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G O LD EN
A N N IV E R S A R Y
ED IT IO N
JUNE
19 4 5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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A Balanced Background
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This bank is old enough to have built up
edge of correspondent service. It is also
enjoy working out new w ays to serve you.
ing experience are at your service in this
a thorough knowl
young enough to
64 years of b an k
institution.
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A CEDAR R A P ID S B A N K
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W e take this opportunity, also, to extend congratulations to the
Northwestern Banker on the occasion of its 50th Anniversary.
CEDAR
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RAPIDS
SERVICING A LL IOWA
THE
MERCHANTS
NATIONAL BANK
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O F F IC E R S
J ames E. H am ilton , Chairman
S. E. Coquillette , President
H. N. B oyson , Vice President
R oy C. F olsom , Vice President
Mark J. M yers , V. Pres. & Cashier
George F. Miller , V. Pres. & Tr. Officer
Marvin R. S klden , Vice President
F red W. S m it h , Vice President
J ohn T. H amilton II, Vice President
R. W. Manatt , Asst. Cashier
L. W. B roulik , Asst. Cashier
P eter B ailey , Asst. Cashier
R. I). B rown , Asst. Cashier
O. A. K earney , Asst. Cashier .
S tanley J. Mohrbacher , Asst. Cashier
E. B. Zba nek , Building Manager
C e d a r R a p id s
Io w a
Member Federal Deposit Insurance Corporation
N o rth w e ster n B an k er, p ub lished m on th ly by th e De P u y P u b lish in g C om pan y, a t 527 S ev en th S t., D es M oines, Io w a . S u b scrip tio n , 35c per cop y, $3.00 per year.
E n tered as Second C lass M atter J a n u a r y 1, 1895, a t th e P o s t Office a t D es M oines, Io w a , u nd er A ct o f M arch 3, 1879.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3
Preparedness is Priceless
Marine law requires ocean-going steamers to carry life boats
and rafts of sufficient capacity to accommodate all persons on
board. Even though this were not the case —failure to do so
w ould b e b a d business. For the public would have little faith
in any line which skimped on such vital equipment. » » There
are, of course, no la w s which require the use of safety paper
for checks. But bankers and business men know that the hazard
of loss through fraudulent alteration and counterfeiting is far
greater without this precaution —and that public confidence is
correspondingly increased through its use. » » And it is their
uncompromising determination to provide the utmost in check
protection which has made "La Monte" America's most widely
used check paper, and the choice of a great majority of out
standing banks and business organizations.
For Samples of La Monte Safety Paper see your
Lithographer or Printer —or write us direct
V
LA MONTE
GEORGE LA M O N TE & SO N
Th* Wavy lines are a La Monle Trade Mark
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
PAPER
NUTLEY, N E W JERSEY
W e supply many banks and business organizations
with their own in d iv id u a lly id e n t ifie d Safety Paper.
The issuing organization's Trade-Mark is in the
paper itself and appears on both the front and back
of the check. Such ind ividu alized paper provides
maximum protection against counterfeiting —saves
Banks sorting time —helps prevent errors.
N orthw estern Banker June 19kJ)
r
"\
Just w h at a re Banks doing
to w a rd w in n in g the w a r ?
Here
isthe story o f one B a n k :
Because you, as an American citizen, are vitally interested in every phase of our
national life that affects the winning of the war, we think you will be inter
ested in the part taken by one bank—the Chase.
Over five billion dollars in War Bonds have been sold by this
institution directly to its regular customers and others during
the War Loan drives alone.
Hundreds of millions of dollars in loans have been extended
to industry for the financing of war production and for the
processing of foods and other needed raw materials.
More than twenty million ration points are cleared through
this bank every single business day.
Chase overseas offices have been a helpful link between many
a serviceman and his family at home. They have cashed checks,
transmitted funds, and acted as general financial headquarters,
performing many personal services not usually associated with
a commercial bank.
These specific tasks are in addition to all the varied wartime jobs which the Chase is
called upon to perform every day. Beyond all this the Chase, with 1,400 of its regular
operating personnel in the armed services, has done its part in the regular commercial
banking business processes of the country—processes so necessary in the successful
prosecution of the war.
And—right now—like many other American banks, the Chase is planning a oefinite
program of loans to industry both during the transition period which will follow the
inevitable victory of our fighting men and afterivard.
THE C H A S E
NATIONAL
BANK
OF THE C I T Y OF NEW YORK
Member
V.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
F e d e r a l ' e p o s it In su ra n ce C o rp o ra tio n
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D R. W E S S L IN G , P R ESID E N T
B U I L D I N G
P U B L I C
R E C O G N I T I O N
T h a t Your Bank i s THE Bank
W ith Which t o Do B u s in e s s
J u s t as t h e b a n k i s s u c c e s s f u l w h ic h p l a n s y e a r s ahead, f o r s t e a d y ,
c o n s e r v a t i v e g r o w th , so i s i t s a d v e r t i s i n g w h ic h i s p l a n n e d f o r
th e lo n g -ra n g e o b je c tiv e of a s te a d y b u t s o l i d in c re a s e in b u s in e s s .
Vie a r e n a t u r a l l y p l e a s e d when a b a n k w r i t e s us — "Many new
e x e c u t o r s h i p s ( o r b o r r o w e r s o r c h e c k i n g a c c o u n t c u s to m e r s o r w h a t
e v e r i t may b e ) h av e come t o u s as a d i r e c t r e s u l t o f s e n d i n g o u t
t h r e e o f y o u r m a i l i n g s . ” But q u i c k r e s u l t s mean v e r y l i t t l e .
Vie
a r e f a r more g r a t i f i e d when a b an k w r i t e s :
” I n t h e p a s t f i v e y e a r s t h a t we have b e e n u s i n g y o u r
v a r i o u s s e r v i c e s , we have e n j o y e d a s t e a d y i n c r e a s e
i n b u s i n e s s . A g o o d ly s h a r e o f t h e c r e d i t i s y o u r s ,
b e c a u s e more and more t h e p e o p l e o f t h i s com m unity a r e
com ing t o r e g a r d o u r b a n k as THE b a n k w i t h w h ich t o do
b u s i n e s s .......... We s h a l l l o o k f o r w a r d t o r e c e i v i n g n e x t
y e a r ’ s s u p p l y o f m a t e r i a l , as u s u a l . . . . ”
T h is means t h a t week a f t e r week, m onth a f t e r m onth o v e r a p e r i o d o f
y e a r s t h i s b a n k h a s b e e n u s i n g o u r c a r e f u l l y p la n n e d n e w s p a p e r and
d i r e c t - b y - m a i l m a t e r i a l t o b u i l d up p u b l i c r e c o g n i t i o n o f i t s s e r v i c e s .
I t i s s u c c e e d i n g - - and i t i s m a i n t a i n i n g t h e p ro g ra m , y e a r a f t e r y e a r .
P u b l i c r e c o g n i t i o n t h a t y o u r b a n k i s THE b a n k w i t h w h ic h t o do
b u s i n e s s c a n n o t be a c h i e v e d i n t h r e e m onths o r a y e a r .
I t ta k e s tim e,
c a r e f u l p l a n n i n g f o r l o n g - r a n g e o b j e c t i v e s - - and a good, c o n t i n u i n g
p u b l i c i t y p r o g r a m , w h ic h W e s s l i n g S e r v i c e s c a n p r o v i d e you*
We i n v i t e y o u r i n q u i r y .
Very t r u l y y o u r s ,
P re sid e n t
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern Banker June 19^5
6
Today banking, business and industry face
the problem s o f wartim e and o f peace in a
war-torn world.
Tom orrow w ill see in fu ll measure the prob
lem s o f reconversion and re-em ploym ent.
T ra n sitio n a l tim es raise sp ecial hazards.
Buy War Bonds
T he specialized know ledge o f your insurance
agent or broker is available to ensure internal
security.
Make use o f his services. It's a good tim e to
ch eck all typ es o f p r o te c tio n — e sp e c ia lly
fidelity.
NATIONAL SURETY CORPORATION
VINCENT CULLEN, P resid en t
F I D E L I T Y B O N D S • B L A N K E T B O N D S • B U R G L A R Y AND F O R G E R Y IN S U R A N C E
N orthw estern B anker June 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OUR 50th YEAR
United States Government Securities
A Service fo r Portfolio Managers
For more than 25 years we have been dealers
in United States Government Securities. The
facilities of our Bond Trading Department are
available to portfolio managers and we are
prepared to offer suggestions regarding the
composition of Government Bond portfolios.
A Partial List of Bankers Trust Company Services to Banks
Collection of Par and Non-Par
Checks
Servicing Loans to Brokers and
Dealers
Collection o f Notes, Drafts,
Coupons, Matured Bonds and
Other Items
Participation with Correspondent
Banks in Loans to Local
Enterprises
Transfer of Funds, Remittances
and Domestic Money Orders
Dealers in United States Govern
ment, State and Municipal
Securities
Credit Information
Investment Information
Commercial Paper Purchases
Receipt and Delivery of Securities
Safekeeping of Securities
Consultation on Pension and
Profit-Sharing Plans
Co-Paying or Exchange Agent,
Co-Transfer Agent or Registrar,
and Co-Depositary
Trust and Reserve Accounts
International Trade and Foreign
Banking Facilities
BAN KERS T R U S T CO M PA N Y
NEW
MEMBER
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FEDERAL
DEPOSI T
YORK
INSURANCE
CORPORATI ON
N orthw estern B anker June 19b5
When you think of the kind of home
you can have tomorrow—think of these
practical, proved advantages that can be
yours!
These actual developments are not
dream-children . . . nor the products of
starry-eyed designers of some “brave
new world” beyond the horizon . . . the
overwhelming majority are in existence
right now, only waiting for the mass de
mand that will follow the war, plus
availablity of materials to make them
as practical a part of your daily life as
a loaf of bread!
instance,
radlt as one-third-*
r ig h ts
c house o
' xVi
n new hind of •
«ane window 8las8or a»utniu
(.cticalities
o few of the '
wuse of tomorrow
,nrth w a i t i n g ^
»ho £
* to keep y°ur
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n a when they are yours, they
will be worth protecting with the
surest, most complete insurance
you can have . . . quality insur
ance to equal the quality o f your
living conveniences.
A THE HOME ☆
are not merely a definite help in winning the w a r bought systematically, they are an excellent means of saving
with interest to buy quality goods later. Why not maintain and
expand your regular purchases at pre-determined intervals?
War Bonds
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A U T O M O B IL E
Ma r in
e
in s u r a n c e
9
"Want to hear
out one machine
that does
seven basic
banking jobs?
“L et me tell you about a machine
th at even the sm aller banks can
keep busy every hour of the day.
“It’s called the N ational M ultiple D uty Accounting M achine.
It handles seven basic banking jobs! A conveniently
rem ovable form bar enables you to change from one job
to another in a m atter of th irty seconds. H ere are the
7 jobs it does. See for yourself:
1. It posts depositors’ accounts
2. It posts the loan and discount record
3. It posts any type of mortgage record
4. It posts the tru st ledger
5. I t writes and posts the payroll record
6 . I t posts the general ledger
7. It posts the daily statem ent of business
“Look these over. T hink how m any ways this m achine would
help your bank. I t’s b u t one of m any N ational m achines and
systems designed to reduce errors and im prove efficiency
of banking m ethods.”
THERE'S A NATIONAL FOR EVERY BANK AND EVERY BANKING JOB!
N o matter what the size or specific need of your bank there’s a
N ational System to m eet it. W hy not have an experienced N ational
representative m ake a com prehensive study of your bank? N o
obligation on your part when you contact your nearest N ational
Office. N ational A ccounting-Bookkeeping M achines are available
through priorities.
N ational M ultiple Duty Accounting
M achine is the o n ly m achine w ith
all these features . . .
• V is i b le l i n e o f w r i t i n g .
• F u ll a d d in g m a c h in e k e y b o a r d a n d
c o m p le te ty p e w r ite r k e y b o a r d
c o m b in e d .
m M a x im u m fle x ib ility .
THE
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N A T I O N A L
CASH
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C A SH R E G IS T E R S • A D D I N G M A C H I N E S
A C C O U N T I N G -B O O K K E E P IN G M A C H IN E S
R E G I S T E R
C O M P A N Y
N orthw estern Banker June 19J5
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A n d w h e n s e c u re d b y o u r W a r e h o u s e R eceip ts
c o v e rin g th a t in v e n to ry , sto re d a t th e o w n e r's
o w n lo c atio n , a so u n d a n d p ro fita b le lo a n w ill
h a v e b e e n c re a te d . ..
In v e n to rie s a r e th e b a s ic a s s e ts of m a n u fa c tu r
ers, p ro c e sso rs, p ro d u c e rs a n d d e a le r s . ..
O u r F ie ld W a re h o u s in g fa c ilitie s p la c e th e s e in
v e n to rie s in b a n k in g c o lla te ra l form a n d e n a b le
b a n k s to e x te n d la r g e r lo a n a c c o m m o d a tio n to
d e s e rv in g c u sto m e rs a n d to o th e rs w h o se b u s i
n e ss th e y w o u ld like to h a v e . . .
O u r W a re h o u s e R eceip ts w ill so lv e th e p ro b le m s
c o n fro n tin g b a n k e r s in m e e tin g th e fin a n c in g
n e e d s of m a n y cu sto m ers, or o th e rs, w h o m a in
ta in in v e n to rie s o n h a n d . This is tru e a n d w ill
b e m o re so in th e re c o n v e rs io n a n d p o s tw a r p e
rio d s . . .
E v ery d e g re e of s a fe ty s u rro u n d s o u r W a re h o u s e
R eceipts. W e a r e s p e c ia lis ts in F ield W a r e h o u s
in g . . . o u r e x p e rie n c e is lo n g . . . o u r re s p o n si
bility re c o g n iz e d .
W e in vite ban kers to requ est ou r counsel w henever they
are in terested in len din g against in ven tories— w ithout any
obligation or cost on th eir part.
§s>t. i^aul {¡Terminal {¡Uarefjouge Co.
ST. PAUL, MINN.
IOW A O FFIC E
O TH ER O FFICES
515 Iowa-Des Moines National Bank Building
DES M OINES
M IN N EA PO LIS
M ILW A U K EE
IN D IA N A PO LIS
D E T R O IT
CHICAGO
NEW YORK BOSTON P H IL A D E L P H IA
PITTSB U R G H
SYRACUSE
M EM PH IS
ATLANTA CH A RLO TTE ALBANY, GA.
T E L E P H O N E 2-1208
T. C. CANNON, D ISTR IC T MANAGER
“T h e o n ly c o m p a n y engaged in F ield W arehousing w ith an office in Iow a'
'Northwestern B anker June 19J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OUR 50th YEAR
11
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DES
MOINES
FIFTIETH Y E A R ___________________ ___________________________________
N U M B ER 695
Oldest Financial Journal West of the Mississippi River
Question: With the European
war won, do you think
local loans will tend to in
crease?
E. T. Warnemunde, cashier, W inside
S tate Bank, W inside, N ebraska: “I
th in k th e re is a possibility th a t local
loans m ay show an increase a fte r th e
ending of th e E u ro p ean w ar. M uch
w ill depend on th e am o u n t of new
m erchandise th a t w ill be offered for
sale to th e public.
“The G. I. loans to re tu rn in g w ar
v e te ra n s m ay also show an increase.
I do not th in k th a t feeder loans w ill
increase above th e p re se n t level.”
F. A. Hummel, president, W illiam s
Savings B ank, W illiam s, Iowa: “It is
our opinion th a t th e end of th e E u ro
pean w a r w ill have a ten d en cy to re
duce th e volum e of local loans.
“T he victory in E u ro p e b rin g s closer
o u r an ticip ated v icto ry over th e Jap s
in th e Pacific and our re tu rn to norm al
peacetim e operations. T he u n c e rta in ty
of th e m ethod and effects of th is re
conversion w ill ex ert a cau tio n ary in
fluence on b a n k e r’s com m itm ents.
“Our b an k is so located th a t our
business is alm ost w holly ag ric u ltu ra l
and we observe no ten d en cy on th e
p a rt of our faimier custom ers to ex
p an d e ith e r th e ir operations or obli
gations. A n u m b er have in tim ated
th e ir in te n tio n of en terin g th e p o st
w a r period free of debt en tan g le
m en ts.”
M. E . Uggen, president, Peoples State
Bank, W ells, M innesota: “I th in k th a t
even w ith th e E u ro p ean w a r over
th e re w ill be v ery little, if any, increase
in b an k loans for q uite a w hile.”
IN T H IS JU N E , 1 9 4 5 , ISSUE
Editorials
A c ro s s th e D e sk f r o m th e P u b lis h e r
Feature Articles
11
W h a t Do Y ou T h in k ? ...................................... -.......................-..................................................
D e a r E d it o r ......................................................................................................................................
F r o n t i s p a g e ............ -......—.............................................................................-...............................
W h a t th e C o u n tr y B a n k e r W a n ts f ro m H is C ity C o r r e s p o n d e n t.......................
N e w s a n d V ie w s o f th e B a n k in g W o r ld ........................................... C liffo rd De P u y
A B a n k e r - F a r m e r A c tio n P ro g r a m .- - ................................................. W a rre n G arst
A F a u l t y A b s tr a c t a n d D a m a g e R e c o v e ry — L e g a l D e p a r t m e n t.......................
H a n d b o o k f o r P o s tw a r F i n a n c i n g ..... ................................ -......... -......................—...........
13
16
18
20
21
22
23
50th Anniversary Section
N o r t h w e s t e r n B a n k e r C o m p le te s F i f t y Y e a r s ..... ...
“ T h a n k s f o r Y o u r C o n g r a tu l a ti o n s ” ............................
5 0 th A n n i v e r s a r y G r e e tin g s ............................................ .
H a t s Off to th e H a l f C e n tu r y C lu b .................. ............
B a n k e r s Y o u K n e w in B y g o n e D a y s .............................
W h e n B o o k k e e p in g W a s C r u d e ....................................—
Io w a B a n k in g in 1844.............................................................
...........
.........................
.........36, 37, 39,
............
...................... 44,
-Fred A. Irish
.Guy M. B utts
24
27
49
40
48
46
50
Bonds and Investments
G e a r Y o u r P o r tf o lio to S o u n d B a n k in g P r in c ip le s
.R aymond Trigger
65
Finch Dorman
71
Insurance
W h y M y S e llin g M e th o d s S e ll...........................................
State Banking News
M in n e s o ta N e w s ......................................................................
T w in C ity N e w s ..............................................................
S o u th D a k o ta N e w s .................................................................
S io u x F a l ls N e w s ............................................................
N o r th D a k o ta N e w s ................................. -..............................
F a r g o N e w s .................................. ...................................
N e b r a s k a N e w s ........................................................................
O m a h a C le a r in g s ...................... -............-....................
L in c o ln L o c a ls .........- .................................... —.............
J u n i o r B a n k in g N e w s ..................................................
Io w a N e w s ....................................................... ..........................
D e s M o in e s N e w s ..................................... ......... -.......—
77
79
83
84
88
88
91
93
96
97
99
106
The Directors’ Room
122
A F e w S h o r t S to r ie s to M a k e Y ou L a u g h .
N O R T H W E S T E R N B A N K E R , 527 Seventh St., Des Moines 9, Iowa, Telephone 4 -8 1 6 3
H. J. Steffen, presid en t, A m erican
S tate B ank, W aterto w n , M innesota:
“Yes, I th in k th a t w ith th e close of th e
E u ro p ean w ar we w ill see an increase
in th e n u m b er of local loans. M any
people w ill buy m ore m odern equip
m e n t and ad ditional equipm ent. New
(T u rn to page 74, please)
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C L IF F O R D D E P U Y , Publisher
R A L P H W. M O O R H E A D
Associate Publisher
E L IZ A B E T H C O L E
Advertising Assistant
H EN R Y H. H A Y N E S
Editor
M A R G U E R IT E B R O W N
Office Supervisor
RUTH K IL L E N
Associate Editor
S A D IE E. W A Y
Circulation Department
N EW Y O R K ^ O FF IC E
Frank P. Syms, V ice President, 505 Fifth A v e ., Suite 1 806
Telephone MUrray H ill 2-0326
N orthw estern B anker June 19J5
12
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Y O R K
37 B r o a d S t r e e t
•
C O N D E N S E D
O F
S T A T E M
E N T
C O N D I T I O N
March 31, 1945
RESOURCES
C ash a n d D u e fr o m B a n k s ...........................................................................
U . S. G o v e r n m e n t S e c u r i t i e s ....................................................................
$ 8 0 ,5 2 5 ,6 6 6 .4 3
2 5 3 ,2 6 8 ,7 2 6 .2 4
S ta te a n d M u n ic ip a l S e c u r i t i e s ..............................................................
O th e r S e c u r i t i e s .............................................................................................
2 ,6 8 6 ,3 5 7 .0 9
6 .0 5 6 ,5 6 8 .5 9
L o a n s a n d D i s c o u n t s .......................................................................................
1 0 1 ,5 7 9 ,6 1 8 .6 5
69 6 ,0 2 5 .8 3
C u sto m e r s’ L ia b ility fo r A c c e p t a n c e s ..................................................
S to c k o f th e F e d e r a l R eserve B a n k ........................................................
B a n k in g H o u s e s .............................................................................................
5 0 1 ,0 0 0 .0 0
1.9 6 3 ,1 7 6 .7 2
<)th e r R e a l E s t a t e .............................................................................................
A ccrued In terest R e c e iv a b le .....................................................................
O th er A s s e t s ..........................................................................................................
4 0 ,1 4 3 .6 6
83 4 ,4 8 7 .6 2
2 6 7 ,1 2 7 .5 2
$ 4 4 8 ,4 1 8 ,8 9 8 .3 5
L I A B I L I T I E S
C a p ita l
.................................................................................$ 7 ,7 0 0 ,0 0 0 .0 0
S u r p lu s
.................................................................................
9 .0 0 0 ,0 0 0 .0 0
U n d iv id e d P r o f i t s ..............................................................
4 ,1 1 7 ,3 7 4 .0 9
D iv id e n d P a y a b le A p r il 2. 1945
..............................................................
1 n e a r n e d D i s c o u n t ........................................................
. . . .
R eserv ed fo r In te r e st, T a x e s, C o n t i n g e n c i e s .....................................
A c c e p t a n c e s ...........................................................................$ 1 ,7 6 3 ,9 4 9 .3 4
L e ss: O w n in P o r t f o l i o ............................................
1 ,0 6 2 ,1 6 5 .8 9
O th e r L i a b i l i t i e s .............................................................................................
D e p o s i t s ................................................................................................................
$ 2 0 ,8 1 7 ,3 7 4 .0 9
1 6 5 ,000.00
2 6 8 ,6 2 1 .4 9
3 ,4 7 2 ,3 5 4 .0 3
7 0 1 ,7 8 3 .4 5
2 0 7 ,4 0 5 .5 5
4 2 2 ,7 8 6 ,3 5 9 .6 9
$ 4 4 8 ,4 1 8 ,8 9 8 .3 5
S e c u r i t i e s c a r r i e d a t $ 3 8 , 8 5 4 , 6 5 4 . 6 4 a r e p l e d g e d to s e c u r e V . S. G o v er n m e n t W a r L oan D ep o sits o f $ 3 6 ,8 7 5 ,6 6 2 .2 2 and o th er pu blic and
t r u s t d e p o s i t s , a n d f o r o t h e r p u r p o s e s as r e q u i r e d o r p e r m i t t e d b y laic.
M EM BER:
N orthw estern B anker June 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N . Y . C L E A R IN G H O U S E A S S O C IA T IO N e F E D E R A L R E S E R V E SY ST E M
F E D E R A L D E P O S IT IN S U R A N C E C O R P O R A T IO N
OUR 50th YEAR
13
w e st er n B a n k er , and we w ish to c o n g ra t
u late you on th is occasion as well as your
fine p u blication. ’ ’
J . F . Ch r is t ia n s e n , Vice
President, Boone State B ank
and Trust Company, Boone,
Iowa.
"Every Year Is Better"
The following letters were received
from Northwestern Banker readers.
Your vieivs and opinions on any sub
ject w ill be gladly published in this
column.
"You Do a Very Alive and
Alert Job!"
“ W ow, w h a t a spot you gave me. I
w as alm ost pin-up g irl of th e A p ril N orth
w e st e r n B a n k er , b u t I cannot re ally com
p e te w ith 'T e d d y ’ on th e f r o n t cover.
‘ ' In c id e n ta lly , you w ould th in k th a t we
w ere c o u n try b a n k ers i f you could see the
(to be slig h tly fe m in in e) p e rfe c tly a d o r
able p ic tu re o f a sh o a t in th e w indow of
our B ro ad w ay office. O nly one person in
th e b a n k knew w h a t I m ea n t w hen I called
th e a n im al a s h o a t!
“ The m ore I look a t the N o rth w estern
B a n k er , th e m ore I th in k you do a very
alive a n d a le rt job.
The pages 'A c ro ss
th e D esk fro m th e P u b lis h e r’ are c e rta in
ly o rig in a l an d it w as clever of you to
c re a te such a d e p artm e n t. I t personalizes
the pub lish er in a w ay th a t is seldom done
in a n y m agazine.
“ To go fro m th e sublim e to th e rid ic u
lous, m ay I confess I also like y o u r 'P e w
S h o rt S to rie s ’. A ccordingly, I am se n d
in g some on to you b elieving you m ay be
a b le to use th e m som etim e.
' ' C o n g ra tu la tio n s on y our 50th A n n iv er
sary — an d th e prep o n d eran ce o f wom en on
th e N o rth w este rn B a n k er m a s th e a d .”
D orcas Ca m pb el l , A ssistant
“ I t is a pleasure fo r us to jo in in w ith
our b a n k er frie n d s in e xtending c o n g ra tu
latio n s on your 50 y ears of successful p u b
lic a tio n o f th e N o r th w ester n B a n k er .
“ W e, like a ll th e b a n k ers of n o t only
Iow a, b u t th e te rrito ry you cover a p p re
ciate your effo rts on b e h a lf of the b an k in g
fra te rn ity , and th e fine m agazine you are
g e ttin g out an d every y e ar it is b e tte r,
and we w atch fo r every issue an d re ad
every a rticle . W e w ish you a n o th e r h a lf
c e n tu ry c e le b ra tio n , a lth o u g h none o f us
will be here to see th a t tim e, b u t th e good
w ork w ill c a rry o n .”
W. B. R y a n , Cashier, Farm
ers Trust 4' Savings Bank,
Earling, Iowa.
"Outstanding in Its Field"
“ The N o r th w ester n B a n k er has, d u rin g
th e y e ars we have been in th e b a n k in g
business, been o u tsta n d in g in its field, and
we are g lad to extend to you our c o n g ra tu
latio n s on your 50th a n n iv ersary , as well
as our good Wishes fo r your continued suc
cess. ’ ’
A lbert H alvorson , Presi
dent, Saint A nsgar Citizens
Sta te Bank, Saint Ansgar,
Iowa.
"Greatest Years Lie Ahead"
“ W e would like to extend our c o n g ra tu
latio n s to th e N o rth w ester n B a n k er fo r
its 50th a n n iv ersary . W e know th a t you
have done a m ig h ty fine jo b and we w ant
to c o n g ra tu la te you. W e feel th a t your
g re a te s t y e ars lie ahead of you. ’ ’
L . C. R u m m e l l s , Cashier,
F irst State Bank,
Branch, Iowa.
W est
"Thanks a Million"
“ As N o rm an Shaffer w as leaving the
o ther evening on a sh o rt business trip , he
asked me to acknow ledge re ce ip t o f th e
Iow a-N ebraska B ank D irectories w h ich
you se n t us. W e a re c e rta in ly g lad to
h a v e th e s e books, Cliff, as a m a tte r of
fa c t, I d o n ’t k n o w how w e could g e t
a lo n g w ith o u t th em . U n til w e can express
(T u rn to page 109, please)
^Forward to Victory Exhibit
Secretary, E ast F iver Sav
ings B ank, N ew Y o rk City.
"Continued Success"
“ O ur v ice p re sid e n t, H. F. F oss, s ta r ts
h is 51st y e a r w ith th e F i r s t N a tio n a l B ank
o f M issouri V alley on J u n e 1st. H e, too,
sends his b e st re g a rd s a n d k in d e st wishes
fo r th e continued success of th e N orth
w e st e r n B a n k e r . ”
F . C. B u r k e , Cashier, F irst
N ational B ank, Missouri
Valley, Iowa.
"Our 80th Anniversary"
“ W e are m ig h ty h a p p y to have a n op
p o rtu n ity to e xtend our g re etin g s to th e
N o rth w este rn B a n k er on its 50th a n n i
v e rsa ry . Y ou w ill n o te , of course, t h a t on
M ay 1st we c eleb rated our 80th a n n iv e r
sary. ’ ’
L . J . D erflin g er , Vi c e
President and Cashier, Clin
ton N ational B ank, Clinton,
Iowa.
"Happy to Join with You”
“ W e a re very h a p p y to jo in w ith you to
celeb ra te th e 50th a n n iv e rsa ry of th e N o rth
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
A u n iq u e “ F o rw a rd to V ic to r y ” E x h ib it of m ore th a n 2,000 w a r m em entos,
c o n trib u te d b y m em bers of th e a rm e d fo rc e s on lea v e fro m th e N a tio n a l C ity
B a n k o f N ew Y o rk C ity w as fo rm a lly opened b y W illiam Gage Brady, Jr.,
p re s id e n t of th e b a n k . M a n y sen io r officers w ere p re se n t. T he e x h ib it occupies
p ra c tic a lly th e e n tire second floor a t 52 W all S tre e t, a n d is a tt r a c t in g th o u sa n d s
in th e fin an c ia l d is tric t. S p o n so red b y th e C ity B a n k Club fo r th e S e v e n th W a r
L o an , th e d isp la y w ill be open to th e p u b lic w ith o u t c h arg e u n til J u n e 30 a n d
is d e d ic a te d to th e 41 m em b ers o f th e N a tio n a l C ity o rg a n iz a tio n w ho h a v e g iv en
th e ir liv e s in W o rld W a r II.
A m ong th e ite m s is E rn ie P y l e ’s h e lm e t, a P a r is s tre e t sign, ' ‘ A d o lf H itle r
S t r a s s e ” a n d a n e g lig e e m ade fro m a p a ra c h u te t h a t sa v e d a b o m b er p i l o t ’s life.
P re s e n t a t th e o p e n in g c erem ony w ere M argaret H udson, first w om an p re s id e n t
of th e 41 y e a r old C ity B a n k Club, a n d m em bers of th e “ F o rw a rd to V ic to r y ”
c o m m itte e : C h airm en M arjorie K em m a n d W alter J. M yers a n d V ice C h a ir
m an Joseph G. Fahn.
N orthw estern Banker June 1945
14
dbeasi
W
tyniendUthe A
IT H
this issue of the N o r t h w e st e r n
B a n k e r we celebrate our 50th A nniversary.
Only a half century, yet it represents alm ost one
th ird of the lifetim e of the U nited States.
In the N o r t h w e st e r n B a n k e r te rrito ry there
are 403 banks which have also served th eir com
m unities fo r 50 years or more, and we salute
these in stitutions w hich have established such a
fine record for stability, success and service.
Only half a century, yet what a dynamic period
it has been !
What epoch making events have taken place!
What pages of history have been written!
W hat sacrifice of blood and treasure has been
poured out that security and liberty might again
arise transcendent in all their glory over the ashes
and ruins of treachery, deceit and savagery.
And to day as we th in k of the nam es of presi
dents, prem iers and ru lers who have m ade and
are m aking history in this fate fu l hour of w orld
events, we also rem em ber th a t 50 years ago they
were boys unknow n to m ankind since in the year
the N o r t h w e st e r n B a n k e r was born, Winston
Churchill was 21 ; Joseph Stalin was 16 ; Franklin
D. Roosevelt was 13; Benito Mussolini was 12;
Harry S. Truman was 11 ; Chiang Kai-shek was 9,
and Adolf Hitler was 6 years old.
A nd w h at of banking 50 years ago?
The to tal num ber of banks in the U nited States
in 1895 was 11,264 and included,
National Banks...... ................
3,614
State Banks...............................
4,043
Private B an k s............................. 3,607
11,264
A nd today, a fte r reaching a peak of 30,659
banks in the U nited S tates in 1921, we have 14,777
banks divided i n t o :
National Banks ........................... 5,026
State B a n k s................................. 9,501
Private Banks and others...... 250
14,777
Also the deposits of these banks today are over
143 billion dollars, the highest in the histo ry of
the U nited States, while 50 years ago to tal de
posits w ere 5% billion.
A nd w h at does our “ financial sta te m e n t” reveal
fo r our efforts in endeavoring to publish a help-
N orthw estern B anker June 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ßankesi :
ful, stim ulating and news w orthy banking m ag
azine?
F irs t of all, it indicates th a t our subscribers
have been a loyal and helpful group whom we
have a t all tim es trie d to serve and assist to the
best of our ability.
T hat we have succeeded to a degree is perhaps
indicated by the fa c t th a t the N o r t h w e st e r n
B a n k e r has a 90 per cent subscription renew al
w hich is one of the highest of any banking m aga
zine, national or regional, in the U nited States.
Second, “ our sta te m e n t” indicates th a t our ad
vertisers have believed in us and have continued
w ith us from year to year.
A nd we are proud th a t am ong our list of ad
vertisers we not only have banks from New Y ork
to California, b u t also we have those in stitu tio n s
which are the best, the strongest and the m ost
friendly in th eir respective cities and communities.
A nd to them we express our sincere appreciation
and our determ ination to publish for them the
m ost interesting and readable N o r t h w e st e r n
B a n k e r in our history.
And most important of all, in our “ financial
statem ent” is GOOD WILL.
It is the most valued asset we have.
We prize it above all “ our possessions” .
W ithout “ good w ill” our “ financial statem ent”
would lose its greatest “ asset” .
E lb e rt H ubbard once said: “ W e do business
w ith our friends— our enemies d o n ’t trad e w ith
us. ’ ’
A nd so we have trie d not only to publish the
finest and best N o r t h w e st e r n B a n k e r we know
how to produce, b u t we have rejoiced in the gran d
friends we have m ade along the highw ay of busi
ness, finance and banking.
A nd so as the N o r t h w e st e r n B a n k e r sta rts on
its second h alf cen tu ry we pledge to our readers
and advertisers, the continued production of a
financial m agazine which will report, in te rp re t
and correlate the ever w idening activities of the
banking world.
To the fu tu re we look fo rw ard hopefully, en
th usiastically and confidently.
Across the Desk
OUR 50th YEAR
15
Ihea^i 'UyacheAslciv M . M&lato-u:
If th ere is to he any fu tu re peace in the world,
certain ly R ussia and the U nited S tates—to say
nothing' of G reat B ritain —m ust live in peace.
It w ould seem to us th a t w ith millions of R us
sians dead from W orld W ar IT and w ith cities
destroyed in the Soviet Union, th a t you and your
associates would w ant nothing b u t peace for m any
years to come.
We certainly can see no reason why Russia and
the U nited S tates should ever he a t w ar w ith each
other.
The U nited S tates m anufactures m any articles
which you need and w ant. You should be one
of our very best customers.
Likewise, you have some things which w e can
and should purchase.
A t the San Francisco Conference you told Sen
a to r A rth u r H. V andeuburg th at, “ There is noth
ing Russia wants more than friendly relations
with the United States.”
A nd to this S enator V andenburg replied, “ And,
Commissar Molotov, there is nothing the United
States wants more than friendly relations with
Russia.”
And to this you replied, “ I wish that I could
believe th at.”
W ell, Mr. Molotov, if you c a n ’t believe th at,
you are on the w rong tra c k and you are already
helping to p lan t the seeds for a th ird w orld w ar.
Shecrt Jlea
*7.
Ciaudey:
As chairm an of the F ed eral D eposit Insurance
C orporation, we were v ery m uch interested in
seeing your re p o rt for 1944 of the earnings of all
in su red com m ercial banks, w hich to taled 13,268
institutions.
A ccording to your figures the n et profits, afte r
taxes, am ounted to $751,000,000, based on the
follow ing fig u re s:
Net Profits before income taxes. $954,000,000
Taxes—Federal ....$187,000,000
State ......
16,000,000 203,000,000
Net Profits after taxes ............. $751,000,000
Also, you have indicated th a t the net profits of
1944 rep resented a re tu rn of 9.7 per cent on aver-
age to tal capital accounts, which was su b stan
tially above the 8.8 per cent in 1943.
In analyzing the income from service charges,
Mr. Crowley, we note th a t the total income in 1944
was 203 m illion dollars for all insured banks and
176 million dollars in 1943.
These figures, as you gave them , are as follows :
1944
1943
Increase
Service charges on
loans ................... 17 million 14 million 21%
Service charges on
1
95
12%
deposits ............107
Other service and
67
17%
exchg. charges.. 79
Total Service
Charge Income 203 million 176 million
As a fu rth e r indication th a t the b ankers of
Am erica believe in building strong and su b stan tial
institutions, we were interested to observe th a t of
the 751 m illion dollars of net profits, 253 million,
or 34 per cent, were d istrib u te d in dividends and
interest on capital, and 498 million— or 66 per cent
—were retained.
W e are sure, Mr. Crowley, th a t in the postw ar
period which is ahead of us th a t the banks of the
U nited States, which are now in the strongest
position they have been, will continue to serve
A m erican business and Am erican in d u stry to the
very best of th eir ability.
From the Publisher
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
N orthw estern B anker June 19J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
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Federal Reserve Bank of St. Louis
18
W h at the Country Banker W an ts
From His City Correspondent
— A Northwestern Banker Survey—-
F
n atu re, we are quoting d irect
ly from th e questionnaires
as such com m ent applies to
each chart.
ROM tim e to tim e th e
N orthwestern B anker h a s
co n d u c te d s u rv e y s am o n g
th e b a n k s of its te r r ito r y
w ith r e g a rd to c o rre sp o n d e n t
b a n k re la tio n sh ip , a n d w e
a re p le ase d to p r e s e n t to o u r
re a d e rs h e re a n a n a ly sis of
a n o th e r su c h s u rv e y w h ic h
h a s ju s t b ee n com pleted.
Chart No. 1
W h a t p rin c ip a l factors
p ro m p te d yo u to select
your p resen t C ity C orre
sp o n d en t?
“W e feel we can depend
Q uestionnaires asking for
the inform ation appearin g on
upon (nam e of city deleted)
to tak e care of us in tim e of
the accom panying c h a rts
w ere sen t to co u n try banks
need, because relations are
close. W e are not so sure of
in Iowa, M innesota, N ebras
(nam e of city deleted) be
ka, N orth Dakota, and South
cause of its size and it being
Dakota. The percentage fig
a ro u tin e and cold-blooded
ures and o th er inform ation
m atter w ith them .”
in th e c h a rts w ere com piled
“W e needed a correspond
from replies received to the
T he C ity B a n k e r co n su lts w ith th e C o u n try B a n k e r
e n t w hen we started, and
questionnaires. To obtain
since th en have added sev
unbiased opinions, b an k ers
eral m ore. W e th o u g h t they m ight
w ere requ ested not to sign th e ir nam es ers, how ever, expressed them selves at
help us w ith our in vestm ent program ,
nor give th e nam e of th e ir bank.
m ore length and in a m an n er w hich
In describing th e resu lts of th e s u r did not alw ays perm it m ention be b u t we got caught in the B ank H oliday
w ith a lot of bonds.”
ing m ade on the chart. So th a t the
vey in m ore detail, we shall m ake little
“We have not distu rb ed correspond
read er m ay m ore fully grasp th e tr e
reference to th e charts, since th ey are
en t relationships of long standing—
self-explanatory. A n u m b er of b a n k m endous value of a survey of this
CHART NO. I
CHART NO. 2
CHART NO. 3
What principal factors prompted
you to select your present City Corre
spondent?
Efficiency
of Services
Rendered
36%
Personal
Acùùaintance
with Officers
and
Representatives
33%
What is the most valuable service
your City Correspondent now ren
ders you?
Name one or more ways you think
your City Correspondent could serve
you better.
Capability of Management
13%
>er\ ice
Satisfactory
36%
Clearing Items
Safekeeping
Location of
City Correspondent
Safekeeping Facilities
6%
Investm ent Information
Available
2%
N orthw estern B anker June 19J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
■
«I
10%
I
I
H
Little Extra Services
H%
More Personal Contact
with Representatives
12%
Give More Advice on
Business Trends
6%
m
Should Have Better
Understanding of
Rural Problem s
6%
■
More Inform ation on
Investm ent Opportunities
6%
Carrying Excess Loans
OUR
5 0 th YEAR
19
CHART NO. 4
What is the chief criticism you
would make about the service of
your City Correspondent?
None
90%
Failure to Understand
Country Bank Problems
5%
Some of the Largest Ones
Have Lost the Personal
Elem ent
3%
They Try to Make M oney
on the Sale of Our
Securities
th em to give us advice and sugges
tio n s.”
“W e w ould like m ore personal con
tact, w hich of course has been h an d i
capped due to th e w ar.”
“W hen tim e and m anpow er are m ore
plentiful, th ey could and should get
into th e co u ntry banks m ore, and talk
about som ething beside the crops and
w ea th er and politics w hen th ey do
come. W hat is th ere th ey know th a t
we should know? W e can’t be special
ists on all things. In th e m eantim e,
th ey should w atch for th e chance to
drop us a line on points of in te re st.”
“C orrespondent banks should not a t
tem p t to draw th e ir business from a
locality w hich sends th em business.”
1%
Loaning Service Is
Antiquated
1%
some as long as 60 years, b u t we have
opened som e new accounts.”
“W e feel it is desirable to have a
corresp o n d en t connection in a city
w h ere a F ed eral R eserve B ank or
B ranch, is located.”
“W e selected one of our correspond
en ts because of th e ir ab ility to keep
us supplied w ith Scotch w hiskey.”
Chart No. 2
W h a t is th e m ost valuable service
yo u r C ity C o rresp o n d en t now renders
you?
“T aking all of our bonds for safe
keeping w ith o u t charge to us. This
m akes our insu ran ce considerably
cheaper, an d saves us tim e and w ork
clipping coupons.”
“To c arry a po rtio n of our excess
lines of feeder loans, th u s enabling
our b an k to tak e care of large feeder
loans.”
“You n ev er m iss th e w a te r till th e
w ell ru n s dry, b u t our co rrespondent
banks do ev ery th in g th e y possibly can
to give us service.”
“A co rresp o n d en t is only as valuable
to th e sm all b an k as th e la tte r w an ts
it to be. It is up to th e individual b ank
to get th e full w o rth of th e ir co rre
spondent. I have found th em alw ays
w illing to give all th e assistance pos
sible.”
“In addition to th e u su al and ordi
n a ry corresp o n d en t routin e, th e m ost
valuable is advisory service in con
nection w ith our bond portfolio.”
“N ot m uch.”
Chart No. 3
N a m e one or m ore ways you th in k
yo u r C ity C o rresp o n d en t co u ld serve
yo u better.
“T here is no th in g m ore th a t we
could ask for th a t we do not get.”
“Stop in to v isit w ith us m ore—we
in tu r n lay all o u r cards on th e table
and show th em our en tire set-up for
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CHART NO. 5
Do you feel you are taking advan
tage of the many types of service your
City Correspondent has available?
Yes 69%
No 31%
“By carry in g the insurance coverage
on bonds.”
“T hey should fight h a rd e r to get rid
of the P. C. A.”
“T hey could show m ore in te re st in
co u n try b ank accounts by becom ing
acquainted w ith co u n try bank person
nel, and talk over bank problem s m ore
freq u en tly .”
Chart No. 4
W hat is th e c h ie f criticism yo u
w o u ld m ake about th e service o f your
C ity C orrespondent?
“Call on us oftener—co untry bank
officers pay far less atten tio n to in
form ation received th ro u g h th e m ail
th a n th ey do to a personal call.”
“W e have no criticism , b u t we feel
th a t if an em ergency arose we w ould
get m ore consideration from our
neighboring correspondents th a n we
w ould from th e larg er ones fa rth e r
away. In th e large cities, banks have
grow n to such size th a t personal rela
tionships are lost sight of.”
“Some of them try to encourage sale
of securities so th ey can m ake m oney
on th e exchange.”
“T heir loaning service lacks im agina
tion and th e ir m ethods are an tiq u ated .”
(T u rn to page 110, please)
CHART NO. 5A
Are you entirely familiar with the
many types of services offered?
Yes 56%
No 44%
CHART NO. 6
Do you use assistance or advice
from your City Correspondent on
your investm ent program?
Yes 75%
No 25%
“W e w an t m ore cooperation—they
are gettin g to be isolationists.”
“City correspondents should have
one or m ore officers th a t know the
ru ra l problem s w ith w hich th e coun
try b ank has to contend.”
“Pass prim e in v estm en t oportunities on to us—it appears th a t the
sm aller banks now get only th e ‘leav
in g s’.”
“Inform us m ore clearly on th e ir
services.”
“T hey could fu rn ish us w ith d raft
and reg ister form s—-we do th a t for
o u r custom ers.”
“Give us advice from tim e to tim e
on new operating procedures.”
“Give th e ir vice p residents some au
th o rity , so th ey do not need to subm it
ev ery th in g to an executive com m ittee.”
“We w ould appreciate m ore help
from them on G. I. loans.”
“Advise us as to w h at policies we
should adopt to operate safely. Make
a cost analysis of our b an k .”
“Cease selling us bonds th a t m ay de
p reciate in value.”
CHART NO. 6A
If so, in what manner do you use
investment advice?
To analyze
Investment Holdings
56%
Regarding Purchase
of U. S. and Other
Bonds
44%
CHART NO. 7
Have you made any recent changes
in your Correspondent connections in
the same city?
No 90%
Yes 10%
N orthw estern Banker June 19J5
20
News
and
-f-
V iews
OF THE BANKING WORLD
By Clifford DePuy
R E S ID E N T H arry S. Trum an, ac
cording to a recen t article, is also
h aving his incom e ta x and budget
problem s. The P resid en t receives a
salary of $75,000 a y ear and out of
th a t comes $45,000 of incom e ta x —
leaving him a n e t of $30,000. It costs
about $2,000 a m onth, or $24,000 a y ear
to ru n th e household expenses at th e
W hite H ouse and these have to be paid
by him personally. T herefore th is
leaves him only $6,000 a y ear salary,
assum ing th a t he has no o th er ex
penses, w hich he probably has.
A nyw ay, being P resid en t of the
U nited States is not en tirely a financial
bed of roses, alth o u g h F. D. R. had his
ow n p riv ate incom e from w hich he
could draw ex tra funds w hen neces
sary.
P
y ears and began as a m essenger boy
in 1915 and has held the positions of
tra n s it clerk, bookkeeper, receiving
teller, paying teller and note teller.
In 1922, he tra n sfe rre d to the bond de
p a rtm e n t after w orking in th e credit
departm ent, and the in vestm ent divi
sion of th e b an k has been his re
sponsibility since th a t tim e.
A t th e m eeting of th e F inancial Ad
v e rtisers A ssociation in Chicago last
fall, Mr. W arden w as elected chairm an
N elson G. K raschel, form er governor
of Iow a and now general agent for the
F a rm Credit A d m in istratio n in Omaha,
N ebraska, believes th a t F ran k lin D e
lano R oosevelt holds a place second
only to Jesu s Christ.
