The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
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Federal Reserve Bank of St. Louis
Statement of Condition, June 30, 1948
UN ITED
STA T ES
D E P O S IT A R Y
RESOURCES
Loans and Discounts................................
$11,500,457.06
United States Government Securities..................................... 26,299,000.00
State, County, and Municipal Bonds..................................... 20,514,991.98
Other Bonds .....................................................................................
831,133.84
O verdrafts...................................................
17.55
Bank Premises ................................................................................
848,826.92
Cash on Hand, Due from Banks and U. S. Treasurer...... 22,517,018.63
$82,511,445.98
LIABILITIES
Capital Stock .................................................................................. $
500,000.00
Surplus ..............................................................................................
3,600,000.00
Undivided Profits............................................................................
555,076.51
Deposits ........................................................................................... 77,856,369.47
$82,511,445.98
THE
MERCHANTS NATIONAL
= M
\ K ^ =
O F F I C E R S
JAMES E. HAMILTON, Chairm an Executive
Committee
S. E. COQUILLETTE, Chairm an of the Board
JOHN T. HAMILTON II, President
MARK J. MYERS, V ice President
GEORGE F. MILLER, V ice President and
Trust Officer
MARVIN R. SELDEN, V ice President
FRED W . SMITH, V ice President
W *
L
'{:
».
R. W . MANATT, V ice President
L. W . BROULIK, V ice President
PETER BAILEY, C ashier
R. D. BROWN, A ssistant C ashier
O. A . KEARNEY, Assistant C ashier
STANLEY J. MOHRBACHER, Asst. Cashier
EVERETT C. PRATT, A ssistant C ashier
C. F. PEREMSKY, Assistant C ashier
VICTOR W . BRYANT, Assistant C ashier
JAMES E. COQUILLETTE, A ssistant Cashier
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, 18 95 at the Post Office at Des Moines, Iowa, under Act of March 3, 1879.
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Federal Reserve Bank of St. Louis
3
THE NATIONAL CI TY BANK
OF
Head Office
NEW
•
YORK
55 W ALL STREET
• New York
Condensed Statement o f Condition as o f June 30, 1948
In cluding Domestic and For eign B ra nc he s Bu t Not In cluding T h e Affiliated Citv B a n k Farmers Tr us t Company
( In Dollars Only— Cents OmittedJ
A SSE T S
DIRECTORS
Cash, Gold and Due from B a n k s ...........................
$1,461,486,097
United States Government Obligations (Direct
or Fully Guaranteed)..............................................
Obligations of Other Federal Agencies..................
1,788,510,291
20,026,721
State and Municipal Securities................................
Other Securities..............................................................
245,222,036
82,591,319
Loans and D isco u n ts...................................................
Real Estate Loans and Securities...........................
1,308,134,577
2,682,977
W M . G A G E B R A D Y , JR.
Chairman of the Board
W . R A N D O L P H B U R G E SS
Chairman of the Executive
Committee
H O W A R D C. S H E P E R D
President
Customers’ Liability for Acceptances....................
Stock in Federal Reserve B an k ...............................
Ownership of International Banking Corpora
tion..................................................................................
37,020,477
7,200,000
S O ST H E N E S B E H N
Chairman and President, Inter
national Telephone and
Telegraph Corporation
7,000,000
Bank Premises.................................................................
Items in Transit with Branches...............................
Other Assets.....................................................................
28,128,039
6,115,385
1,561,915
C U R T IS E. C A L D E R
Chairman of the Board, Electric
Bond and Share Company
T o ta l................................................................
$4,995,679,834
GUY CARY
Shearman & Sterling & Wright
ED W A R D A. DEEDS
Chairman of the Board, The
National Cash Register
Company
C L E V E L A N D E. D O D G E
Vice-President, Phelps Dodge
Corporation
L IA B IL IT IE S
Deposits.............................................................................
(Includes U .S. W ar Loan Deposit $37,481,988)
Liability on Acceptances and Bills. . $50,217,295
Less: Own Acceptances in Port
folio...................................................... 10,424,319
$4,645,527,278
A. P. G IA N N I N I
Founder-Chairman, Bank
of America National Trust
and Savings Association
JOSEPH P. G R A C E , JR.
President, W . R. Grace & Co.
39,792,976
JA M E S R. H O B B IN S
President, Anaconda Copper
Mining Company
Reserves for:
Unearned Discount and Other Unearned
Incom e...............................................................................
5,370,967
Interest, Taxes, Other Accrued Expenses, etc.
25,971,263
Dividend...............................................................................
4,650,000
Capital......................................................$ 77,500,000
Surplus...................................................... 162,500,000
Undivided Profits.................................
34,367,350
274,367,350
T o ta l................................................................
AM O R Y HOUGHTON
Chairman of the Board,
Corning Glass Works
R O G E R M IL L IK E N
President, Deering, Milliken &
Co. Incorporated
F R E D E R I C K B. R E N T S C H L E R
Chairman, United Aircraft
Corporation
$4,995,679,834
G E R A R D SW O P E
Honorary President, General
Electric Company
Figures o f Foreign Branches are as o f June 25, 1948.
R E G IN A L D B. T A Y L O R
Williamsville, New York
$302,660,341 o f United States Government Obligations and $2,272,208 of
other assets are deposited to secure $228,380,560 o f Public and Trust Deposits
and for other purposes required or permitted by law.
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Federal Reserve Bank of St. Louis
(.M em ber Federal Deposit Insurance Corporation)
R O B E R T W IN T H R O P
Robert Winthrop & Co.
4
Northwest ern Banker, July, 1948
T he
N e w Y o r k T rust
Com pany
100 B R O A D W A Y
MADISON AVENUE AND 4 0 t h STREET . TEN ROCKEFELLER PLAZA
CONDENSED STATEM E N T OF C O N D IT IO N JUNE 30, 1948
ASSETS
Cash and Due from Banks...........................................................................................
United States Government O b lig a tion s...................................................................
Other Bonds and S ecu rities..............................................
Loans and D iscounts.....................................................................................................
Real Estate Bonds and M ortga ges.......................................... ..................................
Customers’ Liability for A cceptances.......................................................................
Interest Receivable and Other A s s e ts .....................................................................
$ 1 62,002,269.64
2 39,181,991.15
5, 596,905.19
2 5 2 ,2 7 5 ,4 5 3 .4 6
40,606.01
1, 139,820.38
2,261,154.73
$ 6 6 2 ,4 9 8 ,2 0 0 .5 6
LIABILITIES
C a p ita l...........................................................................................
$ 1 5,000,000.00
Surplus...........................................................................................
35,000,000.00
Undivided Profits.........................................................................
15,078,602.71
General R eserve..............................................................................................................
Reserve for Bad D e b ts.................................................................................................
Dividend Payable July 1, 1948 .................................................................................
A cceptances.....................................................................................................................
Reserve for Taxes and Other Liabilities.................................................................
D ep osits............................................................................................................................
$65,078,602.71
2,980,745.99
1,298,706.07
600,000.00
1,435,787.91
1,785,888.89
5 8 9,318,468.99
$ 6 6 2 ,498,200.56
United States Government obligations carried at ■$12,6 11 ,4 01 .6 3 in the above statement are pledged to
secure United States Government deposits of $ 7,0 42,708.18 and other public and trust deposits arid for
other purposes required by law.
TRUSTEES
MALCOLM P. ALDRICH
New York
GR AH AM H. A N T H O N Y
President
Colt’s Manufacturing Company
ARTH U R A. BALLANTINE
Root, Ballantine, Harlan,
Bushby 8t Palmer
JO H N E. BIERW IRTH
President
ALFRED A. C O O K
New York
W ILLIAM F. CUTLER
Vice President
American Brake Shoe Company
RALPH S. D A M O N
President
American Airlines, Inc.
FRANCIS B. DAVIS, Jr.
Chairman of the Board
United States Rubber Company
SAMLJEL H. FISHER
Litchfield, Conn.
W ILLIAM HALE HARKNESS
New York
HORACE HAVEMEYER, Jr.
President
The National Sugar Refining Co.
B. BREWSTER JENNINGS
President
Socony-Vacuum Oil Co., Inc.
J. SPENCER LOVE
Chairman of the Board
Burlington Mills Corporation
Member Federal Deposit Insurance Corporation
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
AD R IAN M. MASSIE
Vice President
SETON PORTER
President, National Distillers
Products Corporation
ROBERT C. REAM
President
American Re-Insurance Co.
MORRIS SAYRE
President
Corn Products Refining Co.
CHARLES J. STEW ART
Vice President
VANDERBILT WEBB
Patterson, Belknap & W ebb
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time and concentrated effort. Both factors
h a v e contributed to make "La Monte"
£JSW
the best known and most widely used
check
pap er. For more than three-
q u a rters of a century we have special
l y
in -he production and d e v e lo p e d
- a n d an/y safety paper-
of safety paper
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A Check Paper All Your Own
Thousands of banks and many of the larger corporations
use La Monte Safety Papers with their own trade-mark or
design made in the paper itself. Such INDIVIDUALIZED check
paper provides maximum protection against both altera
tion and counterfeiting — makes identification positive.
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Federal Reserve Bank of St. Louis
Northwest ern Banker, July, 1948
6
Whether it’s advice on Utility financing,
or cash to pay the Doctors bill...
such companies to formulate fiscal programs.
Today, this institution also provides com
plete service to manv individuals who never
before used commercial bank facilities. For
example, we lend money at low bank rates
to pay doctors’ hills and for many other
constructive purposes.
Our prosperity depends, o f course, upon
our all-around usefulness to more and
more people and organizations. Services
performed have reached a record total.
from the other. But per
forming many and widely diversified ser
vices for individuals, firms, corporations and
institutions typifies this modern-day hank.
You know7, for instance, that many
operating utility companies have be
come independent under the "Holding
Company Act” and now must arrange
their own financing. Through a specially
organized Public Utility Department,
the Irving Trust is aiding a number of
N E ts A F A R C R Y
O
CONDENSED
STATEMENT
OF C O N D IT IO N , JU N E
3 0 . 10 13
ASSETS
Cash and Due from B a n k s .......................................................................................... $ 310,037,021 .09
U. S. G overn m en t S ecu rities...................................................................................
384,424,389.96
O ther S e cu ritie s.................................................
4,089,449.14
Stock in Federal Reserve B a n k ...................................................................................
3,150,000.00
L oans and D i s c o u n t s ...................................................................................................
413,238,296.59
First M ortgages on R eal Estate ...............................................................................
3,447,060.66
H eadquarters B u ild in g ..................................................................................................
14,651,600.00
C ustom ers" L iability for A ccep tan ces O u t s t a n d in g .........................................
9,675,785.32
O ther A ssets...........................................................................................................................
3,303,664.43
$1,146,0 17,267.19
i . i a u i m t i i :*
D e p o sits................................................................................................................................... $1,013,334,529.72
A ccep tan ces
.............................................................
$11,114,374.26
Less A m o u n t in P o r t f o l i o .............................................................
939,384.48
10,174,989.78
Reserve for Taxes an d O ther E x p e n s e s ..................................................................
2,551,873.77
D ividend Payable July 1, 1948 .....................................................
1,000,000.00
O ther L ia b ilitie s..............................................................................
3,462,999.00
$50,000,000.00
C apital S t o c k .....................................................................
S u r p l u s .................................................................................
55.000,000.00
U ndivided P r o f i t s .............................................................................. 10,492,874.92
115,492,874.92
$1346,017,26739
United States G overnm ent Securities are stated at am ortized cost. O f these, $24,311,123.60
are pledged to secure deposits o f public monies and for other purposes required by law.
H O A I I II O F D I R E C T O R S
HARRY
E. W A R D , C h a irm a n o f th e B oard
O . L. A L E X A N D E R
President, Pocahontas Fuel
Com pany Incorporated
IIE N R Y P . B R IS T O L
President, B ristol-M yers Com pany
R E ID L. C A R R
President ,
Colum bian Carbon C om pany
G EO RG E F. GENTES
Vice President
I. J . H A R V E Y , Jr.
President ,
Th e Flintkote Com pany
H AR O LD A. H ATCH
Vice President ,
D eering M illiken & C o., Inc.
JO H N F . D E G E N E R , Jr.
C. A. Auffm ordt & Co.
D A V ID L . L U K E , Jr.
President, W est Virginia
Pulp and Paper Com pany
W I L L I A M K . D IC K
N ew Y ork , N . Y .
H IR A M A . M A T H E W S
Vice President
W IL L IA M
N . E N S T R O M , P resid en t
M IC H A E L A . M O R R IS S E Y
Chairman o f the Board ,
The Am erican News Com pany
P E T E R S. P A IN E
President ,
New Y ork & Pennsylvania Co.
L eR O Y A. P E T E R SE N
President, O tis E levator Com pany
J. W H IT N E Y P E T E R S O N
President ,
United States T o b a cco Com pany
JA C O B L. R E IS S
President ,
Reiss M anufacturing Corporation
FLETCHER W. RO CKW ELL
Chairman o f the Board ,
N ational Lead C om pany
W IL L IA M J . W A R D A L L
Chairman o f the Board ,
T h e Best F oods Inc.
R IC H A R D H . W E S T
Executive Vice President
F R A N C IS L . W H IT M A R S H
President ,
Francis H. Leggett & Com pany
6T R U S T
>
■ EBSEB
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FEDERAT.
D EPO SIT
Y O it K
INSURANCE
CORPOR ATION
7
Every bank must handle these 8 accounting jobs: Commercial
Ledgers, Loans and Discounts, Mortgages, Trust Accounting,
Savings, Payroll, Daily Statement, and General Ledgers.
In a matter of seconds, the National Multiple-Duty Accounting
Machine changes from any one of these jobs to any other.
For its removable form-bars simply lift off and snap on —
no screws, catches, or fittings to fuss with.
In a small bank, a single National Multiple-Duty Accounting
A NEW , ILLUSTRATED BO O KLET of
some 60 pages describes the serv
ices of each of the National line.
Shows how they can speed work in
every department of your bank.
Ask your local National represen
tative for a copy of this valuable
booklet. You’ll find it informative
and helpful. Have it ready when
accounting problems arise.
Machine will be kept busy all day handling all 8. In a larger
bank, separate machines may be assigned to handle any one,
or more, of these 8 basic functions.
No matter what the size, or the specific need, of your bank,
there is a National system designed expressly to serve it.
You’ll find them all described in the interesting and useful
60-page illustrated booklet shown at the right. Arrange for your
copy through your local National representative. Or, write to
The National Cash Register Company, Dayton 9, Ohio.
Sales and Service Offices in over 400 cities.
THE
NATIONAL
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Federal Reserve Bank of St. Louis
CASH
REGISTER
COMPANY
Northwestern Banker, July, 1948
8
C o n t in e n t a l I l l i n o i s
N a t io n a l B a n k
a n d T r u st C o m pa n y
OF C H IC A G O
Statement of Condition, June 30, 1948
RESOURCES
Cash and D u e from B an ks.........................................
. .
. .$
6 2 9 ,7 7 2 ,3 8 0 .3 0
United States Governm ent O bligation s.............. ........................
1 ,1 2 5 ,7 4 5 ,3 5 7 .3 0
Other Bonds and Securities....................................... ........................
5 9 ,9 2 6 ,7 9 5 .1 1
Loans and D iscou n ts.................................................... ........................
4 3 8 ,1 4 6 ,8 9 4 .5 5
Stock in Federal Reserve B a n k ................................. .........................
4 ,0 5 0 ,0 0 0 .0 0
Customers’ Liability on A ccep tances................... .........................
1 ,3 7 9 ,1 4 6 .7 0
Incom e Accrued but N o t C ollected ...................... .........................
6 ,1 3 9 ,9 9 8 .8 1
Banking H o u s e ............................................................... .........................
1 0 ,0 5 0 ,0 0 0 .0 0
$ 2 ,2 7 5 ,2 1 0 ,5 7 2 .7 7
L IA B IL IT IE S
*
Deposits
. . ............................................................... .........................$ 2 ,0 8 2 ,2 1 7 ,7 0 6 .1 0
Acceptances
.....................................................................
......................
1 ,3 8 7 ,7 2 6 .7 0
.........................
7 ,5 1 7 ,0 3 7 .9 6
Reserve for C ontingencies......................................... .........................
1 8 ,1 0 5 ,7 2 7 .0 3
Incom e Collected but N o t E arn ed ......................... ........................
4 3 4 ,3 7 7 .3 6
Capital S t o c k .................................................................. .........................
6 0 ,0 0 0 ,0 0 0 .0 0
S u r p lu s ................................................................................ .........................
7 5 ,0 0 0 ,0 0 0 .0 0
U ndivided P r o fi t s .......................................................... .........................
3 0 ,5 4 7 ,9 9 7 .6 2
Reserve for T axes, Interest and Expenses. . .
$ 2 ,2 7 5 ,2 1 0 ,5 7 2 .7 7
United States Government obligations carried at $228,891,757X7
are pledged to secure public and trust deposits and for other
purposes as required or permitted by law
I
1
1
M e m b e r F ederal D e p o s it Insurance
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Corporation
9
Unquestionable Value
as a Representative
" W e ivish to take this opportunity to express to
you and to your institution our appreciation
fo r the expeditious and accurate manner in
which you executed our wishes. Every detail
was handled most satisfactorily. Your value
as a representative o f our interests in New York
has again made itself unquestionable.”
Extract from a letter
received from one of our
correspondent banks
One o f the advantages offered by the
This information, constantly available
Chase as a N ew York correspondent is
in the Chase offices, can be readily used
the close familiarity and insight o f its
in connection with the problems or
officers into banking and business con
needs o f the customers o f correspon
ditions in all sections o f the country.
dent banks.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Broaden customer service with Chase correspondent facilities
THE CHASE NATIONAL BANK
OF THE CITY OF NEW YORK
M ember Federal Deposit Insurance Corporation
Northwest ern Banker, July, 1948
10
ant
Harris edTrust
as N. W. Harris & Co
Incorporated w
Orgaruz'
W E ST M O N R O E
C H IC A G O
Statement of Condition
Directors
if
June 30, 1948
JAMES M. BARKER
Chairman, Allstate Insurance Company
R esou rces
Cash on Hand and Due trom Banks
U. S Government Securities
State and Municipal Securities
Other Bonds and Securities
Loans and Discounts
Federal Reserve Bank Stock
Customers’ Liability on Acceptances and
Letters of Credit
.
.
.
.
Accrued Interest and Other Resources
* Bank Premises
.
.
.
.
Total
.
$152,749,940.22
177.375.279.29
31,144.354.61
9,441,214.54
166.965.235.30
600,000.00
1,222,920.84
2,133,350.04
*
1,352,962.64
.
$542,985,257.48
.
.
.
.
.
.
6,494,712.50
General Contingency Reserve
Reserve tor Taxes, Interest, Etc.
Dividend Payable July 1 , 1948
$ 26,494,712.50
6,792,863.16
.
Acceptances and Letters of Credit
Demand Deposits
.
.
$457,855,145.91
Time Deposits
.
.
.
47,591,393.72
Total
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A R T H U R B. HALL
Hall & Ellis
STANLEY G. HARRIS
Chairman of Executive Committee
WAYNE A . JOHNSTON
President, Illinois Central Railroad
JOHN McKINLAY
Chicago
FRAN K McNAIR
Chicago
A. H. MELLINGER
Director, Illinois Bell Telephone Co.
1,222,920.84
CHARLES H. MORSE
Director. Fairbanks, Morse & Co.
505,446,539.63
$542,985,257.48
*After improvements this account will be increased to about $1,700,000
mmm
FRED G . GURLEY
President, Atchison, Topeka &
Santa Fe Railway Company
2,788,221.35
240,000.00
United States Government Obligations and Other Securities carried
at $54,684,204.00 are pledged to secure Public and Trust Deposits
and for other purposes as required or permitted by law.
Member o f Federal Deposit Insurance Corporation
FR AN K R. ELLIOTT
Chicago
f . b . McC o n n e l l
President, Sears, Roebuck & Co.
8,000,000.00
12 ,000,000.00
$
THOM AS DREVF.R
President. American Steel Foundries
j o h n l . M cC a f f r e y
President. International Harvester Co.
L ia b ilitie s
Capital
.
.
Surplus
.
.
Undivided Profits
MARK A. BRO W N
Executive Vice-President
GUY E. REED
Vice-President
PAUL S. RUSSELL
President
W ILLIAM P. SIDLEY
Sidley. Austin, Burgess & Harper
HAROLD H. SWIFT
Vice-Chairman of Board, Swift & Co.
ST U A R T J. TEMPLETON
Wilson & Mcllvaine
11
CENTRAL
BANK
AND
TRUST
NEW
TRUSTEES
GEORGE W . D A V IS O N
Honorary Chairman
HANOVER
YORK
Statement of Condition, June 30, 1948
LOU IS S. CATES
Chairman of the Board
Phelps Dodge Corporation
C O LB Y M. CHESTER
Honorary Chairman
Genera l Foods Corporation
J O H N B. CLARK
President, The Clark Thread Co,
JA R V IS CROM W ELL
President
William Iselin & Company, Inc,
COMPANY
ASSETS
Cash and Due from R a n k s ...................................$ 4 15 ,486, 774.54
U. S. Government Securities........................................... 606, 485 ,001.77
State and Municipal S e c u ritie s.............................
4 1 , 912 , 635.73
Other S e c u r itie s............................
12 ,946, 993.29
B E R N A R D M. CULVER
Chairman o f the Board
Continental Insurance Company
Loans and Bills Purchased................................................ 450, 287, 764.77
J O H N S T O N DE FOREST
Attorney
Real Estate Mortgages ...............................................
5 , 540, 936.14
T H O M A S D IC K S O N
President
Berlin and Jones Company, Inc.
Banking H o u s e s ..........................................................
1 1 , 724 ,008.00
Interest A ccru e d ..........................................................
2, 846, 686.06
W A LTE R G. D U N N IN G T O N
Attorney
Dunnington, Bartholow and M iller
W ILLIA M A. ELDRIDGE
Vice President
Customers’ Liability on
W IL L IA M F. C. E W IN G
Executive Vice President
Alexander Smith and Sons Carpet Co.
L IA B IL IT IE S
C a p i t a l ........................................... $ 2 1 ,000,000.00
C. JARED INGERSOLL
Chairman o f the Board
Kansas, Oklahoma and Gulf Railway Co.
S u r p lu s ............................................. 80,000,000.00
K . T . KELLER
President, Chrysler Corporation
Undivided Profits............................. 27 , 578, 640.91
GEORGE M. MOFFETT
Chairman o f the Board
Corn Products Refining Co.
Reserves:
J O H N K. O L Y P H A N T , JR.
Vice President
BEN JAM IN O ’SHEA
D irector
Union Carbide and Carbon Corporation
EUSTIS PAINE
Chairman o f the Board, N ew Yo rk and
Pennsylvania Co., Inc.
AUGUSTE G. P R A T T
Chairman o f the Board
The Babcock and W ilcox Company
G W IL Y M A. PRICE
President
Westinghouse Electric Corporation
$ 1 , 554 , 241 , 363.60
Total
R O B E R T L. G E R R Y
President, The Gerry Estates, Inc.
W IL L IA M S. G R A Y , JR.
President
7 ,010 , 563.30
Acceptances O u tsta n d in g ...................................
$
taxes, Interest, etc..............................................
128 , 578, 640.91
8, 156 , 275.37
Dividend:
Payable July 1 , 1948
1 ,050,000.00
A c c e p t a n c e s ............................... # 10 ,918 , 633.30
In Portfolio.................................... 3 ,472 , 732.91
Deposits...............................................................
Total
LUCIUS F. R O B IN S O N , JR.
Attorney
Robinson, Robinson and Cole
7 ,445 , 900.39
1 , 409,010 , 546.93
$ 1 , 554 , 241 , 363.60
J O H N P. STEVENS, JR.
President, J. P. Stevens & Co., Inc,
There are pledged to secure public monies andto qualify for fiduci. y powers
H E N R Y P. TU RN BU LL
Montclair, New Jersey
U. S. Government Securities .
W ILLIA M W O O D W A R D
N ew York, N. Y.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
MEMBER
$ 33, 839, 244.49
F E D E R A L D E P O S IT I N S U R A N C E C O R P O R A T I O N
Northwestern Banker, July, 1948
12
The “personal” story behind the pictures
• ♦ •
D IK E C T O K S
A widow now enjoys the security and regularity of income
provided by the foresight of her husband. — A preserved
inheritance has enabled a young man, orphaned early in child
hood. to purchase a business. —- A trust under her father’s
Will has made it possible for a daughter to complete her
higher education. The money management which protects the
security of these people, and thousands like them, is adminis
tered by your bank!
EDWIN J. BEINECKE
Chairman, The Sperry &
Hutchinson Co.
EDGAR S. BLOOM
Chairman, Atlantic, G u lf and
W est Indies Steamship Lines
ALVIN G. BRUSH
Chairman , Am erican Home
Products Corporation
LOU R. CRANDALL
This is the business of Manufacturers Trust Company’s
Personal Trust Department-— competently, efficiently, and
economically to administer Estates and manage Trust property
placed in its keeping. The hank welcomes the opportunity to
assume and discharge these responsible duties either alone or
with others. And the fees for this service are fixed by law and
are no more than those paid to individual executors or trustees.
President, George A . Fuller
Com pany
CHARLES A. DANA
President, Dana Corporation
HORACE C. FLANIGAN
Vice-Chairman o f the Board
JOHN M. FRANKLIN
President, United States Lines
Company
In the statement below, the assets of these estates and trusts
do not appear because they are not the property of the bank.
They are, as required by law, separately and responsibly held
by the bank as the sole property of the estate or trust to which
they relate.
PAOLINO GERI.I
President, Gerli & Co., Inc.
HARVEY D. GIBSON
President
FREDERICK GRETSCH
President, Lincoln Savings
Bank
This is one of Manufacturers Trust Company’s most person
alized services— for no two estates, no two trusts, are ever alike,
and each requires different understanding, yet always expert
management. It is another human chapter in the story of
money at work . . . a service of our bank that promotes financial
safety and security for our families, our neighbors, and our
community as a whole.
JOHN L. JOHNSTON
President, Lambert Company
OSWALD L. JOHNSTON
Simpson Thacher & Bartlett
KENNETH F. MacLELLAN
President, United Biscuit
Com pany o f America
JOHN T. MADDEN
President, Emigrant Indus
trial Savings Bank
JOHN P. MAGUIRE
President, John P M aguire &
Co., Inc.
C. R. PALMER
I!lll1lll!llll!llllilll!llllllllll!lll!!llli!il!lllllll!llllllll!ll!ll!(^
President, Cluett Peabody &
Co., Inc.
GEORGE J. PATTERSON
C O N D E N S E D S T A T E M E N T OF C O N D IT IO N
As at close of business June 30, 1948
it
e s o u
|
WILLIAM G. RABE
ic i i: s
Vice President
Cash and Due from B a n k s........................... $ 602,840,245.16 j
U. S. Government Securities.................. .... .
1,023,252,343.68
U. S. Government Insured F. H. A. Mortgages .
2,938,264.45
State and Municipal Bonds...........
21,078,705.28
Stock of Federal Reserve Bank.......
3,037,500.00
Other Securities.............................
18,769,921.37
Loans, Bills Purchased and Bankers’
A cce p ta n c e s .............................
555,347,284.04
15,160,439.39
M ortgages......................................
Banking H ou ses.............................
10,206,041.24
Other Real Estate Equities...........
233,980.73
Customers’ Liability for Acceptances. . . .
5,891,554.86
Accrued Interest and Other Resources . . .
6,932,883.73
$2,265,689,163.93
§
|
j
|
I
j
j
g
1
g
g
|
President, Hom e Insurance Co.
ERNEST STAUFFEN
Chairman, Trust Committee
L. A. VAN BOMEL
President, National D airy
Products Corporation
GUY W. VAUGHAN
President, Curtiss- W right Cor
poration
HENRY C. VON ELM
Chairman o f the Board
126,675,176.07¡
6,874,630.95 g
5,555,158.19
1,237,500.00
6,669,342.90
I
2,319,435.62
2,116,357,920.20
$2,265,689,163.93
|
§
j
g
g
Manufacturers
Trust Company
55 Broad Street, New York 15, N. Y .
=
=
i i ii i i i ii i i i ii i i i ii i t i i i i ii i i i ii i i i i ii i i i ii i i i ii i i i ii i i i ii i i i in i i ii i n ii i i i i ii i i i ii i i i ii i i i ii i i i ii i i i ii i i i ii i i i ii i i i i in i i ii i i i ii i i i ii i i i ii i i i it i ii i i i ii i i i ii i i i in i i ii i t i i i i ii i i i it i ii i i i ii i i i t t i i i i ii H i ii ^
Northwestern Banker, July, 1948
New York City
HAROLD V. SMITH
President, IVestinghouse
Air Brake Company
United States Government and other securities carried at $62,616,384.25 are pledged to
secure public fund s and trust deposits and fo r other purposes as required or perm itted by law.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
HAROLD C. RICHARD
ALBERT N. WILLIAMS
L IA B IL IT IE S
C a p i t a l.....................................$41,250,000.00
S u r p lu s ................................
60,000,000.00
Undivided Profits..................
25,425,176.07
Reserve for Contingencies...........................
Reserves for Taxes, Unearned Discount,
Interest, etc....................................................
Dividend Payable July 1, 1948 .......................
Outstanding Acceptances................................
Liability as Endorser on Acceptances and
Foreign B i l l s .............................................
Deposits...........................................................
President, Scranton & I.ehigh
Coal Co.
Members Federal Deposit Insurance ('.orporation
'Here Conqueror a n d Conquered
Live A g a in ”
grandees . . . Franciscan friars
... Indian warriors . .. frontiersmen . . .
P A N IS H
S
soldiers of many nations have passed in
history’s long pageant through the portals
of the Palace of the Governors in La Villa
Real de la Santa Fe. The massive adobe
walls have witnessed scenes of bloodshed
and terror no less than ceremonies of regal
pomp and splendor.
The palace was built in 1610, the year
Santa Fe was founded, and served as the
governor’s residence and headquarters. In
the early days of Spanish rule Indians were
tried there on charges of witchcraft and
rebellion. Here four Indians found guilty of
murdering missionaries were hanged and
their alleged accomplices were whipped
and sold into slavery. In 1680, provoked by
these and similar acts, an Indian uprising
forced one thousand of the townspeople to
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
seek refuge in the palace where
they w ithstood several days’
siege. Then the Indians cut off
the water supply, the livestock
in the patio began to die and
the Spaniards’ suffering became
almost unbearable. Though the
governor was able to rout the
Indians temporarily
by a surprise attack,
he was compelled to
abandon the province
and for twelve years the
Indians held sway until
New Mexico was re
conquered by General
Diego de Vargas.
Lewis Wallace
The Ecclesiastical Room, showing many early church furnishing}
During the Spanish rule, rebellious
Indians and others were imprisoned in the
palace dungeon, including a number of
Americans charged with enter
ing the province for unlawful
purposes. Among the latter were
David Meriwether, later terri
torial governor of New Mexico,
and Major Zebulon M. Pike.
After being occupied for more
than two centuries by the Span
ish and Mexicans, in 1846 the
The Rito de los Frijoles Room
palace again changed owners
when General Stephen Watts
Kearny conquered New Mexico
without firing a shot. During the American
territorial period which followed, one of
the most noted governors was General
Lewis Wallace who wrote part of Ben Hur
while a resident of the palace.
Now occupied by the School of Ameri
can Research, Museum of New Mexico
and Historical Society of New Mexico, this
oldest government building in the United
States continues to stand as a monument
to the colorful history of the Southwest
and a shrine of the several cultures, races
and flags which have known it.
★
★
★
7he Home, through its agents and
brokers, is America's leading insurance
protector of American Homes and the
Homes of American Industry.
a
THE HOME ☆
NEW
YORK
FIRE • AUTOMOBILE • MARINE INSURANCE
14
Ma fiemiagtòn Noiseless
is pauing dividends“
"Y o u can actually concentrate since our Remington Noiseless Typewriters
joined the bank. And they’re paying real dividends in the form of less
fatigue, less strain, and greater efficiency all 'round. M y Noiseless rates
SO QUIET it won't disturb
clients —or phone calls!
continuous praise for the crisp, distinctive appearance of our letters and
reports, too. That’s why my boss says he’s drawing a double dividend . . .
typing perfection plus quiet!”
H crC S
PfOOff
— that Quiet increases typist's efficiency a n d
gives maximum return on your "typing station" investment
Assuming you spend approximately $2,500
annually to operate one "typing station" * —
you can readily see that an increase of as
little as 5-10% is vital if you expect to
get maximum returns from your investment.
Tests conducted by Dr. Donald A. Laird,
director of the Psychological Laboratory of
Colgate University, proved that a typist ex
pends 20% more energy under noisy condi
tions . . . and that her production is reduced
SO QUIET it permits concentra
tion—reduces errors!
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
manniversary 1
‘.»
^croH
about 5%. Therefore, it was concluded, a
15% reduction in noise brings a 5% increase
in typing efficiency!
Let your nearby Remington representative
make a free survey to .see if any outmoded
typewriters are boosting office costs in your
bank. At the same time, he can show you
how the Remington Noiseless gives quiet,
efficient typing at lowest net cost.
* Salary of operator, stipplies, rent, taxes, etc.
M a ke rs o f Rem ington K M C , Q u ie t DeLu xe KM C and P o rta b le T y p e w rite rs .
THE F I R S T
NAME IN TYPEWRITERS
15
The following letters are from
Northwestern Banker readers. Your
views and opinions on any subject
are welcome in this column.
"Superb Coverage"
“ I would like to express my gratitude to
the N orthwestern B anker for the superb
coverage you gave our Joint Convention.
Your cooperation was excellent. Please ac
cept this brief note as a sincere expression
of your efforts. If I, or this office, can be
of any service to you, please call upon us.”
Carl E. Bahmeier, Jr., Exec
utive Secretary, South Da
kota Bankers Association,
Huron.
IN THIS JULY, 1948, ISSUE
EDITORIALS
Across the Desk from the Publisher_____ ___ ____ ___ _____________
16
FEATURE ARTICLES
Dear Editor .................
Frontispage
..................................................................................
How to Make Inventory Loans with S a fe ty ........... David H. Coffman
How Machines Save Time and Money for Banks— N orthwestern
Banker S u r ve y ................................................................................... 22,
The Dakotas in Joint Convention ..................................... ...... ...............
North Dakota and South Dakota Convention Pictures ......................
Minneapolis Banker Heads Minnesota Association ..... ......................
Minnesota Convention Pictures ..................................................................
News and Views of the Banking W orld........ ......... Henry H. Haynes
Bankers You Know— JosephF. Ringland ............................................
Can A Man Found to Be Innocent Sue Bank for Malicious
Prosecution— Legal
.......... ................................................................
15
18
21
23
24
25
26
27
28
30
32
"Read With Interest"
“ Let me again congratulate you on your
editorials which I read with much interest
in the May issue of the N orthwestern
B anker . Incidentally, your stories on both
(Turn to page 69, please)
BONDS AND INVESTMENTS
Review of Current Events and Markets Favors Short Term
O utlook_____ _____ _____ _______ ___ ___ ___ _____Raymond Trigger 45
INSURANCE
A New Farmer’s Policy to Swell Your Sales........... Charles J. Haugh 49
ON THE COVER
Three state bankers associations
held their annual conventions in the
Twin Cities last month. The North
Dakota and South Dakota Associations
held a Joint Convention in Minne
apolis and St. Paul, with members of
the Clearing House of both cities sup
plying the entertainment.
The Minnesota Bankers Association
held its annual meeting in Minne
apolis.
In the picture on the cover, from
left to right, are J. M. Lloyd, Yankton,
South Dakota, president of the South
Dakota Association; M. O. Grangaard,
Minneapolis, president of the Minne
sota Association; and Arne A. Gregor,
Leeds, president of the North Dakota
Bankers Association.
From the background of the pic
ture, it would appear the conventions
were held in Minnesota’s north woods.
However, the picture was taken in
the North Shore Room of the Hotel
Nicollet, in Minneapolis, the walls of
which are covered with enlarged pho
tographs of scenes along the north
shore of Lake Superior. The three
new presidents are standing in front
of one of the wall decorations.
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Federal Reserve Bank of St. Louis
STATE BANKING NEWS
Minnesota News ............. ............................................................................
Twin City News .................................................................. ............
South Dakota News ................................................
Sioux Falls News .......................................................... ....................
North Dakota News ................................................
Nebraska News .......................................................................
Omaha News ................................................... ..... ..............................
Iowa News .......................................................,............................... ............
A t the 1948 Iowa Group M eetings....................................................
Iowa Association Is A c tiv e .................................................................
Des Moines News _________ ______ __ ____ _____________________
Sioux City N e w s......................................
Coin Collectors’ Column ..... ............ ....... ......... ..............................
Conventions ......................................................
53
54
59
59
61
63
64
71
75
78
79
80
85
85
IN THE DIRECTORS' ROOM
A Few Short Stories— Some New, Some Old ........... ............................ 86
NORTHWESTERN BANKER
527 Seventh St., Des Moines 9, Iowa, Telephone 4-8163
CLIFFORD DE PUy
RALPH W. MOORHEAD
Associate Publisher
Publisher
HENRY H. HAYNES
BEN J. HALLER. JR.
MALCOLM K. FREELAND
Editor
Associate Editor
Associate Editor
ELIZABETH COLE
HAZEL C. HADLEY
SADIE E. WAY
Advertising Assistant
Auditor
Circulation Department
PAUL W. SHOOLL
Field Representative
JOSEPH W. FRANKS
Field Representative
NEW YORK OFFICE
Frank P. Syms, Vice President, 505 Fifth Ave., Suite 1806
MUrray Hill 2-0326
DE PUY PUBLICATIONS: Northwestern Banker, Underwriters Review,
Des Moines Insurance Directory, Iowa-Nebraska Bank Directory.
Northwestern Banker, July, 1948
16
and banking than any other group in the popula
tion.
“ If banks can find ways of increasing their
contacts with the public and can thereby increase
the
public’s knowledge
and
understanding
of
their operations, the pay-off in increased good
will is almost certain.”
One of the questions you asked is:
“ W ould
you tell me which one (of these five businesses)
you think is the most important to the country?
