n sh a re h o ld e rs in crea sed ; c o n
tin u e d g r o w t h in a ll d e p a rtm e n ts o f
n o r m a l o p e r a tio n w a s reflected , an d a
g a in in d e p o sits h a d an o ffs e ttin g e f
fe c t o n g o v e r n m e n t w ith d r a w a ls fr o m
th e U. S. w a r loa n a c c o u n t d u r in g re
ce n t m on th s.
D e p o s its tota led $5,238,524,000, an in
c re a se o f $715,971,000 o v e r a y e a r ago,
c o m p a r in g w ith $5,339,307,000 at D e
c e m b e r 31, 1945. T h e b a la n ce in th e
w a r lo a n a c c o u n t at J u n e 29th, in c lu d
ed in th e a b ov e, w a s $277,000,000, c o m
p a red w ith $439,000,000 at th e y e a r end.
C a p ita l.....................................................................................$
Surplus.....................................................................................
Undivided Profits................................................................
500,000.00
350,000.00
81,157.79
Liability— Letters of Credit Outstanding...................
106.00
D ep osits................................................................................... 24,659,334.38
$25,590,598.17
D IR E C TO R S
Paul Bekins
Charles R. Gossett
W m. W . MacFarlane
Otis P. Garrison
George L. Booth
Harold A. Jacobsen
George C. Pechstein
Harry P. Pratt
Edward C. Palmer
OFFICERS
Charles R. Gossett, President
B. M. W heelock, Vice President
Albert C. Eckert, Vice President
Alvin G. Nelson, Vice President
R. Earl Brown, Cashier
Daniel B. Severson, Assistant Cashier
Frank H. Abel, Assistant Cashier
Robert W. Lewis, Assistant Cashier
CECURIT
RHNM H
or Sioux Cits?
M e m b e r F e d e r a l D e p o s it In s u r a n c e C o r p o r a tio n
'lÁ J e ó á fin c j
C o
I just said there’s a big wreck down
the street, P o p ! I didn’t T E L L you to
RUN two blocks!
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Federal Reserve Bank of St. Louis
u
n
s e l
~ S * e n / íc eó
on
B a n k
Plan to use an advertising program of
well worded messages created by
Wessling Services, D es Moines, Iowa
P u b l i c
R
e
l a t i o n s
D. R. WESSLING, PRESIDENT
2
ai
l/ïjoin ei 9 ,
J lo u u a
Northwestern Banker, July, 1946
76
fo r th ree an d a h a lf y e a rs and w a s
o n o v e rs e a s d u ty in N orth A fr ic a and
F ra n ce fo r tw o y e a rs o f th at tim e. H e
en listed as a p riv a te in M ay, 1942, an d
w a s a ca p ta in w h e n h e w a s d e m o b il
ized in D e ce m b e r, 1945.
B e fo r e jo in in g th e a rm y M r. R o c k e
fe lle r h ad b e e n s e c r e ta r y to M a y o r
L a G u a rd ia at th e C ity H a ll d u r in g 1940
a n d 1941. H e th en se r v e d as a ssistan t
re g io n a l d ir e c to r o f th e U n ited States
Office o f D efen se, H ea lth an d W e lfa r e
S e rv ice fr o m O ctob er, 1941, u n til M ay,
1942.
20 European Offices
American National
R e o p e n in g o f th e B ru ssels office o f
A m e r ic a n E x p r e s s w a s a n n o u n c e d r e
c e n tly b y R a lp h T. R eed, p resid en t.
O p era tin g at 51 C a n tersteen u n d e r th e
m a n a g e rsh ip o f J o h n F a lk e n b e rg , fo r
m e r ly M iam i m a n a g er, th e office w ill
e x te n d se r v ic e s a lre a d y o ffe re d in B e l
g iu m b y th e A n t w e r p office, re o p e n e d
last y ea r. W it h th e re-esta b lish m en t
a lso o f S ca n d in a v ia n o p e r a t i o n s
th r o u g h o p e n in g o f a S to c k h o lm office
at S m a la n d sg a ten 11 in c h a rg e o f E . K .
K je lb e r g , A m e r ic a n E x p r e s s n o w o p
erates 20 offices in E u ro p e .
T o ta l r e s o u r c e s o f th e A m e rica n
N a tion a l B a n k an d T ru s t C o m p a n y o f
C h ica g o a m o u n te d to $209,418,000 on
J u n e 29, 1946, as r e p o r te d in th e b a n k ’s
p u b lish e d sta tem en t as o f th at date.
T h is is a d e cre a se fr o m $236,976,000
o n D e ce m b e r 31, 1945.
D ep osits d e
crea sed d u rin g th e first h a lf o f 1946
fr o m $228,346,000 to $198,196,000, and
loa n s an d d is co u n ts in cre a s e d fr o m
$55,775,000 at th e y ea r-en d to $64,992,000 on J u n e 29th. T h e b a n k ’s h o ld in g s
o f G o v e r n m e n t b o n d s d e cre a se d fr o m
$100,454,000 to $73,467,000. T h e b a n k ’ s
h o ld in g s o f m u n icip a l a n d o th e r m a r
k eta b le s e cu ritie s in cre a se d fr o m $21,431.000 to $24,791,000, w h ile ca sh and
d u e fr o m b a n k s d e cre a se d fr o m $58,606.000 to $43,286,000.
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E a rl E. C rabb, ch a irm a n o f th e b oa rd
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M r. R id g w a y , fo r m e r assista n t v ic e
p re s id e n t o f In v e s to r s S y n d ica te, su c
ce e d s D. E. R y a n , w h o h as b e e n a v ic e
p re s id e n t o f th e c o m p a n y sin ce 1940
an d a m e m b e r o f th e m o r tg a g e d e p a rt
m en t sin ce 1928. M r. R y a n r e sig n e d
as an officer o f th e c o m p a n y to m o v e
to L o s A n g e le s w h e r e h e w ill b e in
ch a rg e o f m o r tg a g e a ctiv itie s fo r th e
c o m p a n y on th e w e s t coa st.
In 1933 M r. R id g w a y b e ca m e a sso
cia ted w ith In v e s to r s S y n d ica te and
sin ce th a t d ate h as se rv e d in b o th the
m o r tg a g e a n d sales d e p a rtm e n ts in
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Northwestern Banker, Jfily, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
,
T h a t is th e title o f a n e w 100-page
r e p o r t on su b sid ize d g o v e r n m e n t le n d
in g a g e n cie s p re p a re d fo r th e N a tion a l
T a x E q u a lity A s s o c ia tio n b y H o w a rd
F rie n d , r e se a rch d ir e c to r o f th e In d i
ana State C h a m b er o f C o m m e rce . A c
c o r d in g to th e In d ia n a C h a m b er, “ T h is
r e p o r t r e v e a ls th at 77 b a s ic g o v e r n
m en ta l a g e n cie s w ith m o re th a n 5,000
offices are in u n fa ir a n d u n n e c e s s a r y
c o m p e titio n w ith p r iv a te le n d in g in s ti
tu tion s.
T h e s e a g e n cie s are c o s tin g
th e ta x p a y e rs a b ou t $125,000,000 a n n u
a lly in in te re st o r ca p ita l su b sid ies
w h ic h , w h e n c o u p le d w ith ta x e x e m p
tion , g iv e th e g o v e r n m e n t a g e n cie s an
K L IP T O
MASON CITY, IOWA
Bank Supplies
LOOSE
CO.
77
in te re st a d v a n ta g e o v e r p riv a te le n d
in g in stitu tion s, su ch as y o u rs , o f u p
to 3.3 p er c e n t.”
Fred A. Cuscaden Retires
F r e d A . C u sca d en , v ic e p re s id e n t o f
T h e N o rth e rn T ru s t C om p a n y , C h i
ca g o , re tire d o n J u ly 1st u n d e r th e
b a n k ’s p e n s io n plan . H e h a d se rv e d
t h e in s titu tio n fo r 26 y ea rs. B o rn in
M r. J o h n s o n w a s b o r n in K ew a n ee,
Illin o is , an d d u rin g W o r ld W a r I
se r v e d in th e U n ited S tates A r m y
M ed ica l C orp s w ith an e v a cu a tio n h o s
pita l in F r a n c e an d w ith th e A r m y o f
O ccu p a tio n in G erm a n y .
H e g ra d u
ated fr o m N o r th w e s te r n U n iv e rs ity ,
S ch o o l o f C o m m e rce , in 1924. H e has
b e e n a m e m b e r o f th e b o a r d o f d ir e c
tors o f th e N o r th w e s te r n U n iv e r s ity
A lu m n i A s s o c ia tio n an d th e N. U. C lu b
o f C h ica g o sin ce 1938. D u rin g th e past
tw o y e a rs h e has b e e n p re s id e n t o f th e
g e n e ra l a lu m n i a ssocia tion .
tio n in J a n u a ry , 1920, as v ic e p re sid e n t
o f T h e N o rth e rn T r u s t C om p a n y .
H e is a p ast p re s id e n t o f th e B a n k
ers C lu b o f C h ica g o an d th e C h ica g o
C le a rin g H ou se A s s o c ia tio n a n d w a s
a c tiv e in A m e r ic a n B a n k e rs A s s o c ia
tio n affairs.
A fa r e w e ll d in n e r w a s
g iv e n b y h is a ssocia tes at S h ore A c r e s
a n d th e b a n k ’s Q u arter C e n tu ry C lub
h e ld a tea fo r h im p r e c e d in g h is r e tir e
m en t.
Carl J. Johnson Trustee
P re sid e n t F r a n k ly n B. S n y d er has
a n n o u n ce d th at C arl I. J o h n s o n o f
E v a n s to n has b e e n ele cte d to th e b o a rd
o f tru stees o f N o r th w e s te r n U n iv e r
sity.
M r. J o h n s o n , se c o n d v ic e p re sid e n t
o f th e C on tin en ta l Illin o is N a tion a l
B a n k and T ru s t C o m p a n y o f C h ica go,
is th e officer in ch a rg e o f th e cre d it
B ill » n TISUST
1 1
OTTUMWA,
[ 1
IOWA
Member of Federal Reserve System
,
FRED A. CUSCADEN
Retires from Northern Trust
C h illic o th e , O hio, h e w a s re a re d in
O m aha, N eb ra sk a , w h e r e h e a tten d ed
th e p r im a r y s ch o o ls. In 1902 h e w as
g ra d u a ted w ith th e d e g re e o f B a c h e lo r
o f L a w fr o m th e U n iv e r s ity o f N e
bra sk a , w h e r e h e w a s a m e m b e r o f
P h i K a p p a P si an d P h i D elta Phi.
H is first b u sin e ss c o n n e c tio n w a s
w ith th e U n io n N a tion a l B a n k o f
O m aha, w h e r e h e re m a in e d u n til 1905
w h e n h e o rg a n iz e d th e State B a n k o f
E r ic s o n , N eb ra sk a .