In a recen t speech before th e Polk
C ounty D em ocratic C entral Com m ittee,
he said, “More m en and w om en
m ourned the p assin g of R oosevelt than
any other m ortal. H e w as second only
to Jesus Christ.”
F ran k R. W arden, vice p resid en t of
th e C entral N ational B ank and T ru st
Com pany and m an ag er of th e b a n k ’s
bond departm en t, h as been elected
directo r of th e b an k to fill th e vacancy
caused by th e d eath of C harles N.
P ierce.
F ra n k h as been w ith th e b a n k 30
N orthw estern B anker June 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
th e Live Stock N ational B ank of Chi
cago, took a “sw ing around the circle”
last m onth and stopped in Des Moines,
Omaha and K ansas City before re tu rn
ing to the w indy city.
y
Mark S ullivan believes excessive
credit w as the real cause of our eco
nom ic troubles in 1920 and says that,
“Credit, in its im m ediate effects, looks
like unqualified beneficence. But the
long-tim e con sequ en ces of ex cessiv e
credit is u su ally disaster. In all d is
cu ssion s of our econom ic collapse of
1929, the one point on w hich there is
practically u n iversal agreem en t is that
the largest cause was ex cessiv e use of
credit.”
It is our belief th a t ban k ers are
w iser and certain ly b e tte r inform ed,
as a resu lt of th e ir experiences in 1920,
and w hile we have p len ty of credit in
th is country, we are sure th a t it will
not be used in such a m an n er th a t
w ould b ring on an o th er depression.
I)r. R obert E. W ilson, ch airm an of
th e S tan d ard Oil Com pany (Indiana)
and of P an A m erican P etro leu m and
T ra n sp o rt Com pany, Inc., w as elected
a m em ber of th e board of d irectors of
th e Chase N ational B ank, it w as a n
nounced by W in th ro p W. A ldrich,
ch airm an of th e Chase board.
He is a g rad u ate of th e College of
W ooster, Ohio, an d of M assachusetts
In stitu te of Technology and is a tr u s
tee of b oth institu tio n s.
T he scientific w orld has honored Dr.
W ilson by giving him th e P erk in
Medal, aw arded a n n u ally for o u tstan d
ing w o rk in applied chem istry. He is
th e p aten tee of n in ety p aten ts and th e
au th o r of some sixty scientific articles.
D avid H. R iem ers, president, and
A lden S. Bagnall, vice president, of
y
i
Sidney H illm an, head of th e C. I. O.
Political A ction Com m ittee, believes
th a t “B ig bankers and th eir m onetary
ex p erts” have been try in g to m ake a
“com plicated m y stery ” out of th e Bretton W oods plans.
He says, “If you can bake a pie or
F R A N K R. W A R D E N
E le c t e d a D ir e c to r
of th e com m ercial d ep artm en t and di
recto r of th e A ssociation.
D uring 1945, he has also served as
vice ch airm an of th e P ro g ram Com
m ittee of th e Des Moines Cham ber of
Commerce.
Sim eon E. Leland, ch airm an of the
board of th e F ed eral R eserve B ank of
Chicago, believes th a t th ere is little
likelihood th a t th e n ational debt of
300 billion dollars or m ore w ill be sub
sta n tially reduced by th e n ex t gen
eration.
As Mr. L eland puts it, “The annual
cost of carrying a 300 billion dollar debt
w ill require ap proxim ately 6 billion
dollars for in terest. W hen the choice
is b etw een ta x es aggregating 13 b illion
400 m illion dollars for debt retirem ent
and 6 b illion dollars for carrying the
debt as it is, m ost people can be ex
pected to prefer the lo w er tax b ill.”
play a gam e of cards w ith o u t the help
of bankers and th eir ‘m onetary ex
p erts’, you should be able to u nd er
stand B retton W oods.”
It is certainly g ran d to have one
m an in th e U nited States like Sidney
H illm an, w ho u n d erstan d s everything.
Brig. Gen. Leonard P. A yres, vice
presid en t of the Cleveland T ru st Com
pany, says th a t nearly half of the
c u rre n t production of goods and serv
ices is spent for w ar and th en gives the
figures w hich indicate th at, “expendi
tu re s for w ar w ere in ro u n d num bers
13 billions in 1941, n early 50 billions
in 1942, alm ost 83 billions in 1943, and
well over 86 billions in 1944. T hey
w ere equal to th e o th er governm ental
expenditures in 1941, b u t by 1944 th ey
had increased u n til th ey w ere nearly
seven tim es as g reat.”
One colum nist says, “Do you re
w
7.
r
"T
*
m em ber w hen a bureau w as a piece
OUR 50th YEAR
1C"
21
A Banker-Farmer
Act/Ott Program
Seven W ays the Banker Can Cooperate with the Farmer
HAT are th e th in g s on w hich
th e Iow a B an k ers A ssociation
w a n ts to cen ter its a tte n tio n
in an a g ric u ltu ra l w ay in 1945? This
question w as sen t to th e m em bers of
th e A g ricultural C om m ittee w ell in
advance of a recen t m eeting w ith th e
m em bers of th e Statew ide C ounty Ag
ric u ltu ra l P lan n in g C om m ittee at
Ames. A n u m b er of suggestions w ere
received and w hen th e com m ittee came
together, th ese suggestions w ere w rit
ten on a blackboard, along w ith any
o th ers th a t anyone p re se n t m ight care
to m ake a t th a t time.
T here w ere m ore good suggestions
th a n could be included in a program
for one year, so the group discussed
the v arious item s and th en , by vote,
selected those th a t seem ed to them
of th e m ost in te re st and on w hich
th ey m ost w an ted to go to w ork. In
general, an item w as not included u n
less th e re seem ed to be some positive
action th a t th e group could take, and
also an item w as not included if it
w as being otherw ise handled as well
as could be done.
The re su lt of th e vote show ed th a t
th e group w an ted to include th e follow
ing in an action program : Outside
F a rm P rogram , F a rm A ccount Book,
L and P rice C ontrol, C reating and
M aintaining R eserves, Soil C onserva
tion, 4H and F F A W ork, an d a Con
tact M anual.
W
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
By Warren Garst
Cashi er
Home St at e Bank
Jefferson, Iowa
Chairman
Iowa Agricultural Commi tt ee
Outside Program
The Outside Farm Program has been
helpful in a n um ber of Iowa banks,
and has helped build good w ill not
only betw een the farm er and th e
b an k er b ut has also helped build b u si
ness, given g reater security to the
loan business handled, and been of
so m uch benefit th a t a n um ber of ad
ditional banks are planning to set
aside a definite tim e for outside con
tacts or are planning to em ploy som e
one for th a t especial purpose as soon
as m ore m anpow er is available. The
first th in g a b an k er w an ts to know,
w hen he considers th is program is
w h at it costs, w h at is done, how it
w orks and the com m ents and sug
gestions th a t w ould come from expe
rience in th e w ork. The com m ittee,
u n d er th e im m ediate direction of
K eith Noll of the Peoples Savings
B ank of Cedar Rapids, Iowa, is
g ath erin g inform ation from bankers
w ho have carried on th is w ork, both
inside and outside of Iowa. It is
planned to g ath er th is inform ation in
a portfolio w hich w ill be available
for loan from th e state office in Des
Moines. Com m ents and suggestions
w ill be w elcom ed from all ban k ers and
it is hoped th a t anyone having any
inform ation a t th is tim e th a t would
be of general in te re st w ill w rite a
le tte r to Mr. Noll.
Farm Account Book
Those w ho have m ade out Farm In
com e Tax R eports generally agree th a t
farm ers, as a group, do not have an
adequate set of records. Yet farm ers,
as a group, control m ore investm ents
and handle, in m any cases, m ore
m oney th a n m any of th e business men
in the co u n try tow ns. The com m it
tee is gath erin g inform ation and sug
gestions as to w h at should be included
in a farm account book to m ake it as
sim ple and easy as possible and is
w orking th is inform ation into a new
book w hich w ill be p u t out by the as
sociation in cooperation w ith the
F arm M anagem ent Specialists of Iowa
State College. M aterial progress has
been m ade in th is w ork so far, b u t
th e book is not far enough along yet
to be distributed.
H ow ever, it is
hoped th a t any b ank w hich has dis
trib u ted farm account books in the
past, w ill delay a little in placing an
order for 1946, u n til the com m ittee
book can be m ade ready. Sim plicity
(T u rn to page 114, please)
N orthw estern Banker June i9J5
Does a
Faulty Abstract
A lw ays Permit Damage Recovery?
INNESOTA, as do California,
Oregon, and Texas, has a s ta t
ute exem pting from in h e ri
tance tax certain p ro p erty previously
taxed w ith in five years. R ecently th e
M innesota Suprem e C ourt h ad before
it the problem of w h e th e r th e exem p
tion was applicable w here the p ro p erty
could be traced from the second es
tate back to th e first or w h e th e r it
w as applicable only as to th e specific
p ro p e rty in th e second estate th a t had
come from th e first estate. How did
the C ourt ru le on th e m atter?
M
The precedent estab lish in g decision
of the Court w as that the exem ption
from taxation should be allow ed w here
the property in the second estate could
be traced to property transferred from
the prior or first estate. The basis for
the d ecision w as that it appeared that
the L egislatu re intended to allow the
exem ption in the ligh t of the purpose
of the legislation .
A N o rth D akota b an k m ade a loan
secured by a m ortgage on certain p ro p
erty in th a t state. In doing so, it re
lied on an ab stra c t of title fu rn ish ed to
it by an ab stra c t com pany. The abtra c t com pany erroneously failed to
show certain m echanics liens in th e
abstract. T his w as subseq u en tly dis
covered and th e b an k suffered a loss as
a re su lt of th e erro r. S ubsequently the
ban k sued th e ab stra c t com pany, but
not w ith in six y ears a fte r th e loan w as
m ade and the ab stra c t fu rn ish ed to it.
In N orth D akota actions on contracts
m u st be com m enced w ith in six years
or th e y are b a rre d by lim itation. Can
th e b an k recover?
No. The relation ship b etw een an
abstracter and one w ho em ploys him
to furnish an abstract of title to land
is one of contract. It follow s th at the
cause of action accrued at the tim e the
abstract w a s delivered, and, sin ce suit
w as not filed w ith in six years there
after, the bank can not recover.
Black bought $5,000 of U. S. W ar
Savings Bonds in M aine. T hey w ere
N orthw estern B anker June 19J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
This and Other Timely Legal
Questions Are Answered
By the
LEGAL DEPARTMENT
reg istered in his nam e and payable on
death to Jordan. Both Black and J o r
dan died. U nder M aine law, th e pro
ceeds of the bonds, in the absence of
controlling regulations to the contrary,
w ould go to the p u rc h a se r’s estate,
ra th e r th an to Jo rd a n ’s beneficiary.
The T reasu ry R egulations provide
th at, as regards sim ilar registrations,
a fte r a p u rc h a se r’s death, th e bene
ficiary is to be recognized as “th e sole
and absolute ow ner.” Should th e pro
ceeds of th e bonds go to Jo rd a n ’s bene
ficiary?
Yes, according to a recen t Maine Su
prem e Court decision. In so holding,
the Court stated that U. S. W ar Sav
in gs B onds are governed by federal,
not state, la w and that, therefore, the
Treasury R egu lations should be fo l
low ed as con trolling in d eciding the
ow nersh ip of th eir proceeds.
Blackwell, a M innesota banker, w as
involved in an autom obile accident in
w hich he w as in ju red and w hich re
sulted in a law suit. In receiving tre a t
m ents from his doctor for his in ju ries
certain inform ation passed betw een
the b an k er and th e doctor of a confi
dential n atu re. U nder M innesota law,
these com m unications w ere privileged.
Could they, at th e trial, be bro u g h t out
as evidence w ith o u t the b a n k e r’s con
sent or a w aiver by him of his rig h t of
privilege?
No. The p rivilege b etw een p h y si
cian and patient created by statu te be
longs to the p atien t on ly and p rivilege
m atters can be received as evidence in
court h earings on ly w h en con sented to
by the p a tien t or w h en he w a iv es his
p rivilege rights.
H olton, a resid en t of T ennessee, ob
tained a life insurance policy for h im
self in th a t state on A ugust 2, 1942.
He killed him self on A ugust 20 of th a t
year. In going into th e m a tte r th e in
surance com pany developed th a t p rio r
to obtaining th e policy H olton had,
several tim es before his death, indi
cated by his actions and rem ark s his
in ten tio n to com m it suicide, and th a t
he had placed a ring aro u n d A ugust
20 on a calendar, and stated “th a t is
th e day.” Because of these facts, the
insurance com pany refused to pay on
th e ground th a t th e policy had been
obtained by fraud. W ould it be proper
to sustain such a position?
Yes. In a recent case analogous to
the facts outlined, th e T en n essee Su
prem e Court concluded that th e in
sured’s threats to take h is life and his
final act of suicide con stituted a fraud
on the in su rer precluding recovery on
the policy.
Maxwell, a L ouisiana banker, owned
a ro oster th a t he kep t at his hom e in
a city in th a t state. H is neighbors did
not like it and sought to obtain an in
ju n ctio n to re stra in th e crow ing of th e
b ird in th e early m orning h o urs on the
ground th a t it w as a nuisance p er se.
As far as th e w rite r know s, n ever be
fore has a sim ilar case been before an
(T u rn to page 116, please)
OUR 50th YEAR
23
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Handbook for Postwar Financing
“In This H andbook We Desire to Present for Y our Inform ation a General O utline of
Services Offered in W hich We Can Be H elp fu l in This Im portant W ork Before Us.
Let's A ll H elp M ake Jobs fo r the R eturning Boys, and See Sioux C ity and Its Neighbors
Continue to Prosper W ithout a Postwar Let-down
VERY practical, helpful and
w ell illu stra te d “H andbook for
F in an cin g Your P o stw ar L iv
ing,” has been published by A. G. Sam,
p resid en t of th e F irs t N ational B ank
in Sioux City.
T he quotation at th e head of th is
article is from th is booklet, in w hich
Mr. Sam also says, “L e t’s m ake Sioux
City a p o stw ar land of p len ty for all
of us.”
T he illu stra tio n s w hich accom pany
th is article are reproductions of a few
of th e pages from th is v ery in terestin g
booklet.
The contents cover every type of
loan and are subdivided u n d e r ( 1 )
loans to individuals; ( 2 ) business and
com m ercial loans; (3) farm loans; (4)
services to co u n try banks, and (5)
com plete b an k in g services.
In th e section devoted, “To th e coun
try b anks in th e Sioux City a re a ”, the
handbook says, “To the co u n try b a n k
er an d his custom er we extend our
services in h andling large excess loans.
Also, th e collection of d ra fts arisin g
out of live stock and g rain sh ipm ents
to the Sioux City and o th er m arkets.
A
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W e m ain tain a prom pt, efficient tra n
sit and collection service covering all
points available to banking service.
“The F irs t N ational does not con
sider itself your com petitor, b u t rath er,
A . G. SAM
W r ite s B o o k A b o u t P o s tw a r F in a n c in g
a contem porary enabling you to aug
m ent the services you can offer your
custom ers in all its aspects. Our
facilities are at yo u r com m and and we
welcome the op p o rtu n ity of discussing
any of y o u r banking problem s w ith
you w henever we can be helpful.”
In an o th er p a rt of th e “H andbook,”
A. G. Sam, president of th e F irst N a
tional, points out th at, “In th e near
fu ture, Sioux City, together w ith all
o th er com m unities th ro u g h o u t th e n a
tion, w ill feel th e im pact of reco n v er
sion to a peace footing. It w ill affect
th e individual citizen as w ell as all
A m erican business.
“P lans for this postw ar fu tu re are
being given intensive study by m ost
cities and com m unities, w ith th e ob
jective of resum ption of peace-time ac
tivities w ith as little dislocation as pos
sible. S ustaining incom e levels and
holding unem ploym ent dow n to th e
m inim um d uring th is tran sitio n pe
riod, w hich should be as sh o rt as pos
sible, are am ong the m ost im p o rtan t
problem s to be m et.”
On next to the last page is a blank
(T u rn to page 75, please)
N orthw estern Banker Jane i9b5
24
R A L P H W. M O O R H E A D
A sso c ia te P u b lis h e r
C L IF F O R D D E P T JY
P u b lish er
H E N R Y H. H A Y N E S
E d ito r
Northwestern Banker Completes 50 Years
H E N orthw estern B anker was- es
tablish ed by George G. H u n ter of
Des M oines in 1895. A bout five
years later, Mr. H u n te r soid his in te r
ests to E m erson D e P uy, w ho con
tin u ed as p u b lish er of th e N o rthw est
ern B anker u n til th e tim e of his d eath
in 1912. Since th a t tim e, Clifford De P uy
has been p u b lish er and ow ner of th e
m agazine.
The h isto ry of th e N orthw estern
B anker is the h is to r y of th e economic,
political and b anking h isto ry of the
U nited S tates for th e past half century,
d urin g w hich tim e we have had two
W orld W ars; a severe depression fol
low ing th e 1929 boom and v ast changes
in our political and econom ic life.
N evertheless, b anking as re p re
sented by our dual system of state and
national banks, has su rvived because
it has served.
The N orthw estern B anker has en
deavored to report, in te rp re t and p re
sen t th e v arious facts and phases of
this in terestin g period in our A m eri
can b anking history.
The N orthw estern B anker is proud
th a t it has alw ays kep t pace w ith the
tim es or has even been ahead of the
parade in its jo u rn alistic achievem ents.
F o r exam ple, it w as th e F irst banking
publication in A m erica to establish and
m ain tain a Bond and In v estm en t De
p a rtm e n t in the early “T w enties.”
It w as th e F irst publication of its kind
to publish an In su ran ce Section, since
T
N orthw estern B anker June 19^5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
so m any banks in its te rrito ry handle
vario us types of insurance. Likew ise,
it w as at the head of the parade in the
publication of Candid Cam era pictures
and fo r m any y ears th e N orthw estern
B anker editor, w ith his new spaper
“Speed-Graphic” has been a fam iliar
figure w herev er ban k ers convene. The
lovely colored F ro n tispages w hich
have appeared in th e N orthw estern
B anker reg u larly for the p ast years,
have also been distinctive and typical
of its m odern and attra c tiv e ap p ear
ance.
To have served our subscribers and
our adv ertisers has been our real and
sincere aim, and to continue to do so
in the fu tu re w ill be our constant
endeavor.
In addition to th e N orthw estern
B anker , th e I ow a-N ebraska Bank D i
rectory and the U nd erw riters R ev iew
are also published by th e De P u y P ub
k
lish in g Company.
EM ER SO N DE PU Y
P u b lis h e r from 3 900 to 1912
The p resen t m em bers of th e staff
w ho are im m ediately responsible for
producing th e N orthw estern B anker
include Clifford De P uy, p u b lisher
i| since 1912 (33 years); R alph AV. Moor
head, associate p u blisher since 1920
(25 years); H en ry H. H ayn es, editor
since 1925 (20 years); F rank P. Sym s,
vice president in charge of th e New
York Office, 505 F ifth A venue, since
1928 (17 y ears); and the very efficient
young ladies w hose dates and lengths
of service we are too courteous to
m ention, include M arguerite Brow n,
office supervisor; E lizabeth Cole, ad
v ertisin g assistant; R uth K illen, asso
ciate editor, and Sadie E. W ay, circu
lation departm ent.
OUR 50th YEAR
■r
Ï
The N orthw estern B anker has a l
w ays been especially energetic in ob
ta in in g new s and b an k in g in form ation
from b an k ers personally. C onsequent
ly, it has em ployed re p re se n ta tiv es who
trav el th e N orthw estern B anker states
from y e a r to year. Am ong these espe
cially w ell know n to N orthw estern
B anker read ers are P aul W. Shooll,
w ho has traveled in the state of Ne
b rask a for seven years, and J. E. T yler
of M inneapolis, w ho has covered M in
nesota, N orth and South D akota for a
n u m b er of years.
A w ay Bac k W h en —
50 Years A g o in
The Northwestern Banker
As w e lo o k b a c k th r o u g h is s u e s of
th e N orthw estern B anker , p u b lis h e d
a h a lf c e n tu r y ag o , w e fin d th e s e i n t e r
e s tin g ite m s :
The officers of the F irst N ational
Bank in Chicago w ere L ym an J. Gage,
president; Jam es B. Forgan, vice p resi
dent; R ichard J. Street, cashier;
H olm es H oge, a ssistan t cashier; F rank
E. Brow n, second a ssistan t cashier.
The capital of the b ank w as $3,000,000
and the su rp lu s $2 ,000 ,000 .
In addition to these, th e N o r thw est
B anker has th e follow ing special
ed itorial rep resen tativ es:
J. Story
H arding, Omaha; E. W. K ieckhefer,
M inneapolis; R obert E. Jones, Sioux
Falls, South Dakota; and S tan ley Cow
an, Fargo, N o rth Dakota.
ern
Volume I I .
I
Number 7.
(Contents:
1
8IHMNHHSMMHWMMfS
a t is n a l
BANK.
CITIZENS
NATIONAL
BANK__ _
i DES n O I N E S , IO W A .
T h e N e w I ow a R e v e n u e B il l ,
T h e H a r l a n B an k F a il u r e ,
_Des Moines, Iowa
T h e y a r e P l e a s e d w it h I t ,
Accounts of Banks and Bankers solicited
on favorable terms. School and Mu
nicipal Bonds negotiated. Collections
handled promptly. Designated re
serve agent for National Banks.
C a t c h in g Ban k T h ie v e s ,
$200,000.00
C a p it a l ,
T h e I n iq u it o u s Ba n k e r E x p o s e d ,
Officers of th e D es M oines N ational
Bank, w ith a capital of $300,000, w ere
G. M. R eynolds, president; E. A. Lynd,
vice president; C. B. A tkins, vice pres-
fr a n k p . sy m s
V ic e P r e s id e n t, N e w Y ork C ity
Des Moines, Iowa, j
I. A. Robertson.
Io w a N
Ralph Van V echten w as cashier of
the Cedar Rapids N ational Bank.
S u rplus,
-
—
T h e I n d ia n a p o l is M o n e t a r y C o n
v e n t io n ,
-
100 , 0 00 .0 0
J. G. ROUNDS, Présider
A. LEDERER. Vice-Pre
GEO. E. PEARSALL, C
H. T. BLACKBURN. As
T h e G er m a n S a v in g s Ba n k o f D es
M o in e s S u s p e n d e d ,
-
S e v en teen th Y e a r
Des M o in es, Io w a
The Fourth National Bank of the City of New York
Perfect Equipm ent
J A M E S G . C A N N O N , P re sid e n t
= Hanover
National
Bank
OF T H E C IT Y OF N EW Y O R K .
Nassau and Pine.
JAMES M. DONALD, Chairman of Board
WILLIAM WOODWARD. .P resldem
E. HAYWARD FKR.BY
V -Prp«
HENRY R. CARSE..............
* ELMER E. W HITTAK ER.
WM. I. L IG H T H IPE . . .A sst
ALEX. D. CAMBELL. .A sst
CHAS. H. HAMPTON. .A sst
J. NIEMANN..................Asst
-
ACCOUNTS SOLICITED
G erm an Savings Bank, Davenport Savings Bank,
OF
D E S M O IN ES, IOWA.
FR A N C IS C E N E SER , P resident.
J. W. G EN ESER , V ice-President.
H. T. BLACKBURN, Cashier.
- . . D IR E C T O R S . . .
J o h n B. S c h u s t e r . P h i l . S c h m it t .
Ch a r l e s W e it z .
G. V a n G i n k l e ,
F r a n c is G e n e s e r . J . W . G e n e s e r .
J . R. R o l l i n s .
C h a s . L. K a h l e r .
L. H. K u r t z .
Foreign Exchange B ought and Sold. L etters of C redit
issued on all P rincipal Cities of th e World.
Interest Paid on Time Deposits.
U. S. D E P O S IT O R Y .
The
National
City
Bank
O F CHICAGO
Citizens
National
Bank
D E 8 M O IN E8, IO W A.
J. O. ROUNDS.....................Praaldam
8 A. MERRILL.......... VI©# Pr«.l«U*»
GEO. E. PEARSALL.......... OMhUr.
W. W. MAISH.......... Asst. Cashier
WILLIAM DONALD. . .A sst
Capital
- $2,000,000.00
Surplus and Profits - 603,771.99
Deposits $31,041 046
I ow a N ew s a n d N o t e s , M in n e so t a N e w s a n d N o t e s ,
Co m plete S e r v ic e
Established 1851.
Capital
Surplus
.
.
.
.
$3,000,000
13,500,000
Capital
Surplus
Solicits Your Business.
-
-
-
S
U n divid ed P rofits,
D e p o sits,
—
-
THE
2 5 0 ,0 0 0
8 1 ,0 0 0
- 1 ,9 6 3 ,6 0 5
O FFIC E R S:
ANTH O N Y BURDICK, President.
LOUIS H A LLER , V ice-President.
H EN R Y C. STRUCK, J r ., Cashier.
OTTO L. LA D EN BERG ER, Teller.
D IR ECTO R S:
A. Burdick, Louis H aller, A Steffen, W. O. Schm idt, F. H.
Hancock, J. F. Dow, H. Kohrs, W. H. Wilson,
H. C. Struck, Jr.
100,000
A C C 0 U N T 8 S O L IC IT E D .
D A V EN PO RT, IOWA.
C ap ital,
$ 200,000
JJUNDREDS of Bankers everywhere insure in and
recommend this Company to their clients—We
write all forms of accident and health policies trom a
dollar-a month up to $70.00 per annum. Write for
particulars or agency.
BANKERS ACCIDENT CO.
DES MOINES. IOWA
First National Bank
ST. JOSEPH, MISSOURI
CAPITAL,
SURPLUS,
-
-
$600,000.00
$300,000.00
F. L. M IN E R , P re sid e n t
E. C. BUDLONG,
res. Peoples Savin?« B’k
A. KIZER, Sce’7.
A. SI,IN INGER, Treu«.,
E. C. FISHER, Auditor.
G. G. HUNTER,
R. T. FORBES, President
J. E. COMBS, Cashier
R. S. BRITTAIN, Asst. Cash.
R. N. RIDOE, Auditor
A bove a re fa c sim ile s o f tw o o f th e e a rly co v er p a g es of th e N o r t h w e s t e r n B a n k e r . T h e
c o v er a t th e le f t illu s tra te s th e sty le o f ty p e used in th e o rig in a l N o r t h w e s t e r n B a n k e r
m a s th e a d . W h en Clifford De Puy, th e p re s e n t p u b lish e r, to o k o v er th e p u b lic a tio n , th e
nam e p la te w as c h an g e d as i t a p p e a rs on th e cover a t th e rig h t.
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern B anker June 19b5
26
E L IZ A B E T H COLE
A d v e rtis in g A s s is ta n t
MA R G U E R IT E
BROW N
A u d ito r
R U T H K IL L E N
A sso c ia te E d ito r
ident; A rthur R eyn old s, cashier, and
C. M. Spencer, a ssistan t cashier.
“The lastest devices for bringing to
n a u g h t the ill directed energy of the
th ief w ho p resen ts a pistol to th e head
of b ank officials in broad daylight and
d u rin g business h o urs is reported from
th e w est. The system devised for
trap p in g this species of the g en try con
sists of a drop fitted in th e floor in
fro n t of th e pay w indow and so nicely
adjusted as to be unnoticed except
upon close exam ination. The dropping
of the trap is effected by a knob on
the inside and readily accessible to the
cashier. D irectly beneath the drop a
shoot extends dow nw ard about six
feet and converging to a point at the
bottom . The sid es of th is shoot are
S A D IE E . W A Y
C irc u la tio n D e p a rtm e n t
The C ontinental N ational B ank of
Chicago had a capital of $2,000,000 and
the officers w ere John C. B lack, p resi
dent; Isaac N. Perry, vice president;
Ira P. B ow en, assistan t cashier, and
A lva V. Shoem aker, a ssistan t cashier.
“The Chicago Tim es-H erald says, in
reg ard to the com ing Iowa legislature:
‘The p rivate banks come in for a large
share of th e credit for escaping ta x a
tion, and tw o legislatures have tried
to pass a law to compel them to m ake
rep o rts and subm it to exam ination,
th e sam e as state and savings banks
are required to do. But the b ankers
have show n a trem endous pow er in the
legislature, and have been able to
defeat all attem p ts to pass a law reg u
lating them in any w ay.’ ”
lined w ith spikes, w h ich project in
ward and dow nw ard.”
(T urn to page 112, please)
R O BER T JO N E S
S o u th D a k o ta C o rresp o n d en t
S T A N L E Y E. C O W A N
N o rth D a k o ta C o rresp o n d en t
ST O R Y H A R D IN G
N eb ra sk a C orresp on d en t
E. W . K IE C K H E F E R
M in n e s o ta C orresp on d en t
N orthw estern B anker June 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OUR 50th YEAR
27
^Thanks for Your Congratulations
Friends Send Greetings Upon Completion of 50 Years of
Service by the Northwestern Banker
OU m ay be su re all of us on th e
N or thw estern B anker staff got a
real th rill from th e m any letters
received co n g ratu latin g us on th e
achievem ent of o u r fiftieth y e a r of
service to th e b an k in g and in v estm en t
business. W e w a n t o u r m an y read ers
to sh are o u r happiness, and th a t th ey
m ay do so w e are p ublishing below
excerpts from th e co n g ratu lato ry le t
te rs com ing to o u r office. T hese letters
read:
Y
ROLAND C. IR V IN E , vice president,
The Chase N ational B ank of N ew
York:
“My sen tim en t in reg ard to th e F if
tie th A n n iv ersary of th e N orthw estern
B anker ru n s to a ra th e r high pitch
b u t I feel som ew hat inadequate to
p ro p erly express m yself about you and
y o u r organization. It m ig h t appear
to a casual o b server th a t th e pu b li
cation of a b a n k e r’s m agazine m ight
be a ra th e r sim ple affair—th a t you
m erely go out and h ire tw o or th re e
p re tty good solicitors—select a few
c u rre n t financial topics for editorial
discussion and th e n let m a tte rs take
th e ir ow n course—sit back, tak e it
easy, do a little golfing and fishing, and
yo u r profits w ould ju s t roll in. P e r
haps some publications are able to
function th a t easily b u t certain ly yo u rs
is not one of them .
“T he N or thw estern B anker fills a
definite need for b an k ers an d business
m en th ro u g h o u t th e n o rth w e st as w ell
as for officers of b anks located all over
th e n atio n w ho have a definite in te re st
in th e w elfare of y o u r area. Your
m agazine has been so closely identified
w ith th e g ro w th and developm ent of
th e n o rth w est th a t it is only p ro p er
and fitting for y o u r m any frien d s to
pay you trib u te on th e occasion of
yo u r F iftie th A nniv ersary . In addition
to th e o rd in ary new s w hich is g ath ered
and published, you have m ade th e
N or thw estern B anker a real in stitu
tion for p resen tin g a cross-section of
opinion th ro u g h o u t th e area you serve
and w hich m ig h t be also called a
criterio n for th e n atio n as a whole.
You have co n stan tly injected w o rth
w hile ed itorials dealing w ith th e
m ajo r financial problem s of our day
and have done th is in a concise and
definite m an n er, w hich has been
tru ly beneficial to y o u r m any readers.
Y ours is one of th e publications I am
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
afraid not to read for fear I w ill m iss
som ething w hich w ould be valuable
to m e in m y ow n efforts.
“You and your associates m ay well
feel proud of th e fifty y ears of con
sta n t progress w hich has been m ade
and on behalf of th e o th er officers of
the Chase N ational B ank and m yself
fromthe Subscriber's
Side
M ARVIN E. H O L D E R N E SS, vice
p resident, F ir st N ational Bank,
St. Louis:
“ACROSS T H E DESK FROM
T H E P U B L IS H E R ”
(B ut this tim e from the su b scrib er’s
side)
“As a rew ard for your years of dili
g en t application to and perform ance
of d u ty you now see your great
b an king journal, th e N orthw estern
B anker , reach its 50th A nniversary,
having grow n th ro u g h th e years, ‘in
sta tu re and in favor w ith God and
m an.’ It w ould be a good tim e for
you to forget any days of doubt and
fear you m ay have had, and to dwell
only on the days of glorious su n
shine, b u t I fear you cannot do this;
a fte r all, h av en ’t th e trials and diffi
culties of th e jo u rn ey helped to
m ake you stro n g and sp u rred you on
to g reater effort and g reater achieve
m ent?
“The N orthw estern B anker is an
o u tstan d in g publication, publishing
banking and financial new s and fea
tu rin g all im p o rtan t subjects of c u r
re n t interest; its editor is alert and
m ilitant, alw ays fighting th e b attles
of b ankers in com bat areas, w h eth er
th ey be local, state or national.
“As your friend for m ore th an a
q u a rte r of a century, I congratulate
you and w ish for you and th e N orth
w estern B anker continued success.”
I extend h ea rtie st congratulations and
best w ishes for a full m easure of con
tin u ed success.”
B E N S. WOODWORTH, ad vertising
m anager, F irst N ational Bank, M in
neapolis:
“Since th e N orthw estern B anker got
into circulation before I did, I am u n
able to com m ent from first-hand ob
servation on its early years. D uring
th e y ears I have know n it, how ever,
and th ey n um ber m ore th a n tw enty,
the publication has certain ly earned
th e respect and esteem of banks and
ban k ers in th e northw est.
“C ongratulations to th e N o rthw est
ern B anker on its long y ears of service
and to you and your staff for your
stim u latin g and constructive chron
icling of events and ideas in th e b an k
ing field. E v ery good w ish for the
fu tu re .”
HAROLD P. K L E IN , vice p resident,
Iow a-D es M oines N ational B ank &
T rust Com pany, D es Moines:
“On th e occasion of th e celebration
of th e F iftieth A nn iv ersary of th e
N orthw estern B anker I w ish to add
m y h eartiest congratulations to you
and y o u r staff. T hrough th e te st of
tim e th e N orthw estern B anker has
proven to be useful and inform ative
and a constructive force for good
banking. B est w ishes for m any, m any
m ore y ears of successful publishing.”
ROBERT LIN D Q U IST, a ssistan t vice
president, A m erican N ational Bank
& Trust Com pany of Chicago:
“T he N orthw estern B anker has
grow n up to be fifty y ears old, b u t it
is still one of th e youngest papers in
its field in spirit. Please accept this as
m y au to g rap h in the guest book for
yo u r “Open H ouse” and extend m y
personal greetings to Cliff, R alph and
H enry, and all th e staff on th is big
occasion. Best w ishes for continued
success in th e y ears ahead.”
L E S L IE K. CURRY, vice president,
M ercantile-Com m erce Bank & Trust
Company, St. Louis:
“C ongratulations on th e F iftieth A n
n iv ersary of th e N orthw estern B anker !
F o r m any y ears I have looked for
w ard to each issue of the N orthw est
ern B anker . Your editorial policy is
sound and y o u r articles tim ely and in
form ative. It is not stran g e th e n th a t
you should have h ad fifty successful
years. B est w ishes for th e fu tu re .”
J. T. A N D ER SO N , George L am onte &
Son, N utley, N ew Jersey:
“F o r approxim ately seven-tenths of
th e fifty y ears of th e N orthw estern
B anker I have know n th a t publication
N orthw estern B anker June 19h5
28
and have follow ed its developm ent.
Please accept m y h e a rty co n g ratu la
tions. I t is a fine job w ell done.”
JAM ES S. N E E L Y , vice president,
City N ational B ank & T rust Com
pany of K ansas City:
“It is m ost pleasing indeed to h ear
about y o u r fine b an k m agazine, the
N orthw estern B anker , celebrating its
F iftieth A n n iv ersary th is y ear and we
offer you and y o u r associates our con
g ratu latio n s and extend you best
w ishes for continued success in th e
futu re.
“You, for a long tim e, have been a
real service to ban k ers in th is section
of th e co u n try and y o u r fu tu re value
to th em will, we feel sure, be g reatly
increased indeed.
“W e have alw ays found th e N orth
w este rn B anker m ost in te re stin g and
are glad to have had a little p a rt in con
trib u tin g to y o u r success.”
R. R. CALKINS, president, A m erican
N ational Bank of St. Joseph:
“My co n g ratu latio n s upon y our
F iftie th A nniversary. The N orthw est
ern B anker is one of the m ost in te r
esting m agazines th a t we receive,
th a n k s to th e ability of its efficient
pu blisher, an d you have m y best
w ishes for a v ery prosperous business
for m an y y ears to come.”
BYRON D U N N , execu tive vice p resi
dent, N ational B ank of Comm erce,
Lincoln:
“It is w ith a g re a t deal of satisfac
tio n th a t we note in th e new s th a t the
fine N orthw estern B anker has reached
its F iftie th M ilestone. The co n trib u
tion th e N orthw estern B anker has
given to ban k ing in the m iddlew est,
has been of a g re a t deal of value to the
ban k ers and has been th e m outhpiece
and b irth of a lot of new ideas and has
helped raise b an k in g to its pro p er
place in th e business world.
“W e have enjoyed th e N orthw estern
B anker as w ell as our contact w ith all
of y o u r m en in th e field, and we w an t
to w ish to you and y o u r associates
m an y m ore y ears of p ro sp erity because
as it prospers, so w ill th e b anks in
th is te rrito ry . T hey are linked very
closely to g eth er.”
T. S. JACKSON, m anager, St. P aul
Term inal W arehouse Company, St.
Paul:
“F ifty y ears is a long tim e m easured
by any yardstick, and m om entous h a p
penings have tak en place since 1895.
Two W orld W ars have been ca ta stro
phes for th e coun tries and peoples of
Asia and E urope, b u t th e p ast fifty
y ears have been ones of outstan d in g
N o rthw estern B anker June 19J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Boy in Knee Pants
F R E D M. ST A K ER , vice president,
Comm erce Trust Com pany of
K ansas City:
“Your references to G rover Cleve
land and Queen V ictoria, and the
N orthw estern B anker touch me
deeply, for at th a t period I w as a
boy in kfiee pants. The Queen, the
P resid en t and the N orthw estern
B anker w ere not in tim ates of mine,
b u t m y knee p an ts were, and the
touching p a rt is th e fact th a t fifty
y ears ago I w as ten y ears old.
“Twenty-five years later th e tw o
heads of th e governm ent w ere in
th e bosom of A braham b u t the
N orthw estern B anker had waxed
ro b u st and at about th a t tim e I got
on easy term s w ith th e publication.
“How well I recall your first visit
at m y desk. You breezed in and in
troduced yourself at 3:00 p. m. and
it w as fully 3:10 before we w ere
‘Cliff’ and ‘F red .’ In all these suc
ceeding years I have cherished our
grow ing friendship, have read the
N orthw estern B anker w ith in terest
and have w atched its progress w ith
pride and satisfaction.
“I t ’s a g reat paper, Cliff, and your
associates have done a bang-up job
and your Golden A nn iv ersary is an
ap p ro p riate tim e for you to cut loose
and take on one of your fam ous gingerale drinks, via w hich I have
m any tim es seen you sim ulate a
B ourbon B acchanalia. C ongratula
tions, Old F riend, and m any p ro sp er
ous retu rn s, and w ith h appiness—
w hich is a lot m ore im p o rtan t th an
dividends.”
developm ent and progress in th e
Am ericas.
“It m u st be m ost g ratifying to y o u r
self and y o u r associates th a t the
N orthw estern B anker has kept in pace
w ith th a t developm ent and progress,
an d you are to be congratulated on the
p ro m in en t position it has attain ed in
its field. You m ay be w ell proud of it.
Keep up th e good w ork.”
F R A N K K. HOUSTON, president,
C hem ical B ank & T rust Company,
NeAV York:
“I learn w ith m uch in terest th a t th is
y ear m arks th e F iftieth A n n iv ersary
of th e N orthw estern B anker , and w ish
to express m y congratulations.
“I do not know w h at happened be
fore you took charge or w ho ra n it,
b u t I do know th a t since you have been
in th e saddle, you have done a w onder
ful job and it has become one of the
ou tstan d in g financial jo u rn als of the
country. It is n ot only new sy and in
teresting, b u t is sound an d con stru ct
ive. The b an king in te re sts of your
section, as w ell as those of the rest
of th e country, are indebted to you for
th e service you have ren d ered and th e
job you are doing. I w ish m ore pow er
to you and m any m ore y ears of use
fulness.”
C. B. BROMBACH, vice president,
F irst N ational B ank of M inneapolis:
“I h a v e e n jo y e d r e a d i n g th e N orth
B anker f o r a p p r o x im a te ly 25
y e a r s a n d if in th e p r e v io u s 25 y e a r s
it h a s b e e n of a lik e v a lu e ( a n d I p r e
s u m e it h a s ) to b a n k e r s a n d b u s in e s s
m e n t h r o u g h o u t th i s g r e a t n o r t h c o u n
tr y , t h e n y o u do, in d e e d , m e r i t w h o le
h e a r t e d c o m m e n d a tio n a n d p ra is e .
w estern
“May I say th a t I p artic u la rly enjoy
your editorial page on controversial
subjects.
“Please accept m y sincere co n g ratu
lations on your F iftie th A nniversary,
and best w ishes for your continued
success.”
J. B. OW EN, chairm an of the Board,
Stock Yards N ational B ank of
Omaha:
“My h e a rtie st co n g ratulations on fif
ty successful years.
“I have been w ith our b ank 46 y ears
th is year and I recall the early b an k ers’
publication by Clem ent Chase, in
Omaha, th e C entral W estern B anker,
w hich finally, as I recollect, w as con
solidated w ith th e N orthw estern
B anker .”
-i
»
-A
f
“You have m ade a successful record
building friendships and publishing
a fine m agazine, th e N orthw estern
B anker all these years, passing on to
the b an king fra te rn ity constructive in
form ation. My v ery b est w ishes to you
and your associates.”
L. F. ST E R N , president, A m erican
N ational Bank & Trust Com pany of
Chicago:
“Sincere
congratulations
to
k
the
N orthw estern B anker on its F iftieth
A nniversary. You have become so
m uch a p a rt of th e b an king business in
your te rrito ry th a t it is h a rd to th in k
of any p a rt of it w ith o u t th in k in g of
the N orthw estern B anker .
Best
w ishes for th e continuation of your
fine service for an o th er fifty y ears.”
<
v
ROBERT H. McCRARY, vice p resi
dent, Murdoch, D earth & W hite, Des
Moines:
“C ongratulations on yo u r F iftieth
A nniversary. A half c en tu ry is a long
tim e and doubtless th ere have been
a good m any publications rise and fall
d uring th a t period. H ow ever, th a t
OUR 50th YEAR
y
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
30
m ay be, it seem s to me th a t th e N orth
B anker is covering th e new s
and lending its service w ith a b e tte r
m agazine each successive year.
“J u s t en te rin g m y tw e n tie th y ear in
the in v estm en t business, I should like
to say th a t d u rin g m y tim e I know
of no o th er m iddlew est publication to
our tra d e th a t has so co nsistently de
livered th e goods. B est w ishes for
continued success.”
w estern
W A L T E R J. H E IN , vice p resident,
M ississipp i V alley T rust Company,
St. Louis:
“The N orthw estern B anker , w ith its
constructive view s and tim ely p resen
tatio n of financial new s an d trends,
has m ade a definite co n trib u tio n to
the ban k in g profession. It is an u n
com m on achievem ent to be able to
grow old in service and y et to m ain
tain a m odern outlook alw ays. T his
the N orthw estern B anker has alw ays
done successfully.
“My congratu latio n s on y o u r Golden
A n n iv ersary and best w ishes for y o u r
continued success.”
GEORGE Ab LAM ONTE, p resident,
George L am onte & Son, N utley, N ew
Jersey:
“C ongratulations on th e F iftie th
A n n iv ersary of th e N orthw estern
B anker !
“I have alw ays felt th a t th e N orth
B anker is in the top row
am ong regional ban k in g journals, and
th e fact th a t we have used it con
sisten tly for m any y ears is, perhaps,
the best evidence th a t we also reg ard
it as an excellent ad v ertisin g m edium .
“May you continue th e good w o rk
for an o th er 50 y ears.”
w este rn
T. B. ST R A IN , p resident, The Conti
nen tal N ational B ank of Lincoln:
“Please accept m y sincere co n g ratu
lations on th e fifty y ears of o u tstan d in g
success th a t th e N orthw estern B anker
has had. Y our publication is a v a lu
able asset to every executive in th e
ban k in g business and you have gone
out of y o u r w ay at all tim es to p rin t
articles th a t have been m ost helpful
to b ank m anagem ent.
“May th e n e x t fifty y ears be equally
as successful.”
H A L Y. LEM ON, vice p resident, N a
tional Bank of Detroit:
“C ongratulations to th e N orthw est
B anker on 50 y ears of service to
th e ban k in g fra te rn ity —m ay th e nex t
50 y ears be equally as fru itfu l an d p ro
gressive.”
ern
JOHN L A U R IT Z E N , ad vertisin g m an
ager, F irst N ational Bank of Omaha:
“C ongratulations
are
certain ly
N o rthw estern B anker June 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
in
ord er on the F iftieth A nniversary
of th e N orthw estern B anker .
“The N orthw estern B anker , th e old
est financial jo u rn al w est of th e M issis
sippi river, has been a g reat help in
m aking th e ban k ers in th is section of
th e U nited States feel closer to each
other.
“Your inform ative articles, and the
new s about friends we don’t see often
enough, are m ost in teresting. Our
th a n k s to you for keeping us ab reast
of th e tim es w ith th e banking fra te r
n ity in th is section of th e country.
“Again, congratulations on your
F iftieth A nn iv ersary and best w ishes
for continued success.”
L.
R.
M OELLER,
ex ecu tiv e
State
Enthusiasm, Energy
and Brains
B. F. K A U FFM A N , p resident, B ank
ers Trust Company, D es Moines:
“It is very in terestin g to me to
know th a t you are now celebrating
th e 50th A nn iv ersary of your publi
cation, th e N orthw estern B anker . It
is p articu larly im pressed upon me
because I knew your father, E m er
son De Puy, at th e tim e he bought
th e N orthw estern B anker , w hich
w as th e n a v ery young publication.
“E m erson De P u y w as a m an of
fine ch aracter and a good citizen. I
cam e in contact w ith him frequently
up u n til the tim e of his death in
1912. D uring th e tim e he acted as
pu b lisher of your perodical, I alw ays
felt th a t he w as one of m y good
friends, and I w as m uch saddened
by his passing.
“It has been m y pleasure to carry
on th a t friendship w ith you for the
p a st 33 years. F ifty years is a long
tim e, and 33 y ears rep resen ts half
th e average lifetim e. D uring th is
period, th e N or thw estern B anker
has grow n u n til now on its 50th A n
niv ersary, it is an o u tstan d in g b an k
ing publication and is g reatly ap p re
ciated by the en tire b anking world.