Banks
...............................................................46 %
Telephone company ..............
13
Insurance companies ....................
11
Department stores ...................................... 9
Personal finance companies...................... 2
A ll same ...........................................................13
No opinion .....
6
“ More than seven out of every 10 people (7 3 % )
consider banks the most important of the five
industries because they believe they are essential
to the rest of the economy, they are the backbone
of all business. ’ ’
Another part of your survey which proved very
A cro ss th e D esk
F r o m t h e P u b l is h e r
(ÙSLOÂ QûAQph Q. (Bíwía:
Vice President, Opinion Research Co.
W hen you made your original survey for the
Association of Reserve City Bankers, we gave it
interesting to the N orthwestern B anker was the
fact that 63 per cent of the people of the United
States
are
against
government
ownership
of
banks, while 22 per cent favored and 15 per cent
have no opinion, which indicates that the pre
ponderance of evidence is in favor of banks being
continued as private institutions.
Nevertheless, “ eternal vigilance” is necessary
by every banker in the country to improve his
good will relations with the public in every pos
sible way.
careful study and consider it a very fine document
on the important subject of the public’s appraisal
of banks and banking.
Your recent speech before a bankers convention
on this same topic re-emphasizes again the need
(b&jaA (Donald J{. David:
Dean, Harvard Business School
for bankers and businessmen to be ever alert in
For some time the N orthwestern Banker has
presenting the best “ public relations” program
believed that we are not going to kill or replace
which they can to their customers and to the gen
Communism with bullets, but only with ideas.
eral public.
A recent address of yours brings out a similar
idea in discussing business leadership and the
As you point out, “ The public’s attitudes to
ward banking, as well as toward other businesses,
war of ideas when you say:
are matters of long-term growth and accumula
tion. They come from textbooks and from the
lips of teachers. They come from day-to-day read
becoming increasingly clear that we are engaged
ing and radio listening.
They come from doing
“ Every day it is
in a war of ideas; a war of ideals.
Democracy
and Totalitarianism are the adversaries. The
stakes are high. Almost everyone believes that it
business with you and from the word that is
will be a long conflict, unless a shooting war is
passed on to friends and acquaintances by your
customers and by your own employes.
resorted to in a futile attempt to resolve the con
flict more quickly.”
“ One important principle emerges from this
study.
It is this: the greater a person’s contact,
A shooting war will accomplish nothing as far
as fundamental ideas or ideals are concerned, and
familiarity, and knowledge of banks, the greater
therefore, it becomes increasingly important that
is his understanding of banks’ problems and the
businessmen, bankers, and all other citizens in
more favorable is his attitude.
the United States do their part to make the right
“ Conversely, non-customers of banks, for ex
ample, are almost invariably more critical of banks
decisions which in turn will keep our present
economy functioning at its best and highest level.
Nort hwest ern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
17
As free individual citizens, we are making con
In these so-called unstable times, this made us
stant decisions and it is the combined aggregate
stop and think, and we certainly hope that you
of these decisions that decides and determines the
are correct.
Of course, you also gave the admonition, "p r o
course of our economics, of our politics and our
national life.
As you well said, “ In the eyes of some impatient
vided we keep our heads. I do not fear runaway
critics the very strength of our society is a weak
whose failure to appear has so chagrined the
ness. W e are in truth a society composed of mil
Marxian economists and statesmen.
lions of centers of initiative. Almost every citizen,
inflation nor do I look for the great depression
“ W e cannot hope to attain absolute stability—
and literally every businessman, day after day,
it is not part of a dynamic economy.
makes decisions which shape our society.
if we do not depress business psychology unnec
It is
However,
not planned neatly and completely at the top;
essarily, and adopt voluntary restraints, I see no
its planning is done at all levels from bottom up
reason why a large volume of goods and services
wards.
A complex system and one difficult to
understand, but it works.
And it has given us
something that few people have ever had— free
cannot continue to be produced and taken off the
market. ’ ’
Certainly, we are going to “ need our heads” to
keep us out of war, in which case we might lose
dom of oportunity.
“ And, in turn, this freedom of opportunity is
them unnecessarily.
our greatest potential asset in the conflict with
the totalitarians. This means that the leadership
of our society as a whole can be continuously re
inforced and revitalized by recruits from all seg
ments of our population.
(Dboa
(Da.¿Ansud 0 . VYlsdJbif.
Dean of Education, New York University
Providing places for
“ Knowledge is pow er” is a slogan which we
talent thus developed requires a dynamic, risk-
have always thought had real meaning, and we
taking, and venturesome setting. No rigidly lim
ited and confined party membership narrowly de
still do, but along with knowledge must come
understanding and a belief in moral values if our
fines the source from which our leadership may
world is to be made a happy place in which to live.
come. No single center of initiative controls our
destiny.
“ The way to make our system work better is
perfectly clear.
You
emphasize
this, Dr.
Melby,
by
saying:
“ Democracy should be made to work at home.
You cannot improve the system
It can’t be made to work simply by getting more
knowledge.
You would think education is the
by superimposing all-pervasive planning at the
answer to our problems, but it is not the solution
top; that does not improve the system— it changes
to world understanding, or the solving of the com
it.
The way to do it is to improve the quality
of the decisions all along the line.
m unity’s problems.
In the last century we have
Let them be
had more education than ever before and also have
made where they are n o w ; but improve their
killed more people in this half century than ever
before. Since VJ-day we have not been able to
make up our minds on where we are going and
quality.”
Let us, therefore, continue the capitalistic sys
tem under which individual initiative and effort
has shown its greatest progress, but let us also
as you point out,
Dean David,
“ improve
we have lost our moral leadership.”
It really is a terrifying thing when we realize
the
that while our education has reached the highest
Also, the N orthwestern B anker agrees thor
time, killed more people than in any other period
oughly with your idea of improving and develop
of the w orld’s history.
First, we must, as you have also emphasized,
quality of the decisions we m ake.”
ing our business leadership, and as you emphasize :
point in the last 100 years, we have at the same
“ I cannot predict what lies ahead in the present
conflict of systems, the battle of ideals.
1 am
make our Democracy work at home, so that we
certain, however, that the
continuing develop
people can get along together, in one place on
ment of competent and responsible business lead
ership is one of the prime essentials in the creation
this earth’s surface.
Then by our own example we can help others
of an impregnable position against the long-run
to do likewise throughout the world.
It is a tremendous task, but le t’s hope the
challenge of totalitarianism.”
(DsucUx ¿m il Sckham :
can present a real example of how 150 million
United States will be one place where people will
learn how to cultivate each other and not kill
each other.
President, New York Stock Exchange
Y ou were quite reassuring, Mr. Schram, when
you stated that “ we have already entered the
post-war period of stabilization.”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwest ern Banker, July, 1948
__
_
•
___
I f you would like extra copies of this picture we will be glad to sen d them to you with our compliments.— The Northwestern Sanker.
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
19
Central
National Bank and Trust Company
Fifth and Locust Street — Des Moines
STATEMENT OF CONDITION AT CLOSE OF BUSINESS JUNE 30/ 1948
ASSETS
C ash and due f r o m
Federal Reserve and
other banks..............$26,876,806.63
United States Govern
mental Securities . . 25,930,944.44
Obligations of United
States Governmental
A g e n c ie s ..................
2,259.071.11 $55,066,822.18
Municipal Securities ..........................
7,241,299.06
Market B onds........................................
1,089,210.09
Other Investm ents................................
260,001.00
Loans & D iscounts................................
25,808,443.75
Overdrafts
............................................
2,019.72
Stock Federal Reserve Bank ............
75,000.00
Accrued Interest Receivable
233,524.16
Bank Premises & Equipment
585,857.10
TOTAL
$90,362,177.06
1,250,000.00
Undivided P rofits. . .
940,748.96
Other R e s e r v e s ..........
A. T. D O N H O W E
V ice-P resident
HARRY GOLDM AN
President, C. C. T a ft Co.
W M . J. G O O D W I N
Chairman, Board of D irectors
R O B E R T K. G O O D W I N
President, Redfield Brick
T ile Co.
W . J. G O O D W I N , JR.
President, D es M oines C lay Company
B. R E E S J O N E S
President, Tow n M utual D w elling
Insurance Company
$ 1,250,000.00
Surplus ........................
E. F. B U C K L E Y
President
H . F. G R O S S
Chairman, Iow a M utual
Tornado Insurance Assn.
LIABILITIES
Common Stock
D I R E C T O R S
E D W . A. K IM B A L L
E xecutive V ice Pres., Iow a M frs. Assn.
G U Y E. L O G A N
1,027,360.20
$4,468,109.16
W A L T E R E. M U I R
President, W in d o w D evices, Inc.
G EO R G E A. PE AK
Real E state
Reserves fo r Taxes, Interest
and Other E xpense..........................
123,939.43
J U L I A N A. P E V E R I L L
President, H udson Jones Auto
Discount C o lle c té e ..............................
190,986.75
W A L T E R L. S T E W A R T
Gibson, Stewart & Garrett
Deposits
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Federal Reserve Bank of St. Louis
................................................
T O T A L ......................................
85,579,141.72
Co.
F R A N K R. W A R D E N
V ice-P resident
$90,362,177.06
★
U. S. G o vern m e n t and other secu ritie s ca rrie d
a t $ 7 ,7 2 9 ,5 8 2 .9 8 a re p led ged to secure U. S.
W a r Loan D eposit a cco un t, Pub lic Fund s, and
Trust D epartm ent Funds.
M em ber F ed e ra l Deposit
In su ra n c e C o rp o ra tio n
Northwestern Banker, July, 1948
The adding machine bearing the name Allen-W ales
is a product of experienced, painstaking crafts
manship. It will serve you with the three essentials
of satisfactory adding machine performance—
A C C U R A C Y , S P E E D and D E P E N D A B IL IT Y .
ALLEN W
ALLEN-WALES ADDING MACHINE DIVISION
OF
THE NATIONAL CASH REGISTER COMPANY
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Federal Reserve Bank of St. Louis
444
NEW
MADISON
YORK
AVENUE
2 2,
N.
Y.
I f off* to M a k e in ven tory
Loans with S afety
Field Warehouse Receipts Open New Channel
for Investment of Bank Funds
By DAVID H. COFFMAN
Vice President
William H. Banks Warehouses, Inc.
T IS indeed a far step from the time,
some 56 years ago, when William
H. Banks was contacted by an officer
of one of the large Chicago banks to
evolve some method whereby his bank
could finance safely the inventory of
one of its very good customers, who
had already borrowed up to the limit
which the bank could advance to him
on an unsecured basis.
The customer had a good reputation
and a large inventory, but the bank
could not solve his problem.
From the plan then developed by
Mr. Banks, to fit this particular case,
has grown the present Field Ware
housing System, which has so thor
oughly and adequately enabled banks
throughout the country to make de
sirable inventory loans with safety.
Warehouse receipts afford a funda
mentally sound, economic protection
for the bank advancing funds. They
make available for the bank’s cus
tomer his inventory as collateral in
connection with further expansion re
quirements and his financing program,
with no inconvenience to the user of
the service, as the inventory remains
right on his own premises and is read
ily available for proper release at all
times. The expense involved in con
nection with this service is very nomi
nal and the requirements are reason
able.
I
lateral, and opening the way to satis
factory loans to its customers.
It has been held in the highest
courts that transfer of title is com
plete through the warehouse receipts
and the specified inventory is thereby
delivered into the possession of the
warehouse receipt holder. And, of
great importance, is the fact that
warehouse receipts usually enable the
bank to increase materially to any
customer the legal percentage of loan
as based upon the bank’s capital.
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Federal Reserve Bank of St. Louis
First— to enable his customer to bor
row money, or to obtain credit in the
most flexible manner, by pledging his
inventory, and
Secondly—to protect the holder of
the warehouse receipt who has ad
vanced or loaned money on the said
inventory.
Thus, the warehouseman performs
the service of conversion of the in
ventory for the convenience of pledg
ing it as collateral to a bank loan and
thereby to give security for credit
extended. The warehouse receipt, as
above pointed out, is documentary
evidence of title.
Warehouseman Liable
The warehouseman is legally liable
for failure to deliver, as provided by
the Uniform Warehouse Receipts Act.
Most field warehouse companies pro
tect against loss by the maintenance
of legal liability insurance and fidelity
bonds covering their employes, includ
ing all custodians. To minimize loss
es, periodic audits and physical in
spections are made at regular inter
vals by qualified inspectors employed
by the warehouseman.
Operations Increasing
A study of statistics indicates that
Field Warehousing operations have
increased in number some 1500 per
cent in the last ten years, evidencing
very conclusively that banks and other
sources of available funds are quite
generally recognizing the security af
forded through this medium of col
WAREHOUSING COMPANIES pro
tect against loss by maintenance of
sound liability and fidelity coverage on
all employes and custodians. Periodic
audits and physical inspections of ware
houses like the one pictured above are
made at regular intervals by qualified
inspectors.
D A V I D H. C O F F M A N
“ Sound, economic protection”
Warehouse Service
A field warehouseman does not ad
vance money to his customer. His
service is designed:
In accepting Warehouse Receipts as
collateral, the banker or credit man
takes these factors into consideration.
Reliance is placed not only upon the
borrower and his ability to repay, but
also upon the validity and specific
nature of the warehouse receipt. In
the integrity and responsibility of the
warehouseman lie the true protective
features and value of the field ware
house receipts.—The End.
Northwestern Banker, July, 1948
ffo tr
Save Tim e
Users of Modern Equipment
Tell How They Have
Reduced Overhead
READING MICRO-FILMED bank records is facilitated by the new Film-a-record
Reader-Desk being used in the picture above. Even an inexperienced operator can load
this new Remington Rand unit and locate any image on a 100-foot roll of indexed film
m less than 60 seconds without leaving her chair. Film can be traveled through the
Reader-Desk at 150 feet per minute and can be stopped instantly by turning a single
control knob. Complete operating controls are located in a recess at the base of the
screen.
is the third of a series of arti
cles on modern bank equipment
and how its use saves money for
banks. The first two articles were
published in the May and June issues
of The Northwestern Banker. The
fourth of the series will appear in the
August issue.
T
h is
E. E. WIEMER
Cashier, Citizens National Bank
(Population 14,000— Deposits $6,911,500)
Boone, Iowa
“Our directors and officers are in fafor of labor-saving changes and mech
anizing our operations in order to re
duce costs and make it more pleasant
for our employes in the operation of
the bank.
“After careful study of our costs, we
have found that modern machinery
can reduce our per unit cost of han
dling the various items and also speed
up the entire operation. Some of the
equipment that is serving us very well
in reaching this end is as follows:
“A good telephone system which
is very flexible to be used for the
trunk lines and also to be used for
inter-communication for the various
departments of the bank: tellers,
bookkeepers, officers, etc.
Northwestern Banker, July, J948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
the bookkeeping department for the
use of heading up ledger sheets and
statements.
“National Cash Register posting
machines to handle all of our post
ing. These three new machines give
us positive alignment whereby we
are able to produce a statement
which presents a very commendable
appearance. This eliminates the tab
ulation from column to column and
provides an automatic count of all
checks handled. Lastly, it gives the
operator complete visibility of post
ing at all times.
“Burroughs Posting Machines are
used for handling the note ledger
posting and general ledger posting.
This modern posting equipment
makes it possible to handle a larger
number of items each day more
easily, much more rapidly and ac
curately.
“ Sortergraf use saves at least three
unit handlings of checks as they are
prepared for posting of the day’s
work.
“Cummins Electric Perforator for
the cancellation of checks is three
times faster than the hand-operated
machine.
“ Through the above, we have been
able to save time, do the work more
easily and efficiently with a satisfac
tion to operator in using modern equip
ment.”
“Dictaphones for the officers who
have considerable amount of corre
spondence thereby relieving the
stenographer to do other work while
the officer is dictating and making it
convenient for the officer so dicta
tion can be given at any hour of the
day when perhaps the stenographer
would not be available.
“Automatic cashiers for the vari
ous tellers to speed up their handling
of cage work and more rapidly serve
the public.
“Cardineer system to facilitate the
handling of safety deposit box cus
tomers and for a better record of all
entries and collection of rental on
the boxes.
“ National Proof Machine for the
proof department which speeds up
the efficiency of the tellers and also
makes the items more readily avail
able for the bookkeeping department
and the other departments waiting
CLIFFORD G. WESTON
for the day’s transactions. This ma
Assistant Vice President, The First
chine alone has cut off at least two
National Bank
hours or more per day of work than
(Population 87,000— Deposits $48,635,000)
was previously handled in our proof
Lincoln, Nebraska
department and facilitates the han
“ Most banks today are devoting a
dling of errors.
great deal of attention to improving
“The Addressograph installed in the speed and efficiency of internal
M a ch in es
and M o n e y
for Hanks
___ _
A N O RTH W ESTERN BANKER
SURVEY
bank operations. Activity is being
maintained at a high level, yet, un
fortunately, the banking industry, to
gether with other industries, is faced
with a real problem in its endeavor to
attract desirable and competent work
ers.
“We in our bank have been particu
larly anxious, therefore, to investigate
any new methods of bank operation
which have come to our attention, as
we are convinced that the employment
of such new procedures and modern
equipment will contribute materially
to operating efficiency and should re
duce expenses in the long run.
“ I have briefly described below some
of the new methods installed recently
in our bank and our experience with
them.
Proof Machines
“ Four proof machines have been in
stalled since the war. These machines,
of course, prove the accuracy of each
deposit. A distribution of checks is
made at the same time, and a control
set up on each ‘sort.’ Clearing items
are so handled that they require no
further work. Certain transit items,
such as those collected through Fed
eral Reserve Banks, are also sorted in
the first operation and need only to be
endorsed and photographed before
mailing. Cross-checking for errors, we
found, was eliminated after the instal
lation of proof machines. All items,
whether transit, on us, or clearings,
move through the bank at a faster rate
than before, and the balancing of the
various departments is facilitated.
“ A 30 per cent decrease in the num
ber of employes engaged in central
proof work has been made possible
(Turn to page 82, please)
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Federal Reserve Bank of St. Louis
mSm*
*T
A
ALLEN-WALES adding machines
for years have been standard book
keeping equipment in many business
offices and banks. The machine in
photo above is latest model.
'
,
:
%2M4
- ig
Jf
THE MONROE bank bookkeeping unit
shown in operation in the picture below
has a special desk, machine and ledger
tray providing the operator with a com¥ plete working unit.
24
New Officers
rrnim
North Dakota Association M t if 0
President, Arne Gregor, president,
Farmers State Bank, Leeds.
Vice president, J. F. McEntee, presi
dent, Citizens State Bank, New Eng
land.
Secretary, C. < . Wattam, Fargo (re
elected).
Treasurer, Clarence B. Olson, vice
president, Merchants National Bank
& Trust Company, Fargo.
North Dakota
A. B. A. Elections
Member nominating committee, F.
A. Irish, chairman, First National
Bank & Trust Company, Fargo.
Alternate, Arne Gregor, president,
Farmers State Bank, Leeds.
Vice president, National Bank Divi
sion, Fred Orth, president, First Na
tional Bank, Grand Forks.
Vice president, State Bank Division,
Sharpe Pruetz, cashier, Knlm State
Bank.
Vice president, Savings Bank Divi
sion, W. E. Tooley, viee president and
cashier, First National Bank, Minot.
Vice president, Trust Division, Per
shing Boe, assistant trust offieer, First
National Bank & Trust Company,
Fargo.
with pleasure an
event to which they have been
looking forward ever since the
invitation was extended almost a year
ago, members of the North Dakota
and the South Dakota Bankers Asso
ciations and their families found the
joint convention of these associations
held in Minneapolis and St. Paul last
A
n t ic ip a t in g
, 11
m
^
MPfEKOtitS
in*9nint
9 ' o n v e n t i o n
North and South Dakota
Associations Hold Annual
Meetings in Twin Cities
month fully up to their expectations.
As the country editor puts it, “A good
time was had by all.”
Total registration for the joint meet
ing totaled nearly 600, of which 500
were from the Dakotas, with the bal
ance made up of Twin City bankers
and those from the larger towns in
the east and middle west.
South Dakota
As noted on this page, J. M. Lloyd,
vice president of the American State
Bank, Yankton, was elected president
of the South Dakota Association, suc
ceeding Arthur Dahl, president of the
Rapid City National Bank. T. M.
Harkison, president of the National
Bank of South Dakota, Sioux Falls,
was named vice president, and will
succeed to the presidency of the asso
ciation next year. Certain activities
in Sioux Falls in which Mr. Harkison
felt he should participate prevented
his attending the joint convention.
Car] E. Bahmeier, Jr., of Huron, was
re-elected secretary and treasurer of
the South Dakota Association. New
THE PICTURES at the right were taken at the joint con
vention of the North Dakota and South Dakota Bankers Asso
ciations held last month in the Twin Cities. Reading from left
to right, those pictured are:
1—
J. M. Lloyd, vice president of the American State Bank,
Yankton, South Dakota, and new president of the South Dakota
Association, receives the gavel from Arthur E. Dahl, president
of the Rapid City National Bank, immediate past president.
2—
Arne A. Gregor, president Farmers State Bank, Leeds,
North Dakota, and new president of the North Dakota Asso
ciation; J. F. McEntee, president Citizens State Bank, New
England, new vice president; and C. H. Olson, vice president
Merchants National Bank, Fargo, new North Dakota treasurer.
3— Six North Dakota bankers: Front row, F. A. Foley,
Rolette County Bank, Rolla, immediate past president of the
North Dakota Association; H. C. Bowers, manager Bank of
North Dakota, Bismarck; and Fred Irish, chairman of the board
First National Bank, Fargo. Second row, J. A. Murphy, vet
erans administration, Fargo; and N. I. Koop, vice president
Northwestern Banker, July, 1948
President, J. M. Lloyd, vice presi
dent, American State Bank, Yankton.
Vice president, T. M. Harkison, pres
ident, National Bank of South Dakota,
Sioux Falls.
Secretary-treasurer, Carl E. Bah
meier, Jr., Huron (re-elected).
South Dakota
A . B. A . Elections
Member nominating eommittee, H.
N. Thomson, vice president, Farmers
& Merchants Bank, Presho.
Alternate, L. C. Foreman, president,
Corn Exchange Bank, Elkton.
Vice president, National Bank Divi
sion, Noel Klar, vice president and
cashier, First National Bank of the
BTack Hills, Rapid City.
Vice president, State Bank Division,
B. L. Laird, executive vice president
and cashier, Security State Bank, Tyn
dall.
Vice president, Savings Bank Divi
sion, J. W. Bryant, vice president,
Commercial Trust & Savings Bank,
Mitchell.
Vice president, Trust Division, R. A.
Pankow, trust officer, First National
Rank & Trust Company, Sioux Falls.
to the office less than a year ago, Mr.
Bahmeier is already conducting the
affairs of the association like a vet
eran. Everybody calls him “ Carl,”
which is usually a sign of success in
any endeavor.
In the South Dakota business ses
sion, President Dahl reported the larg
est membership in history, with only
two non-member banks in the state—
(Turn to page 43, please)
th e N orth anti South
• lo in t ( ' n a r r a t i o n
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Federal Reserve Bank of St. Louis
New Officers
South Dakota Association
---^
First National Bank, Bismarck. And in the rear, L. E. Smith,
vice president and cashier Fargo National Bank.
4—
Sharpe Pruetz, cashier Kuffii State Bank; A. W. Eastman,
cashier First National Bank, Milnor; F. D. McCartney, vice
president First National Bank, Oakes, all the foregoing from
North Dakota; John N. Peyton, governor Federal Reserve Bank,
Minneapolis; and H. Clay McCartney, director Mid1and, National
Bank, Minneapolis.
5—
Krrl Goldsmith, president Fort Pierre National Bank, Ft.
Pierre, South Dakota; H. M. Grant, president Union National
Bank, Minot, North Dakota; J. R. McKight, president Pierre
National Bank, Pierre, South Dakota; C. H. Lockhart, president
First Citizens National Bank, Watertown, South Dakota; and
L. T. Morris, chairman of the board of the same bank.
6—
Donald A. Coyle, assistant treasurer, New York Trust Co.,
New York; Ralph M. Watson, president Northwest Security
National Bank, Sioux Falls, South Dakota; Russel Prudden,
Prudden’s Digest, New York City; and Arthur Larson, Federal
Reserve Bank, Minneapolis.
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Federal Reserve Bank of St. Louis
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26
3 1 i SB S i M
í p
B ilis
É l i t S il* V S '
H eads M innesota Assoeiatioss
M. O. Grasigaard Chosen Pres de^t at Near-record
Meeting oi 1,300 Regâstirasits
O. GRANGAARD, vice presi
dent of the First National
‘ B a n k in Minneapolis, was
elected president of the Minnesota
Bankers Association at the concluding
session of the annual meeting of the
association held last month in Min
neapolis.- He succeeds John Carlander, president of the State Bank of
Faribault.
N. A. Welle, vice president of the
First National Bank, Bemidji, was
named vice president and Guy S. Baccn, president of the Empire State
Bank, Cottonwood, becomes treasurer.
Robert E. Pye, Minneapolis, con
tinues as secretary of the Minnesota
Association, through whose efforts the
fifty-eighth annual meeting functioned
smoothly and well. Nearly 1,300 were
registered at this 1948 convention.
At the Minnesota American Bankers
/ PRoNation elections, John Carlander
was named to the executive council,
M
A t tin *
his term expiring in 1951. A. W.
Hoese, president, Security State Bank,
Glencoe, was named to the A.B.A.
nominating committee from Minne
sota, with A. H. Haakenson, vice presi
dent and cashier, Austin State Bank,
as alternate.
State vice presidents for the A.B.A.
were elected as follows:
National b a n k division, George
Meinz, vice president and cashier,
American National Bank, St. Cloud;
savings division, Willis A. Putman,
vice president, First and American
National Bank, Duluth; state bank di
vision, J. Brogger, president and cashish, State Bank of Butterfield, and
trust division, H. C. Hinze, vice presi
dent and trust officer, First National
Bank, Winona.
While the ladies were enjoying a
drama review as their special evening
entertainment, the bankers attended
the pre-convention smoker, a tradition
at Minnesota conventions. The dinner
was served cafeteria style, the main
entrees being ham and roast beef. At
the start of the line the roast beef
looked like at least a quarter of a
steer; when every plate was filled the
roast beef had disappeared. Those
Minneapolis banks, hosts at the pre
convention smoker, know conventionites like good food and plenty of it.
In his address at the morning ses
sion, President Carlander suggested
a three-point program for Minnesota
bankers-—to combat inflation in every
way possible, to establish a personnel
program of education to prepare the
younger folks in the banks to take
over when present officers feel like
they want to relax a bit, and to lend
every cooperation to the agricultural
activities of their communities.
In a survey prepared by Lloyd Borg,
director of the Mid-Continent Survey,
(Turn to page 43, please)
MinnesotaConvention
—
»
(All reading from left to right)
1—
Officers of the Minnesota Bankers Association: Robert E.
Pye, secretary, Minneapolis; N. A. Welle, vice president First
National Bank, Bemidji, new vice president of the Association;
M. O. Grangaard, vice president First National Bank, Minne
apolis, and new president Minnesota Association; and Guy S.
Bacon, president Empire State Bank, Cottonwood, newly elected
treasurer.
2—
Verne Bartling, assistant vice president First National
Bank, Chicago; William H. Miller, vice president City National
Bank, Chicago; Porter L. Willett, vice president Central Han
over, New York City; and George Mitchell, vice president
De Luxe Check Printers, St. Paul.
3—
A group enjoying the hospitality of three St. Paul bankers
—J. H. Brogmus, president Minnesota State Bank; R. M. Gesell,
president Cherokee State Bank; and Ed Ehlers, West St. Paul
State Bank.
4—
J. Brogger, president and cashier State Bank of Butter
field; Albert Henderson, cashier First State Bank, Clearbrook;
Carl W. Jensen, vice president First State Bank, Clearbrook;
K. T. Martin, assistant vice president First National Bank,
Minneapolis; Andrew Aim, executive vice president Fidelity
State Bank, Luck, Wisconsin; and Donald T. Lawler, cashier
Crookston National Bank.
5—
Robert E. Pye, Minnesota Association secretary, Minne
apolis; Mrs. Frank Powers, Mora; John Carlander, president
State Bank of Faribault, and immediate past president Minne
sota Association; H. E. Olson, director Ogilvie State Bank; Mrs.
Olson; and Frank Powers, president Kanabec State Bank, Mora,
and treasurer American Bankers Association.
6—
A1 Junge, assistant cashier Northwestern National Bank,
Minneapolis; and R. C. Schall, manager field warehousing divi
sion St. Paul Terminal Warehouse Company, St. Paul.
Northwestern Banker, July, 1948
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Federal Reserve Bank of St. Louis
7—
A. F. Johnson, executive vice president Merchants State
Bank, North Branch; Donald Buckman, assistant cashier First
National Bank, St. Paul, R. M. Jones, vice president and cashier
La Crescent State Bank; F. J. Hyland, assistant cashier First
National Bank, Hastings; and L. C. Avenson, assistant cashier
Farmers State Bank, Dorset.
8—
F. E. Hansen, cashier State Bank of Kenneth ; H. R.
Hommedal, president State Bank of Rush City; Stanley Evans,
assistant cashier Live Stock National Bank, Sioux City, Iowa;
Roger W. Peavey, president Security National Bank, Faribault;
and Larry Olson, vice president Midland National Bank, Min
neapolis.
9—
A section of the Burroughs display at the Minnesota con
vention in Minneapolis.
10—
W. C. Holt, president Calumet State Bank; Fritz Conrad,
vice president Northwestern National Bank, Minneapolis; C. B.
Arvesen, cashier Otisco State Bank; Wayne Reimer, Bank of
America, San Francisco; L. O. Kirby, vice president First Na
tional Bank, Hibbing; B. G. Berg, vice president and cashier
Security State Bank, Kenyon; R. E. Rogde, president Princeton
State Bank; and Eldor Pick, cashier Security National Bank,
Amboy.
11—
A group enjoying the singing in the headquarters of the
Marquette National Bank, Minneapolis. Facing the camera in
the foreground is Ben Du Bois, president First State Bank,
Sauk Centre, and secretary of the Independent Bankers Asso
ciation.
12—
W. D. Heupel, vice president First National Bank,
Mobridge, South Dakota; F. C. Aarestaad, president First Na
tional Bank, Denison, Iowa; J. Schad, cashier Farmers and
Merchants State Bank, Roslyn, South Dakota; Leonard Gisvold,
assistant vice president Northwestern National Bank, Minne
apolis; C. O. Thompson, cashier First Security Bank, Underwood,
North Dakota; and George S. Coonrod, assistant vice president
Marquette National Bank, Minneapolis.
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Federal Reserve Bank of St. Louis
28
News and Views
OF THE BANKING WORLD
By HENRY H. HAYNES, Edito r
HARLES MILLS, former presi
C
dent of the Iowa Bankers Asso
ciation, and now a resident of
Moline, Illinois, was in Des Moines
last month to attend the graduation
from Roosevelt High School of his
granddaughter, Mary Mills. Mr. Mills
celebrated his 81st birthday on June
19th. He is planning to attend the
1948 Iowa Bankers Convention in Oc
tober—he hasn’t missed an Iowa con
vention for many years.
Ben DuBois of Sauk Centre, Minne
sota, secretary of the Independent
Bankers Association, reports the mem
bership now stands at 2,183, covering
an area of forty states. On a recent
automobile trip from Biloxi, Missis
sippi, back to Minnesota, Mr. DuBois
picked up 35 new members for the
Independent Bankers Association.
C. Arthur Hemminger, advertising
manager of the American National
Bank & Trust Company, was elected
president of the Chicago Financial Ad
vertisers Association at a recent meet
ing.
He succeeds Charles C. Greene, vice
president of Doremus & Company,
who was named a director, ex officio.
H e a d s W is c o n s in
.1 t n n t n i
As an illustration of the rush of
business in these United States, and
particularly in the agricultural sec
tions, F. 1). McCartney, vice president
of the First National Bank of Oakes,
North Dakota, says that in the month
of September, 1947, clearings in his
bank amounted to more than $3,500,000, including the city of Oakes, popu
lation 1,800, and the trade area of the
bank.
Mr. and Mrs. Talbot Peterson of Ap
pleton, Wisconsin, are the parents of
a daughter, Frances, born June 30th,
weighing 6 pounds and 13 ounces.
Mrs. Peterson is the former Evelyn
Prouty De Puy, daughter of Clifford
De Puy, publisher of the N or th w est
ern B ank er , and Mrs. De Puy.
We like to stop at the Hotel Nicollet
in Minneapolis because the accommo
dations are tops, and the employes
the most courteous of any hotel we
visit, but we can’t understand this
one-piece-of-toast business in the Nicol
let coffee shop. In the greatest milling
center in the world, where flour flows
freely, a special request is necessary
to get two pieces of toast. It starts
our day all wrong.
Leon R. Gruber, cashier, Drovers
National Bank, was elected president
of the Chicago Conference of the Na
tional Association of Bank Auditors
and Comptrollers at the organization’s
annual meeting.
Other officers elected included: Vice
president, John J. Endres, auditor.
Federal Reserve Bank, Chicago; secre
tary, Charles P. Heilmann, auditor,
American National Bank and Trust
Company of Chicago, and treasurer,
Robert N. Vieracker, auditor, Indus
trial National Bank.
his way through school, got a job as
assistant in the chemistry laboratory.
He planned, when he graduated, to go
to Johns Hopkins and major in chem
istry, but to do this he needed more
money, so when he got out of the
University he became superintendent
of schools in Hastings, Minnesota.
Later the superintendent of schools
at Red Wing, Minnesota, died, and
Bill attended the funeral. It seems
that members of the school board of
Red Wing were to be pallbearers so,
after the services, one of the members
asked Bill if he would like to ride
with him to the cemetery. The invi
tation was accepted, during the trip
he visited with the president of the
board, and by the time the party
reached the cemetery, Bill was hired
to take the place of the man in the
hearse ahead.
Bill is now a prominent banker and
civic leader in Minneapolis—William
F. Kunze, vice president and trust
officer of the Marquette National Bank.
On June 19th Miss Ann Jackson,
daughter of Mrs. Martin Miller of New
Canaan, Connecticut, and Dr. John
Wagner Jackson of Fort Plain, New
York, was married to Emerson Prouty
De Puy, son of Clifford De Puy, pub
lisher of the N orthwestern B anker
and Mrs. De Puy.
Mrs. De Puy attended Knox School
There were flowers on the desk of
Paul Frenzel, vice president of St. Paul
Terminal Warehouse Company, on Fri
day, June 11th, for that date is his
birthday. St. Paul Terminal has ex
panded its facilities recently to in
clude an office in Omaha, operating
under the supervision of the Des
Moines office.
S T A N L E Y C. A L L Y N
M r. A lly n , president of the N ational Cash
R egister Company, of Dayton, Ohio, is the new
president of the U niversity of W iscon sin Alum ni
A ssociation.
M r. A llyn was graduated at W i s
consin in 1913.
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A number of years ago a young man
named Bill attended the University of
Minnesota, and because he had to work
MR. AN D M RS. E M E R S O N DE PU Y
From D iplom as and Degrees to Budgets and B ills
at Cooperstown, New York, and gradu
ated from Katharine Gibbs School of
New York.
Mr. De Puy graduated from Iowa
State College at Ames, where he re(Turn to page 80, please)
Statsmumi oß Qommhm
June 30, 1948
R E S O U R C E S
Loans and Discounts........................................$ 26,795,737.17
Overdrafts ..........................................................
805.21
State and Municipal Bonds........................
8,917,977.30
Corporation Bonds ..........................................
911,204.70
Stock in Federal Reserve B a n k ...................
150,000.00
Bank Office Building........................................
411,500.00
Furniture and Fixtures ...................................
Income Earned But Not Collected...............
1.00
295,605.14
Bonds of United States and
Government Agencies $57,067,856.77
Due from Federal
Reserve B an k ................. 18,685,153.98
Cash and Sight
Exchange ........................ 25,120,942.37
100,873,953.12
$138,356,783.64
LI ABI LITIES
Capital Stock ..................................................... $
2,500,000.00
Surplus .................................................................
2,500,000.00
Undivided Profits..............................................
2,247,090.61
Reserve for Contingencies............................
894,753.65
Accrued Taxes, Interest, and
Other Expenses ............................................
246,702.42
Dividend Declared and Unpaid .................
50,000.00
U.
S. Government
Deposits ........................$ 4,146,918.34
Deposits ............................. 125,771,318.62
129,918,236.96
$138,356,783.64
United States Government and other securities carried at $15,907,198.65 are
pledged to secure public and trust deposits and for other purposes required by law.
The Omaha
National Bank
Member Federal Deposit Insurance Corporation
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker, July, 1948
30
Jtanhers You K n o u
•Joseph
HitujUuid
President, The Northwestern National Bank
o f Minneapolis
“ An unlimited capacity for organization”
HE weighty responsibilities that
accompany the presidency of the
Northwestern National Bank of Min
neapolis have heen taken up by
Joseph F. Ringland with the same
challenging aggressiveness he has dis
played on every task undertaken dur
ing liis 24-year banking career. Any
honor accruing from his position as
chief executive of the largest bank in
the Northwest Bancorporation has
heen relegated to the background by
Mr. Ringland. He prefers to devote
his entire energies to the furtherance
of sound, progressive banking ideas.
An intense interest in guiding the
financial affairs of a bank entrusted
with $342,705,411 in deposits of thou
sands of businesses and individuals
is a quality developed early in his
banking experience by Mr. Ringland.
His recent election to the board of
directors of the Reserve City Bankers
is indicative of his basic banking
qualifications, which include an un
limited capacity for organization.
As a young, progressive banker,
Mr. Ringland is master of the knack
of being common to his bank and his
employes. His admirable quality of
having a genuine interest in each
worker is one greatly respected by the
T
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1,200 staff members of the Northwest
ern National Bank.
Joseph Ringland has the welfare of
the middlewest at heart, for he was
born in Wayne, Nebraska, July 22,
1901. He attended Iowa State College
at Ames, Iowa, then moved hack to
his native Nebraska for his first bank
position. He was associated with the
United States National Bank of
Omaha from June, 1924, to March,
1934. At that time he was elected
vice president cf the Great Falls Na
tional Bank in Great Falls, Montana,
remaining at that bank until his elec
tion to the presidency of the Stock
Yards National Bank of South St.