H e w a s ca sh ie r
an d v ic e p re s id e n t o f th at in stitu tio n
u n til 1912 w h e n h e b e c a m e a n a tion a l
b a n k e x a m in er.
In 1915 h e w a s ele cte d a ssista n t
ca sh ie r an d v ic e p r e s id e n t o f T h e
M e rch a n ts N a tion a l B a n k o f Om aha,
w h ic h b a n k h e se rv e d u n til h is elec-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Statement of Condition as of June 29, 1946
RESOU RCES
$ 2,497,171.47
Loans and Discounts...............
94.000.00
Bank Building ...........................
26,807.99
Furniture and Fixtures.............
30.000. 00
Stock in Federal Reserve Bank
2,183.06
Overdrafts .....................................................................
U. S. Bonds............................................... $6,418,469.85
Municipal Bonds..................................... 2,402,993.05
Other Marketable Bonds....................... 1,161,549.76
Cash and Exchange................................. 3,146,801.02 13,129,813.68
$15,779,976.20
LIABILITIES
Capital ...............................................................................$
300,000.00
Surplus .................................................
700,000.00
Undivided Profits ............................................................
61,065.07
15,000.00
Dividend Payable July 1, 1946......................................
Deposits ................................................
14,703,911.13
$15,779,976.20
♦
OFFICERS
FRANK VON SCHRADER, Chairman of the Board
MAX VON SCHRADER, President
H. L. POLLARD. Vice President
R. W. FUNK, Vice President
CLARENCE P. GLENN, Cashier
W. C. MILLER, Assistant Cashier
FRED DIMMITT, Assistant Cashier
FRANK M. POLLARD, Assistant Cashier
C. G. MERRILL, Trust Officer
J. C. BLACKFORD, Mgr., Budget Loan Dept.
Southern Iowa's Largest Bank
Member Federal ^Deposit Insurance Corporation
Northwestern Banker, July, 1946
78
d iv isio n . H e is a d ir e c to r o f th e C h i
ca g o A s s o c ia tio n o f C red it M en and
an officer an d d ir e c to r o f th e R o b e r t
M orris A sso cia te s, a n a tio n a l o r g a n i
z a tion o f b a n k cr e d it an d lo a n in g offi
cers.
Trust Conference Announced
T h e a d v a n ce p r o g r a m fo r th e A m e r i
ca n B a n k ers A s s o c ia tio n s ’ 20th R e
g io n a l T r u s t C o n fe r e n c e o f th e P a cific
C oast and R o c k y M ou n ta in States,
w h ic h w ill b e h e ld in L o s A n g e le s on
A u g u s t 7th, 8th an d 9th, has b e e n a n
n o u n c e d b y J a m es W . A llis o n , p r e s i
d e n t o f th e A .B .A . T r u s t D iv isio n , w h o
is v ic e p r e s id e n t o f th e E q u ita b le
T ru s t C om p a n y , W ilm in g to n , D ela
w a re.
T h e S ou th ern C a lifo rn ia T ru s t Offi
ce rs A s s o c ia tio n w ill act as h o s t to the
c o n fe r e n c e .
H a r r y M. B ardt, v ic e p r e s
id en t an d tru st officer in ch a rg e o f the
S o u th e rn D iv isio n , T h e B a n k o f A m e r
ica N. T. & S. A ., L o s A n g e le s, C ali
fo rn ia , is g e n e ra l ch a irm a n o f th e c o n
fe re n ce .
L. H. R o s e b e r r y , v ic e p re s id e n t and
m a n a g er, tru st d ep a rtm en t, S ecu rity F ir s t N a tion a l B a n k o f L o s A n g e le s, is
ch a irm a n o f th e p r o g r a m co m m itte e .
A tru st p r o b le m s fo r u m w ill b e a sp e
cia l fe a tu re o f th e c o n fe r e n c e , u n d e r
th e le a d e rsh ip o f W a lte r E. B ru n s, v ic e
p re s id e n t an d tru st officer, T h e B a n k
o f A m e r ic a N. T. & S. A ., San F r a n
cisco , C a liforn ia .
NEW EDITION now ready for you
Supervisors Named
T h e R o y a l B a n k o f C anada h as an
n o u n c e d th e a p p o in tm e n t o f tw o su
p e r v is o r s an d on e assistan t s u p e r v is o r
in tw o o f its b ra n ch es .
M. A . O ’H a ra has b e e n m ade su p e r
v is o r o f M a n itob a b ra n ch e s . H e w a s
M. A. O ’ Hara
A. F. M cAlpine
F. J. Lynn
fo r m e r ly m a n a g er o f th e b a n k ’ s W in
n ip e g b ra n ch .
A . F. M c A lp in e is a p p o in te d s u p e r
v is o r o f B ritish C olu m b ia b ra n ch e s ,
su c c e e d in g B. O. M o x o n , w h o has re
tire d b e ca u se o f ill h ealth . M r. M c A l
p in e w a s fo r m e r ly m a n a g e r o f M a n i
to b a b ra n ch es .
F . J. L y n n has b e e n n a m ed a ssist
an t s u p e r v is o r o f B ritish C olu m b ia
b ra n ch e s b y th e R o y a l B a n k o f C an
ada. H is h e a d q u a rte rs w ill b e in V a n
cou ver.
New Bank in South Dakota
A USEFUL HANDBOOK OF INFORMATION
O N GOVERNMENT SECURITIES
Banks interested in U . S. Government Securities
have found this Northern Trust Company booklet
of great usefulness. It contains charts, tables and
much other information relative to such securities.
The new edition brought up to date with facts and
figures is now available.
Write for your copy.
BO N D D E P A R T M E N T
TH E N O R T H E R N
TRUST COM PANY
50 SOUTH LA SALLE STREET, CHICAGO 90, ILLINOIS
Member Federal Deposit Insurance Corporation
Telephone Franklin 7070
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Bell System Teletype— CG 368
T h e S e c u r ity S tate B a n k o f A le x
an dria, S ou th D ak ota, a m en d ed its ar
ticle s o f in c o r p o r a tio n c h a n g in g th e
lo c a tio n to E m e ry , S ou th D ak ota, o p e n
in g u p at E m e r y o n J u ly 1st, w ith a
ca p ita l s to c k o f $40,000, su rp lu s $12,500, an d u n d iv id e d p rofits o f $7,500.
T h e b r a n c h office w h ic h has b e e n o p e r
a ted at E m e r y b y T h e S e c u r ity State
B a n k o f A le x a n d r ia w a s d is c o n tin u e d
J u ly 1st.
T h e S e c u r ity State B a n k , a n e w
ba n k , o p e n e d fo r b u s in e s s at A le x
a n dria, S ou th D akota, o n J u ly 1st, w ith
a ca p ita l s to c k o f $25,000, s u rp lu s
$5,000, an d u n d iv id e d p ro fits o f $2,500.
T h e officers o f th e n e w b a n k at A le x
a n d ria are as fo llo w s : P resid en t, J. J.
H o fe r ; v ic e p resid en t, J o h n S ch w a n s,
an d ca sh ier, C. T . C oyn e.
Minnesota Clearing
House Meeting
O rin S am stad, M o n te v id e o , M in n e
sota, s e cre ta ry -tre a su re r, a n n o u n ce s
th a t th e a n n u a l m e e tin g o f th e W e s t
C en tra l M in esota C le a rin g H o u se A s s o
c ia tio n w ill b e h e ld at th e M o n te v id e o
G o lf C lu b o n F rid a y , J u ly 19th. T h e
p r o g r a m w ill sta rt w ith g o lf at 2:00
p. m . T h e r e w ill b e e n te rta in m e n t fo r
th e ladies.
T h e u su a l state officers
an d v is ito r s a re e x p e c te d to attend.
T h e b a n q u e t is ca lle d fo r 6:30 p. m.,
at w h ic h th e re w ill b e en terta in m en t,
fo llo w e d b y a sh o r t b u sin e ss m eetin g .
A ft e r th e b u sin e ss m e e tin g th e re w ill
b e a p a n el d is c u s s in g G. I. loan s.
79
Elects Two New Directors
J. L. M cC a ffrey , p r e s id e n t o f th e
In te rn a tio n a l H a rv e s te r C om p a n y , and
F o w le r B. M cC on n ell, p re s id e n t o f
Sears, R o e b u c k an d C o m p a n y , w e r e
ele cte d d ir e c to r s o f th e H a rris T ru s t
an d S a v in g s B a n k o f C h ica g o at a sp e
cia l m e e tin g h e ld r e ce n tly .
M r. M cC a ffrey , b o r n in F a y e tte v ille ,
O hio, h as b e e n fo r 37 y e a rs co n n e c te d
w ith th e In te rn a tio n a l H a rv e s te r C om
p a n y w h e r e h e sta rted as a c le r k in
1909. H e ca m e u p th r o u g h s u c c e s s iv e
a d v a n ce m e n ts in th e sales en d o f th e
b u sin e ss to m e m b e r s h ip o n th e b o a rd
o f d ir e c to r s in 1941 an d la ter to th e
first v ic e p r e s id e n c y and th e n th e p r e s
id e n cy .
M r. M cC on n ell, b o r n in U p p er S an
d u sk y , O hio, r e c e iv e d h is P h.B . d e g re e
fr o m th e U n iv e r s ity o f C h ica g o in
1916, an d th en jo in e d Sears, R o e b u c k
an d C o m p a n y as a stock m a n . H is e n
tire b u sin e ss life has b e e n w ith Sears,
in w h ic h c o m p a n y h e h as s e r v e d in
v a r io u s ca p a citie s w ith a b ro a d e x p e
r ie n c e th r o u g h o u t th e U n ited States.
D u r in g W o r ld W a r I h e en te re d Offi
c e r s ’ T r a in in g C am p in M ay, 1917, and
in A u g u st, at th e age o f 22, w a s m a d e
a ca p ta in o f in fa n tr y . H e w a s a ssig n ed
to th e 86th o r B la c k h a w k D iv is io n and
s e r v e d fr o m 1917 to 1919, b e in g w ith
th e A .E .F . fo r n in e m on th s.
President AJ.B.
G e o rg e J. G re e n w o o d , Jr., w h o w a s
ele cte d n a tion a l p r e s id e n t o f th e A m e r
ica n In stitu te o f B a n k in g is a n a tiv e
o f G reen B a y, W is c o n s in . D u r in g h is
b o y h o o d th e fa m ily m ig ra te d to P o r t
land, O reg on . H e r e c e iv e d h is e d u ca
tio n in th e s c h o o l s y ste m o f th a t city .
M r. G r e e n w o o d b e g a n h is b a n k in g
ca re e r w ith th e H ib e rn ia C o m m e rcia l
an d S a v in g s B a n k in P o rtla n d in 1922
an d s e r v e d in its v a r io u s d ep a rtm en ts.
In D e ce m b e r, 1931, h e b e c a m e a sso
cia ted w ith th e B a n k o f C a liforn ia ,
N .A . in P ortla n d . A fte r s e r v in g in vari-
ou s ca p a citie s fo r fo u r y e a rs h e b e
ca m e h ea d o f th e b u sin e ss d e v e lo p
m en t an d a d v e r tis in g d e p a rtm e n t in
1935.