“I once heard it said th a t th ree
th in gs w ere necessary to success:
en thusiasm , energy and brains. You,
fo rtunately, have these th ree qualifi
cations com bined in p roper pro p o r
tion. You have m ade a nam e for
y o urself and th e N orthw estern
B anker of w hich you have the rig h t
to be v ery proud. As one of my long
tim e good friends, I am v ery proud
of you and w h at you have accom
plished, and w an t to extend to you
m y m ost sincere congratulations.”
A gent, St. P aul M ercury In dem n ity
Com pany, St. Paul:
“I w ish to join w ith m any of your
o th er friends in co n g ratu latin g you and
yo u r organization on th e progress the
N orthw estern B anker has m ade d u r
ing the last fifty years.
“I enjoy reading N orthw estern
B anker articles and th in k th a t th ey
do a lot of good for b an k ers to have
these tim ely articles discussed in such
a com prehensive w ay.”
W ILLIA M FEIC K , vice president,
Irv in g T rust Com pany, N ew York:
“It is a privilege to salute th e N orth
B anker on the occasion of
its Golden A nniversary. The N orth
w estern B anker has
established a
record of service and achievem ent to
your area w ith tim ely and constructive
finance news.
“Irv in g T ru st Com pany joins your
m any friends in best w ishes for con
tin u ed success in the y ears to com e.”
w estern
L. E. W A K E F IE L D , president, F irst
N ational Bank of M inneapolis:
“H earty
congratulations
to
th e
N orthw estern B anker on th e com ple
tion of fifty y ears of service to banking
in th e northw est! The N orthw estern
B anker is doing im p o rtan t w ork and
doing it well.
“C ongratulations, too, to you and
y o u r able staff for yo u r intelligent di
rection of th e publication along con
stru ctiv e lines.”
JAM ES R. L E A V E L L , president, Con
tinental Illin o is N ational Bank and
Trust of Chicago:
“A ny F iftieth A n n iv ersary m erits
congratulations from friends, and th e
F iftieth A n n iv ersary of th e N orth
w estern B anker deservedly rates all
the verbal bouquets its m any friends
w ill w an t to show er on th e publication,
on Clifford De P u y as publisher, and
on the m em bers of th e organization—
who, together, do such a notable job.
Best w ishes from all of us here at the
C ontinental Illinois for an o th er halfcentury, and m ore, of o u tstanding
service to th e b an king fra te rn ity .”
D A N T E M. P IE R C E , publisher, W al
la ces’ F arm er and Iow a H om estead,
D es Moines:
“W as it only fifty y ears ago th a t the
I had
th e feeling th a t it had been on hand
alw ays, like th e M ississippi riv er and
th e Iow a corn crop.
“If the N or thw estern B anker has
come th is fa r in only fifty years, its
prospects for th e fu tu re look good. My
fa th e r took over th e Iow a H om estead
back in 1885 so I have some idea of
w h at can be expected of a paper and
an in stitu tio n in a sh o rt half century.
N orthw estern B anker started?
OUR 50th YEAR
31
Manufacturers Trust Company
extends heartiest congratulations to the
Banker on the
50 th A nniversary of its publicatio n .
M a n u f a c t u r e r s T r u st C o m p a n y
55 BROAD STREET, NEW YORK 15, N . Y.
M em ber Federal Deposit Insurance Corporation
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern Banker June 1945
32
“Our subscrib ers . . . yours and
m ine . . . have helped each oth er
tim e a fte r tim e in th e past. M any a
good b an k er has said to a farm er de
positor: ‘Jim , you need a good farm
p a p e r’ and nam es ours. A nd m any a
farm e r depositor has been able to pay
back his loan because he followed th e
advice we gave him .
“L e t’s plan on m ore team w ork for
th e nex t fifty y e a rs.”
\ \ . L. HEM IN G W A Y , president, Mer
cantile-C om m erce B ank & T rust
Com pany, St. Louis:
“I w an t to extend m y cordial con
g ratu latio n s and best w ishes on y o u r
F iftie th A n n iv ersary and for th e next
half century.
“The N o r t h w e s t e r n B a n k er has
m ade a fine co n trib u tio n in th e grow th
and developm ent of th e ban k in g busi
ness in th is te rrito ry and I know it
m u st be v ery g ratify in g to you to
look back over y o u r record of accom
plish m en t.”
JO SEPH C. W ILLIA M S, vice p resi
dent, Comm erce Trust Com pany of
K ansas City:
“In th e N o r t h w e s t e r n B a n k er you
have one of th e m ost o u tstan d in g b ank
m agazines in th e nation and we extend
our cong ratu latio n s on y o u r F iftie th
A n n iv ersary .”
D A L E CLARK, p resident, The Omaha
N ational Bank, Omaha:
“F ifty y ears of service of th e N o r t h
B a n k e r is a record w ell
w o rth y of signal atten tio n . Sincerity
and conscientious endeavor have ch a r
acterized y o u r effort. Success is th e
n a tu ra l resu lt. T h a t m akes it a dis
tin ctiv e achievem ent.
“C ongratulations and best w ishes to
you all, and m ore pow er to you
th ro u g h th e n e x t fifty—w hich we m ost
earn estly hope w ill be y ears of peace.”
w estern
G. J. JOHNSON, vice p resident, The
A m erican N ational Bank of St. Paul:
“I w an t to co n g ratu late you on the
Golden A n n iv ersary of th e N o r t h
w e s t e r n B a n k e r and w ith th e hope
th a t th e second fifty y ears w ill be even
m ore in te re stin g and profitable to the
ones in charge a t th a t tim e.”
“I am v ery pleased to observe th a t
th e N o r t h w e s t e r n B a n k e r is celebrat
ing its F iftieth A nn iv ersary th is year,
and I w an t to offer our sincere congrat
u lations to you and y o u r organization
upon y o u r operation over th is span of
Likes This ‘Open House'
W ILLIA M G. R A BE, vice president,
M anufacturers T rust Company of
N ew York:
“Like th e great m ajority of your
ideas, the ra th e r unique plan of an
‘Open H ouse’ com m em orative of the
N o r t h w e s t e r n B a n k e r ’s F iftie th A n
niv ersary, is indeed a good one.
“The N o r t h w e s t e r n B a n k e r has
consistently fulfilled a highly signifi
can t p a rt in banking and I reg ard it
alm ost as highly as th e uniform ly
favorable reg ard of your own ‘hom e’
bankers. It is a distinction ju stly
deserved to have co ntributed so ef
fectively to banking and th e sound
policies in variably evidenced in your
colum ns, b u t illu strates th e efficient
service to the banks and the areas in
general, not to m ention the m any
national friends you have. C ongrat
u lations!”
tim e. T his is indeed an accom plish
m en t considering th e changes all over
th e w orld d uring this period. My best
w ishes for your continued success.”
W ILLIA M H. M ILLER , vice president,
City N ational Bank and T rust Com
pany, Chicago:
“C ongratulations on your F iftieth
A nniversary! D uring a considerable
portion of this tim e I have enjoyed
th e N o r t h w e s t e r n B a n k e r , and in these
days of restricted trav el we are p articu
larly glad to have th e inform ation it
contains reg arding the activities of
our m any good friends in th e te rrito ry
you serve. Best w ishes for continued
progress.”
H. J. TOW NS, m anager, Gast Bank
N ote Company, St. Louis:
“W e w ish to take this op p o rtu n ity
to co n gratulate you on the attain m en t
of you F iftieth A nn iv ersary of the
N o r t h w e s t e r n B a n k er w hich you are
F R A N K G. BURROW S, ad vertising
celebrating this year.
m anager, Irvin g T rust Com pany of
“Your record is an enviable one and
N cav York:
one of w hich all in th e banking w orld,
“My cong ratu latio n s to th e N o r th p a rtic u larly in th is section, feel happy
w e s t e r n B a n k e r and y o urself on the
to acknow ledge.
Golden A n n iv ersary of y o u r v ery fine
“Our association w ith your organiza
publication.”
tion and w ith th e banks you and we
serve has been m ost pleasan t and we
D. E. CROULEY, vice p resident, N orth w ish you m any m ore y ears of such
w estern N ational B ank of M inne useful service as you have given in
th e p ast.”
apolis:
N orthw estern B anker June 19J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PA U L BLAKEM ORE, T he B lakem ore
Company, D es Moines:
“Our en tire staff w an ts to co n g ratu
late you on th e com pletion of the
N o r t h w e s t e r n B a n k e r ’s F IR S T F IF T Y
YEARS. W e tru s t the second fifty
m ay be even m ore fun, and even m ore
profitable.
“C hecking back, I find th a t th e first
business from our organization w as
placed w ith you in Ju n e of 1917.
Since th a t tim e, th e N o r t h w e t e r n
B a n k e r has carried one or m ore of our
ad v ertisem en ts in alm ost every issue.
T his should be convincing proof th a t
we approve th e fine editorial job you
have continually been doing.
“You have concentrated on doing a
com petent publishing job for your own
selected region. Your record in linage
and profits show s th e soundness of
th a t policy.
“To R alph and H en ry and th e re st
of your staff w ho cooperate w ith us
so splendidly—as w ell as to y o u r own
carnation-adorned self, we extend
w h olehearted congratulations.
We
hope our business relationship w ith
you m ay continue th ro u g h m any, m any
y ears ahead.”
R. CROSBY K E M PER , p resident, City
N ational B ank & T rust Com pany,
K ansas City:
“I w an t to co n g ratu late you on th e
F iftieth A nn iv ersary of the N o r t h
w estern
B a nker.
“D uring those fifty y ears yo u r pub
lication has m ade a record for itself
in the banking w orld both in grow th
and the dissem ination of new s and the
ability to deliver to y o u r advertisers.
“It seem s to me th a t th e high stan d
ing enjoyed by th e N o r t h w e s t e r n
B a n k e r w ill continue w ell into th e n ex t
fifty y ears of y o u r history.
“You have a g reat o p p o rtu n ity of
service to th e b an k ers of th is midw estern area.”
RAYMOND F. LOW, p resident, A m eri
can R eserve L ife Insurance Com
pany, Omaha:
“A ny in stitu tio n th a t can stay in
business for fifty y ears has had, and
well deserves, th e confidence of its
custom ers.
C ongratulations to th e
N o r t h w e s t e r n B a n k er and on a job
well done.”
E. C H ESTER G E R STE N , president,
The Public N ational B ank & T rust
Com pany of N ew York:
“It gives me g reat pleasure to offer
sincere congratulations to th e N o r th
w e s t e r n B a n k e r on th e occasion of its
F iftieth A nniversary.
“To be the oldest financial jo u rn al
w est of th e M ississippi is in itself no
inconsiderable distinction. B ut I am
sure the record you value m ost is your
OUR 50th YEAR
33
W
e at V a lle y
h e a rtie s t
ex ten d
c o n g r a tu la tio n s
to t h e N o r t h w e s t e r n
on
th e ir
our
5 0 th
Banker
A n n iv e rs a ry .
ALLEY
AVING
BANK
D E S
M
O I N E S
F r ed eric k M . M o r riso n , P r e s id e n t
W in fie ld W . S c o tt, V ic e P r e s id e n t
J. R. A s tle y , C a sh ie r
E d w a rd P . K a u tzk y , A s s is t a n t V ic e P r e s id e n t
R oy E . H u b er, A s s is ta n t V ic e P r e s id e n t
F ran k M . T h o m p so n , A s s is t a n t C ash ier
R a y T h o m p so n , A s s is t a n t C a sh ier
M em b er F e d e r a l D e p o s it I n su ra n ce Corp.
O LR 5 0 ih YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker June 19J5
34
half ce n tu ry of co n stru ctiv e service to
th e b an k in g in d u stry . The coverage
you alw ays give to th e new s, and your
concern w ith th e problem s of banking,
m ake y o u r publication one of th e m ost
valued and respected in the field. My
sincere best w ishes for y o u r fu tu re
progress and p restig e.”
cessful perform ance of a v ery useful
service.
“Our v ery best w ishes to you and
y o u r organization for continued suc
cess.”
PAUL CLEM ENT, secretary, M inne
sota C om m ercial M en’s A ssociation,
M inneapolis:
“F o r any publication to have su r
vived and carried on du rin g all of fifty
y ears is, in itself, no sm all accom plish
m ent.
“F o r th e N orthw estern B anker , w ith
its o u tstanding record in th e banking
“C ongratulations on th e F iftie th A n
n iv ersa ry of th e N orthw estern B anker .
The U nited States has changed a lot
in th e last fifty y ears and, particu larly ,
th e area in th e n o rth w e st here w hich
you have served so well.
“B anking has k ep t pace w ith th e
trem en d o u s g ro w th and developm ent
of th e n o rth w e st and y o u r reliable
new s g ath erin g has helped in th e
sound and successful g ro w th of th is
region.
“W e hope th a t you m ay see an o th er
fifty y ears of equally prosperous
achievem ents. L e t’s om it th e th re e
g rea t w ars w e engaged in in th e last
fifty years. B est w ishes to you from
th e M innesota Com m ercial M en’s A s
sociation.”
C H E ST E R L. PR IC E, ad vertisin g and
publicity m anager, City N ational
Bank & Trust Com pany of Chicago.
“It w as C ervantes w ho once w ro te—
‘H e th a t publishes a book ru n s a very
g rea t hazard, since n o th in g can be
m ore im possible th a n to com pose one
th a t m ay secure th e approbation of
every re a d e r.’
“If th is g re a t w rite r w ere living
today I am su re he w ould have to
qualify his sta te m e n t to m ake ex
ception for th e N or thw estern B anker
w hich has been so successfully edited
for fifty long years. To have attain ed
this m ark ed degree of success proves
conclusively th a t y o u r publication
has been accepted fa r and w ide w ith
approbation by all its readers.
“On y o u r F iftie th A n n iv ersary I
w an t to be one of y o u r h o st of friends
to offer congratu latio n s and extend
best w ishes for an o th e r fifty y ears of
valuable service to th e ban k in g fra
te rn ity .”
A L B E R T C. BERKOW ITZ, president,
T ension E n velop e Corporation, Des
Moines:
“C ongratulations on y o u r com pletion
of 50 y ears of successful operation on
th e p a rt of th e N or thw estern B anker .
“You have achieved the distinction
of 50 successful y ears of operation
th ro u g h doing a real job of serving
financial in stitu tio n s of th is area. Suc
cess has not been accident or luck—
it has been achieved th ro u g h th e suc
Northwestern Banker June 19h5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W. M. SH E R R IL L , ad vertisin g m an
ager, F ir st N ational Bank in St.
Louis:
Top-flight Ranking
JOHN J. ANTON, vice president,
The F irst N ational B ank of Chi
cago:
“I am happy to extend to you and
to th e staff of the N orthw estern
B anker congratulations on the F if
tieth A n n iv ersary of your splendid
publication.
“I have read th e N orthw estern
B anker for over th irty years, and I
know of no o th er publication th a t
covers m ore com prehensively midw estern b anking activities. In m y
estim ation th e N or thw estern B a n k
er ra n k s high am ong top-flight finan
cial publications of th e country, and
I have no doubt th a t in the com ing
years it will m ain tain th e well-de
served recognition it receives in the
ban k ing world. Sincere good w ish
es”.
publication field, th e occasion is one
of u n u su al significance.
“F ro m one w ho has read and en
joyed th e N orthw estern B anker for
m any of those fifty years, sincere con
g ra tu latio n s and b est w ishes.”
C ORNELIUS J. C LA A SSEN , presi
dent, F arm ers N ational Company,
Omaha:
“H aving seen m any banks and bank
jo u rn als come and go—m y sincere
co n g ratulations on a m ighty fine job
w ell done—high grade and co n stru ct
ive. Our best w ishes for m any m ore
an n iv ersaries for the N orthw estern
presen t im p o rtan t place in th e ban k in g
world.
“Over a period of y ears we have
enjoyed y o u r splendid editorials and
new s item s concerning th e various
activities of th e banks in our area.
B est w ishes for y o u r continued suc
cess!”
P. J. H E B A R D , a ssista n t vice presi
dent, The C ontinental Bank & Trust
Com pany of N ew York:
“I w an t to co n g ratu late you on th e
F iftieth A n n iv ersary of th e N orth
w estern
B a n ker .
“W hile we cannot claim th e d istin c
tion of being one of yo u r oldest ad v er
tisers, we can say th a t it has been a
m ost p leasant relatio n sh ip and one I
am sure, th a t has been helpful to our
m en covering th e te rrito ry th a t the
N orthw estern B anker reaches.
“We w ish you continued success, and
please continue yo u r excellent edi
to rials.”
J. C. THOMSON, president, N o rth w est
B ancorporation, M inneapolis:
“F ifty y ears of successful h isto ry is
a long tim e in this w estern co untry
w here states like Iow a and M innesota
have not y et passed the one h u n d red
y ear m ark. A com paratively sm all
n u m ber of b anking in stitu tio n s in th is
area have continued th ro u g h the ups
and dow ns of business d u ring th a t
tim e.
“I congratulate you on the N orth
w estern B anker ’s first fifty y ears and
w ish you th e best of success in th e n ex t
fifty.”
E. O. F E N T O N , president, A m erican
In stitu te of B u sin ess, D es Moines:
“C ongratulations on th e Golden A n
n iv ersary of th e N orthw estern B anker ,
com m em orating your fifty years of
service in th e field of banking. You
have a long and successful record of
achievem ent.
“W hile our school is only twenty-five
y ears old, it has been a pleasure to
serve you du rin g one-half of your busi
ness lifetim e and we hope to continue
to w ork w ith you for m any y ears to
come.
“The first fifty y ears are the hardest,
so you should have sm ooth sailing
from now on.”
B anker .”
F.
ROLFE O. W A G N ER , p resident, Capi
tal City State Bank, D es Moines:
“C ongratulations on th e F iftieth A n
n iv e rsary of th e N orthw estern B anker !
The o u tstanding success of y o u r publi
cation is v ery gratify in g to y o u r m any
friends w ho have w atched th e grow th
of th e N orthw estern B anker to its
M. COVERT, assistan t cashier,
D rovers N ational Bank, Chicago:
“C ongratulations to you and y o u r
staff on y o u r F iftie th A nniversary.
“The N orthw estern B anker has
been a welcome guest at m y desk for
the p ast 25 y ears an d I hope th a t I can
(T u rn to page 46, please)
OUR
5 0 th YEA R
35
Our
to the
NORTHW ESTERN BANKER
on its
Golden Anniversary
SO U N D
O U R 5 0 th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B A N K IN G SERVICE
Northwestern Banker June 1945
36
50th Anniversary
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Northwestern Banker Jane 19'r5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O U R 5 0 tli YEA R
37
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker June 1945
38
<
Give your bank’s checks the advantages
X
«H rW H E R ,
X
The a d v a n ta g e s of
H a m m e r m ill S a fe ty
P R E S T IG E . Your customers know and
respect the Hammermill name. When
you use Hammermill Safety you link
th e prestige of your bank w ith the
prestige of the best-known name in
paper.
P R O T E C T IO N . Hammermill Safety
shows instantly any chemical or
mechanical alteration. Because it is
the safety paper m a d e c o m p le te
in o n e m ill, every protective fea
tu r e is u n d e r s c ie n tific c o n tro l
through every step of the m anufac
turing process.
Your customers will
appreciate Hammermill Safety be
cause it is easier to write on, takes
pen writing w ithout feathering or
scratching, and because it has the
quality to give dignity and impor
tance to their checks.
S A T IS F A C T IO N .
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
H am m erm ill P ap er C o m p a n y ,
1513 E a s tL a k e R o a d ,E r ie ,P a .
J
I
P lea se send m e—free—a co p y o f you r
H am m erm ill S a fe ty S a m p le B o o k a n d a co p y
o f “ B U S I N E S S C H E C K S — T h eir Proper P lann in g and D e s ig n .”
I
N a m e _________________________________________
Hammermill Safety is available in
Hammermill Paper Com pany, Erie, Pennsylvania
Northwestern Banker June 1945
seven pleasing colors and a variety
of surface designs. If you would like
the Hammermill Safety sample book,
ju st mail the coupon. No obligation.
No salesman will call.
«
I
P o sitio n ____________________________ ___________
*
(P lea se w rite on , or atta ch to , your bank le tterh ea d ) N W B -J u n
O UR 5 0 th YEA R
r
39
50th Anniversary Gf66t¡HgS
Soull 2>aUa
F,Na n c <*l a d v e ¿ Í Z R'
-~ « a ss:
¿ l« d ls I e ' W on
c
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C lif f o r d u e ? u y - p u illo h e r
Mr^ Cl«*0*"
Korttoresternn Banker
Des Moines, lo «*
Bear Wr- Be W -
xsaoc ia tio n . I
¿sS?r| ' ^ biirher
*'• I o w a
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® ^ f ° ° r k in d ly ^ 8’
40 ‘he banks aad
Sincerely
'C&
O U R 50tli YEA R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker June 19^5
40
Hats Off
to the
A
Half Century Club
The Bankers Whose Names Appear Below Have Served Their Banks and
the Public for Fifty Years or More. The Northwestern Banker, Now in
Its Fiftieth Year, Congratulates These Men on Their Many Years of
Service to Their Communities
A
IOWA
James G . Whitney
P re sid e n t
W h itn ey Loan and T ru st Com pany
A tlantic
Gustav G radert
P resid en t
Iow a State Savings B ank
Clinton
H. W . Hazelton
O . C . Perrin
E. L. Johnson
F irs t State B ank
G reene
P resident
F irst N ational B ank
W aver ly
John B. Mayer
C ashier
Iow a S tate B ank
H ull
John Dunlap
P resid en t
S ecurity S tate B ank
K eokuk
Council Bluffs Savings B ank
Norm F. Baker
T. G . Turner
P resid en t and Cashier
F a rm ers and M iners B ank
Lucas
C hairm an of Board
City N ational B ank
Council Bluffs
E. P. Farnsworth
P resid en t
Cresco S tate B ank
Cresco
George W . Richter
Capital City State B ank
Des Moines
Henry Kremer
D yersville
C . R. Carpenter
W . W . McRory
Citizens State B ank
O akland
W . S. Short
N o rth w estern S tate B ank
O range City
Fred J. Figge
P resid en t
Ossian State B ank
Ossian
F. von Schrader
G . O . Van Derveer
P resident
State B ank of W averly
W averly
G u y M. Butts
P resident
E xchange State B ank
W esley
Henry Guenther
F irst T ru st and Savings B ank
W heatland
MINNESOTA
Edwin Brickson
P resid en t
A drian State B ank
A drian
W . A . Shaw
C learw ater
B. M. Peyton
President
M innesota N ational B ank
D uluth
G . A. Whitman
P resid en t
S tate B ank of F ay ette
F ay ette
C hairm an of B oard and P resid en t
U nion B ank and T ru st Company
O ttum w a
Albert R. Benbow
John F. Gutz
Vice P resid en t and Cashier
Lee C ounty Savings B ank
F o rt M adison
P resid en t
P om eroy State B ank
Pom eroy
P resid en t
M innetonka State B ank
Excelsior
W . H. Rose
Ralph Hinman
J. S. Ulland
Vice P resid en t
F o rt M adison Savings B ank
F o rt M adison
P resid en t
F irs t N ational B ank
P rim g h ar
C hairm an of Board
F ergus F alls Natl. B ank and T ru st
F ergus Falls
Northwestern Banker June Í9J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
P resid en t
F irst N ational B ank
E veleth
O . W . Lundsten
O U R 5 0 th YEAR
41
F. M. Beach
J. R. Cain
Lyle
Vice P resid en t
Om aha N ational B ank
W . D. Willard
M ankato
J. W . O ’Neil
Joseph Chapman
Omaha N ational B ank
Omaha
M inneapolis
C . T. Jaffray
C hairm an of B oard
F irs t B ank Stock C orporation
M inneapolis
Theodore Wold
C hairm an of Board
N o rth w e ste rn N ational Bank
M inneapolis
F. H. Krook
Cashier
Citizens S tate B ank
New Ulm
C . H. Sommer
P resid en t and C ashier
State B ank of R ush City
R ush City
Otto Bremer
C hairm an of B oard
A m erican N ational B ank
St. Paul
W . B. G eery
St. P aul
H. B. Humason
P resid en t
A m erican N ational B ank
St. Paul
L. H. Ickler
T ru st Officer
A m erican N ational B ank
St. P aul
W . A . Mahl
C hairm an of B oard
F irs t N ational B ank
AVinona
NEBRASKA
R. C . Boyd
P re sid e n t
Carson N ational B ank
A u b u rn
H. H. W aite
B eatrice S tate B ank
W allace Robertson
P resid en t
B eatrice N ational B ank
B eatrice
C . K. Hart
P resid en t
A dam s C ounty B ank
K enesaw
C . W . Robinson
F irs t N ational B ank
Lincoln
ou
H. C . Van Horne
H. D. Miller
P resid en t
F irs t N ational B ank
S tanton
A . P. Pilger
Vice P resid en t and Cashier
F irs t N ational B ank
S tanton
C . E. W ood
P re sid en t and Cashier
B ank of Talm age
Talm age
H. A . Butt
F irs t N ational B ank
U nadilla
August Zimmerer
A ssistant Cashier
F irs t N ational B ank
York
NORTH DAKOTA
Fred A . Irish
C hairm an of Board
F irs t N ational B ank and T ru st
Fargo
SOUTH DAKOTA
J. S. Thomson
P resid en t
B ank of Centerville
C enterville
T. W . Delicate
P resident
C uster County B ank
C uster
NEW
DEPOSITORS
T odd S pecial C h eck in g A cco u n t
Services provide a means of getting
new depositors —and keeping them
as p ro fita b le custo m ers for o th e r
services. Busy people are w illing to
pay for the safety and convenience of
checking accounts w ith reasonable
pay-as-you-go charges.
Send for th e free b o o k let “NoM in im u m -B alan ce C h eck in g Ac
counts” w hich will help you deter
m ine th e p ro fit p o s s ib ilitie s for
yourself.
E. H. Benedict
Asst. M anager and Asst. C ashier
Office, F irs t N ational Bank, A berdeen
M ilbank
H. R. Kibbee, Sr.
P resid en t
Com m ercial T ru st and Savings B ank
M itchell
B. J. Binford
C hairm an of B oard
McDonald S tate B ank
N o rth P la tte
A ssistant Cashier
F irs t N ational Bank
P ierre
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.M
C hairm an of Board
F arm ers State B ank
Paw nee City
W . H. McDonald
OUR 5 0 th YEAR
7 5
PANY, IN C.
ROCHESTERR
SALES OFFICES IN
N E W YORK
PRINCIPAL CITIES
D IS TR IB U T O R S T H R O U G H O U T THE WORLD
THE TODD COMPANY, INC., ROCHESTER 3, N. Y.
P lease send me your b o o k let on N o -M in im u m B alance A cco u n ts. W ith o u t cost or o b lig a tio n , o f
course.
r
N a m e__ .__________ ____________ T itle ---------------------Bank N a m e--------------------------- -------------------------------Address--------------------------------------------— -----------------City___________________________ State-----------------------
Northwestern Banker June 19J5
42
P IO N E E R B A N K S
Which Have Already Passed the
H A L F C E N T U R Y MARK!
They extend their
64 Years Old
A U R E L IA ,
B o o n e State B ank and
T rust C om pany*
to the
IO W A
Northwestern Banker
W . H . B is c h e l, P r e s id e n t
H . H . D e y lo ff, C ash ier
C on tin u ed
Soun d B a n k in g
1881 - 1945
on its 50th A nniversary
S e r v ic e
B O O N E , IO W A
T . L . A sh fo rd , P r e s id e n t
J. F . C h r istia n se n , V . P . & C a sh ier
E s ta b lis h e d
*M em ber, F .D .I.C .
60th Anniversary
F irst N at’l Bank o f
B re c k e n r id g e*
56 Years Old
C arroll C ou nty State B ank*
T h ir ty -e ig h t y e a r s u n d er p resen t
m a n a g em en t
CARROLL.
G.
C.
C.
J.
H a lb e r t S h ir le y , P r e s id e n t
E . L. N e ls o n , V ic e P r e s id e n t
P e te r S eterd a h l, C ash ier
K. A . H in d s, A s s is ta n t C ash ier
1883
75 Years Old
IO W A
F irst State B ank*
B R E C K E N R ID G E , M IN N E S O T A
E s ta b lis h e d
62 Years Old
CONGRATULATIONS
F irst T ru st & Savin gs
B ank*
J. H e s s , P r e s id e n t
E . R e y n o ld s, V ic e P r e s id e n t
J. H e s s , C a sh ier
P . M e in h a r d t, A s s is t a n t C a sh ier
CHURDAN,
E s ta b lis h e d 1870
1885
IO W A
D . E . W h itn e y , P r e s id e n t
Y a te s E . A lle n , V . P . and C a sh ier
E s ta b lis h e d
1889
Since May 1, 1865
59 Years Old
53 Years Old
80 Years of Service
State Bank o f D u B o is*
F arm ers T rust & Savin gs
B an k*
DU
C lin ton N a tio n a l B an k*
C L IN T O N ,
IO W A
L . J. S c h u ster , P r e s id e n t
L . J. D erflin g er, E x e c . V . P . and C ash.
N EBRA SK A
E s ta b lis h e d
C.
E s t a b lis h e d 1886
55 Years Old
T h e First N ation al B an k *
F A IR B U R Y ,
B O IS , N E B R A S K A
L . C. F a r w e ll, P r e s id e n t
M a x C hurch, C a sh ier
P h a n e tta L . F a r w e ll, A .
The
M erchan ts N ation al Bank
and T rust C om p an y*
1883
L u th er B on h am , C hairm an o f B oard
C. J. B a c h o r itc h , V ic e C hairm an
Iv a n C. R ile y , P r e s id e n t
H . L iv in g s to n , C ash ier
FARGO, N O R T H
E s ta b lis h e d
DAKOTA
E A R L IN G , IO W A
A. E . H e e s e , P r e s id e n t
U lr ic h A lb ers, V ic e P r e s id e n t
W . B . R y a n , C a sh ier
A. J. H e s s e , A s s is ta n t C a sh ier
E s ta b lis h e d
1892
F irst N ation al B an k*
G O RDON, N EBRA SK A
D w ig h t G r isw o ld , C hairm an o f B o a rd
B . D . B erk h eim er, P r e s id e n t
M rs. A nn a S o ren sen , C a sh ier
G eo. B . C om er, A ss is t a n t C a sh ie r
E s ta b lis h e d
1890
1889
55 Years Old
59 Years Old
56 Years Continuous Service
N orth w estern State B an k *
T h e F irst N a tio n a l B ank*
T h e First N a tio n a l B ank*
HAY
S P R IN G S ,
NEBRASKA
of
L. C. S tie h l, P r e s id e n t
J. F . P rok op , V ic e P r e sid e n t
R. G u sta fso n , C ash ier
C arol P h illip s , A ss is ta n t C ash ier
E s ta b lis h e d
E s ta b lis h e d
59 Years Old
First N a tio n a l B an k*
M A N N IN G ,
IO W A
E s ta b lis h e d
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1886
NEBRA SK A
A . M . T illm a n , P r e s id e n t
W ill R o d g e rs, V ic e P r e s id e n t
G. H . L o o sc h e n , C a sh ier
K a th ry n O ste r lo h , A s s t . C a sh ier
1890
R. G. S u th er la n d , P r e s id e n t
E . D. S u th erla n d , C ash ier
H arry H in z , A s s is ta n t C ash ier
HO OPER,
1886
M cI n
t o sh
, M in
n e so t a
C. M . B er g , P r e sid e n t
G eo. A. B e ito , V ic e P r e s id e n t
G. D . H o y n e , C a sh ier
In g . A a se n g , A s s is t a n t C a sh ier
J. M . D y rd a h l, B o o k k e e p e r -T e lle r
A lic e U g g e n , A s s is t a n t
E s ta b lis h e d
1889
50 Years Old
61 Years Old
M aynard S avin gs B an k*
First N ation al B ank*
)
M A Y N A R D , IO W A
L . D . R o w le y , P r e s id e n t
O tto S c h m itt, V ic e P r e s id e n t
L . H . B u en n ek e, C a sh ier
P a u l A. H a r riso n , A ss t. C a sh ier
of M IS S O U R I
VALLEY,
G eo. A . K e llo g g , P r e s id e n t
H . F . F o s s , V ic e P r e s id e n t
F . C. B u rk e, C a sh ie r
E s ta b lis h e d
1884
IO W A
43
PIONEER BANKS
Which Have Already Passed the
H A L F C E N T U R Y MARK!
They extend their
70 Years Old
CONGRATULATIONS
76 Years Old
M o n tic e llo State B ank*
to the
Jasp er C ounty Savings
B ank*
M O N T IC E L L O , IO W A
N E W T O N , IO W A
Northwestern Banker
R. A. C artan o, P r e s id e n t
H a ls te a d M . C arp en ter, C ash ier
M e m b er F e d e r a l R e se r v e S y ste m
F red M a y ta g I I , C hairm an o f B oard
R a y O. B a ile y , P r e s id e n t
A. E . H in d o rff, C a sh ier
on its 50th A nniversary
^M em ber, F .D .I.C .
73 Years Old
F irst N ation al B an k *
N O R T H F IE L D , M IN N E S O T A
J. D . N u ttin g , P r e s id e n t
E. H . W a ts o n , V . P. & C ash ier
R. F . S h u m w a y , A s s t. C ash ier
M is s J o y c e P e te r s o n , A s s t. C ash ier
52 Years Old
U n d er O ur P r e s e n t C harter . . . w ith
u n in terru p ted b a n k in g s e r v ic e
S in c e 1856
O sage F arm ers N aF l B an k *
O SA G E , IO W A
C a p ita l:
S u r p lu s:
$100,000.00
$100,000.00
56 Years Old
F irst N ation al B an k *
P R IM G H A R , I O W A
R. H in m a n , P r e s id e n t
W . L. R an d olp h , V ic e P r e s id e n t
F . C. B o rd ew ic k , C ash ier
J a m e s M . M e tc a lf, A s s t. C ash ier
53 Years
F arm ers and M erchants
N ation al B an k*
U n d er th e sa m e fa m ily o w n e rsh ip
m a n a g em en t
OA K LA N D. N EBRASK A
E s ta b lis h e d
1882
54 Years Old
F ren ch m a n V a lle y Bank*
C itizens State B ank*
P A L IS A D E ,
N EBRASK A
C has. F . W . B lo e d o r n ,
C arl H . W ig g e n h o r n , V .
A . J. B a x te r , C a sh ier
E . S ch ip m a n , A s s is t a n t
V iro n E . B a x te r , A s s t.
P O S T V IL L E ,
P r e s id e n t
P r e s id e n t
E s t a b lis h e d 1887
1891 _
1945
63 Years Old
St. A nsgar C itizens State
Bank
S trom sb u rg B ank*
STRO M SBUR G ,
S A IN T A N SG A R , IO W A
N EBRA SK A
T o ta l R eso u r ces o v er
$1,000,000.00
O. H . K och, C hairm an o f B oard
A lb ert H a lv o r s o n , P r e s id e n t
A . B y ro n G o lb erg , V . P r e s id e n t
O. L . M u e lle r , C a sh ier
M e m b er F e d e r a l R e se r v e
S y ste m
E . C. N o rlu n d , P r e s id e n t
W e’re for Y ou as Y ou Have Been
for the Northwest
First State B ank*
W A U K O N , IO W A
W E S T B R A N C H , IO W A
C. H . M e g o rd en , P r e s id e n t
G uy W . E a to n , V ic e P r e s id e n t
E lm e r A. F o g t, C a sh ier
W . C. K ie sa u , A s s is t a n t C a sh ier
L eo L . S a m ek , A s s is t a n t C a sh ier
E s ta b lis h e d
IO W A
G eorge K o h lm a n n , P r e s id e n t
A . C. W e b s te r , V ic e P r e s id e n t
L eo O. B eu ch er, C a sh ier
M . B . C a sten , A s s is ta n t C a sh ier
M a r tin N e ls o n , A s s is t a n t C a sh ier
C a sh ier
C a sh ier
W aukon State B ank*
E s ta b lis h e e d 1892
C IT Y , I O W A
58 Years Old
T h e W atk in s S avin gs B ank
Joh n A. S ch m id t, P r e s id e n t
Joh n B o d d ick er, V ic e P r e s id e n t
A . J. S ch m u eck er, C ash ier
Id a M a e B ec k e r, A s s t. C ash ier
ORANGE
W . S. S h o rt, C hairm an o f B oard
H . R o w e n h o rst, P r e s id e n t
H . C. M o r et, V . P . & C a sh ier
N e v a K lein , A s s is t a n t C a sh ier
C. C. N eu m a n n , P r e sid e n t
C hase N eu m a n n , V . P. & C a sh ier
A . A. A n d erso n , A ss t. C a sh ier
E s ta b lis h e d 1892
74 Years Old
IO W A
N orth w estern State B ank*
and
53 Years Old
W A T K IN S ,
63 Years Old
1875 — 1945
F . W . H in k h o u se , P r e s id e n t
J. C. B a rn h a rt, V ic e P r e s id e n t
L . C. R u m m e lls, C a sh ier
1871
Ninety Years
o f fa ith fu l b a n k in g
s e r v ic e
F irst N ation al B ank*
of W IN O N A , M IN N E S O T A
G eorge M . R o b e rtso n , P r e sid e n t
E r n e s t E . S h ep ard , V ic e P r e s id e n t
H a r ry L. H a r rin g to n , C ash ier
C h e ste r A . F o c k e n s , A ss t. C a sh ie r
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The Northwestern Banker
Since 1891
A C o m p lete B a n k in g S e r v ic e
A m erican State B ank*
YANKTO N, SO UTH DAKOTA
is
and
proud
to
e d ito r ia l
lis h e d
b a n k s,
r e p r ese n t
th ro u g h
c o lu m n s th e s e
w h ic h
have
it s
lo n g
b een
new s
e s ta b
s e r v in g
th e ir c o m m u n itie s fe r 50 y e a r s or m ore.
Northwestern Banker June 1945
44
From Early Pages of the Northwestern Banker
*JO H N
T. H A M IL T O N
F o rm e r C h a irm a n B o a rd , M e rc h a n ts N a
tio n a l B a n k , C ed ar R a p id s, Io w a , an d
f a th e r of Jam es E. H am ilton, p re s e n t
c h a irm a n of th e b a n k , a n d g r a n d fa th e r of
Capt. John T. H am ilton, II, V ice P re s id e n t
of th e b a n k , now in E n g la n d w ith th e
8 th A ir F orce.
*F . H . D A V I S
C h a irm a n of th e b o a rd , F i r s t N a tio n a l
B a n k of O m aha u n til 1935. H e w a s th e
f a th e r of T. L. D avis, p re sid e n t, a n d g ra n d
f a th e r of J. F. D avis, vice p re s id e n t of
th e b a n k .
Ì
* W . C. M a c F A D D E N
S e c re ta ry , N o rth D a k o ta B a n k e rs A sso cia
tio n u n til 1932 a n d who d ied in M ay 1914
a t th e age of 8 i.
*Decensed.
Northwestern Banker June 19J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
TH EO DO RE W OLD
C hairm an of th e B oard o f the
N o r th w e ste r n N a tio n a l B an k , M in n e a p o lis
OUR 50th YEAR
*
★
★
★
★
★
★
★
★
★
★
★
★
★
★
*
*
★
*
if
*
if
*
if
C o n g r a t u l a t i o n s !
*
if
*
if
Officers and employees of First National
*
if
*
Bank of Minneapolis extend to the
if
*
Northwestern Banker hearty congratulations
if
if
on the completion of fifty years of
*
if
constructive service to the banks and
if
*
bankers of the Northwest.
if
*
Best wishes for the future!
*
if
*
if
*
*
F IR S T « N A T IO N A L
*
B A N K
if
o f M in n e a p o lis
yL
*
O R G A N IZ ED IN 1864
*
*
M em ber F ed eral D ep o sit In su ran ce C orporation
A ffiliated w ith F irst Bank Stock C orporation
*
*
*
O U R 5 0 th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
*
*
*
*
*
*
*
*
*
*
*
*
*
if
if
Northwestern Banker June 19J5
46
When Bookkeeping Was Crude
And Balancing Pass Books at the End of Each Month
W as Almost an All-Night Process
By Fred A . Irish
Chairman of the Board
First National Bank and Trust Company
Fargo, North Dakota
HAVE been in th e ban k in g business
in th is area for m ore th a n fifty years
and it is quite possible I am the
oldest b a n k e r in point of service of
anyone in N orth D akota—a t least I
don’t know of anyone w ho has been
in the business any longer th a n I have.
I have seen m any changes dow n
th ro u g h th e years, not only from a
banking standpoint, b u t m ore espe
cially in ag ricu ltu re. I have seen our
state go from w h eat grow ing alm ost
exclusively, to one of th e m ost highly
diversified a g ric u ltu ra l states in th e
Union. A nd d u rin g m y ban k in g ca
re e r I have gone th ro u g h all the panics
from 1893 to date.
W hen I first sta rte d in th e ban k in g
business m any y ears ago th e system of
bookkeeping w as v ery crude. Book
keeping in th e b anks w as conducted
m ore or less in a h ap h azard way.
T here w ere very few ty p e w rite rs used
in th e b anks at th a t tim e. Conse
quen tly our correspondence and ev ery
th in g else, of w hich records had to be
kept, w as done th ro u g h th e m edium
of the old copying book, w hich usually,
on account of excessive m oisture,
sm elled u n to heaven. U ntil th e advent
of the B oston ledger, w hich was, by
th e way, in v en ted here in N o rth Da
kota by W ill Lewis, w hom I succeeded
in th e b an k here, bookkeeping w as a
p re tty slow and cum bersom e process,
b u t w ith th e ad v en t of th e new ledger,
bookkeeping becam e a pleasure.
One of th e banes of our lives w as
balancing pass books a t th e end of th e
m onth. T hey used to come in by the
load, and everybody w ould w an t his
book th e first of th e m onth, so it
usually took us about half th e n ig h t
I
//
to get these pass books out. B ank
hou rs in those days w ere from early
m orning until you got th ro u g h at
night.
F R E D A. IR IS H
L o n g e s t S e r v ic e in N o rth D a k o ta
As for a credit system , th ere w asn ’t
any such anim al. If th e custom er w as
asked for a statem ent, he eith er
knocked you dow n or quit doing busi
ness w ith you.
I have often th o u g h t it w ould be en
lig h ten ing to take our tra n sit and
bookkeeping forces back to the old
days and show them w h at we had to
do, and w h at a soft snap th ey have
now w ith all th e ir m echanized equip
m ent, and also to note our h o urs in
those old days.
(C ontinued from page 34)
w estern
B anker , accept m y best
w ishes for an o th er half c en tu ry of
service to yo u r subscribers, to the gen
eral public and to th e U nited States of
A m erica.”
W A L T E R AV. H E A D , president, Gen
eral A m erican L ife In surance Com
pany, St. Louis:
I). E. CH A M BER LIN , vice president,
D rovers N ational Bank, Chicago:
“As a r e g u l a r r e a d e r o f th e N orth -
“It is in terestin g to know th a t the
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ROBERT R. MYERS, m anager, Capital
City P rin tin g P late Com pany, D es
Moines:
A. S. BA G N A LL, vice p resident, The
L ive Stock N ational Bank of Chicago:
//
Northwestern Banker June 19b5
given a half cen tu ry of constructive
and helpful service to the banking
field, b ut not su rp risin g to th e D rovers.
We are all liable to go along from year
to year w ithout th in k in g of th e things
w hich co ntribute to our success and
w elfare. T he N or thw estern B anker
has for m any y ears had a large p a rt in
this. W ithout question y o u r publi
cation, like good w ine, grow s b etter
w ith th e years. Y our m any friends at
th e D rovers extend to you best w ishes
for yo u r continued success.”
“A tru e y ard stick to m easure fifty
y ears of life is th e co ntribution m ade
to society.
“F ifty Y ears of existence for a publi
cation is indicative in itself as to th e
value of th e services rendered in its
p articu lar field.
“May we, as a rep resen tativ e of th e
Des Moines p rin tin g in d u stry , con
g ratu late you on your com m endatory
accom plishm ent.”
Thanks for Your Congratulations
continue to read it for an o th e r 25 y ears
and be w ith you at y o u r Seventy-fifth
A nniversary. B est w ishes for your
continued success.”
N orthw estern B anker has this year
“All of us here a t The Live Stock
N ational B ank of Chicago join your
m any friends in extending our h e a rti
est congratulations to you and your
associates on th e occasion of th e F if
tieth A n n iv ersary of th e N orthw estern
B anker .
“I t w as ju st 26 y ears ago th a t I
sta rte d calling on our b an k er friends
in Iowa; th en as now th e N orth
w estern B anker w as th e m ost w idely
read publication of its kin d th ro u g h o u t
the state. U nder yo u r guidance and
w ith th e able assistance of R alph W.
M oorhead, H en ry H aynes and o thers
of your staff, its pages continue to
carry inform ation, new s and opinions
of value to ban k ers th ro u g h o u t th is
territo ry , and you have our best w ishes
for your continued success.”
HARRY S. M cCONACHIE, vice p resi
dent, A m erican M utual L ife In su r
ance Com pany, D es Moines:
“As you celebrate th e 50th an n iv e r
sary of the N or thw estern B anker ,
I w an t to take th is o p p o rtu n ity to ex
ten d to you m y sincere congratulations
for th e excellent job th a t you have
done in publishing this fine m agazine.
“The N orthw estern B anker has
th e rep u tatio n of being one of th e o ut
standing b an k publications in th e
co u n try .”
(T u rn to page 49, please)
O U R 5 0 th YEAR
47
il
S
O
F
C
H
E
A LF
C
K
S
wA Y
?
i t would take a lot of checks,
placed end to end, to extend halfway around the world
at our latitude—a distance of 10,155 miles. But our
Transit Department, working with maximum speed
and efficiency in its daily transactions, handles this
great volume of business in an average year.
Because of what our correspondents say of our
methods of operation, we feel that the miles of checks
handled by our Transit Department are also milestones
of achievement for The Philadelphia National Bank.
We will always be glad to discuss possible corre
spondent relationships, and will do so informally if
you prefer.
THE PHILADELPHIA
NATIONAL BANK
a n // . C /.a ryfi/ JlSan m 0emnSy/wania
PHILADELPHIA
O U R 5 0 th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1,
PA.
★
ORGANIZED
1803
Northwestern Banker June 19^5
48
From Early Pases of the Northwestern Banker
»SE N A T O R JO SE P H
H. M IL L A R D
»E M M O N S JO H N S O N
W ho w as c h a irm a n o f th e b o a rd o f th e
O m aha N a tio n a l B a n k u n til 1922 an d
g r a n d fa th e r o f Lt. Col. W. B. M illard, Jr.,
vice p re s id e n t of th e b a n k .
W as one o f th e p io n e e r b a n k e rs of Io w a
a n d in 1927 he w as c h a irm a n o f th e b o a rd
o f th e W a te rlo o S a v in g s B a n k a n d th e
F ir s t N a tio n a l B a n k of W av e rly . H e Avas
also one o f th e fo u n d e rs of L e a v itt &
Jo h n so n T ru s t C om pany of W aterlo o . H e
w as th e f a th e r of E. L. Johnson, d ire c to r
of th e N a tio n a l B a n k o f W aterlo o , p re s i
d e n t o f th e F ir s t N a tio n a l B a n k of W a v
e rly a n d fo rm e r d ire c to r o f th e F e d e ra l
R eseiw e B a n k of C hicago.