Paul in January, 1937. Six years later
he moved over to the Empire Na
tional Bank in St. Paul with the same
title.
Just six months later, in June, 1943,
Mr. Ringland left this position to
move to New York as vice president
of the Guaranty Trust Company. He
returned to the midwest at the end
of a year, as vice president of the
Northwestern National Bank. In July,
1945, the board of directors an
nounced his election as president.
Mr. Ringland was married to Re
becca Yfoore cn October 25, 1930, and
they have two sons, Joseph Jr., who
is 16 years old, and Janies, age 13.
His capabilities as a good business
man did not go unnoticed outside the
banking realm. He has been named
to the directorate of the Northwest
ern National Life Insurance Com
pany, the Northwestern Fire and Ma
rine Insurance Company, Red Owl
Stores, Inc., the Minneapolis Cham
ber of Commerce, and the Minneap
olis Area Council of the Boy Scouts
of America.
In addition he is on
the boards of the Northwestern Na
tional Bank and the Northwest Bancorporation. Last year he took on
the job of general chairman of the
$2,300,000 Community Chest Cam
paign in Minneapolis and put it over
the top.
As his business associates and other
friends will verify, Mr. Ringland is
more than a participant in recrea
tional activities— he is definitely com
petition.
He plays golf and hunts
and fishes like he works, throwing
h i m s e 1 f wholeheartedly into the
sport, enjoying every minute of it.
He is a member of W oodhill Country
Club, Minneapolis and Minikahda
Clubs, Minnesota Club of St. Paul,
Chicago Club cf Chicago.
31
STAe
LIVE STOCK
j V a f t v n a i BANK
c€ / ifC f(< jo
U N I O N S T O C K YARDS
• T E L E P H O N E YA R D S 1 2 2 0
¿P fet/em en l </' P cn r/M e tt
June 30, 1948
Close o f Business
—
RESOURCES
Cash and due from b an k s.................................... . .$ 1 8 ,2 8 2 ,7 8 8 .3 6
U . S. Treasury securities
(Average maturity less than 18 months ............................. 2 6 ,0 1 6 ,9 9 0 .9 7
State and municipal securities
(Average maturity less than 2 years)
............................
1 ,7 3 2 ,5 9 1 * 2 4
Other marketable b o n d s..................................... ..
3 1 8 ,8 0 4 .7 3
Loans and discounts.....................................................
9 ,3 8 0 ,7 3 2 .3 2
Federal Reserve Bank stock.....................................
7 5 ,0 0 0 .0 0
2 7 5 ,0 0 0 .0 0
Bank building...............................
Interest earned, not collected..................................
1 8 1 ,7 3 8 .9 8
Current receivables and other assets....................
9 9 ,2 7 4 .0 0
)
$ 5 6 ,3 6 2 ,9 2 0 .6 0
T o ta l...........................
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...............................
3 0 8 ,5 7 8 .3 9
Unearned discount........................................................
3 3 ,5 2 5 .4 4
Liability under Letters o f Credit...............................
6 1 ,6 7 8 .0 0
D eposits.......................................................................
5 3 ,4 5 9 ,1 3 8 .7 7
T o ta l...........................................................................” $ 5 6 ,3 6 2 ,9 2 0 .6 0
d P cfttf/ c P P jlie c le t’.J
J ohn
Frederick H. P rince
W. Austin
Arthur G. Leonard
Treasurer, Union Stock Yard
& Transit Co.
President, Union Stock Yard
& Transit Co.
IVAN E. BENNETT
W illiam W ood P rince
Trustee, Central Manufacturing
District
Vice-President
R IC H A R D H A C K E T T
General Manager, Central
Manufacturing District
Ralph
m.
Shaw
Winston, Strawn & Shaw
Thomas
Orvis T. Henkle
e.
W ilson
Chairman of the Board,
Wilson & Co., Inc.
Industrialist
David H.
reimers
President
SERVING
A G R IC U L T U R E
AND
INDUSTRY
¿ P in ce 1 8 6 8
MEMBER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
F E D E R A L
D E P O S I T
I N S U R A N C E
C O R P O R A T I O N
Northwest ern Banker, July, 1948
32
LEGAL
ttin a M an Found to He innovant
Sue Han h iov M otivions
Q . Certain bonds were stolen from
a bank. Shortly thereafter they were
found in Smith’s possession and lie had
no explanation to offer regarding how
he happened to have them. Criminal
charges of larceny were brought
against him. He was acquitted at the
trial. Thereafter he sued the bank for
damages for malicious prosecution.
In such circumstances could he recoArer?
No. The rule is well established that,
in the absence of a reasonable expla
nation, the possession of recently
stolen property shows such a probable
cause for regarding the possessor to
be the one who stole the property as
to justify prosecuting him on a charge
of larcency and the prosecutor of such
charge, in those circumstances, is not
liable for malicious prosecution if the
possessor of the stolen property is ulti
mately acquitted. Alabama, Illinois,
Iowa, Kentucky, Mississippi, and the
federal courts are among the jurisdic
tions in which specific holdings to this
effect may be found.
Q . Hodges, a banker, leased certain
real estate to a tenant for a term of
years and then had to go away for his
health. There was no lease provision
or other special circumstances requir
ing the tenant to pay the taxes and
the brother of the banker, who was to
look after the property, failed to pay
them. The property was sold at a tax
sale and the tenant bought it in while
it was being occupied by him under
the lease. Was it legal for him to do
so?
The majority of the courts hold that
one in possession of real estate as a
tenant may acquire a title thereto
based on a sale for taxes or assess
ments in the absence of special circum
stances imposing upon him the duty
of paying the taxes or assessments.
Arkansas, K a n s a s , Missouri, Okla
homa, Texas and Wisconsin are among
the states following this general rule.
A contrary view is taken in some juris
dictions, however, and these include
Alabama, Kentucky, Michigan and
Nebraska.
Q.
Ohio and Illinois are two states
Norfh western Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
This and Other Timely Legal
Questions Are Answered
by the
LEGAL DEPARTMENT
in which cognovit promissory notes
are legal, that is, notes which contain
provisions to the effect that an attor
ney can confess judgment thereon.
Assume that a person gives such a
note to a bank and then leaves the
state. Assume, further, that the mak
er is away for the period of limitations
specified for such instruments in the
statutes and then reutrns. Can the
bank effect collection or is the note
barred by the statute of limitations
because the bank could have, at any
time, secured a judgment thereon by
having an attorney appear and con
fess the liability in court?
The statute of limitations did not
run on the note because of the absence
of the maker from the state and the
bank could recover a judgment on the
note on his return even though it
could have, during his absence, ob
tained a judgment on the instrument
by confession. In so deciding the
Ohio and Illinois courts point out that
the laws of their respective states pro
vide that while a person is away the
running of the statute of limitations is
suspended and that, since the law does
this and nothing more, there is no jus
tification for them to hold that the
existence of the confession of judg
ment clause causes the limitations stat
ute to run against the creditor.
Q.
A banker’s son was involved in
a very bad automobile accident in
which a person was killed. The driver
Avas, as an incident thereto, charged
Avith two criminal offenses: one, driv
ing an automobile AAhile under the in
fluence of intoxicating liquor and, two,
manslaughter based on culpable negli
gence in the operation of an automo
bile.
He Avas tried before a jury
on the manslaughter charge and ac
quitted.
In view of that acquittal,
could he thereafter be convicted on
the intoxicated driving charge?
Yes. Separate offenses are involved
in driving an automobile under the in
fluence of intoxicating liquor and man
slaughter based on culpable negligence
in the operation of an automobile, even
though the two offenses arise from the
same occurrence or transaction, and a
party who commits such offenses may
be prosecuted separately for both of
fenses without being subjected to dou
ble jeopardy. Florida, Mississippi, and
Tennessee are among the states so
holding.
Q )- A bank received, as holder in due
course, a promissory note that had
been made out to two payees. The en
dorsements and other aspects of the
transactions leading up to the acquisi
tion of the instrument by the bank
were all in due form and good order.
Did the fact that the note was made
out in the first instance to two payees
render it non-negotiable?
No. The Uniform Negotiable Instru
ments Law provides, among various
things, that a promissory note may be
drawn payable to the order of “one or
some of several payees.” Prior to that
law, instruments for the payment of
money to two or more persons were
frequently held to be non-negotiable
but such holdings are no longer ap
plicable in view of the quoted statutory
provision.
Q.
Feike, a banker, owned an Iowa
farm through the center of which
flowed a stream of water. By erecting
some dikes and digging some ditches
he AAras able to change the course of
the stream so that it floAved along the
outskirts of the property. This made
more land available for cultivation and
Avas considerably to his advantage.
One of his neighbors became disturbed
at his activities and sought to enjoin
them. Actually, no one was harmed,
or could he harmed, as a result to the
dikes and ditches. Should Feike be
sustained in his activities regarding
them?
Yes. A property owner can turn a
stream of water in any manner he sees
fit on his own land so long as he does
not cast it upon the lands of adjoining
owners to their damage or interfere
with any riparian rights belonging to
33
The First N a tio n a l B ank
o f C h icago
S t a t e m e n t o f C o n d itio n
30,
June
1948
ASSETS
Cash and Due from Banks, .
.
.
.
.
.$
5 3 8 ,9 8 9 ,3 1 6 .3 8
U nited States Obligations— Direct and fully Guaranteed,
Unpledged,
.
.
.
.
$ 5 8 4 ,4 3 5 ,1 7 8 .5 5
Pledged— T o Secure Public Deposits and
Deposits Subject to Federal Court Order,
9 4 ,7 9 2 ,0 0 0 .0 0
T o Secure Trust Deposits,
6 5 ,2 2 4 ,5 7 1 .5 2
U n d e r Trust A c t o f Illinois,
5 2 4 ,4 8 0 .0 0
.
7 4 4 ,9 7 6 ,2 3 0 .0 7
Other Bonds and Securities,
Loans and Discounts,
8 9 ,9 7 2 ,3 0 9 .1 7
7 8 9 ,5 5 6 ,5 6 3 .3 9
.
Real Estate (Bank Building),
2 .6 4 4 .4 6 8 .3 9
Federal Reserve Bank Stock,
4 ,0 5 0 ,0 0 0 .0 0
Customers’ Liability Account of Acceptances,
2 .6 7 5 .6 3 4 .4 0
Interest Earned, not Collected,
4 ,6 6 1 ,5 6 3 .0 4
Other Assets,
.
.
.
.
.
.
________ 2 5 8 ,5 3 5 .5 6
$ 2 ,1 7 7 ,7 8 4 ,6 2 0 .4 0
L I A B I L I T I E S
Capital Stock,
Surplus,
.
.
.
.
.
.
.
.
.
.
.
.
.
Other Undivided Profits,
.
.
.
Discount Collected, but not Earned,
$
7 5 ,0 0 0 ,0 0 0 .0 0
4 ,0 2 8 ,0 3 0 .8 5
.
1 ,1 5 6 ,7 2 3 .9 2
.
1, 200 ,000.00
Dividends Declared, but U npaid,
Reserve for Taxes, etc.,
.
.
.
.
1 5 ,5 0 4 ,7 7 7 .5 4
3 ,3 0 0 ,9 3 3 .3 1
Liability Account of Acceptances,
Tim e Deposits,
Dem and Deposits,
.
.
.
. $
.
.
.
.
.
Deposits of Public Funds,
3 8 8 ,1 1 7 ,6 6 0 . 65
1 ,4 7 6 ,6 9 8 ,1 2 2 . 3 6
1 5 2 ,7 7 7 ,6 3 2 . 12 2 ,0 1 7 ,5 9 3 ,4 1 5 .1 3
. _____________ 7 3 9 .6 5
Liabilities other than those above stated,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
6 0 ,0 0 0 ,0 0 0 .0 0
$ 2 ,1 7 7 ,7 8 4 ,6 2 0 .4 0
MEMBER
FEDERAL
DEPOSIT
INSURANCE
CORPORATION
Northwestern Banker, July, 1948
34
others. This is a well settled, general
rule of law which is supported by sev
eral Iowa Supreme Court decisions
and various other authorities.
Q.
Clamp entered into a contract
with Matchless, a banker, to sell to
him a certain farm. Matchless per
formed his part of the contract hut it
developed, as the transaction came to
he concluded, that Clamp did not have
title to the property. Instead of suing
Clamp for damages, Matchless sued
him for specific performance of the
sales agreement. Could he secure a
favorable judgment since Clamp had
no title?
c—statement c-j^ C^onÀttian as cvf ^June 3 0 , IQ4 8
RESOURCES
Cash and Due from B anks................................................
United States Government Securities.................................
Obligations of Other Federal Agencies . . $ 4,612,741.95
State, County and Municipal Bonds . . . 15,652,546.82
Other Bonds and Securities......................
539,993.72
Federal Reserve Bank Stock................................................
Ownership of California Trust Com pany..........................
Loans and Discounts...........................................................
Bank Premises, Furniture and Fixtures..............................
Earned Interest Receivable................................................
Customers’ Liability under Letters of Credit and Acceptances
Other Resources...................................................................
T o t a l ....................................................................................
$97,905,421.15
225,944,948.10
No. A vendor who has no title or
interest in the land which he contracts
to convey will not be required spe
cifically to perform, since equity will
not require him to obtain title. Cases
so holding may be found in Illinois,
Kansas, Michigan, and other jurisdic
tions.
20,805,282.49*
390,000.00
l,475,324.66f
100,270,533.37
1,173,376.96
1,650,802.77
2,326,283.14
341,229.23
$452,283,201.88
Q.
LI A B I L I T I ES
Demand..................................... $259,842,376.89
T im e ......................................... 155,435,791.68
United States War Loan Deposit
5,490,164.54
Other Public Funds...................
8,756,684.78 $429,525,017.89
Reserve for Interest, Taxes and Expenses..........................
1,556,247.08
Unearned Interest Collected................................................
1,141,031.34
Letters of Credit and Acceptances.....................................
2,399,278.64
Capital Stock............................................
6,500,000.00
Surplus.......................................................
6,500,000.00
Undivided Profits.....................................
4,661,626.93
17,661,626.93
T
o t a l
....................................................... $452,283,201.88
*$22,178,661.50 pledged, according to law, to secure Public Funds and Trust Deposits.
fCalifornia Trust Company—owned by California Bank and devoted exclusively to trust service—
has Capital o f $1,000,000.00, Surplus o f $505,000.00 and Undivided Profits o f $249,955.93.
OFFICERS
FRANK L. KING, President
Senior Vice President
ALLAN HANCOCK
Vice President and Counsel
CHAS. E. DONNELLY
Vice Presidents
W. F. BRANDT
ARTHUR T. BRETT
W. WAYNE GLOVER
I'. M. MAGEE
B. B. ODELL
G. M. CHELEW
F. S. HANSON
JOSEPH MAGOFFIN
R. A. REID
A. H. SMITH
T. E. IVEY, JR.
J. G. MAULHARDT
H. J. M ENDON
F. HOW ARD RUSS, JR.
J. H. STEENSEN
O. S. AULTMAN,
M EM BER
FEDERAL
RESERVE
SYSTEM
&
C. C. D e PLEDGE
H. E. HUDSON
J. A. SHINE
CLIFFORD TWETER
Cashier
FEDERAL
D E PO S IT
IN SURA N C E
MM
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C O RPO RA TIO N
*>
IS
Eggwood, a South Dakota hank
er, owned a building in that state
which he leased to Hobart for grocery
store purposes for three years. The
lease provided, among various things,
that Hobart would not use the prem
ises for any unlawful business or pur
pose whatsoever. Despite such lease
provision Hobart operated the store
under a fictitious name without reg
istering it with governmental author
ities as required by state law. Was the
lease subject to forfeiture because of
this?
Yes, according to a recent South
Dakota Supreme Court decision. A
lessor may control the use of the
premises owned by him by inserting
such conditions in the lease with refer
ence to the use thereof as he pleases
and it is not for the lessee to say that
they are unreasonable. The South
Dakota statutes plainly provide that
it is unlawful for any person to engage
in business under a fictitious name
without registering it. Since Hobart
was operating unlawfully the lease
was violated and such instrument
could therefore be forfeited by the
landlord.—The End.
Promotions
Promotions of five officers of the
Chase National Bank to positions of
higher rank and the appointment of
several clerical employes to the official
staff, all effective July 1, were an
nounced by the bank.
Promoted officers were: Lowell E.
Ullery, to vice president in the Petro
leum Department; David Rockefeller,
to second vice president in the Foreign
Department; Jesse F. Skelton, to sec
ond vice president at Rockefeller
Center Branch; Robert Wetzler, to sec
ond vice president at 73rd Street
Branch, and Reginald P. Russell, to
assistant cashier in the Credit Depart
ment.
Newly appointed officers were:
Joseph L. Kelly, custody officer, Trust
Department; Leonor F. Loree, II, as
sistant cashier in the bank’s far-Western district, and the following assist
ant managers at New York City
branches; Frank J. Dowd, 42nd Street;
Winfield F. Hanrahan, 57th Street; Ira
O. Smale, Rockefeller Center, and
Stanley B. Smith and Clinton B.
Thomas, Times Square.
WeISs Promoted
The board of directors of the Amer
ican National Bank and Trust Com
pany of Chicago promoted Kenneth R.
Wells, assistant vice president, to the
office of vice president of the bank.
Mr. Wells is in charge of the in
dustrial division which specializes in
w ith
c o n t a c t e
c ic ilitic s
n ,e F ir s t W isco n sin »
>
con s in WitU c o n .Pl e t e ^ o a e m f ac.
j k now ledge °
o n -t^ e -g ro u n d
„ « .in d » » ,
and
always
Art your service
out this state,
20 beyond
ready to serve m maïiy
efficiency
the usual lim its oí m ere
ro
e.HKS MO . « « «
Ge„«ce T. CaW
R, „ , „ Dj-t..—
"
• '
■;4 i l
K E N N E T H R. W E L L S
N ow V ice President
the financing of installment sales of
heavy industrial equipment and also
home improvement and repair work
for dealers and contractors.
Prior to joining the bank in 1939,
Mr. Wells was associated with one of
the major finance companies for more
than ten years. He served in many
capacities and obtained a thorough
knowledge of installment financing
business.
A native of Minnesota, he gradu
ated from the University in that state
in 1927 and also holds a diploma from
the Graduate School of Banking at
Rutgers.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker, July, 1948
36
To Chicago Bank
Guaranty Trust Company of New Vork
140 Broadway
Fifth Ave. at 44th St.
Madison Ave. at 60th St.
LONDON
•
P A R IS
•
Rockefeller Plaza at 50th St.
BRU SSELS
Edward M. Cummings has been
elected a second vice president of the
Continental Illinois National Bank
and Trust Company of Chicago. Mr.
Cummings formerly was an assistant
vice president of the Chemical Bank
and Trust Company of New York.
Guy W ickcs Cooke
Condensed Statement of Condition, June 30, 1948
RESOURCES
Cash on Hand, in Federal Reserve Bank, and
Due from Banks and B a n k ers....................................$ 680,842,855.44
U. S. Government O b l i g a t i o n s ....................................
1,123,217,847.28
Loans and Bills P u r c h a s e d ..........................................
870.076,683.69
Public S e c u r i t i e s ........................$
78,525,795.32
Slock o f Federal Reserve Bank .
9,000,000.00
Other Securities and Obligations .
10,294,152.93
Credits Granted on Acceptances .
14,040,589.77
Accrued Interest and Accounts
R e ce iv a b le ....................................
7,726,124.16
Real Estate Bonds and Mortgages
1,321,660.50
120,908,322.68
Bank P r e m i s e s .................................................................
4,858,969.78
Other Real E s t a t e ...........................................................
38,946.40
Total R e s o u r c e s ...................................... $2,799,933,625.27
LIABILITIES
C a p i t a l ..........................................$ 100,000,000.00
Surplus F u n d ..............................
200,000,000.00
63,848,493.22
Undivided P r o f i t s ........................
Total Capital Funds .
$ 363,848,493.22
D e p o s i t s .................................... . $2,310,497,816.86
Treasurer’ s Cheeks Outstanding .
41,718,679.50
Total Deposits . . . .
2,352,216,496.36
Aeceptances ..............................
20,367,441.68
Less: Own Aeceptanees Held
for Investment
. . . .
6,186,442.60
$
14,180,999.08
Dividend Payable July 1, 1948
3,000.000.00
Items in Transit with Foreign
Branches .............................. 9
967.691.04
Accounts Payable, Reserve for
Expenses, Taxes, etc.
•
65,719,945.57
83,868,635.69
Total Liabilities
$2,799,933,625.27
Securities carried at $90,235,817.59 in the above Statement are pledged to qualify for
fiduciary powers, to secure public moneys as required by law, and for other purposes.
Guy Wickes Cooke, 70, of 728 Colfax
Street, Evanston, Illinois, died last
month at St. Francis Hospital after a
short illness. He was formerly as
sistant cashier of The First National
Bank of Chicago, and for thirty-three
years was in charge of the bank’s ad
vertising, retiring in 1943, after fortythree years of service. He was one of
the organizers of the Financial Adver
tisers Association, now the Financial
Public Relations Association, and a
life member of the American Institute
of Banking. He is survived by his
widow, Sarah Mac Adam Cooke, a son,
Richard, and a daughter, Mary.
Book Program
First among large banks to initiate
a great books program is the Harris
Trust and Savings Bank of Chicago.
Twice a month a group of about thirtyfive employes meet in the bank library
to discuss a great book. These meet
ings are a series of great books semi
nars, sponsored by the Great Books
Foundation, now being carried on all
over the country. Among the books
that this group has studied or will
study are The Declaration of Inde
pendence, Plato’s Apology, Aristotle’s
Politics, Shakespeare’s Hamlet and St.
Augustine’s Confessions. Each dis
cussion is guided by two leaders, em
ployes who have been trained in the
art of asking questions.
Continental Changes
J LUTH ER CLEVELAN D
Chairman o f the Board
W IL L IA M L. K L E IT Z
President
DIRECTORS
G E O R G E G. A L L E N
D irector, BritishAmerican T o b a cco Com pany, Lim ited,
and President, D uke Power Com pany
W IL L IA M B. B E L L
President,
American Cyanam id Com pany
P. W. C H A R S K E
Chairman. Executive
Com m ittee, Union Pacific Railroad Com pany
J. L U T H E R C L E V E L A N D Chairman o f the Board
W. P A L E N C O N W A Y
JO H N A. H A R T F O R D
President, Th e Great
Atlantic & Pacific Tea Com pany
C O R N E L IU S F. K E L L E Y Chairman o f the Board,
Anaconda Copper M ining Com pany
M O R R IS W . K E L L O G G
Chairman o f the
Board, Th e M . W . K ellogg Com pany
W IL L IA M L. K L E I T Z
President
C H A R L E S P. C O O P E R
Vice-Chairm an o f the
Board, Am ericanTelephone and Telegraph Company
C H A R L E S S. M U N S O N
Chairman, Executive
Com m ittee, Air Reduction C om pany, Inc.
W IN T H R O P M . C R A N E . Jr.
President,
Crane & Co., Inc.. D alton, Mass.
STUART M. CROCKER
President,
The Colum bia Gas System, Inc.
JOHN W . D A V IS
o f D avis Polk Wardwell
Sunderland & Kiendl
C H A R L E S E. D U N L A P
President,
Berw ind-W hite Coal M ining Com pany
GANO DU N N
President,
The J. G. W hite Engineering Corporation
W A L T E R S. F R A N K L IN
Executive VicePresident, The Pennsylvania Railroad Com pany
L E W IS G A W T R Y
W IL L IA M C. P O T T E R
G E O R G E E. R O O S E V E L T
Retired
o f R oosevelt & Son
EU G EN E W. STETSON
Chairman, Executive
Com m ittee, Illinois Central Railroad Com pany
T H O M A S J. W A T S O N
President,
International Business M achines Corporation
C H A R L E S E. W IL SO N
President, General
Electric Com pany
RO B E R T W. W OO D RU FF
Chairman,
Executive Com m ittee, The C oca-C ola Com pany
M em ber Federal D eposit Insurance Corporation
At the regular meeting of the board
of directors of the Continental Illinois
National Bank and Trust Company of
Chicago last month, the following
changes were made in the official staff:
From assistant cashier to second
vice president, Harry L. Jones; newly
elected second vice president, Lynn
T. Hannahs, Jr.; newly elected assist
ant cashiers, Andrew J. Paine and
Fred W. Shewell.
Lynn T. Hannahs was formerly an
assistant vice president of the Com
mercial National Bank and Trust Com
pany of New York before recently
joining the staff of the Continental
Illinois.
Assistant Vice President
The Mercantile-Commerce Bank and
Trust Company of St. Louis recently
Northwestern Banker. July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
37
announced the appointment of John
B. Mitchell as assistant vice president.
Mr. Mitchell has been associated with
the bank since 1936. He is a graduate
of St. Louis University and during the
war served for three years as an offi
cer in the United States Coast Guard.
it
^
★
ISank of America
N A T IO N A L JW V nT
s
A SSO C IATIO N
California’s Statewide Bank
New Board Member
Leroy A. Wilson, president of the
American Telephone and Telegraph
Company, was elected a member of
the board of directors of the Chase Na
tional Bank, it was announced by
Winthrop W. Aldrich, chairman of the
Chase board.
Condensed Statement o f Condition, June 30 , 19 4 8
RESOURCES
Cash in Vault and in
Federal Reserve Bank
. . . .
$ 711,872,904.66
Due from B a n k s .....................................
Iowa Representative
The Harris Trust and Savings Bank
of Chicago has selected Robert F.
Balsley to serve as one of its Iowa
TO T A L
300,162,685.31
C A S H ...........................................$1,012,035,589.97
United States Government Obligations,
direct and fully guaranteed...................... 1,714,314,431.70
State, County, and Municipal B o n d s ....
292,804,911.68
Other Bonds and S e c u r i t i e s ...................................................
96,798,302 63
Stock in Federal Reserve B a n k ............................................
6,499,400.00
Loans and D is c o u n ts .........................................................................
2,602,110,350.75
Accrued Interest and Accounts Receivable . . . .
21,836,355.20
Bank Premises, Furniture, Fixtures and Safe Deposit Vaults
39,271,961.47
Other Real Estate O w n e d ..........................................................
71,451.35
Customers’ Liability on Account of
Letters of Credit, Acceptances, and Endorsed Bills .
72,891,761.56
Other R e so u rc e s..................................................................................
599,773.94
TOTAL RESOURCES
. .$5,859,234,290.25
1
LIABILITIES
Capital
.
.
............................................$ 106,646,375.00
Surplus..................................
110,000,000.00
Undivided P r o f it s .....................................
57,168,023.95
R eserves..........................................................
4,728,170-45
T O T A L C A P IT A L F U N D S ...................................................$ 278,542,569.40
R O B E R T F. B A L S L E Y
W i ll T ravel Iow a
representatives. He will spend much
of his time calling on banks in Iowa.
Mr. Balsley graduated from the Uni
versity of Chicago in 1933 and came to
the Harris Trust and Savings Bank
immediately thereafter. Except for
two years in the Navy he has since
served in the trust, credit, municipal
investment and research departments
of the bank.
Reserve for possible Loan L o s s e s ............................................
Deposits
( D e m a n d .................................. $2,994,322,620.63
j Savjngs and Time
.
2,439,073,427.61
35,270,063.96
(
\
Liability for Letters of Credit and as Acceptor,
Endorser, or Maker on Acceptances and Foreign Bills
Reserve for Interest Received in Advance
. . . .
5'433'396-048-24
77,195,692.69
13,426,867.66
Reserve for Interest, Taxes, etc....................................................
21,403,048.30
TOTAL LIABILITIES . . $5,859,234,290.25
This statement includes figures of the Bank’ s foreign offices
Main Offices in Two Reserve Cities o f California
Nominated
Hal H. Dewar, partner in the San
Antonio investment firm of Dewar,
Robertson & Pancoast, has been nom
inated as the next president of the
Investment Bankers Association of
America, it was announced by Julien
H. Collins, Julien Collins and Com
pany, Chicago, president of the As
sociation.
Named with Mr. Dewar were the
following nominees for vice president:
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
SAN FRANCISCO • LOS ANGELES
Branches throughout California united for strength and service
Foreign branches: London, Manila, T ok yo
M E M B E R FEDERAL DEPOSIT
INSURANCE CORPORATION
M E M B E R FEDERAL
RESERVE SYSTEM
Northwestern Banker, July. 1948
38
*
A. I.ß . Honors itili i f win
Albert T. Armitage, Coffin and Burr,
Incorporated, Boston; Hazen S. Arn
old, Braun, Bosworth and Company,
Toledo; John F. Fennelly, Glore, Forgan and Company, Chicago; Joseph T.
Johnson, The Milwaukee Company,
Milwaukee; Laurence M. Marks, Lau
rence M. Marks and Company, New
York.
Nominations, made by the board of
governors of the Association, are con
sidered tantamount to election in the
I. B. A., which will act on the ticket
at its annual convention scheduled for
December 5 to 10 at the Hollywood
Beach Hotel, Hollywood, Florida.
Home Promotions
HONORED In recognition of his ten years of service as educational director
of the American Institute of Banking, Dr. William A. Irwin was presented with
a scroll and a testimonial to his service following the recent A. I. B. National
convention. Dr. Irwin is now associate director of the Graduate School of Bankmg, and economist of the American Bankers Association.
In the picture above, from left to right: Garnett A. Carter, immediate past
president of the American Institute of Banking and vice president of the Fulton
National Bank, Atlanta, Georgia; Pierre N. Hauser, newly elected president of
the A.I.B. and vice president of the First Wisconsin National Bank, Milwaukee
Wisconsin; Dr. Haro’ d Stonier, executive manager of the American Bankers’
Association; and Dr. William A. Irwin.
IN BRAZIL- I T ’S
The
Royal Bank
o f Canada
Established in Rio de Janeiro for nearly 30 years,
and with other branches in Santos, Sao Paulo and
Pernambuco (Recife), the R oyal Bank knows Brazil,
offers a fully informed service to banks and business
firms interested in that country. Enquiries are invited.
N e w Y o r k A g e n c y — 6 8 W illia m S t., N e w Y o r k 5 , N . Y .
Over 700 branches in Canada, the West Indies, Central and South
America; New York, London and Paris. Correspondents the world over.
HEAD O FFICE - M O N T R E A L
N orth w estem Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The Home Insurance Company,
New York, announces the following
promotions, transfers and appoint
ments in its New York, Philadelphia
and Baltimore offices:
Arthur F. Herman has been pro
moted to vice president and secretary
in charge of the automobile depart
ments of The Home and The Home
Indemnity Company.
He formerly
was vice president of The Home.
Malcolm A. Sedgwick has been pro
moted to vice president and secretary
in charge of the investment depart
ment of The Home. He was formerly
a secretary of The Home.
Norman S. White has been made
vice president and secretary of The
Home and will be transferred later to
San Francisco to take charge of the
Pacific Coast states. He formerly was
a secretary of The Home.
R.
E. Minner will become vice presi
dent and secretary of The Home and
will be transferred to Chicago at a
later date where he will be in charge
of the middle western states. He for
merly was a secretary of The National
Liberty Insurance Company of Amer
ica.
C. Harry Smith, formerly vice presi
dent and secretary of The Franklin
Fire Insurance Company; Percy C.
Buck, formerly secretary of The
Franklin Fire; and Charles M. Mecke,
formerly assistant secretary of The
Franklin Fire, have been elected to
similar positions with The Home In
surance Company.
Randolph Church, a former assist
ant secretary of The Homestead Fire
Insurance Company, has been made
an assistant secretary of The Home.
As of June 1, 1948, The National
Liberty Insurance Company of Amer
ica, The Franklin Fire Insurance Com
pany and The Homestead Insurance
Company were merged into The Home
Insurance Company.
Kenneth H. Dunshee, public rela
tions director of The Home Fleet o f
companies, has been appointed as
sistant secretary of The Home Insur-
39
ance Company. Roger Bayles also has
been appointed an assistant secretary
of The Home and will serve as an as
sistant in the investment department.
r
Burroughs Expansion
Expansion and improvement activi
ties at the Burroughs Adding Machine
Company resulted in the expenditure
of approximately $2,500,000 during the
first five months of 1948, John S. Cole
man, president of the company, an
nounced in a letter to stockholders ac
companying the company’s 188tli con
secutive cash dividend.
“This expansion and improvement
program, together with increased pro
duction, has imposed financial burdens
heavier than at any other time in Bur
roughs’ history,” Coleman said.
“ In addition to expenditures for new
buildings, machinery, tools and equip
ment, $20,000,000 are now being used
to finance inventories necessary for
our current production rate, as com
pared with $12,000,000 before the war.
Another $2,500,000 more than in pre
war years are tied up in accounts re
ceivable.
“Factors such as these,” he said,
“emphasize the necessity for Bur
roughs to have very substantial earn
ings and, in the interests of both stock
holders and employes, to continually
invest a large part of those earnings
in the business.”
UP 8% IN N IN E Y E A R S
It's so nice to be able to practice
restraint in advertising yet make the
story impressive. Take our headline
this month, for example. It simply
means that the price of DeLuxe Per
sonalized Pocket Checks, having been
advanced last December from $1.25
to $1.35, is up only 8% in a nineyear period. We do not believe it
would add to the impressiveness of
this statement if we were to say “ Down
46% in ten years,” although that too
would be true because ten years ago
these checks really did sell for $2.50.
In the face of steadily mounting costs
we have held the price line pretty well,
and not at the sacrifice of profit either
because we do a lot better at $1.35
than we did at $2.50. The answer, of
course, is ever-increasing volume.
Certainly, covers have gone up, but
they haven’t gone up as much as they
might had we not jumped our pur
chases from a hundred thousand to a
half-million. Boxes have gone up, but
since we buy two or three hundred
thousand at a time instead o f fifty
thousand, they also have not advanced
as much as they normally would.
Labor has gone up, but our people
respond well to “ doing things easier”
and their output has in large measure
offset higher hourly rates. We have
installed automatic Teletypesetter
equipment at a cost of forty thousand
dollars just to shave a little off the ex
pense of casting a line of type. We have
taken a simple little eighty dollar gold
stamping machine and, through the
addition of “gadgets,” have made it a
one thousand dollar machine and im
proved its output in an eight-hour day
from 400 to 1500 units. We have taken
common, everyday printing forms and
engineered them into precision units
to take the guesswork out of printing.
These things —and many more — we
have done in order to hold the price
line and to get ready to serve two
million customers next year instead
of the one million who bought
DeLuxe Personalized Checks last year.
W e don’t share the view that price
advances should be “ passed on” ; we
think our responsibility as a manufac
turer is first to find ways and means of
“ doing things easier,” which is another
way of saying doing them better, faster
and cheaper. So we don’t pass them on.
Neither do we absorb them. It is our
purpose to dissipate them and, to the degree we succeed, we hold down prices.
S
;
;
j
;
;
|
;
j
Manufacturing Plants at'.
N EW YO RK . CLEVELAND, CHICAGO,
KANSAS C ITY, ST. PAUL
C ity N ation al Bank and T r u s t C o m p a n y
of C h icago
Condensed Statement of Condition— June 3 0 , 1948
LIABILITIES
RESOURCES
-
-
$93,819,196.80
C a p i t a l ..............................................
U. S. Government Securities -
-
144,467,238.95
S u r p l u s ..............................................
4,000,000.00
State, Municipal, and Other
Securities
- - .......................
Undivided P r o fits .............................
3,199,239.78
4,703,955.57
Reserves for Interest, Taxes,
and Contingencies
- -
Cash and Due from Banks
Loans and Discounts
-
-
-
77,200,063.48
-
$
4,000,000.00
-
2,411,055.90
-
240,000.00
Dividend payable August 2, 1948
60,000.00
Accrued I n t e r e s t .............................
660,415.85
Letters of Credit and Accept-
Federal Reserve Bank Stock
-
Customers' Liability on Letters
of Credit and Acceptances - Other Resources
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-
.......................
ances Outstanding
1,622,637.85
135,511.44
-
-
-
-
-
Other L i a b i l i t i e s ....................... D e p o s i t s ..............................................
$322,849,019.94
1,632,637.85
130,736.47
307,415,349.94
$322,849,019.94
Member Federal Deposit Insurance Corporation
Northwest ern Banker, July, 1948
40
Dividend
Conclude Conferences
The board of directors of Manufac
turers Trust Company, New York, has
declared the regular quarterly divi
dend on the bank’s capital stock in the
amount of sixty cents per share, pay
able on July 1, 1948, to stockholders of
record on June 8, 1948.
Irving Trust Company, New York,
has concluded its eighth Investor Re
lations round table conference for offi
cers of public utility operating com
panies, the final meeting of the cur
rent series which began last October.
Taking part in the two-day session
were top officials of ten leading utility
operating companies located in At
lantic City, Chicago, Cleveland, Cin
cinnati, Hammond (Ind.), New York
City, Shreveport (La.), and Wilming
ton (Dela.).
Irving arranged the
meetings to aid operating company
officials, many of whom have the
added responsibility of obtaining ade
quate capital for construction and
On School Committee
William M. Sherrill, advertising and
publicity manager, First National
Bank in St. Louis, has been appointed
to the Administrative Committee of
the School of Banking, University of
Wisconsin, by J. C. Welman, president
of the Missouri Bankers Association.
other purposes since their divestment
from a holding company which for
merly took care of their financial re
quirements.
Nearly one hundred
senior officers, including three board
chairmen, eighteen presidents, twentysix vice presidents and fifteen treas
urers, representing 45 companies op
erating in 19 states, have attended the
meetings.
Dividend
At a meeting of the board of direc
tors of The Northern Trust Com
pany, Chicago, held June 15, the regu
lar quarterly dividend of 4% per cent
($4.50) was declared payable July 1,
1948, to stockholders of record at the
close of business June 15.
Dividend
At a meeting of the board of direc
tors, Crocker First National Bank of
San Francisco declared a regular
quarterly dividend of $3.50 per share
payable July 1 to stockholders of
record June 25. This is the 50th con
secutive dividend paid by the insti
tution.