On J a n u a ry 1, 1942, h e w a s
n a m ed a ssista n t m a n a g e r o f th e P o r t
lan d office o f th e ba n k .
M r. G re e n w o o d has b e e n a c tiv e in
A m e r ic a n In stitu te o f B a n k in g affairs
sin ce th e o u tse t o f h is b a n k in g ca reer.
H e jo in e d P o r tla n d C h a p ter in 1922
an d t o o k A .B . s tu d y co u r s e s fo r 16
y ea rs. H e w a s on e o f th e o rg a n iz e rs
o f P o rtla n d C h a p te r’s P u b lic S p ea k in g
C lu b an d tw ic e w o n s e co n d p la ce in its
o w n p u b lic sp e a k in g con test.
term s.
In 1933 h e w a s ele cte d v ic e
p re s id e n t o f P o rtla n d C h a p ter a n d in
1934 p resid en t.
M r. G r e e n w o o d h as s e r v e d as a m e m
b e r o f th re e n a tion a l co m m itte e s o f
th e in stitu te an d w a s fo r five y e a rs
a ssocia te c o u n c ilm a n fo r th e state o f
O regon .
In 1942 h e w a s ele cte d a m e m b e r o f
th e e x e c u tiv e c o u n c il.
A t th e sam e
tim e h e has elected a m e m b e r o f th e
n a tion a l e d u ca tio n a l a d v is o r y c o m m it
tee d u r in g th e y e a r 1944-45.
In Ju n e,
1945, M r. G re e n w o o d w a s ele cte d v ic e
H e s e r v e d as C h a p ter C o n su l fo r six
y e a rs an d as a m e m b e r o f th e b o a rd
o f g o v e r n o r s o f th e ch a p te r fo r tw o
p re s id e n t o f th e in stitu te an d has n o w
a d v a n ce d to p resid en t.
C h e m ic a l
B
A
N
Sc
K
T R U S T COM PANY
Founded 1824
165 Broadway, New York
CONDENSED STATEMENT OF CONDITION
At th e c lo s e o f b u s in e s s , J u n e 30 , 1946
ASSETS
Cash and Due from Banks___________ $343,959,027.05
U. S. Government Obligations_____ 594,226,778.64
Bankers’ Acceptances and Call Loans 135,827,012.37
69,809,443.88
State and Municipal Bonds___________
Other Bonds and Investments------------- 64,940,336.12
Loans and Discounts------------------------ 253,058,855.20
269,793.50
*Banking Houses------------------------------1,837,871.87
*Other Real Estate____ _______________
178,934.66
Mortgages.
2,448,438.12
Credits Granted on Acceptances.
Accrued Interest and Accounts
3,255,301.81
Receivable-----------------------400,949.21
Other Assets------------------------$1,470,212,722.43
LIABILITIES
$25,000,000.00
Capital Stock.
65,000,000.00
Surplus.
12,271,933.65
Undivided Profits-------5,535,553.57 107,807,487.22
Unallocated Reserves— _____________
Reserves for Taxes, Expenses, etc-----Dividend Payable July 1, 1946----------Acceptances Outstanding $5,372,782.13
5,623,467.66
1,125,000.00
( L ess o w n a cce p ta n ce s
h e ld in p o r t f o l i o )
2,678,796.20
2,693,985.93
Federal Funds Purchased_____________ 25,000,000.00
523,817.40
Other Liabilities —---------------------------Deposits (in c lu d in g O ffic ia l a n d C ertifie d
C h e c k s O u ts ta n d i n g $ 6 4 , 0 8 9 , 7 6 2 . 4 8 ) 1,327,454,153.95
$1,470,212,722.43
S ec u ritie s ca r r ie d a t $ 1 9 2 , 9 1 9 , 7 8 2 .5 2 in th e f o r e g o i n g
s ta te m e n t a r e d e p o s ite d to se c u r e p u b lic fu n d s
a n d f o r o th e r p u r p o s e s re q u ir e d by la w .
* | Assessed Valuation $3,893,083.00
Charter Member New York Clearing House Association
Member Federal Reserve System
Member Federal Deposit Insurance Corporation
Now will you admit that the fire de
partment has the right of way at this in
tersection?
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker, July, 1946
80
K ei/u la tion W and th e P eo p le
By MYRON R. BONE, Secy.
American Industrial Bankers Assn.
E
F F E C T I V E J u ly 5th, R e g u la tio n
W w a s a m en d ed in fo u r resp ects,
m o s t ly fo r th e m en efit o f th o se
w h o d o n o t n e e d r e lie f fr o m cre d it
cu rb s. T h e a m en d m en t, fo r in sta n ce,
r e m o v e s th e re s tr ic tio n s fr o m in sta l
m e n t sales o f listed a rticle s w h e n th e
a m o u n t o f th e cr e d it is in e x ce s s o f
$1,500.
T h is m ea n s th at W illia m
W e a lt h y d o e s n ’t n e e d to b e c o n c e r n e d
a b ou t R e g u la tio n W if h e asks fo r
m o re th a n $1,500 cr e d it w h e n h e b u y s
an e x p e n s iv e a u to m o b ile , b u t th a t th e
h ea t is still o n J o e D oa k es w h e n h e
w a n ts to h a v e a little tim e to p a y fo r
h is ch e a p e r car.
A ttic v e n tila tin g fa n s fo r W illia m
W e a lt h y ’s h ig h -p rice d h o m e a re e x
em p t, also, b u t w h e n J oe D oa k es w a n ts
a sm a ll e le c tr ic fa n to b r in g r e lie f to
h is little h om e, h e lea rn s th at “ e le ctric
a p p lia n ces, n ot listed else w h e re , d e
sig n e d fo r h o u s e h o ld o r p e rs o n a l u s e ”
are Misted a r tic le s ” a n d th a t U n cle
Sam says h o w m u ch h e m u st p a y d o w n
to g e t th em an d h o w s o o n h e m u st p a y
th e ba la n ce.
Further Limitations
Ju st to m a k e it to u g h e r fo r J oe
D oa k es to co m p e te w ith W illia m
W e a lth y fo r th e lim ite d s u p p ly o f
d u ra b le g ood s, h e is re q u ir e d to eith er
lay cash o n th e lin e o r a b id e b y R e g u
la tion W if h e w a n ts to g et a n y o f th ese
r e c e n t a d d ition s “ to th e list o f a rticles
1st Security Bank & Trust Co.
Charles City, Iowa
Statement o f Condition at the Close o f Business June 3 0 , 1946
R ESOURCES
L IA B IL IT IE S
Cash and Due from
Banks
............. $
5 6 5 ,5 4 4 .7 4
U. S. Securities.. 4 ,0 2 0 ,6 8 9 .2 8
Capital .................. $
Surplus
................
Undivided Profits.
Total Cash and U. S. Securities. .$ 4 ,5 8 6 ,2 3 4 .0 2
Municipal and other Ta x Exem pt
Bonds
.............................................
1 0 ,7 8 8 .4 3
Other Bonds ........................................
3 3 ,4 7 2 .5 0
Loans and Discounts........................ 1 ,3 6 5 ,7 0 6 .7 8
Overdrafts
...........................................
2 4 9 .7 2
Furniture and Fix tu re s....................
7 ,1 1 4 .1 5
Total Capital, Surplus and Profits $
Demand Deposits . $ 3 ,3 7 2 ,4 0 1 .4 7
Tim e D e p o s its ... 1 ,5 1 7 ,2 1 4 .5 3
U. S. Deposits. . .
7 6 9 ,6 8 8 .4 6
Total
Deposits
1 0 0 ,0 0 0 .0 0
1 0 0 ,0 0 0 .0 0
1 4 4 ,2 6 1 .1 4
...................................
$ 6 ,0 0 3 ,5 6 5 .6 0
More Red Tape
3 4 4 ,2 6 1 .1 4
5 ,6 5 9 ,3 0 4 .4 6
$ 6 ,0 0 3 ,5 6 5 .6 0
M. J. Klaus, Vice President
W. A. Herbrechtsmeyer, Cashier
E. L. Walleser, Vice President
Robert I,. Harding, Assistant Cashier
Clara A. Smith, Assistant Cashier
Member PDIC
STATEMENT OF CONDITION
IOWA
STATE
BANK
DES MOINES, IO W A
At the Close of Business June 29, 1946
ASSETS
Loans and Discounts.................. $2,800,547.41
United States Government
Bonds ......................................... 2,223,500.00
Other Bonds and S e c u ritie s....
123.07
Furniture and Fixtures (Less
Reserve) ...................................
11,721.60
Cash and Due from Banks........ 1,200,579.25
L IA B IL IT IE S
Capital Stock (C om m on)..........$ 100,000.00
Surplus ...........................................
25,000.00
Reserves and Undivided Profits
93,407.25
Deposits ............................. , . . . . 6,018,064.08
$6,236,471.33
$6,236,471.33
The Story of Our Progress
C O M P A R A T IV E DEPO SITS S T A T E M E N T CALL DATES
December 31, 1941 (opened for business April 16, 1941)..............$ 899,987.55
December 31, 1942................................................................................. 1,611,309.87
December 31, 1943................................................................................. 2,563,303.83
December 30, 1944................................................................................. 3,726,336.12
December 31, 1945................................................................................. 5,605,865.67
June 29, 1946............................................................................................ 6,018,064.08
DIR E C TO RS
Wm. A. Broquist
G. A. Frampton
Hugh N. Gallagher
George O ’ Dea
A. E. (Bert) Sargent
Member Federal Deposit Insurance Corporation
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
s u b je c t to th e re g u la tio n : c o m b in a tio n
u n its in c o r p o r a tin g h o u s e h o ld c o o k in g
stov es, d ish w a sh ers, iro n e rs, r e fr ig e r
a tors o r w a s h in g m a ch in e s .” H e finds,
also, th at h e is d en ied th e fo r m e r e x
e m p tio n a p p lica b le to th em if th e y
w e re “ p e r m a n e n tly in sta lled in c o n n e c
tion w ith th e a lte ra tio n o r im p r o v e
m en t o f a re sid e n tia l o r o th e r s tr u c
tu re.”