T h ree A .B .A . e x -p re sid e n ts ta k e n d u rin g A tla n tic C ity c o n v e n tio n 22
y e a rs ago. L e f t to rig h t: F. O. W atts, h o n o ra ry c h a irm a n of b o a rd ,
F i r s t N a tio n a l B a n k , S t. L o u is; Robert F. M addox, c h a irm a n , finance
c o m m itte e, F i r s t N a tio n a l B a n k o f A tla n ta , a n d "Charles A. H insch,
th e n p re s id e n t, F i f t h T h ird N a tio n a l B a n k , C in c in n a ti, now F i f t h T h ird
U n io n T ru s t C om pany.
*C. H. M c N I D E R
P re s id e n t, F ir s t N a tio n a l B a n k , M ason
C ity , Io A v a , u n til 1928 a n d f a th e r of B rig.
Gen. H anford M acN ider, on d u ty in th e
P acific.
»D eceased.
Northwestern Banker June 19'/5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O UR 5 0 th
Y EA R
49
50th Anniversary
GfßßtitigS
/ / y / J Û J i m / / â rm
O RG AN IZED
1884
s| C O R PO RATED 1906
»tate of Mi nnesota
BANKING
DIVISION
D E P A R T M EN T O F CO M M ER CE
S A IN T P A U L 1
Ur. C liffo r d Da PU7 , P u b lis h e r
n o rth w e ster n Banker
Des M oines, Iowa
Dear Ur. De Puy:
C o n g r a tu la tio n s on a t t a in i n g your 50th an n iv er sa ry ]
We hope we may have many more y e a r s o f you r good
HORTHWESTESB BROTHER.
Mr. C liffo r d De Puy, P u b lish e r
The N orth w estern Banker
Des Moines 9 , Iowa
Yours very t r u ly ,
JL C. Id 8 voog,
P r e s id e n t
Dear Mr. De Puy:
A
A C Ilh j
My h e a r ty c o n g r a tu la tio n s to you on t h i s o c c a s io n
comiremorating a h a l f cen tu ry o f b u s in e s s l i f e .
D uring th e s e y.ear 6 you have rendered v a lu a b le
a s s is t a n c e to th e banking and f i n a n c ia l i n t e r e s t s
o f th e Northwest through th e p u b lic a tio n o f i n t e r
e s t in g »nd sound a r t i c l e s in th e NORTHWBSTiSN BANNER.
B e s t w ish es f o r your fu tu r e s u c c e s s .
S in c e r e ly y o u r s,
7.
"TH A N K S FO R Y O U R
C O N G R A T U L A T IO N S "
(C ontinued from page 46)
M. C. HOOK, JR., assista n t vice p resi
dent, M ississipp i V alley T rust Com
pany, St. Louis:
“My co n g ratu latio n s to th e N o rth
w e s t e r n B a n k e r on a half-century of
ou tstan d in g perform ance. M ay y o u r
forw ard-looking jo u rn a l have m any
m ore y ears of success.
“The real te sts of any publication, I
believe, are th e degree of influence it
w ields in its p a rtic u la r sphere, and the
degree of service it re n d e rs its readers.
C ertain ly th e N o r t h w e s t e r n B a n k er
has m et and passed b oth th ese tests
w ith notable success.
B anking is
going to need th e N o r t h w e s t e r n
B a n k e r ’s services m ore th a n ever in
th e im p o rta n t y ears to com e.”
GEORGE A. MALCOLM, vice presi
den t and cashier, D rovers N ational
B ank of Chicago:
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A. Amundson
“The Golden or F iftieth A n niversary
is one to be proud of and th e N o r th
w e s t e r n B a n k e r is to be co n gratu
lated on its splendid success and the
m any friends it has m ade du rin g th a t
period. More pow er to you! May the
N orthw estern
B a n k e r continue to
grow and grow .”
operation th a t has been extended to us
over th a t period of tim e.
“You are doing a g ran d job and m y
self and associates join w ith your
m any friends in w ishing you continued
success.”
D A VID H. R E IM ERS, president, the
L ive Stock N ational B ank of Chi
cago:
“W e w ish to extend our m ost sincere
congratulations to th e N o r t h w e s t e r n
B a n k e r and its publisher, Clifford
De Puy.
“The gro w th and success of th is pub
lication is indeed enviable. W e con
sider it one of th e m ost aggressive
periodicals for b an k ers th a t has ever
been published. W e have learned the
advantage, to be achieved, in having
m ost of our em ployes m ake it a point
to read th e N o r t h w e s t e r n B a n k er
each m onth, and we th in k th a t all
b an k ers in th is area are v ery fo rtu
nate, indeed, to have a N o r t h w e s t e r n
B a n k e r and a Clifford De P uy.”
“C ongratulations to you and your
en tire organization on th e occasion of
th e 50th A nn iv ersary of the N o r th
w estern
B anker.
“I have been a read er of th e N o r th
w e s t e r n B a n k e r for m ore th a n tw entyfive years, and to me it has been a
source of banking new s alw ays to be
depended upon for full coverage of
all banking events.
Your records
w ill show th e m any years w e have
been an adv ertiser in th e N o r th
w e s t e r n B a n k e r , and we g reatly ap
p reciate th e friendly a ttitu d e and co
F. M. MORRISON, p resident, V alley
Savings Bank, Des Moines:
(T u rn to nex t page, please)
Northwestern Banker June 19^5
50
Iowa Banking in 1884
When Hawkeye Land W as Selling for $5 to $ I0 Per Acre
WAY back in th e early 80’s a cer
ta in m an ow ned and o perated a
general store in W esley, Iowa. A ra il
road w as established, and W esley be
cam e a th riv in g tra d in g center. F a rm
ers w ould b rin g th e ir g rain and oth er
produce to th e elevator in W esley, and
get paid by check. T here w as no b an k
in W esley at th a t tim e, so th e farm ers
w ould b rin g th e ir checks to th e general
store to be cashed, buy w h at food and
clothing th ey needed at th e m om ent,
and th e n because th ey d id n ’t w an t to
c arry th e balance of th e m oney on th e ir
person, w ould ask the ow ner of th e
store to place it in his safe.
E v en tu ally th is deposit of funds be
cam e som ew hat of a burden. The store
ow ner com plained about it one day to a
b an k er in a n eighboring tow n, and th e
b an k er suggested th a t th e m erch an t
s ta rt a bank. A sh o rt tim e later th e
m erch an t w as in Chicago on a business
trip, m ade a connection w ith a Chicago
bank, and cam e back to W esley and
opened for business. T h at w as how
the E xchange State B ank of W esley
got its start. The m erch an t w as the
fa th e r of Guy M. B utts, p re se n t p resi
dent of th e E xchange State Bank.
A
Guy B utts, 61 y ears in th e b anking
business in Iowa, sta rte d as cashier of
th e W esley E xchange Bank, a p riv ate
in stitu tio n , in 1884. In 1900 he bought
his fa th e r’s in te re st in th e b an k and in
1912 took out a S tate ch arter, and
changed th e nam e to th e E xchange
S tate Bank. W hile he did not become
presid en t of the in stitu tio n u n til 1940,
he has been for m an y y ears th e p rin
cipal stockholder.
B anking in th e 80’s and early 90’s
w as som ew hat different th a n it is to
day, according to Mr. B utts. L and w as
selling for $5 to $10 p er acre, and th e re
w ere no farm loans like th e re are to
day. All th e large loans th en w en t to
th e big city b an k s or E a ste rn in terests,
because th e co u n try b anks d id n ’t have
enough m oney to handle them .
W h at loans th a t w ere m ade w ere
ch attel m ortgages—th e w ife w as not
req u ired to sign, and the m ak er could
skip out in th e n ig h t and leave th e
b ank holding th e sack.
In te re st rates w ere 2 per cent per
m o n th —if a loan of $100 w as made, the
borro w er got $76—th e in terest w as
paid in advance. On large notes, in
te re st rates w ere 10 p er cent to 12 per
GUY M. B U T T S
61 Y ea rs an I o w a B a n k er
cent. The b ankers of those days figured
th ey w ould have to go out of business
w hen th e legislature passed a law to
reduce in terest rates to 8 per cent.
Those w ere the tim es w hen a $20 bill
w as th e largest p aper m oney th a t could
be used for legal tender.
Mr. B utts tells about using pen and
ink for all book w ork, and accounts
w ere kept in ju s t an o rd in ary ledger.
T hen th ere w as the pass-book job every
m o n th —all statem en t inform ation had
to be p u t in a pass book, and Mrs.
B utts, w ho helped out in the bank,
w orked m any a w eary n ig h t on pass
books. The b ank w ent to m onthly
statem en ts w hen it obtained its State
ch arter.
Looking into th e fu tu re, Mr. B utts
says loans w ill re tu rn to banks some
day, b u t he believes in te re st rates will
be low for m any y ears to come.
“I can recall fifty years ago quite eas
ily—G rover Cleveland, Queen V ictoria,
and a billion dollar national debt, b u t
I don’t rem em ber the b irth of th e
N orthw estern B anker . H ow ever, it
m ust have been a lusty yo u n g ster,
gauged by its p resen t g irth and good
health, and I congratulate you m ost
h eartily upon its fiftieth b irth d ay .”
K
L. M. BARLOW , m anager D es M oines
office, T h o m s o n & M cK innon,
Brokers:
“My congratulations to you upon
your F iftie th A nniversary, w hich, like
so m any successful businesses, has had
its ups and downs. Best of all, how
ever, you have k ep t th a t fine, jovial,
friendly sp irit th a t m akes it a joy and
pleasure to m eet you at any tim e, espe
cially around m eal tim e.
“I recall so well, n early forty y ears
ago, w hen y o u r fine, old dad called a t
our b ank h ere in Des Moines, w h ere
I w as one of th e officers, and I visited
w ith him for th e first tim e. Before he
left he took our subscription for y o u r
N orthw estern B anker , and th ere have
been few tim es du rin g these p ast years
th a t I have n ot been a reg u lar re a d e r
and I have alw ays enjoyed it.
“You are carry in g on in a splendid
w ay th e fine trad itio n s and principles
of your father, and I am v ery happy
for you. May the years ahead continue
to be happy and prosperous ones for
you and y o u r organization.”
Y
V
A
G. W . M cSW E EN EY , president, DeL u xe Check P rinters, Inc., Chicago:
“I w as delighted to learn th a t th e
N or thw estern B anker is celebrating its
F iftie th A nniversary.
“We, ourselves, are youngsters, only
having been in business for th irty
years, and y et we don’t feel disposed
to refer to you as ‘g ran d p a’ because
you have been successful in keeping
your business ‘fifty y ears young.’
“More pow er to you and m ay the
n ex t fifty . y ears find you still in th e
saddle.”
JOHN BU R G ESS, form er vice presi
dent, N orth w estern N ational Bank
of M inneapolis:
“I w an t to offer m y congratulations
on th e Golden A n n iv ersary of an o ut
stan d in g publication—the N o r thw est
ern
A
i
B anker .”
"TH A N K S FO R Y O U R C O N G R A T U L A T IO N S "
(C ontinued from page 49)
“I t is a pleasure for me to send you
ev ery good w ish for continued prosp e rity and life ev erlastin g .”
“ I am v ery m uch in terested and
pleased to know th a t you are célébrât- F R E D A. CUSCADEN, vice president,
ing th e F iftie th A n n iv ersary of th e
The N orthern T rust C om pany of
H E N R Y P. TU R N B U L L , vice president, ( entrai H an over B ank & T rust
Cornpany of New7 York:
N
o rth w ester n
B
anker
.
Northwestern Banker June 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Chicago:
B. C. H O PK IN S, p resident, The H op
k in s In surance A gen cy, D es M oines:
“Your F iftie th A nniversary.
“In 1895, the y ear I first cam e to
Des Moines, I did n ot know w h a t an
im p o rtan t event w as tak in g place at
th a t tim e, th e b irth of th e N o r t h w e s t
ern
B
anker
.
O U R 5(hh
YEAR
1
51
“Since th e n I have realized w h a t it
h as added to th e Des Moines business
life, and I hope th e n ex t fifty y ears w ill
b rin g as m uch to you and Des Moines
as th e p ast fifty have b ro u g h t to you.”
C H A R L E S P. F IS K E , vice p resident,
General M otors A cceptance Corpora
tion, NeAV York:
“I am delighted th a t you are celebrat
ing y o u r F iftie th A n n iv ersary of th e
N
o rth w estern
B anker.
“ It m u st be a g reat satisfaction to
kn o w th a t you have served th e te r r i
to ry so w ell and I w ish you th e best
of luck in th e y ears to com e.”
both high quality service and success
ful m anagem ent. You are entitled to
a g reat deal of personal credit for the
success achieved in p ast years, d uring
w hich you have been the guiding sp irit
of th e organization. My very best w ish
es to you for continued success!”
P H IL IP R. CLARKE, president, City
N ational B ank & T rust Com pany of
Chicago:
“The fiftieth b irth d ay of the N o r t h
B a n k e r is a rem in d er of the
long span of years in w hich th e publi
cation has been so faithfully and effec
w estern
tively serving the in terests of banks
and b ankers th ro u g h o u t th e nation.
“Please accept th is note as an ex
pression of both g ratitu d e and congrat
ulations, together w ith our best w ishes
for continued progress.”
S. S. FORD, president, N orthw estern
N ational Bank of M inneapolis:
“I w an t to congratulate you on the
F iftieth A nn iv ersary of your N o r t h
w e s t e r n B a n k e r and to extend the hope
th a t you will have m any m ore years
of useful, pleasant and in terestin g dis
sem ination of new s of th e central
A. E. BRYSON, vice president, H alsey,
Stuart & Com pany Inc., Chicago:
“H earty cong ratu latio n s on reaching
th e fiftieth m ilepost in th e organization
h isto ry of th e N o r t h w e s t e r n B a n k e r .
To have su rv iv ed th e rigors of th e p ast
even tfu l half ce n tu ry is som ething of
an achievem ent in itself, b u t to have
reg istered consisten t grow th in size
and in service is som ething of w hich
you m ay be g enuinely proud. It speaks
w ell for th e soundness of y o u r basic
principles and for th e service w hich
you have ren d ered and au g u rs w ell for
yo u r fu tu re, w hich we hope m ay be as
useful and p rosperous as y o u r very
creditable p ast.”
G ERARD S. N O LLEN , president,
B ankers L ife Com pany, Des Moines:
“My associates in th e official fam ily
of th e B ankers Life C om pany join me
in sending h e a rty congratu latio n s on
th e F iftie th A n n iv ersary of th e N o r t h
w estern
B anker.
“You m ay well be proud of the fifty
year record from th e stan d p o in t of
^
and
Kindest Personal Regards
to
Clifford, Henry, Ralph and the
entire Northwestern Banker staff.
■ ■ ■
It has been my pleasure to know
all of you intimately for many
years and to watch the growth of
the Northwestern Banker for a
good share of its 50 years. May
you continue to prosper!
LAVERNE M. BARLOW, Mgr.
T h o m s o n & M cK i n n o n
Stocks . . . Bonds . . . Com m odities
Empire Bldg.
Des M oines
Phone 4-2127
O CR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker June 19J5
52
n o rth w e st to all th e financial in s titu
tions in th a t area.
“R eceiving th e N orthw estern B ank
er is like going to a convention of
ban k ers of vario u s states in y our te r r i
tory, for th ro u g h it I keep tra c k of all
m y friends in Iowa, N ebraska, M inne
sota and th e D akotas.
“B est w ishes for a fu tu re th a t will
reg iste r a g row th as g reat as th a t
w hich has occurred in th e p ast.”
way in w hich the N orthw estern B ank
has grow n in usefulness du rin g th a t
period. H ere in th e E ast we have a
com fortable feeling th a t we can,
th ro u g h your colum ns, keep ab reast of
th e real th ings th a t are happening
am ong banks in your area.
“C ongratulations and all good w ish
es for th e n ex t half cen tu ry !”
M E R R ILL A N D E R SO N , The M errill
A nderson Company, N ew York:
“My associates and I w ish to con
g ra tu late you on the fiftieth b irth d ay
of th e N orthw estern B anker .
“T here have been m any changes in
“You certain ly have every rig h t to
be proud of th e p ast fifty y ears and th e
er
SOLOMAN A. SM ITH, president, The
N orthern T rust Com pany of Chicago:
the business w orld d u rin g the p ast fifty
years in y o u r line of endeavor, as well
as in the b anking business. The N orth
w estern B anker has played its p a rt in
the recording of th e histo ry of this era,
and we hope m ay continue to do so for
m any y ears to come, in the sam e cred
itable w ay.”
JC
GUY EM ERSON, vice president, B ank
ers T rust Company of N ew York:
“I w an t to add m y cordial co n g ratu la
tions to th e m any received from your
friends on the occasion of the F iftieth
A n n iv ersary of the N orthw estern
B anker . Y ou have earned the fru its of
your constructive w ork in th e p u blish
ing field, in a highly im p o rtan t and
grow ing section of the U nited States.
Please accept m y best w ishes for your
continued success.”
V. L. BA R TL IN G , a ssistan t vice presi
dent, The F irst N ational Bank of
Chicago:
-Y
V
“In the year 1945 th e N orthw estern
B anker celebrates its F iftieth A n n iv er
sary. A record of fifty y ears of suc
cessful service is indeed a com m end
able one and it gives me great pleasure
to congratulate you and your associ
ates. May you have long years of con
tinued success and happiness.”
L. E. E L L IS, president, L. E. E llis &
Company, D es Moines:
“Allow me to offer m y congratula
tions and th e best w ishes of th e L. E.
Ellis Insu ran ce A gency on th e F iftieth
A n n iversary of the N o r t h w e s t e r n
B anker .
1895-
■/9 4 5
“I know how highly banks esteem
your fine publication and how fa ith
fully you and your fath er before you
have served these banks th ro u g h o u t
five decades.
“I also have a keen appreciation of
th e sen tim en t of the occasion, having
Q a * U fn ,a tu la tla * i¿
V.
Ótt Ij-OMSi 5 Otit /Ifiktiv e.'i'L&'uÿ
/
☆
The Hopkins Agency
C A P I T A L C I T Y P R I N T I N G P L A T E CO.
( 3 a * n p .l e ie
P * ii+ itin < f, P l a t e
1912 G R A N D A V E .
Northwestern Banker June Í9J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S e r v ic e
215 Securities Building
DES MOINES, IOWA
Service to Clients 46 Years
DES MOINES, IOWA
O UR
50th
YEAR
53
Zip and Good Cheer
F. C. H E N E M A N , president, F irst
N ational Bank of M ason City,
Iowa:
“C ongratulations on th e 50 years.
It re p re se n ts an u n u su ally long pe
riod of co ntinuous service especially
of th e consisten tly high type w hich
you have m aintained.
“B ut beyond th e N o r t h w e s t e r n
B a n k e r is yourself. As th e boy on
th e G ildersleeve pro g ram says of his
‘U n k ’—‘W h at a ch a ra c ter.’ He says
it affectionately and so do we. Your
zip and good cheer are alw ays stim
u latin g and c u ttin g it short, we like
you.
“W e celebrated our 75th A n n iv er
sary last year. T he w hole gang
joins me in w ish in g you good luck.”
N ational sends you salutations and
v ery best w ishes for continued success
w hich yo'u so richly deserve.
“I t is alw ays a pleasure to us here
to see you com ing into our office; you,
a fine friend w ho stands for nothing
b u t th e b est and w hose friendship we
prize so highly. Good luck to you,
Cliff.”
ROD M ACLEAN, ad vertisin g m anager,
C alifornia Bank, Los A ngeles:
“C ongratulations on th e auspicious
occasion of N o r t h w e s t e r n B a n k e r ’s
Golden A nniversary.
“I w as ju st about to say th a t if the
N o r t h w e s t e r n B a n k e r could talk, it
w ould have an in terestin g sto ry to tell.
F iguratively, it can talk and has had
m uch to say dow n th ro u g h th e years
—and w h at it has said has been ‘good
talk .’
“To a degree, m uch of the histo ry
of our co u n try du rin g the p ast half
cen tu ry has been recorded in th e m aga
zine’s pages. A jo u rn ey th ro u g h those
pages w ould be m ost interesting.
“Looks like th e nex t fifty y ears ought
to be m ighty in teresting, too. And if
the N o r t h w e s t e r n B a n k e r does as good
a job of rep o rtin g and editorializing as
it has done up to now, I am sure th ere
P IO N EER IN G
rec e n tly been honored by a n u m b er of
m y own dear frien d s w ho helped me
celebrate m y F iftie th A n n iv ersary in
th e in su ran ce business.
“It is p leasan t for us to look fo r
w ard to m any m ore h appy business
y ea rs and p leasan t relatio n s betw een
you r organization and ou rs.”
IN
P R O TEC TIO N
Bankers Life Company, established in 1879, pioneered in the
JA M ES E. HAM ILTO N, chairm an,
M erchants N ational Bank, Cedar
Rapids:
field of protection just as Northwestern Banker did in the pub
“F ifty y ears for th e N o r t h w e s t e r n
B a n k e r , y o u r Golden A n n iv ersary —
doesn’t tim e fly?
“The w hole staff of th e M erchants
Bankers Life, 38th in age among all United States companies,
lishing field.
now ranks 20th in size, with a total of $945,000,000 of ordinary
and group life insurance in force, and $335,000,000 of assets,
Iowa’s largest financial institution.
Greetings!
Bankers Life continues to pioneer as the first Iowa company to
enter the Group field, and as the first life insurance company
to introduce Group Permanent. Though comparatively new in
May we please extend con
gratulations to the Northwestern
the field, Bankers Life already has $60,000,000 of group life in
force.
Banker on the occasion of its
Bankers Life writes all forms of ordinary life insurance, and
50th Anniversary.
also all lines of Group, including Group Permanent, Group
•
Term, Group Accident and Sickness, Group Hospital and
Surgical, and Group Annuities.
W. W iddup & Co.
Chartered Accountants
Certified Public Accountants
820 Bankers Tr. Bldg.
BANKERS
LIFE C O M P A N Y
Des Moines
DES MOINES
OUR 5 0 îh YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker June 19J5
54
will be n a u g h t b u t com m endation from
those w hom it serves.”
H ENR Y W. FOUTS, su pervisor of
agen cies, B an kers Life of Nebraska,
Lincoln:
“F o r m any y ears we have been in
close touch and business relatio n sh ip
w ith th e p ublishers of the N o r t h w e s t
e r n B a n k e r , and upon th e occasion of
its F iftie th A n n iv ersary we h eartily
con g ratu late you upon th e com pletion
of a half cen tu ry of excellent service
to th e ban k in g fra te rn ity . In th e b u si
ness of life in su ran ce we have freq u en t
contacts w ith b an k ers in all of our te r
rito ry and have come to know th e
value of good in su ran ce and banking
publications, and feel th a t th e N o r t h
w e s t e r n B a n k e r has been as valuable
to them as th e U nderw riters R eview ,
your com panion publication, has been
to us. W e predict and look forw ard
to m any m ore years of your useful and
profitable service.”
B E N S. SUM M ERW ILL, president,
Iow a State B ank & Trust Company,
Iow a City, Iowa:
“H appy B irthday! You have every
reason to be proud of this an n iv ersary
of th e N o r t h w e s t e r n B a n k e r , and we
THE CITY NATIONAL BANK OF CLINTON
CLINTON,
IOWA
THE NORTHWESTERN BANKER,
Des Moines, Iowa.
Dear Friends:
No great occasion like your Golden
Anniversary could be made official without our "Good
Will Okeh".
So-o, CONGRATULATIONS and BEST
WISHES, for a long and continued success!
Sincerely Yours,
Ó{jlf¿cen¿. cuncL E m p lo yei.
C i t y A l o t t o n a i /ia n J z
CUnto-n, 9auta
are happy to be num bered am ong your
friends and to have th e pleasure of con
g ratu latin g you.
“Our sincere w ish for your org an i
zation is th a t th e n ex t fifty y ears m ay
be as full of good fo rtu n e and enjoy
able associations as th e p ast th ro u g h
w hich you have ju st come.”
MILTON TOOTLE, III, v ice president,
The Tootle-Lacy N ational Bank, St.
Joseph:
“So the N o r t h w e s t e r n B a n k e r is cele
b ratin g its F iftieth B irthday. This is
indeed a m ilestone to be m arked w ith
a w hite stone. Much w ater has gone
over the dam since th e N o r t h w e s t e r n
B a n k e r made its first bow to the b ank
ing fratern ity . M any events of great
im port have happened, not only in the
w orld generally, b u t also in the b an k
ing world. W e have seen an en tire
revolution in our fiscal policy. The old
N ational B ank Act is dead and its heir,
the F ederal R eserve System , is no long
er a baby, b u t has grow n to m an ’s
strength.
“F ifty years ago we w ere doing
neighborhood banking. Today, b an k
ing activities spread out into every
phase of life. The N o r t h w e s t e r n
B a n k e r has kept pace w ith this ad
vancem ent and stands today as one of
the o u tstanding financial publications
in th e co u n try w hose opinions carry
w eight and w hose readers are not h u n
dreds b u t thousands.
“P erm it me to extend m y h ea rtie st
congratulations and m y v ery best w ish
es for an o th er fifty years of usefulness
and success.”
M em b er F D I C
Congratulations
to the
Northwestern Banker
on its
50th ANNIVERSARY!
★
★
★
HAROLD L ALLEN
INVESTMENT CO.
412 E quitable Bldg.
Des Moines
Harold L. A llen, Pres.
K. M. Ressler, Secy.-Treas.
Northwestern Banker June 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O U R 5 0 th
YEAR
55
CRAIG R. SM ITH, assistan t vice p resi
dent, Central H an over B ank and
Trust Com pany, N ew York:
For 9 Straight Years
“I w an t to extend to you, on behalf
of m yself and our en tire organization,
th e m ost h e a rtfe lt co n g ratu latio n s on
th e F iftie th A n n iv ersary of th e N o r t h (T u rn to page 56, please)
CH A M PIO N S
of the U. S. in
C A S H ... a n d VOLUME
Many Iowa bankers represent us.
Investigate our "Bankers' " set-up
for Bankers
Started in 1 8 9 0
in South Dakota
James S. Thom son, president of
T h e B a n k of Centerville, Centerville,
South Dakota, was born in Strathmiglo, Scotland, and came to the
United States in 1888. Later in the
year 1890 he became associated with
W . K. N I E M A N N
T h e W . K. N I E M A N N A g e n c y
Bankers Life C om pany of Iowa
Nine-O-Nine Fleming Building—Phone 4-0343
Des Moines
Represented in
1,250 Iowa Agencies
50 Years in
the Iowa F ield
Our Sincere C ongratulations to the
N orthw estern Banker
on its
5 0 th A N N IV E R S A R Y
CO.
L. E. ELLIS
GENERAL AGENTS
Des Moines
Securities Bldg.
L. E. E llis, President
H. G. Zimmerman, Vice President
H. A. Petersen, Secretary
A. L. Voris, Assistant Secretary
We want an
agency in your bank
We write no
“Counter” business
J A M E S S. T H O M S O N
S ta rted B a n k in g in 1890
the B ank of Centerville, ivas elected
cashier of the institution in 1895, and
has been president of the bank since
1912.
T h e early banking experiences of
Mr. Thom son were probably little
different from those of bankers gener
ally during that period, he says.
Changes in mechanical devices to
speed up routine bank operation have
been trem endous. Mr. Thom son w it
nessed the mechanical transition from
manual bookkeeping, letter writing,
and other phases of batik operations,
to adding machines, posting machines,
coin counters and handlers, and typeivriters, all of w hich helped m aterially
in handling the im m ense increase in
the num ber of accounts and items
that flow through our banks of today.
O U R 5 0 th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B ir th d a y G r e e t in g s
a nd
B e s t W is h e s
to the Northwestern Banker on its 50th
Anniversary. We are happy to help
you celebrate this happy occasion.
PRIESTER
& CO.
INVESTM ENT SECURITIES
831 Davenport Bank Bldg.
D avenport, Iowa
Northwestern Banker June 1955
56
w e s t e r n B a n k e r . F o r half a cen tu ry
your m agazine has been a constructive
influence in th e n o rth w e ste rn b anking
com m unity.
“M any years ago o u r b an k recog
nized th e value o f th e N o r t h w e s t e r n
B a nker, a n d w e h a v e e v e r s in c e u se d
its p a g e s to a c q u a in t y o u r r e a d e r s w ith
o u r fa c ilitie s .
“May our p leasant relationship con
tin u e for m any y ears to come.”
C a n ^ a tu ia tía n ^
on Y o u r
5 0 th A N N IV ER SA R Y
Our best w ishes for the continued
success of the N orthw estern Banker
K A L M A N & COMPANY
Municipal Bonds,
Corporation Stocks and
Bonds
Endicott Building
ST. PAUL
Garfield 3305
McKnight Building
MINNEAPOLIS
Atlantic 5313
Congratulations!
To the
Northwestern Banker*7 upon
the occasion of its 50th Anniversary:
a n d
fa i
d
¿ ¡B e d
ia
r i
¡ } ( ¿ i/ie i
d ie ie
¿ Jea h i
e fa J i i e f a a i d e l v i c e
FIRST NATI NAL BANK
IN
ST.
U iS
[ÇA
MEMBER
FEDERAL
DEPOSIT
'Northwestern Banker June 19J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IN SURAN CE
CO RPO RATIO N
A. G. SAM, president, F irst N ational
Bank of Sioux City:
k
“C ongratulations on your F iftieth
A nn iv ersary of th e N o r t h w e s t e r n
B anker!
“W ith your m a tu rity your sta tu re
has grow n in pop u larity and usefulness
to th e banking in terests of the country.
“May your well directed efforts con
tinue to re ta in for th is splendid publi
cation th e esteem it has earned and
deserves. Good luck and best reg ard s.”
HA R R Y H. SM ITH, vice p resident,
B ank of A m erica, San Francisco:
“L et me add m y voice to th e chorus
of congratulations w hich now rises
from your w ide readership in trib u te
to y o u r 50 y ears of successful p u b lish
ing. The usefulness of y o u r extrem ely
well edited N o r t h w e s t e r n B a n k e r is
not lim ited to y o u r own area. To us on
the w est coast it brings a pictu re of
n o rth w estern banking, gives us in sig h t
into th e m an n er in w hich your ban k ers
are m eeting th e ir problem s, show s us
the steps th ey are tak in g in th e direc
tion of continued progress. Obviously
you have ren d ered a service of g reat
value du rin g th e p ast five decades, and
it is m y sincere hope th a t th e N o r t h
w e s t e r n B a n k e r w ill enjoy m any m ore
years of success in its purpose to fos
te r the best in terests of its read ers.”
t
*
Y
JOHN J. QUAIL, president, Quail &
Company, D avenport, Iowa:
“You and your organization m ay be
ju stly proud of having rounded out 50
years of service to b an k ers th ro u g h
th e N o r t h w e s t e r n B a n k e r .
“F o r a great m any y ears I have ob
served th a t th e N o r t h w e s t e r n B a n k e r
really gets dow n to th e grass roots of
banking in a v ery unique m anner. I
doubt if th ere is any o th er publication
anyw here th a t serves its read ers so
well.
“My m ost sincere congratulations to
you and y o u r en tire staff.”
E V A N R ANDO LPH , p resident, The
P hiladelp hia N ational Bank, P h ila
delphia:
“It is im possible for me to th in k of
the N o r t h w e s t e r n B a n k e r w ith o u t y o u
as the guiding spirit; therefore, I can
only say th a t if the N o r t h w e s t e r n
B a n k e r is fifty years old, you m ust have
entered its service as a v ery sm all boy.
“W hile I w ish the N o r t h w e s t e r n
B a n k e r 50 m ore y ears of success, I
certain ly do not w an t to w ish th a t you
have th a t m any m ore added to your
life. As I grow older I realize m ore
and m ore th a t th e place for older m en
in banking, business and th e profes
sions is re tire m e n t at an age w hen th ey
are still good, and not let them m uddle
O UR 5 0 th YEA R
à
-i(
57
Ip s J o n e s
APPEARING IN
d is c o u n t
countancy
m a n
;
;
pa c ific fis h e r
cotton
and
cotton
SEED OIL PRESS; SPIRITS; WINES
and v in e s ;
ace;
f e e d -s t u f f s ;
AMERICAN
iron
LUMBERMAN
t i m b e r m a n ; seed w o r l d ; p e a
nut
JOURNAL AND NUT WORLD
AMERICAN PAINT J O U R N A L ; OIL
AND CAS JO U R N A L ; WHOLESALE
.tessi**
-
1
Just h elor.
received a
.\\±
h \ W\s cashi, «*
again*1 1
m aterials on
B u t h is cas
and l>ayro««s
- s h ip m e n t rehouse recci'
u a Joan. S o J
CROCER
lad «'«■
porter;
,he working
new s;
food
AVIATION
field
new s;
re-
COM
MERCIAL FERTILIZER; NATIONAL
ca p ital, too.
BUTTER AND CHEESE JOURNAL.
U .M O S T e v e ry ’
V
its "'ork’”L;
h e L a w r e n c e -T
F o r L a w re n c e
issu ed
on a h » -'
ica ls, fro m C^
b a „ W lo a n s . A “ 1
p r e m is e s , a lw a y
1 For thirty y<
n e s s - H k e m e th .
fu rth e r
V'
Ask your h
System*
ca
n»£«*■
•**•>' ‘h
e pfcnna««3
re it in-iwe
YOUR CUSTOMERS are often unaware o f their
actual borrowing power. Lawrence is currently pointing to their
"hidden credit*’— showing them how to use it. In this way, Lawrence
exposes the hidden collateral on which your bank can
build additional, safe inventory loan business.
LA W R E N C E W A R E H O U S E COMPANY
FIELD
O U R 5 0 th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
WAREHOUS
NG
FOR
BANK
LOANS
ON
INVENTORY
Northwestern Banker June 1945
58
along in th e ir old age because th ey
w ere once good.
“Good luck and long life to th e
N o r t h w e s t e r n B a n k e r ; to you, good
health and happiness!”
ED W A R D A. BEC K ER , vice president,
The C ontinental N ational Bank of
Lincoln:
“It is a p leasu re indeed to know th a t
you are celebrating th e F iftie th A nni
v ersa ry of y o u r good m agazine, th e
N o r t h w e s t e r n B a n k e r . I have alw ays
found th e N o r t h w e s t e r n B a n k e r very
in tere stin g and certain ly you have
m aintained a v ery consisten t program
of in stru c tiv e and educational m aterial
w hich has been m ost beneficial to
banks and b an k ers th ro u g h o u t th e n a
tion. May you and y o u r m agazine en
joy m an y m ore successful y ears of
service to th e read in g public.”
D. R. W E SSL IN G , p resident, W esslin g
Services, D es Moines:
“As a co u n try b a n k e r th irty years
ago in n o rth e rn Iowa, I learned to
depend upon th e N o r t h w e s t e r n B a n k
e r for valuable b an k in g inform ation
and news.
“The N o r t h w e s t e r n B a n k e r has al
w ays been a g re a t source of in sp iratio n
to me; likew ise, both th ro u g h y o u r p u b
lication and th ro u g h m y m any direct
Wonderful Organization
tieth A n n iv ersary and w ish you m any
m ore years of continued happiness and
pro sp erity .”
L. N E V IN L E E , vice president,
B ankers Trust Company, Des
Moines:
G. L. SPO NSLER, secretary, A. C.
A lly« and Com pany, Chicago:
“A cross th e Desk from th e A dver
tiser:
“I t ’s a genuine pleasure, Cliff, to
tell you on th e occasion of your
F iftie th A nniversary, w h at a swell
publication you have in th e N o r t h
w e s t e r n B a n k e r . The B ankers T ru st
Com pany has used its advertising
colum ns for y ears and can testify
to its effectiveness. Y our inspiring
and th o u g h tfu lly planned editorial
colum ns have been helpful on m any
occasions.
“W e enjoy doing business w ith
y o u r w onderful organization, Cliff,
and sincerely hope th a t you w ill
have m any p leasant anniv ersaries
to pile on top of th e first fifty.”
contacts w ith th e m em bers of your
staff. Since 1922, w hen W essling Serv
ices w as organized, I have traveled con
sta n tly am ong banks and I know th a t
they, too, share m y v ery high opinion
of y o u r publication.
“I join w ith your m any friends in
co n g ratulating all of you on your F if
M-
“It is indeed in terestin g to note th a t
you are celebrating y o u r F iftieth A n
n iversary. C ongratulations to you for
offering a long period of service to the
ban k ers of th e m iddle w est. T here can
be no question about the place you
have attain ed in th e b anking life of
this p a rt of th e co u n try and it m u st be
g ratify in g to you to know th a t you are
com pleting a half cen tu ry of service.
“W e w ish for you a continuation of
h appy b anking relationships for m any
years to come.”
ED W A R D M. W A R N E R , p resident,
The City N ational B ank of Clinton,
Iowa:
“Looking backw ard 50 y ears seem s
a relativ ely sh o rt space of tim e, doesn’t
it, Cliff, w hile planning ahead — for
even five y ears—seem s an eternity. 1
could easily fill a large ty p ew ritten
page of praise, giving m y personal re
action in detail of th e N o r t h w e s t e r n
B a n k e r and m y capable friends on its
staff, as p u blisher and m anagem ent.
“The o u tstanding com plim ent you
fellows have m erited is the fact th a t
V
r
We Salute Y ou...
We salute you . . . N orthw estern Banker . . . on passing your
half century mark. M ay the years a h e a d bring you continued
success a n d happiness.
A
The y ear 1945 records another anniversary for the Commerce
also. W e have passed our 80th milestone.
V
The road still leads on for both of us. As we both look a h e a d
to continued growth, m ay our individual facilities continue to
prove helpful a n d profitable to all those we serve.
/
(pmmereejr ust (ompany5
G a p ¿ te d .
t
&<cceecL 1 7 M itU a n S b a lla rti.
K A N S A S . C IT Y 'S L MAEMRBERG FEDERAL
E S TDEPOSIT
„BA N K
Established 1865 INSURANCE CORPORATION
Northwestern Banker June Î9J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T
O U R 5 0 th YEAR
59
A Banking Service that
Speeds World Commerce
W ith th e ris in g tid e s o f V icto ry , fo re ig n
tra d e resu m es w ith m any previously
in a c c e ssib le c o u n tries. T h e N e w Y o rk
T ru s t C o m p a n y offers sym p ath etic an d
effective c o o p e ra tio n to c o rre s p o n d e n t
b a n k s th ro u g h o u t th e co u n try in c o n
n e c tio n w ith w h a te v er fo re ig n b u sin ess
they a re c a lled u p o n to tra n sa ct.
Every facility fo r fo re ig n b a n k in g in
neu tral a n d A llied c o u n trie s is offered
at T h e N e w Y o rk T ru s t C om pany.
F o re ig n ex ch an g e, c o m m e rc ial lette rs
o f c re d it, a n d th e c o lle c tio n o f clean
a n d d o c u m e n tary b ills pay ab le in f o r
eig n c o u n trie s a re bu t a few o f th e s e r
vices available to c o rre s p o n d e n t ban ks.
T he
N ew York T rust
Company
Member of Federal Deposit Insurance Corporation
100 BROADWAY
• MADISON AVE. AND 40TH ST.
• TEN ROCKEFELLER PLAZA
G R E E T IN G S TO N O R T H W E S T E R N B A N K E R O N IT S 5 0 T H A N N IV E R S A R Y
O U R 5 0 th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker June 1945
60
you enjoy th e fullest confidence and
good w ill of every b ank official and
em ploye in th e en tire area you serve
and beyond. H aving come from a
new spaper fam ily m yself, I recognize
the special quality of perform ance in
you r every d ep artm en t th a t m ight es
cape th e a tte n tio n of a laym an reader.
Few realize th e big task of gettin g out
such a splendid m agazine each m onth.
“May I add, Cliff, th a t you fellows
have set a h a rd pace for y o u r succes
sors to follow, w ho w ill c a rry on for
the 50 y ears follow ing th e date th a t
you lay dow n th e pen.
“All of us here in th e b an k join
h eartily as one in delivering to you our
m essage of sincere congratulations on
your Golden A n n iversary.”
GEORGE W. HOLMES, president, The
F irst N ational B ank of Lincoln:
“C ongratulations on your F iftieth
A nniversary!
“I m i g h t r e m a r k t h a t a t t h e t i m e o f
t h e b i r t h o f t h e N o rth w ester n B anker
o u r o w n b a n k w a s ju s t g e ttin g re a d y
to c e le b r a te it s tw e n ty - f if th a n n i v e r
sa ry .
“Lincoln w as a straggling, struggling
village. The m idw est w as ju st em erg
ing from a dev astatin g dro u th and de
pression.
“The 50 years w hich ensued, m any
historians m ay consider to be one
show ing the greatest economic develop
m ent of any like period in our history.
The year following y our n atal day
bro u g h t McKinley, rain s and pro sp er
ity.
“Follow ing this came the rapid u tili
zation of the telephone and o th er u tili
ties, followed sho rtly by th e autom o
bile, good roads and th e F irs t W orld
W ar. T hen cam e th e airplane, radio
and—w h at next?
“It has been an in terestin g half cen
tu ry , to those of us w ho have lived
th ro u g h it. I hope th e n ex t period will
be as in terestin g to those w ho follow
—and it doubtless will.
“The co n tribution w hich your excel
lent publication, th e N o r t h w e s t e r n
B a n k e r , has made to th e developm ent
of sound banking practices th ro u g h
this half cen tu ry is an achievem ent of
w hich I know you are v ery proud.”
CH A R LES M. NELSO N , vice presi
dent, The N orthern Trust Company
of Chicago:
i i » q ¡í i l s
s ip
® sss
Fifty years of outstanding service to banking—this
is an important milestone for the Northwestern
Banker.
Yet we know that this anniversary, like every mile
“I know th a t from your y outh you
have not been w ith th e N o r t h w e s t e r n
B a n k e r for 50 years, nor have I read
it for 50‘ years; how ever, I have read
it for a good p a rt of those 50 years and
I m ust say th a t I have alw ays enjoyed
it. The N o r t h w e s t e r n B a n k e r is well
w ritten and it is alw ays replete w ith
the latest new s of in te re st and infor
m ation to the b an k ers of y o u r com
m unity.
“Best of luck, and I hope you m ay
continue to serve an o th er 50 years and
alw ays be prosperous enough to effect
the ‘P erfect E nsem ble.’ ”
stone, is but a marker on the way—the way to
continued service in the decisive years to come.
Our congratulations on past performance. We
know that the Northwestern Banker faces many
more long years of success.
MISSISSIPPI VALLEY TRUST COMPANY
ST. LOUIS 2, MO.
GEORGE E. PORTER, vice president,
The F ir st N ational Bank of St.
Joseph:
“I am anxious to have a p a rt in the
celebration of y o u r F iftie th A nniver
sary of the N o r t h w e s t e r n B a n k e r . It
seem s to me your publication is getting
b etter and b e tte r as th e years roll on,
and I am sure th is progress is due in
a large m easure to y o u r personal in
d u stry and ability. B est w ishes for
continued success.”
O. HOW ARD W O LFE, vice president,
The P hiladelp hia N ational Bank,
Philadelphia:
“I am happy to have th is opportunity
to express m y congratulations and
good w ishes in w hich all of us here
join upon th e occasion of th e F iftieth
A nniversary of th e N o r t h w e s t e r n
B anker.
M E M B E R
F E D E R A L
D E P O S I T
N orthw estern B anker June 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I N S U R A N C E
C O R P O R A T I O N
“You have been one of those who
have given freely of y o u r talent, your
tim e and valued w hite space in fu r
th erin g the in terests of y o u r friends
and the banks. More pow er to you.”
O UR
50th
YEAR
A
61
LICTURE OF
A MAJOR
MARKET
...which is still
growing!
Population, income, retail sales, and other figures paint an impressive
picture of the California of 1945. More important to business and banking
executives everywhere is the fact that this market holds promise of con
tinuing development.
If the possibilities of this market are a serious consideration to you,
follow the lead of business, industrial, and banking executives every
where. Direct your inquiries to this bank which serves California through
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OESOURCES
O V E R 4^2 B I L L I O N
DOLLARS ►
a u k o f A m e r ic a
1 0
N A T IO N A L s a v i n g s A S S O C IA T IO N
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•
MEMBER
FEDERAL
DEPOSIT
INSURANCE
CORPORATION
Com plete Banking Facilities - Commercial - Savings - Trust - Safe Deposit
Main Offices in the two reserve cities of C alifornia . . . San Francisco - Los Angeles
O U R 5 0 th YEAR
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Federal Reserve Bank of St. Louis
Northwestern Banker June 19J5
62
We show below a full size illustration of the See-Through
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There is nothing on the market that is better, more accurate,
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InStock Ready for Immediate Shipment
C. L. F R E D R IC K SE N , p resident, The
L ive Stock N ational Bank, Sioux
City:
“In addition to G rover C leveland’s
being president, and a few o th er item s,
one o th er great in stitu tio n w as incor
porated and sta rte d doing business the
year the N o r t h w e s t e r n B a n k e r came
into existence 50 years ago. In other
words, The Live Stock N ational B ank
of Sioux City, Iowa, w as incorporated
on October 16, 1895, and has now served
th e livestock in terests of the middle
w est for 50 years.
“We have alw ays followed the prog
ress of the N o r t h w e s t e r n B a n k e r d u r
ing our existence and I believe we have
been co n stant adv ertisers for over 30
years. I have felt th a t it is the out
standing bank publication in th is te r
rito ry and we w an t to congratulate
you on your fine progress.”
W A L T E R F A ST E N , president, F irst
W isconsin N ational Bank of Mil
waukee:
“Your good publication, the N o r t h
B a n k e r , is ju stly celebrating
its F iftie th A nniversary, and we h asten
to offer our sincere congratulations.
“P erhaps th e best evidence as to
w h at we th in k of your fine publication
is th e fact th a t we buy space regularly
and feel th a t th e coverage you enjoy is
a g reat aid to us in p u ttin g our services
before so m any ban k ers in th e n o rth
w est. Aside from th at, we enjoy the
well prepared and new sy issues, and
believe you have perform ed an out
standing service for b ankers in this
g reat field of ours.”
w estern
S.
H. W IT H E R , president, P olicy
holders N ational L ife Insurance
Company, S ioux Falls:
“The N o r t h w e s t e r n B a n k e r has been
an im p o rtan t publication th ro u g h o u t
its 50 years, w hich is show n by its
splendid grow th d u rin g the m any years
it has been serving the public.
“We w ish to congratulate you upon
the successful m an n er in w hich you
have carried on as head of th e organi
zation and we have appreciated our
association w ith you and your organi
zation for the 26 years th a t we have
been in business. Best w ishes to you
for a continued and g reater success in
th e fu tu re .”
L.
M a n u f a c t u r e d by
AMERICAN BANK SUPPLY COMPANY
MARSHALL T. LEVEY, President
INDIANAPOLIS 4, IND.