The board of directors also an
nounced the promotion of George M.
Doyle from auditor to cashier effec
tive July 1, 1948. Mr. Doyle succeeds
J. A. White, vice president and cash
ier, who retires on June 30, 1948, after
serving the bank for 42 years. Ira C.
Chaney succeeds George M. Doyle as
auditor effective the same date.
Surplus Increased
The directors of The First National
Bank of Chicago, at a recent meeting
directed the transfer of $10,000,000
from undivided profits to surplus ac
count. The capital of The First Na
tional Bank of Chicago is $60,000,000,
and with this transfer the surplus ac
count is $75,000,000.
California Bank
William L. Lary and Ralph J. Voss
have been elected assistant vice presi
dents of California Bank, Los Angeles,
according to Frank L. King, president.
Voss has been assigned to the bank’s
Hollywood-Vine Office and Lary will
continue in the loan supervision de
partment at Head Office. Both joined
the bank’s staff in 1946 after service
in the armed forces.
O. S. Aultman, cashier, California
Bank, has been appointed chairman of
the Commission on Bank Operations,
California Bankers Association, H. M.
Craft, Association p resid en t, an
nounced. In addition to his one-year
appointment as chairman, Aultman
was designated a member of the Com
mission for a three-year term.
¡Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
41
N ew
Hoorn fo r E m p lo y e s
When You
are in the market tn
B M K STO CKS
Either control or minority
interest carrying an
active Executive Position
ßotlAUÜ
LET’S EAT— As an outstanding part of the new facilities of The Northern
Trust Company of Chicago, the employes’ cafeteria offers the latest in tasteful
interior decoration. More than 1,000 of The Northern Trust staff are served daily
in this well-appointed room. Complete with air-conditioning and soundproofing,
the dining room also features a public address system which feeds music from an
i\M. receiver in the lounge and recreation room.
Promotions and Changes
Edmund F. Ebert and Frank A.
Klingsmith have been elected vice
presidents of Bankers Trust Company,
New York, and Charles F. Salkeld has
been named an assistant vice presi
dent, it was announced by S. Sloan
Colt, president.
At the same time it was announced
that J. P. Dreibelbis, vice president,
who has been in charge of the south
western territory, will be in charge of
the out-of-town division of the banking
department. Mr. Ebert, previously an
assistant vice president, will succeed
Mr. Dreibelbis in the southwestern
area. Robert B. Hobbs, vice president,
will assume direction of a new out-oftown group covering the South At
lantic States.
Dividend
The board of directors of the Chem
ical Bank and Trust Company declared
the regular quarterly dividend of 45
cents per share on the capital stock of
the bank, payable July 1, 1948 to
stockholders of record June 15, 1948.
? (s m A lj I t . (BijSU lA
$ $ $
BANK LOANS
$ $ $
NEEDED WORKING CAPITAL
Safely and conveniently brought together by WILLIAM H. BANKS
WAREHOUSE RECEIPTS, which convert INVENTORIES into de
sirable COLLATERAL.
This service— RIGHT O N THE BORROWER'S O W N PREMISES—
affords real PROTECTION to the Bank with CONVENIENCE to
the borrower.
A million dollar Legal Liability policy affords extra protection to
the holders of W arehouse Receipts issued by WILLIAM H. BANKS
WAREHOUSES, INC.
DES MOINES. IO W A
W E S L A C O , TEXA S
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Division Offices
O G D EN . UTAH
F A Y E T T EV IL LE , ARK.
A N G O L A , INDIANA
ST. LOUIS. MO.
Twenty-four years of efficient,
confidential, personal service in
selling banks. Ask the country
bank department of any reserve
city bank.
BANKS FOR SALE
W e have banks for sale rang
ing in size from one million to
twenty million dollars and re
quiring investments of $50,000
to $500,000 for control.
WILLIAM H.BANKS WAREHOUSES
( INC.)
Bankers Service Co.
HENRY H. BYERS, President
Box 1435
Tel. 2-7800
Des Moines 5, Iowa
(Offices in the Register & Tribune Bldg.)
Northwest ern Banker, Ju ly , 1948
Improved Check Signing
The First Wisconsin National Bank,
Milwaukee, has adopted new and im
proved methods of issuing official
checks of the bank, including a
change-over from manager’s checks to
cashier’s checks and the adoption of
identical mechanical signatures on of
ficial checks issued by the main office
and its 12 branches.
Better customer service, saving in
bank officers’ time, improved internal
control and added prestige are cited
by First Wisconsin officers as advan
tages of the new system.
The entire procedure is based on
the shift from manual signing of offi
cial checks to mechanical signing.
The bank has installed 16 Protectograph check signers—one in each
branch and four in the main office.
All signers imprint the signature of
the bank’s cashier, A. G. Casper.
With First National
John K. Ewing, personnel supervi
sor and counselor at the Federal Re
serve Bank of Minneapolis, is now a
member of the personnel staff of First
National Bank of Minneapolis, as as
sistant to Alan Moore, who will con
tinue as the officer in charge of the
First National’s personnel department.
Mr. Ewing has been associated with
Statement of Condition, June 30, 1948
R E S O U R C ES
Cash and Due from Banks............... ....................................$ 57,340,364.94
U. S. Government Securities.................................................. 51,722,178.95
(Including those pledged $8,568,500.00)
Other Bonds and Securities...................
7,542,848.19
Federal Reserve Bank Stock................................
300,000.00
Loans and Discounts................................
87,190,155.71
Customers' Liability on Acceptances and
Letters of Credit.....................................................................
390,357.62
Real Estate..................................................................................
201,728.99
Accrued Earnings Receivable (Net).....................................
288,000.63
Overdrafts ..................................................................................
23,842.09
135,226.61
Other Resources ........................... . . ; ....................................
$205,134,703.73
L IA B IL IT IE S
Capital ........................................................................................$ 6,000,000.00
Surplus and UndividedP r o f i t s ..........................................
8,424,828.59
Dividend Declared, payable August 2, 1948...................
120,000.00
Accrued Interest, Expenses and Taxes Payable (net)
and Other Reserves............................................................
1,088,674.66
Acceptances and Letters of Credit.....................................
390,357.62
Other Liabilities .....................
375,069.81
Deposits:
U. S. Government, and
Other Public Funds..................... $ 6,027,609.27
Other Deposits ................................ 182,708,163.78
188,735,773.05
$205,134,703.73
Northwest ern Banker, July, 1948
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Federal Reserve Bank of St. Louis
the Federal Reserve Bank the past
fourteen years. He began his banking
career with the Webster and Atlas Na
tional Bank at Boston. During the
past year, Mr. Ewing has been presi
dent of the Minneapolis chapter,
American Institute of Banking.
George E. Roberts
George E. Roberts, former vice pres
ident and economic adviser of The Na
tional City Bank of New York, died
last month at his home in Larchmont,
New York, following a lingering ill
ness. Mr. Roberts was in his 91st
year.
Mr. Roberts was born August 19,
1857, in Colesburg, Delaware county,
Iowa, a small town near Dubuque and
no longer in existence. In 1871 the
parental home in Centralia burned
and the family moved to Manchester,
Iowa, where he entered high school
and two years later set out with his
father in a covered wagon to explore
the possibilities in western Iowa and
eastern South Dakota. They went as
far as Sioux Falls, South Dakota, but
decided to settle in Fort Dodge, Iowa.
Mr. Roberts finished his high school
course there.
In 1898, he was appointed director
of the U. S. Mint by President William
McKinley; later he was reappointed by
President Theodore Roosevelt but re
signed in 1907 to become president of
the Commercial National Bank of Chi
cago. In 1910 when the Commercial
National and Continental National
Banks merged he was reappointed to
the Mint directorship by President
William Howard Taft, resigning four
years later on November 16, 1914, to
join The National City Bank of New
York, as assistant to the president. In
1919 he was appointed vice president,
a position which he held until 1932
when he became economic adviser.
He retired from the bank December
31, 1940.
Mr. Roberts had a sobriquet by
which he was perhaps best known to
long-time associates and that was
“Father of the National City Economic
Letter” which he edited for nearly
twenty-five years. During this period
the National City Letter became the
most widely read publication of its
kind in the United States, if not in the
world, with a circulation today of
150,000.
Surviving besides his widow, Georgena Kirkup Roberts, are his sons,
George Bassett Roberts, vice president
of The National City Bank of New
York; Henry Allison Roberts, assist
ant cashier of National City Bank; a
daughter, Amy Roberts Springett, and
five grandchildren.
Retires at Northern Trust
Wilfred H. Bell, assistant secretary
in the trust department of The North
ern Trust Company, Chicago, retired
last month after 49 years of service
with the bank. He joined the bank in
1899 when it was ten years old. He
was sixteen. His retirement marks
the completion of the longest record of
service of any officer or employe.
MINNESOTA CONVENTION
(Continued from page 26)
a number of financial questions were
asked the public which were presented
to Minnesota bankers in chart form.
To the question “Where do you con
sider the best place for your savings?”
the answers were bank, 37 per cent;
savings and loan, 8 per cent, and Pos
tal Savings, 52 per cent. “Where
would you go to arrange for a mort
gage loan?” Bank, 55 per cent; sav
ings and loan, 26 per cent. Fifty-seven
per cent of the people questioned are
opposed to government ownership of
banks. However, better public rela
tions seem necessary when 61 per cent
of the public feel banks are doing noth
ing to promote the activities of their
communities.
The Minnesota Association closed its
one-day meeting with a dinner and
dance. Meeting place and dates for
the 1949 convention will be chosen
by the association executive commit tee.—The End.
fluenced by pious talks. Restrict the
number of Russian personnel in the
U. S. to those admitted by Joe into
the USSR. We must put our own
house into order. Strikes and law
lessness form the bloodless road to
Joe’s conquests. We will lose our
freedom only if we carelessly throw
it away.”
(). A. Otto, vice president, Whitney
Loan and Trust Company, Atlantic,
Iowa: “We have tried everything. It’s
high time every conscientious Ameri
can citizen started praying for better
relations and guidance for the leaders
of Russia and our own country.”
DAKOTAS CONVENTION
(Continued from page 24)
another achievement of Mr. Bahmeier.
The South Dakota constitution was
amended to change the groups in the
state to five, instead of seven. Group
membership on the executive commit
tee is also changed, now being two
members from each group, instead of
one as formerly. A new schedule of
dues was also adopted for banks of
over $5,000,000 assets:
After some twenty odd years of
service on the executive council of
the South Dakota Association, Charles
W. Christen, president of the First
f o r a il o f y o u r
CHICAGO ITEM S
D rovers specialized fa cilities
and trained staff do speed col
lections. Drafts receive special
handling in every part of Chicago
. . . Remitting livestock proceeds
is geared to save time . . . often a
full day. The Drovers National
Bank is a regular member of the
Chicago Clearing House.
W e in v ite y o u to use D ro v ers S e r v ic e f o r a ll y o u r C h ica g o ite m s
rovers.N
frtonalHunk
CH
ICAG
O
Question: in your opinion, what is
the most important thing we can
do to improve American relations
with Russia?
A. .1. Borgerding, cashier, North
American State Bank, Belgrade, Min
nesota: “Keep on building an air force
and fair sized army and at the same
time try negotiating for a real and
fair peace settlement.”
Richard W. Trefz, president, Bea
trice State Bank, Beatrice, Nebraska:
“We should start acting like intelli
gent, thinking people, with a purpose
and ideal in mind. Right now we have
been running in circles. I believe in
firmness in our dealings with Russia.
A government headed by an ex-bank
bandit and mass murderer is not in
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Federal Reserve Bank of St. Louis
DRDYERS R A T I O N A L B A N K
DROVERS T R U S T & S A V IN G S BANK
M e m b e r s , F e d e r a l D e p o s it In su r a n c e C o rp o r a tio n
Northwestern Banker, July, 7948
44
State Bank, Roscoe, is retiring from
that office. Mr. Christen has attended
41 conventions of the South Dakota
Bankers Association. He said this
joint convention was his last, but we
would like to gamble we will see him
in Aberdeen next June. Aberdeen is
the city for the 1949 South Dakota
convention.
North Dakota
Arne A. Gregor, president of the
Farmers State Bank, Leeds, heads the
North Dakota Association for the com
ing year, stepping into the shoes of
F. A. Foley who has conducted that
office for the past twelve months.
Newly-elected vice president is J. F.
McEntee, president of the Citizens
State Bank of New England, with
Clarence B. Olson, vice president of
the Merchants National Bank, Fargo,
elected treasurer. C. C. Wattam of
Fargo, was re-elected secretary. It
wouldn’t be a North Dakota Associa
tion without Charley Wattam, who
has so successfully engineered the af
fairs of the organization for many
years past.
Fred Irish, chairman of the board
of the First National Bank, Fargo,
who has headed the agricultural com
mittee of the North Dakota Associa
tion for many years, reported that
North Dakota has been in the A.B.A.
1000 per cent class for the past 20
years. For a detailed report, Mr. Irish
called on Leroy Pease, executive sec
retary of the Greater North Dakota
Association. Mr. Pease said that in
the nation, North Dakota is first in
hard wheat and second in total wheat
production; is first in barley, and third
in oats production. Total value of
North Dakota crops last year was 776
million, with livestock value of 225
million.
Resolutions passed at the North Da
kota meeting opposed government sub
sidized credit; called for liquidation of
TOM K. HARKISON
Vice President for South Dakota
A n idealized view o f th e Railroad Fair to he h eld on C hicago’ s la k efron t, July 20
Aleiv
f/tamit/ia
—
S ep tem b er 7.
tott
Chicago Railroad Fair
This summer millions
will attend a brilliant
exposition of railroad
progress. An entirely
new afternoon Twin
Cities H i a w a t h a will
add luster to this his
tory-making Centennial.
A fine example of Milwaukee Road car
building that will be on display is the
car pictured here. Its distinctive Skytop Lounge is an observation room de-
t h e
M
signed for more enjoyable sight-seeing.
These Skytop Lounges are on the AM
and PM Twin Cities H i a w a t h a s , be
tween Chieago-Milwaukee and St. PaulMinneapolis. Cars of similar type will
be on the Olympian H i a w a t h a between
Chicago and the Pacific north coast.
With 153 new cars being delivered,
The Milwaukee Road will amplify its
Hiawatha services. H. Sengstacken,
Passenger Traffic Manager, 708 Union
Station, Chicago 6, Illinois.
il w a u k e e
Speedway of the Speedliners
Northwestern Banker, July, 1948
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Federal Reserve Bank of St. Louis
R
oad
many government agencies; urged ac
tion by banks in the sale of Security
Bonds, and thanked the Twin City
bankers for their invitation and hos
pitality.
No further official action was taken
by the association toward selection
of a convention city for next year,
inasmuch as Minot had been selected
at the close of the 1947 convention,
and was merely postponed to allow
for the joint meeting this year. So it
will be Minot in 1949.
At one of the special luncheons held
during the joint meeting, at which
Carl Bahmeier was host, among those
present were:
Otis Preston, Minneapolis; Dr. George
P. Conger, Minneapolis; Arthur Dahl,
Rapid City; Fred Prentice, Burroughs
Adding Machine, Kansas City; Robert
Lindquist, Chicago; John Carlander,
Faribault; Larry Olson, Minneapolis;
Karl Goldsmith, Aberdeen; J. M. Payton, Governor Federal Reserve, Min
neapolis; F. D. McCartney, Oakes,
North Dakota; H. A. Fischer, Wash
burn, North Dakota; M. O. Grangaard,
Minneapolis; J. M. Lloyd, Yankton;
Clayton Tillander, Minneapolis, and
Elmer Volkenant, Minneapolis.—The
End.
45
IN V E STM E N TS
of
Current Eund
M a rk ets F avors Short Term tPuttooh
Ifi'iiV «
Many Factors for Commercial Bankers to Consider
By
RAYMOND TRIGGER
investm ent
New
D URING July and August, security
markets generally tend to quiet
down. It is the time of the year
when most vacations are taken, for
one thing; for another, Labor Day is
traditionally the advent of the fall and
winter season. This year there are
added reasons for a steady, dullish
period. The pattern for the market
in governments has been pretty well
disclosed; longs are to be supported,
it appears, and the one-year rate on
certificates is not scheduled for re
view till some time in September.
In addition to hot weather, vacations
and tradition, 1948 is an election year,
thus providing a further reason to
defer positive plans and appropriate
action till after the early November
results are in. Altogether, the pres
ent would seem to be a good occasion
to take stock of the general situation,
with particular reference to what has
already happened in 1948.
During the first quarter of the year,
a possible reaction in business and
security markets was rather widely
discussed. Much has happened since
then of major importance and senti
ment has been considerably improved
by these developments. A powerful
influence contributing to the more
cheerful view now prevailing unques
tionably has been the strong trend
toward higher outlays on defense, or
rearming, in bolder language. The
other, of course, is the ERP. Both,
It appears, should continue as stimu
lants to the general economy for some
years to come, the one notably in the
domestic and the other primarily in
the export field.
Other Factors
There are other factors. Among
them may be named lower taxes; ex
panded capital outlays; cheap money
and so on. Major industrial enter
prises have at least shown significant
reluctance to go along with a third
round of wage increases and politi
cians with an ear close to the ground
seem to feel that they can safely im
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Federal Reserve Bank of St. Louis
This Is a discussion of factors
affecting your investment port
folio. If you have any questions,
or if you find yourself in dis
agreement with comments here
in, your letters, addressed to the
NORTHWESTERN BANKER, will
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.
York
Analyst
City
of instances in the past when such a
“confirmation” was followed by a pro
longed rise in stock prices. The SEC,
in its year-long look-see at the prior
“confirmation” (a break-through on
the down-side, though) on September
3, 1946, came up with the conclusion,
among others, that the theory really
does influence a substantial fraction of
security traders. This year’s cheerful
break-through has been followed by
an entirely satisfactory performance
by equities.
Then, there are earnings, dividends
and stock prices to be considered.
pose some curbs on the more extreme First quarter earnings in 1948 were
leaders of organized labor. It is al perhaps 25 per cent above those at
together unlikely that price controls tained in the corresponding 1947 pe
will be reimposed or that excess prof riod and the indications are that the
its tax will be restored this year.
relative improvement was maintained
In international affairs, Russia, for in the second quarter. Thus, on a
the moment, has assumed a less irri price-earnings ratio basis, stock prices
tating and bellicose attitude. The sit can only be called cheap. On a yield
uation in Czecho-Slovakia is bad, but basis, too, with allowance for the low
the outcome of the Italian elections rate paid for borrowed money, stocks
was at least a partial offset. Russia are not dear. The general picture re
has gained many of her major objec mains bright when the matter of new
tives and apparently gave up in Italy. equity capital is explored. Until re
Together, these developments could cently, there wasn’t enough. Too
mean that the Kremlin has enough to many corporations borrowed money
digest and would really welcome a they might prudently have raised by
peaceful respite.
sale of equities. Lately, though, there
Among individual investors, busi has been a slight shift which could
nessmen and those in the higher in develop into a trend. It has been
come brackets are generally Republi calculated that the amount by which
cans and generally pleased with their taxes on the higher incomes has been
diagnosis of the November elections. lessened is, of itself, more than the
It is also possible that the upward amount of new money which went
spiral of prices has been sharply into stocks in 1947.
braked. On the retail level, informed
Finally, there is always the intan
observers report some consumer-re
sistance to some prices and general gible of sentiment. Large investors,
insistence on quality as opposed to looking complacently ahead to a Re
the reckless purchasing of almost any publican victory and actually having
thing for many months after the end more money to invest by reason of
lighter 'taxes, doubtless will consider
of the war.
investments in equities with consider
ably more sympathy than they have
Dow Theory
Coming closer to the security mar exhibited for many years. Historical
kets, there was the widely-publicized ly, election years, more times than
confirmation of the Dow theory on not (13 out of the 20 which preceded
May 14th. There have been a number World War II) have been periods in
Northwestern Banker. July, 1948
46
Investments
Strengthen Your
Doubtful Risks
With Lawrence
Receipts
N ebraska
Haiti Field Han
,n
Invest mea
Omaha
Judged by its prevailing risk
criterion, a bank’s portfolio
contains many loans on open
account which may well be
placed on a secured basis.
Lawrence warehouse receipts
issued on the borrower’s
inventory in such cases protect *
the lender with collateral
which is fundamentally sound.
^Lawrence receipt holders are pro
tected by the strongest and broadest
fidelity bond and legal liability insur
ance in the field warehouse industry.
Thus Lawrence can always discharge
its liabilities in full.
Use this new Lawrence book to pre
pare the way for secured credit with
customers for whom secured credit is
indicated. Write us for free copies.
I awrence W arehouse
Company
Nationwide Field Warehousing
SAN FRANCISCO II, CALIF.
NEW YORK 5, N. Y.
37 Drumm St.
72 Wall St.
CHICAGO 2, ILL.
I N. La Salle St.
Los Angeles ♦ Boston • Philadelphia • Pittsburgh * Buffalo
Cleveland • Cincinnati • Kansas City • St. Louis • Atlanta
Des Moines • Charlotte • Jacksonville • New Orleans
Houston • Dallas • Denver • Phoenix • Portland • Seattle
Spokane • Stockton • Fresno • Washington, D. C.
Manila, P. I.
Northwestern Banker, July, 1948
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Federal Reserve Bank of St. Louis
MEMBERS of the Nebraska Investment Bankers-Association staged their an
nual Field Bay in Omaha last month, with 108 members and guests in attendance.
The event took place at the Omaha Country Club, where sports of all kinds were
enjoyed.
Some of those enjoying the annual frolic are pictured above, left to right,
1 Fercy Hampton, Bell Gouinlock, Toronto; John Shutz, Chiles, Huey Company, Omaha; Jack Sparks, Sparks & Company, Des Moines, and Jack Frazier,
A. C. Allyn & Company, Omaha.
2— Bale Tintsman, First Trust Company, Lincoln; L. M. Rieckhoff, The North
ern Trust Company, Chicago; Blair Phillips, Sr., White-Phillips Company, Bavenport, and Paul Wertz, Smith-Polian & Company, Omaha.
3— The winning golf foursome— Sam Waugh, First Trust Company, Lincoln;
L. M. (Shorty) McCague, The National Company, Omaha; Paul Soule, A. R.
Hughes & Company, Chicago, and Jim McCloud, Kirkpatrick-Pettis Company,
Omaha.
4 Harry Smith, Smith-Polian & Company, Omaha; Fred Carpenter, John
Nuveen & Company, Chicago; Frank Bender, Wachob-Bender Corporation, Omaha,
and Jim Powell, Boettcher & Company, Benver.
which business improved. All of continue high. Finally, the present
these more cheerful aspects of the gen boom has already persisted for an un
eral situation are, admittedly, essen precedentedly long time. However, on
tially short-term in character and the this score, the general atmosphere, the
picture is not made up entirely of con psychology of the situation, is just as
structive developments and possibili important with respect to the longer
ties.
as the near-term.
The Dow Theory has given signals
Reasons for Optimism
in the past of little worth; even wrong
Under the circumstances outlined,
signals upon occasion. Money likely it is perhaps just as well to concen
won’t remain cheap indefinitely. Post trate on the near future. Here, there
election years, in the past, have more seems to be little reason to be appre
often than not been ones in which hensive and more than a little to be
the stock market lost ground. Over optimistic.
the longer range, it is clear that a
The larger banks in the Central Re
peaceful Russia and a rearmament serve cities are indicated to have re
boom cannot both prevail indefinite sponded to the imposition of higher
ly. Likewise, lower taxes and in reserve requirements by selling short
creased expenditures do not go hand- governments and adding modestly to
in-hand forever. Again, well-main their holding of intermediates and
tained higher profits are a time-tested longs. The primary motive, doubtless,
incentive for higher wage demands. was a desire to maintain earnings,
Prices may get out of hand again if but the willingness to expand holdings
expenditures on rearming and ERP of the longer governments and, at
Investm ents
the same time, to extend the average
maturity of their government bond
portfolios, is a sign of reasonable con
fidence in the near future.
Longer-term views of two of the
country’s largest banks may be de
duced from a recent Letter of The
National City Bank of New York and
remarks of Mr. Aldrich, chairman of
the board of directors of the Chase Na
tional Bank of New York.
The
Letter quoted, approvingly, Allan
Sproul, president of the New York
Federal Reserve Bank, who envisaged
the ultimate need to “proceed further
with increases in short term rates, so
as to maintain a healthy degree of
uncertainty as to future action, so as
to keep the banks liquidity conscious,
and so as to encourage them to use
whatever reserve funds come into
their possession (through gold im
ports, return flow of currency, Treas
ury expenditures, or otherwise) to
purchase short governments.”
Mr. Aldrich, condemning the TaftEllender-Wagner Act, asserted that the
legislation includes a special supple
mental program for extremely liberal
mortgage and yield insurance in the
case of rental housing. All of the
provisions, he contended, will aggra
vate current inflation. “ Surely, no
general anti-inflationary program can
prove wholly effective as long as Con
gress and the Administration continue
to give support to current inflationary
practices in the home mortgage field.”
Continuing, he said, “ Easy credit
means easy debt. Easy debt at a time
of inflated prices means extremely
burdensome debt when prices decline.
A period of inflation is a period in
which debt should be reduced, not in
creased.”
at least a few months during which
no untoward developments will dis
turb the managers of commercial
banks’ investment portfolios. Beyond
that period, there are less reassuring
possibilities.
Near months, accord
I N
V
E
S
S
C
U
R
E
T
M
I T
ingly, afford an opportunity to make
such adjustments as a conservative
appraisal of the longer future would
require.
As to governments: the short obli
gations appear relatively more desir
able; certainly so if the premise is
E
N
I E
S
P u b lic
47
T
U tility
In d u s tr ia l
R a ilr o a d
M u n ic ip a l
A .C .A L L Y N
and
c o m p a n y
Incorporated
IOO W e s t
N ew
Y ork
M onroe
S tr e e t,
M ilw a u k e e
O m aha
C h ic a g o
B o sto n
W a te r lo o
K an sas
M in n e a p o lis
C ity
M o li n e
!l
Near Future Calm
As a whole picture comes into focus,
then, there emerges the promise of
MUNICIPAL and CORPORATE
SECURITIES
Underwriters and Distributors
Wheelock & Cummins, Inc.
200 Equitable Bldg.
Phone 4-7159
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Federal Reserve Bank of St. Louis
jincreasing numbers of investors are turn
ing to American Municipal Bonds,
attracted by their conservatism, safety,
and eminently fair yield. Under the new
Revenue Act of 1948, these issues still
provide the primary recourse for those
wishing to minimize their Federal in
come tax liability.
Our Mid-Y ear Survey of the Municipal
Bond Market presents timely and help
ful information for individuals, banks
and institutional investors, whether ex
perienced or making their first venture
in municipal bond buying. It discusses
the supply o f and demand for such
issues, examines factors which have af
fected and are affecting the market for
them and inquires into the trends and
outlook for municipal bond prices.
Sendfor this Informative Survey
and tax chart showing the relative value
of taxable and tax exempt bonds for
investors at various income levels,
whether individuals, banks or other
corporations.
Use this request fo r m
*
—
a t no cost.
H A LSEY, STU ART & CO. Inc.
113 S. LaSalle Street, Chicago 90, Illinois
Gentlemen: Please send me, w ithout cost or obii| gation, 1948 “ Mid-Year Survey o f the Municipal Bond
| M arket” and tax chart.
|
Name
■
Address
I
-------------------------------------------------------------------------------------------------
Des Moines, Iowa
A.T.T. DM 184
Northwestern Banker, July, 1948
48
Investments
accepted that the long term trend is
toward higher interest rates.
In the field of corporate bonds, gen
erally speaking, prices of the better
quality issues are not appealing. To
too great an extent they depend on
maintenance of an artificial price level
for governments. Within the field it
self, the best grade industrials appear
to have an edge on comparable utility
bonds and an even greater advantage
over rail issues.
In the case of rail issues, of course,
there remains the notable exception
of equipment certificates. The un
changing highlights of these obliga
tions are that they are, first, the usual
means by which railroad companies
finance the purchase of locomotives,
cars and rolling stock generally. Ob
viously, they are secured by a pledge
of useful goods without which a rail
road cannot function and, at the same
time, rolling stock always has a ready
market.
Equipment Trusts
Equipment trust certificates have
always held a senior position in the
capital structure of the railroads. The
record for prompt payment of princi
pal and interest is almost impeccable
and, probably, is fully comparable to
that of U. S. governments and the best
municipal bonds. The cost of the
pledged rolling stock is amortized;
THE NORTHERN
TRUST COMPANY
CHICAGO
Statement o f Condition, J u n e 30, 1948
RE SOl KCES
Loans and D isco u n ts.......................................................$ 98,244,778.14
U. S. G overn m en t S ecu rities....................................... 272,471,333.84
O th er Ronds an d S ecu rities.......................................... 112.631,797.50
Federal Reserve Rank S to ck .........................................
450,000.00
Bank P rem ises....................................................................
1,400,000.00
C u stom ers’ L ia bility, A ccou n t Letters o f Credit
and A ccep ta n ces............................................................
1,341,600.72
O ther R esou rces................................................................
164,441.25
Cash and Due from R a n k s............................................ 148,379,076.64
T O T A I.....................................................................................$635,083,028.09
L 1 A R I LIT 1 ES
Capital S to c k ...................................................................... $
3,000,000.00
S u r p lu s.................................................................................
12.000.000.00
U ndivided P ro fits.....................
5,941,528.92
Reserve for Taxes, In terest, e t c ....................................
13,521,717.53
D ividend Payable Ju ly 1, 1948.......................................
135,000.00
Letters o f Credit and A ccep tan ces O u tsta n d in g . .
1.341,600.72
O ther Liabilities.....................................................
159,098,821.38
9,474,158.56
598.891,663.39
T O T A I.....................................................................................$635,083,028.09
United States G overnm ent securities carried in the above statem ent at
$13,590,984.39 are pledged to secure public and other monies, as required
by law; and U nited States G overnm ent and other securities carried at
$517,309.17 are deposited with the State Authorities under the Trust Act.
M em ber Federal Deposit Insurance Corporation
Nort hwest ern Banker, July, 1948
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Federal Reserve Bank of St. Louis
In the case of some banks, of course,
the tax feature is of consequence.
Here, tax-free obligations of states
and political subdivisions thereof are
logical candidates for the considera
tion of the portfolio manager. Nor,
when tax-exempts are being pur
chased, should “revenue” bonds be
ignored. Usually, these obligations
present greater analytical problems,
but the larger yields far outweigh the
more careful study required.
There are, doubtless, other “special”
situations deserving of notice. Sub
ject to close supervision, bonds of
the World Bank, because of a combi
nation of unusual factors, might well
be one of such.
Unquestionably, fundamentally bebecause of the tremendous forces at
work reshaping the whole world, this
is not a time which long-range, dog
matic opinions can be formulated. On
the other hand, the investment port
folios of commercial banks should
provide their share of over-all earn
ings. Since the longer-range outlook
is obscure, attention must be concen
trated on striving for better returns
without sacrificing liquidity. About
the only inviting avenues are those
touched upon in earlier paragraphs.—
The End.
Bank Em ployes Honored
D e m a n d ............................................ $430.318.683.45
U. S. G o v e r n m e n t..........................
The serial maturities, in the case of
a tank which buys equal amounts of
each, is another feature that has long
been considered desirable. It contrib
utes a high degree of liquidity, com
parable to that given by holdings of
short-term governments.
251.517.53
D e p o sits:
T i m e .................................................
often to the extent that the debt re
maining outstanding on equipment
which has been in use for several
years is, relative to remaining useful
ness, less than it was at the start. As
an example, it has been calculated that
“at the inception of the trust, the
value of the collateral was 1.25 times
the par value of the certificates out
standing, whereas when only the last
maturity remains outstanding the de
preciated value of the rolling stock
would be approximately 4.70 times the
amount remaining to be paid.”
W. W. Crocker, president of Crocker
First National Bank of San Francisco;
last month awarded the customary
gold watches for completion of 25
years of service to the bank to the
following three employes: Charles A.
Corrasa, new business department;
Owen R. Kane, teller, and Warren M.
Johnson, securities department. This
brings to 98 the number of employes
presently with the bank who have
served for 25 years or more.
49
IN S U R A N C E
HAZARDS— Because of the extensive
use of machinery, both on and off the
premises, farm employes and visitors are
exposed to many hazards for which the
farmer is liable. He needs liability in
surance protection.
A JYew F arm er's IViiiVi/
to Swell Your Soles
In Addition to the Direct Income It Produces,
It Makes a First Class "Foot in the Door"
By CHARLES J. HAUGH
Secretary
Travelers
Insurance
Co.
Hartford
T HE farmer’s comprehensive per
sonal liability policy, as announced
early this year, consists primarily
of an adaptation of the popular com
prehensive personal policy to the re
quirements of the farmer.
The farmer’s comprehensive person
al liability policy gives the farmer and
those members of his family residing
with him the same type of personal
liability insurance that he would ob
tain from the comprehensive personal
form. It includes, on an occurrence
basis, insurance againt liability for
bodily injury to members of the public
and for damage to the property of
others. The basic limit is $10,000 per
occurrence for bodily injury and prop
erty damage liability combined and,
in addition, the policy affords, on an
accident basis, $250 of medical pay
ments coverage. Increased limits for
liability or medical payments cover
age, or both, of course, are available
for an additional premium.
Through a modification of the defi
nition of “business” as used in the
comprehensive personal policy, the
farmer’s policy goes further and ex
tends this same insurance to farming
operations. Incidentally, this modified
definition of “business” refers to farm
ing operations as “farming and road
side stands intended principally for
the sale of the insured’s produce.”
What does all this mean to the farm
er in terms of the hazards to which
he is exposed? He knows as we do
that public liability losses do not occur
very often. But I doubt that he real
izes the variety of circumstances under
which they occur or the possible cost
of such losses when they do occur.
Does it occur to the farmer that the
D id you know that our Cash Letter Policy not only
gives protection but enables you to cut operating expenses substantially? Ask us fo r
details. You will net obligate
yourself.
F IR S T
N A T IO N A L
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANK
B U I L D IN G
•
C H IC A G O
Q
O
feed-truck driver who comes on the
property with 100 pounds of scratch
feed on his back may figuratively take
the whole place away with him when
he goes if, while there, he sustains a
permanent disabling injury due to a
defect in the premises? That truck
driver is potentially more dangerous
than the fires that farmers long ago
learned to fear and protect themselves
against.
The truck driver and others like him
who come on the premises in the nor
mal course of a day constitute an
obvious exposure. What are some of
the other situations and objects which
can create accidents for which the
farmer is likely to be liable? Here
are a few, and you undoubtedly can
add many others: dogs or farm ani
mals that stray and injure people or
property; farm tractors and machin-
t
C 3. F D O V O U
&
1
O
U
CV
(
"
0
XT
V A O 111 D d 11 V
*
—
In su ra n ce C o u n selo rsto B a n k s
3, IL L IN O IS
•
STATE
4325
Northwestern Banker, July, 1948
50
Insurance
ery, particularly when they are used
on the property of others in what
may be referred to as “neighborly
exchange;” construction, alteration or
demolition of farm buildings; hunting
and fishing accidents.
Fantastic Accidents
I believe you will agree that a pros
pect is less interested in speculation
as to what might happen than he is
in a statement of cases which have
actually happened. Some of the ac
cidents that happen around homes and
farms are just what you might expect.
Others are even more fantastic than
anything that can be conjured up in
the mind of an underwriter who re
cently graduated from law school. All
the accidents mentioned here actually
happened.
First, take cases of members of the
public who, like the truck driver men
tioned earlier, come on the insured’s
premises for one reason or another.
The routine type of case is represented
by the example of a woman who, while
visiting, leaned against a veranda rail
ing which was supported by a post
that had rotted. The railing broke and
she fell several feet to the ground
sustaining miscellaneous injuries, in
cluding a broken wrist. For this she
recovered $2,000.
“Attractive nuisance” claims invoiv-
ing children seem to crop up in most
cases from causes unlikely to be fore
seen by a reasonable person. Consider
the case of a small child visiting a
poultry farm with his parents. While
wandering around the property, he
crawled into a chicken coop. There
he encountered an unfriendly hen who
attacked him and pecked deep gashes
in his face. The parents sued the
farmer and obtained a substantial set
tlement. Another case which has been
widely publicized because it involved
a record verdict of $75,000 is that of
a 10 year old boy who was playing on
a truck on a farm near Niagara Falls,
New York. The boy removed the cap
from the gasoline tank located un
der the driver’s seat. Later he stood
on the running board idly striking
two stones together. A spark from the
stones ignited the fumes released from
the open tank. The boy became envel
oped in flames and, as a result, was
disfigured for life.
Here is another case which shows
a definitely careless act on the part
of a farmer, in addition to illustrating
the “attractive nuisance” doctrine. In
Windsor, Connecticut, the children of
a farmer and some neighbor’s children
were playing in a tobacco shed. One
of the neighbor’s children found a
supply of dynamite caps stored in the
body of an old milk wagon. He
Statement of Condition
as of June 30, 194 8
ASSETS
First Mortgage Loans_$ .750.886.60
Loans on Passbooks
63.084.79
and Certificates---F. H. A. Title 1
5.848.18
Loans _____________
Properties Sold on
24,195.72
Contracts -------------Real Estate Owned and
19.988.99
in J u d g m e n t_____
Investments and
840.195.00
S ecu rities_________
Cash on Hand and in
222,127.39
Banks ___________
51,423.27
Offi ce B u ild in g _____
Furniture, Fixtures and
Equipment, Less De
8.970.86
preciation —
Deferred Charges and
12.634.26
Other A ssets______
Total___________ $9,999.355.06
LIABILITIES
Home Loan Bank
Advances _________
1.449,455.00
Loans in Process „
Other Liabilities
Specific
Reserves
General
Reserves
Undivided
Profits
g
3.994.45
W e specialize in
writing
1,418.05
Automobile
172,916.78
and
63,089.10
237.423.93
Total___________ $9.999.355.06
D IR E C T O R S
L O U IS P E T E R S O N , President
G U S T A V C. A X E L R O D , Vice President and Attorney
A X E L A . O L S O N , Executive Secretary
R O B E R T W . O L SO N , Assistant Secretary
R U T H D O R N , Assistant Treasurer
C H A R L E S J. F L Y N N
R O B E R T H E IN
G EO R G E H . L Y S E R
D R. C A R L G. B U R T O N
Northwestern Banker, July, 1948
Bankers:
150.000.32
353 Robert Street, St. Paul, Minn.
Ga. 7593
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Optional Coverages
As in the case of the comprehensive
personal policy, coverage for such ex
posures as insured other than mem
bers of the family, residences rented
to others, farms rented to others,
boats, et cetera, is available under the
farmer’s policy at the option of the
assured. In addition, there are three
important optional coverages to which
I wish to call particular attention.