T h is J oe D oa k es had b e e n g e ttin g
to o sm art, in w a y s o f e v a d in g th e
cr e d it u k a se o f th e F e d e ra l R e s e r v e
B oa rd, an d h ad d is c o v e r e d th at “ fu n e r
al e x p e n s e s ” c o u ld b e u sed to p a y fo r
v a r io u s item s. T h e n e w a m e n d m e n t
re q u ire s th at J o e b e m o re sp e cific as
to h o w h e is s p e n d in g his m o n e y . H is
lo o p h o le in S e ctio n 8 ( c ) (1) has b e e n
r e v is e d to rea d th at h e ca n h a v e h is
e x e m p tio n o n ly o n th ese term s:
“ T h a t th e p r o c e e d s (o f a lo a n ) a re
to b e u sed fo r b o n a fide e d u ca tion ,
m ed ica l, h o s p ita l o r fu n e r a l ex p en ses,
o r to p a y d eb ts in c u r r e d fo r su ch e x
p en ses, and th at su ch p r o c e e d s (u n le ss
th e y are to b e u sed e x c lu s iv e ly fo r
e d u ca tio n e x p e n s e s ) are to b e paid
o v e r in a m ou n ts sp ecified in su ch state
m en t to p e rs o n s w h o s e n am es, a d d re ss
es an d o c c u p a tio n s are stated th e r e in .”
T a k e tim e n o w to re re a d th o s e last
th re e lin es. T h e y are w r itte n in p la in
E n g lish . I f y o u m a k e a loa n fo r m e d i
cal, h osp ita l, d en ta l o r fu n e ra l e x
pen ses, y o u m u st se cu re a sta tem en t
fr o m th e b o r r o w e r o f th e n am es, ad
d resses an d o c c u p a tio n s o f th e p e rso n s
to w h o m h e in ten d s to p a y th e m o n e y
an d th e a m ou n ts h e d ecla res h e shall
p a y to each.
A ft e r th at re a d in g has ra ised y o u r
b lo o d p re s s u re y o u m ig h t ju s t m o v e
it u p a n o th e r n o tc h o r tw o b y r e v ie w
in g S e ctio n 3 (d ) (2 ), w h ic h still p r o
v id e s th at y o u r A m e r ic a n r ig h t to en
g a g e in b u sin e ss ca n b e su sp e n d e d b y
th e F e d e ra l R e s e r v e B oa rd fo r “ a n y
w ilfu l o r n e g lig e n t fa ilu r e to c o m p ly
w ith a n y p r o v is io n s o f th is r e g u la tio n
o r a n y r e q u ir e m e n t o f th e b o a rd p u r s u
an t th e r e to .”
A n d d o n ’t fo r g e t th e
fo o t n o t e to S e ctio n 3 (d ) (2) w h ic h c o y
ly re m in d s y o u o f th e p e n a lty o f a fine
o f $10,000 and 10 y e a rs im p ris o n m e n t.
# #
B. F. Jordan Resigns
A n n o u n c e m e n t o f th e re s ig n a tio n o f
B o y d F. J ord a n as ca sh ie r o f th e M u s
ca tin e B a n k an d T ru s t C om p a n y , M u s
ca tin e, Iow a , an d o f th e e le c tio n o f
F. W a r r e n A lle n as h is su cce s s o r, b o th
e ffe c tiv e A u g u s t 1st, has b e e n m ad e b y
th e ban k.
M r. J ord a n , w h o b e c a m e a ssocia ted
w ith th e b a n k S e p te m b e r 1, 1941, as
assista n t ca sh ier, and w a s m ad e cash-
81
ie r O cto b e r 28, 1943, h as a cce p te d th e
office o f e x e c u tiv e v ic e p re s id e n t o f
T h e N e w A m e r ic a n B a n k o f O sh k osh ,
W is c o n s in .
H is re s ig n a tio n w a s a c
ce p te d w ith r e g r e t b y th e b o a r d o f
d ir e c t o r s o f th e ba n k . M r. J ord a n , a
p a st p r e s id e n t o f th e M u sca tin e Kiw a n is C lu b, is n o w lie u te n a n t g o v e r n o r
o f th e Io w a -Illin o is d is tr ic t o f K iw a n is,
a n d is s e c r e ta r y o f G rou p N o. 8 o f th e
Io w a B a n k e rs A s s o cia tio n .
M r. A lle n , w h o h as b e e n assistan t
ca sh ie r o f th e b a n k sin ce 1924, b e g a n
h is b a n k in g ca re e r in M u sca tin e in
J u ly , 1917. H e e n liste d in th e a rm y
d u r in g W o r ld W a r I, le a v in g in M arch ,
1918, an d r e s u m e d h is b a n k in g p o s itio n
u p o n h is r e tu r n fr o m se rv ice . In M ay,
1919, h e a cce p te d a p o s itio n w ith th e
B r ig h to n S tate B a n k , B rig h to n , Iow a ,
as b o o k k e e p e r , te lle r an d assistan t
ca sh ier, re tu r n in g to th e M u sca tin e
b a n k in 1922 as a teller, an d in J a n u
ary, 1924, w a s ele cte d an assistan t
ca sh ier. H e w a s o n m ilita r y le a v e d u r
in g W o r ld W a r II fr o m J a n u a ry 15,
1942, u n til h is r e tu r n fr o m m ilita ry
s e r v ic e A p r il 15, 1946. M r. A lle n e n
te re d s e r v ic e as a ca p ta in in W o r ld
W a r II, w a s p r o m o te d to m a jo r S ep
te m b e r 12, 1942, and to lie u te n a n t c o l
o n e l D e c e m b e r 16, 1943.
W h ile on
te rm in a l le a v e h e w a s p r o m o te d to th e
ra n k o f co lo n e l, e ffe c tiv e J u n e 16th.
O ther p r o m o tio n s at th e b a n k in
c lu d e H a ro ld E. L em k a u , a u d itor, to
a ssista n t ca sh ie r; E. L. R u th e n b e r g to
th e p o s itio n o f a u d itor, an d R h ea W il
lia m s to assista n t ca sh ier.
M r. L e m k a u has b e e n a ssocia ted
w ith th e b a n k sin ce M a y 1, 1934, as
cle rk , a ssista n t b o o k k e e p e r , h ea d b o o k
k e e p e r and c h ie f c le r k b e fo r e b e in g
e le c te d a u d ito r in 1943.
M r. R u th e n b e r g has b e e n w ith th e
b a n k sin ce F e b r u a r y 1, 1924. H e w a s
in m ilita r y s e r v ic e d u r in g W o r ld W a r
I in 1918 a n d 1919, w a s e m p lo y e d b y
th e D. D e tth o f H a rd w a re C o m p a n y
fr o m 1919 to 1922 an d s e rv e d as d e p u ty
tre a s u re r o f M u sca tin e c o u n t y fr o m
1922 to 1924.
M rs. W illia m s has b e e n e m p lo y e d
b y th e b a n k sin ce N o v e m b e r 10, 1925,
an d has s e r v e d as c le r k an d teller, in
th e la tter c a p a c ity sin ce 1930.
O ther officers o f th e b a n k re m a in th e
sam e.
Royce Davis Promoted
R o y c e D a v is h as b e e n a p p o in te d as
sista n t ca sh ie r o f th e S e cu rity State
B ank, M ou n t A y r , Iow a , a fter se r v in g
fo u r an d on e -h a lf y e a rs in the a rm y ,
fr o m w h ic h h e w a s r e c e n tly d isch a rg e d
as a ca p ta in . R o y c e is n o t a stra n g er
to th e p e o p le o f M ou n t A y r in as
m u c h as h e p r e v io u s ly w a s e m p lo y e d
b y th is b a n k fo r a p e r io d o f th re e an d
o n e-h a lf y ea rs.
O p e n e d f o r B u s in e s s O c t o b e r 15, 1934
Statement of the
IOWA STATE BANK & TRUST COMPANY
Iowa City, Iowa
June 29, 1946
RESOURCES
Cash and Due Irom Banks.......................................................... $2,467,389.29
U. S. Bonds............................................... ..................................... 7,516,845.00
73,957.00
Other Bonds and Securities................... .....................................
CASH OR ITS EQUIVALENT....................................................................................... $10,058,191.29
Loans and Discounts............................................................................................. 2,538,677.71
Overdrafts .......................................................................................
152.25
Banking House ......................................................................................................
50,000.00
Furniture and Fixtures...........................................................................................
15,000.00
$12,662,021.25
LIABILITIES
Capital Stock ................................................................................................................ $
150,000.00
Surplus and Undivided Profits.....................................................................................
136,854.76
Deposits .......................................................................................................................... 9,912,582.50
State Treasurer Fuel Tax Fund................................................................................. 2,462,583.99
$12,662,021.25
OFFICERS
B en S. Su m m e r w il l , President
D r . E. M. M a c E w e n , Vice President
W. W. S u m m e e w il l , Vice President
M. B. G u t h r ie , Cashier
W. F. S c h m id t , Ass’t Cashier
J a s . H . S c h m id t , Ass’t Cashier
M. E. T a y l o r , Auditor
DIR E C TO RS
D r . E. M. M a c E w e n
it. J. B a s c h n a g e l
M. B. G u t h r ie
G eorge A . T h o m p s o n
Gu y A . S t e v e n s
B e n S. S u m m e r w il l
W. W. S u m m e r w il l
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
ST ATEM EN T O F C O N D ITIO N
June 29, 1946
RESOURCES
Cash and Due from B anks.............................................................................................$ 3 ,0 6 1 ,8 0 2 .1 0
Loans and
Discounts..............................................................................................
Bonds:
U . S. Government
Securities..................................... $ 6 ,6 3 3 ,7 0 9 .0 7
Municipal Securities .......................................................... _ 7 9 0 ,1 7 9 .5 3
Other Marketable Securities............................................... 1 ,2 2 5 ,5 8 7 .6 4
2 , ¿ 7 7 ,»At>-3 »
8 ,6 4 9 ,4 7 6 .2 4
15 922 SS
Stock in Federal Reserve B a n k .....................................................................................
Banking House ..................................................................................................................
3 7 ,1 0 0 .3 0
Furniture and Fixtures....................................................................................................
ooo o k
Accrued Interest ...............................................................................................................
a7
Overdrafts ............................................................................................................................
| 0 4 .2 4
Other Resources ............................................................................................................... ............... ...
$ 1 4 ,0 9 5 ,0 8 7 .7 6
L IA B IL IT IE S
O', nit a I
...........................$
4 0 0 ,0 0 0 .0 0
Surplus
Undivided Profits .............................................................................................................
“ 3 ,3 0 7 .1 6
Reserve for Taxes, Interest, Contingencies, E tc ....................................................
“ ,4 3 5 .9 2
Discount Collected but Not Earne d ..........................................................................
1 2 ,b 4 2 .3 U
Deposits:
__
Demand
..................................................................................
Tim e
............................................................................... 4 ,2 0 2 ,4 6 1 .5 5
U. S. Government
W ar Loan A cco unt.................
7 3 9 ,7 8 8 .2 5
1 3 ,3 7 6 ,7 0 2 .3 8
$ 1 4 ,0 9 5 ,0 8 7 .7 6
FI FTH AVENUE
SOUTH-226-
— and he charged me five bucks just to
paint my throat!
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NATIONAL
BANK
C £ ¿ n te n , ßcru sa
Member of Th e Federal Deposit Insurance Corporation, Washington, D.
$ 5 ,0 0 0
Maximum Insurance for Each Depositor
-
C.