Northwestern Banker June 19J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
E. TO W NSEN D , assistan t vice
president, Bank of A m erica, San
Francisco:
“H alf a cen tu ry of steadily increas
ing usefulness to b an king rates a sin
cere ‘W ell done.’ Of even g reater im
p o rt is th e fact th a t you in ten d to
continue to provide an ever im proving
forum for the discussion of bank prob
lems, a m edium for th e exchange of
new s of banks and bankers, a source
OUR
50th
YEAR
63
When you need
machine accounting
information —
Reference files maintained in every Burroughs
office contain the latest detailed information
on machine accounting methods and proce
dures. This information, as well as the broad,
diversified experience of the Burroughs tech
nical staff, is a va ila b le at all times to help you
meet to d a y ’s accounting problems.
When you need
mechanical service
for your
Burroughs —
You can depend on the experienced Burroughs
service organization to provide the highest
type of mechanical service . . . promptly, effi
ciently, and at moderate cost. Periodic inspec
tion, lubrication and adjustment of your
Burroughs machines, performed with typical
Burroughs thoroughness and guaranteed by
Burroughs, can do much to insure top p er
formance and maximum production.
u~.Cn
When you need
carbon papers, ribbons,
roll papers—
Your local Burroughs office is your best source
for supplies for all types and makes of business
machines. These supplies a re manufactured to
specifications that Burroughs' y ears of exp eri
ence have proved give best results. You save
money, too, through quantity discount plans
which permit you to order as little or as much
as you need at any one time—-thus assuring
freshness and eliminating storage problems.
The Burroughs technical staff and the Bur
roughs mechanical service organization are
working constantly with users— helping
them get fullest use from the business
machines they now have . . . helping them
adapt these machines to new conditions . . .
helping them keep their Burroughs equip
ment at top operating performance. For help
in meeting your problems, telephone your
local Burroughs office, or write Burroughs
Adding Machine Company, Detroit 32.
Burroughs
FIGURING, ACCOUNTING AND STATISTICAL MACHINES
OUR 5Oili YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
*
NATIONWIDE MAINTENANCE SERVICE
.
BUSINESS MACHINE SUPPLIES
N orthw estern Banker Jane 1945
64
of insp iratio n to b an king progress and
w idened service to th e com m unity.
“My forecast is th a t th e N o r t h w e s t
e r n B a n k e r w ill go on giving your field
a splendid jo u rn alistic service for
m any generations to come. My con
gratu latio n s and good w ishes!”
||| |
.
**
L irfs
f a c i l i t i e s , J acts,
J
|
co n ta cts
n is at your serv’ce ’n ^ ' s
T h e F ir s t W isc o n sm
•
w ith
■ ;,h complete, modemtaci
consul with cor
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ness, in d u stry.a»
t .throughith o v e r 8 5 > o f a l't l’ eb ankSt
contacts wit
.
,
At yo u r service
ont this state. -
s tUat go beyond
M AX VON SCH RA D ER , vice presi
dent, U nion B ank & T rust Com pany,
O ttum wa, Iowa:
“E v er since I have been a full tim e
banker, w hich dates back to 1919, I
have alw ays enjoyed the N o r t h w e s t
e r n B a n k e r . It has been a constructive
influence on banks for m any years and
I believe it should be read by every
b an k er and ban k director.
“In bad years ban k ers have h ad th e ir
sh are of troubles, b u t I believe your
influence has kep t th em from being
m uch worse.
“My sin cerest congratulations on
your good w ork.”
S.
DOUGLAS MALCOLM, g en eral
m anager, A m erican E x p ress Com
pany, N ew York:
“C ongratulations on your F iftie th
A n n iv ersary of th e N o r t h w e s t e r n
B anker.
lv to serve in many way
rea y
■
f mere routine
the usuai lim its of
_
B U N K S
.u n
RN
B & N K I R
G lO K C E T .
R
ic h a r d
3- L
DONALD A . H
Y
ï»
y ice-president
t t e - p
«
* “1
y ice.President
a w les s
a rp«*
efficiency,
‘ A u ’
“You get out a good m agazine and
have reason to be proud of your prod
uct.”
C H ARLES C. K U N IN G , vice presi
dent, A m erican N ational B ank &
T rust Com pany of Chicago:
“I w an t to congratulate you and your
associates in h a v i n g successfully
served your te rrito ry for 50 years.
“I have w atched th e grow th of the
N o r t h w e s t e r n B a n k e r for a great n u m
ber of years. In fact, I th in k it w as in
1912 th a t we placed some advertising
w ith you w hen I w as connected w ith
th e Cedar R apids N ational Bank. In
giving m y opinion of th e N o r t h w e s t
e r n B a n k e r I can only say th a t one of
the first th in g s I did w hen I cam e to
th e A m erican N ational B ank about ten
years ago w as to have our people place
some ad v ertisin g w ith you each m onth.
I firm ly believe th a t your paper reach
es m ore banks and ban k directors and
is m ore w idely and earn estly read th a n
any o th er ban k m agazine th a t I know
of. T here m ay be o thers of a national
v ariety th a t have a larg er circulation,
b u t I question w h eth er th ey are read
from cover to cover as I know to be
th e case w ith th e N o r t h w e s t e r n
B anker.
“I can only add again th a t you have
done a rem ark ab le job and th a t your
en tire organization is exceptionally
well th o u g h t of in this te rrito ry and I
w ant to extend m y sincere co n g ratu la
tions to you personally on this achieve
m ent.”
(T u rn to page 66, please)
Northwestern Banker June 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O UR 5 0 th YEA R
G ear Y o ur Portfolio to
S
O
U
f ìd
B
a
n
k
in
Principles
g
Some Long Term High Yielding Government Issues Are Almost N eces
sary, but the Conservative Course Would Be to Lighten Up
on the Longs if Prices Continue to Advance
F A LL th e corporate bond flota
tions th a t w ere ru sh ed in ahead
of th e opening of th e S eventh
W ar L oan Drive, th e E rie and Good
rich issues w ere th e o u tstan d in g suc
cesses m arketw ise. The high grade
V irginian Ry. 3s broke from a 2.75 to
a 2.80 basis on dissolution of th e syndi
cate (although th ey su b seq u en tly re
bounded). T hese b o undaries m ay be
significant. It w as rep o rted th a t a
large life in su ran ce com pany had in
dicated in te re st on a 2.80 basis, b u t this
w as w aved aside in th e bidding in
view of w h at th e n seem ed to be an in
satiable dem and for long te rm corpo
ra te s by banks. It d id n ’t quite work;
th e larg er non-bank b uyers still hold
th e key to long te rm bond prices. It
w ould seem sound to keep a 2.80
basis in m ind for a n y th in g like a 50y e a r rail bond th a t is ju s t sh o rt of
being trip le A.
O
Sim ilarly, th e big in stitu tio n s are
ch ary of a n y th in g less th a n a 2.70
basis for a less th a n top grade utility.
V irginia E lectric & Pow er 2%s and
New Y ork Pow er & L ight 23/4s ra n into
th is difficulty for a m a tte r of 3 to 4
basis points. Texas E lectric Service
2%s sold out on a 2.70 basis although
th is m ay also be p a rtly a ttrib u ta b le
to th e need of in su ran ce com panies
doing business in T exas to m eet th e
provincial re q u ire m e n t of m ain tain in g
th e p ro p er pro p o rtio n of investm en ts
in obligations h aving Texas domicile.
In th e in d u strial field th e top grade
issue of $19% m illion Deere & Co. 2%s
looks 2 to 3 points u n d erp riced at th e
offering price of 102, and the Seagram
3V4:S found a w ide dem and on a 3.12
basis. The latter, a 3B issue b u t yet not
considered as stro n g statistically as
Schenley 4s or N ational D istillers 3’/is,
w as regarded as desirable for b anks as
a replacem ent of lower-yield issues of
the sam e or low er rating. In su ran ce
com pany dem and w as heavy—being
th e first tim e these in stitu tio n s had
b o u g h t a liquor com pany bond. One
W all S treet w ag com m ented: “ApOUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
By Raymond Trigger
Investment Analyst
New York Ci t y
This is a discussion of fac
tors affecting your invest
ment portfolio. If you have
any questions, or if you
find yourself in disagree
ment with comments here
in, your letters, addressed
to the N ORTHW ESTERN
B A N K E R , will be w e l
come and will be answered
here if the subject matter is
of general interest. Under
no circumstances will the
editor of this column dis
cuss specific securities.
p a re n tly th ey decided m ost of th eir
policyholders d ran k anyw ay.”
The $31.5 m illion issue of Texas
P ow er & L ight m ay break afte r th e
s ta rt of th e drive and, based on sta
tistical com parisons, should be priced
to yield a shade m ore th an Texas Elec
tric Service 2%s.
Competes With Wall Street
A nother m anifestation of the in
fluence of non-banking buyers in the
c u rre n t m ark et w as the successful
bidding on May 8th of E quitable Life,
ag ainst in v estm en t banking groups,
for the $52,981,000 3s of 1985 of P en n
sylvania Roalroad at par.
T his issue rep resen ts about 1% per
cent of E q u itab le’s total D ecem ber 31,
1944 assets, about 2 per cent of its
bond account and about 15% per cent
of its rail bond account.
H ad one of th e banking groups w on
the aw ard, th e reoffering price w ould
likely have been par. E quitable, tru e
enough, m ight not have been able to
g arn er all of th e issue on reoffering,
b ut th e bonds th ey w ould have gotten
w ould have had a liquid m arket, ob
viously to the advantage of policy
holders.
A t first blush, it w ould seem th a t the
railro ad and its stockholders profited.
B ut it m ay tu rn out to be quite th e re
verse. The bonds carry a 1 p er cent
sinking fund provision for 40 years.
A ny chance of buying back bonds a t a
discount v irtu a lly disappears w hen
th ey are lodged in the v au lts of an
insurance com pany.
Liquidation of Tax-Free Issues
A pre-drive feature of th e bond m a r
k et w as again a fairly heavy volum e
of liquidation of fully tax free issues.
This cam e m ainly from insurance com
panies w hich do not need th e tax
protection, from savings in stitu tio n s
and from state and m unicipal sinking
funds. It rep resen ted portfolio ad
ju stm e n t not falling u n d er th e ban of
th e T reasury. Such liquidation n ev er
theless does have the effect, at least
tem porarily, of creating indirect bank
p articipation via dealer loans u n til
u ltim ate placem ent is effected. It is
also conceivable th a t some p a rt of
these displaced tax-free issues m ight
be actually bought by com m ercial
banks in th e E F T bracket, for instance,
so th a t indirect p articipation in th e
W ar Loan financing of a m ore or less
p erm an en t n atu re could result. The
ironical fact is th a t th ere could be no
such p erm an en t effect from the liquida
tion of th e old non-bank issues but,
even so, shifts involving sale of these
issues are am ong those w hich are to be
w atched closely.
Maturities Shorter?
A stro n g case is m ade for a T reasu ry
policy of sh ortening the m atu rities
Northwestern Banker
June Î9J5
66
IN B U S IN E S S
T H E F U T U R E IS
A LW A Y S N O W !
If you are a businessman
you know that tomorrow
and its problems are here
and must be dealt with . . .
today.
At the very top of the
list of the many things to
be done, is a review of the
present financial situation
of your business and a
realistic examination of
w h at th e trem en d o u s
events ahead mean to its
future.
You may face the task
of converting from produc
tion for war to production
for peace or you may have
some new product for
which a market must be
established. This may call
for new financing involv
ing the marketing of large
blocks of stocks or bonds,
or the whole corporate
structure of your business
may call for revision.
It is precisely in such
situations that the 5 6 years
of experience of the firm of
Hornblower & Weeks can
be of service to you. Our
Underwriting Department
is as near to you as your
telephone . . . and an inter
view with a Partner can be
arranged without obliga
tion and in the strictest
confidence.
even fu rth e r for bank-eligible offerings
w ith yields approaching 1 p er cent,
in a brochure p rep ared by A ubrey
L anston, g overnm ent bond au th o rity
of th e F irs t Boston C orporation. In
brief, the thesis is th a t th e restrictio n
of b anks to sh o rter term s and low er
yields tends to freeze longer term is
sues, prev en tin g liquidation and th u s
aiding in th e control of th e v ery p a t
te rn th a t defines th e rates. It suggests
th a t banks should be m ore in terested
in stability of sh o rt term th a n in h ig h
er ra te of re tu rn . T he pronounce
m en t of S ecretary M organthau is cited
to the effect th a t the G overnm ent w ill
tak e the risk on th e long term m ark et
and w ill protect th e banking system
by selling banks only th e sh o rter is
sues.
sues is not only perm issible but, for
m any banks, is alm ost necessary.
H ow ever, th e conservative course
w ould be to lighten up on th e longs
progressively if prices continue to ad
vance. T here is not only the m ore
rem ote question of postw ar level of
in te re st rates b u t also the hazard of
w h at could ensue if Mr. L anston
should be w rong about th e practica
bility of th e new T reasu ry policy of
sh o rte r te rm offerings. T he m ark et
w ent up on th e in au g u ratio n of th e
5% year lim it for th e new eligible
T reasu ry bond. It w ould presum ably
go dow n on a rev ersal of th e policy
and a new supply of 8-10 y ear 2s. It
has been suggested th a t th e resignation
of Mr. M organthau m ight brin g about
such a reversal.
Are Deposits at Ceiling Volume?
It is believed th a t Mr. M organthau
w ill certainly not resign before the
end of th e S eventh W ar Loan D rive
and m ight stay u n til th e B retto n
W oods form ula is settled. The latter,
how ever, m ight fu rn ish the explosive
m aterial, for any radical changes de
m anded by Congress m ight force a
face-saving resignation. In th e m ean
tim e, how ever, Mr. M organthau has
requested a free h and from P resid en t
T ru m an and has obtained face-saving
reassurance of his w orth.
B ehind the price gains since th e tu rn
of th e y ear is a com bination of com
placence caused by th e rising tre n d
of deposits and fear of a shortage of
rem u n erativ e in v estm en t media. De
posits w ill not continue to gain in
definitely and contraction in m any
centers m ay be a re su lt of cut backs
follow ing th e end of the w ar in
E urope. A lready th ere is some evi
dence of a sh ift in deposits to New
York. T his basic tendency m ay be
only obscured for the n ex t few w eeks
as w ar loan accounts are reb u ilt and
as th e buying pow er of the banks
w axes from th e resu ltin g “p h an to m ”
increase in reseiwes.
The safe course for banks is to steer
clear of guessw ork as m uch as possible
by gearing th e ir portfolio policy to
sound b anking principles. Some p ro
portion of long term high yielding is-
40 W all S tre e t
N ew Y o rk 5. N . Y .
(C ontinued from page 64)
A. B. OLSON, vice p resident, Guaran
tee M utual L ife Com pany, Omaha:
of
“C ongratulations on th e observance
y o u r F iftie th A nniversary. To
r
S p e c i a l i z i n g in U n l i s t e d S e c u r i t i e s
k
PUBLIC UTILITY — INDUSTRIAL — REAL ESTATE
LUMBER & TIMBER
BONDS, PREFERRED AND COMMON STOCKS
Since 1888— Financial Service
A dapted to Your Requirements
M em b e rs Im p o rta n t E xchange»
B O U G H T
Northwestern Banker June 19J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
—
S O L D
—
Q U O T E D
R EM ER , M IT C H ELL & R E IT Z E L , INC.
Offices:
New York; Boston ; Chicago;
Cleveland ; Philadelphia; Detroit;
Portland, Me.; Providence;
Baltimore; Bangor.
X
"T H A N K S FO R Y O U R
C O N G R A T U L A T IO N S "
BANK — INSURANCE
HORNBLOWER
& WEEKS
A
208 S o . L a S a l l e S t ., C h ic a g o 4
R A N d o lp h 3736
W E S T E R N U N IO N
T E L E P R IN T E R
“W UX”
B E L L SYSTEM T E L E T Y P E
CG-989
OUR 50th YEAR
67
m ain tain an in stitu tio n as th e N orth
western B anker has grow n to be over
a period of as long as 50 y ears is, in
itself, sufficient evidence of a job well
done.
“U nder o rd in a ry conditions an in d i
vidual business carries along on a sa t
isfacto ry basis, in fact, to th e point
th a t we w onder a t tim es w h e th e r an y
th in g o th er th a n o u r ow n ju d g m en t is
necessary. H ow ever, sto rm y w eath er
com es along; we w onder w h a t our
neighbors m ay be doing; we are con
cerned ab o u t th e business as a whole;
w e even tr y to look beyond th e horizon
in an effort to set up guide posts th a t
w ill steer us on a safe course.
“I t is d u rin g such tim es th a t a m e
dium such as th e N orthwestern B ank
er com es into its ow n as a connecting
lin k —dependable because of its long
y ears of experience and th e q u ality of
its m an agem ent hav in g lived day by
day an d y e a r by y e a r in th e atm o s
p h ere of th e group as a whole.
“C o n gratulations to th e b an k in g fra
te rn ity m ig h t also be in order, as they,
in reality , are th e g re a te r recip ien ts of
th e influence of th a t v e ry fine in s titu
tion, th e N orthwestern B anker.” ■
and all good wishes to
the N o rth w estern B anker, on this
h a p p y and auspicious an n iv ersary
★
IN V ESTO RS SYNDICATE
M IN N E A P O L IS , M IN N E S O T A
P rin c ip a l u n deru n iters f o r . . .
S T O C K F U N D , I N C . and I N V E S T O R S S E L E C T I V E F U N D , I N C .
A. G. K E N AV O R T H Y , president,
S torey - K en w orth y Com pany, D es
Moines:
“F ifty y ears in business is a long
tim e. F ifty y ears of continual business
w ith sta n d in g depressions, w ars, good
tim es and bad tim es, speak extrem ely
well w ith a fa th e r and son m anage
m en t of th e N orthwestern B anker.
IN V E S T O R S S Y N D IC A T E O F
A M E R IC A , IN C . • IN V E S T O R S M U T U A L , IN C . • IN V E S T O R S
¡ J ¡J ¡I
IIMMNi
NORTH DAKOTA
MINNESOTA
SOUTH DAKOTA
£5=^
KANSAS • IOWA
MISSOURI
NEBRASKA
“T o s te e r th e sh ip of b u sin e ss fo r
th a t le n g th of tim e is a n o u ts ta n d in g
a c h ie v e m e n t.
“F ro m th is record we know th a t th e
N orthwestern B anker has been an o u t
stan d in g m edium for its ad v ertisers or
it could not have survived.
“I tak e th is o p p o rtu n ity of co n g ratu
latin g you upon y o u r F iftie th A nni
v e rsa ry and celebrate w ith you.”
PROVIDING
OT long since the stam ping
ground of the Indian and the
buffalo, the West North Central
States now occupy a pre-eminent po
sition as the granary of the nation,
and have become increasingly impor
tant in its industrial development.
Settled by virile peoples from the
Old World—with limited resources
but great courage —farms were
wrested from the prairies, towns and
cities were built. Funds for required
public improvements, and for much
of the industrial progress of the
West North Central States came, of
N
F R A N K R. W A R D E N , vice president,
Central N ational Bank & T rust Com
pany, Des Moines:
“As a fitting clim ax to th e F iftie th
A n n iv ersary of o u r in stitu tio n , w hich
occurred last m onth, we should like to
offer o u r h e a rtie st co n g ratu latio n s to
y o u r associates and yourself, as y o u r
valued publication, th e N orthwestern
B anker, celebrates its Golden A n n iv er
sary of w o rth w h ile and enlig h ten in g
service to th e cause of banking.
“To us folks of th e C entral N ational
B ank and T ru s t C om pany—th e N orth
western B anker has alw ays been com
plete in its new s coverage—courageous
in its ed itorial policy—and ev er alert
in its p re se n ta tio n of new tre n d s in
sound ban k in g practices.
O U R 5 0 th YEAR
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Federal Reserve Bank of St. Louis
INVESTMENT CAPITAL
To
necessity, from older sections. In
this transfer of funds, the facilities
of investment organizations such
as our own have been an important
factor, bringing together deserving
borrower and conservative lender.
Over the years, Halsey, Stuart & Co. Inc.
has made a substantial contribution to the
progress o f the West N orth Central States.
I t has participated, as an original under
writer in over 400 separate bond issues
totaling over $1 billion, o f selected m unici
palities a n d corporations located in th a t
section.
H A L S E Y , S T U A R T &. C O . I n c .
C H I C A G O 90, 123 S. LA S A L L E S TRE ET • N E W Y O R K 5, 35 W ALL S TRE ET
AN D OT HE R P R I N C I P A L C I T I E S
Northwestern Banker June 19b5
68
“As you em bark on y our second half
cen tu ry of service—it is w ith th e hope
th a t your ‘nose for new s’ continues its
keen scent—and th e sh arp p o in t of
y o u r editorial pen nev er becom es dull.
Good luck and God speed.”
“T his is certain ly n ot th e case w ith
th e N orthwestern B anker, for it seem s
to me th a t it is co n stan tly gaining in
energy, in stren g th , and in editorial
b rightness. In fact, in both contents
and appearance from m onth to m onth,
it looks younger th a n ever before.
E. G. RA G SD A LE, secretary, Iow a
L ith o g r a p h in g C om p an y, D es
Moines:
“I don’t know ju st how m any years
I have been reading th e N orthwestern
B anker and ad v ertisin g th e products
of our com pany in its ad vertising col
um ns, b u t I do know it is a long tim e,
because I knew your fath er, E m erson
De Puy, w ho preceded you. In fact,
I not only sold him some p rin tin g , b u t
“C ongratulations on th e F iftie th A n
n iv e rsa ry of th e N orthwestern B anker.
“O rdinarily one m ig h t expect th a t a
m agazine 50 y ears old m ight be ‘show
ing its age.’
at one tim e w hen our firm w as in th e
p rin tin g business, we p rin ted th e
N orthwestern B anker.
“May we express our hopes for your
continued progress for m any y ears to
come.”
C. R. GOSSETT, president, Secu rity
N ational B ank of S ioux City, Iowa:
“We welcome th e o p p o rtu n ity at
your F iftieth A nn iv ersary to co n g ratu
late you an d your associates of th e
N orthwestern B anker upon y o u r long
record as p ublishers of a v ery co nstruc
tive bank m agazine. W e w ish you con
tinued success.”
M A R SH A LL CORNS, president, Mar
shall Corns and Com pany, Chicago:
J A C K S P A R K S , D E S M O IN E S IN V E S T M E N T
B A N K E R , A N N O U N C E S T H E F O R M A T IO N
O F T H E F IR M
S P A R K S & CO.
528 L I B E R T Y B L D G .
T E L E P H O N E 2-1551
D E S M O IN E S , IOW A
D E A L E R S IN M U N IC IP A L
BONDS
“I do not know of any m agazine or
group of finer people w ho can point
w ith pride to 50 y ears of achievem ent
as you and your associates can. You
are alw ays up to th e m inute in new s,
alw ays progressive, b u t m ore th a n
an y th in g else, possess th a t ability to
im p art to yo u r readers th e im pression
th a t the N orthwestern B anker is w rit
ten ju s t for his personal use.
“Your letters to ‘C elebrities’ (?) are
m asterpieces and com m and m y a t
ten tio n each m onth.
“All in all, you and yo u r associates
have done a splendid job for w hich you
deserve sincere congratulations. May
I join w ith your th o u san d s of o th er
friends in w ishing th a t th is F iftie th
A nn iv ersary be only a m ilestone in th e
p a th of success w hich w ill continue in
the y ears to come.”
No Market Losses
1F|
Y O U IN V E S T
C o n g r a tu la ti o n s
Y O UR M ONEY
to the
— in our 3% Fed
NORTHWESTERN BANKER
erally i nsured cer
Oil its
tificates,
have
50 th ANNIVERSARY
w b i cli
safety, li
quidity and free
dom from market
ACALLYN andCOMPANY
losses.
In c o rp o ra te d
Investm ent Securities
100 W est Monroe S treet, CHICAGO
N ew Y o rk
M ilw a u k e e
Northwestern Banker Jane 19't5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B o sto n
M in n e a p o lis
G eo rg e E. V ird e n , S e c re ta ry
W a te rlo o
O U F 5 0 th Y EA R
69
HAYNES
M cF A D D E N ,
publisher,
Southern B anker, A tlanta, Georgia:
"As one w ho has w atched your
sm oke since th e day you show ed up at
th e C um berland H otel in N ew York,
ro u n d about 1912, ju s t as gourd-green
as I w as a t th e tim e, let me co n g ratu
late you on y o u r Golden A n n iv ersary
of th e N orthwestern B anker. H aving
w atched y o u r record th ro u g h o u t th e
in te rv e n in g y ears enables m e to pass
you th is package of cordial co n g ratu la
tions and best w ishes for m any fu tu re
y ears of u sefulness on th e p a rt of th e
N orthwestern B anker and y ourself.”
W. D. W YARD, president, F irst and
A m erican N ational B ank of Duluth:
nationally. Y our v ery stro n g editorial
page and capable business m anage
m e n t have m ade th is possible.”
H U N TIN G T O N M. TU R N E R , vice
p resident, Chem ical B ank & T rust
Company, N ew York:
“It is a genuine pleasure to send
you our h ea rtie st congratulations on
y o u r F iftieth A nniversary.
“The N orthwestern B anker has be
come synonym ous w ith accurate re
p o rtin g of tim ely and in terestin g new s
to those in th e b anking field all over
th e country. F u rth erm o re, y o u r a r
ticles on varied subjects have added
“It is a p leasu re to add m y co n g ratu
lations to th e m an y o th ers I know you
are receiving on the 50th A n n iv ersary
of y o u r good publication, th e N orth
western B anker.
“I have read th e N orthwestern
B anker for m any y ears and have found
it m ost helpful in keeping inform ed on
b an k in g tre n d s and tra d e new s in gen
eral. It contains m ost w o rth w h ile a rti
cles and is an excellent aid in ap p rais
ing th e achievem ents of in stitu tio n s in
o th er com m unities. B est w ishes for
continued success.”
greatly to th e value and enjoym ent of
y o u r publication to its readers. W e
should like on th is occasion to th a n k
you for th e service you have rendered
so effectively and to send you our
v ery best w ishes for th e fu tu re .”
Room 's Full
Patient: “W hy stick me in the w ard
w ith th a t crazy guy?”
Doctor: “H ospital’s crow ded—is he
troublesom e?”
Patient: “H e’s nuts! Keeps looking
around, saying ‘No lions, no tigers,
no elep h an ts’—and all the tim e the
room ’s full of ’em .”
FICB
Consolidated Debentures
(issued under provisions of the
Federal Farm Loan Act, as amended)
deserve discrim inating atten tio n
AY. J. GOODWIN, chairm an of the
Board, C entral N ational B ank &
T rust Com pany, D es Moines:
They enjoy such advantages as being: joint and sev
eral obligations o f the twelve Federal intermediate
“C ongratulations on th e F iftie th
A n n iv e rsa ry of th e N orthwestern
B anker.
credit banks; e lig ib le for purchase by Federal
reserve banks and acceptable by them as collateral
“T he N orthwestern B anker not only
h as a tta in e d th e lead ersh ip in th e
ban k in g circles in th e m iddlew est, b u t
h as also w on for itself a firm position
security for loans to system member banks; legal
investment in various states for savings banks,
insurance companies, fiduciaries and trust funds.
These desirable short term issues are available for
monthly subscription upon favorable interest bases.
THOMSON &
McK in n o n
THE FEDERALINTERMEDIATECREDIT BANKS
STOCKS • BONDS
COM M ODITIES
SPRINGFIELD, MASS.
216-218 Empire Bldg.
BALTIMORE, MD.
D E S M O IN E S
COLUMBIA, S. C.
Phone 4-2127
11 W a ll S t r e e t , N e w Y o r k
231 S. L a S a lle S t., C h ic a g o
B r a n c h e s in 34 C it ie s
LOUISVILLE, KY.
N EW ORLEANS, LA.
ST. LOUIS, MO.
ST. PAUL, M IN N .
HOUSTON, TEX.
OMAHA, NEB.
BERKELEY, CAL.
WICHITA, KAN.
SPOKANE, WASH.
Inquiries should be addressed to recognized
security dealers, dealer banks or
W r ite f o r o u r w e e k ly S to c k S u r v e y
CHARLES R. D U N N , Fiscal Agent
D IR E C T P R IV A T E W I R E
Laverne M. Barlow
31 Nassau Street
M anager
New York 5, N. Y.
M em bers N e w Y o rk S to ck E x c h a n g e
a n d o t h e r p r in c ip a l e x c h a n g e s
L l . à
O U R 5 0 th Y EA R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
l t à l i l i i
Ì.AAAAAAAAAAAAAAAA
Northwestern Banker June 19^5
70
Here Is the Reason Why
Many Bankers Own and Recommend
THE GENERAL AMERICAN LIF E
P R E F E R R E D R IS K CONTRACT
AVERAGE ANNUAL
NET OUTLAY
FOR RETIREMENT
AGE 65
Annual
Premium
10 yrs.
20 yrs.
Cash Value
Monthly Income
(10 yrs. & life)
GENERAL AMERICAN LIFE
$229.90
$195.30
$182.40
$5,230.00
$34.36
Company A ................................
242.40
197.50
191.00
5,230.00
32.90
Company B. . . . . . . ................. .
242.80
220.20
207.60
5,540.00
33.36
Company C ................................
261.60
204.10
185.90
5,230.00
34.40
Company D . . . . . . . . . . . . . . . . . .
267.70
213.10
207.80
5,229.20
32.90
Based on a $10,000 contract at age 35.
The companies designated in the above illustra
tion are four major American life companies
noted fo r their low cost preferred risk contracts.
(. en er a l American L if e
IN SU RA N CE COMPANY
Walter W. Head, P r e s id e n t
ST. LOUI S 3, M I S S O U R I
Northwestern Banker June 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O U R 5 0 th Y EA R
W h y M y Selling Methods
How Sales W ere Made to Each of Three Brothers, and an
Outline of Five Points Used in Selling One of Them
OME m o n th s ago I began to con
ta c t each of th re e b ro th ers. All
of these m en h ad alread y bought
in su ran ce th ro u g h m y agency from
m en w ho no longer are in th e business.
My approach to each w as alm ost iden
tical. I first chose w h a t I consider th e
m ost op p o rtu n e tim e for m aking m y
approach. I intro d u ced m yself and
told m y pro sp ect th a t in our language
he w as one of o u r o rp h an s and th a t
I h ad come to ta lk about th e policy
he already owned. I fu rth e r stated
th a t it h ad been m y experience th a t
people k n ew less abo u t th e ir in s u r
ance th a n a n y th in g else th e y ow ned
an d th a t I h ad come to an sw er any
questions he m ig h t have to ask. I
found out th a t he now h ad th re e
m in o r child ren an d th a t no second
beneficiaries h ad ever been added to
his p re se n t insurance.
T his discussion helped m e get on a
frien d ly basis so th a t I could gain th e
in fo rm atio n w hich I w an ted to obtain.
I found th a t his savings for th e fu tu re
consisted e n tire ly of a sm all building
and loan account and th e spasm odic
purch ase of g o v ern m en t bonds. A fter
I had finished w ith his p re se n t in s u r
ance, I asked him if he h ad ever h eard
of th e “a n n u ity p rin cip al.” A fter a
brief explan atio n I told him th a t I
did not see how his p re se n t savings
could ever accum ulate enough m oney
for him to live off th e in terest. He
did not q uite u n d e rsta n d w h a t I m eant,
so w e figured it together. H e quickly
m entioned th a t it w ould be im possible
for him to in an y w ay increase his
p re se n t savings, as th e re a rin g of th re e
sm all ch ild ren d u rin g w a r tim es w as
quite a m an-sized job. I, of course,
S
for him and signed an application.
Upon th e delivery of his policy I m ade
an au d it of all of his in su ran ce and
w orked out a tru s t arran g em en t for
his wife and children.
By Finck Dorman
General Agent
Indianapolis Life Ins. Co.
Houston, Texas
The Second Brother
F IN C K
DORM AN
agreed, b u t asked him if I could show
him some figures; w ould he take the
tim e to look? He agreed and I re
tu rn e d la te r w ith an illu stratio n show
ing a com bination an n u ity w ith life
in surance for approxim ately
th e
am ount of prem ium he w as now sav
ing. A fter a detailed explanation he
agreed th a t m y plan w ould do m ore
S carborough ^ C
The second b ro th e r w as approached
in th e sam e w ay as th e first, w ith the
additional statem en t th a t it had been
m y pleasure to do some constructive
w ork for his b ro th e r and asked him
if his b ro th e r h ad m entioned this to
him, hoping, of course, th a t he had.
I w as su rp rised to find th a t nothing
had been m entioned, and before I left
I asked him to talk w ith his b ro th er
about th e kind of professional service
I w as giving. In th is w ay I hoped
th a t his b ro th e r w ould tell him th a t
I knew m y business, th u s paving the
w ay for an easy interview . In our con
v ersatio n I found th a t he h ad no reg
u lar plan of accum ulating except his
p resen t life insurance. I show ed him
m y ow n policies in detail and told
him w hy I had p u rchased each one
of them . He rem ark ed th a t I certainly
believed in w h at I sold. I th e n asked
him if he w as proud of w hat he had
accom plished, cautioning him n ot to
an sw er me, as I w as n o t try in g to
p ry into his affairs. H e readily ad
m itted th a t w h at he had accum ulated
th u s far w as a v ery poor show ing
w hen com pared w ith w hat he had
earned. I, of course, suggested th a t
since he had seen m y policies he knew
th a t m y plan w orked. I asked his p e r
m ission to p u t some figures on paper
for him.
W hen I re tu rn e d w ith th e brief for
about one-half th e am ount w hich his
o m pa n y
C o tm à e io ïà y ù y ß u tv k A
First National Bank Building, Chicago
O U R 5 0 th YEA R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Horace A. Smith, Iowa Representative
Des Moines, Iowa
Northwestern Banker June 19^5
72
b ro th e r purch ased from me, I found
th a t he had already talked to his b ro th
er and he could not u n d e rsta n d w hy I
had not p resen ted him w ith as m uch
as his b ro th e r had p u rchased from me.
I explained to him th a t we w ere be
ginning to help him do som ething th a t
he h ad not reg u larly done up to th is
tim e, w hile in his b ro th e r’s case wo
had sim ply tra n sfe rre d w h at he had
alread y been accustom ed to saving
into a new channel. I fu rth e r told him
th a t I felt th a t it w as m y responsibility
to see th a t his plan w orked, and I,
therefore, w anted to be v ery careful
n ot to let him begin at too high a
Some men will never w ant
to go in business
for them selves
P e rh a p s we
should
have said most m en.
T h ere is n o th in g w rong
w ith this.
B usiness
o r g a n i z a t i o n s , large
a n d sm all, need ab le m en, a n d will p ay
for th em . M a n y a m an finds a fine a n d
sa tis fa c to ry career on a n o th e r p la n ’s
payroll.
B u t som e m en a re so sure of th e ir
a b ility to m ake th e ir b ra in s p a y th e m
a d ire c t profit — so im p a tie n t of th e
delays an d com prom ises involved in
w orking for som ebody else— t h a t th e y
c a n n o t re st u n til th e y are m anaging
th e ir own business.
T h e y save a n d scrim p to g et th e c ap i
ta l th e y need, a n d a w ay th e y go.
A m erica needs these m en. T h e y a re
th e y e a st in th e n a tio n a l bread.
I t h a p p en s t h a t th e y m ake good life
insu ran ce a g en ts. I t h a p p en s also t h a t
life insurance selling, w hich req u ires
m inim um c ap ital, b u t a m axim um of
th o se im p o rta n t personal q u a litie s, is
a fertile field for th ese m en— for th ese
invaluable m en of in d ep e n d en t sp irit.
T h is co m p an y h as b u ilt its sales an d
service o rg a n iz atio n of m en who p o s
sess t h a t sp irit. I t m akes a v ailab le to
th em a w ealth of p ra c tic a l experience
in m ee tin g a n d solving th e problem s
p eculiar to th e m an in business for
him self — problem s of c ap ital, know
how a n d m a rk e t. I t does e v ery th in g
in its pow er to help th em succeed in
their own right as in d ep e n d en t sm all
business m en— in a c o u n try w hich a fte r
th e w ar will need in d ep e n d en t sm all
business m en in larger n u m b ers th a n
ever before.
Northwestern
N a tio n a l L ife
figure. T h at I w as certain if th e plan
cram ped his style it w ould do him
m ore h arm th a n good. I did tell him ,
how ever, th a t w ith in six m onths to a
year, if he progressed nicely, th a t I
w ould recom m end th a t he increase his
savings.
A t th e conclusion of the interview
I w as inform ed by th e prospect th a t
he w ould have to talk it over w ith
his wife. F eeling th a t this w as a real
objection and not an excuse, I m ade
an ap p ointm ent to review th e entire
b rief w ith her. The wife m ade no
objections and helped me by saying
th a t she w ould see th a t the deposits
w ere m ade because th ey certainly
needed som ething to help them get
ahead.
In talk in g to th e th ird b ro th e r I
v ery soon found th a t he w as th e m ost
successful and had already accum u
lated quite an estate by purchasing
re n ta l property. At p resen t he had
some unpaid m ortgages on his last
two purchases. My interv iew w ith
him on th e sam e type of brief called
to his a tten tio n th e follow ing points:
1. T h at as p ro p erty becam e older it
n a tu ra lly depreciated in value and th a t
th e sm art business m an or corporation
sets up a reserve out of presen t income
to absorb th e loss of incom e w hich
n a tu ra lly resu lts from d eterioration
th ro u g h age.
2. I bro u g h t to his a tten tio n the fact
th a t the incom e from real estate w as
seriously affected in depression years,
and th a t some supplem ental income
could be used as a reserve against
these serious years.
3. I pointed out th a t such a program
w ould fu rn ish enough death benefits
to cover all of his m ortgages, so th a t
in case of his u n tim ely death, his wife
and children w ould in h e rit pro p erty
free of indebtedness.
4. I pointed out th a t th e high cash
values of such a program w ould fu r
nish op p o rtu n ity m oney for him. I
told him th a t I had recen tly used m y
own insurance for collateral loans in
p u rchasing m y own hom e and th a t I
w as able to borrow at 3 per cent in te r
est. I th en asked him if his rates of
in terest w ere th a t low.
5. I closed m y interv iew by com pli
m enting him on w h at he h ad accom
plished, b u t th en told him th a t any
fu tu re accum ulations he w ould m ake
w ould soon p u t him into the federal
inheritan ce tax brackets. I th u s showed
him how m y policy could be used in
th e fu tu re to assist him in preserving
his estate. He im m ediately said th a t
I had p resen ted some v ery sensible
reasons b u t th a t he w as not ready to
do a n y th in g about it a t th e presen t
time. He th a n k e d me for th e tim e I
had spent and announced th a t he
w ould call me w hen he w as ready to
talk fu rth er. As I w as going out his
door I told him th a t I knew he w ould
have no objections if I called him
w ith in a reasonable length of tim e if
I did not receive his telephone call.
Since I w as already leaving he m ade
no objection.
Of course, he did n ot phone, so I
drifted into his place of business w ith
out m y brief case or any o th er sign
of our profession and visited w ith him
about every th in g except life insurance.
As I got up to leave he stated, “ I have
A llied M utual pioneered this worry-free protection which
defends the farm owner in case cattle get into neighbor’s
corn, loose horse injures m otorist on highway, hired man
is h u rt by tractor—or any one of a hundred other common
farm hazards. Up to $250 m edical, surgical, hospital pay
ments for hired m en or hired girls regardless of respon
sibility. Essential protection. Easy to interest farm er. In
vestigate for your agency. W rite
COM PANY
CASUALTY COMPANY
M in n e a p o lis .
M in n e s o ta
Harold S. Evans, President
HubbelJ OuiSdirsg
4s,
>
*
ALLIED MUTUAL
O . J . A r n o ld ,
P re s id e n t
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
>
Low Cost, Non-Assessable
FARM LIABILITY INSURANCE
for Your Farmer Clients
in s u r a n c e
Northwestern Banker June 19J5
>
i
Des Moines 7, Iowa
O U R 5 0 th YEAR
73
A C O R N E R ON
G O O D IN S U R A N C E
Y ou h a v e m a d e a p la c e for u s in th e h e a r t of th e in s u ra n c e
c e n te r of th e m id d le w est. W e a r e lo c a te d w h e re w e c a n
se rv e y o u b est. O u r c o m p le te lin e of DW ELLING, AUTO,
MERCANTILE a n d PLATE GLASS in s u r a n c e c o v e ra g e is
a v a ila b le to y o u r clien ts a n d for y o u r p ro tec tio n .
For th irty -eig h t y e a rs o u r p o lic ie s h a v e b e e n g a in in g
w id e a c c e p ta n c e in th e m id d le w e st. O u r B a n k er
A g e n ts in th e s e v e ra l s ta te s in w h ich w e o p e r a te
n u m b e r w ell into th e h u n d r e d s for re a s o n s th a t
m e a n m o n e y in th e ir p o c k e ts a n d s a fe ty for
th e ir in v e stm e n ts.
W rite to d a y a n d a s k for a n e x p la n a tio n
of W e s te rn 's r e lia b le in s u r a n c e p ro g ra m .
WE S T E R N MUTUAL
Fire Insurance Co.
9 th €* G ra n d
Des Moines, Io w a
"O ver a Third of a C entury of Safety and Service with Savings"
OUR
5 0 th
YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker June 19Ï5
74
n ot come to any conclusion as yet; give
m e some m ore tim e.” On m y n ex t call
about a w eek and a half la te r I in
form ed him th a t I w as th e re to talk
to him about th e ideas w hich I had
presented. He th e n rep eated th a t he
liked m y policy b u t felt th a t his first
obligation w as to pay off his indebted
ness. I th en explained to him how
te rm insurance m ight pro tect his fu
tu re, finally breaking th e policy down
to a m onthly prem ium to m ake the
deposit seem as sm all as possible. To
m y su rp rise he agreed to go ahead,
N ineteenth A nnual Statem ent D ecem ber 31, 1944
L IA B IL IT IE S
ASSETS
R eserv e
fo r
U n e a rn e d
P re
m iu m s ................................................ $ 5,772,847.97
^ Sto ck s
..............................................
2,274,097.00
R e s e r v e fo r L o s s e s an d E x
p e n ses ................................................
6,631,861.00
C a s h and B a n k D e p o s it s ......................................... 1,045,513.88
R e s e r v e fo r U n k n o w n and U n
P re m iu m s in co u rse of c o lle c
rep o rte d L o s s e s ...........................
750,000.00
tio n , n ot o v e r 90 d a y s ......................................... 2,057,669.73
R e s e r v e fo r T a x e s .............................
864,300.00
R e s e r v e fo r U n p a id C o m m is
D u e from R e - in s u ra n c e C o m
s
io
n
s
,
e
tc
.............................................
539,329.42
p a n ie s, e tc .......................................
115,377.96
C a p it a l S to c k ....$ 3 ,0 0 0 ,0 0 0 .0 0
A c c r u e d In t e r e s t ...........................
173,703.89
4,672,350.86 7,672,350.86
S u r p lu s ...................
*B ond s
....................................................$16,564,326.79
$22,230,689.25
$22,230,689.25
'V aluations on basis approved by NATIONAL ASSOCIATION OF INSURANCE
COMMISSIONERS
On the b asis of actu al Decem ber 31st m arket values, total adm itted assets an d sur
plus w ould h a v e been increased $785,488.60.
Securities carried a t $1,385,521.00 in the above statem ent are deposited for purposes
required by law .
O w ned, O perated an d Controlled b y the St. Paul Fire an d
M arine Insurance C om pany
L. R. Moeller, Executive State Agent
111 W est F ifth Street
St. P a u l, M in n esota
H . P . M artin
M anager
R. O. A lb rech t
R. W . W eth erald
S p ecia l A gen ts
xi ry
O ld C olon y
B u ild in g
D es M oin es, Iow a
Indemnity Company
I n s u r a n c e C o u n s e llo r s f o r B a n k s
HAPPY
B IR T H D A Y
to the
NORTHWESTERN BANKER
o n
y o u r
5 0 th
A n n iv e r s a r y
fro m
America’s Largest Exclusive
Dwelling Insurance Company
(N ow in its 53rd year)
TOWN MUTUAL
DWELLING INSURANCE COMPANY
B . R EE S JO N E S , P res.
H u b b e ll B u i l d i n g , D e s M o i n e s
........... ...... ...... ....... Northwestern Banker June 19J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
b u t reduced th e policy by one-third,
saying th a t his o th er insurance w ould
take care of th e balance.
I had ju s t com pleted rearran g in g his
in surance so th a t m ost of the proceeds
w ere on an incom e basis. Before m en
tioning th is again I decided th a t he
w ould take a t least tw o-thirds of w h at
w as needed, w here if I pressed for the
en tire am ount I m ig h t spoil the en tire
sale. I th erefo re ceased all fu rth e r
discussion and com pleted th e neces
sary plans for issuing th e policy. I, of
course, feel th a t some la te r date will
produce the o th er in surance th is m an
needs.
W H A T DO Y O U TH IN K?
(C ontinued from page 11)
autom obiles and farm m achinery w ill
be purchased.”
C. M. A m ann, cashier, F a rm e rs &
M erchants Bank, Rudolph, W isconsin:
“I th in k th a t unless th e governm ent
rem oves some of th e restrictio n s on
m aterials th a t local loans w ill not
have a tendency to increase to any
g reat extent, because th e E uropean
w ar is over.
“D uring the p ast y ear personal con
tacts and th e use of new spaper ad v er
tising and direct m ail have helped us
increase our local loans from one
h u n d red and forty th o u san d to m ore
th a n one h u n d red and nin ety thousand
in good sound bankable loans on a con
servative basis.
“New loans are few and far betw een
b u t we have refinanced m any loans
and tak en them aw ay from th e P. C.
A.’s, o th er credit agencies and building
and loan associations at a satisfactory
rate to us.”
H arry G. N icolaus, president, W ilton
Savings Bank, W ilton Junction, Iowa:
“W e are inclined to doubt th a t local
loans w ill increase to any m ark ed ex
te n t on account of the close of the
E u ro p ean w ar, a t least, u n til such
tim e as consum er goods and farm m a
chinery become available in su b stan
tial am ounts.
“F o r th e m ost p a rt farm ers are in
possession of sufficient funds to take
care of c u rre n t needs including p u r
chase of m oderate am ounts of feeder
cattle. M any farm ers have m oved
from th e note pouch to th e ledgers. In
addition to th is m any hold w ar bonds
w hich w ill be g radually cashed as
funds for c u rre n t needs m ay be re
quired or desired.”
R . I). K i m m , cashier, F irs t State
B ank of W h at Cheer, W h at Cheer,
Iowa: “I th in k th a t local loans w ill
O U R 5 0 th YEAR
75
not increase m uch, if any, w ith the
E u ro p ean w a r won. P rices for farm
pro d u cts are high and farm ers are re
ducing th e ir debts and so long as
prices and w ages are high, th e dem and
for m oney w ill be slight. W hen and if
consum er goods are obtainable again
m ay have a b earin g on dem and for
m oney.
“If th e re is a recession in prices for
farm products, farm ers w ill probably
s ta rt b orrow ing to hold th e ir products
w ith th e hope th a t prices w ill rebound
afte r th e first drop.