Animal collision pays up to $200
each for loss by death of such animals
as cattle, horses or hybrids thereof,
hogs, sheep or goats belonging to the
insured, provided the death is caused
Member’ s Share
Accounts ____ •
____ $8.158.481.36
St. Paul Federal Savings & Loan Association
O FF IC E R S A N D
“swiped” five of them, took them home
and began to explore one of them with
a pin. It exploded and blew off his
left hand. The suit by his parents
against the farmer was for $10,000.
Dogs, of course, cause bodily injury,
too, and in at least one case it was not
even necessary for the dog to bite to
cause the damage. In Nebraska, a
dog ran out and barked at a woman
passing on the road in front of his
house. He made no attempt to bite
her, but she became so frightened that
she fell and sustained injuries. A
court awarded her $3,500.
There is no product liability exclu
sion in either the comprehensive per
sonal or the farmer’s comprehensive
policy. In the farmer’s policy, this
has real significance. Farmers are in
the business of producing food for
human and animal consumption. If,
through negligence, that food causes
injury, the farmer faces costly claims.
Fire Insurance
★
CENTRAL STATES MUTUAL
INSURANCE ASSOCIATION
Ml. Pleasant, Iowa
E. A. HAYES, President
O. T. WILSON, Secretary
Esta b lish ed
T929
Insurance
by collision between the animal and a
motor vehicle not owned or operated
by an insured or any employe thereof
while such animal is within a public
highway and is not being transported.
Coverage for “custom farming” is
optional. By this is meant coverage
with respect to farm tractors, imple
ments, draft animals, et cetera, while
used under contract to others for a
charge in connection with any farming
operations. In other words, if a farm
er has the equipment and agrees for a
price to cut and bale the hay on other
farmers’ property, the coverage for
these operations must be purchased
separately. Because the other farmer
or his employes will often work on or
along with the insured’s equipment,
the public liability exposure is heavy
and the accidents encountered are sim
ilar to those found under employers’
liability or compensation.
Under the farmer’s policy, employ
ers’ liability coverage is optional. This
departure from the procedure under
the comprehensive personal was made
because farming operations are dan
gerous and the cost of employers’
liability insurance is relatively high.
Injuries to employes are often seri
ous, and the more common types of
farm accidents are well known. The
behavior of livestock is unpredictable,
and employes are regularly exposed to
the operation of machinery. This lat
ter hazard is often aggravated by the
fact that the machines are in poor
condition resulting from age, exposure
or faulty repairs.
Rating
The rating of the farmer’s policy
is almost as simple as that of the com
prehensive personal. The basic charge
is $10 and it covers a farm of up to
five acres in size. This charge in
creases according to the acreage which
is divided into typical groups. For
example, the basic charge on a farm
having between 80 and 160 acres is
$14, that for 400 to 500 acres $22,
and so on. For 2,000 acres, the basic
charge is $35. For all acreage above
2,000, the additional charge is 40c per
(Turn to nage 8A rlease)
A n n o u n c e P ro m o tio n s
Guaranty Trust Company of New
York announces the appointment of
John H. Schwoon, formerly assistant
secretary, and Clifford R. Rohrberg,
formerly assistant treasurer, as assist
ant managers of the foreign depart
ment, and of John G. Rhatigan as an
assistant secretary in the banking
department.
Elect Auditors Officers
Leon R. Gruber, cashier, Groves Na
tional Bank, Chicago, was elected pres
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ident of the Chicago Conference of the
National Association of Bank Auditors
and Comptrollers at the organization’s
annual meeting held at the Merchants
and Manufacturers Club at the Mer
chandise Mart.
Other officers elected included: Vice
51
president, John J. Enders, auditor, Fed
eral Reserve Bank of Chicago; secre
tary, Charles P. Heilmann, auditor,
American National Bank and Trust
Company of Chicago, and treasurer,
Robert N. Vieracker, auditor, Indus
trial National Bank.
M E R MU
C THUAAL N T S
FORTY YEARS
ill Progress
BO N D IN G
COMPANY
Incorporated 1933
We are proud of our record
in the Insurance field and of
S A V IN G S
our Banker Representatives.
Home Office
& L O A N B U IL D IN G
Des Moines, Iowa
We write a complete line of
Fire - Windstorm - Automo
bile & Plate Glass Insurance
W ESTERS MUTUAL
FIRE INSURANCE COMPANY
NINTH & GRAND
This is Iowa’s oldest surety company.
A progressive company with experi
enced, conservative management.
We are proud of our two hundred
hank agents in Iowa.
To be the exclusive representative of
this company is an asset to your bank.
©
DES MOINES 8, IOWA
E, H. WARNER
Secretary and Manager
“ Mutual Insurance Is American
Insurance”
W. W. WARNER
Assistant Secretary
YOU CAN G E T T H E S E ’ E S S E N T IA L
EASMLTY C0 VEHAGES
What Is an
'Essential Coverage?
It's protection against
exposures of business
men, employers and
p rop erty ow n ers
which might mean
bankruptcy should a
jury return a verdict
against you.
Full Coverage Automobile • Workmen's
Compensation •
Manufacturers Public
Liability
• Contractors Public Liability
Elevator Public Liability
•
Farmers
Liability
•
Owners, Landlords, and
Tenants Public Liability • Residence and
Outside Theft
•
Storekeeper Burglary
and Robbery • Comprehensive Personal
L ia b ility .................."Allied Mutual Pays"
ALLIED M U T U A L
CASUALTY COMPANY
Harold S. Evans,
Hubbell Building
President
Des Moines 7, Iowa
Northwestern Banker, July, 1948
52
Statement of Condition
June 30 , 19^8
RESOURCES
Cash and Due from Banks.....................................................................$108,513,478.79
U. S. Government Obligations*............................................................ 127,489,940.22
Other Bonds and Securities*.................................................................
16,732,173.76
Loans and Discounts.............................................................................. 108,406,322.60
Stock in Federal Reserve Bank.............................................................
450,000.00
Customers’ Liability on Acceptances....................................................
1,260,445.53
Income Earned but not Collected.........................................................
824,275.86
Banking House.................................
3,200,000.00
Other Resources......................................................................................
24,239.78
Total Resources............................................................................... $366,900,876.54
LIABILITIES
Capital Stock.......................................................................................... $ 5,000,000.00
Surplus..................................................................................................... 10,000,000.00
Undivided Profits...................................................................................
2,066,728.71
3,460,926.86
Reserve for Contingencies.....................................................................
Reserve for Interest, Taxes, etc.............................................................
1,290,420.45
Income Collected but not Earned.........................................................
1,116,943.75
Letters of Credit and Acceptances........................................................
1,260,445.53
Deposits................................................................................................... 342,705,411.24
Total Liabilities............................................................................... $366,900,876.54
( D eposits include U. S. Government W ar Loan Account $ 4 ,6 8 4 ,0 7 5 .4 1 )
*United States Government and other securities carried at $59,145,949.55 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.
National Bank of Minneapolis
Marquette Avenue— Sixth to Seventh Streets
M em ber Federal D eposit Insurance Corporation
A ffiliated w i.h N orthwest Bancor por at ion
DIRECTORS
J a m e s F. B e ll
Chairm an, Com m ittee on
F inan ce and Technological
Progress, General Mills, Inc.
B e n t o n J. C a se
D irector, Janney, Semple,
Hill & Company
C larence R . C h an ey
V ice Chairm an o f Board,
Northwestern National
Bank of Minneapolis
G e o r g e B. C l if f o r d , J r .
Treasurer, The Cream of
W heat Corporation
J o h n C r o sb y
D irector,
General Mills, Inc.
T h o m as L . D a n ie l s
President,
Archer-Daniels-Midland
Company
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
G. N e lso n D a y to n
President,
The Dayton Company
S t e p h e n P. D u ff y
President,
Hall Hardware Company
J oh n B. F a e g r e
Faegre and Benson,
Attorneys
F r a n k P. L e sl ie
V ice President and
T reasurer,
The John Leslie Paper Co.
R obert F . Pack
Chairm an o f Board,
Northern States Power
Company
D . J. S t r o u s e
President, Twin C ity Rapid
Transit Company
H a r o l d W . Sw e a t t
Presid ent,
Minneapolis-Honeywell
Regulator Company
J o h n S. P i l l s b u r y
C itair man oj Board,
Pillsbury Mills, Inc.
H a r o ld H . T e a r se
V ice Presid en t and General
M anager,
Searle Grain Company
F. P e a v e y H e f f e l f in g e r
Executive V ice President,
F. H. Peavey and Co.
J o s e p h F . R in g l a n d
President, Northwestern
National Bank of
Minnea polis
J. C a m e r o n T h o m so n
President,
Northwest Bancorporation
C l a r e n c e E. H ill
Chairm an o f Board,
Northwestern National
Bank of Minneapolis
L u c ia n S. S t r o n g
President and Treasurer,
The Strong Scott
Manufacturing Co.
V a l e n t in e W u r t e l e
President,
Minnesota Linseed Oil
Paint Company
F r a n k T . H e f f e l f in g e r
Chairm an o f Board,
F. H . Peavey and Co.
53
M in n e s o t a
N EW S
M. O. GRANGAARD
President
Minneapolis
ROBERT E. PYE
Secretary
Minneapolis
Mr. Moen is a veteran banker, hav
G.
G. Klatt, who has been cashier ing been associated with the Rolette
of the Ogilvie State Bank at Ogilvie, State Bank at Rolette, North Dakota,
Minnesota, since it opened in Novem since 1929. When he left the Rolette
ber, 1945, has resigned as cashier and State Bank to move to Maynard he
director, to accept the position of resigned as vice president and cashier.
cashier of the First State Bank of
Litchfield, Minnesota. He assumed his Banker Injured in Collision
William F. Borchert, vice president
new duties July 1st.
A. Dan Fiala, assistant cashier of and cashier of the First National Bank
the Bank of Willmar, is the new cash at Mapleton, Minnesota, was treated
ier of the Ogilvie State Bank. In June, last month for a broken rib and other
1936, he commenced work in the Kana minor injuries suffered when his car
bec State Bank where he spent several was in a collision with another auto
months in the bookkeeping depart in Mapleton. Mr. Borchert’s condition
ment. From there he went to the after the accident was reported as not
Farmers National Bank of Alexandria, serious.
where he was bookkeeper and teller
for over five years. In 1941 he trans Pass 70th Anniversary
An open house celebration marked
ferred to the Bank of Willmar where
he has been employed as teller and the 70th anniversary of the First Na
assistant cashier until the present tional Bank of Cannon Falls, Minne
time, with the exception of 38 months sota, last month. The bank was
he spent in the armed forces—most of opened first in June, 1878, operating
the time in the European Theater of in that city until 1886 when the late
Operations. He is married and has Hiram Scriver of Northfield purchased
the business and opened a private
two children.
J. E. Holmgren, hardware merchant bank. In 1915 the bank was incorpo
in Ogilvie for many years, has been rated as the Citizens State Bank, then
elected director to fill the vacancy in 1933 was changed to the First Na
caused by the resignation of Mr. Klatt. tional Bank.
Mr. Holmgren has been engaged in
business in Ogilvie for over 20 years.
Moves to Littlefield
Officers of the bank at present are
Arthur T. Scriver, president; Albert
Scriver, vice president; E. L. Peters,
cashier, and J. O. Hagen, assistant
cashier. Miss Patty Judge is book
keeper and Miss June Duncan is teller.
First statement figures of the bank
show deposits as $14,790, while depos
its on the 70th anniversary were $2,404,605.
Enlarging Bank Space
Remodeling and enlarging of the
West St. Paul State Bank is nearing
completion, although Edwin Ehlers,
vice president, estimates it will take
another few weeks to clean up all de
tails of reconstruction work. The bank
will be double its original size with
modern outer finish and completely
modern interior finishings and fix
tures.
Revive Goodhue Association
Inactive during the war years, the
Goodhue County Bankers Association
was reorganized at a dinner meeting
at the St. James Hotel in Red Wing,
Minnesota, last month.
H.
H. Billings, Pine Island, was
elected association president; O. A.
Nesseth, Wanamingo, vice president,
and L. L. Otterson, Red Wing, secre
tary-treasurer.
The group discussed bank operation
and current laws governing banking
institutions and also planned to con
duct meetings more frequently in the
future.
Nine of the 12 banks in Goodhue
county were represented at the session
with 20 in attendance.
C om fort fo r Visiting B a n h ers
Buy Insurance Agency
The purchase of the John G. Peter
son general insurance agency by the
First National Bank of Battle Lake.
Minnesota, was made public last
month. The agency business will now
be transacted at the bank.
Mr. Peterson, a long-time resident
of Battle Lake, was with the old Mon
arch (Peavey) elevator there for 21
years and with the old First State
Bank for 16 years until 1931 when he
started in the insurance agency. Mr.
Peterson plans to retire.
With Maynard Bank
W. A. Moen last month took over
management of the Security State
Bank of Maynard, Minnesota, from G.
J. Eggen, who had been cashier there
for the past 12 years. Mr. Eggen re
signed recently and has announced no
further plans than an extended west
ern trip.
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Federal Reserve Bank of St. Louis
CORRESPONDING COMFORT— New private quarters for the Correspondent
Bank Department (above) of the Northwestern National Bank of Minneapolis
have been set up on the bank’s third floor. Equipped with davenport, comfortable
chairs, plenty of magazines and the banking department’s staff, files and data,
visiting bankers will find this new, spacious room complete in every respect.
Northwestern Banker, July, 1948
54
M innesota
News
T EN
Twin Cities bankers were
scheduled to attend the graduate
school of banking at Rutgers univer
sity, New Brunswick, New Jersey, con
ducted by the American Bankers As
sociation.
St. Paul men in the group are
Horace F. Chamberlain and Manuel
H. Ruder of the Federal Deposit In
surance Corp. and Leon L. Smith of
First National Bank of St. Paul.
Minneapolis men are C. Herbert
Cornell and Loyal C. Simensen of Fi
delity State Bank, Emmett J. Erickson
of Farmers & Mechanics Savings
Bank, James A. Galbraith of Midland
National Bank, Goodrich Lowry and
John Alexander Moorhead of North
western National Bank and Harold G.
McConnell of the Federal Reserve
Bank.
Richard Stebbins of Northwestern
National Bank of Minneapolis was
named chairman of the newspaper
advertising and window display com
mittee for the 1948 Minneapolis Com
munity Chest campaign.
Lawrence H. Peglow recently was
promoted to assistant in charge of
auditing at Midway National Bank of
St. Paul, according to announcement
by A. L. Ritt, president. Previously
Mr. Peglow served as a teller and in
the safe deposit, bookkeeping and
transit departments of the bank.
Benjamin Faast, former vice presi
dent of the St. Paul Federal Land
Bank, died recently in Eau Claire,
Wisconsin. He had been a member
of the University of Wisconsin board
of regents for 18 years.
Arnulf Ueland, president of Midland
National Bank of Minneapolis, has
been appointed chairman of a Minne
apolis campaign to seek funds in a na
tional drive against venereal disease.
Julian B. Baird, president of First
National Bank of St. Paul, has been
re-elected to the finance committee of
the St. Paul Children’s Service, a Com
munity Chest agency.
Joseph Wolf of St. Paul, former Minn e s o t a Democratic committeeman,
died recently in St. Paul at the age of
73. Mr. Wolf at one time was vice
president of the People’s State Bank
of Staples, Minnesota.
Robert (). Rutherford, soil of Rob
ert C. Rutherford, former executive
secretary of the Minneapolis chapter,
American Institue of Banking, has
been awarded a naval reserve officer
training corps scholarship. He will
enter Duke university, Durham, North
Carolina, in September.
The elder Rutherford now is assist
ant secretary in the national office of
the American Institute of Banking.
Election of Richard L. Federman of
Minneapolis as comptroller of North
west Bancorporation was announced
by J. Cameron Thomson, president.
SPECIAL OFFER
Accident Insurance, $5000 Principal Sum for
only $2.00 Paid Up in Full to the Middle of
next December.
MINNESOTA COMMERCIAL MEN’S ASSOCIATION
2550 Pillsbury Ave. So.
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M inneapolis 4, Minnesota
Mr. Federman has been manager of
the Minneapolis office of Peat, Mar
wick, Mitchell & Co., auditors for the
corporation. A native of Brookville,
Indiana, Mr. Federman is a graduate
of Wabash college and Rice institute.
Ellsworth L. Ewy has been pro
moted from teller to assistant manager
of the time credit department at Mid
way National Bank of St. Paul, A. L.
Ritt, president, announced. Mr. Ewy
formerly was cashier of the Sherwood
State Bank of Sherwood, Wisconsin.
Henry S. Kingman, president of the
Farmers and Mechanics Savings Bank
of Minneapolis, was elected vice presi
dent of the National Association of
Savings Banks at the association’s
28th annual conference in Atlantic
City, New Jersey.
John deLaittre, vice president of
Farmers and Mechanics, was elected
to represent Minnesota on the associa
tion’s council of administration.
Mr. Kingman’s election was the first
time in 18 years that a savings bank
west of the Alleghenies has been so
honored by the association, most of
whose members come from the At
lantic seaboard.
Thomas F. Wallace, former presi
dent of Farmers and Mechanics, ad
vanced to president of the association
in 1931, after having been elected vice
president the preceding year.
Mr. Kingman has been a member of
the organization’s council of adminis
tration since 1931. He has been presi
dent and a trustee of Farmers and
Mechanics since 1939.
Gordon Malen of the First National
Bank of Minneapolis is among six
Minneapolis alumni of Macalester col
lege, St. Paul, who helped organize a
Minneapolis Macalester club.
Election of Rollin O. Bishop as first
vice president and director of Amer
ican National Bank of St. Paul was
55
Statement o f Condition
as at June 30, 1948
First National Bank of Minneapolis
RESOURCES
D IR E C T O R S
Cash and Due from Banks
$107,702,299.02
United States Government Securities
124,175,256.68
Other Bonds and Securities
Loans and Discounts
19,668,671.00
.
.
.
.
99,970,054.68
Accrued Interest and Accounts Receivabl e
769,514.08
Customers’ Acceptance Liability
583,603.00
Bank Premises and Furniture and Fixtures
194,740.76
Other Real Estate (For Future
Development of Banking Premises)
553,753.75
Other A s s e t s ..................................
338,201.84
Total R e s o u r c e s ..................................
$353,956,094.81
LIABILITIES
Capital S t o c k ..........................................
6,000,000.00
11,000,000.00
3,642,383.80
General Reserve for Contingencies
1,866,464.17
Reserve for Interest, Expenses, Taxes, etc.
2,991,298.89
Acceptances and Letters of Credit .
583,603.00
Other L i a b i l i t i e s ..................................
284,117.79
Time Deposits
.
50,266,251.03
.
.
.
Total Liabilities
.
.
S. T . M cK m ghl Co.
H ow ard I. M c M illa n , President,
Undivided P r o f i t s ..................................
. $277,321,976.13
Executive Vice President,
International, M illing Co.
Russell H. B ennett, Treasurer,
Meriden Iron Co.
D aniel F. Bull, President,
The Cream o f Wheat Corp.
J. G . B yam , Vice President
Joh n C ow les, President,
Minneapolis Star and Tribune Co.
D onald D. D avis, President,
Minnesota and Ontario Paper Co.
Paul V . Fam es, President,
Shevlin-McCloud Lumber Co.
H arry J. H arw ick , Chairman,
M ayo Association, Rochester, M inn.
John H . H au sch ild , Chairman of
the Board, Chas. W . Sexton Co.
H orace M . H ill, President,
Janney, Semple, H ill ¿2? Co.
W . L . H u ff, Executive Vice President,
M inneapolis-Honeywell Regulator Co.
C . T . J a ffra y , Chairman o f the Board,
First Bank Stock Corporation
John H . M a c M illa n , Jr., President,
Cargill , Inc.
S u m n er T . M c K n ig h t, President,
$
S u r p l u s ...................................................
Demand Deposits
H en ry E. A tw ood , President
A th erton Bean,
327,588,227.16
$353,956,094.81
U n ited S tates G overnm ent o b liga tion s and other securities carried at
j 5 4 ,5 5 9 ,5 0 0 .0 0
O sborne-M cM illan Elevator Co.
W . G . N orth u p , President,
North Star Woolen M ill Co.
S. G . Palm er, Retired
Leslie N . Perrin, President,
General M ills, Inc.
A . F. P illsbu ry, Director,
Pills bury M ills, Inc.
H. R . W eesner, Chairman o f the
Board, The Wabash Screen Door Co.
F. B. W ells, President,
F . II. Peavey & Co.
C . J. W in ton, J r., President,
Winton Lumber Co.
Sh eldon V . W ood , President and
General M anager, Minneapolis
Electric Steel Castings Co.
E d g a r F. Z e lle , President,
Jefferson Transportation Co.
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 p u rposes required by la w .
MEMBER FE D E R A L DEPOSIT INSURANCE C O R P O R A T IO N
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Federal Reserve Bank of St. Louis
•
A FF IL IAT E D W IT H FIRST BAN K STOCK C O R P O R A T IO N
Northwest ern Banker, July, 1948
56
Minnesota News
the Minnesota group of the Invest
ment Bankers association.
announced by Otto Bremer, chairman
of the board of the bank.
Mr. Bishop has been supervising ex
aminer of the Federal Deposit Insur
ance C'orp., Ninth district, with head
quarters in St. Paul, for the last 10
years. He succeeds George J. John
son, who resigned recently. Mr. Bishop
formerly was chief examiner of the
Kansas state banking department.
J. Cameron Thomson, chairman of
the Minnesota Community Research
council, was host to Community Chest
presidents and secretaries of Minne
sota during the recent Minnesota wel
fare conference in St. Paul. Mr. Thom
son is president of Northwest Bancorporation.
David R. West, Minneapolis attor
ney and prominent in banking ac
tivities, died recently in Minneapolis
after an illness of two months. He
was 57 years old.
Mr. West was a director of North
western National Bank of Minne
apolis, secretary and director of North
west Bancorporation and chairman of
Granting of a charter to the Rock
ford State Bank of Rockford, has been
announced by F. A. Amundson, Min
nesota state banking commissioner.
The bank opened for business recent
ly with capital of $25,000 and surplus
of $5,000. W. A. Anderson is presi
dent and W. W. Lindquist cashier.
Merth E. Mortenson, vice president
of Marquette National Bank of Min
neapolis, has been elected president of
the Retail Credit Association of Min
neapolis.
Adyline Johnson of Minneapolis has
resigned as a secretary in Northwest
Bancorporation offices to enter the
field of music.
Miss Johnson is one of two finalists
in the contralto section in a nation
wide music contest. She will compete
next fall for the $500 first prize. She
is studying in a Massachusetts opera
school and will join the faculty of
MacPhail School of Music in Minne
apolis next fall.
She sang her “swan song” at a con
ference of bankers in the Minikahda
Club of Minneapolis.
Penn Model village in Minneapolis,
a group of 30 homes sponsored and
financed by Farmers and Mechanics
Savings Bank of Minneapolis, is com
ing in for widespread attention.
More than 30,000 persons inspected
the homes as they were built. The
houses were built from 13 basic de
signs. Farmers and Mechanics did a
record $16,250,000 in mortgage loans
last year. A large proportion of these
were home loans in Minneapolis. The
bank has deposits of $150,000,000 and
total mortgage investments of more
than $50,000,000.
G e t A ll t h e C r o p
Built to get all grain and seed crops
under all combining conditions, M M
H a r v e s t o r s assure lowest cost har
vesting per bushel, per acre and per
dollar invested! Getting the grain,
threshing, separating, and cleaning
are “straight through” operations.
Simplified V-belt drives permit ready
adjustment of gentle-rubbing rasp
cylinder to meet various crop condi
tions. Convenient levers vary height
of cut from 2 to 40 inches, adjust
header reel and “level” cleaning
shoe. Copper-bearing sheet metal,
all-steel welded rasp cylinder and
concave, and ball or roller bearings
on all high speed shafts assure effi
cient long life and low-cost harvest
ing. Scour-Kleen attachment for re
moving dockage from threshed
grain, screening and pickup attach
ments, vertical sickle bar, sacking
equipment, and other optional at
tachments give dependable MM
H a r v e s t o r s all-round v ersa tility
under all com bining conditions.
Quality MM HARVESTORS offer long-life, trouble-free performance that excels on every
combining job. Get all the details from your Friendly MM Dealer.
Min n ea p o u s -Moline Power I m plem ent Company
MINNEAPOLIS 1. MINNESOTA
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Harry W. Zinsmaster of Duluth, di
rector of the First and American Na
tional Bank of Duluth, has been
elected a director of Gamble-Skogmo,
Inc., according to announcement in
Minneapolis by B. C. Gamble, presi
dent.
Lawrence A. Doherty of First Na
tional Bank of Minneapolis was a
finalist in the national public speaking
contest held as a feature of the 46th
annual convention in Buffalo, New
York, of the American Institute of
Banking.
Among Minneapolis businessmen
participating in Hennepin county
Grassland day recently was Ashton
Carhart, vice president of the First
National Bank of Minneapolis. Latest
methods and equipment for hay and
pasture farming were demonstrated in
the program.
G. Sidney Houston, manager of in
vestment research for the First Na
tional Bank of St. Paul and First
Trust Company, addressed members
of the St. Paul Rotary club recently.
Mr. Houston said a recession is not
likely this year, explaining that “peo-
57
trio to Used by Perm ission o J P a is ton-c urina Lo.
S O M E T H IN G S C A N ’T W A IT
Come dawn, come dusk, it’s milking time . . . every day.
There s a right time to cut hay . . . a precise moment
when the wheat and oats are headed, ready for harvest.
- • •Nature won’t allow some things to wait.
The Marquette National Bank is ready to serve you
"right now” . . . and every day to come.
Often there are times when one of your customers
needs a loan right now” . . . to cover a commitment,
to take advantage of an unexpected offer or bargain
price, to meet a tax deadline. Perhaps his request means
an overline” for your bank. That’s when we at Mar
quette hope you’ll call on us. W e ’re always ready to step
in, in emergencies. And of course, were always ready to
help you with your day to day needs . . . to provide you
credit information, trust service, a depository for securi
ties, foreign remittance-and-collection service, and to act
as your agent in the purchases and sale of government
securities.
THE
STRONG
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Federal Reserve Bank of St. Louis
F RI END
OF
THE
R ussell L. Stotesbery
Ly n n Fuller
President
Executive Vice-Pres.
DEPARTMENT OF BANKS AND BANKING
Charles C. R ieger
Vice-Pres.
O tto H. Preus
Asst. Vice-Pres.
MARQUETTE
b a n k
OF M IN N EA P O LIS
M E M B E R FEDERAL DEPOSIT INSURANCE CORPORATION
I N D E P E N D E N T
BA NK E R
Northwest ern Banker, July, 1948
58
Minnesota News
pie still want to buy too many things
and the Marshall plan and the federal
income tax cut will help.”
Calvin W. Aurand, vice president
and director of Midland National Bank
of Minneapolis, has been re-elected
president of the Minneapolis Health
Action committee’s board of directors.
The committee sponsors immuniza
tion clinics in the Minneapolis public
health center.
A committee headed by State Rep
resentative Robert Skeran of Mankato
has recommended abolition of the Min
nesota constitutional provision requir
ing double liability for state bank
stockholders.
Mr. Sheran is chairman of the banks
and corporations committee of the
Minnesota constitutional commission.
His report advocates virtual elimina
tion of the entire constitutional section
concerning banks and corporations.
Commenting on the proposed elimi
nation of double liability for state
chartered banks, the committee report
stressed that “this has given nation
ally-chartered banks having only
single liability undue advantage.”
Installation of commercial tellers
machines in the Empire National
Bank of St. Paul was announced by
C. E. Johnson, president.
Mr. Johnson said the machines will
provide the commercial account cus
tomer with receipts for deposits that
are as complete and accurate as are
cancelled checks for withdrawals. He
also cited the time saving made pos
sible by the devices.—The End.
Head of Loan Drive
L.
P. Peterson, vice president and
cashier of the Farmers State Bank of
Lakefield, Minnesota, served as chair
man for Lakefield’s Security Loan
Drive which ran concurrently through
the past two months with the national
loan drive sponsored by the United
States Treasury.
New Officers at Boyd
at the
YARDS
Direct Service—
and Friendly
R. E. Rogde, president of the Prince
ton State Bank in Princeton, Minne
sota, recently purchased controlling
interest in the Boyd State Bank at
Boyd. C. C. Elkjer has been president
of the bank. Mr. Elkjer also is presi
dent of the Farmers and Merchants
State Bank at Clarkfield.
Russell Rogde, a son of the new
Princeton State Bank’s president, is
cashier for the Princeton bank. T.
Wesley Lynne remains there as assist
ant cashier.
This bank has made a specialty
W IL L IA M
C. S C H E N K
A sst. V . Pres, and Cashier
C L I F F O R D L. A D A M S
A sst. V ic e President
J O H N S. H A V E R
A sst. Cashier
J A M E S L. S M I T H
A sst. Cashier and Auditor
K IN L E Y W . S M IT H
Asst. Cashier
STANLEY W . EVANS
Field Representative
of correspondent
service
for more
than half a century, with particular
emphasis on live stock transactions.
Try us in the handling of your items
on any point in our territory.
you'll
find
direct
service
Here
and
a
friendly interest in even your smallest
problems.
in New Bank Location
The 45-year-old First National Bank
of Carlton, Minnesota, was recently
moved into its new quarters amid an
open house for Carroll people. On
hand to greet visitors were Alfred H.
Lee, chairman of the board and presi
dent; Ray A. Butts, vice president and
cashier; Hilda R. Larson, assistant
cashier, and Renee Y. Williams, book
keeper.
With Henning Bank
C.
L. Markuson is the new assistant
cashier at the First National Bank
of Henning, Minnesota, replacing G.
C. Flom, who resigned recently to
enter private business in Henning.
Resigns at Sleepy Eye
Harry Ubl, assistant cashier at the
State Bank of Sleepy Eye, Minnesota,
resigned his position and entered the
real estate and investment business
last month with the John E. Blomquist
Company of St. Paul.
MORE MINNESOTA NEWS
ON PAGE 59
Northwestern Banker, July, 1948
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Federal Reserve Bank of St. Louis
59
South Dakota
N EW S
J. M. LLOYD
President
Yankton
formed guard and attendant to be
employed by a local bank. Dapper
in a powder blue uniform with dark
blue stripes, he’s to be seen daily in
the lobby of the Northwest Security
National Bank. He served in the
European theatre of war with Gen.
Patton’s army during the late war.
—The End.
CARL E. BAHMEIER, JR.
Secretary
Huron
MORE MINNESOTA NEWS
Bank Debits increase
Latest reports from the Federal Re
serve Bank at Minneapolis show that
South Dakota enjoyed a 12 per cent
increase in bank debits during May,
1948, as compared to May, 1947. May
figures this year were $175,122,000. The
five month total of $944,856,000 is a
14 per cent increase over the same
period of 1947.
Yankton was the only South Dakota
city showing a decrease when its deb
its were reported down 3 per cent in
May. Sioux Falls reported $68,343,000;
Aberdeen, $18,627,000; Rapid City, $18,074,000; Mitchell, $12,505,000, and Wat
ertown, $11,536,000. Bank debits in
Huron totaled $10,384,000 in May, an
11 per cent increase over May, 1947.
The five month period for that city
has netted a 5 per cent increase.
Resigns at Lake Preston
Alvin Heggelund resigned recently
as cashier of the Community State
Bank at Lake Preston, South Dakota,
to accept another banking position
with the Citizens State Bank at Wal
nut Grove, Minnesota.
Mr. Heggelund began work with the
Community State Bank when he was
graduated from high school and has
worked there continuously, with the
exception of time spent in service dur
ing the war.
In Beauty Contest
Althea Weaver, employed by the
First National Bank in Rapid City,
South Dakota, was to represent her
home town of Hill City in the state
beauty contest at Hot Springs earlier
this month. Winner of the contest
there will represent South Dakota in
the Miss America Pageant in Atlantic
City next September.
On European Tour
H. W. Clarkson, chairman of the
board and president of the First State
Bank of Buffalo, South Dakota, left
recently for a several weeks tour of
European countries. He was sched
uled to return to the United States
this month.
Mr. Clarkson went in the company
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Federal Reserve Bank of St. Louis
of E. W. Clarkson, who is a director
of the First State Bank, and R. F.
Raney and E. E. Papke, both of Lem
mon. H. W. Clarkson also is president
of the Bank of Belle Fourche, where
E. W. Clarkson also is a director and
makes his home.
W. W. Swanson
W. W. Swanson, 52, president of the
First State Bank of Highmore, South
Dakota, died in an Omaha hospital
recently after being in ill health for
the past year.
When Mr. Swanson completed his
high school education he entered the
First State Bank to work with his
father, who had become prominently
known throughout central South Da
kota in financial circles. In 1917 he
enlisted in the army air service, was
graduated at Kelly Field, San Antonio,
Texas, where he was commissioned,
and took charge of personnel in an
aircraft project for the army.
After his return from World War I
duty he re-entered the bank and had
been active there until his death.
He is survived by his widow and
two children.
Branch Bank at Garden City
The Farmers and Merchants Bank
of Watertown, South Dakota, con
verted its branch A office to a branch
bank at Garden City July 1st.
S io u x F a lls N e w s
T OP price at the annual soring sale
of the South Dakota Shorthorn
Breeders’ association in Brookings
was $840 on a yearling bull consigned
by Dr. S. A. Donahoe, a director of
the National Bank of South Dakota.
John McQuillen, vice president and
trust officer of the Northwest Security
National Bank, headed a Chamber of
Commerce territorial acquaintance
committee arranging a tour by about
80 local businessmen of the Fort Ran
dall dam project at Pickstown. The
trip was made in two chartered buses.
Harry Boyd, former South Dakota
penitentiary guard, is the first uni-
Bank Debit Report
Bank debits in 117 out of 133 cities
surveyed in the Ninth Federal Reserve
District were higher during May of
this year than in May, 1947, according
to figures released by the Federal Re
serve Bank in Minneapolis.
Of 16 cities showing a drop in with
drawals from bank accounts, Lewiston,
Montana, was low with the turnover
89 per cent of last year. In Minnesota,
only five cities showed a decrease:
Albert Lea dropping 8 per cent of last
year’s total; Litchfield, 92 per cent;
Marshall, 97 per cent; South St. Paul,
92 per cent, and Winona, 95 per cent.
St. Paul was 106 per cent of last
year’s figures. Minneapolis was at 109
per cent. Moorhead was up to 141 per
cent. The state as a whole was 108
per cent of last year’s figures. There
was one more business day this year
than last which helped swell some
totals.
Elect New Officers
F. L. Hartmann, president of the
American National Bank of Little
Falls, Minnesota, was named president
of the Central Minnesota Division of
Minnesota Bankers Association at the
recent election meeting in St. Cloud.
One hundred eighty were present.
Elected to office with Mr. Hartmann
were Edwin W. Wendt, cashier, St.
Stephen Bank, St. Stephen, vice presi
dent, and John H. Hansen, vice presi
dent and cashier, Merchants National
Bank, Sauk Centre, secretary-treas
urer.
Directors are C. I. Erstad, Sauk Rap
ids; R. M. Stoll, Pierz; A. J. Borgerding, Belgrade; G. H. Dinkel, Long
Prairie, and J. B. Klasen, Holdingford.
Advances At Mankato
Election of Richard B. Jude as an
assistant cashier at the First National
Bank of Mankato, Minnesota, was an
nounced recently by Harry M. Mack
enzie, president.
It was announced last month that
Mr. Jude was being placed in charge
of the bank’s timepay department
handling consumer finance and the
bank’s installment loan business.
Northwest ern Banker, Jv ly, 1948
60
South Dakota News
Gilbert O. Hage
Gilbert O. Hage, Crookston, Minne
sota, banker and civic leader, died at
his home recently following an illness
of several months duration.
His death marks the end of a bank
ing career which started in 1913 when
he organized the Polk County State
Bank of Crookston. At the time of
his death he was president of the
Crookston National Bank and also
head of the Minnesota Fiber Manu
facturing Corporation of Crookston.
He was 66 years old.
Mr. Hage was prominent in banking
circles throughout Minnesota and held
many civic and institutional offices
during his lifelong career in Crooks
ton. In 1913 he organized the Polk
County State Bank of Crookston, serv
ing as its cashier until 1916.
In 1916 he became president of the
Farmers State Bank of Shelly, serving
in that office until 1939.
In 1917 he organized the Crookston
Trust Company which was converted
into the Crookston National Bank
November 21, 1945, with Mr. Hage
serving as its president until his death.
In addition to operating the Minne
sota Fiber Manufacturing Corpora
tion’s plant there, Mr. Hage held ex
tensive farming interests in the Red
River valley and was a member of the
STATEMENT OF CONDITION
NORTHWEST SECURITY
NATIONAL BANK
of S i o u x F a l l s , S o u t h D a k o t a
South Dakota’s Leading Bank
June 30, 1948
RESOU RCES
Cash on Hand, in Federal Reserve Bank, and
Due from Banks and Bankers..............................$10,960,915.77
U. S. Government Obligations........................... . . 20,608,645.95
State and Municipal Bonds.....................................
939,040.82
Other Bonds and Securities..................................... 1,446,437.52
Stock in Federal Reserve Bank in Minneapolis...................
Overdrafts ............................................
Loans and Discounts.................................................................
Banking Houses .....................................................................
$33,955,040.06
45,000.00
3,933.12
11,041,442.96
240,000.00
Includes Banking H ouses at Sioux F a lls, Brookings, Cham berlain, Dell
Rapids, Gregory, Huron and M adison , all clear of encumbrance.