$5 000
Northwestern Banker, July, 7946
82
neat, c o n v e n ie n t; a p la ce w h e r e p e o p le
lik e to co m e an d d o th e ir b u sin ess.
In o th e r w o rd s , b a ck u p y o u r a d v e r
tis in g .”
Chase Neumann, ca sh ier, F a rm e rs
and M erch a n ts N a tion a l B an k , O ak
land, N ebrask a: “ I th in k th e th ree b est
m e th o d s are:
1. L o c a l n ew sp a p er.
2. D irect m ail.
3. L o b b y p osters.
Question: What do you think are
the three best methods for pub
licizing the services of your bank?
J. T. Peterson, p resid en t, State B a n k
o f L e S u eur, M in n esota : “ 1. G o o d sou n d
a d v e rtis in g in m a g a zin es an d n e w s p a
pers.
2. W e ll tra in ed p e rs o n n e l w h o are
w illin g an d ab le to p r a ctice c o u rte sy .
3. A p p e a ra n ce o f p la ce o f b u sin ess—
C. J. Mortensen, p resid en t, N eb ra sk a
State B ank, Ord, N eb ra sk a : “ T h e g o o d
w ill o f y o u r b o r r o w e r s w h o h a v e th e
fa ith an d c o n fid e n ce in th e ir b a n k that
th e b a n k w ill h o n o r th e ir c h e ck s. T h is
is e s p e c ia lly v a lu a b le to fa r m e r c u s
tom ers. F o r e x a m p le all o u r o v e r d r a ft
cu s to m e r s c o m e in th e b a n k e ith e r to
g iv e n o te s o r d e p o sits to tak e u p th eir
o v e r d r a fts b y th e sta tem en t ca ll tim e.
I k n o w o f n o b e tte r w a y to h o ld c u s
to m e rs o r b u ild u p g o o d w ill fo r th e
ba n k , as th e fa rm e rs are to o b u s y th ese
tim es to ru n in to th e b a n k e v e r y tim e
D U B U Q U E, IO W A
Incorporated 1912
ST ATEM ENT OF C O N D IT IO N , JU N E 29, 1946
.
R ESOURCES
Cash and Due from B anks...........$ 4,724,472 64
U. S. Government B o n d s .
1 1,4 59 ,7 91 !42
Federal Reserve Bank Stock .
1 5,0 0 0 .0 0
State, County and Municipal
Bonds
...........
8 8 7 .6 5 5 .3 0
Corporate Bonds
2 2 4 .0 0 6 .3 0
Loans and Discounts..................
1 ,7 9 2 ) o 13!62
Overdrafts
1 5 2 .9 9
Bank Building
5 0 ,0 0 0 .0 0
L IA B IL IT IE S
Capital Stock ...........................
$
.............................................
Surplus
Undivided Profits ...........................
Reserves .............................................
Deposits:
Demand ... $ 8 ,4 4 7 , 0 0 6 .5 8
Tim e
. . . 7 ,3 4 6 ,6 3 3 .1 9
U. S. Gov.
W a r Loan
Account. . 2 ,5 1 8 ,6 4 5 .6 1
2 5 0 .0 0 0 .
00
2 5 0 .0 0 0 . 00
2 3 9 ,8 0 6 .8 9
101.000.
00
1 8 ,3 1 2 ,2 8 5 ,3 8
S 1 9 ,1 5 3 ,0 9 2 .2 7
OFFICERS
C- J. SCHRUP, Chairman of the Board
D. W. ERNST, President
ROY F. GLAB, First Vice President
C. J. KLEINSCHMIDT, Vice President
A. L. VOGL, Cashier and Trust Officer
N. J. GRETEMAN. Assistant Cashier
M. J. BAUMHOVER, Assistant Cashier
MERLYN B. KURT, Assistant Cashier
$ 1 9 ,1 5 3 ,0 9 2 .2 7
DIRECTORS
C. J. SOHRUP, Chairman
D. B. CASSAT
D. W. ERNST
ROY F. GLAB
W. N. GLAB
O'TTO F. HENKER
GUTHRIE COUNTY STATE BANK
GUTHRIE CENTER. IOWA
Statement o f Condition at the Close o f Business June 2 9 , 1946
ASSETS
L IA B IL IT IE S
Loans and Discounts........................ $
4 1 8 ,2 7 4 .7 3
Bank Building ...................................
1 1 ,0 0 0 .0 0
Furniture and Fixtures...................
6 ,7 7 0 .6 6
Prepaid Expense .................................
4 8 1 .2 3
Cash and Due from
Banks
........... $ 6 2 6 ,6 2 0 .5 4
Municipal and
Other B o n d s ..
1 7 ,5 3 7 .4 4
United States Gov
ernment Securities
Direct and Guar
anteed ............. 2 ,9 8 3 ,9 1 2 .2 7 3 ,6 2 8 .0 7 0 .2 5
Capital Stock ..................................... $
5 0 .0 0 0 .
Surplus
................................................
5 0 .0 0 0 .
Undivided Profits ..............................
3 8 ,1 4 0 .3 0
Reserves ................................................
2 0 ,8 8 8 .7 9
Deposits ................................................ 3 ,9 0 5 ,5 6 7 .7 8
Total
........................................
$ 4 ,0 6 4 ,5 9 6 .8 7
G. M. Barnett, President
M. C. Barnett, Cashier
Geo. W. Morrow, Assistant Cashier
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Total
........................................... $ 4 .0 6 4 .5 9 6 .8 7
R. C. Norman, Vice President
J. I. Vandevanter, Asst. Cashier and Mgr..
Panora Office
Helen Gibbons, Asst. Cashier
H. W. Healy, p resid en t, F ir s t N a
tio n a l B an k , M a p leton , M in n esota : “ I
th in k th at on e m ea n s o f a c c o m p lis h in g
th e d e sire d en d is to u se r e g u la r and
fa ir ly liberal, w e ll co n s id e r e d lo ca l a d
v ertisin g .
“ A n o th e r m ea n s is to e n d e a v o r at
all tim es to g iv e to e v e r y c u s to m e r o f
th e in stitu tio n o r to a n y p o te n tia l cu s
to m e r th e m o s t ch e e r fu l, co u r te o u s and
efficien t s e r v ic e p o ssib le.
“ T h ird , s u p p o r t fin a n cia lly a n d
o th e rw is e , a n y w o r t h w h ile c o m m u n it y
p r o je c t .”
Illinois 1947 Convention
American T r u s t &? $avings Bank
Organized 1905
th e y m ig h t h a v e an o v e rd ra ft. B e sid e s
w e g et 8 p er ce n t in terest on o v e r
d ra fts c o m p u te d th e last o f Ju n e an d
D e ce m b e r in ea ch y ea r, b a sed on the
o v e r d r a fts fr o m d a y to d a y a n d th ere
h a v e n e v e r b een a n y co m p la in ts on
th is in terest p a y m en t. A n in terestin g
d e cis io n is N. J. 196 A tl. 442 to th e
effect th at an o v e r d r a ft a m ou n ts to a
loan w h ic h th e b a n k m a y r e c o v e r fr o m
th e d e p o s ito r in th e sam e m a n n e r a s
a n y o th e r loan . T h is d e cis io n w a s ou t
in 1938.”
00
00
T h e 1947 c o n v e n t io n o f th e Illin o is
B a n k ers A s s o c ia tio n w ill b e h e ld a t
th e P a lm e r H ou se, C h ica g o, M a y 19th,
20th an d 21st, a c c o r d in g to a c tio n ta k en
at th e m e e tin g o f th e c o u n c il o f a d m in
is tra tio n o f th e a ssocia tion . T h e d ates
fo r th e fa ll g r o u p m e e tin g s w e r e set
fo r th e w e e k o f O cto b e r 7th fo r th e
n o r th e r n g r o u p s an d th e w e e k o f O cto
b e r 21st fo r th e so u th e r n g ro u p s.
T h e 1947 M id -W in te r C o n fe r e n c e w ill
b e h eld F e b r u a r y 21st at th e P a lm e r
H ou se, C h ica g o.
H. T h e o d o r e W a n b e r g w a s a p p o in te d
assista n t s e c r e ta r y o f th e a sso cia tio n .
M r. W a n b e r g ca m e w ith th e a sso cia
tio n J u ly 16, 1941, a n d w a s g ra n te d a
lea v e o f a b se n ce d u rin g tw e n ty -tw o
m o n th s o f s e r v ic e in th e n a v y , m o s t
83
o f w h ic h w a s s p e n t in th e P a cific
T h ea ter, r e tu r n in g to h is a ctiv itie s
w ith th e a s s o cia tio n in D e c e m b e r o f
1945. M r. W a n b e r g is a g ra d u a te o f
th e U n iv e r s ity o f M in n esota S c h o o l o f
B u sin e s s A d m in is tr a tio n and, p r io r to
c o m in g w ith th e a ssocia tion , h ad b e e n
c o n n e c te d w ith b a n k in g in th e state
fo r tw e lv e y e a rs an d is w e ll k n o w n to
b a n k e rs th r o u g h o u t th e state.
133,000, e q u iv a le n t to an a n n u a l rate
10.53 p e r ce n t o f ca p ita l in v ested . N et
o p e r a tin g ea rn in g s b e fo r e in c o m e ta x
es w e r e $532,534,000. G ross e a rn in g s in-
clu d e d $651,952,000 fr o m in te re s t on
govern m en t
o b lig a tio n s,
$92,992,000
fr o m in te re st a n d d iv id e n d s o n o th er
secu rities, an d $374,117,000 in terest and
WAUKON STATE BANK
Waukon, Iowa
Statement of Condition, June 29, 1946
NEWS AND VIEWS
(C o n tin u e d fr o m p a g e 15)
prices from generations of banking
experience in this country, we have
come properly to call our real estate
dollars ‘dancing dollars.’ ”
Loans
e r n o r s o f th e F e d e r a l R e s e r v e S y stem
says, “ T h e o n ly c o n c lu s io n o f w h ic h
w e m a y b e re a s o n a b ly su re at th is tim e
is th a t ra tes o n sh ort-term g o v e r n m e n t
se cu ritie s are n o t lik e ly to rise, an d as
lo n g as sh ort-term ra tes sta y d o w n , it
is u n lik e ly th a t lon g -term rates w ill
in cre a se to a n y sig n ifica n t degree.
S om e o f th e w a r tim e fa c to r s b r in g in g
a b o u t d e clin e s in lon g -term ra tes n o
lo n g e r ex ist, b u t o th e rs rem a in .
It
m a y be n e c e s s a r y to a d op t n e w m ea s
u re s to a v o id a fu r th e r d e clin e in lo n g
te rm rates.
W it h th is e x c e p tio n , I
th in k it h a za rd o u s to v e n tu r e an o p in
ion . I w o u ld be in clin e d to a g ree w ith
th e p r e v a ilin g o p in io n th at lon g -term
in te re st rates o v e r th e n e x t s ix m o n th s
to a y e a r w o u ld b e less lik e ly to in
crea se th a n to re m a in sta b le.”