“It is h a rd to p red ict th e fu tu re in
w ar tim e since a n y th in g can happen.
It m ig h t be well to recall w h a t h ap
pened a fte r W orld W ar I and be
guided, m ore or less, by those events
since h isto ry g enerally rep eats itself.”
“HANDBOOK” is not only v ery tim ely
b u t v ery excellently prepared.
The officers of th e F irs t N ational
B ank in Sioux City are as follows: A.
G. Sam, president; J. P. H ainer, vice
president; F ritz F ritzson, vice p resi
d en t and cashier; J. T. G rant, J. R.
G raning, E. A. Johnson, assistan t
cashiers, and W. F. Cook, auditor.
Receives Decorations
Col. R obert V. Lee, assistan t tre a s
u re r of th e Chem ical B ank & T ru st
C om pany of New York City, on leave
w ith th e U nited States A rm y, has been
g ran ted one of th e F ren ch G overn
COMPLETE
CASUALTY
COVERAGE
H A N D B O O K FO R PO ST
W A R F IN A N C IN G
(C ontinued from page 23)
space on w hich to list prospective p o st
w a r financing needs, and a t th e bottom
of th e page it says, “W h atev er y o u r
p re se n t an d p o stw ar financial needs
m ay be—consult th e F rie n d ly F irs t
N ational.”
As a piece of ad v ertisin g and p ro
m otional b an k lite ra tu re , we th in k th is
M ER CH A N T S
MUTUAL
B O N D IN G
COM PANY
In co rp orated 1933
UN D ER ONE RO O F
•
H OM E
O F F IC E , 1017 W A LN U T
DES M O IN ES, IO W A
ST.,
OFFICES ALSO IN:
Denver
Kansas City
Springfield
Grand Rapids
H o m e Office
S O U T H E R N S U R E T Y B U IL D IN G
D es M o in es, Iow a
•
1 Autom obile (All C overage)
2 W orkm an's C om pensation
3 G eneral Liability
T h is is Io w a ’s o ld e st su rety com pany.
A p ro g ressiv e com p an y w ith e x p eri
en ced , co n serv a tive m anagem en t.
W e are p rou d o f o u r h u n d r ed and
f if t y b a n k a g e n t s in Io w a .
m en t’s highest aw ards for his services
in th e liberation of France.
Colonel Lee, w ho is a ssistan t chief of
staff, G. I. (A rm y P ersonnel), of th e
new 15th A rm y, w as g ran ted th e O rder
of th e Legion of H onor w ith the grade
of Chevalier, an honor w hich carries
w ith it th e Croix de G uerre w ith palm.
H e w as presented the m edal a t a cere
m ony “som ew here in Belgium ,” by
Gen. Louis Koeltz, F ren ch general
staff liaison officer, in th e presence of
Lieut. Col. L eonard A. Gerow, com
m ander of the 15th Army.
His o ther decorations include th e
Legion of M erit, th e Bronze Star, and
cam paign stars for the N orm andy, N or
th e rn France, and G erm an operations.
4 Burglary
5 Fidelity & Surety
6 Plate G lass
S p e c i a l i s t s in F id e lity
an d S u r e ty B o n d s
A fin an cially sound institution
with a background of twenty-six
y ears of consistent growth in the
ca su a lty insurance field. Today
w e, a s Iow a's on ly C apital Stock
C asualty C om pany, are repre
sented in tw enty states.
Our
fifteen hundred agen ts operate
through the hom e office and four
strategically located d ivision al of
fices. A n efficient corps of field
m en is servicing our a g en cy
force to the extent that premium
incom e continues its stea d y climb.
W e are proud of our organization
and the protection it offers to in
dustry and the public a s a w h ole.
Established in 1919
C ongratulations to N orthw estern B a n ke r on its 50th A n n iversa ry
T o b e th e ex c lu siv e rep resen tative of
th is com pany is an asset to you r bank.
W r it e to
E. H . W A R N E R
S e c r e t a r y an d M a n a g e r
O U R 5 0 th Y EA R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
y_ y
/
r
Northwestern Banker June 19k5
76
üDOD IQ O O
ACROSS THE STREET
X
NORTHWESTERN'S FAST COLLECTION SERVICE
O u r s t r e a m lin e d a g e h a s b r o a d e n e d o u r m a r k e ts a n d
s p e e d e d u p d e liv e r ie s t r e m e n d o u s ly .
T o d a y , flo u r f r o m th e
N o r th w e st f e e d s t h e w o r ld . B u tte r a n d d a ir y p r o d u c ts f r o m
th is a rea a r e o f fe r e d f o r s a le t h r o u g h o u t t h e c o u n tr y .
S eed
in g th e m
fo r w a r d so th a t th e y m a y k e e p
p a c e w ith th e
t e m p o o f m o d e r n b u s in e s s .
I m m e d ia te a c k n o w le d g m e n t is m a d e o f y o u r it e m s o n
r e c e ip t . C o lle c t io n s o n fir m s in t h e M in n e a p o lis “ l o o p ” a r e
p o ta t o e s f r o m t h e R e d R iv e r V a lle y a r e so ld t h r o u g h o u t th e
p r e s e n te d b y m e s s e n g e r o n th e d a y r e c e iv e d .
s o u t h e r n s ta te s .
o u ts id e t h e “ l o o p ” a r e n o t if ie d b y t e le p h o n e a n d n o t ic e is
T h is n a tio n -w id e d is t r ib u tio n o f N o r th w e st p r o d u c ts b y
m o d e r n t r a n s p o r t a tio n m e th o d s is f a r f a s t e r th a n a n y th in g
w e h a v e k n o w n in t h e p a st.
C o rresp o n d en t h a n k s o f th e
N o r th w e st u t iliz e t h e se r v ic e s o f a n o r g a n iz a t io n s u c h a s
o u r s , c a p a b le o f g iv in g c o lle c t io n s e r v ic e th a t e q u a ls t h e
s p e e d ie s t f o r m o f t r a n s p o r t a tio n .
L o c a l fir m s
m a ile d to t h e m o n t h e d a y r e c e iv e d .
>
C red it is p r o m p t ly m a d e to y o u r a c c o u n t , e it h e r o n th e
d a te o f r e c e ip t or o n th e d a te o f p a y m e n t , d e p e n d in g u p o n
y o u r in s t r u c t io n s a n d th e n a tu r e o f th e tr a n s a c t io n .
C o r r e s p o n d e n t b a n k s in a ll p r in c ip a l c it ie s f r o n t c o a s t
to c o a s t h e lp s e r v e y o u . Y o u a re k e p t in f o r m e d at a ll t im e s
T o d a y , a n d in th e f u t u r e , s h ip p in g d o c u m e n t s m u s t g o
f a s t e r th a n t h e y h a v e in th e p a st.
y
T h e N o r th w e ste r n g iv e s
p r o m p t , p e r s o n a l a t te n t io n to y o u r c o lle c t io n it e m s , sp e e d -
o f th e p r o g r e s s m a d e o n u n p a id o u t-o f-to w n c o lle c t io n s .
S a v e t im e t h r o u g h N o r th w e ste r n .
W e a re as c lo s e to
y o u as y o u r t e le p h o n e , t e le g r a p h , o r ty p e w r ite r .
K
S H IR L E Y S. F O R D , P r e s id e n t
Departm ent o f Banks and Bankers
D . E . C r o u le y
V ic e P r e s id e n t
L. P . G isv o ld
A s s t. C a s h ie r
C arl F . W ie s e k e
A s s t. C a s h ie r
A. F . J u n g e
R e p r e s e n t a ti v e
NORTHWESTERN NATIONAL BANK
of Minneapolis
M arq u ette Ave.— S ixth to Seventh S treets
M em ber F ederal D eposit Insurance C orporation
Northwestern Banker June Í9J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O U R 5 0 th Y E A R
i-
77
Leaves Sherburn Bank
H.
0. Geise, w ho has been associated
w ith the F arm ers State Bank, S her
burn, M innesota, for th e p ast 23 years
as second vice president, has resigned
his position to accept a position as vice
p resid en t and cashier of the Peoples
N ational B ank at Mt. Pleasant, Ohio,
n ear W heeling, W est V irginia.
M IN N E S O T A
NEWS
Amendment
W IL L IA M D U N CA N ,
S e c re ta ry
M in n eap o lis
G E O R G E A . B E I T O
P re s id e n t
G o n vic k
Minnesota Association
Council Meeting
A t its meeting last m onth, the
E xecutive Council of the M inne
sota Bankers Association canceled
the 1945 annual convention of the
organization, and elected new of
ficers, to be effective June 12.
George A. Beito, form erly vice
president, was elected president,
succeeding W ilbur McLean, who
resigned.
W'illiam Duncan, Jr.,
ivas re-elected secretary, and the
treasurer and council members,
whose terms expired this year, will
autom atically hold over until the
n ext annual convention.
T he office of vice president was
not filled.
New Assistant Cashier
S. H. A ndersen has resigned his posi
tion as a ssista n t cashier w ith th e
K anabec State B ank, Mora, M inne
sota, to accept a position as cost ac
c o u n ta n t w ith Milk D ryers, Incorpo
rated, and Claude R. E n g elstad of
M oorhead, M innesota, has been elected
to fill th e vacancy.
Mr. E n g elstad w as cashier of th e
S tate B ank of Shelly for m any y ears
and recen tly has been em ployed by the
co m ptroller of th e cu rren cy in the
U. S. T re a su ry D epartm ent.
James J. Flynn
Jam es J. F ly n n , 87, w ell know n R ush
City, M innesota, business m an and
banker, first son of R ush C ity’s origi
nal settlers, died th e re recently. He
w as th e first w hite child b o rn in R ush
City and one of th e first w h ite children
born in th e n o rth e rn p a rt of Chisago
county. A t th e tim e of his d eath he
w as a directo r and vice p resid en t of
th e R ush City State B ank, p resid en t of
The M innesota U tilities Corporation,
vice p resid en t of The M innesota In
vesto rs C orporation, p a rtn e r in The
Flynn-C arlson Com pany, and oper
O U R 5 0 th YEA R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Jr.
ated The Pioneer L and Company. He
served m any term s as m ayor and m em
ber of th e council and th e school board.
Off to Minneapolis
Jam es Low ham , life long resid en t of
Crookston, M innesota, and assistant
cashier of the Polk County State B ank
th e re for 22 years, has left C rookston
for M inneapolis to tak e a position as
cashier at the Tw in Cities F ederal
Savings and L oan Association. The
assistan t cash ier’s position w ill be filled
by Em il H eiberg, now cashier at the
State B ank of W arren. He w as to
assum e his new duties last m onth.
G ets Majority Vote
The following resolution w as offered
and adopted by a m ajo rity vote of the
capital stock of the Zapp State Bank,
St. Cloud, M innesota:
T he governm ent of th is corporation
and the m anagem ent of its affairs shall
be vested in a board of not less th a n
five nor m ore th a n seven directors,
w ho shall be elected a t the reg u lar
an n u al m eeting of th e stockholders.
The following resolution w as offered
and adopted by a m ajority vote of the
capital stock of th e E llsw orth State
Bank, E llsw orth, M innesota:
Resolved: T h at A rticle Sixth of the
A rticles of Incorporation of th is b ank
be am ended to read as follows:
The governm ent of this corporation
and the m anagem ent of its affairs shall
be vested in a board of not less th an
th ree nor m ore th an seven directors,
who shall be elected at th e reg u lar
an n u al m eeting of th e stockholders.
M. W . Joh nson
M- W. Johnson, b an k er and long tim e
resid en t of Floodwood, M innesota, and
who w as identified w ith the lum ber in
d u stry in Floodwood, died th ere recen t
ly.
Bankers Hours?
Erick Erickson
F u n eral services w ere held for E rick
E rickson, fath er of H ilding A. E rick
son, p resid en t of th e F irs t State B ank
of Isanti, M innesota, at the Grace L u
th e ra n C hurch of M ora recently. He
cam e to A m erica from Sweden in the
y ear 1883, a rriv in g in Mora w here he
settled in Com fort tow nship, residing
on the farm he hom esteaded ever since.
D uring the early pioneering days Mr.
E rickson, like so m any early pioneers,
w as em ployed in th e tim ber woods
d u rin g th e w in ter m onths and w orked
on the spring drives du rin g th e spring
seasons.
Aside from his farm ing enterprise,
his business in terests have included
serving for tw enty-five years as a di
recto r and p a rt of th e tim e as presid en t
of th e form er State B ank of Dalbo,
now Cam bridge State B ank a t Cam
bridge, M innesota.
Included am ong surv iv ers is an o th er
son, E lm er, presid en t of th e Cam bridge
State Bank.
I t ’s 8 a. m. as officers o f th e N o rth w e s t
e rn N a tio n a l B a n k , M in n eap o lis, a n d its
affiliates g a th e r fo r th e ir re g u la r m o n th ly
m ee tin g , w h ich la s t m o n th w as d e v o te d
to in s tru c tio n s on S e v e n th W a r L o an B ond
sales. W en d a ll T. B u rn s, v ice p re sid e n t
of th e b a n k , a n d c o -d ire cto r of th e w a r
finance c o m m itte e ’s d iv isio n on sp ecial
so lic ita tio n , is b re a k in g h is ‘ ‘p ig g y b a n k ”
to p a y fo r th e first b o n d sold b y S h irle y
S. F o rd , p re s id e n t o f N o rth w e s te rn N a
tio n a l a n d c h a irm a n of th e A B A com
m itte e on W a r B ond sales in M in n e so ta,
W isco n sin , N o rth
D a k o ta , a n d S outh
D a k o ta .
Northwestern Banker June 1945
78
* MINN E S O T A
NEWS
announced election of Maj. P hilip R.
Moore to the board. He is president
of K learflax L inen Looms, Inc. He
w as com m issioned in th e A rm y w hile
serving w ith the office of lencl-lease in
W ashington.
Increased Bank Debits
W o rth in g to n occupied a top position
in N inth F ed eral R eserve D istrict
b an k debit rep o rts, w ith a review of
March, 1945, figures.
W ith $4,387,000 com pared w ith $3,235,000 for th e sam e m o n th of 1944,
th a t city w as tied only by R ochester.
It's a Pleasure
Looking for a valuable paper or any
article in a safety deposit box is going
to be a pleasure in the fu ture, accord
ing to George V etter, cashier at the
F a rm ers and M erchants State Bank,
New Ulm, M innesota.
Duluth Bank Director
D irectors of Pioneer N ational Bank,
W est D uluth, M innesota, last m onth
•
T here isn ’t going to be any m ore
crow ding into th e sm all v au lt or w ait
ing in line. The b an k recen tly in
stalled tw o booths, com plete w ith
lights, chairs and tables, upon w hich
to w ork. All th is for the benefit and
convenience of those w ho have safety
deposit boxes.
Complete privacy and th e o pportu
n ity to explore th e boxes a t leisure
will m ean a g reat deal to th e b a n k ’s
custom ers, and is ju st an o th er service
w hich it deem s essential.
Surplus Account Goes Up
At a recen t m eeting of the board of
directors of th e Stock Y ards N ational
Bank, South St. Paul, it w as voted to
tra n sfe r $100,000 from th e undivided
profits account to th e su rp lu s account,
increasing th e su rp lu s account from
$250,000 to $350,000. The capital as
sets of th e bank now stan d as follows:
Capital stock, $250,000; surplus, $350,000; undivided profits and reserves,
$223,500, w hich m akes a total of $823,500, according to J. C. Moore, vice
president and cashier.
New Members
CONGRATULATIONS!
In celebrating its Fiftieth A nniversary the
Northwestern Banker m a y w ell be proud of
the part it h a s p la y e d in the developm ent of
banking in the Northwest.
Fifty y ea rs of progress and ch an gin g condi
tions h a v e presented m a n y perplexing prob
lem s to the banking fraternity and b u sin ess
clo sely affiliated with it. The Northwestern
Banker h a s m et these problem s and h a s con
tributed to their solution.
Increase in m em bership in th e A m er
ican B ankers A ssociation continued
w hen 40 banks w ere received as
new m em bers as a resu lt of the activi
ties of the A ssociation’s O rganization
Com m ittee, according to R. L. Domi
nick, chairm an of th e com m ittee, w ho
is also vice president, T raders Gate City
N ational Bank, K ansas City, M issouri.
J a m ie so n
&
C o m pa n y
Members
W ith our congratulations
go our best wishes for
m any more years of success.
★
The
★
★
Stock Yards ¡National Bank
South Saint Paul, Minn.
M EM BER
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FED ER A L
D E P O S IT
June 19J5
IN S U R A N C E
C O R P O R A T IO N
N ew York Stock E xchange
and Other Principal Exchanges
if
STO CKS
BONDS
COM M O DITIES
MINNEAPOLIS
FARGO
ST. PAUL
GRAND FORKS
DULUTH
SIOUX FALLS
EAU CLAIRE
PRIVATE WIRES
OUR
5 0 th
YEAR
79
T
w i n
W. JOHNSTON, a ssista n t cashier
1 of th e B loom ington-Lake N ational
B ank of M inneapolis, has been elected
presid en t of th e M innesota Safe De
posit A ssociation for 1945-46. L aw rence
A. Larson of th e A m erican N ational of
St. P aul w as elected vice p resid en t and
D orothy R ich of th e B loom ington-Lake
N ational w as nam ed secretary -treas
u rer. E v e ly n M. P en sh orn of th e E m
p ire N ational B ank an d T ru st Com
p a n y of St. P au l w as elected to th e
executive com m ittee.
A m os L. W arner, 86, w ho w as p resi
den t of th e old B ankers N ational B ank
u n til it consolidated w ith th e M etro
politan N ational in 1925 and la te r w as
p resid en t of th e P eople’s T ru st and
Savings B ank, died recen tly at his
M inneapolis home.
B a n k e rs’ h o u rs don’t m ean a th in g
a t th e N o rth w e ste rn N ational B ank of
M inneapolis w here officers of th e m ain
b ank and its affiliates g a th e r once each
m o n th a t 8 a. m. for an executive ses
sion. H ere W en d ell T. B urns, vice
p resid en t of th e b an k and co-director
of th e w ar finance com m ittee’s division
on special solicitation, dem o n strates
W
a r B
o n d
ja
C
ity
N
e w s
G rand A venue State Bank, F irst M er
chants State Bank, F irs t State Bank,
F irs t T ru st Com pany of St. Paul.
By E. W . Kieckhefer
Special Cor r e s ponde nt
Northwestern Banker
to N o rth w estern ’s president, Shirley
S. Ford, how he expects everyone to
co n tribute to the S eventh W ar Loan
drive. He is sm ashing his piggy bank
w ith an axe to buy th e bond from F ord
w ho is ch airm an of the A m erican
B ankers A ssociation com m ittee on w ar
bond sales in M innesota, W isconsin,
N o rth and South Dakota.
A rn ulf U eland, p resid en t of M idland
N ational B ank and T ru st Com pany of
M inneapolis, recently attended a twoday m eeting of th e executive com m it
tee of R obert M orris Associates at
Louisville. He is a director of the
organization of bank credit men.
S tandardization of nam es has been
achieved by the affiliates of F irs t N a
tional B ank of St. P aul by prefixing
th e ir nam es w ith th e w ord “F irs t.”
The banks now are know n as F irst
S ecurity State B ank of St. Paul, F irst
c k e ts
>5*
NAME11CA
W hen the new M innesota State B ank
of St. P aul opened its doors it had a
tw o-quart ja r of pennies on display and
visitors w ere invited to try to w in a
$25 w ar bond by guessing th e num ber
of pennies it contained. W inner w as
M iss E llam ay N ebel, an em ployee of
the Security State B ank in the M idway
w hich form erly occupied the q u arters
of the new M innesota State.
She
guessed 2,165 pennies,, ju st 11 sh o rt of
the exact total.
The F ederal R eserve B ank of M inne
apolis has announced th e B lackpipe
State B ank of M artin, South Dakota,
w as adm itted to m em bership last
m onth.
Tw in Cities ban k ers are p ertu rb ed
by w h at appears to be th e failure of
eastern businessm en to read th e ir
new spapers. F o r 15 y ears previous to
1943 b an k deposits in the Tw in Cities
have dropped off sh arp ly before May 1
as accounts w ere w ith d raw n to avoid
th e m oney and credits taxes.
J o r
B
U
se
DEPICTING THE IWO JIMA FLAG RAISING
A NEW DESIGN— STYLED FOR VICTORY
Selling W a r Bonds is a Bank Service— and en
closing the Bond purchases in a Ju s trite W a r
Bond Ja c k e t enables you to advertise other Ban k
services to custom ers. Y o u r Ban k Name on a
Bond Ja c k e t w ill serve fo r m any years to remind
custom ers of institu tio nal fa c ilitie s availalb le to
them .
T h e new Ju s trite Bond Ja c k e t is b e au tifu lly
printed in two colors in a design featuring the
fam ous Flag Raising on Iwo Jim a by the M arine
Forces.
D ignified in appearance, yet modern
in design, this and five other Styles of Bond
Ja c k e ts have been designed for Ban k use. See
your Dealer for sam ples or w rite d irect for a
com plete sam ple set and pricing particulars.
The
FIRST NATIONAL BANK
N O RTH ERN S T A T E S E N V E L O P E C O .
OUR
a n k e r s
VUCm
5 0 th
YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
300 EAST FOURTH STREET
ST. PAUL 1, MINNESOTA
Northwestern Banker June 19 J5
80
•MINN ESOTA
Two years ago a m o rato riu m on the
ta x w as p u t in effect and early th is
year G overnor E dw ard J. T h ye signed
into law a bill repealing th e tax. De
posits dropped off before May 1 as
usual.
N EW S A N D VIEW S
(C ontinued from page 20)
of furniture?— W hen T d w alk a m ile
for a cam el’ w as ju st a slogan?—W hen
a job was som eth in g you tried to
keep?”
Is n ’t it w onderful th e w ay all of th e
German gen erals blam e H itler for th e
NEWS
w orld w ar and try to prove w h at nice
fellows th ey are? One of these is
G eneral
N icholas
Von
F alk en horst,
form er G erm an com m ander in N or
w ay, w ho said, w hen th e Allies had
liberated G erm any, th ey had done so
from “a system of g an g sters.” He
th e n w ent on to say, “I t ’s a national
disgrace th a t we w ere unable to liber
ate ourselves. G erm any is th ro u g h
now as a w orld pow er and you need
nev er fear she w ill w age an o th er w ar.
It w ould take 100 y ears to rep air th is
co u n try to th e point w here it w as in
1940. The arm y knew G erm any never
>
•
could have beaten th e U nited States.
Your co u n try can produce m ore in one
day th a n G erm any can in one m onth.”
In 1942, H arvey 1). Gibson, president
of th e M anufacturers T ru st Company,
New York, w ent to E urope as A m eri
can Red Cross Com m issioner for G reat
B ritain and w estern E urope to organ
ize th e w elfare w ork for our arm ed
forces.
He did a m agnificent job and has ju st
recently re tu rn e d afte r 33 m onths
overseas.
4
Y
Special Offer to Bankers!
A
c c id e n t
in s u r a n c e
paid up in
full to December 1945 for only $4.00 . . .
This is our special accident policy with
$50.00 weekly benefits payable for two
years with principal sum of $5000 for loss
of life, limbs or sight.
Sickness and Hospital policies at corre
spondingly low rates in an Association
with 40 years of successful service to
H A R V E Y D.
R e t u rn s fro m
G IB S O N
o v e rs e a s
On Mr. G ibson’s staff w ere 36,000
m en and w om en—about 12,000 of
w hom w ere B ritish volunteers.
As high as one and one-half m il
lion m en w ere fed in a single w eek
and th e average o u tp u t of doughnuts
w as 25 m illion a m onth.
Bankers.
W rite for applications and literature to
MINNESOTA COMMERCIAL
MEN'S ASSOCIATION
Paul Clement, Secretary
2550 Pillsbury Ave.
Minneapolis 4, Minnesota
The recen t death of R obert Umberger, 58, executive vice presid en t of the
In d u stria l N ational b an k of Chicago,
rem oved a b an k er w ell know n th ro u g h
out the m iddlew est.
Mr. U m berger w as grad u ated from
Yale in 1908 and at one tim e w as a
teller in th e Savings D epartm ent of
th e Iow a N ational b ank before he or
ganized th e M orris P lan b ank in Des
Moines in 1916. He w en t to Chicago
in 1917.
He w as w idely know n in th e field of
consum er credit b anking and w as an
active m em ber of th e Illinois B ankers
A ssociation.
A. P. G iannini, w ho re tire d on his
75th b irth d ay as head of th e B ank of
A m erica, has been given th e title of
Northwestern Banker June 19J5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OUR
5 0 th
YEAR
A
<
y
«C
81
“F ound er-C h airm an ” by th e B oard in
accepting his resig n atio n as head of
th e b ank he founded 40 y ears ago.
H is son, L. M. G iaim ini continues as
presid en t of th e B ank of A m erica.
Prom otions w ere also given to L. J.
Gock, w ho becom es ch airm an of th e
board, and F ran cis S. Baer, w ho be
te re sts appeared, and several re p re
sen tatives w ere p resen t from our
neighbors fa rth e r to th e South. The
group from th e states w as headed by
W ilbert Ward, vice presid en t of the
N ational City B ank of New Y ork as
p resid en t of th e A ssociation for F o r
eign Trade.
Sergeant Jam es K. M athew s, 25, son
of Glenn D. M athew s, p u b lisher of
B ank News, K ansas City, w as killed in
action on Okinawa, A pril 20th.
J u st tw o days previous to th is he
had been aw arded the Silver S tar for
b rav ery in action.
(T u rn to page 109, please)
comes senior vice ch airm an of th e
hoard of th e B ank of A m erica.
N orm an B. Shaffer, vice p resid en t of
th e C ontinental N ational B ank and
T ru st Com pany, and Craig O. Black,
assistan t m an ag er of th e R. F. C., b oth
of Chicago, visited th e N orthwestern
B anker last m o n th w hen th e y w ere in
th e city.
H ayn es M cFadden, p u b lish er of th e
S ou th ern B an k er of A tlanta, Georgia,
atten d ed a m eeting of b an k ers in Mex
ico C hy for a th re e day ro u n d table
discussion of problem s in th e field of
ban k in g and b u siness betw een th e tw o
countries.
The re p re se n ta tio n w as
about equally divided betw een Mexico
and th e U nited States.
Empire National Bank
and Trust Company
In his re p o rt to us, Mr. M cFadden
said, “T his b ilateral discussion did
n o t p a rta k e in anyw ise of an exclusive
n atu re. In fact, C entral and South
A m erica w ere w elcom ed as th e ir in
F ir s t
St. Paul, M innesota
M em ber Fe d e ra l
and A m e r i c a n N a t i o n a l
— OF DULUTH, MINN. —
D e p o s it In s u r a n c e
B ank
C o rp o ra tio n
D IR E C T O R S
W . B . C A S T L E
D ir e c to r, I n te r la k e I r o n
C o r p o ra tio n
R O B E R T
C O N G D O N
M in in g
S T U A R T
S ta te m e n t o f C o n d itio n , M arch 2 0 , 1 9 4 5
B .
C O P E L A N D
P r e s id e n t, N o r th w e s t P a p e r
Com pany
A . H .
R E S O U R C E S
C a s h on H a n d and D u e fro m B a n k s ..................................................................................................................$10,759,012.46
U n it e d S ta te s G o v e rn m e n t S e c u r i t i e s ............................................................................................................... 38,707,269.50
M u n ic ip a l S e c u r it ie s ...............................................
1,236,796.59
O t h e r B o n d s an d S e c u r i t i e s ...........................................................................................
1,503,821.37
L o a n s and D is c o u n t s .....................................................................................................................................................
9,139,616.84
F e d e r a l R e s e r v e B a n k S t o c k ..................................................................................................................................
105,000.00
B a n k in g H o u se ...............................................................................................................................................................
1-00
A m e ric a n E x c h a n g e P r o p e r t y ...............................................................................................................................
1-00
In t e r e s t E a r n e d B u t N o t C o lle c t e d ......................................................
137,876.08
O v e r d r a f ts
.............................................................................................................................................
471.92
$61,589,866.76
C R A S S W E L L E R
C r a ss w e lle r <£ C ra ssw e lle r,
A tto r n e y s
J A M E S
W .
G A L V I N
S e c r e ta r y -T r e a s u r e r ,
T . O. R a n c h C o m p a n y
H E N R Y
L A
L I B E R T E
P r e s id e n t, C u tle r-M a g n er
C om pany
C H A R L E S
F . L IS C O M B
P r e s id e n t, L isc o m b -H o o d
Com pany
J. D A N I E L
M A H O N E Y
V ic e P r e s id e n t
E . J. M A N E Y
G en era l M a n a g e r, S n y d e r
M in in g C o m p a n y
L I A B I L I T I E S
C a p it a l S to c k ...................................................................................................................................$2,000,000.00
S u r p lu s
................................................................................................................................................ 1,500,000.00
U n d iv id e d P ro fits ............................................................................................................................
877,997.86
R eserv es
............................................................
700,000.00
R O B E R T
W A L T E R
R . M cC a r t h y
P r e s id e n t, C a p ito l E le v a to r
C om pany
T o t a l C a p it a l A c c o u n t s ............................................................................................................
$ 5,077,997.86
R e s e r v e fo r In t e r e s t , T a x e s and E x p e n s e s ..................................
226,837.13
D is c o u n t N o t E a r n e d ..................................................................................................................................................
32,253.97
D e p o s it s ............................................................................................................................................................................... 56,252,777.80
G E O R G E
H . S P E N C E R
D ir e c to r, M a r sh a ll-W ells
C om pany
A D A M
G .
C h a irm a n of th e B o a r d
K e lle y -H o w -T h o m so n
Com pany
W . D. W Y A E D , P re s id e n t
C h a irm a n of th e B o a r d
D E P A R T M E N T OF BA N K S
W. A. P U T M A N , V ice P re s id e n t
E . W . H O T C H K IS S , ATice P re s id e n t
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T H O M S O N
$61,589,866.76
G E O R G E
Gr. P . T W E E D , C h a irm a n
S. M A R S
W . P . <6 R . S . M a rs Co.
W I L L I S
P . T W E E D
D . W Y A R D
P r e s id e n t
H A R R Y
W . Z I N S M A S T E R
P r e s id e n t, Z in s m a s te r
B rea d Com pany
Northwestern Banker June 19Jo
82
from
“Fifty” to “Fifty”!
This bank, which is fifty y ears old now,
C. L .
F R E D R IC K S E N
P re s id e n t
s a l u t e s th e N o r th w e s te r n B a n k e r,
M . A. W IL S O N
V i c e P re s id e n t
which is also celeb ratin g its fiftieth
W . G. N E L S O N
A s s is t a n t V i c e P re s id e n t
W . C. S C H E N K
C a s h ie r
an n iv ersary this year.
H . C. L I N D U S K I
A s s is t a n t C a s h ie r
and M a n a g e r of
A ir B a se F a c ilit y
So, GREETINGS, from "Fifty" to "Fifty"!
C. L . A D A M S
A s s is t a n t C a s h ie r
J. S. H A V E R
A s s is t a n t C a s h ie r
W e feel that both institutions h av e done
J A M E S L . S M IT H
A u d it o r
a n excellent job of serving ban k s of the
m id d le w e s t o v e r th is h a lf c e n tu r y
period.
I f e Have Served the N orthw est Territory
50 Years -1895-1945
T
Live
N
a
H
S t o c k
t ío n a l
OF S I O U X
M
*7 Æe
Northwestern Banker June 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
E
E M
B
a n k
C I T Y , I OWA
B E R
w
F, D . I . C .
t /i e "TfaAt/s
OUR
5 0 th
YEAR
83
tablished w hen C uster w as 15 years
old. A t th a t tim e kerosene w as used
for lighting and all bookkeeping w as
done in longhand.
T.
W. Delicate, chairm an of thé
board, has been w ith the bank since
it w as organized. He has also found
tim e to be m ayor of Custer, tre a su re r
of th e school board, and secretary of
th e M asonic lodge for a period of 35
years.
SOUTH
V ^ $
DAKOTA
c é
NEWS
j ¡ h
k X ■
H. R. K IB B E E , JR .
P re s id e n t
M itc h e ll
A c tin g S e c r e ta r y
L O IS J. H A L Y O R S E N
FRS Member
A dm ission to m em bership in the
F ederal R eserve System w as given
th e B lackpipe S tate B ank, M artin,
.South D akota, last m onth. Officers of
the b an k in g in stitu tio n are: O. A.
H odson, p resident; B. B. Hodson, vice
president; K. F. H odson, cashier, and
D o ro th y J. Brooks, B eth F ran cis and
lo n e Olson, a ssista n t cashiers. D irec
to rs include th e president, B. B. H od
son, E. L. H odson, H arold Jam es and
L. A. Pier.
With Division of Audits
Carl R auk, teller an d au d ito r of th e
N atio n al B ank of South D akota, V er
m illion, South Dakota, for th e last 22
y e a rs, resigned recently.
Mr. R auk has accepted a position
w ith th e division of au d its for the
sta te of South Dakota. In th is capacity
h e will v isit v arious tow ns th ro u g h o u t
th e state and w ill h e a d q u a rte r at
P ierre.
G E O R G E M. S T A R R IN G
S e c r e ta r y - T r e a s u re r
H u ro n
( I n th e S e r v ic e )
from a physician’s office.
Mr. Shaw w as a b an k er for m ore
th a n 30 y ears in th e D elm ont State
B ank, Delmont.
Marble Counters
The east counter of the F irs t N a
tional Bank, Aberdeen, South Dakota,
has been to rn down, and a b ran d new
co u nter com plete w ith Italian m arble
top has been su b stitu ted in its place.
B ank officials say th a t th e ren o v a
tion has m ade possible additional space
for tellers, w ith m ore desk room th a t
w ill relieve congested w orking condi
tions for the personnel.
Bank and Banker Celebrate
The 55th an n iv ersary of the C uster
C ounty Bank, Custer, South Dakota,
w hich has operated u n d er th e sam e
c h a rte r since its organization, w as ob
served recently. The bank w as es-
On C ity Commission
E arl K eller, assistan t cashier, R apid
City N ational Bank, R apid City, South
Dakota, w as nam ed to th e city com
m ission by outdistancing four candi
dates for th ree seats in th e ann u al city
election.
Mr. K eller w ill succeed Ora Spang
ler, v eteran com m issioner.
Keep Gregory County Funds
The following banks have m ade
p roper application to be designated as
depositories for the funds of G regory
County, South Dakota: B urke State
Bank, Burke, South Dakota; N orthw est
S ecurity N ational B ank of Sioux Falls,
G regory B ranch, Gregory, South Da
kota; T he N ational B ank of South Da
kota, Sioux Falls, South Dakota.
Painting in Lobby
The lobby of th e F irs t N ational
B ank of Miller, South Dakota, has been
m ade m ore attractiv e by an outstand-
Fdected to Directorate
D irectors of the F irs t N ational B ank
in P hilip, South Dakota, at th e ir re
cen t m eeting elected R alph Jones, Mid
lan d ran ch er, a directo r of th e bank
to fill th e position m ade v acan t by th e
death of C. K. M adsen. R alph Jones
is th e son of Tom Jones, p resid en t of
th e bank.
T he late “K ru se ” M adsen served as a
m em b er of th e board of d irecto rs of
th e b an k for 22 years. The b a n k ’s
directo rate now consists of T hom as
Jones, E d w ard V. F erguson, Ju liu s
R oseth, R alph Jones and H. B. Lovald.
Approved
McCook C ounty N ational B ank,
Salem , South D akota, and N o rth w est
S ecu rity N ational B ank, Sioux Falls,
S o u th D akota, have been designated as
depositories for McCook C ounty funds.
Alvin M. Shaw
A lvin M. Shaw, 69, Davison county
tre a s u re r, died suddenly last m o n th in
A rm our, South D akota, in h is car,
w hile a p p a re n tly on his w ay hom e
OUR
5 0 th
YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
F ir s t to re c e iv e a G I lo a n in S ioux F a lls a n d M in n e h a h a c o u n ty , S o u th D a k o ta ,
is E d w a rd P. L a k e , le ft, w ho re c e iv e d a $4,000 lo a n u n d e r th e p ro v isio n s o f th e
S e rv ic e m e n ’s R e a d ju s tm e n t A c t of 1944. F r a n k J . C inkle, c e n te r, vice p re s i
d e n t a n d c a s h ie r o f th e N a tio n a l B a n k o f S o u th D a k o ta , in Sioux F a lls, is
show n p re s e n tin g th e check. M rs. L a k e is se a te d a t th e rig h t. The lo an w as
a p p ro v e d fo r th e p u rp o se o f p u rc h a s in g a hom e in S ioux F a lls a n d w as th e
fo u rth o f its k in d to be m ade in S o u th D a k o ta .
Northwestern Ranker
June 194-5
84
*
SOUTH
iiig painting. R ecently th e y acquired
a canvas called “The H om esteaders”
or th e “G reat A m erican,” w hich is
by H arv ey Dunn, now in New York
City. As a young m an in pioneer
DAKOTA
NEWS
days he w as a resid en t of w estern
K ingsbury county, South Dakota. He
has used his abilities to do honor to
those A m ericans of early hom estead
days.
• B e tte r a b le th a n e v e r to se rv e .
*
Deposits Jump
V erne M. Abeel, su p erin ten d en t of
South D akota banks, said deposits in
South D akota banks increased $1,869,000, to reach $130,900,000 betw een De
cem ber 30th of 1944, and M arch 20th
of th is year. The rep o rt is based on
the M arch 20th call for condition on
130 banks.
Y o u r a c c o u n t c o r d ia lly in v ite d .
Sioux Falls News
S T H E M ighty 7th W ar L oan drive
m oved into high gear in Sioux
Falls, ban k ers w ere again playing a
key p a rt in directing th e com m unity’s
efforts to achieve th e h ig h est individ
ual and “E ” bond goals y et set.
At a “kickoff” m eeting for m ore
th a n 100 v o lu n teer bond salesm en, the
various securities offered in the 7th
W ar Loan drive w ere described in
detail by P. H. M cD ow ell, vice p resi
dent and tru s t officer of the N o rthw est
S ecurity N ational Bank, w ho is serv
ing as regional coordinator for the
state w ar finance com m ittee.
McDowell term ed w ar bonds an ex
cellent buy from “a strictly h ard headed
in v estm en t view point.” C. A. Christopherson, chairm an of th e board of di
rectors of th e U nion Savings Bank,
rep resen ted the state w ar finance com
m ittee at th e m eeting. He is execu
tive director of th a t com m ittee.
At the sam e tim e, T. N. H ayter, vice
p resid en t of th e F irst N ational B ank
and T ru st Company, pledged the full
efforts of ban k ers th ro u g h o u t the state
in prom oting th e sale of bonds. H ay
te r has been nam ed South D akota W ar
Loan chairm an for the A m erican
B an k ers’ A ssociation. In th e 6th W ar
Loan drive, H ay ter reported. South
D akota banks issued 95,547 bonds
having a purchase value of $21,684,994.
T h at am ount rep resen ted approxi
m ately 10 p er cent of total deposits in
South D akota banks, $219,002,298. If
South D akota is to reach the individual
quota in th e 7th W ar Loan drive, he
w arned, purchases w ill have to be
equivalent to 15 per cent of deposits.
H ay ter w as nam ed state chairm an
by ABA P resid en t AV. Randolph Bur
gess, and is w orking w ith the regional
supervisor of the ABA bond com m it
tee, S hirley S. Ford, president of the
N orth w estern N ational B ank of M inne
apolis.
A
THE NATIONAL BANK OF SOUTH DAKOTA
H uron
- SIOUX FALLS
A ffilia te d W ith
F irs t
Bank
S to ck
C o rp o ra tio n
-
V erm illion
M e m b er
F e d e r a l D e p o sit In s u r a n c e
C o rp o ra tio n
C o n g r a tu la tio n s
Northwestern Banker
on 50
y e a r s o f se r v ic e to
B a n k s a n d B a n k e r s in th is
v ast N o r th w e st A rea
FIRST NATIONAL BANK OF THE BLACK HILLS
R a p id C ity — L e a d — D e a d w o o d — B e lle F o u r c h e
H ot
S p r in g s — S tu r g is — S p e a r fis h
S e r v in g th e e n t i r e B la c k H ills A r e a
N o rth w e s t B a n c o rp o ra tio n Affilia te
Northwestern Banker June 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M e m be r F D IC
E lm er H. Sexauer of Brookings, S.
D., a d irector of the F irs t B ank Stock
C orporation of M inneapolis and of the
N ational B ank of South D akota in
Sioux Falls, recently w as elected a
regional vice p resident of the U nited
OUR
5 0 th
YEAR
85
•
SOUTH
S tates C ham ber of Commerce. Sexa u e r is p resid en t of th e George P. Sexau e r & Son G rain Com pany at B rook
ings.
He has been a directo r of the U nited
S tates C ham ber of Com m erce for six
years, and has served as ch airm an of
th e a g ric u ltu ra l com m ittee. As one of
six regional vice presidents, he re p re
sents the states of M innesota, N orth
and South D akota, N ebraska, M ontana
an d W yom ing.
A list of d irecto rs of th e new Sioux
V alley B ank in Sioux F alls has been
released by E rlin g H augo, fo rm er state
b an k in g su p e rin te n d e n t w ho is p resi
den t of th e new in stitu tio n .
The group includes, in addition to
Haugo:
H. G. M osby, form er field secretary
and business m an ag er of th e South
D akota E ducatio n A ssociation, w ho is
vice p resid en t of th e Sioux V alley
B ank and m an ag er of the H arrisb u rg ,
South Dakota, b ran ch office.
H. G. L eubecher, H arrisb u rg fa rm
er, p resid en t of th e F a rm e rs ’ E lev ato r
th ere, w ho has been a directo r of th e
H a rrisb u rg S tate B ank for m ore th a n
20 years.
C. I. L ocken, m an ag er of th e A. F.
Thibodeau P roduce Com pany in Sioux
Falls.
C harles H. B alinson, p a rtn e r in th e
Long & H ansen com m ission firm at the
Sioux F alls Stockyards,
R oy F en ner, form er exam iner of th e
sta te b an k in g d ep artm en t, w ho is cash
ier at th e Sioux V alley B ank and secre
ta ry of th e board of directors.
P. H. M cD ow ell, vice p resid en t and
tru s t officer of th e N o rth w est Security
N ational B ank, w as elected p resid en t
of the Sioux F alls R o tary club, follow
ing th e election of directors, and will
tak e office on Ju ly 1. Am ong new di
recto rs nam ed w ere W illiam E. Perrenoud, cashier of th e F irs t N ational
B ank and T ru s t Company.
DAKOTA
NEWS
of South Dakota, w ere nam ed gover
nors for three-year term s.
D uring th e p ast year, ch ap ter m em
bers studied com m ercial law u n d er
R oy E. W illy, Sioux F alls attorney,
and du rin g the com ing year th ey w ill
stu d y negotiable instru m en ts.
As Sioux F alls Bow ling association
secretary -treasu rer, Oliver A. Bray,
a ssistan t cashier of th e N orthw est Se
c u rity N ational Bank, had responsi
bility for d istrib u tin g prize m oney at
th e conclusion of th e association’s 1945
to u rn am en t. B ray also w as recently
*
renam ed secretary of A lpha Council
No. 1, R. & S. M., at th e an n u al m eet
ing of the lodge at th e M asonic Temple.
Tom S. H arkison, p resident of th e
N ational B ank of South Dakota, re
cently w as renom inated w ith o u t oppo
sition as first vice p resident of H arold
M ason post of th e A m erican Legion,
after he expressed a desire to w ith
draw from nom inations for com
m ander. T he post w ent on record as
favoring m erger w ith th e o th er Sioux
F alls Legion unit, th e Sioux Valley
post.
STATEMENT OF CONDITION
N O R T H W E S T SE C U R IT Y
N A T IO N A L BANK
of Si oux Falls, South Dakota
MARCH 20, 1945
R ESO U R CES
C a s h on H a n d , in F e d e r a l R e s e r v e B a n k , and D u e from
U . S . G o v e rn m e n t O b lig a t io n s ............................................................
S ta te and M u n ic ip a l B o n d s ...................................................................
O th e r B o n d s and S e c u r i t i e s .................................................................
B anks
............ $ 5,935,900.59
............ 18,514,908.88
............
880,944.98
............
365,164.92
S to c k in F e d e r a l R e s e r v e B a n k in M in n e a p o lis ...................
L o a n s and D is c o u n t s .................................................................................................................................
B a n k in g H o u se s ..........................................................................................................................................
Includes Banking Houses at Sioux F a lls, Brookings, Chamberlain, D ell Rapids,
Gregory, Huron and Madison, a ll clear of encumbrance.
In t e r e s t E a r n e d but not C o lle c t e d ..................................................................................................
TO TAL
O U R 5 0 th Y E A R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
96,985.07
$29,788,522.67
.....................................................................................................
L IA B IL IT IE S
C a p it a l S to c k — C om m o n ........................................................................
S u r p lu s
..............................................................................................................
U n d iv id e d P ro fits and R e s e r v e s ..........................................................
............ $
............
............
500,000.00
500,000.00
536,886.63
$ 1,536,886.63
154,782.58
11,803.90
R e s e r v e fo r In t e r e s t , T a x e s , and O th e r E x p e n s e s .................
In t e r e s t C o lle c te d but N o t E a r n e d ................................................
D e p o s it s :
D e m a n d .........................................................................................................
U . S . W a r L o a n ......................................................................................
............$ 4,348,494.07
............ 22,002,093.87
............
1,734,461.62
$28,085,049.56
W. J. Corcoran, a ssista n t cashier of
th e N ational B ank of South Dakota, re
cently w as elected p resid en t of th e
Sioux F alls ch ap ter of th e A m erican
In stitu te of B anking.
O ther officers nam ed in an election
held in th e AIB classroom at th e
N o rth w est S ecurity N ational B ank
w ere N. W. W ilson, U nion Savings
Bank, vice p resident; M arilyn K ruse
H augen, secretary; and E. H. H agen,
N o rth w est S ecurity N ational Bank,
tre a su re r.
C orcoran succeeds H agan as p re si
dent. Ben F . B orgers, S ecurity N a
tional B ank, and H en ry C. Lehr and
Corcoran, b o th of th e N ational B ank
$25,696,919.37
30,000.00
4,157.07
3,664,176.45
296,284.71
TO TAL
.$29,788,522.67
.....................................................................................................
BRA N CH ES
AT
BROOKINGS, CHAM BERLAIN, DELL R A PID S,
GREGORY, HURON, MADISON
B A N K IN G
S IO U X
F A C IL IT Y
AT
F A L L S A R M Y A IR
F IE L D
S io u x F a l l s , S . D .
F R E D H . H O L L IS T E R
C h airm an
R A L P H M. W A T S O N
P re s id e n t
U n ited S ta te s D ep o sita ry
M e m b e r F e d e ra l D e p o s it In su ra n c e C orporation
Northwestern Banker June Í9J5
86
Am ong sp eakers a t th e an n u al w ar
conference of th e South D akota Ju n io r
C ham ber of Com m erce w as E lm er H.
Sexauer, B rookings, a directo r of th e
N ational B ank of South D akota in
Sioux Falls.