Interest Earned but Not Collected..........................................
164,129.20
T O T A L ................... , ...................................................................... $45,449,545.34
$ 2,093,608.66
Reserve for Interest, Taxes, and Other Expenses...............
242,433.95
Interest Collected but Not Earned..........................................
56,428.09
Deposits:
Time .....................................................................$ 7,187,212.85
Demand ............................................................... 35,062,581.16
U. S. War Loan..................................................
807,230.63
43,057,024.64
50.00
T O T A L ................................................................................... $45,449,545.34
BRANCHES
AT
BR O O K IN G S, C H A M B E R L A IN , D E L L R A P ID S,
GR EGO RY, H U RO N , M A D ISO N
Affiliated with Northwest Bancorporation
Member Federal Deposit Insurance Corporation
Northwestern Banker, July. 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Announces Appointment
L. R. Ewart, president of the Citi
zens State Bank of Redwood Falls,
Minnesota, has announced that Clark
Arnott was appointed assistant vice
president of the bank last month.
Banks Plow Back Profits
Sixty per cent of the total net profits
of the national banks of continental
United States in 1947 were plowed
back into capital funds to add strength
to the banking structure, according to
Gordon D. Palmer, president of the
National Bank Division of the Ameri
can Bankers Association, and presi
dent of the First National Bank, Tus
caloosa, Alabama.
In the annual report of the president
of the National Bank Division to the
more than 5,000 national banks which
are division members, Mr. Palmer dis
closes that the increases brought the
capital funds total to $5,407,000,000 by
the year-end 1947. The report shows
further that assets of the national
banks expanded nearly 4.2 per cent to
$88,000,000,000, a sum exceeded only
in 1945. “There was a considerable
change, too,” he said, “ in the employ
ment of these funds. Average hold
ings of investments, based upon the
three condition reports, decreased 10.4
per cent, whole loans and discounts
advanced 26.8 per cent. The over-all
result of these changes was a decrease
of 1.4 per cent in the average volume
of loans and discounts and invest
ments, and their failure by 1.5 per cent
to maintain their 1946 ratio to 76.5
per cent to total assets.”
Gross Earnings Up— Net Profits
Down
L IA B IL IT IE S
Capital Stock— Common ..........................................$ 500,000.00
Surplus .......................................................................
1,000,000.00
Undivided Profits and General Reserves.............
593,608.66
Other Liabilities ...................................................................................
Crookston Charter Commission, the
Crookston Elks Lodge and the Method
ist Church.
Net profits of the national banks
went down in 1947, despite the increase
in gross earnings. The gross earnings,
Mr. Palmer shows, “were 9.6 per cent
higher than in 1946. This improve
ment, however, did not carry over into
net. Instead, net profits before divi
dends were 8.4 per cent lower. The
reduced net earnings, in spite of a
steady gross rate on investments and
a slight improvement in the loan rate
(which, nevertheless, was lower than
in any year prior to 1944) are attribu
table largely to an increase of 11.3
per cent in operating expenses. Taxes
were a little higher; salaries and wages
increased 15 per cent; recoveries and
profits on securities were down con
siderably, and losses on loans, in ex
cess of recoveries, were up sharply.”
61
Sortii Dakota
N E W S
ARNE A. GREGOR
President
Leeds
C. C. WATTAM
Secretary
Fargo
G ret/or A p p o in ts C om m ittors
OMMITTEE appointments for the
North Dakota Bankers Associa
C
tion have been announced by Presi
dent Arne A. Gregor. The 1948-49
appointments are as follows:
Agricultural Committee
F. A. Irish, First National Bank &
Trust Company, Fargo, chairman:
Clarke Bassett, Fargo; A. L. Netcher,
Fargo; R. J. Hughes, Wahpeton; L. C.
Arndt, Minot.
Public Relations Committee
J. A. O’Brien, Dickinson, chairman;
J. F. McEntee, New England; G. H.
Hernett, Ashley; C. J. Haarsager,
Litchville; M. G. Pederson, Hope.
Bank Management Committee
O. C. Stusrud, Mayville, chairman;
V. Helberg, Minnewaukan; L. H. Van
Horne, Fargo; Sharpe Pruetz, Kulm;
O. E. Lerberg, Parshall.
Educational Committee
Lee Stenehjem, Watford City, chair
man: W. S. Davidson, Jr., Williston;
O. D. Weydahl, Halliday; E. M. Shafer,
Fargo; J. B. Collison, Devils Lake.
Lions Club Officer
R, M. Hougen, vice president and
cashier of the American National Bank
of Valley City, North Dakota, has been
elected president of the Valley City
Lions Club.
Elected Cashier
A. L. Kallestad has been elected
cashier of the National Bank of James
town, North Dakota, to succeed George
A. Anderson, whose resignation was
announced recently.
Mr. Kallestad resigned his position
as assistant cashier of the First Na
tional Bank of Mankato, Minnesota, to
accept the Jamestown appointment.
He had been with the First National
Bank since 1942 when he started as
auditor. He was elected assistant
cashier in 1945. Prior to this bank
association he was associated with the
First and Farmers National Bank of
Blue Earth, Minnesota, where he was
born.
A. N. Johnson resigned last month
M.
J. Raschko, Dickinson, chairman; as cashier of the Elk Valley State Bank
A. C. Thorkelson, Valley City; F. D. of Ivarimore, North Dakota, after 18
McCartney. Oakes; Martin Aas, New years of service with that bank. He
is succeeded as cashier by C. H. Erbele
Rockford; T. H. Tufte, Northwood.
who has been in charge of the National
Consumer Credit Committee
Farm Loan Association’s district office
A. B. Fitzloff, Fargo, chairman; W.
in Larimore for over eight years.
E. Tooley, Minot; Lawrence Bue,
Mr. Johnson has not announced any
Grand Forks: F. L. Durand, James
business plans for the future, but he
town; W. J. Johnston, Grafton.
has moved with his family to the
west coast.
Veterans Loan Committee
N. I. Roop, Bismarck, chairman; S.
K. Roisum, Grand Forks; Erie Fouks,
Heads Bismarck Jaycees
Valley City; T. A. Solheim, Minot.
William Alan Van AGeet, assistant
Savings Bond Committee
Special State Bank Legislative
Commiteee
H. A. Fischer, Washburn, chairman;
Sharpe Pruetz, Kulm; O. S. Freeman,
Souris: O. N. Stenehjem, Watford City;
D. W. Kelley, Webster.
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Federal Reserve Bank of St. Louis
Leaves Rolette
W.
A. Moen, vice president and cash
ier of the Rolette State Bank of Rol
ette, North Dakota, has resigned to
move to Maynard, Minnesota, where
he has purchased an interest in the
Security State Bank as cashier.
Chicago Banks Merge
Robert D. Mathias, formerly presi
dent of the Old National Bank of
Evansville, Indiana, is president of the
newly organized Chicago National
Bank, it was announced by Lester Ar
mour, chairman of the board of direc
tors.
The Chicago National Bank repre
sents the consolidation of the Chicago
Terminal National Bank with the In
dustrial National Bank of Chicago.
Offices of the new bank will be at 120
S. LaSalle Street, the home of the Chi
cago Terminal Bank since 1946.
Resources are reported at $60,000,000, with capital, surplus and undi
vided profits of $5.250,000.
Resigns at Larimore
Legislative Committee
C. W. Burges, Edgeley, chairman;
Fred Orth, Grand Forks; Harry W.
Grant, Minot; F. E. Stewart, Williston;
E. W. Saltzman, Bismarck.
last month for the first time, with 17
young people in attendance. At the
end of the week-long school in Fargo,
the Fargo Clearing House Association
honored the 17 students with a dinner,
at which time certificates of award
were presented by Association Presi
dent Arne Gregor.
Carl E. Bahmeier, Jr., secretary of
the South Dakota Bankers Association,
addressed the students, North Dakota
Association officers and Fargo bank
ers, speaking on the subject of per
sonnel-customer relations.
cashier of the Dakota National Bank
of Bismarck, N o r t h Dakota, was
elected president recently of the Bis
marck Junior Chamber of Commerce.
He was treasurer of the organization
from 1942 to 1944 and second vice
president in 1946.
Banking School Session
The North Dakota Bankers Associa
tion’s school for beginners was held
Heads Foreign Trade Group
Arthur W. Roberts, vice president in
charge of the foreign department of
Continental Illinois National Bank and
Trust Company of Chicago, was elected
president of the Bankers Association
for Foreign Trade at the recent 26th
annual meeting of that group in Monte
bello, Quebec.
The association was organized by
middle western bankers. Membership
consists of U. S. banks having foreign
departments, Canadian banks, and for
eign banks having agencies in the
United States.
A Fifty Year Banker
Roy R. Marquardt, vice president of
The First National Bank of Chicago,
celebrated the fiftieth anniversary of
his employment with the bank last
month, with business as usual the or
der of the day. His name now is
added to the list of six other officers
who. in the history of the bank, served
for 50 or more years.
Northwestern Banker, July, 1948
62
FOR 92 YEARS
SOUND BANKING SERVICE
Northwestern Banker, July, 1948
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Federal Reserve Bank of St. Louis
63
president for the past 18 years, has re
tired and will live in California. G. K.
Waldron, for several years executive
vice president, has accepted the vice
presidency of the York State Bank of
York, Nebraska, to which city he has
already moved with his family.
This sale was negotiated by Charles
E. Walters Company of Omaha.
County Association Officers
O. A. Riley Is President
to the 150 registered last summer. Har
O.
A. Riley was elected president ofold Deitemeyer, cashier of the First
the Hastings National Bank of Hast National Bank of Beatrice, is chairman
ings, Nebraska, last month, and took of the bank management committee
over duties of his new office July 1st. which was helping make arrange
He succeeds Howard G. Pratt, who re ments for the meeting.
An outstanding program with welltired from the presidency but retains
his position as chairman of the board qualified speakers of national promi
of directors. Mr. Pratt is moving to nence had been announced on previous
clinic programs. The N orthwestern
the west coast.
W. G. Nelson, vice president of the B anker will carry a complete report
Live Stock National Bank of Sioux of the second clinic in its August issue.
Robert J. Inness
O. A . R I L E Y
Now President of H astin gs N ational
City, Iowa, was named to succeed Mr.
Riley as vice president. He is ex
pected to begin his new duties at
Hastings August 15th.
Other officers will remain the same,
with Charles E. Deets as cashier, C.
L. Van Horne as assistant vice presi
dent, and J. Leo Swigle, Joseph Bauer
and L. J. McCune as assistant cashiers.
Mr. Riley stated there will be no
change whatsoever in the bank’s pres
ent operating policies. He has been
with the bank since its organization
in 1919 when he first was cashier. In
1929 he was elected vice president,
having served since then in that posi
tion and on the board of directors.
Bankers Clinic
As this issue of the N orthwestern
was going to press, Nebraska
bankers attending the second Nebras
ka Bankers’ Clinic were gathering at
Doane College, Crete, for the threeday school in bank methods and oper
ation.
Committee Chairman J o h n Van
Auken reported that about 250 men
were expected this year as compared
B anker
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Federal Reserve Bank of St. Louis
Funeral services for Robert J. In
ness, 57, were held in Osceola, Nebras
ka, recently. Mr. Inness, long asso
ciated with the United States Check
Book Company, passed away suddenly
as the result of a heart attack at his
home in Omaha.
Many banker friends in eastern Iowa
will remember Mr. Inness, as he rep
resented the U. S. Check Book Com
pany in that territory for over eight
years. For the last several years he
has been a member of the firm’s office
staff in Omaha.
He was a graduate of the University
of Nebraska, a members of Sigma Phi
Epsilon, and a member of the official
board of the First Methodist Church
of Omaha.
He is survived by his wife, Margaret;
his mother, Mrs. James Innes, of
Omaha, and his daughter, Mrs. Fred
erick L. Kempster, Chicago Heights,
Illinois.
Arlington Bank Sold
Local business men and farmers
have purchased controlling interest of
The Arlington State Bank of Arling
ton, Nebraska. This bank, founded
in 1890, has deposits of $1,400,000.
H. C. McClellan, a resident of Ar
lington for 30 years, engaged in the
real estate and insurance business has
been named president. George E.
Schoettger, who has been cashier of
the Arlington State Bank since 1933,
will continue to serve in that capacity.
Harry Heillinger, until recently cash
ier of the First National Bank of
Shelby, Nebraska, has been elected
vice president.
L. D. Spalding, who has served as
Stanley J. Bednar, cashier of the
Washington County Bank of Blair,
Nebraska, was elected president of the
Douglas-Washington-Sarpy-Burt Coun
ty Bankers Association last month at
a meeting held at Valley.
Chris Larson, cashier, Citizens State
Bank of Decatur, was named vice pres
ident. Leonard Nelson, assistant cash
ier, The Farmers State Bank of Mil
lard, becomes secretary to succeed
Robert Hall of Omaha, who had held
the position 22 years.
Karl Brown, vice president, Banking
House of A. W. Clarke of Papillion,
and Kenneth Harvey, president, Doug
las County Bank of Omaha, are direc
tors.
Elected Assistant Cashier
At a recent meeting of the board of
directors of the Auburn State Bank,
Auburn, Nebraska, Dick Wilson was
elected to the office of assistant cashier.
Mr. Wilson has been with the Au
burn State Bank for over two years
and has served as a teller during this
time. He entered the service of the
bank upon his return from the armed
forces overseas.
Increase Capital Stock
At a special meeting of the stock
holders of the Security National Bank
of Laurel, Nebraska, last month, the
capital stock of the bank was increased
from $25,000 to $50,000 This bank now
leads all banks in Cedar county in
capital structure, having $50,000 capi
tal stock, $50,000 surplus and $35,000
undivided profits. Deposits in the
Laurel bank total $2,850,000.
Plan Plowing Program
Saunders county farmers are point
ing toward their county plow terrac
ing contest, to be held August 12th
on the E. E. Placek farm, three miles
south of Wahoo.
The contest will be limited to 10 en
tries from the county. The competitors
will be chosen by lot from applications
submitted by August 5th.
Sponsoring the contest is the First
National Bank of Wahoo, in coopera
tion with the Saunders county soil
conservation district, the soil conser
vation service and the agricultural
extension service.
Northwest ern Banker, July, 1948
64
Nebraska News
on elbows, splinters in hand, flat feet
and soiled clothing.”
The bank erected a sidewalk “ob
servatory” and was thinking of issuing
a daily bulletin on the progress of
the job. A suggestion box also wasproposed.
W
DEAN VOGEL, vice president
. of the Live Stock National
Bank of Omaha, was elected first vice
president of the Omaha Symphony Or
chestra Association at the annual
meeting at the home of Truman Morsinan. John W. Swanson is the new
president. Mr. Morsman was named
second vice president.
Mrs. W. B. Millard, Jr., wife of the
vice president of the Omaha National
Bank, was named courtesy chairman
for the Orchestra Association.
Mrs. Frank Conlin has retired as
president of the Symphony Associa
tion, after serving three years. Rich
ard Duncan will continue as conductor
of the orchestra. Cecil Slocum was
re-elected orchestra manager.
John T. Brownlee of the Occidental
Building and L o a n
Association,
Omaha, was re-elected president of the
Nebraska Savings and Loan League
at its recent convention in Omaha.
Other officers include: H. T. Mitten,
Fremont; Phil Sidles, Lincoln, and
J. B. Douglas, Jr., Tecumseh, vice
presidents; Leslie E. Martin, Nebraska
Savings and Loan Association, Omaha,
re-elected secretary-treasurer.
Fred W. Thomas, president of the
First National Bank of Omaha and
T. L. Davis, chairman of the board
of the same institution, were among
trustees re-elected recently for threeyear terms by the Clarkson Memorial
Hospital Association of Omaha.
If you are a neck craner at the big
crane on the job at the Omaha Na
tional Bank’s half-million-dollar re
modeling project, you can become a
member of the SPEMBSE, complete
with official membership card signed
by President Dale Clark.
It stands for the Society for the
Promotion and Encouragement of
More and Better Sidewalk Engineers.
The Society came into being for the
benefit of the many “sidewalk super
intendents.”
Mr. Clark said that SPEMBSE mem
bership cards would go to all who
have endured some of these hardships
of looking at the construction work:
“ Sand in eye, dirt in ears, callouses
9*i JU ncoU t— *7h e G o^itU ie^itcd —
A
range of service
particularly adapted to
the every-day needs of
Correspon dent Banks
(jDNTINENTAL R A T IO N A L
E > nk
T
LINCOLN
Member Federal Deposit Insurance Corporation
Northwest ern Banker, July, 1948
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Federal Reserve Bank of St. Louis
Mr. and Mrs. Howard Johnson of
Omaha are the parents of twins, a
son, Howard, and a daughter, Deborah.
They were born June 7th at an Omaha
hospital. The father is a son of Mrs.
Alvin E. Johnson and the late Mr.
Johnson, who was president of the
Livestock National Bank of Omaha.
Mr. and Mrs. Dean Vogel’s son,
Wayne, after his graduation from
Omaha Central High School early in
June, left for Point Barrow, Alaska,
by plane. He will spend the summer
with an Arctic survey group and plans
to enter the University of Alaska at
Fairbanks in the fall. The youth’s
father is vice president of the Live
stock National Bank of Omaha.
Mr. and Mrs. Harold Polian and
their daughter, Virginia, have re
turned from Gulfport, Mississippi,
where they attended the graduation
of Miss Maxine Polian from Gulf
Park College. She was one of three
girls honored for high scholarship.
They spent several days on the Gulf
Coast and in New Orleans before re
turning. Mr. Polian is an Omaha in
vestment banker.
Charles W. Mead was succeeded as
president of the Omaha YMCA by
T. H. Maenner at the annual meeting,
Mr. Mead is president of the Nebraska
Bond and Mortgage Corporation.
Walter B. Lehmkuhl and W. Dale
Clark were re-elected directors. Mr.
Lehmkuhl is secretary of the Guar
antee Mutual Life Company of Omaha.
Mr. Clark is president of the Omaha
National Bank.
“Omaha has progressed in gratifying
measure and in many directions,” Ray
R. Ridge, retiring Chamber of Com
merce president, said in his final
message to Chamber members at the
annual meeting. Mr. Ridge is senior
vice president of the Omaha National
Bank.
Taking over the helm of the Cham
ber this month is Thomas H. Ashton,
MODERN FIXTURE CO.
“Since 1908”
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Call an Our
OMAHA
OFFICE
1105 First National Bank Bldg.
Omaha, Nebraska
Elmer J. Qtteson, District M anager
Telephone Atlantic 9611
for Information regarding inventory loans through
FIELD W A R E H O U S I N G
Banks are invited to consult with the nearest
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Federal Reserve Bank of St. Louis
ST. PAUL, MINNESOTA
C. Cannon. District M anager
Northwest ern Banker, July, 1948
66
Nebraska News
manager of the Omaha plant of the
Bemis Brothers Bag Company. He
succeeds Mr. Ridge as president.
Charles S. Reed, attorney, was elected
vice president and chairman of the
excutive committee.
New Chamber directors include
Arthur B. Dunbar, insurance man.
Mr. and Mrs. Guy C. Kiddoo of Winnetka, Illinois, stopped at the Blackstone recently to visit Omaha friends.
Mr. Kiddoo is a former Omaha banker.
Miss Ann Pettis, daughter of Mr.
and Mrs. Donald L. Pettis, received
the Brown-Everetts annual award, for
the highest scholastic average during
four years of high school, when she
was graduated from Brownell Hall at
Omaha early in June. Mr. Pettis is
an Omaha investment banker.
T. R. Richardson, 57, president of
the Western Securities Company of
Omaha, died recently after an illness
of six weeks. He came to Omaha in
1931 from Sioux Falls. He was a di
rector of Augustana College at Sioux
Falls.
Alfred E. Burr was elected to suc
ceed Mr. Richardson as president of
the company.
OVER SEVENTY-SEVEN YEARS OF BANKING EXPERIENCE
Statement of Condition
The First National Bank of Lincoln
LINCOLN, NEBRASKA
(O R G A N IZE D 1871)
At the Close of Business June 30, 1948
ASSETS
Cash and Due from Banks.................................................... $12,774,877.60
U. S. Government Bonds...................................................... 25,908,383.66
Other Bonds and Securities.....................................
2,002,545.11
Federal Reserve Bank Stock...............................................
81,000.00
Loans .......................................................................................... 7,461,757.16
Interest Earned. Not Due......................................................
117,328.97
Banking House ........................................................................
499,060.00
Total A s s e ts ......................................................................$48,844.952.50
LIABILITIES
Capital Stock ................................................ $1,500,000.00
Surplus............................................................. 1,200,000.00
547,059.59
Undivided Profits..........................................
The Omaha Public Power District
recently sold $5,000,000 in electric rev
enue bonds for a net interest cost to
the District of only 2.14658 per cent.
That was below the current market
average for municipal bonds.
The winner among three bidding
groups was a syndicate headed by the
First Boston Corporation of New
York. Kirkpatrick-Pettis Company of
Omaha and John M. Douglas partici
pated in the winning bid.
Two other bidding groups were
headed by Blyth & Co., Inc., of New
York, and Halsey-Stuart, Inc., of Chi
cago.
Net interest cost to the power dis
trict during the life of the bonds,
which mature serially until 1968, will
be $1,318,412.50.
Leonard Burch, Omaha banker and
stockman, has been named a vice
president of the Denver National Bank
of Denver. He represented the bank
at the Nebraska Stock Growers’ Asso
ciation convention at Omaha in June.
Mr. Burch became manager of the
bank’s livestock loan department.
Emmett Solomon of Honolulu, T. H.,
formerly associated with the First Na
tional Bank of Omaha before he en
tered service in World War II, was a
guest of his mother, Mrs. E. G. Solo
mon, in Omaha during the Memorial
Day holiday.
Many parties were given for Mr.
and Mrs. Charles D. Saunders and
their family before their departure for
their new home in Seattle, Washing
ton, last month.
Miss Marion Saunders, elder daugh
ter of Mr. and Mrs. Saunders, was
graduated from Omaha Central High
School in June with high honors.—
The End.
Open House at Plainview
About 1,000 persons attended the
formal opening last month of the new
$3.247,059.59
banking offices of the Plainview State
Bank in Plainview, Nebraska. Bank
ers from all over that section of the
Discount U n earn ed .................................................................
46,436.65
state, from Sioux City, Omaha, Lincoln
Reserve for Taxes, Etc............................................................
81,533.37
and out of state were on hand to con
Deposits ..................................................................................... 45,469,922.89
gratulate O. M. Jeffi'ey, president and
cashier, on the distinctive new quar
Total Liabilities .............................................................$48,844,952.50
ters.
The building is decorated in white
OFFICERS
birch veneer, is completely modern in
P. R. E A STE R D A Y .................... Chairman
GEORGE W. HOLMES . . . .
President
HOWARD FREEMAN . Exec. Vice-President
BURNHAM YATES . . . Vice-President
B. O. CAMPBELL
. . . Vice-President
E. U. GUENZEL . . . .
Vice-President
A. C. GLANDT . Vice-Pres. and Cashier
R. J. B E C K E R ....................Vice-President
CLIFFORD G. WESTON . Asst. V.-President
LYLE F. STONEMAN . Asst. V.-President
G. H. C R A N E .................... Asst. Cashier
R. A. GESSNER . . . .
Asst. Cashier
M em ber F ederal Deposit Insurance Corporation
BANKS
BANK EMPLOYEES PLACED
43 Years Satisfactory Service
CHARLES E. WALTERS CO.
OM AHA,
Nort hwest ern Banker, July, 1948
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Federal Reserve Bank of St. Louis
Bought and Sold
Confidentially and with becoming dignity
NEBRASKA
Nebraska
News
67
interior design and presents one of
the most pleasing appearances seen in
smaller banks.
Heads Kimball Lions
J. I. Christiansen, president of the
American National Bank of Kimball,
Nebraska, was elected president of the
Kimball Lions Club last month.
Campbell Bank Opens
The Campbell State Bank of Camp
bell, Nebraska, was authorized by the
Nebraska Banking Department to com
mence operations July 1st. Authorized
capital stock for the new bank is $40,000, with paid in capital of $32,500, paid
in surplus of $5,000 and paid in profit
and reserve of $2,500'.
The Campbell State Bank also has
been approved for membership in the
Federal Deposit Insurance Corpora
tion.
It was reported in the June N orth
w ester n B anker that this new bank
would be located in Franklin, Nebras
ka. This was an error, as the bank
is located in Campbell in the north
east corner of Franklin county. The
Franklin State Bank is the only bank
in Franklin, Nebraska.
Edward C. Davenport
Edward C. Davenport, 65, founder
and president of the Nebraska State
Bank of Valentine, died at his home
last month.
A native of Fort Collins, Colorado,
he attended Valentine high school and
the University of Nebraska. In 1915
he founded the Nebraska State Bank.
He was president of the Nebraska
Bankers Association in 1927 and in
1938 was president of the Past Presi
dents club of the Nebraska Bankers
Association.
Survivors include his widow; sons,
Wade of Kansas City, Missouri, Rich
ard L., of Valentine, Captain Robert
J., Fort Myer, Virginia, and sister Mrs.
Douglas Donald of Peekskill, New
York.
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Federal Reserve Bank of St. Louis
for Quickest Collection of Grain Drafts
The Commerce is definitely a part of the great wheat growing, harvesting and
marketing picture of the Southwest. The Commerce is "wheat minded"—its
services are especially designed to meet the financial requirements of corre
spondent banks throughout the important wheat area.
Your grain drafts never rest in the Commerce. Immediate presentation is our
policy. A separate unit of our City Collection Department handles exclusively
all grain drafts drawn on members of the Board of Trade. More than 80% of
the members of the Board of Trade have accounts with us. Their friendship and
cooperation materially speed the collection of grain drafts. For quickest collection
send your grain drafts to the Commerce.
(o m m e r c e jr u s t ( o m p a n y
G o fU stcU ty u n c L i ^ tc-ceecL
<2/ M
illio - tt
'ibcll&'ii.
KANSAS CITY'S LARGEST BANK
Established 18b5
‘ m e m b e r FEDERAL DEPOSIT
INSURANCE CO RP O RA TIO N
B a n k ot
Oldest National Bank From Omaha West
Member Federal Deposit Insurance Corporation
Northwest ern Banker, July, 1948
68
Nebraska News
Moves to Shelby
banks. Mr. Johnson fills the vacancy
left at Shelby by the recent resignation
of Harry Heiliger, now vice president
of the Arlington State Bank.
Warren E. Johnson, formerly assist
ant cashier of the First National Bank
at Osceola, Nebraska, has moved to
Shelby where he has been elected
cashier and member of the board of
the First National Bank of Shelby.
W. H. Pierce is president of both
Omaha Bank 82 Years Old
Eighty-two years ago, on July 2,
1866, a year before Nebraska territory
The First National Bank
St. Joseph, Missouri
STATEMENT
OF
Increase Capital Stock
CONDITION
at the close of business June 30, 1948
R E S O U R C E S
Cash and Dae from Federal R eserve and Other Banks............................$ 9,754,102.80
U. S. G overnm ent O bligations .......................................................................... 13,967,750.49
Other Bonds and Securities ..............................................................................
1,958,916.76
F ederal R eserve Bank Stock ............................................................................
30,000.00
Loans and Discounts ............................................................................................
3,913,366.75
Bank Building, Fixtures and Other Real Estate.........................................
1.00
Interest Earned U ncollected and Other A sse ts..............................................
77,975.96
T°tal
.........................................................................................................................$29.702.113.76
LIABILITIES
C apital
...................................................................................................................... $
Surplus ........................................................................................................................
U ndivided Profits ..................................................................................................
500,000.00
500.000.00
261,449.35
Reserve for C ontingencies ...................................................................................
67,414.87
R eserves for Taxes, D ividends, etc...................................................................
52,305.76
Deposits
Total
.................................................................................................................... 28,320,943.78
.........................................................................................................................$29,702,113.76
MEMBER OF FEDERAL DEPOSIT INSURANCE CORPORATION
30,
RESOURCES
Loans and Discounts . .
$ 9 ,5 6 1 .0 3 8 .3 6
Overdrafts
.......................... ... .
2 ,15 0.47
Banking H o u s e ........................
1 0 0 ,0 0 0 .0 0
U . S. Bonds ........................... 1 7 ,1 6 4 ,0 0 0 .0 0
Other Bonds
2 5 ,0 0 0 .0 0
Customers Liability for Letter
of Credit ...........
.
5 ,0 0 0 .0 0
W a r Savings S t a m p s ..............
5 0 0 .0 0
Stock Federal Reserve Bank
3 6 ,0 0 0 .0 0
Cash and Sight Exchange. .
5 ,5 9 3 .7 5 5 .9 5
Due from Federal
Reserve Bank
6 ,3 7 9 ,7 3 0 .1 1
1948
L IA B IL IT IE S
Capital . . . . $ 6 0 0 ,0 0 0 .0 0
S u r p lu s .......... 6 0 0 ,0 0 0 .0 0
Reserves . . . . 5 23 ,29 5.51
Undivided
Profits . . . 1 6 7 ,7 0 8 .3 2
Reserve for Dividends ...........
Letters of Credit ..................
Due to Federal Reserve Bank
Deposits
$ 3 4 ,8 7 8 ,3 1 1 .0 0
W ar Loan
Deposits
5 6 8 .8 6 0 .0 6
$ 3 8 .8 6 7 ,1 7 4 .8 9
became a state, The Omaha National
Bank first opened its doors. Its first
published statement showed total as
sets of $218,890. Its last published
statement shows assets of $132,065,880.
Only four presidents have served this
institution during its entire history:
Ezra Millard, 1866 to 1884; Joseph H.
Millard. 1884 to 1920; Walter W. Head,
1920 to 1929, and W. Dale Clark, who
has been president since 1929. W. B.
Millard, Jr., senior vice president, is
the grand nephew of Ezra Millard, and
grandson of Joseph H. Millard.
$ 1 ,8 9 1 ,0 0 3 .8 3
2 4 ,0 0 0 00
5 ,0 0 0 .0 0
1 ,5 0 0 .0 0 0 .0 0
3 5 ,4 4 7 ,1 7 1 .0 6
$ 3 8 ,8 6 7 ,1 7 4 .8 9
NATIONAL BANK of COMMERCE
Directors of the Citizens State Bank,
Arapahoe, Nebraska, recently amended
t h e i r articles of incorporation to
change capital stock of the bank from
$15,000 to $25,000. Surplus also is
$25,000. Officers of the Citizens State
Bank are R. F. Emmett, president;
Mrs. T. T. Emmett, cashier, and H. J.
Dunn and Neal Billesbach, assistant
cashiers.
Purchase Ashland Bank
The Farmers and Merchants Nation
al Bank of Ashland, Nebraska, has ac
quired assets and liabilities of the
Citizens National Bank of Ashland,
following purchase of all capital stock
from J. Fred Peters who held control
ling interest in the institution. Mr.
Peters was president of the Citizens
National.
This provides the Farmers and Mer
chants National Bank with capital and
surplus of $150,000 and deposits in ex
cess of $3,500,000, which is one of the
largest business transactions ever ac
complished in Ashland.
Announcement of the consolidation
of the two banks came from Farmers
and Merchants President Edwin A.
Fricke in a letter to all depositors of
the Citizens National.
Employes of the Citizens National,
including C. N. Turner, cashier; W. F.
Sanders, assistant cashier; Mrs. C. D.
Lutton, Jr. and Mrs. Gerald Kitrell
have been retained as regular em
ployes of the Farmers and Merchants
National Bank.
Mr. Peters is well known to Ne
braska bankers, having served as state
director of banking prior to his af
filiation with the Citizens National
Bank in February, 1947. His immedi
ate plans for the future have not been
announced.
LINCOLN, NEBRASKA
Member Federal Deposit Insurance Corporation
YOUR STATE BANKERS ASSO CIATIO N
O FFICIA L SA FE, V A U L T AN D
TIMELOCK EXPERTS
F. E. DAVENPORT & CO.
OM AHA
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Nebraska
A.I.B. Convention in Portland
The 47th Annual Convention of the
American Institute of Banking will be
held June 13th-17th of next year in
Portland, Oregon, the invitation of the
Portland chapter of the organization
having been officially accepted at this
year’s convention in Buffalo, New
York, last month. The invitation on
behalf of the chapter was extended by
John Otto, of The United States Na
tional Bank of Portland.
A committee is working also on
plans for the 1950 convention, marking
the fiftieth anniversary of the Ameri
can Institute of Banking, which was
founded in Minneapolis in 1900 as the
educational section of the American
Bankers Association. This committee
was appointed at last year’s conven
tion and will continue to function. It
i n c l u d e s : Chairman, Clarence R.
Chaney, vice chairman of the board,
Northwestern National Bank, Minne
apolis, Minnesota; vice chairman, E.
V. Krick, senior vice president and
cashier, American Trust Company, San
Francisco, California, and Frank M.
Totton, vice president, The Chase Na
tional Bank, New York, New York.
"M uch to Be D one"
“ Thank you very much for enclosing page
24 of the May issue of your fine bank publi
cation, the N orthwestern B anker . I en
joyed reading it immensely and want to
thank you for the mention you have made
of the survey I conducted earlier this year.
“ There is so much to be done in the field
of Bank Public Relations and the more we
can spread the gospel the better
industry will be. Please know that
deeply appreciate any news story or
you may run hi this connection
off our
we will
articles
in the
N orthwestern B anker .
Willis B. Conner, Jr., Asst.
Vice Pres., Merchants Na
tional Bank, Indianapolis,
Indiana.
Grain Drafts?
A
o n
W o n . F osi® r S ® ® «
z
o
Look to CITY NATIONAL
Remodel Winona Sank
City National, conveniently
Remodeling and modernization of
the Merchants National Bank of Wi
nona, Minnesota, has been completed
according to J. R. Chappell, president.
Automatic doors are the first modern
feature of the bank to greet custom
ers. Remodeling of the interior in
cluded replacing iron tellers’ cages
with counters of low marble design,
modern lighting fixtures and enlarging
of officers’ quarters.
located near Kansas City’s Board
o f Trade Building, gives fast, effi
cient service on grain draft col
lections. The personal attention of
experienced, trained personnel is
given to directing the routing o f
these drafts.
In Kansas City,
£>
Mercantile-Commerce
Dividend
The board of directors of MercantileCommerce Bank and Trust Company
of St. Louis declared the regular quar
terly dividend of $2 per share, payable
July 1st to stockholders of record
June 21st.
69
News
messenger service is used; out of
In Kansas City
It's
CITY NATIONAL
od
Ul
o
town, our "years ahead’ ’ corre
spondent facilities speed service.
Join the fast-growing number
o f correspondent bankers w ho
look to City National for efficient
handling o f their grain drafts.
DEAR EDITOR
(Continued from page 15)
Paul Robeson and Henry A. Wallace are
excellent and I hope that your narratives
will be widely read.”
P. J. Hebard, Assistant Vice
Pres., Chemical Panic and
Trust Co., 30 Broad St., New
York City, New Yorlc.
fA u i r iA i rO / tict
10TH A N D
F IR S T
N A T IO N A L
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANK
B U I L D IN G
•
KANSAS
C I T Y 10, M O .
Scarborough & Company
D id, you know that this company has specialized
in Bank Insurance since 1919— that it has the inside
view on Bank Insurance problems? Consult
us freely at any time.
C H IC A G O
GRAND
Insurance Counselors
3,
IL L IN O IS
STATE
to Banks
4325
Northwest ern Banker, July, 1948
70
r tO pLg Ma k e a b a n k
People, not facts and figures, are largely responsible
for the success of a bank. That’s why we’re so proud
of our friendly relations with the many different
folks we serve, those who have made possible our
great growth during 41 years of serving the middlewest. We’re especially proud of the confidence en
trusted in us by the friendly folks in more than 400
correspondent banks we now serve. Twenty-four
hour transit service, investment portfolio planning,
and many other profitable correspondent services
provided through our team of officer-specialists help
us to secure this confidence. If you are not taking
advantage of these fast, efficient services, we want
to make an invitation to you to make Live Stock
National, of Omaha, your correspondent bank—■
where friendly folks are ready to serve you.
S T A T E M E N T OF C O N D IT IO N J U N E 30, 1948
L I A B I L I T I E S
RESOURCES
Loans and Discounts..................................$20,149,371.33
Municipals and Other Marketable
Securities .............................................. 2,326,921.60
Stock in Federal Reserve Bank.................
45,000.00
Banking House and Fixtures...................
1.00
None
Other Real Estate.................................... .
Interest Accrued on Government
Securities, etc.......................................
219,211.16
U. S. Government
Securities .....................$18,779,799.08
Cash and Sight Exchange 19,101,232.97 37,881,032.05
Capital Stock (Common)......................
Surplus (Earned) .......... ....................
Undivided Profits ................................
Reserve for Taxes, Interest, etc..........
Unearned Discount .............................
Deposits ..... ................... .....................
$
500,000.00
1,000,000.00
1,102,035.23
299,713.69
94,686.21
57,625,102.01
$60,621,537.14
$60,621,537.14
O F F I C E R S
and
D I R E C T O R S
HENRY C. KARPF
P residen t
V ice P residen t
V ice P residen t
V ice P resid en t
V ice P resid en t
L. V. PULLIAM
A. R, STELLING
ELMER 0. OLSON
LOUIS BARTA
V ice P residen t
C. G. PEARSON
MARVIN R. WERVE
VICTOR W. NIELSEN
Assistant Cashier
H. B. BERGQUIST
Assistant Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
Assistant Cashier
Cashier
H. H. ECHTERMEYER
W. DEAN VOGEL
PAUL HANSEN
R. H. KROEGER
WADE R. MARTIN
M. C. DILLON
ARMAND S. CHAVES
Assistant Cashier
A uditor
L. S. BURK
J. J. FITZGERALD
JOHN R, JIRDON
Chicago
P residen t Commercial
Savings and L oan Assn.
L ivestock and Grain
Morrill, Nebraska
Coal and Grain
H
J. L. PAXTON, JR.
P residen t
Paxton-M itchell Co.
K
SCHAFER
Presiden t
M aney Milling Co.