E. AV. Rossiter, p resid en t, B a n k o f
H a rtin g to n , H a rtin g to n , N eb ra sk a , in
a re ce n t ad d ress b e fo r e th e In d e p e n d
en t B a n k e rs A s s o c ia tio n in St. Paul,
said, “Country bankers, particularly,
are in a unique position to provide in
telligent, forth-right, honest leadership
in their respective communities. To
do this job effectively, we must have
leaders and associations which will
help us educate ourselves on the im
portant issues that now confront us
and that are developing. We must help
provide the means and the material
to help our customers form their own
opinions and make their own intelli
gent decisions on these vital subjects.
We cannot sit idly by while the CIO
raises $5,0(H),000 and the Farmers
Union its millions and other similarlyslanted organizations raise more mil
lions for their ‘educational campaigns’
which they are putting into play all
over the nation.”
Preston Delano, c o m p tr o lle r o f th e
c u r r e n c y , has r e p o rte d th at n et p rofits
o f n a tion a l b a n k s a fte r in c o m e ta x es
w e r e $78,289,000 h ig h e r in 1945 th an
th e y e a r b e fo r e .
T h e y tota led $490,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
and
D i s c o u n t s ..................................................$
Overdrafts
............................................................................
F u r n i t u r e a n d F i x t u r e s ...........................................
B anking House
...............................................................
Other
R ea l
E s t a t e ........................................................
QUICK A S SE TS —
Ca s h
R e s e r v e . .................... ... . $
4 7 9 ,6 3 9.0 7
U.
S.
Govt.
S ch o o l,
Total
M. S. Szymczak o f th e B o a rd o f G o v
LIA B ILITIES
RESOURCES
S e cu ritie s ...
----------------,—
Quick
Total
--------
1,000.00
13,5 0 0 .00
2 ,000.00
3 ,2 0 1 ,4 0 0 .0 0
289 ,78 5.00
A s s e t s ........................................................
R e so urc es
5 6 5 ,3 4 7.5 5
7 9 .46
3,9 7 0 ,8 24 .0 7
........................................... . $ 4 , 5 5 2 , 7 5 1 . 0 8
,000.00
,, 000.00
8 7 1.85
C a p i t a l S t o c k , c o m m o n .............................................. $
S urplus Fund
..................................................................
Profits
...................................................................................
D u e t o B a n k s ..............................S
2 0 ,8 2 3 .25
............. 2 , 5 5 2 , 2 9 2 . 1 8
Checking Accounts
D e m a n d Ce rti fic ate s and
Certi fied C h ec k s
.............
Tim e
Certi fic ate s
.................
U . S . D e p o s i t s ...........................
2 9 T ’5 5 2 ' 1 Z
T r u s t F u n d s ..............................
1,0 6 2 .5 0
Total
Deposits
...............................................................
..................................................................
B i l l s Pa ya b le
Rediscounts
....................
L o a n s t o O f fi c e r s o r D i r e c t o r s ..........................
Total
L ia b ilitie s
4,343 8 7 9 .2 3
None
None
None
..............................................$ 4 , 5 5 2 ,
OFFICERS
C. H. MEGORDEN, President
GUT W. EATON, Vice President
ELMER A. FOGT, Cashier
LEO L. SAMEK, Assistant Cashier
W. C. GRANGAARD, Assistant Cashier
M e m b e r F e d e ra l D e p o s it I n su ra n ce
C orp ora tion
FIRST NATIONAL BANK
HAMPTON, IOWA
Statement of Condition as of June 29, 1946
RESOURCES
Loans and D iscounts..................$ 883,183.95
15,000.00
Bank Building
4.000.
Furniture and Fixtures..........
6.000.
Federal Reserve Bank Stock,
United States
Bonds ............$2,691,340.98
Municipal
Bonds ..............
27,710.29
Cash and Due
3,515,357.15
from B an k s...
796,305.88
L IA B IL IT IE S
Capital .......................................... $ 100,000.00
100,000.00
Surplus ..........................................
Undivided Profits.........................
31,181.04
00
U. S. Deposits. .$ 420,215.47
00
Individual
_____
Deposits ........ 3,772,144.59
4,192,360.06
$4,423,541.10
$4,423,541.10
D. D. Bramwell, President
J. H. Boehmler, V ice President
Fred A. Keepf, Assistant Cashier
J. M. Boots, Cashier
Member Federal Reserve System
Member Federal Deposit Corporation
FIRST NATIONAL BANK
C E D A R F A L L S , IO W A
Statement of Condition, June 29, 1946
R ESOURCES
Cash and Due from B anks............. $ 1 ,0 6 2 3 7 5 .5 9
United States Government
Securities ........................................ 2 ,7 0 0 ,7 1 0 .1 0
State and Municipal Bonds..............
2 6 0 ,8 0 3 .4 7
Stock in Federal Reserve Bank . . .
4 ,2 0 0 .0 0
Loans and Discounts........................
3 2 5 ,7 0 7 .2 3
Overdrafts ...........................................
5 6 .9 9
Banking House ................................
2 2 ,7 0 0 .0 0
Furniture and Fixtures.....................
5 ,1 2 3 .5 3
L IA B IL IT IE S
100,000.00
Capital Stock ..................................... $
Surplus and Undivided
8 3 ,5 9 8 .9 2
Profits .............................................
Deposits:
U. S. Govern
ment . . . . . $
4 6 3 ,4 0 0 .2 8
Demand and
3 ,7 3 4 ,6 7 7 .7 1 4 ,1 9 8 ,0 7 7 .9 9
Tim e . . .
$ 4,3 8 1 ,6 7 6 .9 1
$4,381 ,676.91
V. W. Johnson. President
J. B. Newman, Vice President
Edwin L. Unger, Assistant Cashier
W. E. Brown, Cashier
H. C. Messerer, Assistant Cashier
Member Federal Reserve System
Member Federal Deposit Insurance Corporation
Northwestern Banker, July, 1946
84
H old s Open H ou se in Sioux C ity
M ISTAKES
ARE IMPOSSIBl
W in d o w s, Am ount
A lw ays in Register!
a A cc u r a te l
They w rap a ll coins from
$ 1 .0 0
so
to
accurately — they're
m anufactured on specially d e
Free
Samples-
s ig n e d m a c h in e s to g iv e th is
precision — a n y chance of error
is elim inated. Patented Red W in
dows not only reveal amount
W H IT E
and denom ination but give ease
TODAY
of visibility. Unm atched by com
TO
petition,
DEPT.
G
these
W rapp ers
are
the biggest sellers in Am erica.
C. L. DOW N EY
HANNIBAL,
AN OCCASION of unusual interest to the citizens of Sioux City took place
recently when the Security National Bank moved to a new down-town location
and held open house for its many friends in its remodeled quarters. The trim
and fixtures are of the most uptodate design and arrangement, with all facilities
of the bank set up to make for the highest efficiency of operation.
First to visit the new quarters were the people of Sioux City, and several
thousands of them streamed through the flower bedecked lobby on the opening day.
On the second day bankers from the vicinity of Sioux City and many from the
larger towns outside the state were invited to participate in the celebration, and
these were guests of the Security National Bank at a luncheon where Dr. Melchior
Palyi, economist for the First National Bank of Chicago, was the guest speaker.
The picture above was taken at the luncheon, with B. M. Wheelock, left, vice
president of the Security National; Dr. Palyi; and C. R. Gossett, president, at the
speakers table.
d is co u n t on loan s. P rin c ip a l o p e ra tin g
e x p e n s e s w e r e $371,995,000 fo r salaries,
w a g e s an d fees, $124,567,000 p a id in in
terest on tim e an d sa v in g s d ep osits.
MISSOURI
IaJoaIcLl jßaAXf< Af{/U. ojj Coi+t l4J
Robert L. Gordon, v ic e p resid en t,
L a w ren ce W a reh ou se C om pany, N ew
Y o r k C ity, b e lie v e s th at “ T h e r e are
th o se w h o fe e l th at ra d io is v a lu eles s
in b a n k a d v ertis in g . T h e r e are o th ers
w h o are c o n v in c e d th at it is an e x
ce lle n t m ed iu m . S om e b a n k s b e lie v e
th at th e o ld d o o r-to -d o o r m e th o d o f
s o lic ita tio n is th e b est w a y to g et b u s i
ness.
I h a v e seen e x c e lle n t resu lts
fr o m th is so u rce , b u t m a n y b a n k s
w o u ld n ’t to u ch it w ith a te n -fo o t p ole,
w h e th e r b e ca u se it s a v o rs o f th e te c h
n iq u e o f th e b o o k a g en t o r th e s tock
salesm an , I d o n ’t k n o w .
M y ow n
v ie w s are th o se o f a w e ll-r o u n d e d p r o
gra m , e m b r a c in g e v e r y p h a se b e in g in
o p e ra tio n at th e sa m e tim e. T h e s to r y
m u st b e to ld an d re to ld co n s ta n tly .”
FIRST TRUST AND SAVINGS BANK
Northwest Corner T h ird and Brady Streets
DAVENPORT, IOWA
Condition on June 2 9 , 19 46
RESOURCES
Loans and Discounts. . .............................................................................................................................. $ 3 ,3 0 7 0 8 6 .0 5
Banking House .......................................................................................
4 8 3 2 5 00
Furniture and Fixtures.............................................................................
1412418
U . S. Government Bonds.......................................................................
$ 2 ,1 1 7 ,1 5 4 75
'
Municipal Bonds .....................................................................................................
8 6 s !3 3 5 ’37
Other Bonds .....................................................................................................
5 5 ,7 4 9 .2 5
Cash and Due from Banks..................................................................................... 2 ,3 1 1 ,4 5 4 .3 6
5 ,3 5 2 ,6 9 3 .7 3
Other Assets ..................................................
1 00
Overdrafts ........................................................................................................................................................................ 853 !8 5
Total Resources
........................................................................................................................ $ 8 ,7 2 3 083.81
L IA B IL IT IE S
Capital
.......................................................................................................................$ 2 0 0 ,0 0 0 .0 0
2 0 0 ,0 0 0 .0 0
Surpius ........................................................................................................................
Undivided Profits and Reserves.............................................................................
8 6 ,4 4 3 .6 9
Deposits
.........................................................................................................................................................
Unearned Interest ........................................................................................................................................