6
Ralph M. W atson, presid en t of the
N o rth w est Security N ational Bank,
recen tly announced th a t directors of
th e b ank have signed a “b lanket p a r
ticipation ag reem en t” w ith the Recon
stru ctio n F inance Corporation. The
I je a f tà
0
¿n S iou x fyalU
A Well Known Independent Bank
Resources over $16,000,000
OFFI CERS
M A R T I N J . K U E H N ................................. C h a ir m a n of the B o a rd
........................................................................ P re s id e n t
W. W. B A K ER
T . N . H A Y T E R .............................................................. V i c e P re s id e n t
W . E . P E R R E N O U D ................................................................. C a s h ie r
H . L . J O N E S ........................................................... A s s is t a n t C a s h ie r
E . T . E D W A R D S .............................................. . A s s is t a n t C a s h ie r
R . A . P A N K O W ..................................................................T r u s t O fficer
L . I . S H O O P .....................................................A s s is t a n t T r u s t O fficer
FIRST NATIONAL BANK & TRUST CO.
S IO U X F A L L S, S O U T H D A K O T A
M em ber F D I C
TEN LITTLE GUSTAFSONS
.......... all in a row ! T here are Alma,
B e rt a n d C a ro lin e , G re ta , H o w a rd ,
Jam es and Jo h n , and finally K enneth,
T horw ald and W illiam . T he reason
they are all in a row is because they
are neatly arranged in a bank file as
they all have checking accounts in
the same bank.
T he ordinarily pleasant and com posed
young lady w ho is attem pting to file
checks appears to be a little confused.
She seems to be having tro u b le read
ing the various G ustafsons’ signatures
despite th e fact that their checks are
a ll n ice ly a rra n g e d in a lp h a b e tic a l
order. O r maybe it isn’t the Gustafsons
w ho have her confused. Perhaps she
is w orried about the tw enty-tw o Jones
boys in the next file, som e o f w hom
w ield a wicked pen.
This young lady w ill get the job done
right . . . there isn ’t any do u b t about
that . . . b u t it’s a little hard on her
because she has to READ signatures
whereas a m ore experienced person
m ight K N O W them . H ow m uch
easier it w ould be for her if all those
Northwestern Banker June 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
checks carried the printed names o f
the depositors!
T he wide acceptance o f Personalized
Checks has been so am azing that it
isn ’t to o far-fetched to think that the
day m ig h t come w hen all depositors
w ill use them . Maybe the cost could
be tied right in w ith service charge
sc h e d u le s. In th e m e a n tim e b an k s
from coast to coast have sold, and are
selling, hundreds o f thousands o f their
custom ers on the idea o f using im
p rinted checks, and public acceptance
continues to accelerate.
T o those banks w ho wish to give
added im petus to their sales campaigns
on Personalized Checks . . . we want
them to know that we are eager to
help if we can make any further con
tribution. T o those banks, large or
small, who either have n o t started sell
ing Personalized Checks on a planned
basis or w ho may be interested in a
better quality package . . . we invite
them to consider the D eLuxe plan
and exam ine the D eLuxe package.
plan, recently announced by RFC, pro
vides for a com m itm ent to a lending
in stitu tio n by RFC u n d er w hich RFC
agrees to buy, on dem and, up to 75 per
cent of any qualified loan m ade to a
business enterprise.
At th e sam e directors meeting,,
action w as tak en to increase th e su r
plus of th e N orthw est Security N a
tional b ank for $500,000 to $600,000,
w ith th e additional $100,000 tra n s
ferred from the undivided profits. This
action, W atson said, provides addi
tional protection for depositors by
adding $100,000 to the capital stru c
tu re of th e bank on a p erm an en t basis,
from funds w hich m ight otherw ise gO'
into dividends.
W hen South D akota State College
sponsored a R ural-U rban F orum , on
“The Im plications of the P roposed
W orld O rganization to South D akota,”
at H uron, Sioux Falls w as rep resen ted
by R alph M. W atson, presid en t of th e
N o rthw est Security N ational Bank,
and by Dr. W. R. L aird, a director of
th e bank, w ho is South D akota ch air
m an of th e Com m ittee for Econom ic
Developm ent. Am ong speakers at the
m eeting w as A rth u r U pgren, vice
presid en t of th e M inneapolis F ed eral
R eserve Bank.
A fter 26 m onths of navy service, in
w hich he particip ated in m any A tlantic
cam paigns, including th e invasion of
N orm andy on D-Day, Tom M. R ichards
is back at th e N o rthw est Security N a
tional B ank in his old position as teller.
Chief W a rra n t Officer E a rl Bonacker, w ho left the states w ith a n a
tional g uard u n it before th e P earl
H arbor attack and w as w ith th e first
Y ank troops to land in A ustralia, w as
hom e on leave. Before the w ar he w as
a N o rthw est Security N ational Bank
teller in Sioux Falls and at Brookings.
G oes to Washington
G rant R ichardson of H am m erm ill
P ap er Company, w ho has recen tly
been appointed as a ssistan t to the di
recto r of th e P ap er Division, F o re st
P roducts B ureau, W ar P roduction
Board, expected to assum e his d u ties
in W ashington last m onth.
Mr. R ichardson takes w ith him a
background of m ore th a n 30 y ears
experience in paper m an u factu re an d
selling. F o r several y ears he has
been district sales m anager for th e
eastern te rrito ry and ex p o rt m anager
for both H am m erm ill P ap er Company,
E rie, P ennsylvania, and G rays H arb o r
P ulp and P ap er Com pany, H oquiam ,
W ashington. Mr. R ichardson has been
serving also as a m em ber of th e P ap er
A dvisory B oard of th e F oreign Eco
nom ic A d m inistration in W ashington.
O U R 5 0 th Y E A R
87
"Instantly recognized a ll over the W orld”
NCB TRAVELERS CHECKS
Issued by America’s Greatest World-Wide Bank
U sed by E xperienced Travelers for Over F orty Years
A L ogical Service lor Banks to Offer T h eir C lients
The selling hank retains entire commission— i. e. % of \%
We shall welcome inquiries concerning this service
THE NATIONAL CITY BANK OF NEWYORK
Head Office • 55 W A LL S T R E E T
• N ew Y ork
C orrespon den t B an ks th rou gh ou t th e W o r ld
M e m b e r F e d e ra l D e p o s it In s u r a n c e C o r p o r a tio n
A c tiv e O v e rs e a s B ra nch es o f The N ational C ity Banlc o f N e w Y o rk
ARGENTINA
Buenos Aires
Flores
Pernambuco
Santos
Sao Paulo
( Buenos A ires)
Plaza Once
( Buenos A ires)
Rosario
CA NAL
ZONE
Balboa
Cristobal
Rio de Janeiro
OUR
5 0 th
YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Bogotá
Barranquilla
Medellin
CUBA
Havana
Cuatro Caminos
( H avana)
CHI LE
BRAZIL
COLOMBIA
Santiago
Valparaiso
Galiano
( H a va n a )
La Lonja
( H avana)
Caibarien
Cardenas
Manzanillo
Matanzas
Santiago
ENGLAND
London
117, Old Broad St.
11,W aterloo Place
I ND I A
Bombay
Calcutta
MEXICO
Mexico City
PERU
Caguas
Mayaguez
Ponce
R E P U B L I C OF
Lima
PANAMA
Panama
PUERTO
RICO
San J uan
Arecibo
Bayamon
URUGUAY
Montevideo
VENEZUELA
Caracas
Northwestern Banker June 19J5
Region recently in th e G reat N o rth ern
Hotel, Devils Lake, N orth Dakota.
A rrangem ents w ere m ade to serve 45
at a luncheon. I t w as one of a series
of six regional m eetings sponsored by
th e N orth D akota A ssociation of In s u r
ance A gents and one of the m eetings
in connection w ith th e N orth D akota
B ankers Association.
NORTH
DAKOTA
Business Activity Up
NEWS
A . C. ID S Y O O G
P re sid e n t
G ra fto n
Insurance and Banking
C. R. H ew itt of D orset, M innesota,
speaking on “The Small Tow n B ank
A gency,” was featu red a t th e stock in
surance agents session in connection
w ith th e N orth D akota B ankers Asso
ciation m eeting in th e R yan Hotel,
G rand F orks, N orth Dakota, recently.
C ashier of the F a rm e rs State Bank
at Dorset, a tow n h aving a population
of 100', Mr. H ew itt has m ade a n atio n
ally recognized record of developing
the in su ran ce agency in a sm all tow n
in connection w ith ban k in g w ork.
O ther sp eakers a t th e m eeting w ere
W allace Rogers of Chicago, public re
lations m an for N ational A ssociation of
In su ran ce A gents; W alter leM unyon of
New York, agency su p e rin te n d e n t of
F idelity and C asualty Company, and
T rim ble Davis of Fargo, state ag en t for
Phoenix In su ran ce Company.
Devils Lake Meeting
One of a series of group b an k er m eet
ings w as held recen tly at Devils Lake,
N orth D akota, for b an k ers from n o rth
eastern N o rth D akota to discuss c u r
re n t and p o stw ar problem s.
A. C. Idsvoog of G rafton, association
president, discussed th e association’s
p a rt in th e Seventh W ar L oan Drive;
J e rry M urphy of th e F argo v e te ra n s’
facility talked on th e G. I. Bill; P at
C. C. W A TTA M
S e c re ta ry
Farg o
O’B rien, of the R econstruction F inance
C orporation of M inneapolis, talked on
sm all business loans; G. A. K lefstad of
th e S argent County B ank at F o rm an
and a m em ber of the state legislature,
spoke on legislation; C. C. W attam ,
Fargo, talked on general problem s, and
Jo h n G raham of Bism arck, state b ank
exam iner, discussed problem s of b an k
ing generally.
Open Lock Boxes
L. R. Baird, N orth D akota state re
ceiver of closed banks, told D istrict
Judge F red Jan so n iu s th a t he proposes
to b reak open" some lock boxes w hich
are in th e U nion B ank of P ortal, N orth
Dakota, closed in 1930, and take charge
of w h atev er contents found.
The b ank building, w hich now
houses th e P o rtal post office, is being
sold and w ill be rem odeled, B aird said.
He said th a t w hen th e ban k closed
all lock box ow ners w ere notified b u t
th a t some failed to respond and the
boxes have not been opened. B aird
said th e contents of boxes so opened
w ould be held in tru s t for the owners.
Combination Meeting
C. R. H ew itt, of Dorset, M innesota,
cashier, F arm ers State Bank, Dorset,
addressed a m eeting of stock insurance
agents from the N orth D akota Lake
KEEP ALL YOUR RECORDS
H ED ENKAM P & CO.
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Federal Reserve Bank of St. Louis
June 1945
B ank debits for th e en tire N inth
F ederal R eserve D istrict for th e m onth
of A pril w ere 2 p er cent above the
sam e 1944 m onth, w hile th e figures for
th e first four m onths of th e year w ere
4 p er cent below th a t for th e identical
period in 1944.
Fargo News
H. BU T TER W IC K , vice p resid en t
• of th e D akota N ational Bank, w as
elected presid en t of th e F argo C lear
ing H ouse A ssociation at th e annual
m eeting w hich followed a d in n er held
in th e E l Zagal S hrine club house.
E arl L. Shaw , presid en t of th e F argo
N ational, w as nam ed vice p resident
and George W. Jenson, vice p resident
R
c le a n , o r d e r l y a n d e a s il y accessible !
STO CK
T hese S t o r a g e F ile s will
sta n d all abuse. T h e y are
b u ilt o u t of 275 lb. te s t
c o rru g a ted b o a rd a n d re
inforced w ith steel n o t
only on th e shell b u t a t
th e four corners o f th e
draw ers as well. T h e y are
b e au tifu l in app earan ce,
finished in a n a ttra c tiv e
olive green shade, m a tc h
ing y o u r re g u la r activ e
office files.
Northwestern Banker
B usiness activ ity in F argo in A pril
continued a t a high level, being 4 p er
cent above A pril last y ear as m easured
by th e volum e of b an k debits, it is
rep o rted by th e M inneapolis F ed eral
R eserve Bank.
T he b ank debits ra n to $28,669,000 in
April, 1945, com pared w ith $27,487,000
in A pril last year. F o r th e first four
m onths debits are $150,149,000 th is year
and in the sam e period last year, $133,024,000, a gain for th e year of 13 per
cent.
The volum e of b ank debits in N orth
D akota w ere 9 p er cent above those for
A pril last year, w hile th e total for the
first four m onths of th is year show an
increase of 7 p er cent over th e sam e
period of last year.
S IZ E S
AND
P R IC E S
P R IC E
I n s id e D im e n s io n s
N o.
S u g g e s te d U se s
E210
E510
E108
E104
E94
E84
E103
E592
E91
E12
T e t t e r S i z e ..........................
: Legal or C a p .......................
*2 R ow s 8x5 F o rm s
C h e c k s ...................................
D r a fts o r C h e c k s ..............
D e p o sit S l i p s ......................
*3x5 C a rd s (2 R o w s ).. . .
V o u c h e rs (U p rig h t)
tL e d g e r S h e e ts
1 L e d g e r S h e e ts
W id th
H e ig h t
L e n g th
S in g le
C arto n
12%
15%
107»
10%
9%
8%
107«
57s
97s
12%
1074
1074
8%
43/4
24
24
24
24
24
24
24
24
24
18
$2.35
2.85
2.30
1.85
1.60
1.60
1.90
2.15
2.60
3.35
«2.25
2.75
2.20
1.75
1.50
1.50
1.80
2.05
2.50
3.25
474
474
33/4
10 74
12
1274
*These numbers have divider partitions which are removable.
fPacked 6 to a carton—all others packed 12 to a carton.
ALL
P R I C E S F .O .B .
N EW Y O R K
BANK
AND
OFFICE
SUPPLIES
343 Broadway, Dept. N- 6, NEW YORK 13, NEW YORK
OUR
5 0 th
YEAR
89
•
NORTH
of th e F irs t N ational, w as elected sec
retary .
The follow ing capital increases w ere
approved by th e N orth D akota State
B anking B oard a t a re c e n t m eet
ing, it is announced by J. A. Graham,
chairm an:
F a rm e rs and M e r c h a n t s Bank,
Beach, $25,000 to $50,000. F irs t State
Bank, Cando, $25,000 to $50,000. Citi
zens State Bank, E n d erlin , $35,000 to
$50,000. K ulm S tate B ank, K uhn, $15,000 to $25,000. E lk V alley S tate Bank,
L arim ore, $25,000 to $35,000. F a rm e rs
State B ank of Leeds, Leeds, $15,000 to
$20,000. Citizens S tate B ank, New
E ngland, $25,000 to $35,000. F a rm e rs
S tate B ank, R ichardton, $25,000 to $30,000.
T here w ere no changes in b an k ti
tles, liquidations, consolidations or
closings d u rin g th e m onth.
The board considered and approved
th e application of th e S ecurity State
B ank of Adam s, N o rth Dakota, for re
new al of its co rporate existence for a
period of 25 years, from Ju ly 1, 1945,
and th e D ickey C ounty B uilding and
L oan A ssociation, E llendale, N orth
D akota, for a period of 25 years, from
M arch 13, 1945.
H en ry E. B yorum , 73, a vice p resi
den t and d irecto r of th e F irs t N ational
B ank of Minot, N orth Dakota, and for
m an y y ears active in civic and Ma
sonic affairs th ere, died recently.
H e had re tire d from m ost activities
several y ears ago, due to ill health.
Mr. B yorum is survived by th re e
sons, all in m ilita ry service; one
daughter, E llen, of M inot, and one
sister, E m m a Byorum , of M inot. The
sons are Maj. H en ry M. Byorum , w ith
an an ti-tan k u n it at F o rt Jackson,
South Carolina; Tech. Sgt. G lenn B y
orum , w ith th e A rm y A ir F orces at
Orlando, Florida, and F irs t Lt. R obert
B yorum , w ith th e A rm y A ir Forces
in New Guinea.
A resid en t of M inot since 1903, Mr.
B yorum w as born in M inneapolis
A pril 6, 1872. He atten d ed th e U ni
v e rsity of M innesota and sp en t th ree
and one-half y ears in A laska d uring
th e K londike gold rush. He w as a
p ast g ra n d m a ste r of th e N orth Da
kota M asonic G rand Lodge.
DAKOTA
association and th e first elected vice
president. He w as elected president
in July, 1932. Because of ill h ealth he
resigned at the an n u al m eeting, Jan-
J. W. B lair, p resid en t of th e R ussell
(K ansas) C ounty B uilding and Loan
A ssociation, passed on recently. He
w as 81 y ears old.
He w as one of the organizers of the
OUR
5 0 th
YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
uary, 1945, and S. S. Miller, vice p resi
dent, w as elected president.
Mr. B lair had resided in R ussell over
60 years.
VT
OREIGN trade comes more and more
to the fore, in the thinking of America’s
business men and bankers.
Continental of N ew York has strong banking
friendships in all the non-enemy countries
and particularly throughout the Americas.
The CONTINENTAL
B A N K
&
T R U S T
C O M P A N Y
o f NEW YORK
30 BROAD STREET, NEW YORK
M E M B E R F E D E R A L D E P O S I T IN S U R A N C E C O R P O R A T IO N
THE FIRST NATIONAL BANK
AND TRUST COMPANY
OF FARG O, NORTH D A K O T A
S ta te m e n t o f C o n d itio n
M arch 20, 1945
RESOURCES
L oans and D iscounts_______________________________________________ $ 1,272,010.16
12,083.42
O verdrafts _______________________________________________________
Stock in F ed eral R eserve B ank____________________________________
21,000.00
B ank B uild in g ___________________________________________________
215,000.00
276.63
F u rn itu re and Safety D eposit V au lts_______________________________
In tere st E arned, N ot C o llected ____________________________________
44,399.51
Q uick A ssets:
*U. S. G ov’t. B o n d s__________________________________ $12,002,224.32
^M unicipal B onds __________________________________
287,605.75
* O th er B onds _______________________________________
325,626.68
Cash and D ue from B anks___________________________ 4,303,164.10 16,918,620.85
$18,483,390.57
LIABILITIES
C apital ------------------------------------------------------------------------------------------- $ 350,000.00
350,000.00
Surplus __________________________________________________________
283,703.12
U ndivided Profits and R eserves____________________________________
In tere st C ollected, N ot E a rn e d ____________________________________
8,649.11
D eposits (In clu d in g ET. S. W ar L oan D eposits, $1,440,153.22)______ 17,491,038.34
* A t m a rk e t or le ss.
J. W . Blair
NEWS
$
18, 483, 390.57
The officers and directors of The First National Bank and Trust Company
of Fargo extend to Clifford De Puy and staff their sincere congratulations
on the 50th Anniversary of the Northwestern Banker.
The Oldest B a n k in N o rth D akota
M em ber of the F ederal Deposit Insurance Corporation
A ffiliated w ith N o rth w est Bancorporation
Northwestern Banker June 19h5
90
C o m p le te
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
June 19't5
C o r r e s p o n d e n t F a c ilitie s
OUR
5 0 th
YEAR
91
1911, becom es president; E d Salisbury,
long associated as a b an k officer, re
tain s his position as vice president, and
W allace Salisbury, form erly a ssistan t
cashier, advances to th e post of cash
ier.
D irectors of th e ban k are F. E.
P eterson, E lizabeth P eterson, E d
S alisbury and W allace Salisbury.
NEBRASKA
NEWS
Remodeling
E D G A R M c B R ID E
P re s id e n t
B lu e H ill
Remodeling Commences
As a beginning of an extensive re
m odeling program , th e B eatrice State
B ank of B eatrice, N ebraska, has m oved
th e en tire bookkeeping d ep artm en t to
th e low er lobby of th e b an k in g room s.
Joyce V anderhook, a high school
senior w ho has been assistin g in th e
tra n sit d e p a rtm e n t of th e B eatrice
S tate B ank as a p a rt of h e r vocational
guidance course, has accepted a posi
tio n w ith th e F. B. I. and w ill leave
a fte r g rad u atio n for W ashington, D. C.
WM. B . H U G H E S
Secreta ry
O m ah a
a t th e college chapel convocation last
m o n th w hen he w as announced as an
h o n o rary m em ber of Blue Key, n a
tio n al h o n o rary service fratern ity .
Buys Outstanding Stock
Mr. and Mrs. F. E. P eterso n and W al
lace Salisbury last m o n th purchased
all o u tstanding stock of th e B ank of
S tapleton, Stapleton, N ebraska.
U nder th e new set-up, F. E. P e te r
son, w ho has successfully guided th e
concern continuously since N ovem ber
Columbus Banker Leaves
The in terio r of th e N ehaw ka Bank,
N ehaw ka, N ebraska, is being redeco
ra te d com pletely.
The iron caging on top of th e counter
has been rem oved and w ill be replaced
by a panel about 18 inches high. The
counter and o th er desks are being
covered w ith inlaid linoleum and th e
fu rn itu re and fixtures are being re
arranged.
Vice President
Adolph D udek has p u rchased a block
of stock in th e B ank of Prague, Prague,
N ebraska. A ccording to a report, Mr.
D udek w as m ade vice p resident of th e
bank. E. E. Placek of W ahoo is presi-
Dinner Marks First Anniversary
L. M. Sm ith, a ssista n t cashier and
au d ito r at C entral N ational B ank, Col
um bus, N ebraska, and W. J. Reifenrath , of Colum bus, dep u ty collector of
in tern al revenue, have resigned th e ir
positions to becom e p a rtn e rs in th e
operation of a clothing store in York.
R. O. B urm an, a ssista n t cashier, w ill
assum e th e d uties of Mr. Sm ith a t th e
bank.
Starts Work
Jim B ru n e r has ta k e n over his new
duties in th e F a rm e rs & M erchants
S tate B ank, Bloomfield, N ebraska, as
teller. He began his new duties last
m onth.
Takes Assistant Cashiership
A t Pierce, N ebraska, George B.
Gould, county tre a s u re r for 18 years,
has resigned to accept a position as
a ssista n t cash ier w ith th e Cones State
Bank, there.
F re d Maas, p resid en t of th e bank,
m akes th is com m ent, “Due to a th re a t
ened illness it is advisable for m e to
tak e a six m o n th s’ leave of absence
from m y d uties at th e bank. Mr. Gould
is com ing into th e b an k to assist in its
m anagem ent. I am re ta in in g m y in
te re st in th e b a n k .”
P ro m l e f t to r ig h t: W. M. Jeffers, p re s id e n t o f th e U n io n P acific, Alvin E.
Johnson, tre a s u re r o f F a rm C rops P ro c e ssin g C o rp o ra tio n , a n d Governor Gris
wold e n jo y th em se lv es a t th e s p e a k e r s ’ ta b le b e fo re d in n e r.
H E F a rm Crops P rocessing Cor
poration, w hich operates O m aha’s
Alcohol plant, celebrated th e first an n i
v e rsary of th e p la n t’s operation w ith a
d in n er at O m aha’s F ontenelle H otel,
hon o ring W. M. Jeffers, p resident of
th e U nion Pacific Railroad. Mr. Jeffers
originally approved construction of the
p la n t w hen he w as U. S. R ubber ad
m in istrato r.
Honorary Member
A lvin E. Johnson, p resid en t of Oma
J.
M. Sorensen, vice p resid en t of h a ’s Live Stock N ational Bank, and
S tep h en ’s N ational B ank, F rem o n t, N e tre a s u re r of the F a rm Crops Process
brask a, and a m em ber of M idland col ing C orporation, w as to astm aster. He
lege’s board of tru stees, w as honored
stated th a t th e Alcohol P la n t is th e
OUR
5 0 th
YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T
largest g rain alcohol p lan t in the w orld
u n d er one roof, and a t p resen t is con
sum ing aro u n d 30,000 bushels of g rain
each day, and producing 75,000 gallons
of alcohol every tw enty-four hours.
R ight now, he added, th e p lan t is using
m ostly w et corn w hich otherw ise
w ould spoil on th e ground, and th u s is
giving considerable help to farm ers.
Mr. Johnson praised Jeffers as “the
m an w ho m ade O m aha’s alcohol p lan t
a reality —a m an of vision w ho has
done m uch for our country, and
b ro u g h t a new in d u stry w ith a g reat
fu tu re to th e M iddle-W est.”
Northwestern Banker June 19J5
92
* NEBRASKA
dent. Mr. Dudek has had considerable
experience in banking, h aving been
cashier and p resid en t of th e form er
F arm e rs State B ank of Clarkson.
D. A . Criss
D ennis A. Criss, 66, p resid en t of the
S tu a rt F irs t N ational B ank, S tu art, N e
braska, and one-tim e Chicago and
N o rth w estern railw ay statio n agent
there, died at his hom e recently.
Mr. Criss has been associated w ith
th e b an k for th e p ast 27 years.
NEWS
Banker Leaves
Max Medcalf, w ho has been em
ployed at the Citizens State Bank,
C learw ater, N ebraska, for some tim e,
resigned. He planned to leave for
Shreveport, L ouisiana, w here he hopes
to find em ploym ent.
Home from Overseas
R obert F. Clarke, presid en t of the
B anking H ouse of A. W. Clarke, Papillion, N ebraska, w ho has been area
Ÿ
•
director for the N ational Red Cross
in th e Solomon and adjacent E ast
Pacific Islands the past tw o years, w as
expected to re tu rn hom e early last
m onth.
Officer Shift
W alter C. Jarch o w w as recently
prom oted to cashier of the .Jefferson
C ounty B ank of Day kin, N ebraska,
having form erly been th e assistan t
cashier.
George A pking, form erly
cashier, is now vice president. Dr. H.
H. H um phrey retain s his position as
president.
Cashier Resigns
Based on C o-operation—
R eports are th a t Guy E llsw orth, w ho
has been cashier of th e D alton State
Bank, D alton, N ebraska, for several
years, has resigned, and plans to con
tinue his insurance business. A new
banker, H. W. Crandall, has moved
from Surprise, N ebraska, w ith his
fam ily and th ey now reside in Dalton,
to take E llsw o rth ’s place.
Not C om p etition .
P'Qn Memorial
O ur P o lic y
O FFIC ER S
F R A Z E R L . FO RD
P re sid e n t
J.
A . G R E E N F IE L D
V ic e P re sid e n t
H A R R Y H. M O H LER
V ic e P re sid e n t
t h o s
AN INTIM ATE PERSO NALIZED
C O R R ESPO N D EN T BANK SERVICE
. j . M cC u l l o u g h
C a sh ie r
M. E . B L A N C H A R D
A s s is t a n t C a s h ie r
L O U IS J.
A s s is t a n t
KO M ER
C a sh ie r
W e solicit you r patron age.
•
First Si. •)osr|ili
STOCK YARDS HANK
T
V
Bank Officers on Board
S o u th S t. J o s e p h , Mo.
‘’O n ly B a n k in th e Y a rd s”
M em ber F e d e ra l D eposit In s u r a n c e
F rien d s and form er associates of the
late Jo h n M. L ink have com pleted
plans to provide a lasting m em orial for
th e popular Stapleton, N ebraska, bank
official and church m an. It is hoped
to install an electric organ costing be
tw een $1,500 and $2,000, in the F irst
P resb y terian church of S tapleton in
m em ory of Mr. Link.
C o rp o ra tio n
At th e an n u al m eeting of the Stock
Yards 400 Club of South Omaha, A. J.
H allas, vice president of the Stock
Yards N ational Bank, was elected
ch airm an of th e board and E d Gehrm an, assistan t cashier of the Stock
Yards N ational, w as elected treasu rer.
/
y
Northwestern Banker June 19k5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OUR
5 0 th
YEAR
93
M artin, presid en t of the N ebraska Sav
ings and Loan A ssociation of Omaha,
assisted Maj. H arold H. Thom w ith
ritu alistic w ork in connection w ith th e
conferring of th e historical and re
ligious degrees, from th e F ifteen th
th ro u g h th e E ig h teen th , of Sem per
Fidelis C hapter, K nights of Rose Croix.
Omaha Clearings
f t VI
M
LELMAN, w ife
of one of O m aha’s new ly-elected
city councilm en, is a secretary a t th e
F ederal L and B ank of Omaha. Mr.
L eem an left his executive post w ith
an in su ran ce com pany to become
ch airm an of th e D ow ntow n R ationing
Board in O m aha and resigned from
th a t civic post recen tly a fte r long serv
ice.
RS. C H ARLES
The A m erican In stitu te of B anking,
educational w ing of th e A m erican
B an k ers’ A ssociation, and th e G. I.
Bill of R ights are going hand-in-hand
in th e o rien tatio n of re tu rn in g w ar
v eteran s to th e b an k in g business,
P resid en t W illiam C. W ay of th e AIB,
said in Omaha. He is a tr u s t officer
of th e C entral N ational Bank, Cleve
land, Ohio. He m et w ith Om aha AIB
board m em bers an d executives of
Om aha b an k s a t a luncheon at th e
Omaha A thletic Club and addressed
Om aha AIB C hapter m em bers in the
evening a t th e E lks Club.
“W e have to tak e our h ats off to the
w om en,” Mr. W ay said. “More th a n
100,000 of th em have come into the
b an k in g field since P earl H arb o r and
th e y have done an excellent job.”
M em bers of the Omaha U nion Stock
Y ards 400 Club w ere guests of A lvin
E. Johnson, presid en t of th e Live Stock
N ational B ank of Omaha, at a buffet
d in n er at the Omaha in d u strial alcohol
plant, followed by a to u r th ro u g h the
plant.
Am ong those nam ed by th e Omaha
C ham ber of Commerce nom inating
com m ittee to serve as C ham ber di
rectors for a three-year term beginning
Ju ly 1 w as E. N. V an H orne, president
of the F ed eral L and B ank of Omaha.
C harles D. Saunders, vice p resident of
th e F irst N ational B ank of Omaha, is
am ong those w hose term s as director
expire. Am ong the hold-over directors
are R ay R. R idge, vice p resid en t of the
Om aha N ational Bank, and S. R. K irk
patrick, in vestm ent banker.
A t th e 109th reu nion of Scottish Rite
at th e C athedral in Omaha, L eslie E.
co m p lete b a n k in g fa c ilitie s fo r p rom p t and
econom ical handling o f accounts in Chicago. We
w ould appreciate the opportunity o f serving you.
C
it y
N
A N II T R U S T
F. E. DAVENPORT & CO.
2 0 8
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Two “o rp h a n ” team s, serving u n der
“pinch-hitting” captains, reached th e ir
quota in the Ak-Sar-Ben m em bership
drive w hile organization w ork still w as
u n d er way. The su b stitu te captains,
w ho spark-plugged th e ir team ’s drives,
are H arry E. R ogers and S teve W irtz,
both Omaha bankers.
Mr. Rogers
heads th e team of Ak G overnor H. M.
B u sh n ell, banker, and Councillor Rieli-
O u t-o f-to w n banks and bankers w ill find here
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
OUR 50th YEAR
It w as th e hom e once also of Mr.
M urphy’s sister, Mrs. T hom as B.
Cuming, w idow of N ebraska’s second
te rrito ria l Governor, and m em bers of
th e C. AY. H am ilton fam ily, including
F red H am ilton, presid en t of the Omaha
& Council Bluffs S treet R ailw ay Com
pany. In m ore recent years, it w as
th e Dr. C. W. P ollard M aternity H os
pital, th e n th e hom e of a m edical
fratern ity . F o r th e last tw o years, it
has been vacant.
Out-of-Town Ranks
W hen Low ell Feye, 17, Creston, Ne
braska, H igh School senior and newlyelected p resid en t of th e F u tu re F a rm
ers of A m erica, w as chosen o u tsta n d
ing vocational ag ric u ltu re pupil in Ne
brask a by th e Om aha C ham ber of Com
m erce A g ricu ltu ral C om m ittee, an
aw ard of m e rit certificate w as p re
sented to him at a luncheon by C. W.
Mead, chairm an of th e 4-H and F u tu re
F arm e rs subcom m ittee.
OM AHA
One of O m aha’s residential showplaces of 50 y ears ago, th e three-story
stone hom e built by F ran k M urphy,
presid en t of th e old M erchants N a
tional Bank, is to be razed to m ake w ay
for a $100,000 edifice to be erected by
St. Jo h n ’s G reek O rthodox Church.
The residence, at St. M ary’s A venue
and Tw enty-second Street, cost $50,000
w hen it w as bu ilt in w h at w as th en
O m aha’s “sw an k iest” section, now
n early at the edge of th e dow ntow n
district.
a t io n a l
S O U T H
COMPANY
B
ank
of Chicago
L A S A L L E
S T R E E T
(Member Federal Deposit Insurance Corporation)
Northwestern Banker June Í9J5
94
-•
NEBRASKA
ard H . M allory, ban k er, w ho now is in
Mr. C lark also is finance chairm an
for th e C hildren’s M emorial H ospital
drive in Omaha. One person w ho do
n ated $50 to th e hospital accom panied
th e contribution w ith a le tte r th a t w as
not legible and th e gift could not be
acknow ledged.
th e Navy. Mr. W irtz heads th e squad
of A k K ing W. B. M illard, Jr., b anker,
now also in service, and Councillor Ben
D anbaum , w ho m oved to F lorida.
Mrs. J. M. H ard in g of Omaha, w ho
w as chosen “N ebraska M other for
1945,” w as nam ed h o n o rary head of
th e N ebraska W om en’s T reasu ry
Corps d u rin g th e Seventh W ar L oan
Drive, it w as announced by D ale Clark,
W ar F inance Com m ittee ch airm an for
N ebraska. Mr. C lark is p resid en t of
th e Om aha N ational Bank.
Ô
u
/ i
V
k
c
m
NEWS
Col. J. F ran cis M cD erm ott, now on
leave from his duties as vice president
of th e F irs t N ational B ank of Omaha
and now serving th e S eventh Service
Com m and at Om aha in charge of its
W ar Bond and In su ran ce Division, ad
dressed th e Om aha Cham ber of Com
k
*
r
m erce Good Fellow ship Com m ittee at
a luncheon.
Second Lieut. ■George M. L acey, 21,
B-17 F lying F o rtre ss nav ig ato r w ho
w as a ju n io r acco u n tan t for th e F ed
eral L and B ank of Om aha before en
terin g service, flew a nu m b er of the
28,500 sorties by th e E ig h th A ir Force
bom bers du rin g M arch. H is hom e w as
in Glenwood, Iowa.
A ctive in th e cam paign for the A m er
ican Cancer Society w as T. R. Noonan
of th e Om aha N ational Bank, tre a su re r
of th e drive. The Society has head
q u a rte rs on th e fifth floor of the Oma
ha N ational B ank Building.
H onorary p allbearers for P. F. P e te r
sen, 81, p resid en t of th e Om aha b an k
ing firm bearing his nam e, w ho died
recently, included D enm an K ountze,
i . . .
K
\
A rthur L. Coad, A lv in E. Johnson,
W illiam J. Coad. R ites w ere held at
th e Scottish R ite C athedral.
ta
N
a t i tk w
tf-O A
e À
te n * , B
a
n
k e d
t f i j i l f Ije a /iA
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☆
The First National Bank of Lincoln
LINCOLN, NEBRASKA
Established February 21, 1871
S teph en J. W irtz, a ssistan t cashier
of th e Om aha N ational Bank, tre a su re r
of the Covered W agon Council of Boy
Scouts, received th e Skipper Key, n a
tional Sea Scout aw ard, a t th e Sea
Scouts’ an n u al ball and Bridge of
H onor in Omaha. Mr. W irtz, Sea
Scouter 13 years, w as th e fo u rth Omah an to receive th e honor.
Clyde O. Darner, cashier of the Oma
ha N ational Bank, w as in charge of
exem plification of th e thirty-first and
thirty-second degrees on th e final day
of the recen t Scottish Rite reunion in
Omaha.
Refinancing of th e rem aining South
Om aha B ridge bonds w as considered
recently by th e O m aha City Council
and re fe rred to th e F inance D epart
m ent. Louis H in es, m anager of the
Om aha Bridge Commission, inform ed
th e council th a t th e com m ission had
recom m ended th e refinancing. Of the
original issue of $1,650,000 4 p er cent
bonds, $825,000 of the bonds are out
standing. M ayor B u tler said he be
lieved th ey could be refinanced at 1%
per cent, possibly at IV2 per cent. Mr.
H ines said th e saving in in te re st th e
first y ear w ould offset the prem ium
paid to call th e old bonds.
BANKS
Bought and Sold
Confidentially and with becoming dignity
BANK EMPLOYEES PLACED.
M e m b e r Federal Deposit Insurance Corporation
40 Ye ars Sa tis fa cto r y Service
THE CHARLES E. WALTERS CO.
OM AHA, N EB R A SK A
.N orthwestern Banker June 19J5
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Federal Reserve Bank of St. Louis
T
OUR 50th YEAR
/
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Federal Reserve Bank of St. Louis
96
introduced by Senators R. A. Babcock,
Charles T v rdik and E d L usienski and
becomes effective 90 days after the
legislature adjourns.
Marks Second Year
The B ank of H em ingford, Hem ingford, N ebraska, celebrated its second
an n iv e rsa ry recently, enjoying th e u n
precedented rap id g ro w th to a m illion
dollar in stitu tio n d u rin g a tw o year
period.
S tartin g w ith a capital of $25,000 th e
B ank of H em ingford has grow n stead
ily show ing a t th e end of its first y e a r’s
business deposits to tallin g $698,642.40,
and at th e end of its second y ear a total
of $989,175.98 in deposits. This, to
g eth er w ith th e capital stock, su rp lu s
and undivided profit, b rin g s th e b a n k ’s
total to $1,032,112.18.
Officers and directo rs of th e b ank
are: C. J. A bbott, p resident; LeRoy
A bbott, vice president; F. A. Black,
vice president; Y. H. Seaton, cashier;
Lyda K uhn, a ssista n t cashier; C. A.
Shindler, H en ry Spalding, C. H. Sudm an, H. D. W ells, H an n ah E. A bbott
and H. S. Keane, directors.
H E bill req u irin g state banks to pay
all checks a t p ar w as passed by th e
N ebraska legislature by 26 to 11. One
of the m ost controversial m easures of
th e session, it w as passed in th e same
form as introduced despite several a t
tem p ts to m odify it. T he m easure w as
T
Government Bond Service
W e h a v e g o o d c o n ta c ts w ith th e m a rk e t
a n d c a n h a n d le to y o u r a d v a n ta g e a n y
G o v e rn m e n t B ond tra n s a c tio n . W e h a v e
s a fe -k e e p in g facilities a n d fu rn ish y o u w ith
p ro p e r re c e ip ts for y o u r p le d g e d b o n d s.
P h o n e or w rite u s r e g a r d in g y o u r G o v
e rn m e n t B ond n e e d s .
NATIONAL BANK OF COMMERCE
LINCOLN, NEBRASKA
M em ber F D I C
F
Total assets in 279 N ebraska state
banks as of M arch 20, 1945, show an
increase of $8,835,035 com pared w ith
assets as of Decem ber 30, 1944, F re d
P eters, director of th e state d ep artm en t
of banking, said.
A ssets as of M arch 20th am ounted to'
$256,862,879 as com pared w ith $248,027,844 as of D ecem ber 30th.
Total deposits am ounted to $240,509,026 on M arch 20th com pared w ith $232,311,061 on D ecem ber 30th, a n e t in
crease of $8,197,965.
U nited States g o vernm ent bond re
sources increased $3,307,078. The banks
reported $131,108,305 on M arch 20th
and $127,801,226 on D ecem ber 30th.
T otal resources w ere listed as th e fol
low ing for M arch 20th: Loans and dis
counts, $44,546,581; U nited States gov
ern m en t bonds, $131,108,305; m unicipal
obligations, $3,590,709; o ther bonds,
$1,524,441; federal reserv e stock, $32,900; cash and due from banks, $75,165,879; banking house, fu rn ish in g s and
fixtures, $807,769; o th er real estate, $3,416; o ther assets, $82,875.
Cash reserv e increased 0.4 per cent.
On M arch 20th cash reserv e in p e r
centage am ounted to 31.3 per cent com
pared w ith 30.9 p er cent on Decem ber
30th.
Capital as of M arch 20th w as $7,882800; su rp lu s $5,004,200; undivided
profits $2,496,548; and reserves $580,142.
“The basic principle of public rela
tions for any profession is n ot w h at
you get out of th e public b u t w h at you
give th em ,” Tom Collins, of th e City
B ank and T ru st Com pany of K ansas
City, M issouri, pointed out a t th e 11th
annual banquet of th e Lincoln ch ap ter
of the A m erican In stitu te of B anking
held last m onth.
One of th e g reatest public relations
stu n ts w hich has ever been p u t across
is the organization of th e 4-H clubs.
TheTOOTLE-LACY
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Y O U ’LL FIND THIS IN STITU TIO N WELL Q U ALIFIED TO S ERV E YOU
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O U R 5 0 th Y E A R
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v
97
•
T his club, he said, is m erely a public
relatio n s s tu n t of th e railro ad s and th e
com panies w hich m an u factu re farm
im plem ents.
Ted Thom pson, p resid en t of th e
L incoln organization, presided and
gave a brief talk on th e A. I. B. He
said th e in stitu te has offered tw o
courses th is year, “F u n d am en tals of
B an k in g ” ta u g h t by Clifford G. W eston,
and “Com m ercial L aw ,” led by Guy C.
C ham bers. F ifty em ployes of L in
coln b anks took courses in th e school
th is year.
A pproxim ately 125 atten d ed th e d in
ner, including m em bers, associate
m em bers, b an k officials, w ives and
guests. T he A. I. B. is sponsored by
th e F irst N ational, N ational B ank of
Com m erce, and th e C ontinental N a
tional banks.
NEBRASKA
NEWS
•
w orking w ith him in th e bank. Jam es
G ray is cashier of th e bank and has
ju s t spent tw o y ears as a N ational
B ank E xam iner.
The Security N ational B ank of L au
rel, N ebraska, have rem odeled th eir
b an k by cuttin g dow n the dark, heavy
counters and replacing them w ith
light birch.
L eonard Hales, cashier of th e B ru n s
w ick S tate Bank, B runsw ick, N ebras
ka, w as fo rtu n ate to have been able to
visit his tw o grandsons w hen V-E Day
w as declared. T his w as a m uch h ap
pier coincident as he had also been
visiting them the day w ar w as de
clared.
J. J. De Lay, p resid en t of th e De
L ay N ational B ank of N orfolk, Ne
braska, has all six sons in th e service.
One is in E urope, one in China, th ree
in the Pacific and th e o ther in th is
country. One of his sons, B. M. De Lay,
w as presid en t of the N ebraska Ju n io r
B an k ers’ Association.
Anchor Bank Bought
C. J. and LeRoy A bbott of A lliance
have com pleted the purchase of th e
A nchor B ank at M errim an, N ebraska,
and C. J. A bbott has been elected p resi
dent of the institution.
C. D. R ourke of A lliance assum ed
the duties of cashier a t th e A nchor
Bank. Mr. R ourke has been associ
ated w ith th e A bbott banking in terests
in M ullen and Chadron, and w as in
charge of th e G uardian S tate B ank
facility at Alliance A rm y A ir Field
d uring its activity.
Junior News
F r o m th e N e b ra s k a
J u n io r B a n k e r s A ssociation
John L nuritzen , Editor
W e in v ite y o u to u se th is b a n k
for p r o m p t , a c c u r a t e
R. F. E m m ett, p resid en t of th e Citi
zens State B ank of A rapahoe, N ebras
ka, has a son at Doane College stu d y
ing u n d e r the V-12 program . Mrs. E m
m ett is helping out in th e bank.
s p o n d e n t se rv ic e in Lincoln.
S. F. C urry, cashier of th e Security
State B ank, Holbrook, N ebraska, has
tw o boys in th e service. One has had
some exciting experiences in th e N avy
and th e o th er boy, w ho is w ith the
A rm y E ngineers, later took exam ina
tions for W est P oint and received a
com m ission to th e Academy.
C
o n t in e n t a l
M IL T O N T O O T L E , III
E . H . SC H O PP
V IC E P R E S I D E N T
A SS T . C A S H IE R
OUR 50th YEAR
FRED T. BURRI
A S S T . C A S H IE R
ST. JOSEPH, MO.
R . E . W ALES
V IC E P R E S I D E N T
G R A H A M G. LACY
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Federal Reserve Bank of St. Louis
a t io n a l
Member Federal Deposit Insurance Corporation
N A T IO N A L B A N K
P R E S ID E N T
R
LIN C O LN
George Gray, p resid en t of th e Cole
ridge N ational Bank, Coleridge, N e
braska, now has his son Jam es G ray
M IL T O N T O O T L E , JR .
c o rre
C A S H IE R
E
M e m b e r F e d e r a l D e p o s it
I n s u r a n c e C o r p o r a tio n
L. C R U M E
A SS T . C A S H IE R
N o r th w e s te r n B a n k e r
J u n e 19J5
98
A n open letter to Clifford De Puy,
Publisher, on the Fiftieth Anniversary
of the Northwestern Banker.
THE
LIV E
STOCK
NATIO N AL B A N K
OMAHA 7 , N E B R A S K A
ALVIN
E.JO H N SO N
June 1 , 1945
PRESIDENT
Mr, C l i f f o r d DePuy, P u b lis h e r
N o rth w estern Banker
Des M oin es, Iowa
Dear C l i f f :
We w is h to v o ic e our a p p r e c ia t io n t o you and
your a s s o c i a t e s fo r th e many f i n e i s s u e s o f
th e N orth w estern Banker r e c e iv e d r e g u la r l y each
month s in c e th e o r g a n iz a t io n o f our bank in 1907.
Your p u b lic a t io n n o t o n ly h a s a c q u a in te d u s w ith
h ap p en in gs among banks and ban kers in t h i s
t e r r i t o r y b u t has c a r r ie d many f i n e c o n s t r u c t iv e
a r t i c l e s as w e l l .
Our c o n g r a t u la t io n s t o you on t h i s , th e F i f t i e t h
A n n iv er sa ry o f th e N o rth w estern B anker, and our
v e r y b e s t w is h e s fo r th e c o n tin u e d s u c c e s s o f
t h i s o u tsta n d in g banking j o u r n a l.
S in c e r e l y ,
P r e s id e n t
AE J: ik
N o r th w e s te r n B a n k e r
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Federal Reserve Bank of St. Louis
Ju n e 19J5
3
OUR 50th YEAR
99
ers A ssociation a t a d in n er held a t
H otel W ilson, W ebster City, Iowa,
Pfc. Roy Woods, m arine corps v eteran,
w as g uest speaker a t th e pre-cam paign
banquet.
P riv ate Woods, attached to th e F irs t
air w ing of th e F irs t m arines, has re
tu rn e d from d u ty in th e southw est
Pacific w here he w as decorated for
o u tstanding d u ty as an aerial and also
as a ground gunner.
FRANK W ARNER
S ecr eta ry
D es Moine»
R. R. B R U B A C H E R
P r e s id e n t
S io u x C ity
Honor Bank
Succeeds Cashier
D irectors of The N ational B ank of
W ashington, W ashington, Iowa, last
m onth au th o rized th e tra n sfe r of $20,000 from undivided profits to surplus,
b rin g in g th e to tal su rp lu s to $80,000,
w hich equals th e capital, m aking th e
b an k an “h onor b an k .”