CARL A. SWANSON
LEO T. MURPHY
V ice P residen t
Allied Mills, In c.
J. L. WELSH
P residen t
C. A. S w anson <£ Sons
B utler-W elsh
Co.
Grain
STOCK^BANK
A
BANK
M em ber
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
of
H
OF
F ederal
N E B R A S K A
A
F R I E N D L Y
R e s e rv e
an d
F ederal
2 4 - H O V R
D e p o s it
In s u r a n c e
S E R V 1 C
C o r p o r a t io n
71
Mr. Willard moved to Malvern from
Davenport where he was with the
Production Credit Association. He
comes from a background of banking,
as his father, John D. Willard, is presi
dent of the Home Savings Bank of
Persia, Iowa.
Mr. Willard attended school at Doane
College, Crete, Nebraska, and then
served three years in the U. S. Marine
Corps during World War II.
Increase Capital
Stock $15,000
H an ks R em a in Open S a tu rd a ys
N O F F I C I A L opinion handed
down last month from the office
of Iowa’s Attorney General Robert L.
Larson, stating that any Iowa bank
may go on a five-day week by closing
all day Saturday, has set off statewide
discussions on the subject.
The opinion was made public after
it had been requested by N. P. Black,
Iowa superintendent of banking, act
ing at the request of attorneys for
the Iowa Bankers Association.
After the attorney general’s opinion
in the affirmative on the question was
returned to his office, Mr. Black in
formed every state bank in Iowa of
this decision, setting forth certain
rules to be followed in changing by
laws of the bank’s articles of incorpora,
tion if the officers so desired to close
either one-half day or a full day Sat
urday.
As this issue of the N orthwestern
B anker goes to press, relatively few
banks have informed the superintend
ent’s office that they are closing half
a day on Saturday, and not a single
bank in Iowa has chosen to close all
day Saturday. Mr. Black said he did
not expect any banks in smaller towns
to take advantage of the all-day closing
ruling, because of business conditions
prevailing in the communities on Sat
urday.
The request for the attorney gener
al’s opinion was made primarily be
cause of larger city banks in Iowa, so
that they could close all day Saturday
as many businesses do, but a brief,
unofficial polling of Des Moines bank
ers by the N orthwestern B anker indi
cates that Des Moines bankers do not
desire nor think it wise to close all day
Saturday. Three bankers stated that
they thought it was time that bankers
gave serious consideration to the mat
ter of giving more service to the public
A
Stockholders of Lone Tree Savings
Bank, Lone Tree, Iowa, held their an
nual meeting last month. All officers
and directors were re-elected.
Directors are: W. R. Brewster, H.
C. Buell, Vernon E. Burr, H. S. Ham
ilton, Joe Hotz, Jr., Ralph R. Hudachek and W. H. Wolford.
W.
R. Brewster is president; Vernon
E. Burr and H. C. Buell are vice presi
dents, and Ralph R. Hudachek is cash
ier.
Cashier of Bluffs Bank
Begin Expansion Program
Charles W. Langmade has been
named cashier of the First National
Bank of Council Bluffs, George Woods,
president, announced last month.
Mr. Langmade, who started working
at the bank upon completing school
20 years ago, has been assistant cash
ier.
He succeeds Roy W. Maxfield, who
has been vice president and cashier.
Mr. Maxfield continues as vice presi
dent.
Don McCullen was named assistant
cashier, succeeding Mr. Langmade.
Mr. McMullen joined the bank sev
eral years ago after army service and
banking work at McClelland.
Because of the increase of business
volume The Emmet County State
Bank at Estherville, Iowa, has taken
over the entire first floor of the bank
building and has started the first of
the improvements program which will
eventually bring the banking property
entirely up to date. The entire pro
gram will be extended over a period
of three or four years.
N A T IO N A L
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANK
B U IL D IN G
Lone Tree Annual Election
Burlington Name Change
At a special stockholders’ meeting,
held in Burlington, Iowa, recently, the
name of the Burlington Savings Bank
was changed to the Burlington Bank
and Trust Company. At the same time
it was voted to increase capital stock
from $100,000 to $200,000 by transfer
of $100,000 from surplus to the capital
account and by declaration of a 100
per cent stock dividend. Deposits in
the Burlington Bank and Trust Com
pany are at the $10,000,000 mark.
Promoted at Malvern
John Willard, assistant cashier of
the Malvern Trust & Savings Bank
since April 1, 1947, was named cashier
at a meeting of the institution’s board
of directors.
D id you know there’s a gap in your Cash Letter
protection that you could “ drive a truck through?’
A sk us how to bridge it without costing you a
cent.
F IR S T
Capital stock of The Farmers and
Traders Savings Bank of Bancroft,
Iowa, last month was increased from
$25,000 to $40,000 by the board of di
rectors. The $15,000 was declared by
a stock dividend. Deposits are $1,300,000.
by being open more hours. The Sat
urday closing at noon instead of one
o’clock as in the past was mentioned
by two men.
It has been customary for some time
in many banks in the state to close
in the afternoon one day during the
week so as to remain open on Satur
day afternoon to provide service to
people visiting and shopping in the
community on that day. The attorney
general’s opinion, according to Mr.
Black, still authorizes such closings,
but does not authorize any other day
except Saturday for all day closing.
In addition to Des Moines banks,
who have done nothing officially on
the subject, banks in Council Bluffs,
Estherville and Marshalltown are re
ported as not being in favor of closing
all day Saturday.
C H IC A G O
Scarborough & Company
Insurance Counselors
3, IL L IN O IS
»
STATE
to Banks
4325
Northwest ern Banker, July, 194$
72
Iowa News
Schedule Annual Gun Tourney
The annual picnic and vigilante
shoot of the Scott County Bankers
Association is all set for August 25th
at the Scott County Sportmen’s Club
grounds at Bettendorf, Iowa.
This annual affair is a highlight of
the association’s yearly activity. The
morning is devoted to a co” ple of
hours of practice, a big lunch is served
at noon and the entire afternoon is
set aside for competitive shooting on
the club range.
Various vigilante
teams have been entered in addition
to teams representing the Davenport
police department, the Muscatine po
lice force and the Iowa Highway Pa
trol.
After tallying of scores and award
ing of prizes the meeting is topped off
with a dinner and informal get-to
gether
vide for a capital stock increase from
$25,000 to $50,000; $12,000 of this in
crease was brought about by payment
of a stock dividend and the other $12,500 of new stock was sold for cash.
Mount Ayr Bank Sold
Elected Director
E. E. Pearson has been named to
the board of directors of the La Porte
City State Bank of La Porte City, Iowa,
to succeed the late Lyle J. Tutt.
Capital Stock Upped $25,000
The Farmers State Bank, Charter
Oak, Iowa, amended its articles to pro
The interests of the late Miller Chris
tiansen in the Security State Bank of
Mount Ayr have been acquired by
Dillon L. Ross and Harold M. Ross of
Council Bluffs and Lewis W. Ross of
Oakland.
Harold M. Ross was elected presi
dent at a special meeting of directors.
Condensed Statement
At the Close of Business June 30, 1948
RESOURCES
Cash and Due from Banks............................................. $23,849,164.59
U. S. Government Securities......................................... 14,189,626.77
Other Securities ..............................................................
5,863,853.63 $43,902,644.99
Loans and Discounts................................................................................... 20,470,557.65
Stock in Federal Reserve Bank..................................................................
75,000.00
$64,448,202.64
LIABILITIES
Capital
.................................................................................$1,250,000.00
Surplus ................................................................................... 1,250,000.00
Undivided Profits ................................................................ 1,268,644.91
Reserved for Contingencies................................................
400,000.00 $ 4,168,644.91
Reserved for Taxes, etc.............................................................................
32,233.73
Deposits .......................................................................................................... 60,247,324.00
$64,448,202.64
the I nter -S tate
UVES TO CK EXCHANGE SLOG.
^
National Ba n k
J A T M. A N O G E N E S E E
STS.
H A R O L D M. ROSS
New President of M t. Ayr Bank
Dillon Ross has been actively en
gaged in the practice of law in Council
Bluffs for more than 50 years. Lewis
Ross has been in the banking business
in Oakland, Iowa, for more than 30
years and is now president of the Citi
zens State Bank there.
Harold Ross is not a stranger to
Mount Ayr and Ringgold county. For
the past 30 years he has been engaged
in the farm mortgage business cover
ing that territory. Until he joined in
acquiring the Mount Ayr bank he was
a member of the firm of Miller-Ross
Company of Omaha, local correspond
ents for the Penn Mutual Life Insur
ance Company.
With his family, consisting of his
wife and son, Bob, he will establish
his home in Mount Ayr. The other
officers and personnel of the bank re
main unchanged.
Charles E. Walters Company of Oma
ha represented all contracting parties.
With Mt. Pleasant Bank
Member of The Federal Deposit Insurance
Northwest ern Banker. July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Corporation
Edward B. Wilkinson has been
named cashier at the Henry County
Savings Bank of Mt. Pleasant, Iowa, to
succeed Dale Kelley, who recently re-
73
STATEMENT OF CONDITION
AS OF JUNE 30. 1948
RE S O U R C E S
$ 9,179,639.22
Loans and Discounts-----------------------------------Other Bonds and S to c k s---------------------------Customers Liability on Letters of Credit __
50,000.00
17,998.20
127.96
Overdrafts __________________________________________
Government O b liga tio n s------------------ $5,463,321.53
Municipal B o n d s ------------------------------406,500.00
Cash and Due from Banks------------------ 3,419,968.12
9,289,789.65
$18,537,555.03
L 1A B I L I T IE S
Capital Stock
C o m m o n --------------------------------------------$
Surplus _________________________________________________
600,000.00
200,000.00
Undivided P ro fits-------------------------------------------------------R e se rv e s________________________________________________
131,208.46
319,490.00
Unearned D iscou nt-------------------------------------------------------
75,390.98
1 7,998.20
Bank Liability on Letters of C red it-------- ----- ,-------------Deposits ________________________________________________ 17,193,467.39
$18,537,555.03
VALLEY BANK AND T R U S T C O M P A N Y
DES
MOINES
75th
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ANNIVERSARY
YEAR
Northwest ern Banker, July, 1948
74
Iowa News
signed to accept a similar position at
Burlington.
Mr. Wilkinson has spent nearly all
of his time, since attending the Uni
versity of Minnesota, in bank work.
He assisted in the organization of
the United Home Bank at Mason City
where he spent five years and two
years prior to that had been in bank
work.
For the last seven years he has been
associated with the state banking de
partment as a bank examiner.
plication for a charter for the Betten
dorf Bank and Trust Company by W.
E. Bettendorf has been approved by
the state banking department in Des
Moines, although the charter has not
been issued as yet. Bettendorf has
been without banking facilities up to
this time.
pected to be the executive officer of
the bank.
Capital structure will be $150,000
capital stock, $50,000 in surplus and
$50,000 in reserves.
Corwith Bank Opens July 17
The Corwith State Bank is scheduled
to open its doors for business in Cor
with, Iowa, Saturday, July 17th. Arti
cles of incorporation filed with the
state department of banking indicate
the following men as composing the
board of directors: Edward M. Frey,
New Bettendorf Bank
E. C. Bartik, George E. Gaskill, and
A new bank capitalized at $250,000
Frank Lettow, known in Iowa bank James W. Tindall. The First State
is scheduled to open in Bettendorf, ing circles for 28 years, and for the Bank of Britt formerly operated a
Iowa, within the next six months. Ap past 15 years with the FDIC, is ex bank office in Corwith.
Officers of the new bank are Edward
M. Frey, president, and E. C. Bartik,
cashier. The selection of a vice presi
dent for the institution had not been
announced earlier this month.
Capital structure of $60,000 of the
Condensed Statement of Condition
Corwith State Bank will consist of
JUNE 30, 1948
$40,000 common stock, $10,000 surplus
A S S E T S
and $10,000 undivided profits.
★
★
A bank building is under construc
tion at the present time at Eighteenth
and State Streets in Bettendorf, and
is the first building of a completely
new and modern shopping center
planned for that community.
★
Cash and Due from B a n k s .................................................... $ 5,779,117.47
U. S. Government Bonds
.....................................
7,906,229.71
State, County and Municipal B o n d s .....................
171,917.38
Other Bonds and S e c u r i t i e s .....................................
87,884.61
Stock in Federal Reserve B a n k ................................
24,000.00
5,448,109.60
Loans and D is c o u n t s ...............................................................
Bank Building, Furniture and F ix t u r e s ................................
163,423.07
Other A s s e t s ...............................................................................
4,468.26
$19,585,150.10
LIABILITIES
Capital
.................................................................$400,000.00
Surplus
............................................................
400,000.00
Undivided P r o fit s .........................................................140,014.18
Reserve forC on tin gencies..................................
81,000.00
Total Capital A c c o u n t .....................................................$ 1,021,014.18
Reserve for Taxes and I n t e r e s t ..........................................
32,811.44
Other L ia b ilities..........................................................................
101.00
Deposits
....................................................................................
18,531,223.48
$19,585,150.10
A. G. SAM, President
J. T. Grant, Vice President
H. H. Strifert, Assistant Cashier
J. R. Graning, Cashier
K. J. Shannon, Assistant Cashier
E. A. Johnson, Assistant Cashier
W. L. Temple, Assistant Cashier
!l i t j j ;
i ill'll
J- Ford W heeler, Auditor
After Bigger Game
One of Iowa’s better known big
game hunters, V. O. Figge, president
of the Davenport Bank & Trust Com
pany of Davenport, left last month to
be gone four months in southeastern
Africa on a hunting expedition. He
was to fly from New York direct to
Paris and from Paris to Cairo; from
Cairo to Kenya Colony in British East
Africa, which will be his headquarters.
From there he will go to Tanganyika,
and from there still farther south into
northern Rhodesia.
For many years Mr. Figge has
hunted wild game in the northern
Rocky Mountains, covering Montana
and Canada. This is his first trip to
Africa. While in Africa he will be
joined by an English big game hunter.
Fifteen natives will handle and care
for their supplies.
Declare Stock Dividend
Virust NATIONAL
BANK
in SIOUX CITY
MEMBER FEDERAL RESERVE SYSTEM
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
★
Northwest ern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
★
★
Directors of the Farmers Savings
Bank of Fostoria, Iowa, last month
voted to declare a stock dividend of
$15,000 to increase the bank’s capital
from $15,000 to $30,000. Deposits of
the Farmers Savings Bank are ap
proximately $1,500,000.
Cashier at Tingley
Ellery H. Kyle, former assistant
cashier of the Fairfield National Bank
at Fairfield, Iowa, will take over the
duties of cashier of the Tingley State
Savings Bank of Tingley, August 1st.
He will fill the vacancy left by Walter
J. B. Hynk, now of Villisca. Margaret
Eighme will continue as assistant cash
ier and Ross Clough as clerk.
At
»tin 15#/// l o w «
(All names read from left to right)
1—
J o sep h S n y d e r, assistant secretary. Manufacturers Trust
Company, New York; L . N . S h o n k w ile r, assistant cashier, Emmet
County State Bank, Estherville, and F . F. M ie r a s, assistant state
bank examiner, Des Moines.
2—
F r a n k W a r n e r , secretary, Iowa Bankers Association, Des
Moines; H . N . R y e , vice president and cashier, Forest City Bank
and Trust Company, Forest City, and A . L . K o u t , president)
First Nashua State Bank, Nashua.
3—
P . G . F o lv a g , cashier, Benton County Savings Bank, Nor
way, and chairman, Benton County Bankers Association; L e e
C h a n d le r, Pashier, Iowa Savings Bank, Dike, chairman, Group
7; W . W . Su im n e rw ill, vice president, Iowa State Bank and
Trust Company, Iowa City, secretary, Group 7, and N . P . B la c k ,
State Superintendent of Banking, Des Moines.
EW officers were elected by Groups
2 and 4 which met recently, and
these new officers are as follows:
Group 2: G. E. Alexander, Webster
City, chairman, and Ralph H. Miller,
Algona, secretary.
Group 4: B. J. Baumgartner, Elgin,
chairman, and Joe Menges, Alta Vista,
secretary.
N
Jeff Williams, lawyer for 25 years
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Federal Reserve Bank of St. Louis
4—
C on n ,
R . W . B a rlo w , assistant cashier, State Bank, Dumont; C. W .
vice president, Union-Whitten State Savings Bank, Union,
chairman, Group 3 council of administration, Iowa Junior Bank
ers Association; R o b e r t W . H a d le y , cashier, Union-Whitten State
Savings Bank, Union, and A v e r y E . J ohnson, assistant cashier,
Ackley State Bank, Ackley.
5—
J e ff W illia m s , attorney, Chickasha, Oklahoma; R a lp h H .
M ille r , president, Iowa State Bank, Algona, secretary Group 2,
and G . E . A le x a n d e r , president, Farmers National Bank, Web
ster City, chairman, Group 2.
6—
M e r to n J. K la u s , vice president, First Security Bank and
Trust Company, Charles City, chairman, Group 3, and R a y m o n d
C. K e is te r , assistant vice president, First National Bank of
Mason City, secretary, Group 3.
from Chickasha, Oklahoma, was the
inspirational and story-telling speaker
at most of the Iowa Group Meetings
and he was most enthusiastically re
ceived wherever he appeared.
He mixed good sound “American
ism” along with interesting stories
which held his audiences at all times.
Some of his remarks were these:
“We may not have more troubles
than we used to, but at least we can
hear our troubles more than we did
because of the radio.”
“Frank Warner is a man of meticu
lous precision and you are damn lucky
to have him as secretary of the Iowa
Bankers Association.”
“We are the greatest ‘pill-taking’ nanation in the world.”
“Education is having a tough time
catching up with increasing igno-
76
Iowa News
Among Jeff’s many stories is the
one about the young man who went
to the doctor to have his heart exam
ined and the doctor said, “Have you
ever had any trouble with Angina Pec
toris?” “ I sure have, doctor, but that
is not her right name.”
of Administration of the Iowa Junior
Bankers Association, told the bankers
at Estherville that study groups would
be started this fall for any bank desir
ing to do so, and that the American
Institute of Banking subjects would be
followed as a guide for the course.—
The End.
Harry W. Schaller, president of the
Citizens First National Bank of Storm
Lake, was endorsed by Group 2 for
the presidency of the Iowa Bankers
Association when the state convention
meets October 24th in Des Moines.
Married at Grand Mound
William A. Dieckmann, bookkeeper
and teller at the Dixon Savings Bank,
Dixon, Iowa, was married to Miss Lois
Whitmann last month at St. Phillip
and James Church in Grand Mound,
Iowa.
Mr. Dieckmann has been with the
Dixon Savings Bank since November
Wayne O. Hopkins, cashier of the
Citizens State Bank of Webb, and
chairman of Group 2 of the Council
1, 1947, and Miss Whitmann has been
teaching in the high school at Wheatland, Iowa.
Resigns at
Merchants National
Hans N. Boyson, associated with the
Merchants National Bank in Cedar
Rapids for 43 years, has resigned as
vice president and director of the
bank.
John T. Hamilton, president, an
nounced that the board of directors
A M E R IC A N N A T IO N A L .B A N K
AND T R U S T C O M P A N Y
O F C H IC A G O
LA SALLE STREE1
Member Federal Deposit
STATEM ENT
AT
THE
CLOSE
OF
AT WASHINGTON
A
-
Insurance Corporation
O F C O N D IT IO N
B U S IN E S S
JUNE
JO. 1 9 4 8
I I E S O IT i t < E s
Cash and due from b a n k s .................................... $ 65,943,363.97
United States Government obligations — direct
and fully gu aran teed .........................................
63,067,077.05
Municipal and other marketable securities
25,202,372.04
Loans and d isc o u n ts..............................................
66,653,071.58
Federal Reserve Bank stock....................................
210,000.00
Customers’ liability on letters of credit and
a c c e p ta n c e s........................................................
567,439.34
Accrued interest receivable....................................
378,104.80
Ollier a s s e t s .............................................................
147,854.65
$222,169,283.43
L I A IK I L I T I I L S
Capital sto c k ............................................................. $
Surplus.......................................................................
Undivided p r o f i t s ...................................................
Reserves for taxes, interest, contingencies, etc. .
Unearned discount...................................................
Other liabilities........................................................
Liability on letters of credit and acceptances .
3.000. 000.00
4.000. 000.00
1,001,532.24
1,588,792.46
964,309.18
211,067.25
567,439.34
Deposits:
Dem and..........$180,576,442.72
United States Government .
3,520,252.97
Other public funds . . . .
7,480,929.61
T i m e ............
19,258,517.66
210,836,142.96
United States Government obligations and other securities carried at $32,176,685.80 are pledged
to secure public and trust deposits and fo r other purposes as required or permitted by law.
Northwestern Banker, July, 1948
has accepted Mr. Boyson’s resignation
with regret.
“ Mr. Boyson has been a workhorse
for Cedar Rapids and a valuable asset
to the bank,” Mr. Hamilton said. “ He
is one of the best known bankers in
Iowa. He knows practically every
banker in the state by his first name.”
Mr. Boyson gave ill health as his
reason for resigning. He said he would
devote his time to managing his farms
near Marion and Waterloo.
Joining Merchants National Bank
in 1904 as clerk, Mr. Boyson has been
an officer of the organization since
1911. He has served for many years
as a vice president and has had charge
of correspondent bank business, as
well as being a senior vice president
in the loaning division.
Johnson County President
$222,169,283.43
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Federal Reserve Bank of St. Louis
H A N S N. B O Y S O N
R esigns at M erchants N ational after 43 Years
W. W. Summerwill, vice president
of the Iowa State Bank and Trust
Company, Iowa City, was elected presi
dent of the Johnson County Bankers
Association at its annual meeting, held
at the cottage of State Senator Leroy
S. Mercer near Iowa City last month.
Mr. Mercer is the retiring president
and is vice president of the Hills Bank
and Trust Company of Hills.
Other officers chosen are: Ralph
Iowa
News
77
Hetisodel F o r e st f'ity iton h
ANOTHER
bank grill has disappeared
the Forest City Bank and Trust Company
The above pictures show the bank as it
and after the A. Moorman Company of
the remodeling. Instead of three tellers’
O L D -F A S H IO N E D
with the remodeling of
at Forest City, Iowa.
formerly looked (left)
Minneapolis completed
Hudachek, cashier, Lone Tree Savings
Bank, vice president; Elmer J. Ulch,
assistant cashier, Swisher Trust and
Savings Bank, re-elected secretary,
and O. E. Markitan, cashier, Solon
State Bank, re-elected treasurer.
Cashier of Moville Bank
Howard M. Logan, who graduated
from Iowa State College in March, has
been elected cashier and appointed to
the board of directors of the First
Trust and Savings Bank of Moville,
Iowa. He is the son of President
Charles W. Logan.
Raymond A. Hess has been elected
to the board of directors to replace his
father, R. E. Hess, who recently re
signed after 25 years on the board.
Heads Shelby Bankers
L. O. Stoker, president, Farmers
Savings Bank of Shelby, Iowa, was
elected president of the Shelby County
Bankers Association at their dinner
meeting last month at the Harlan
Country Club. D. E. Blakely, assistant
cashier, The Shelby County State Bank
of Harlan, was named secretary-treas
urer. Retiring officers are Frank
Hamilton and Howard Remien.
windows there are now five. Lobby space was increased and a
private office provided at the front of the bank. Marble from
the old fixtures was removed, recut and used in the new set-up.
The bookkeeping department occupies the back room of the
adjoining office space to the bank.
will be released by the Federal Re
serve Bank weekly until final figures
are available late in July or the early
part of August.
Joins Stanwood Bank
Willard G. Hoyman has joined the
official staff of the Union Trust & Sav
ings Bank, Stanwood, Iowa. Mr. Hoyman was for a time secretary-treasurer
of Maquoketa Production Credit Asso-
ciation until he joined the army for
overseas service. He was severely
wounded in action in New Georgia
and was hospitalized in New Zealand.
After his return he was appointed sec
retary-treasurer of the Waterloo Pro
duction Credit Association, f r o m
which position he is now resigning.
Mr. Hoyman was born and reared near
Stanwood and is well known to all
patrons of the bank.
S T A T E M E N T OF CO NDITION
June 3 0 , 1 9 4 8
R E SO U R C E S
Cash and Due from B an k s...............................................................................................*
Loans and D iscounts........................................................................................................
U . S. G overnm ents........................................................................
Federal Land B an k s...................................................................
« 7 S ini
S t"h T PM lf,k« . b . . *Securities
S iS 'L ^ »
M T M M .1*
S ock in Federal Reserve B a n k ...................................................................................
Banking House ....................................................................................................................
Furniture and F ixtu res...................................................................................................
Accrued Interest .................................................................................................................
q? ’ q? o" is
Other Resources
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Federal Reserve Bank of St. Louis
'
1 223 12
....................................................................................................................
O.30L20
$15,123,282.22
Genital
L IA B IL IT IE S
................................................................... S
surplus : : : : : : : : : : : : : : : : : : : : : .........................................................
Undivided Profits ...............................................................................................................
Reserve for Taxes, Interest, Contingencies, Etc................................................
Discount collected but not earned...............................................................................
............................................................................................ S0.100,077.32
............................................................................................ 4,491,279.75
U. S. Government W a r Loan A ccoun t............................
335,370.56
400,000.00
210,000.00
523.27
114,iia.UB
35,01b.04
DeP Demand
14,236,627.83
$15,123,282.22
Top Loan Drive Quota
Honors for being the first to go over
the top of its Security Loan Drive
quota went to the southern division of
Lee county, Roger F. Warm, state
director of the savings bond division,
announced earlier this month.
Sales of $605,933 were credited to
the winner against a quota of $604,445.
Sales credited to Iowa during the
eleventh report week totaled $54,850,962 and Mr. Warin said that reports
3.342,443.03
FI FTH A VE NU E
SOUTH-226*
BANK
NATIONAL
n / v n , 9 c i< r t
Member of the Federal Deposit Insurance Corporation, Washington, D. C.
$5,000
----Maximum Insurance for Each Depositor ----S5.000
Northwestern Banker, July. 1948
78
Iowa N e w s
iotru A sso cia tio n i s A c tiv e
URING recent weeks the Iowa
Bankers Association has been en
D
gaged in a number of worth-while
sented with certificates of graduation
at closing exercises of the two weeks’
school at Iowa State College in Ames
last month. The final day was open
house for Iowa bankers and their
guests. A joint meeting of the agri
cultural committee of the state asso
ciation and the Agricultural Credit
School committee was held at the col
lege. All visiting bankers, their guests
and students at the school attended a
dinner the last evening, at which time
certificates were presented to the fol
lowing men:
Jack C. Bell, assistant cashier, City
activities of benefit to the general
membership throughout the state. In
addition to the recent group meetings
and many county association meetings
that have been held recently, the fol
lowing is a resume of some of the state
association’s main activities.
C re d it School G ra d u a tio n
Nine students at the third annual
Agricultural Credit School, sponsored
jointly by the Iowa Bankers Associa
tion and Iowa State College, were pre
National Bank, Council Bluffs; W. E.
Brown, assistant cashier, Tri-County
State Bank, Zearing; Herman H. Har
vey, assistant cashier, First National
Bank, Perry; T. F. Jacobson, assistant
cashier, Office of Story County State
Bank, Story City, Roland; H. P. Mc
Neil, assistant cashier, Ames Trust &
Savings Bank, Ames; Robert L. Peter
son, teller, Home State Bank, Jeffer
son; E. T. Savidge, representative,
Agricultural Commission, American
Bankers Association, New York; Rex
J. Willis, assistant cashier, First Na
tional Bank, Riceville, and James A.
Wolf, bookkeeper, Hancock County
National Bank, Garner.
Bank A u d ito rs' M eeting
ilMl If
m ( im
in
[tin AfIII Jin JitJ jl
1
1111
1111
m
m
111
OTTUMWA,
IOWA
Member of Federal Reserve System
Statement of Condition as of June 30, 1948
♦
RESOURCES
Loans and Discounts ...................................................S 4,544,388.83
Bank Building
..............................................................................
89,000.00
Furniture and Fixtures ..................................................................
22,683.81
Stocks in FederalReserve Bank ...............................................
30,000.00
Overdrafts ........................................................................................
889.43
U. S. Bonds ......................................................... $3,791,941.43
Municipal Bonds .............................................. 2,041,748.02
Other Marketable Bonds ...............................
557,833.35
Cash and Exchange ........................................ 2,929,553.27
9,321,076.07
$14,008,038.14
LIABILITIES
Capital .............................................................................................. $
300,000.00
Surplus ..............................................................................................
700,000.00
Undivided Profits ...........................................................................
130,249.49
Dividends Payable luly 1 .............................................................
15,000.00
Deposits ............................................................................................ 12,862,788.65
$14,008,038.14
♦
D IR E CT O R S
J. H . A N D E R S O N
S. S. B A R K E R
C. C. C O U P L A N D
C. P . G L E N N
M E R R IL L G ILM O R E
T. J. M A D D E N
C. G. M E R R IL L
H . L . P O L IN G
H . L. P O L L A R D
vr
u
tj
U P iv
FR A N K V o n SCHRADER
M A X V O N SCHRADER
O FF IC ER S
M A X V O N S C H R A D E R , President
C L A R E N C E P . G L E N N , V ice President
C. G. M E R R IL L , V . P . and Trust Officer
J. C. B L A C K F O R D , V ice President
W . C. M IL L E R , A ssistant Cashier
F R A N K M . P O L L A R D , V . P. and Cashier
G EORGE H A L L E R , Assistant Cashier
Southern Iowa's Largest Bank
Member Federal Deposit Insurance Corporation
Northwestern Banker, July, 1948
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Federal Reserve Bank of St. Louis
The 11th annual meeting of the Iowa
Association of Bank Auditors and
Comptrollers was held last month at
the Wakonda Club in Des Moines. Aft
er an afternoon of registration, golf
and visiting, the annual dinner was
followed by the business meeting. All
officers were re-elected. They are:
President, Harold E. Lemkau, assist
ant cashier, Muscatine Bank and Trust
Company, Muscatine; vice president,
W. P. Ronan, vice president, Decorah
State Bank, Decorah, and secretarytreasurer, L. C. Siegner, assistant audi
tor, Iowa-Des Moines National Bank,
Des Moines.
A g ric u ltu ra l
A c t iv it ie s
A total of eight Iowa banks or coun
ty bankers associations are participat
ing in and sponsoring some type of
agricultural program at the present
time, although there are undoubtedly
more that have not come to our at
tention.
The Pilot Rock Plowing Match Asso
ciation, which sponsors the state’s old
est plowing contest, has announced
that its terrace building and contour
plowing contest will be August 19th
and 20th. The second day will be de
voted to complete renovation of a farm
near Cherokee, Iowa. The Steele State
Bank is one of the sponsors of this
annual match. This contest is being
carried out in connection with the
Little Sioux Valley Flood Control
Project which has been spotlighted re
cently by Congress as an experimental
place for complete flood control. Con
struction of three earthen dams will
be part of the renovation project at
the selected farm.
The Central State Bank at Elkader,
Iowa, is sponsoring a Soil District Pas
ture Contest in Clayton county. The
purpose of the contest is to show that
old pastures, or cropland converted to
pasture, can be made more productive,
that they can be made to yield a large
amount of high quality feed through
out the entire growing season. Com-
Iowa News
79
A. E. Muir, president of the Onawa from $20,000 to $40,000 by issuance of
plete details have been issued to par
State Bank at Onawa, and other offi a stock dividend.
ticipants by the bank.
The First National Bank at Denison, cers of his bank have requested their
Iowa, is sponsoring a Soil Conserva outside farm representative, Herbert
D e s M o i n e s N e w s
tion Contest among members of 4-H Taylor, to organize a county-wide plow
Clubs and Future Farmers of America ing contest as a soil conservation dem R A Y J O N E S , trust officer of the Cen
tral National Bank and Trust Com
chapters in Crawford county. Rules onstration. Mr. Taylor is at present
pany, was attending the Graduate
for the contest give points for various working on plans for this contest.
Over at Harlan the Harlan National School of Banking at Rutgers last
farming practices and progressive
Bank, through President F. J. Lewis, is month. Before going east he went to
steps shown by contestants.
The First National Bank of Hamp also holding a plowing contest as a Oklahoma City with Lew Cumpston, of
ton, Iowa, is doing much to promote soil conservation feature. The contest the Central National’s credit depart
good will for that bank and banking will be held on one of Mr. Lewis’ farms ment, to attend the annual meeting of
the SPEBSQSA (Society for the Pres
in general through various activities four miles south of Harlan.
ervation and Encouragement of Bar
of the past year. J. H. Boehmler, vice
ber Shop Quartet Singing in America).
president, serves as treasurer of the
Increase Capital
local cooperative creamery; helped re
The Iowa State Bank of West Bend, Mr. Jones is director of the Des Moines
organize and serves as treasurer for Iowa, has increased its capital stock chapter’s male chorus and Mr. Cumpthe Franklin County Breeders Asso
ciation; cooperated with Farm Bureau
in putting on livestock shows; coop
erated with Franklin County Fair
Board in many ways.
The Grundy County Bankers Asso
ciation recently mailed 600 copies of
the booklet “ That Soil of Yours” to
June 30, 1948
farmers in Grundy county. The 73page booklet on conservation of Iowa’s
A S S E T S
valuable top soil was prepared by Suc
Cash on Hand and on Deposit with Banks..................... $ 8,349,520.44
cessful Farming magazine, of Des
Moines.
United States Government Securities............................... 11,676,222.67
Marion county bankers are sponsor
Other Bonds and Securities...................................................
232,066.94
ing their second annual Plow Terrace
Loans and Discounts................................................................
6,537,913.69
Contest near Otley next month. It
Security National Bank Building, Vault and Fixtures
330,369.70
was planned by the county associa
Federal Reserve Bank Stock.................................................
30,000.00
tion’s executive committee to sponsor
a junior contest in connection with the
Other Assets ..............................................................................
6,778.65
annual plow contest.
Statement o£ Condition
$27,162,872.09
R e c e i v e s
ÍJ ita th n t
LIABILITIES
Capital ......................................................................................... $
Surplus .........................................................................................
500,000.00
500,000.00
Undivided Profits ...................
82,123.35
Deposits ....................................................................................... 26,080,748.74
$27,162,872.09
O F F IC E R S
D IR E C T O R S
Charles R. G ossett, President
Paul Bekins
B. M . W heelock, Vice President
Charles R. G ossett
A lbert C. Eckert, V ice President
Harold A . Jacobsen
D aniel B. Severson. Vice President
Edward C. Palm er
R. Earl Brown, Cashier
George L. Booth
Robert W . Lew is. Assistant Cashier
O tis P. Garrison
Frank H. A b el, Assistant Cashier
W m . W . M acF arlane
Charles H. W a lc o tt, Assistant Cashier
George C. Pechstein
O
rville Boe, Assistant Cashier
Harry P. Pratt
H ow ard L. Johnson, Vice President and Trust Officer
A W A R D — H e n r y J. R o h lf (left),
assistant cashier of Continental Illi
nois National Bank and Trust Com
pany of Chicago, receiving from
R o b e r t O ’B o y le the American Legion
citation awarded to the bank in rec
ognition of service and cooperation
with the National Employment Pro
gram of the Legion. The bank’s
servicemen, numbering 582, were
offered reemployment, counsel, and
guidance on their return to civilian
life, and many other veterans— both
men and women— were employed by
the bank.
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Federal Reserve Bank of St. Louis
C T C U R I T V 7’
oF S io u x Cits?
M em ber Federal
D eposit
Insurance Corporation
Northwestern Banker, July, 1948
80
Iowa News
ston sings in the chorus and also in
one of Des Moines’ quartets.
mained in Minneapolis to attend the
Minnesota Convention.
The Iowa-Des Moines National Bank
has installed 768 new safe deposit
boxes in the bank vault.
J. C. Thomson, president, and Von
Luseher, vice president of the North
Mr. and Mrs. Robert Donhowe of
Ogden, Iowa, became the parents last
month of a baby daughter. Mr. Don
howe is a son of Arthur T. Donhowe,
vice president of the Central National
Bank in Des Moines.
S io u x
C ity
N o w s
. L. Fredrickson, M. A. Wilson and
S. W. Evans of The Live Stock Na
C
tional Bank attended the joint South
Dakota-North Dakota State Conven
tion at Minneapolis. Mr. Evans re
Banking. He represented Sioux City
at the National A. I. B. convention
in Buffalo, N. Y.
Mr. Haver has been associated with
west Bancorporation, were in Sioux
City on their regular pilgrimage and
attended a directors’ meeting and
luncheon with the directors of The
Live Stock National Bnak.
W. C. Schenk, assistant vice presi
dent and cashier of The Live Stock
National Bank, is on a vacation trip in
California, accompanied by his wife.
John S. Haver, assistant cashier of
The Live Stock National Bank, was
elected president of the Sioux City
Chapter of the American Institute of
STATEMENT OF CONDITION
THE TOY NATIONAL BANK
SIOUX CITY, IOWA
J O H N S. H A V E R
Heads Sioux City A.I.B.
June 30, 1943
ASSETS
Cash and Due frcm Banks...............
U. S. Government Securities........
State and M unicipal Bonds...............
Stock in Federal Reserve Bank................
Other M arketable Bonds... .
Loans and Discounts......................
Banking House .........
Other A ssets .................
.$ 8.513,622.66
. 12,801,893.64
45,000.00
27,000.00
. 1,249,469.38
4,225,510.25
104,311.31
80 750 07
The Live Stock National Bank in
various capacities, since 1929.
He completed two years in college,
also an accounting course.
Mr. Haver instructed an A. I. B.
class in Banking Fundamentals last
year.
$27,047,558.21
LI ABILITIES
only).................
Capital (common stock
Surplus ...............
Undivided Profi's ..............
Dem and Deposits .......................
Time Deposits ..................
.$
300,000.00
600,000.09
103,151.00
$21,462,068.86
4,514,207.42
Total Deposits .............
Other Liabilities
......
25,976,276.28
68,130.93
$27,047,558.21
M em ber
of
F e d e ra l
D e p o sit
In s u ra n c e
C o rp o ra tio n
STATEMENT OF CONDITION
FIRST N A T IO N A L BAN K
CEDAR FALLS, IOWA
June 30, 194G
RESOURCES
Cash and Due from B an k s............S I,008,535.98
United States Gov’t S e cu ritie s.. 2,484,378.85
State and Municipal B onds.........