Total
Liabilities
486 4 43 69
8.21 3*1 24^50
2 3 ,5 1 5 .6 2
......................................................................................................................$ 8 ,7 2 3 ,0 8 3 .8 1
George M. Bechtel, President
R. O. Byerrum, Executive Vice President
Louis Martin, Assistant Cashier
H. R. Bechtel, Vice President
W. C. Siddle, Assistant Trust Officer
F. A. Johnson, V. Pres., Cashier & Trust Officer
G. W. Thompson, Assistant Cashier
Member of the Federal Deposit Insurance Corporation
S tan dard C h em ica l C o m p a n y o f D es
M oin es, m a n u fa ctu re rs o f p h a r m a c e u
ticals an d p h y s ic ia n s ’ su p p lie s sin ce
1905, has b een a cq u ire d b y John Nuv e e n & Company, th e w id e ly k n o w n
m u n icip a l b o n d h o u s e o f C h ica go,
THE T O Y N A T IO NA L BANK
O fficers W ith Years o f
E x p e r i e n c e at Y o u r S e r v i c e
In t he h e a r t o£ d o w n t o wn S i o u x C i t y
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
85
w h ic h has d iv e rsifie d h o ld in g s in b a sic
in d u stries an d b u sin esses. A s s o cia te d
in th e n e w o w n e r s h ip o f th e c o m p a n y
is Charles M. Baker, o f C h ica g o, an
e x e c u tiv e o f A r m o u r & C o m p a n y fo r
th e p ast n in e te e n y ea rs, w h o has b een
e lected p re s id e n t an d a d ir e c to r o f th e
n e w co r p o r a tio n .
W h e n Harry Bridges fin a lly sig n ed
u p in th e CIO M a ritim e U n io n S trike,
h e said, “There are no friends of labor
in this government or in this adminis
tration.”
W h e r e has H a r r y b een fo r th e last
12 y e a rs sin ce w e h a v e had th e s tr o n g
est la b o r g o v e r n m e n t in h is to r y ?
A ls o let it be re m e m b e r e d th at Frank
Taylor, n e g o tia to r fo r 39 E a st a n d G u lf
S tea m sh ip co m p a n ie s, fig u red th a t th e
m o n th ly w a g e b ill on an A m e r ic a n
sh ip w o u ld n o w be $10,184 ag a in st $2,735 fo r th e B ritish , th e n e x t h ig h est.
O fficers o f th e University Club of
Des Moines fo r 1946-47 in clu d e Clifford
De Puy, p resid en t; Ralph Jester, v ic e
p resid en t, an d William N. Ply mat, r e
ele cte d se cre ta ry .
N e w m e m b e rs o f
th e b o a rd in clu d e: H. S. Fox, D allas
C en ter; W. T. Smith an d O. G. Prich
ard, D es M oin es. R e m a in in g d ir e c to r s
h o ld in g o v e r fr o m last y e a r in clu d e:
Arthur C. McGill, Dean Luther W.
Stalnaker o f D ra k e U n iv e rs ity , th e
Rev. Frederick Weertz, Sam M. Shloss,
Judge John M. Rankin an d M. Vander
Linden, P ella, Iow a .
M eetin g s o f th e c lu b w ill b e resu m ed
in O cto b e r an d a d r iv e b e g u n to in
crea se m e m b e r s h ip o f th e clu b to 300
m en .
Shu?■ Is
“ K n o w w h a t an in fa tu a ted g o b is ? ”
“ S u re— a sh e-sick s a ilo r.”
M e rr ill L y n c h , P ie r c e , F e n n e r an d B ea n e
M id la n d N a tio n a l B a n k o f M in n e a p o lis .
M in n e a p o lis -M o lin e P o w e r Im p le m e n t
C o m p a n y ..........................................................
M in n e s o ta C o m m e r c ia l M en ’ s A s s n .........
M is s is s ip p i V a lle y T ru s t C o m p a n y ......... ..
IN D E X O F
A D V E R T IS E R S
A
A llie d M u tu a l C a s u a lty C o m p a n y ...........
A lly n , A . C. a n d C o m p a n y .........................
A m e r ic a n E x p r e s s C o m p a n y ......................
A m e r ic a n N a tio n a l B a n k a n d T ru s t
C o m p a n y — C h ic a g o ....................................
A m e r ic a n T ru s t an d S a v in g s B a n k —
D u b u q u e ..........................................................
C O N V E N T IO N S
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
38
O m ah a N a tio n a l B a n k .................................... 23
P
P h ila d e lp h ia N a tio n a l B a n k .........................
6
P u b lic N a tio n a l B a n k an d T r u s t C o ........ 60
B
C
68
32
12
73
31
79
72
81
66
58
28
24
39
55
K
R em er, M itc h e ll an d R e itz e l, I n c ............. 33
R o y a l B a n k o f C a n a d a .................................... 45
S
St. L o u is T e rm in a l W a r e h o u s e C o ........... 70
St. P a u l F e d e r a l S a v in g s an d L o a n
A s s o c i a t i o n ...................................................... 45
St. P a u l T e rm in a l W a r e h o u s e C o m p a n y .
8
S c a r b o r o u g h an d C o m p a n y ................ 28-35-63
S e c u r ity N a tio n a l B a n k ................................. 75
S to c k Y a r d s N a tio n a l B a n k — O m a h a . . . 59
T
T e n s io n E n v e lo p e C o m p a n y ......................... 43
T h o m s o n and M c K in n o n ............................... 36
T o y N a tio n a l B a n k .......................................... 84
U
U n ion B a n k an d T ru s t C o m p a n y — O t
tu m w a .............................................................. 77
U n ite d S ta te s N a tio n a l B a n k .................... 54
V
n
68
70
72
71
84
64
V a lle y B a n k an d T r u s t C o m p a n y .............. 65
W
W a lte r s , C h a rle s E. C o m p a n y ....................
W a u k o n S ta te B a n k ........................................
W e s s lin g S e r v ic e .............................................
W e s te r n M u tu a l F ir e I n s u r a n c e C o ........
69
83
75
38
F
F e d e r a l H o m e L o a n B a n k — D es M o in e s
F ir s t N a tio n a l B a n k — C ed ar F a l l s ........
F ir s t N a tio n a l B a n k — C h i c a g o .................
F ir s t N a tio n a l B a n k — H a m p t o n ..............
F ir s t N a tio n a l B a n k — M in n e a p o lis ........
F ir s t N a tio n a l B a n k — O m a h a ...................
F ir s t N a tio n a l B a n k — St. J o s e p h ............
F ir s t N a tio n a l B a n k — S io u x C i t y ............
F ir s t S e c u r ity B a n k an d T r u s t C o m
p a n y — C h a rle s C ity . ..................................
F ir s t T ru s t an d S a v in g s B a n k — D a v e n
p o r t .....................................................................
F ir s t W is c o n s in N a tio n a l B a n k ........... .
34
83
30
83
40
56
56
71
80
84
69
G
July 28-August 10, Central States
School of Banking, Madison.
August 10, Regional Conference,
American Institute of Banking,
Lincoln, Nebraska.
September 9-11, Iowa Annual Conven
tion, Des Moines, Hotel Fort Des
Moines.
September 22-25, A. B. A. Annual Con
vention, Chicago, Hotel Stevens.
September 30-October 2, Mortgage
Bankers Association of America,
Annual Convention, Cincinnati,
Netherlands-Plaza Hotel.
October 7-10, Financial Advertisers
Annual Convention, San Fran
cisco.
October 11-12, Nebraska Annual Con
vention, Lincoln, Hotel Cornhusker.
October 21-23, National Association of
Bank Auditors and Comptrollers,
Oklahoma City.
November 7-8, Mid-Continent Trust
Conference, Chicago, Drake Hotel.
60
47
78
50
42
O
B a n k o f A m e r ic a ............................................... 52
B a n k e r s T ru s t C o m p a n y — D es M o in e s .. 87
B a n k e r s T r u s t C o m p a n y — N ew Y o r k . . . 29
D a v e n p o r t, F. E. an d C o m p a n y ................
D e L u x e C h e c k P r in te r s , I n c .................
D e s M o in e s B u ild in g , L o a n an d S a v in g s
A s s o c i a t i o n ......................................................
D o a n e A g r ic u lt u r a l S e r v ic e .........................
D o w n e y , C. L, C o m p a n y ...............................
D r o v e r s N a tio n a l B a n k ..................................
46
41
74
N
N a tio n a l B a n k o f C o m m e r c e ......................
N ew Y o r k T ru s t C o m p a n y ...........................
N o r th e rn T r u s t C o m p a n y .............................
N o r th w e s t S e c u r ity N a tio n a l B a n k .........
N o r th w e s t e r n N a tio n a l B a n k ......................
N o r th w e s t e r n N a tio n a l L ife I n s u r a n c e
C o m p a n y ..........................................................
JU L Y 1946
C a lifo r n ia B a n k ...............................................
C e n tra l H a n o v e r B a n k a n d T ru s t C o ...
C e n tra l N a tio n a l B a n k a n d T ru s t C o ...
C e n tr a l S ta tes M u tu a l In s u r a n c e A s s n ..
C h a se N a tio n a l B a n k ......................................
C h e m ic a l B a n k and T ru s t C o m p a n y . . . .
C h ic a g o , M ilw a u k e e , St. P a u l an d
P a c ific ...............................................................
C ity N a tio n a l B a n k — C lin t o n ......................
C ity N a tio n a l B a n k an d T r u s t C o m p a n y
-—C h ic a g o ........................................................
C ity N a tio n a l B a n k and T ru s t C o m p a n y
— 'K a n sa s C ity ...............................................
C o m m e r ce T ru s t C o m p a n y ...........................
C o n tin e n ta l B a n k an d T ru s t C o m p a n y . .
C o n t in e n t a l-I llin o is N a tio n a l B a n k and
T r u s t C o m p a n y ............................................
C o n tin e n ta l N a tio n a l B a n k — L i n c o l n . . .
35
5
G u a r a n ty T ru s t C o m p a n y .............................
G u th rie C o u n ty S ta te B a n k ......................
51
82
MERCHANTS
BONDING
COMPANY
MUTUAL
Incorporated 1933
II
H a ls e y , S tu a rt an d C om p a n y , I n c ............. 86
H a m m e r m ill P a p e r C o m p a n y ................... 26-27
H o m e In s u r a n c e C o m p a n y ...........................
4
Home Office
SOUTHERN SURETY BUILDING
Des Moines, Iowa
I
I o w a - D e s M o in es N a tio n a l B a n k an d
T r u s t C o m p a n y .............................................
I o w a S ta te B a n k — D es M o in e s ..................
I o w a S ta te B a n k & T ru s t C o m p a n y —
I o w a C i t y ........................................................
I r v in g T ru s t C o m p a n y ....................................
88
80
81
11
.1
J a m ie s o n an d C o m p a n y .................................. 36
J o u r n a l o f C o m m e r c e ...................................... 5 7
Iv
K lip t o L o o s e L e a f C o m p a n y ......................... 76
K o c h B r o t h e r s ................................................... 74
L
L a M on te, G e o r g e a n d S o n .............................
L a w r e n c e W a r e h o u s e C o m p a n y ................
L e s s in g A d v e r t is in g C o m p a n y ..................
L iv e S to c k N a tio n a l B a n k — C h ic a g o . . . .
L iv e S to c k N a tio n a l B a n k — O m a h a .........
L iv e S to c k N a tio n a l B a n k — S io u x C it y .
3
61
77
25
62
48
•
This is Iowa’s oldest surety company.
A progressive company with experi
enced, conservative management.
W e are proud o f our hundred and
fifty bank agents in Iowa.
To be the exclusive representative of
this company is an asset to your bank.
Write to
M
E. H. WARNER
M a n u fa c t u r e r s T ru s t C o m p a n y ..................
7
M a r q u e tte N a tio n a l B a n k ............................. 44
M e rc h a n ts M u tu a l B o n d in g C o m p a n y . . . 85
M e rc h a n ts N a tio n a l B a n k .............................
2
Secretary and Manager
Northwestern Banker, July, 1946
86
Silly!
Hotheaded, Maybe
Partnership
A fr ic a n H u n te r : W h ile w a n d e r in g
a ro u n d a n a tiv e v illa g e I sp o tte d a
leop a rd .
S w eet Y o u n g T h in g : D o n ’t b e s illy
— th e y g r o w th at w a y .
1st F ir e m a n :
“ W h a t ca u sed th e
th ree-a la rm fire at th e m a tch fa c t o r y ? ”
2nd F ir e o : “ T h e r e w a s som e fr ic tio n
a m o n g d e p a rtm e n t h e a d s.”
“ So y o u an d y o u r s o n are c a r r y in g
on th e b u s in e s s to g e th e r, h u h ? ”
“ W e ll, s o r t of. I r u n th e b u sin ess,
an d m y s o n d oes th e c a r r y in g o n .”
No Wonder
W ife : “ D ear, I sa w th e s w eetest
little h at d o w n to w n to d a y .”
H u sb a n d : “ P u t it on : le t’s see h o w
y o u lo o k in it.”
Getting to the Point
“ I h ea r th at so m e e x p lo r e r has fo u n d
a trib e o f w ild w o m e n w h o d o n ’t h a v e
a n y to n g u e s .”
“ T h a t so? H o w ca n th e y ta lk ? ”
“ T h e y c a n ’t — th a t’s w h y t h e y ’re
w ild .”
Good Reason
B y s ta n d e r: D o n ’t h it th a t little b o y
w h e n h e ’s d ow n .
B oy:
W h a d d y a th in k I g o t h im
d o w n fer?
Strong Spirit
“ Y o u ’re d ru n k . I ’ll ta k e y o u h o m e .”
“ N o. W if e ’ll sm e ll m y b re a th .”
“ T h e n h o ld y o u r b r e a th .”
“ C an ’t. T o o s tr o n g .”
H e’s a Her
“ W h a t’s y o u r c a t’s n a m e ? ”
“ B en H u r .”
“ T h a t’s an od d n a m e fo r a ca t.”
“ W e ll, w e ju s t ca lled h im B e n u n til
h e h ad k itte n s .”
No Den for Him
F ir s t L ittle G irl: T h is is m y d a d d y ’s
den . D oes y o u r d a d d y h a v e a den ?
S e co n d S am e: N o. H e ju s t g r o w ls
all o v e r th e place.
Wibble, W obble
L ittle L o u is e : “ G ran dpa, w h e n w ill
m a m a ’s tra in g e t in ? ”
G ra n d p a : “ I ’v e to ld y o u five tim es
th is a fte rn o o n .
It w ill g e t h e re at
5:45. W h y d o y o u a sk so o ft e n ? ”
L ittle L o u is e : “ Y o u r w h is k e r s w o b
b le so fu n n y w h e n y o u sa y 5:45.”
Times Don’t Change
T w o c o w s w e r e g o s s ip in g as th e y
w a tch e d a th ird c o w an d a b u ll lo o k in g
at each o th e r a ffe ctio n a te ly . “ A n d it’s
o n ly th ree m o n th s sin ce h e r h u sb a n d
w a s ca n n e d b y a m ea t p a c k e r .”
Northwestern Banker, July, 1946
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Time Does Change
“ H e n ry , y o u a in ’t as g a lla n t as w h e n
I w a s a g a l.”
“ N o, M aggie, an d y o u a in ’t as b u o y
ant as w h e n I w a s a b o y .”
Solo Flight
“ Say, Dad, w h a t d o e s it m ea n w h e n
th e p a p e r says s o m e m a n w e n t to th e
c o n v e n t io n as a d eleg a te at la r g e ? ”
“ It m ea n s h is w ife d id n ’t g o w ith
h im , s o n .”
Flattery Still Works
H o u s e w ife to th e T r a m p : “ Y o u seem
to b e an a b le-b od ied m an . Y o u o u g h t
to b e s tr o n g e n o u g h to w o r k .”
T r a m p : “ I k n o w , m a ’am , an d y o u
seem to b e b e a u tifu l e n o u g h to g o o n
th e stage, b u t e v id e n tly y o u p r e fe r th e
sim p le life .”
H o u s e w ife : “ S tep in to th e k itc h e n
an d I ’ll see if I c a n ’t find y o u a stea k .”
Seeing Double
“ Is th a t g ir l’s d ress to rn , o r a m I
se e in g th in g s ? ”
“ B o th .”
How About E ve?
W h a te v e r tr o u b le s A d a m had, n o
m an in d a y s o f y o r e c o u ld sa y w h e n
A d a m to ld a jo k e : “ I ’v e h ea rd th at
o n e b e fo r e !”
Competition
B o o k k e e p e r : “ I ’ll h a v e to h a v e a
raise, sir. T h e r e are th re e co m p a n ie s
a fte r m e .”
M a n a g er: “ T h a t so? W h a t c o m p a
n ie s ? ”
B o o k k e e p e r : “ L ig h t, te le p h o n e an d
w a t e r !”
Service Charge
D o c to r : “ W e ll, w h a t is w r o n g w ith
y ou r h u sban d ?”
M rs. J o n e s : “ I th in k , d o c to r , h e is
w o r r y in g a b o u t m o n e y .”
“ A h ! I th in k I ca n r e lie v e h im o f
th a t!”
And Drums on the Table
“ I know a girl who plays piano by
ear.”
“ That’s nothing— I know an old man
who fiddles with his whiskers.”
A Real Salesman
Funeral Director (young and am
bitious) : “ How old are you, sir?”
Aged Mourner : “ I’m 98.”
Funeral Director: “ Hardly worth
going home, is it?”
The Test
An American film producer was se
lecting a chief for his scenario staff.
The producer insisted that the success
ful applicant be a college graduate. He
looked with favor upon one applicant,
and asked if he had had a college edu
cation. The answer was in the affirm
ative.
“ Show me your diploma,” demanded
the producer.
The applicant tried to explain that
it was not customary for college grad
uates to carry diplomas around with
them.
“ Well, then,” demanded the produc
er, “ say me a big word.”
Stingy
The stingiest man we ever heard of
bought his bride a nickel’s worth of
peppermint lozenges and took her on
a trolley-ride honeymoon. When they
got off the car he said, “ Honey, sup
pose we save the rest of this candy for
the children.”
î ^
'l ì
If
«uuiii i
II
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B A N K E R S T R U S T COMPANY
Des Moines * Iowa
A: A:.
Hi
D IR E C T O R S
☆
PAUL BEER
President, The Flynn Dairy Co.
STATEMENT OF CONDITION
THOS. A. BURCHAM, M.D.
Radiologist
June 29, 1946
J. G. GAMBLE
Attorney
F. W. HUBBELL
Pres., Equitable Life Ins. Co. of Iowa
RESOURCES
E. J. LINDHARDT
Loans and Discounts---------------------------------------$ 1 2 ,2 3 5 ,4 8 6 .
Other Secu rities---------------------------------------------
President, National By-Products, Inc.
5 3 4 ,0 0 2 .
E. T. MEREDITH,
Real E sta te -----------------------------------
6.
Furniture & F ixtu res------------------
4 0 .6 6 3 .
r
.
SHIRLEY PERCIVAL
Pres., Green Colonial Furnace Co.
RUSSELL REEL
President, Yellow Cab Co.
U. S. Government
Bonds _________________ $ 3 4 ,7 7 9 .5 4 1 .4 1
Cash and Exchange______
J
V. P., Meredith Publishing Co.
6 0 .0 0 0 .
Stock in Federal Reserve Bank.
J. F. ROSENFIELD
Attorney
4 6 ,6 8 8 ,2 8 7 . 64
1 1 ,9 0 8 ,7 4 6 .2 3
JOHN D. SHULER
President, Shuler Coal Co.
Customers’ Liability on Letters o f Credit
and Trade Acceptances-------------------------------
B. F. KAUFFMAN
11,425.
President
$ 5 9 ,5 6 9 ,8 7 1 .0 5
J. W. HUBBELL
Vice President
S. C. PIDGEON
LIABILITIES
Vice President
Capital (Com m on S to ck )------------------------------- $ 1 ,0 0 0 ,0 0 0 .0 0
Surplus
_______________________________________
1 ,0 0 0 ,0 0 0 .0 0
Undivided P r o fits_____________________________
1 ,0 0 0 ,0 0 0 .0 0
Other Reserves ______________________________
8 4 8 ,2 7 2 .0 0
Reserve for Taxes and Interest_______________
3 3 1 ,6 9 2 .5 5
R. R. ROLLINS
Vice President
O T H E R O F F IC E R S
C. W. MESMER
D e p o s its _______________________________________ 5 5 ,3 7 8 ,4 8 1 .5 0
Bank’ s Liability on Letters o f Credit and
Trade Acceptances
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Assistant Cashier
F. C. ATKINS
G. A. MOECKLY
Vice Pres, and Cashier
L. NEVIN LEE
1 1 ,4 2 5 .0 0
$ 5 9 ,5 6 9 ,8 7 1 .0 5
☆
Member Federal Deposit Insurance Corporation
•
A. F. ERICKSON
Vice President
Vice President
Assistant Cashier
Mgr. Personal Loan Dept.
K. L. DeBOLT
Secy, and Trust Officer
Assistant Cashier
Mgr. Mortgage Dept.
WM. ELLISON
S. G. BARNARD
Assistant Cashier
Assistant Secretary
F. S. LOCKWOOD
Member Federal Reserve System
WITH IOWA
IM
. < .. A i n c e
The State of Iowa is now celebrating
its Centennial.
Iowa was still in its twenties when this
Bank was founded on November I,
I 875 . . . just ten years after the close
OLD STONE CAPITOL
Iowa City
of the Civil W ar.
A s Des Moines and Iowa have grown, this Bank has grown in size, strength,
usefulness and traditions.
W e are grateful to Iowa Banks and Bankers and to other customers who
have built this Bank to today's position . . . with total resources in excess
of one hundred million dollars.
W e appreciate, too, your kind recom
mendations which, throughout the years, have brought us so many new
customers.
Since its beginning in the days of the pioneers, this Bank has offered
banking facilities to keep pace with
the needs of Iowa Banks and Bankers,
individuals, business and agriculture.
W e shall continue to march forward
with the State of Iowa.
/ J S fo o s t if, ^ b e fie n d a ile G o-'iA .e.'l{icn < le.+ tt G a + tsie ctla + t
I0WA-DES MOINES NATIONAL BANK
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
& TRUST COMPANY
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
@FedFRASER