394,166.79
Stock in Federal Reserve B a n k . .
4,650.00
Loans and Discounts.......................
539,948.10
Overdrafts ............................................
82.30
Banking H o u s e ...................................
20,300.00
Furniture and Fixtures.....................
6,954.53
L IA B IL IT IE S
Capital S t o c k ....................................... $ 100,000.00
Surplus ...................................................
58,090.00
Undivided Profits .............................
62,677.02
Reserves .................................................
3,082.63
D eposits:
U . S. Gov
ernment ......... $ 100.253.92
Demand
and T i m e . . . . 4,135,002.98
4,235,256.90
*4,459,016.55
V. AY. Johnson. President
J. B. Newman, A7ice President
*4,459,016.55
W . E. Brown, Cashier
H. C. Messerer, Assistant Cashier
Member Federal Reserve System
Member Federal Deposit Insurance Corporation
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
K. A. Scheibe and family went on
a week’s fishing trip in northern Min
nesota last month. They stayed in
the Sioux City Resort at Max, Minne
sota.—The End.
NEWS AND VIEWS
(Continued from page 28)
ceived his Bachelor of Science degree
in Mechanical Engineering. Follow
ing his service in the Navy, where he
was commissioned an ensign, he at
tended Wesleyan University at Mid
dletown, Connecticut, graduating there
in June, 1948, with the degree of
Bachelor of Arts. He is a member of
Beta Theta Pi Fraternity.
Following a trip through New Eng
land and Canada, they plan to make
their home in Des Moines.
Ray Franklin Kauffman, native and
resident of Des Moines, has had pub
lished a Malayan spy story, “ The Coco
nut Wireless.” by the Macmillan Com
pany. Mr. Kauffman lives at 107 Lin
coln Place Drive. He is the son of
Benjamin Franklin Kauffman, chair
man, Bankers Trust Company of Des
Moines.
Young Mr. Kauffman’s life should be
Iowa News
81
JFIou'crs IHspIni/t’il nl 4'entrai Xtitionnl
BLOSSOM TIME— The spring flower show sponsored by the
flower arrangement group of the Des Moines Garden Club was
held in the Central National Bank and Trust Company recently.
The photograph at left above shows three floral arrangements
the envy of all adventurous people, for
he has spent some seven years, most
of them on the 45-foot schooner, Hurri
cane, which he built himself, sailing
the Atlantic and Pacific and once cir
cling the globe. During the war Mr.
Kauffman was sent to Ceylon by the
Office of Strategic Services. There he
organized and conducted, via British
submarine, clandestine missions into
enemy territory.
It could be that “The Coconut Wire
less,” a thriller of British and Japanese
jungle operations, is based on the au
thor’s actual knowledge of spying in
Southeast Asia.
Ten import and export business men
of Kansas City were guests at a lunch
eon in the dining room of The City
National Bank & Trust Company in
Kansas City, Missouri, to meet with
a recruiting team of five army men
just returned from Japan and the Phil
ippines, headed by Lt. Harold LaCoutoure, a West Point graduate.
These army men gave Kansas City
business men first hand information
and answered many questions con
cerning business conditions and op
portunities in the far east.
in the bank’s lobby display windows. The picture at right shows
a bridal shower table which won first prize being admired by
Ann Comer, secretary to E. F. Buckley, president of the Central
National.
Have you ever sat in a mental stupor
while someone from New York, Chi
cago, New Orleans or Pineapple Junc
tion put you to sleep by extolling the
virtues of his fair city?” For rebuttal
and information on such occasions,
the following facts are given as part
of Omaha’s prominent points:
Area, 41 square miles; bank debits,
$5,696,127,004 (1947); bank deposits,
$439,236,000 (1947); butter, Omaha leads
the nation in butter production; home
of internationally famous Boys’ Town;
average maximum temperature, 77.5
degrees, and average minimum of 22.4
degrees; more than 150 churches and
missions; conventions, 243 in 1947, with
68,137 registered delegates; civilian la
bor force, 120,000; livestock, second
largest in country; manufacturing,
products value of $737,000,000; military,
Seventh Service Command Headquar
ters, new home of Strategic Air Com
mand, Fort Crook and Fort Omaha;
population, 270,000; railroads, 10 trunk
lines, 73,000 miles of track, fourth
largest in country, headquarters of
Union Pacific; schools, 110 of all kinds;
American Trust & Savings Bank
DUBUQUE, IO W A
Incorporated
Organized 1905
STA TEM EN T
O F C O N D ÍT IO N , J U N E 30, 1948
R E SO U R C E S
Cash and Due from B an k s.............. $ 4,341,052.09
U . S. Government B onds................
9,468,040.10
Federal Reserve Bank S tock.........
18,000.00
State, County and Municipal
B o n d s ......................................................
801,970.25
Corporate Bonds .................................
90,871.26
Loans and D iscounts..........................
4,215,661.32
Overdrafts ...............................................
158.21
50,000.00
Bank Building .....................................
Other Assets ..........................................
103.35
L IA B IL IT IE S
.$ 250.000. 00
Capital Stock ................................
350.000.
00
Surplus
............................................
181,702.94
Undivided P r o f it s ..........................
125.000.
00
Reserves ............................................
Deposits :
Demand ....................$9,132,221.61
Tim e
....................... 8,534,761.63
U . S. Gov.
W a r Loan
A c ct...............................
412,170.40 18,079,153.64
$18,985,856.58
3,985,856.58
A recent news bulletin from the
Omaha Chamber of Commerce con
tains an impressive list giving brief
facts about 49 of Omaha’s main busi
ness and civic points. The news bul
letin asks, “Have you ever bitten your
lin and mumbled abject apologies
when you didn’t know the answer to
some explicit question about Omaha?
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OFFICERS
C. J. SCHRUP, Chairman of the Board
D W . ERNST, President
ROY F. GLAB, First Vice President
C. .T. KLEINSOHMTDT. Vice President
A. L. VOGL. Vice President and Cashier
N. J. GRETEM AN, Vice President
M .T BAUM HOVER, Assistant Cashier
MEE.LYN B. KURT, Assistant Cashier
.1. L. RILEY. Assistant Cashier
I L. KIELER. Assistant Cashier
HARLAN MELCHIOR, JR., Assistant Cashier
DIRECTORS
C. J. SCHRUP, Chairman
D. B. CASS AT
I). W . ERNST
ROY F. GLAB
W. N. GLAB
OTTO F. HENKER
M e m b er F e d e r a l R e s e r v e
M e m b er
1912
F ed eral
D e p o s it
S y s te m
In su ra n ce
C o rp o ra tio n
Northwest ern Banker, July, 1948
Iowa N ew s
82
sales, wholesale and retail in 1947
were $1,069,000,000 and $274,000,000 re
spectively.
A n in terestin g com p arison sh ow s
that the largest indu strial alcohol
m an u fa ctu rin g p lan t in the w orld is
located in O m aha, producin g (7,500,000
gallon s a year, w h ile w a ter co n su m p
tion figures sh ow O m ah an s con su m ed
14,952,840,000 gallon s of w a ter in 1947.
EQUIPMENT SURVEY
(Continued from page 23)
by the adoption of this system. I be
lieve it of interest to note, also, that
all of the individuals originally as
signed to the operation of these ma
chines are still on the job. I doubt
that this lack of employe turnover
would have been true had we con
tinued to use the batch proof method.
D ie b o ld
I
N
C
O
R
P
O
R
A
T
E
W in d o w
Posting
Another change instituted since the
war involved our savings department
which had been using the same equip
ment since the loose leaf ledger system
was installed. A good deal of study
and consideration convinced us of the
desirability of using window posting
and the so-called “no ticket” plan in
this department and the change-over
was effected in November, 1947.
“The use of this method makes it
unnecessary for the depositor to use
either deposit or withdrawal slips,
and, incidentally, reduces the use of
lobby check desks. The teller, upon
receiving the passbook from the cus
tomer, places it and the customer’s
ledger sheet in a window posting ma
chine and posts the desired amount;
proper entries show the date, account
number, amount of deposit or with
drawal, the resultant new balance and
the individual teller’s symbol. In the
case of withdrawals, the customer's
D
Now includes
York Vaults—McClintock Alarms
Canton 2, Ohio
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BANK VAULT E Q U IP M E N T
BiURGLAR A L A R M S • S A F E S ,
C H E S T S A N D VAULT DOORS
MICROFILM • ROTARY, VERTICAL
AND VISIBLE FILING EQUIPMENT
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by Factory Trained Experts
F a c to ry Branches in
C H IC A G O , DES MOINES
and ST. PAUL
Federal Home Loan Bank of Des Moines
D ES M O IN ES, IO W A
STATEM ENT OF CONDITION. JUNE 30. 1948
R E S O U R C E S
Cash ........................ ............................ $ 3 ,5 8 2 ,0 7 3 .0 8
U. S. Government Obligations .. 1 1 ,7 0 4 ,2 6 8 .7 1
Advances to Members ............. .. . 3 0 ,4 3 8 ,0 4 8 .0 0
Consol Idated Obligations —
Dis
count and Expense ..............
1 0 ,7 8 8 .2 2
Accrued Interest Receivable . . . .
58,6 49 .4 1
Other Resources .............................
8 4 5 .1 9
Furniture and Equipm ent
(Cost $ 1 0 ,3 8 6 .2 6 )
1 .00
$ 4 5 ,7 9 4 ,6 7 3 .6 1
L I A B I L I T I E S
A N D
C A P I T A L
Deposits — M e m b e rs ...................$ 5 ,0 0 0 ,7 1 7 .2 6
Deposits------ Others .......................
6 5 ,5 7 3 .1 2
Accrued Interest P a y a b le ...........
8 9 ,4 5 4 .6 7
Accounts P a y a b le ..........................
4 3 1 .1 0
Dividends Payable —
Ju ly 8, 1 9 4 8 ...........................
1 1 3 ,36 4.81
‘ Consolidated Obligations
O u ts ta n d in g ................................ 2 3 ,5 0 0 ,0 0 0 .0 0
Capital Stock Subscriptions
Paid I n ........................................ 1 5 .3 2 7 .3 0 0 .0 0
Surplus:
Reserves .
$ 1 ,6 1 2 ,7 8 1 .2 1
Undivided
Profits . .
8 5 ,0 5 1 .4 4
1 ,6 9 7 ,8 3 2 .6 5
$ 4 5 ,7 9 4 ,6 7 3 .6 1
‘ Participation in $ 3 0 6 ,5 0 0 ,0 0 0 Consolidated Federal Home Loan Bank Obligations issued by the Home
Loan Bank Board and now outstanding, which are the joint and several obligations of the eleven Federal
Home Loan Banks.
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
signature is secured on the ledger card
itself.
“Obvious savings accrue from the
employment of this plan. Faster serv
ice is possible, both for the customer
and for the bank. Sorting and filing
of deposit and withdrawal tickets is
done away with. Totals are accumu
lated in the posting machines on tapes
which are collected in a locked com
partment where they are held avail
able for the bank auditor at the close
of each day’s business.
Bunching C hecks
“ Another process recently installed
which has served to save time in our
bookkeeping department is that of
bunching checks on very active ac
counts and then posting only the total
on the ledger and statement. This
change was effected as the result of
a survey made in July of 1947, which
demonstrated that each day approxi
mately 1,600 of the checks on us were
drawn by only seventy-five depositors.
Further investigation showed that the
activity of many of these accounts
was insufficient to fill a dozen ledger
and statement sheets each month.
“ It was determined, therefore, to
bunch checks on such accounts as had
ten or more checks a day. Such bunch
es are listed by a clerk on a duplicate
ticket which is headed by the account
name, date, and the statement, ‘Items
listed below are shown on your state
ment as one total. The original list
is placed on the front of each bunch
of checks and from it the bookkeeper
posts the total with the symbol ‘LST.’
The duplicate of the list is retained
with the day’s deposit slips.
“This method has proved to be very
satisfactory, both from the standpoint
of the bank and from that of our cus
tomers. A real savings in statement
and ledger sheets has been made pos
sible. Posting errors have been re
duced, and time has been saved in
checking and preparing statements for
issuance to customers at month end.
Use of posting machines has been re
duced approximately 20 per cent—an
other real saving. Customers seem to
like the plan, as the number of state
ment sheets with which they must
work have been very substantially
reduced.
Bulk M oney C a g e
“ Recently a bulk money cage has
been installed in our lower lobby with
the view of relieving congestion at
paying and receiving windows. Two
tellers are employed in this cage, han
dling large payroll accounts, large
change orders, and the shipment of
currency and coin to correspondent
banks. They also serve those custom-
Iowa N e w s
ers whose deposits require more than
average time to verify.
T e lle rs' M ach in e s
“We expect to install tellers’ ma
chines in receiving cages in the near
future. The installation of these ma
chines will do away with the need for
passbooks for checking accounts. In
stead, each depositor will be given a
deposit receipt which will show the
date, amount of deposit, and the par
ticular teller’s symbol. Cardboard fold
ers designed to carry such receipts
will be furnished by the bank. We
understand that an appreciable amount
of time is saved by banks which have
been using this method.
M ake C h e c k Photos
“Che ck photographing equipment
was acquired several years ago but has
recently been replaced by a late model
machine which automatically photo
graphs both sides of a check in one
operation and which requires less film.
“We have been well satisfied with
the installation of the above proce
dures and intend to investigate thor
oughly any other new methods which
come to our attention. It is our belief
that in the long run we will benefit
from the increased efficiency of bank
operations, even though the original
cost of the new equipment required
may be high.”
G . R. A L L E Y
Cashier, Ames Trust & Savings Bank
(Population 15,000— Deposits $6,000,000)
Ames, Iowa
“Our bank certainly cannot be con
sidered ‘highly mechanized,’ although
during the past few years we have
made slight progress in that direction
through the purchase of some new
equipment. These purchases have
come about because of the necessity
of handling an increased volume of
business with a minimum of person
nel. Labor-saving equipment we now
have in operation includes the follow
ing:
“National C a s h Register central
proof machine.
“ Recordak.
“ Check Sortograph.
“Electric check canceller.
“ Five Brandt automatic cashiers.
“ Remington Rand safe deposit sys
tem control.
“The central proof machine is most
effective in proving and sorting all de
posits and other incoming items. In
fact, we run all of our banking transYOUR STATE BANKERS ASSO CIATIO N
O FFICIA L SAFE, V A U L T AN D
TIMELOCK EXPERTS
F. E. DAVENPORT & CO.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OMAHA
actions through it, thus sorting the
items into their component divisions
and securing separate totals during
the operation. The general bookkeep
er uses these totals in making up the
balance at the end of the day. Tran
sit items, with their listings, are pho
tographed by the Recordak, making it
unnecessary to prepare a description
of the items forwarded to our corre
spondent banks. We believe these
operations save us the time of at least
one individual and, in addition, permit
an even flow of items during the day
into the bookkeeping and other depart
ments of the bank.
“ The Sortograph is a hinged file,
with 350 divisions, used in our book
keeping department primarily for sort
ing checks. Our bookkeepers find it
very adaptable for the work.
“We have recently installed a safe
deposit control system which gives a
visible record of the lessor’s ledger
and signature cards. Its primary
value is in the easy accessibility of
information, serving as a safeguard for
our safe deposit customers, as well as
for ourselves.
“ It is our opinion that each bank
should study its own operations and
determine its individual needs before
installing any mechanized equipment.
In most cases the equipment is rather
83
expensive, and if it does not fit into
the general plan to provide lower
operating costs or speed of operation,
we do not believe acquisition of it
would be desirable. In the main, how
ever, that is a matter for each bank
to determine.
“We have been very pleased with
the results obtained from our recent
additions of equipment, and believe
they have reduced per item costs as
well as providing much smoother op
erations.”
E. A . E B E R S O L E
Vice President and Cashier
The State Central Savings Bank
(Papulation 16,000— Deposits $7,250,000)
Keokuk, Iowa
“Not all modern bank machinery is
labor saving. In buying bank machin
ery it is important to consider not
only performance, life expectancy and
price, but repair services available
from the manufacturer. No machine,
regardless of cost, is any better than
the repair service rendered.
“ Bearing in mind the above facts
we have been a firm believer in good
equipment. Although our business
has doubled in volume we are still
doing the work with the same num
ber of personnel. This we have been
able to do because of new modern
equipment.
“We think that our greatest sav-
Here’s help
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F a rm er
C u sto m ers
You can advise them wisely on
which enterprises are safest and
most profitable ; you can make sound
loans by keeping in close touch with
changing
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conditions,
through the use of the
DOANE
A G R IC U L T U R A L
D IG E S T
Prepared by the oldest and largest
farm m anagem ent and appraisal or
ganization— the results of its wide
experience (in operating f o r p r o f i t
hundreds of farm s, ranches and
plantations) are contained in the
Digest. This is a 450-page cumula
tive reference volume, in strong
loose-leaf binder, tab-indexed. It is
kept up-to-date by twice-m onthly re
leases, which interpret trends and
predict outlook on production, m ar
kets, surpluses and shortages ahead.
Particularly im portant each month
are the releases on “ W hen to Sell
and B uy,” “ Im portant This M onth,”
and “ Business and Agriculture” . . .
Bankers, farm ers, ranchers and busi
ness men in every State, in Canada
and in Mexico, use the Digest be
cause it pays. . . . It saves you time
— gives you quick answers to ques
tions constantly asked by farm ers.
DEPOSIT-BY-MAIL
Simplified ba nki ng by mail.
Time-saving convenience for
custom ers...for you. Handle
in slack periods, reduce er
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M O IN E S
9.
In c.
B ld g .
IO W A
New York 14, N. Y.
M inneapolis 1, Minn.
St. Louis 10, Mo.
Des Moines 14, Iowa
Kansas City 8, Mo.
Northwest ern Banker, July. 1948
Iowa News
84
ing in labor and operating costs came
from the installation of a modern proof
machine. We have had a proof system
for years and we think this is the best
investment a bank can make. The
installation can be just as expensive
as you wish. This machine alone has
been responsible for the gr eat est
amount of time and labor saved on
all operations beyond that point. Cer
tainly with it all of the guess work
has been taken out of balancing at
the end of the day’s work.
“Our business having doubled, the
work in our transit department be-
IOW A LITHOGRAPHING ■COA\PANY
EDWIN C. RAGSDALE V SECRETARY
FOUNDED BY CEOR.CE H RACSDALE •
515 TWENTY EIGHTH STREET
DES •M O I N E S
Q U A L I T Y - E X P E R I E N C E
• S E R V I C E
DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION
Oldest in Des Moines
210 6th Ave.
Dial 4-7119
EL M E R E . M IL L E R
Pres, and Sec.
FOR
YOUR
H U B E R T E. JA M E S
A sst. Sec.
EN JO YM ENT
.
Listen to the
“ W ORLD
K R N T , 1350 KC
OF
M U SIC ”
I to 1:30 p.m . Sundays
came greater. To handle this in
creased work we secured a good
filming machine and by photographing
each check we were able to save about
four hours on this work. Our transit
operator now handles the increased
work in a fraction of the time that it
took before and a much better record
is secured by this method. It is doubt
ful if the cost of operation is less but
certainly we could not handle the in
creased work with the same personnel
so we have a more efficient depart
ment with a more satisfied operator
because of the ease with which the
work is now done. We feel that by
making the work attractive we can
cut down the turnover in personnel
in this one job and that alone is a
great saving to the bank.
“To handle the increased flow of
items through our commercial book
keeping department we purchased two
new posters and our bookkeepers han
dle a maximum amount of accounts
with these. They are fast and give a
neat statement record to our depos
itors. New inking devices were in
stalled to renew the ink in the ribbons
and this will not only save the ribbon
costs but the operators time in re
placing them for the ribbon itself will
last three times as long. The machines
themselves require very little servic
ing and when they do it is quickly
done thereby saving the operators time
as well as the additional cost to the
bank in overtime.
“Our general books are also posted
on a new machine with a typewriter
attachment which permits the oper
ator to make his description as the
posting is being done. This machine
has many possibilities of use in dif
ferent departments other than just
for the general books and can be used
every hour of the day through its
adaptation to other work.
“Good machines not only save the
operators many hours in doing their
work but they save the bank untold
dollars in expense. Perhaps one good
machine fitted into your plan of work
will free labor for some other opera
tion in the bank. Good machines will
not only make bank work more at
tractive but it will lessen the turnover
in the labor needed to do the work.”
2 T ru e
A vacation consists of 2 weeks which
are 2 short, after which you are 2
tired 2 return 2 work and 2 broke
not 2.
POSITION W ANTED in bank as second man. Married. Veteran. 24 years of
experience. Can invest. Prefer town of
1,500 or more. Write C.R.S. c /o NORTH
WESTERN BANKER, 527 7th Street,
Des Moines, Iowa.
Northwestern Banker. July. 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NEW FARMER S POLICY
TO SW ELL YOUR SALES
(Continued from page 51)
100 acres to 10,000, and 12c per 100
acres above 10,000 acres.
As in the comprehensive personal,
there are additional charges for addi
tional residences or farms; elevators;
employers’ liability; animal collision;
custom farming; additional insureds;
residences, farms or property rented
to others; business pursuits; boats, et
cetera. The employers’ liability rates
are per capita for inservants and are
on a payroll basis for outservants, and
vary by state. The charge for animal
collision is a flat $1 per year. Custom
farming is rated at 50c per $100 of
receipts.
The comprehensive personal policy
has a lot to offer and it has sold in
volume unprecedented for anything of
its kind. So many policies have been
placed that it must in itself be con
tributing materially to the income of
the agents who are pushing it the
hardest. Entirely aside from the di
rect income it produces, agents who
have tried have found it a first class
“foot in the door.” With its rating
simplicity and appeal to the customer,
it is an ideal first contact with a new
account, and the follow-up sales grow
ing from it can be far more valuable
in total than the comprehensive per
sonal business.
It is only reasonable to expect that
the farmer’s comprehensive personal
liability policy will be just as good a
business-getter in the relatively un
tapped rural areas as the comprehen
sive personal has been in the cities
and towns. Agents serving these areas
have and, for the next few years will
continue to have, a rare opportunity
to expand and solidify their business
—an opportunity which may not again
present itself for a long time.—The
End.
Guaranty Trust Dividend
The board of directors of the Guar
anty Trust Company of New York de
clared a quarterly dividend of $3 per
share on the capital stock of the com
pany for the quarter ending June 30th,
payable on July 1st to stockholders o f
record at the close of business June
9th.
Irving Trust Dividend
Irving Trust Company of New York
announced last month that its board
of directors declared a quarterly divi
dend of 20 cents per share on its capi
tal stock, par $10, payable July 1st to
stockholders of record at the close of
business June 7th.
Iowa News
85
C O N V E N T IO N S
August 16-28, Financial Public Rela
tion’s School of Public Relations,
Chicago, Northwestern University.
August 23-September 4, Central States
School of Banking, University of
Wisconsin, Madison.
Eneli
September 22-24, National Association
of Supervisors of State Banks,
Annual Meeting, Louisville, Ken
tucky, Hotel Brown.
September 22-24, Mortgage Bankers
Association, 35th Annual Conven
tion, New York City. Hotel Com
modore.
September 24-26, Association of Bank
Women, Annual Convention, De
troit, Hotel Fort Shelby.
September 26-29, American Bankers
Association, Annual Convention.
Detroit.
Oct. 24-27, Annual Convention Iowa
Bankers Association, Des Moines,
Hotel Fort Des Moines.
November 4-5, A.B.A. Mid-Continent
Trust Conference, Chicago.
November 10-11, Nebraska Bankers
Association, Annual Convention.
Omaha, Hotel Fontenelle.
of
W ord
'"CS om e
t'oins tin e to tgovernm ent E r r o r
OR the last half-century a belief has
persisted that the United States
Fnickel
of 1883 without the word
“cents” is a valuable coin. The true
story of this “centless” nickel has long
been forgotten by most persons, who
are under the impression that collec
tors are offering huge sums for them.
At one time this nickel did cause
considerable trouble. In 1883, when
they were first issued, the government
neglected to add the word “cents” un
der the Roman figure five. This gave
an idea to certain unscrupulous per
sons. They merely gilded the nickel,
which bore only the figure five, and
passed it off on the unwary as a $5
gold piece.
Then the story got about that the
government intended to call in all the
IN D E X OF
A D V E R T IS E R S
“centless” nickels and the public bagan saving them. A total of 12,000,000
had been coined and put into circula
tion and consequently they turn up
frequently today.
As a matter of fact, the government
did not call them in, but only stopped
coining those without the “ cents” and
began coining a new design with the
word “cents” directly under the figure
five.
Both types of these 1883 nickels are
common and command a small pre
mium only when in bright new condi
tion. Strangely enough, the nickel with
the word “cents” is in much greater
demand among collectors, than is the
“centless” issue which is the cause of
all the confusion.—By Stuart Mosher,
editor of The Numismatist.
D
M
D a v e n p o rt, F . B . and C o m p a n y . . . . 6 8 - 8 3
D e L u x e C h eck P rin te rs , In c ....................... . . . 3 9
D es M oin e s B u ild in g , L o a n and S a v in g s
A s s o c ia tio n .............................................................. 84
D ie b old , In c .................................................................... 82
D o a n e A g r ic u ltu r a l S erv ice, In c .................... 83
D ro v e rs N a tio n a l B a n k ......................................43
M a n u fa c tu r e r s T r u s t C o m p a n y .....................12
M a rq u e tte N a tio n a l B a n k ................................. 57
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 . . . .51
M e rc h a n ts N a tio n a l B a n k ................................ 2
M in n e s o ta C o m m e rc ia l M en ’ s A s s n .............54
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 ...................................................................56
M is sissip p i V a lle y T r u s t C o m p a n y ........... 42
M od ern F ix tu r e C o m p a n y .................................64
F
JULY. 1948
A
A lle n W a le s A d d in g M ach in e
C o rp o r a tio n ............................................................20
A llie d M u tu a l C a su a lty C o m p a n y ................ 51
A lly n , A . C. and C o m p a n y .................................47
A m e r ic a n N a tio n a l B a n k and T ru st
C o m p a n y ................................................................... 76
A m e r ic a n T r u s t and S a v in g s B a n k —
D u b u q u e ................................................................... 81
N
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 . 82
F ir s t N a tio n a l B a n k — C edar F a lls ..........80
F ir s t N a tio n a l B a n k — C h ic a g o ......................33
F ir s t N a tio n a l B a n k — L in c o ln ....................66
F ir s t N a tio n a l B a n k — M in n e a p o lis . . . . . 5 5
F ir s t N a tio n a l B a n k — O m ah a ...................... 67
F ir s t N a tio n a l B a n k — St. Joseph .............. 68
F ir s t N a tio n a l B a n k — S io u x C ity .............74
F ir s t W is c o n s in N a tio n a l B a n k .................. 35
N a tio n a l B a n k o f C o m m erce ..........................68
N a tio n a l Cash R e g is t e r C o m p a n y ............ 7
N a tio n a l C ity B a n k — N e w Y o r k ................... 3
N e w Y o r k T r u s t C o m p a n y ............................. 4
N o rth e rn T r u s t C o m p a n y .................................48
N o r th w e s t S e c u rity N a tio n a l B a n k ........... 60
N o r th w e s te r n N a tio n a l B a n k ..........................52
o
O m ah a N a tio n a l B a n k
G
G u a r a n ty T r u s t C o m p a n y ................................. 36
It
II
B a n k o f A m e r ic a ................................................... 37
B a n k e r s S e rv ice C o m p a n y , Inc. ..................41
B a n k e r s T r u s t C o m p a n y — D e s M o i n e s .. 87
B a n k s , W ill ia m H ., W a r e h o u s e s , Inc. . . . 4 1
H a ls e y , S tu a rt and C o m p a n y , In c ............... 47
H a r r is T r u s t and S a v in g s B a n k .................. 10
H o llin b e c k S tam p and Coin C o m p a n y ... 84
H o m e In s u ra n c e C o m p a n y .............................. 13
........................................ 29
K
R e m in g to n R an d , In c .............................................14
R o y a l B a n k o f C a n ad a ......................................38
S
C
I
C a lifo r n ia B a n k ....................................................... 34
C e n tra l H a n o v e r B a n k and T r u s t Co. . . . 1 1
C e n tra l N a tio n a l B a n k an d T r u s t Co.—
D e s M o in e s .............................................................. 19
C e n tra l S ta te s M u tu a l In su ra n c e A s s n . .. 50
C h a se N a tio n a l B a n k ....................................... 9
C h e m ic a l B a n k and T r u s t C o m p a n y . . . .4 0
C h ic a g o , M ilw a u k e e , St. P a u l and
P acific R a ilr o a d C o .............................................44
C ity N a tio n a l B a n k — C lin to n ..........................77
C ity N a tio n a l B a n k and T r u s t C o.—
C h ic a g o ......................................................................39
C ity N a tio n a l B a n k and T r u s t Co.—
K a n s a s C ity ............................................................69
C o m m e rc e T r u s t C o m p a n y ...............................67
C o n tin e n ta l Illin 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 ....................................... 8
C o n tin e n ta l N a tio n a l B a n k — L in c o ln . . . 6 4
In t e r -S t a t e N a tio n a l B a n k ...............................72
Io w a D e s M o in e s N a tio n a l B a n k ................ 88
Io w a L ith o g r a p h in g C o m p a n y ................. .84
Ir v in g T r u s t C o m p a n y ....................................... 6
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
November 29-December 2, Financial
Public Relations Association, An
nual Convention, H o lly w o o d .
Florida, Hollywood Beach Hotel.
K
K och
B r o th e r s
.....................
82
L
St. P a u l F e d e ra l S a v in g s and L oan
A s s o c ia tio n .............................................................. 50
St. Paul T e r m in a l W a r e h o u s e C o ..................65
S c a rb o ro u g h and C o m p a n y ............. 4 9 -6 9 -7 1
S e c u rity N a tio n a l B a n k ......................................79
T
T e n sio n E n v e lo p e C o rp o ra tio n .....................83
T o y N a tio n a l B a n k ................................................80
U
U n ion B a n k and T r u s t C o m p a n y —
O ttu m w a ...................................................................78
U n ite d S ta te s N a tio n a l B a n k — O m a h a . .. 62
V
V a lle y B a n k and T r u s t C o m p a n y
L a M o n te , G e o rg e and Son ................................ 5
L a w re n c e W a r e h o u s e C o m p a n y .................. 46
L e s s in g A d v e r tis in g C o m p a n y ....................... 84
L iv e S to c k N a tio n a l B a n k — C h ic a g o ........... 31
L iv e S to c k N a tio n a l B a n k — O m a h a ..............70
L iv e S to c k N a tio n a l B a n k — S io u x C i t y .. 58
............. 73
W
W a lt e r s , C h a rle s E ., C o m p a n y .....................66
W e s te r n M u tu a l F ire In su ra n c e C o............51
W h e e lo c k and C u m m in s ................................... 47
Northwestern Banker
July, 1948
86
S o m e Saint
He: Every time I kiss you, it makes
me a better man.
She: Well, you don’t have to try to
get to heaven in one night.
A L o n g S tep
“ How did you break your leg?”
“I threw a cigarette into a manhole
and stepped on it.”
H ard B o ile d
She: Funny, no one seemed to real
ize what a bad egg he was when he
was rich.
He: My dear, a bad egg is only
known when it’s broke.
F ather W a s Sm art
"If I’d known you were so extrava
gant I would never have married you.”
“ If 1 hadn’t been, father would never
have let you.”
O n e M ore B ore
Ocean Voyager: Don’t the passen
gers make you tired with all the ques
tions they ask?
Officer: Yes, very. What else is it
you would like to ask?
O u t T alked
A man had just bought a parrot
at an auction after some very spirited
bidding.
“ I suppose the bird talks,” he said
to the auctioneer.
“Talks?” was the reply, “ He’s been
bidding against you for the past half
hour.”
N o L e tu p
■'How’s the public sentiment out
here?” asked the politician, who was
passing through a rural community.
“Still goin’ strong,” answered the
native. “There were sixteen cars
parked in my lane last night.”
H o ld Y o u r F ir e !
Pat (out duck-hunting): Don’t shoot,
Mike. The gun’s not loaded.
Mike: I’ve got to. The duck won’t
wait.
Northwestern Banker, July, 1948
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C o u ld B e
S o ft A n s w e r
“Pa,” said the subscriber’s little
daughter, “ I know why editors call
themselves ‘we.’ ”
“Why?”
“So the fellow who doesn’t like
what’s printed will think that there
are too many of him to lick.”
A very particular housekeeper was
having her bedroom painted. Wishing
to learn what progress the painter was
making, she crept to the bottom of the
stairs and listened. Not a sound
reached her ears.
She: Painter, are you working?
Painter: Yes, ma’am.
She: I can’t hear you making a
sound.
Painter: I ain’t putting it on with
a hammer, lady.
H ow
True
Poet: This world is very unfair.
Friend: How so?
Poet: Well, a banker can write a
bad poem and nobody does anything
about it, but just let a poet write a
bad check.
W e ll Said, T o n y
Tony was being examined for nat
uralization as an American citizen and
was doing very well. After answering
with the names of the President and
Vice President he was asked, “ Could
you be President, Tony?”
“No,” came the quick answer.
The examiner nodded approvingly.
“And why not, Tony?”
Tony squirmed. “ ’Scuse me. I gotta
steady job now.”
Issue in D o u b t
“Where’s Junior this afternoon, Mrs.
Top?”
“Well, Mrs. O’Callahoon, if he knows
as much about canoes as he says he
does, he’s out canoeing. And if he
knows as much about canoes as I think
he does, he’s out swimming.”
S a fe ty First
Film Director: Don’t forget now.
You look around, discover that some
one is chasing you, and then you dive
off this 200-foot cliff.
Stunt Man: But there’s only two
feet of water at the bottom!
Director: Certainly. Do you think
we want you to drown?
B u sin ess P artners
“Who’s the swell man you was
talkin’ to?” asked Tony, the bootblack.
“Aw, him and me’s worked together
for years,” answered Mickey, the news
boy. “ He’s editor of one of me pa
pers.”
D isc o v e r y
The professor was having his annual
medical examination. “ Stick out your
tongue and say, ‘Ah,’ ” commanded the
doctor.
“Ah,” obeyed the professor. “ It
looks all right,” nodded the man of
medicine, “but w h y the postage
stamp?”
“So,” said the professor, “that’s
where I left it!”
A S¡tanking A n sw er
A charming southern belle named
Tandie was being courted by a rather
stern young banker. When queried
by a friend about the prospects of a
matrimonial alliance, Tandie said flat
ly, “ If that stuffed shirt proposes, I’ll
give him nothing but a deaf ear.”
But less than a week later Tandie
was wearing the young banker’s
square-cut diamond. Her friend com
mented, “ I thought you said you’d be
deaf to any proposal from him.”
“Yes, I did,” Tandie admitted look
ing at the great, gorgeous diamond in
the engagement ring. “But I didn’t
say I’d be stone deaf.”
The F a m ily Journal
The preacher was visiting a home
and wanted to read a chapter from
the family Bible. The man of the
household said to his little son:
“Bobby, go and get the Bible—you
know, the big book we read so much.”
So in a little while Bobby came in
carrying the mail-order catalogue.
G on e For G ood
She: Where is your chivalry?
Him: I turned it in on a Buick.
DIRECTORS
☆
PAUL BEER
President, T h e F lynn D airy Co.
STATEMENT OF CONDITION
THOS. A. BURCHAM, M.D.
Radiologist
June 30, 1948
F. W. HUBBELL
Pres., Equitable L ife Ins. Co. of Iowa
R E SO U R C ES
E. J. LIN DH ARD T
Loans and D is c o u n t s ..........................................$1 2,55 1,94 0.54
Other S e c u r i t i e s ...........................................
Stock in Federal Reserve Bank
.
.
51 1,000.00
.
60 ,000.00
Real E s t a t e .......................................................
5.00
Furniture and F i x t u r e s ...............................
99,965.97
Exchange
.
S. F. McGINN
V. P ., Tangney M cG inn H otels
E. T. M EREDITH , Jr .
V. P ., M eredith Publishing Co.
SHIRLEY PERCIVAL
Pres., Green Colonial Furnace Co.
RUSSELL REEL
U. S. Governm ent Bonds $3 5,96 3,22 9.16
Cash and
President, N ational By-Produ cts, In c.
President, Yellow Cab Co.
16.962,725.29
52 ,925,954.45
R. R. ROLLINS
Real Estate and Investm ents
Customers’ Liability on Letters o f Credit
and Trade A c c e p t a n c e s ........................
6,0 30.00
$6 6,15 4,89 5.96
J. F. ROSENFIELD
Chairman of Board, You nker Bros., Inc.
JOHN D. SHULER
President, Shuler Coal Co.
B. F. KAUFFMAN
LIA B IL IT IE S
Chairman of the Board
J. W. HUBBELL
Capital (C om m on S t o c k ) ........................ $ 1,000.000.00
President
S u r p l u s .............................................................
1.0 00,00 0.00
Undivided P r o f i t s ...........................................
1,0 00.000.00
Reserve fo r C o n t i n g e n c ie s ........................
1,0 00,000.00
Other R e s e r v e s ...........................................
118,018.89
Reserves fo r Taxes and Interest
.
101,886.43
D e p o s i t s .............................................................
61 ,928 ,9 60 .6 4
.
.
Bank’ s Liability on Letters o f Credit and
Trade A c c e p ta n c e s ....................................
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S. C. PIDGEON
E xecu tive Vice President
OTHER OFFICERS
C. W. MESMER
G. A. MOECKLY
Vice President
Assistant Vice President
M gr. Personal Loan D ep t.
F. C. ATKINS
Vice Pres, and Cashier
6,0 30.00
$6 6,15 4,89 5.96
L . NEVIN LEE
Vice President
F. S. LOCKWOOD
V. P. and Trust Officer
☆
Member Federal Deposit Insurance Corporation
•
A. F. ERICKSON
Assistant Cashier
J. B. MONAHAN
Assistant Cashier
WM. ELLISON
S. G. BARNARD
Assistant V ice President
Assistant Secretary
Member Federal Reserve System
ip fflp
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full use
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