C apital paid in, $65,000; capital
earned, $15,000; capital, $80,000.
S urplus paid in, $10,000; su rp lu s
earned, $70,000; su rp lu s, $80,000.
J. B. W asson, w ho resigned his po
sition as cashier at th e F irs t State
B ank in Lynnville, Iowa, is being suc
ceeded by K enneth F. McNiel, of Cen
tra l City, Iowa.
Mr. W asson assum ed his duties as
em ergency cashier on F e b ru a ry 26,
1942, w hen A rth u r Allee and DeVere
S tanley w ere called for arm y service.
Mr. McNiel has had 18 y ears of b an k
ing experience w ith five y ears at Cen
te r Point, eight a t W heaton, Illinois,
and five at C entral City.
Mr. W asson w ill retain his stock and
as a d irector w ill act as a ssistan t cash
ier handling insurance for th e bank.
Buys Emerson Bank
L. H. V ardam an, cashier of th e F a rm
ers S tate B ank a t K eosauqua, Iowa,
since its o rganization in 1931. has p u r
chased th e m ajo rity in te re st in th e
E m erso n S tate B ank, E m erson, Iow a,
and w ill m ove to th e new location w ith
his fam ily som etim e about th e first of
July.
P a u l Ovrom, b ro th e r of F. E. Ovrom,
vice p re sid e n t of th e K eosauqua bank,
w ill assum e Mr. V ard am an ’s duties
sh o rtly a fte r th e first of th is m onth.
Mr. O vrom h as been C lerk of th e Cir
cu it C ourt a t W aupaca, W isconsin, for
m an y y e a rs and p rio r to th a t tim e had
been active in banking.
Honor Inductee
Officers, d irecto rs and em ployes of
th e C itizens State B ank of Oakland,
Iow a enjoyed a d in n e r p a rty a t th e
A thletic Club in O m aha la st m onth
ho n o rin g F. F. M cA rthur, Jr., a m em
b er of its b o ard of directors, w ho w as
to be indu cted into th e arm ed services.
Association Elects
A t th e ir an n u al m eeting a t Sioux
C enter, Iowa, recen tly th e Sioux
C ounty B ankers A ssociation elected E.
S. K iernan, cashier, A lton Savings
B ank, of A lton, president. He succeeds
F re d Aue of Sioux Center. S. G.
V ander B rink, vice p resid en t and
cashier, F a rm e rs Savings B ank of
Boyden w as chosen vice p resid en t and
E. V. Slife, a ssistan t cashier, F arm ers
S tate B ank of H aw arden w as re-elected
secretary -treasu rer. Speakers a t th e
m eeting w ere Mr. M cCowan of Sioux
City, corporation incom e ta x specialist
and L ester Siems, m anager of th e bond
d ep artm en t of th e N o rth ern T ru st
C om pany of Chicago.
Guests of Bankers
T ow n and tow nship com m itteem en
an d o th er v o lu n teer w o rk ers w ere
g uests of th e H am ilton County B ank
S carborough d i t o iMPANY
g fjjTg Ms#
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First National Bank Building, Chicago
OUR
5 0 th YEA R
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Federal Reserve Bank of St. Louis
Joins Mason City Bank
W. H ow ard S tew art is now teller at
th e U nited H om e B ank in M ason City,
Iowa, succeeding Mrs. Joe Ludem an.
Mr. S tew art w as recen tly in th e U nited
States Navy, serving eight m onths in
th e q u a rte rm a ste r’s d ep artm ent. P re
vious to th is he h ad been w ith the
S tandard Oil Com pany as a salesm an
and had been 14 years as teller and
a ssistan t cashier in th e N orthw est
Savings B ank and th e F irs t N ational
Bank, M ason City.
Hold Annual Election
Officers and directors of th e U nion
S tate Bank, M onona, Iowa, w ere re
elected a t th e ann u al m eeting held last
m onth.
H. H. S m ith w as nam ed ch airm an of
th e board of directors; D. W. Meier,
president; H. T. Orr, vice p resid en t and
tru s t officer; K. W. Rash, cashier; and
E d w ard W irk ler and P. H. H um phrey,
directors.
Howard A . Mathews
H ow ard A. M athew s, p resid en t and
director, D anville S tate Savings Bank,
D anville, Iowa, passed aw ay a t th e
B urlington H ospital recently.
Mr. M athew s w as born in D anville
in 1866 and spent his en tire life in Des
M oines county.
B ert E. Dodds, Des M oines county
rep resen tativ e in th e state legislature,
has been elected presid en t of th e D an
ville bank, succeeding Mr. M athews.
He h ad been a d irector of th e b ank for
12 years.
C harles W agner has been nam ed
vice president, succeeding Dodds, and
P aul K eller w as nam ed to th e board of
directors, to fill th e vacancy created
by th e death of Mr. M athews.
ß
r
#£
•£
Horace A. Smith, Iow a Representative
Des Moines, Iowa
N o r th w e s te r n B a n k e r
J u n e 1945
100
Raises Quota Quickly
Em ployes of th e A m erican N ational
B ank and T ru st C om pany of Chicago
paid a trib u te to th e ir president,
L aw rence F. S tern —w ho is also ch air
m an for Chicago and Cook county in
th e 7th W ar Loan—by being the first
ban k group in Mr. S te rn ’s area to over
subscribe th e ir quota of w ar bond
p u rch ases and increased payroll re
ductions, although th is quota w as 50
p er cent h ig h er th a n for an y previous
drive. T he quota w as reached two
w eeks before th e official opening of the
drive.
Mr. Stern w as pleased w ith th e trib
ute and told em ployes th a t “I deeply
appreciate y o u r accom plishm ent in
reaching so quickly our b a n k ’s quota
for w ar bond purchases in th e 7th W ar
Loan. I am proud th at, so far as I
know, our bank is th e first in our
county to reach its goal. T his is all the
m ore notew orthy w hen it is considered
th a t our quota this tim e w as m uch
hig h er th a n ever before. It w ill serve
as an in sp iratio n to th e 7th W ar Loan
organization and as a challenge to
o th er com panies.”
Dividend Declared
At a recen t m eeting the board of di
rectors of B ankers T ru st Com pany of
New York, declared a dividend of SV2
per cent on th e capital stock payable
Ju ly 2, 1945, to stockholders of record
at th e close of business Ju n e 1, 1945.
Taken Care of
“Say, landlady, don’t you th in k th e
w indow of this room is ra th e r sm all
in case of em ergency?”
“T here w on’t be an em ergency,
L ieutenant. My term s are cash in ad
vance.”
In New Location
Financing
International Trade
The Des Moines Building-Loan and
Savings Association, w hich has been at
411 Sixth A venue for the last seven
years, has m oved to 210 Sixth A venue,
in the S outhern S urety Building. T he
loan com pany will occupy a p a rt of th e
room w hich has been leased for a n u m
b er of years by the state in surance de
p artm en t. The two organizations w ill
have a common lobby for the present.
F o r eighty years T he First N ational Bank
o f Chicago has financed foreign business
for importers and exporters. T he m any
correspondents o f the bank in countries
w ith w h ich this country n ow has business
facilitate the financing of international
trade. T h e Foreign B anking D epartm ent
has the m ost recent available data on
quotas, restrictions, and regulations of
foreign governm ents. C om plete service
is available to those w h o contem plate
any phase o f foreign trade.
W e gladly cooperate w ith other banks in
handling transactions w ith countries o f
this hem isphere and w ith other parts o f
the world.
FOREIGN BANKING DEPARTMENT
The First N atio n al B ank
of C hicago
M EM BER FED ER A L D E PO SIT IN S U R A N C E CO RPO R A TIO N
N o r th w e s te r n B a n k e r
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Federal Reserve Bank of St. Louis
J u n e 19J5
>-
\
E L M E R E. M IL L E R
P r e s id e n t, D e s M o in 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
The Des Moines Building-Loan and
Savings A ssociation purchased th e
S outhern S urety B uilding last fall. The
association now has to tal resources of
$5,931,882, and w as organized in 1916,
being the oldest in Des Moines. Offi
cers are: E lm er E. Miller, presid en t
and secretary; H u b ert E. Jam es, as
sistan t secretary; A. H. M innis, ch air
m an and vice president, and E. S. Tesdell, counsel. C. F. T ow nsend and
C. L. M innis are directors.
OUR
5 0 th
YEAR
/
101
t
r
a
v
e
l
s
f a
s
t
M ore than th ree-quarters o f
ask th eir c o m m issio n m en
a century’s e x p erien ce has
to route th eir m o n ey th rou gh
taught us to app reciate the
this Bank, the advice o f credit
value o f sp eed in the trans
g o e s to you o n the day o f
m issio n o f p ro ceed s
receip t.
from
The
Stock Y ards
the sale o f live sto c k in C hi
p o s t o f f ic e is ju st a c r o s s
c a g o . W hen your custom ers
the street and no tim e is lost.
We w ill be pleased to send you in
struction cards to g ive your shippers.
Jj / i e
L IV E S T O C K
JB /A
Y J LN
N TKV
fo / ic a ^ e
3
U N IO N S T O C K YARDS
ESTABLISHED
18 6 8
D A V ID H. REIM ERS, Pres.
Member Federal Deposit Insurance Corporation
O U R 5 0 th
YEAR
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Federal Reserve Bank of St. Louis
N o r th w e s te r n B a n k e r
J u n e 1945
102
*
IOWA
NEWS
•
shell and a 90 pound fragm entation
bomb.
Display Shells
Several different types of a rtille ry
and m o rta r shells w ere displayed in
th e lobby of th e Iow a S tate B ank and
T ru st Com pany, Iow a City, Iowa, d u r
ing th e Seventh W ar L oan Drive. Ben
S. Sum m erw ill, president, is also coch airm an of th e w ar loan drive in Iowa
City.
The shells displayed include tw o
types of 81 m m . m o rta r shells, an
eight inch h ow itzer shell, a 155 mm.
how itzer shell, a 105 mm. h ow itzer
Add Safety Vault
A nkeny S tate Bank, A nkeny, Iowa,
has been g ran ted perm ission by the
W ar P roduction Board to build a safe
ty deposit v au lt and rem odel th e room s
occupied by th e bank, according to a
recen t announcem ent by Rolfe O. W ag
ner, president.
In addition to a new safety deposit
vault, th e p resen t fixtures and fu rn i
tu re w ill be m odernized, new flloor
H. R. JACKSON
Mr. Jackson, an Iow a ba n k e x a m
in er fo r a n u m b e r of years, was
r e c e n tly n a m e d d e p u t y s u p e r i n te n d
en t of b a n k in g for th e H a w k e y e
S ta te
C ongratu
Cliff and Crew
coverings w ill be provided th ro u g h o u t
and a new oil b u rn in g h eating p lan t
w ill be installed. W ork w as scheduled
to s ta rt w ith in a few weeks.
Hold Election
on
SO Years o f Splendid Service
fr o m
th e
“ G a n g ”
The Johnson County B ankers A s
sociation held th e ir reg u lar m eeting at
the H otel Jefferson in Iow a City, Iowa,
last m onth. The m eeting w as given
over to th e election of officers and
C harles K. Kos, of th e Sw isher T ru st
and Savings Bank, Sw isher, w as elect
ed president, L eroy S. M ercer of the
H ills B ank and T ru st Company, Hills,
vice president; O. E. M arkitan, cashier
of th e Solon S tate Bank, Solon, tre a s
urer, and E lm er J. Ulch of th e Sw isher
T ru st and Savings Bank, secretary.
Changes to State Bank
a t
The First National Bank of Mason City
SinCe 1 8 6 9 -
Citizens N ational B ank of Belle
Plaine, Iowa, changed over to a state
bank recently and is know n as th e
Citizens S tate B ank at Belle Plaine,
Iowa.
All personnel of th e new b an k —
stockholders, officers, directors and
em ployes—w ill be the same, th e only
difference being th e nam e of th e in sti
tu tio n and the fact th a t h ereafter it w ill
FOR SALE
M e m b er F e d e r a l D e p o s it In su ra n ce C orp oration
Used Bank Vault Doors
W rite Box 610, LeM ars, Iow a
N o r th w e s te r n B a n k e r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J u n e 1945
O PR
5 0 th
YEAR
103
MEN and M ACHINES
The First National
Bank in Sioux City
takes this opportun
ity to extend con
gratulations to the
Northwestern Banker
on its Fiftieth Anni
versary.
Like most modern banks of our size, this bank has all
the up-to-date machines to guarantee speedy and ac
curate correspondent service.
We believe it is even more important, however, that
you should be on the friendliest of terms with the MEN
back of the First National Bank in Sioux City.
That’s
why this is known as a “first-name” bank, where “A. G.
and “Jack” and “Fritz” think of you first as a friend
and then as a customer.
OFFICERS
A. G. Sam , P resid en t
J. P . H a in er, V ic e P resid en t
F ritz F ritzson , V ic e P res, and C ashier
J. T. Grant, A ssistan t C ashier
J. R . G raning, A ssistan t C ashier
E. A . J o h n so n , A ssistan t C ashier
W . F. C ook , A u d itor
* * * *
S/oux*
/ ft
Member FDIC— Member Federal Reserve System
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o r th w e s te r n B a n k e r
0
J u n e 194-5
* *
IOWA
operate u n d e r state ban k in g law s in
stead of natio n al law s as in th e past.
Assistant Manager
Mrs. K erm it K rew son w ill fill th e
position at th e Delta, Iowa, b ran ch of
th e H ayesville S a v i n g s B ank of
H ayesville, Iowa, left v acan t by th e
resig n atio n of K en n eth U tterb ack as
a ssista n t m anager. Mr. U tterb ack goes
to th e F irs t F ed eral State B ank a t Des
Moines as a ssista n t cashier.
Observe 80 th Year
The Clinton N ational B ank, Clinton,
Iowa, observed its 80th b irth d a y last
m onth. The b an k opened its doors for
business for th e first tim e on F ifth
A venue and South F irs t Street.
NEWS
The C linton Savings B ank w as or
ganized in 1875 and u n til recently w as
operated as an affiliate of th e Clinton
N ational B ank in th e sam e building,
over th e sam e counter, w ith th e sam e
p ersonnel and th e sam e board of di
rectors.
The Clinton N ational ab
sorbed th e Savings B ank effective
J a n u a ry 1st.
The p resen t board of directors in
clude: F. O. K ershner, L. J. Schuster,
W illiam R. Blake, Jo h n E. Mooney,
P eter H. P etersen, and L. J. Derflinger.
A rth u r J. Petit, of Des Moines, has
joined the staff of the tru s t dep artm en t
of the Iowa-Des Moines N ational B ank
& T ru st Company, H erb ert L. H orton,
p resid en t of the bank, announced re
cently.
He becomes an a ssistan t in the pro
bate division of th e tru s t departm ent,
w here he will specialize in the m an
agem ent of farm s and other real estate
this d ep artm en t is adm inistrating.
P re sen t officers are: L. J. Schuster,
president; F. O. K ershner, vice presi
dent; L. J. D erflinger, vice president
and cashier; W. J. AVegener, assistan t
cashier; F red W. Stam pe, assistan t
cashier.
(J o n g r a t u 1 a t i o n s . .
to the Northwestern Banker on the
completion of 50 years of efficient
service
Joins Trust Department
to
the
banking
business.
IOWA STATE BANK & TRUST COMPANY
Iowa City, Iowa
M e m b er F e d e r a l D e p o s it In su r a n c e C orp oration
ARTHUR
J.
P E T IT
Mr. P etit attended the N ational U ni
v ersity school of law at W ashington,
D. C., and w as adm itted to th e b ar in
1938. F o r th e p ast 12 y ears he has
been associated w ith th e seed and feed
loan division of th e F a rm C redit Ad
m inistration, having active charge of
operations in 54 counties.
In th e tru s t d ep artm en t of the IowaDes Moines N ational he w ill w ork in
cooperation w ith Clyde H. Doolittle,
vice p resident and tru s t officer; C.
Ream D aughrity, F ra n k lin F. R obinson
and W. F ra n k Howell, a ssistan t tru s t
officers.
S carborough ^ C ompany
¿ S ) lÁ A 4 Á ¿ t4 lC fy (< H in % c ¿ o íá jtir lfà z M ifó L
First National Bank Building, Chicago
N o r th w e s te r n B a n k e r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J u n e 19b5
«
Horace A. Smith, Iowa Representative
Des Moines, Iowa
OUR
5 0 th
YEAR
105
Look for this sign when you’re
in Des M oines on Gr a n d
Avenue. A friendly landmark
W hen y o u ’re in D es M oines
flashing its neon br i l l i a nce
against the Iowa sky. Let it re
mind you that it marks the spot
where TENSION ENVELOPES are made in Des Moines. They’re the product of an
Iowa organization that has grown up with the city. The skilled workers in the
Tension factory are your friends and neighbors. Behind the name is the staunch
integrity and progressive impulse that is indicative of Iowa institutions. A big,
hearty plant doing business in a fast-growing, forward-driving community. A
LANDMARK to remember.
*L AND M A R K
This imprint on an envelope
is your assurance of quality.
TENSION ENVELOPES
W hen y o u buy
have b e hi nd t hem yea r s of
B u sin ess E n velop es
research and experience . . .
so, it is not surprising that
TENSION KNOWS HOW to make better envelopes for every business need. Papers
from the best mills in the country—the most modern envelope-making equipment,
and the skill of trained craftsmen turn out TENSION envelopes — faultlessly
made, and tailored to your own individual mailing, filing and packaging
requirements.
^ TRA D EM A RK
1912 GRAN D AVE.
Phone 4-4126
DES M O IN ES
14, IOWA
ALBERT C. BERKOWITZ, President
OUR
5 0 th
YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o r th w e s te r n B a n k e r
J u n e 1945
106
• IOWA
Lester Bank Opens
The new ly organized L ester State
Bank, L ester, Iowa, w ill be opened th e
first of th is m onth, according to P aul
Schoening, w ho is to serve as cashier
and m an ag er of th e new in stitu tio n .
The b an k w ill o perate u n d e r a state
c h a rte r and w ill be affiliated w ith th e
F ed eral D eposit In su ran ce C orpora
tion, and it w ill be housed in th e bu ild
ing fo rm erly occupied by th e L ester
Savings B ank.
L ester is now served by a b ran ch
(L
NEWS
operated by the Security Savings B ank
of Larchw ood, and th a t b ran ch w ill be
closed w hen the new b ank is ready for
business.
Des Moines News
Services w ere held in Boone, Iowa,
last m o nth for George H. A nderson, 42,
fo rm er Des Moines banker. He died
in a san ato riu m in Lansing, M ichigan.
Mr. A nderson at one tim e w as in the
tr u s t d ep artm en t of th e Iowa-Des
oncjt a t t i l i a
i c i u
TO THE
N O R TH W ESTER N BANKER
on achieving 50 years of service
to the banks and bankers of your
territory.
We express the hope that the years
to come will see many more anni
versaries... each one a milestone of
continuously successful progress.
M E R C A N T IL E
B ank, an d
ST. L O U IS 1
M E M B E R F E D E R A L D E P O S IT
*
COM M ERCE
T ru s t C o m p an y
M IS S O U R I
IN S U R A N C E C O R P O R A T I O N
Y
M oines N ational B ank and T ru st Com
pany.
Staff Sgt. E u g en e S. M ettler, a p ris
oner of the G erm ans since last A ugust,
has been freed by A llied forces, ac
cording to a cablegram received by his
p arents, Mr. and Mrs. W. E. M ettler,
Des Moines.
S ergeant M ettler w as w ith the tra n
sit d ep artm en t of th e V alley Savings
B ank w hen he en tered th e arm y air
forces in Jan u ary , 1943. He w as sent
overseas last Ju n e and served as ball
tu rre t g u n n er on a L ib erato r based in
E ngland.
B. F. Kauffm an, presid en t of the
B ankers T rust, has com pleted 40 y ears
of service as a telephone com pany di
rector, having served on th e b oard of
directors of th e N o rth w estern Bell
T elephone Com pany and its predeces
sor com panies since 1905. Only tw o
o th er directors in all th e associated
com panies of th e Bell System have
longer service records.
Mr. K auffm an w as bo rn in Des
M oines and has lived th e re practically
all his life. He atten d ed Iow a W esleyan
and A m h u rst college in M assachusetts.
H is first job w as th a t of a ban k m essen
ger. E xcept for a brief period in in
surance and real estate w ork, he has
been in th e b anking business m ost of
th e tim e, being elected presid en t of the
B ankers T ru st Com pany of Des Moines
in 1917. He has held th a t position
ever since.
F. S. L ockw ood, F. C. A tk in s, J. W .
H ubbell and B. F. Kauffm an, from the
B ankers T rust; H. L. H orton, H arry
W ilson and Clyde D oolittle from the
Iowa-Des M oines N ational; J. R. Capps,
N oel R obinson and E. F. B u ck ley from
th e C entral N ational; G. A. F ram pton
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
OM AHA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J u n e 19b5
V
W. C. W ay, n ational p resid en t of the
A m erican In stitu te of B anking and
tru s t officer of th e C entral N ational
B ank in Cleveland, w as th e gu est of
honor a t a d in n er m eeting of the Des
M oines ch ap ter of th e AIB held a t the
F o rt Des M oines H otel last m onth. In
addition to officers of th e local ch ap ter
S. G. Barnard, B ankers T ru st, p resi
dent; E. H arold Carlson, C entral N a
tional, 1st vice president; E. A. Rodenbaugh, Jr., Iow a S tate Bank, 2nd vice
president, and Clarence R eibert, IowaDes Moines N ational, tre a su re r, th e fol
low ing b an k ers from th e city attended:
F. E. DAVENPORT & CO.
N o r th w e s te r n B a n k e r
Y
OUR
5 0 th
YEAR
T
107
V
C o n g r a t u l a i tt o n s
to
Clifford De Puy and Associat es
o n th e
G O LD EN
A N N IV E R S A R Y
of th e
NORTHW ESTERN
BANKER
Y ou h a v e g iv e n th e b a n k e rs of th e N o rth w est
S ta te s a s p le n d id p u b lic a tio n e d ito ria lly for h a lf
a c e n tu ry .
For o v e r thirty-six y e a r s it h a s b e e n
o u r p riv ile g e to w ork w ith y o u in its m e c h a n ic a l
p ro d u c tio n .
W e h a v e w a tc h e d y o u g ro w a n d
k n o w it h a s b e e n y o u r c o n s ta n t a im to m a k e th e
N o rth w e ste rn B a n k er th e le a d e r in its field.
W a
11 a c e -
PRINTING
1912 GRAND AVENUE
o m e s l e a d
BINDING
c
o m p a n y
ENGRAVING
DES MOINES 5, IOW A
A
OUR
r
5 0 th
YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o r th w e s te r n B a n k e r
J u n e 1945
108
*
IOWA
NEWS
•
from th e Iow a State; F. M. M orrison
an d W. W. Scott from th e Valley Sav
ings, and J. N. Coffey and F rank Tam se
of the C apital City.
includes trav elin g tim e, and T /S g t. Ed
B liquez, hom e on tw o w eeks’ furlough
from the A berdeen P roving G rounds
in M arlyand.
C entral N ational m em bers in the
arm ed forces w ho are back include:
Major Irw in T. Shaw , hom e on a fortyfive day furlough from th e Philippines,
w here he has been statio n ed w ith
G eneral K ru g e r’s h ead q u arters; Irw in
Abram, SKD3c, fo rm erly assista n t
cashier, hom e a fte r spending ap p ro x i
m ately eight m o n th s in th e South P a
cific. He had eighteen days, w hich
C ashier J. R. A stley of the Valley
Savings B ank took in th e opening of
th e fishing season at Lake Okoboji.
Now on display in th e lobby of the
low a-D es M oines N ational B ank and
T rust in connection w ith th e 7th W ar
Loan drive is a m odel of a ta n k en
gine w hich pow ers th e fam ous G eneral
S herm an tanks. The engine has a
The Reward of
S E R V I C E
Of a ll th e q u a litie s w h ic h c o n trib u te to
s u c c e ss n o n e is m o re im p o rta n t th a n S e rv
ice to O th e rs.
I
Of th e m a n y trib u te s p a id th e N o rth w e ste rn
B an k e r a s it p a s s e s its 50th M ilesto n e n o n e
is m ore
fitting th a n
th a t
its re c o rd
of
liquid cooled, V-type, 8-cylinder m otor
w eighing 1,500 pounds and developing
500 H. P.
Seventh Loan Quotas
F ra n k W arner, secretary of the Iowa
B ankers A ssociation, announced in a
b u lletin th a t trophies w ould again be
aw arded to banks selling the g reatest
percentage of E Bond quota in th e 7th
W ar Loan Campaign.
It is possible th a t you m ay have m is
placed Mr. W a rn e r’s bulletin, so we
are p resen tin g a digest of th e rules so
th a t you m ay review them .
Special aw ards w ill be presen ted to
banks w ho exceeded th e ir E Bond
quota by th e g reatest percentage;
banks of th e state w ill be divided into
six groups according to the deposits of
the banks.
Group 1—B anks having total de
posits up to $1,000,000.
Group 2—B anks having total de
posits of $1,000,001 to $2,000,000.
Group 3—B anks having to tal de
posits of $2,000,001 to $5,000,000.
Group 4—B anks having total de
posits of $5,000,001 to $10,000,000.
Group 5—B anks having to tal de
posits of $10,000,001 to $25,000,000.
Group 6—B anks having total de
posits of $25,000,001 on up.
The follow ing rules shall be used in
determ ining w ho w ill receive the
aw ards: The w in n er of each group w ill
be th e bank th a t sells the g reatest p e r
centage of E Bonds in proportion to its
individual bank quota as established
by th e state W ar F inance Committee.
In G roups 1, 2 and 3 th ere w ill be
aw ards for first, second and th ird
a c h ie v e m e n t h a s b e e n th e re w a r d of its
se rv ic e to o th ers.
★
★
SINCE
★
19 19
This sam e spirit of service to others
is also the cornerstone of this
ban k founded 61 y ea rs ago!
SECURITY
NATIONAL BANK
S IO U X
C IT Y ,
IO W A
M em ber F ed era l D e p o sit Insurance C orporation
Hawkeye Mutual Hail
Insurance Association
C arver B ld g .
N o r th w e s te r n B a n k e r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J u n e 19 45
F o r t D o d g e , Io w a
OUR
5 0 th
YEAR
109
•
places. In G roups 4, 5 and 6 aw ards
w ill be given only to first place w in
ners of each group.
In th e event th a t th e first place w in
n e r of any of th e 1st, 2nd or 3rd groups
w as th e w in n er of an aw ard in the
F ifth or Sixth W ar Loan D rives, th a t
ban k is to be considered a gran d
cham pion and autom atically places in
1-A, and th re e o th er b an k s w ill be
placed in first, second and th ird places
in th e first th re e groups.
If a b an k th a t is in G roup 4, 5 or 6
w ins first place b u t w hich has w on an
aw ard in th e F ifth or Sixth W ar Loan,
it autom atically becom es 1-A and re
ceives an aw ard. The second b an k
of th a t group becom es first place w in
n er and shall also receive an aw ard.
IOWA
NEWS
•
‘ ‘ On b e h a lf of th e T rea su ry D e p artm en t,
please accept our deep a p p rec ia tio n fo r
fo rw a rd in g the h isto ric m essage fro m the
five-star generals an d ad m irals to the A m e ri
can people via the M ay cover of th e N o r t h
DEAR EDITOR
(C ontinued from page 13)
our a p p re c ia tio n m ore a p p ro p ria te ly , I
w ill sa y ‘ th a n k s a m illio n ’. ”
A r t h u r J . F r e y , A ssistant
w estern
E . H a r r is , Chief,
Periodicals Section, War F i
nance Division, Treasury
Departm ent, W ashington,
D. C.
Cashier, Continental Illinois
N ational B ank and Trust
Company, Chicago, Illinois.
"Patriotic Generosity"
‘ ‘ F o r y our p a trio tic generosity, we wish
it w ere possible fo r us, as in th e case of
a ctio n on th e field of b a ttle beyond the
call of duty, to aw ard some token of our
g ra titu d e .
August Timmerman
B anker. ”
E l ih u
"More Power to You"
‘ ‘ I w as very m uch in te re ste d in seeing
R ay T r ig g e r ’s a rticle ‘ Good M anagem ent
W ill M a in ta in a H ig h Level of T axable
HEADQUARTERS
F u n e ra l rite s w ere held recen tly for
A ugust T im m erm an, at Victor, Iowa.
He w as a directo r of th e V ictor State
Bank.
FOR
N ORTHEASTERN
N EW S A N D VIEW S
(C ontinued from page 81)
IO W A B A N K E R S
“B ud,” as he w as know n to his m any
college friends w hen he atten d ed G rin
ned, w on tw o P u rp le H e a rts and p ro
m otion on th e field in previous fighting
w ith th e Japs. He took p a rt in m any
cam paigns, including th e A leutians,
L eyte Islan d and Okinawa. Major
Gen. Arch V. A rnold, com m anding gen
eral of th e 7th Division, aw arded S er
gean t M athew s th e Silver S tar for
heroism d u rin g th e assau lt on P innacle
H ill on O kinaw a and in th e citation it
said, “A gain st h eavy m achinegun and
T his b a n k , w ith th e a d v a n ta g e s of quick,
efficient se rv ic e s a n d c o m p le te facilities, is
th e lo g ic a l c h a n n e l for y o u r N o rth e a ste rn
Io w a b u sin e ss.
m ortar fire, M athew s and another
m em ber of his com pany charged the
Jap positions. Inspired by th is action
the rem ainder of the u nit follow ed the
charge and the en em y position w as
overrun and the occupants k illed .”
In addition to his fath er, he leaves
his m other, L izbetli B. M athew s, New
York, and his g ran d m o th er, Mrs Mar
garet D. M athew s, Iow a City, Iowa.
.essifiQAdvertisingCo.
INC.
wf
D es M o in e s
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Member— Federal Reserve System
Federal Deposit Insurance Corporation
★
★
★
★
N o r th w e ste r n B a n k e r
★
J u n e 19J5
110
•
In c o m e ’ in the M ay issue of th e N o r t h
w estern B anker,
H e is an old frie n d of
m ine and I th in k he is doing an o u tstan d in g
job. I am very m uch im pressed w ith his
a b ility . M ore pow er to you in p u b lishing
a rticle s o f th a t kind. ’ ’
J . S . L a n e , A ssistant Vice
an islan d fo r life , su p p o rted as need be by
tax es on G erm any.
T heir soldiers have
been b ro u g h t up on w ar a n d d estru ctio n
a n d it has becom e p e rm a n en tly im bued in
Z
up under
m ore u se
u n d e rta k e
W H A T THE C O U N T R Y
BANKER W A N TS FROM
HIS C O R R ES P O N D EN T
"Put on an Island for Life"
a
•
President,
BanTc o f W essington, Wessington, South Dakota.
‘ ‘ A ll G erm an soldiers should be p u t on
/ p
NEWS
them . A new people m ay grow
b e tte r in stru c tio n to become a
fu l people and rem em ber not to
an y p ro g ram of conquest. ’ ’
8 . P . S e ie u s o n ,
President, Investors Syn d i
cate, Minneapolis.
/ / / a
IOWA
(C ontinued from page 19)
“T hey could begin to check up on
them selves, and if th ey really w an t to
/ s
a
A n a m e r ich in fo lk lo re
liv es on in the w ar r ec o r d
o f a fleet o f g rea t tra in s.
The M ilwaukee Road's H i a w a t h a s are on
the warpath. Every day th ese Speedliners
transport thousands of passengers . . . speed
m ilitary and essential tra v el . . . contribute
substantially to Victory. ★ O nlvten years ago
on M ay 29tb, 1935, the original H i a w a t h a
made its initial run betw een Chicago-M ilwaukee-St. Paul-M inneapolis. This Speedliner was the forerunner o f a series of trains
unique in type. Before the war H i a w a t h a
service had heen steadily im proved, amplified
and extended by popular demand. ★ W ith
the return of peace T he M ilwaukee R oad’s
passenger service will be further modernized
and augmented to serve you even better than
in the past.
give valuable service, s ta rt im prov
ing.”
“We have one correspondent w hich
alw ays seem s aloof to co u n try bank
business, and w hile th e y usually pro
vide th e service asked for, th ey seem
to do it grudgingly.”
“T here w as a tim e w hen some city
banks, and m aybe some of them still
do, invaded th e te rrito ry of th e coun
try b an k for livestock loans a t reduced
rates.”
“M aybe I am w rong, b u t it seem s to
me th a t m ost of th e city banks, being
m em bers of th e Fed, have had little
sy m pathy for the sm all banks in th e ir
fight to keep up exchange and o ther
charges.”
“Some used to be m ere depositories
and bond salesm en.”
“T hey overestim ate th e ir value to a
co u n try b an k .”
“T hey do not give us enough for th e
large balances we c a rry w ith th em .”
“T hey don’t know enough about
th e ir co u ntry b ank custom ers to eith er
help or advise, should th e occasion
arise.”
“W ould like some of th e city co rre
spondents to leave the exchange posi
tion of ru ra l banks alone, instead of
try in g to p u t th e ru ra l b ank out of
business.”
Chart No. 7
H a v e y o u m a d e a n y re ce n t ch an ge
in y o u r c o r r e s p o n d e n t co n n ectio n s in
th e sam e c ity ? If so, w h y ?
As noted on the chart, 90 p er cent
of those replying to th is question said
th ey had m ade no change. A n um ber
of banks said th ey h ad recently added
a new correspondent. Of th e 10 per
cent w ho said th ey had m ade recent
changes, only tw o m ade com m ent, as
follows:
“Because one certain correspondent
called on us m ore often th a n th e
others, and had given us some valuable
inform ation from tim e to tim e.” ’
“Because w e couldn’t borrow th e
funds we felt we w ere en titled to.”
General Information
You have p erhaps noted- th a t no
special reference has been m ade here
to C harts 5 and 6. T his is because
these w ere stra ig h t “Yes” or “No”
questions, and no com m ent from th e
b an k er w as necessary.
H ow ever, a t th e conclusion of th e
questionnaire, we asked th em —
BUY
the
M
AND
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
U. S.
WA R
BONDS
il w a u k e e
SERVING
N o r th w e s te r n B a n k e r
KEEP
Ju n e 19^5
THE S E R V I C E S
AND
YOU
R
oad
I am available fo r position as cashier
or a ssista n t w ith tw en ty-seven years of
country bank experience. Country bank
preferred. W rite C. E. O. c /o N orth
w estern Banker, 527 7th St., D es Moines,
Iowa.
OUR
5 0 th
YEAR
Ill
•
W h a t f u r th e r gen era l c o m m e n t d o
y o u h ave re g a rd in g y o u r c o r r e s p o n d
e n t se rvic e?
T his question b ro u g h t in a n u m b er
of statem en ts, w hich read as follows:
“C orrespondent relatio n sh ip s rem ain
to be tested. A fter th e w a r is over,
an d we settle dow n to w h a t is coming,
w e w ill know w h a t we can depend
upon. T h erefore we th in k it best for
th e co u n try b an k to arra n g e its affairs
to tak e care of itself?”
“W e are perfectly satisfied w ith the
service we are now getting, and do not
hesitate to m ake use of it a t all tim es.”
“Our corresp o n d en ts are anxious to
help us w ith any problem w e have.
I don’t know how th e y could do m ore.”
“Before I took over th e m an agem ent
of th is bank, th e fo rm er ow ner and
m an ag er jum p ed from one correspond
e n t to an o th er, and w h en th e tim e
cam e th a t help w as needed, he had
now h ere to go. A certain b an k as
sisted him in a sm all, b u t v ery neces
sa ry way. I have n ev er forg o tten th at,
an d I n ev er w ill. W e like one of our
corresp o n d en ts especially. W hen we
go to tow n we feel a t hom e w ith th em
—th e y are frien d ly and cordial, ju st
like one of us—no airs, not stiff, ju st
good fellows. W e like th em v ery
m u ch .”
“W e have th re e city correspondents,
all of w hom are gen erally satisfactory.
W hile we use one m ore th a n th e
others, we are p rep ared to change
w h en it app ears desirable.”
“If we do th e rig h t things, we get
w h a t we w a n t.”
IOWA
NEWS
•
th e b an k ers replying to th e question
on C hart No. 4 said th ey h ad “no
criticism w h atev er.” T he replies to
these tw o ch arts indicate th e excellent
job City C orrespondents are doing for
th e ir ru ra l clients.
H ow ever, we th in k city banks w el
come constructive criticism . It is only
th ro u g h th e ir know ledge of th e points
w h erein service is lacking th a t th ey
can take necessary steps to correct it,
and th ereb y m ake th e ir relationship
w ith th e co u ntry bank even m ore help
ful and useful th a n it is today.
G iver In n e r
The m an w ho gives in w hen he is
w rong is wise, and the one w ho gives
in w hen he is rig h t is m arried.
Oh! Oh!
“Sailors,” said the chaplain, “the
subject of m y serm on today is ‘L iars.’
H ow m any in th is chapel have read the
69th ch ap ter of M atthew ?”
N early every hand w ent up.
“You are th e people I w an t to preach
to,” th e chaplain said. “T here is no
such ch ap ter.”
Conclusion
F ro m th e foregoing com m ents in
connection w ith th e several questions
w hich w ere asked of co u n try bankers,
th e read er m ig h t get th e im pression
th a t th ese b an k ers are extrem ely
critical of th e service placed a t th e ir
disposal by th e ir City C orrespondents.
Such an im pression, as reg ard s th e
over-all p icture, w ould be incorrect.
The g re a t m a jo rity of c o u n try b a n k
ers a re satisfied w ith th e ir C orrespond
e n t service. On C h art No. 3, 70 p er
cent of th e b an k ers rep ly in g said th e ir
“p re se n t service w as satisfacto ry .”
A nd speaking of gripes, 90 p er cen t of
GEARED TO GIVE YOUR BANK
FAST AND FRIENDLY SERVICE
The Drovers National Bank is geared to give your
Bank fast service in transmitting livestock proceeds.
It is strategically located to the Union Stock Yards.
It maintains continuous contact throughout each
business day with commission firms here in the
“Yards". It has sixty-three years of specialized
experience in serving banks whose customers ship
livestock to Chicago. All these are important factors
in Drovers fast and friendly service to banks.
Y o u r I n q u ir y Is I n v it e d
Banks Sold or Bought!
quietly, quickly and in a persona! manner
JA Y A. WELCH
BANK BROKER
H ad d am , K ansas
“36 Y e a rs P ra c tic a l B a n k in g E x p e rie n c e ”
OUR
5 0 th
YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Members, Federal Deposit Insurance Corporation
DROVERS NATIONAL BANK
DROVERS TRUST S- SAVINGS BANK
UNI ON
STOCK
YARDS,
CHI CAGO
N o r th w e s te r n B a n k e r
J u n e 1945
112
*
A W A Y B A C K W H EN
(C ontinued from page 26)
“It is said th a t th e B ank of M inne
sota of St. P au l w ill soon resu m e.”
“T he B an kers E xch an ge B ank of
M inneapolis has resum ed.”
“E. W. D ecker, assista n t cashier of
th e M etropolitan Bank, M inneapolis,
w as recen tly elected cashier to take th e
place of E. R. Gaylord, w ho has re
signed to engage in o th er business.
Mr. D ecker w as also elected a director
of th e b an k .”
“F rank A. Seym our, cashier of th e
★
IOWA
NEWS
M erchants N ational Bank of St. P aul
for 14 years, has resigned.”
The B an kers N ational B ank of Chi
cago had deposits of $3,773,000 and E.
S. Lacey w as president, w ith John C.
Craft, cashier.
“The N orth w estern N ational Bank
of M inneapolis financial statem en t
show s a m ost excellent condition of
affairs. It has an exceptionally strong
directory, including th e following
gentlem en:
AV. S. B enton, L. R.
Brooks, T. B. Casey, S. A. C ulbertson,
Wm. H. D unw oody; T. V. Janney, A n
----------------------------------------------------------------------------------------------------- ★
Iff
U.
s.
•
G O VERNM ENT SECURITIES
COMPLETE SERVICE
IN THEIR PURCHASE A N D SALE
ASA dealer and specialist in United States GovernjL \ ment securities, this long established Chicago
bank provides prompt and com plete service for cor
respondents who are interested in their purchase or
sale. At your disposal here is a great fund o f current
statistical information usually sought by those who
are considering such issues. Your inquiries are cor
dially invited.
Send fo r our new booklet,
"United States Government Obligations”
Bond Department
THE N O R TH ER N
TR U ST COM PANY
50 S O U T H L A SA LLE S T R E E T , C H I C A G O 90, IL L IN O IS
thony K elly, M. B. Koon, Frank H.
P eavey, Chas. A. P illsbu ry, George A.
P illsbu ry, president; Jam es \Y. R ay
mond, vice president; Gilbert G.
Thorne, cashier; George W. Van D usen
and O. C. W ym an.”
The capital and su rp lu s of th e Cap
ital City State B ank of Des Moines w as
$115,000 and th e officers w ere A. H ol
land, president; M. P. Turner, vice
president; J. M. M cK inney, cashier, and
M. M. P atton, a ssistan t cashier.
J. K. D em ing, cashier of th e Second
N ational B ank of Dubuque, had de
posits in his bank of $928,000 and a
capital stock of $400,000.
The officers of the A alley N ational
B ank of Des Moines w ere J. J. Tow n,
president; C. H. D ilw orth, vice p resi
dent; R. A. Crawford, cashier, and
AAT. E. B arrett, a ssistan t cashier.
The Seaboard N ational B ank of th e
City of N ew York had deposits of
$8,000,000 and th e officers w ere Sam uel
G. B ayn e, president; Stuart G. N elson,
vice president; John F. T hom pson,
cashier, and Charles C. Thom pson, as
sistan t cashier.
“Charles G. D aw es, of Chicago, h as
been selected by M ajor W m. M cK inley
for th e position of com ptroller of th e
cu rrency to succeed Mr. E ck les, w hose
term expires in April, 1898. Mr. Dawes
w as M ajor M cK inley’s confidential rep-
Des Moines, Iowa
BANKER
AGENTS
WANTED
A strong m utual com pany in its 53rd
y e a r offers lib eral a g e n c y contracts
covering—
• AUTO INSURANCE
• TORNADO INSURANCE
• TOWN DWELLING INSURANCE
• HAIL INSURANCE
on Growing Crops
Surplus to P olicyholders
$1,621,561.22
52 y ears of proven protection.
W r ite for our lib e ra l prop o sitio n to
bank rep re se n ta tive s.
N o r th w e s te r n B a n k e r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J u n e 19f 5
OUR
5 0 th
YEAR
113
-•
re se n ta tiv e in Illinois before th e St.
Louis convention and afterw ard s w as
m ade a m em ber of th e R epublican n a
tional executive com m ittee a t th e Chi
cago h e a d q u a rte rs in th e sam e capac
ity. M ajor M cKinley w an ted him in th e
W h ite H ouse as secretary, b u t Mr.
Daw es declined and picked out the
com ptrollership w hich he w as told
he could have. H e is a civil engineer,
a nation al bank director and p resident
of three gas com panies. H e form erly
practiced law at L incoln, N ebraska.
H e is th e son of General R. R. D aw es,
o f M arietta, Ohio. H e is 32 years of
age.”
IOWA
NEWS
•loan societies for th e state, has also
been selected as one of th e State B ank
E xam iners. Mr. W alters is an expert
accountant and in addition has had
y ears of practical experience in b an k
ing. No b etter appointm ent could have
been m ade.”
w as one of the leading ban k ers in the
organization of th e South D akota State
B an king A ssociation, and has ever
been a leader in th e financial in terests
of his state.”
“The M echanics N ational B ank of
N ew York City has been approved as
reserv e agent for th e N ational Germ an
A m erican B ank of St. P aul.”
The N ational State Bank of B u rling
ton advertised th a t it w as “the oldest
established bank in Iow a” and the offi
cers w ere J. T. R em ey, president;
Charles Starker, vice president.
“Charles E. W alters of Des Moines,
th e ex p ert exam iner of building and
C a w f S i a t t i l a t i a n 'i
On J a n u a ry 6, 1896, th e 164 savin gs
Iow a h ad to tal assets of
$35,718,000, and the 203 state banks,
on th e sam e date, had assets of $25,632,000.
to
banks in
John A. L yn ch w as p resid en t of th e
N ational B ank of the R epublic in Chi
cago and AV. T. F en ton w as second
vice p resid en t and cashier. The capital
of th e b an k w as $1,000,000.
Greetings to a fine organization which has
“No b an k er can afford to be w ith o u t
a m em bership in th e A m erican B ank
ers A ssociation. Sim ply as a m a tte r of
p ro tectio n from b an k crooks, it is
w o rth to every b an k m an y tim es th e
cost.”
“The B an king H ouse of Fort F olda
a t Schuyler, N ebraska, is one of the
b est m anaged in stitu tio n s of th a t state.
T h e ir sta te m e n t is one of th e b est we
h av e seen.”
given 50 years of outstanding service to
the banking fraternity.
CITY NATIONAL
BANK & TRUST
18th & G R A N D
K A N S A S C IT Y , MO.
Member Federal Deposit Insurance Corp.
COMPANY
Resources Over $100,(XX),000.00
“M. P. Beebe, p resid en t of th e Ip
sw ich B ank of Ipsw ich, South D akota,
y. serving Iowa Businessmen
fa i
O v e * S O tyea
This is Worth
Fighting For
For more than a century and a half, our
country and all its people have been free. We
Am ericans can say what we like . . . read what
we like.
No dictator can tell us what to do.
This is the Am erican W ay of Life.
Greetings
From The
“ V o ice of E x p e r ie n c e ”
As an 84 year old institution w e say to the North
western Banker on its 50th Birthday:
It's what you've accom plished while
you grow older, that really counts!
Koch Brothers' Employees are 100% behind
Founded 1861
the "all-out" w ar effort!
K o ch B r o th e r s
(V----■^ P R I N T E R S
-------------------- 0
ESTABLISHED 1-^----- >
STATIONERS V
1889 S BOOK BINDERS
OFFICE OUTFITTERS^^WV^-^BUSINESS MACHINES
Grand Ave .
OUR
5 0 th
at
Fourth
YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
F R A N K E L ’S
DES MOINES
De s Moines , 1a .
N o r th w e s te r n B a n k e r
J u n e 19J5
114
•
A BAN KER-FARM ER
A C T IO N P R O G R A M
(C ontinued from page 21)
and ease of o peration is to be th e
keynote of th e new book—y et sim ple
com parisons are to be included so th a t
a fa rm e r can know n o t only w h a t his
figures are b u t also how th e y com pare
w ith o th er farm ers over th e state.
Price Control
M ost of us feel th a t farm land prices
in g eneral have w orked about as high
IOWA
NEWS
*
as th ey should go in Iowa, although
few ban k ers w a n t to say to a p ro s
pective b uyer th a t he should n ot buy
a certain farm . In an sw er to the
need for som ething th a t w ould be help
ful, a few m onths ago th e college pub
lished a v ery sim ple folder th a t told
about a m an w ho considered th e p u r
chase of a farm .
T his folder is entitled: “W hat Can I
Afford to Pay for a F a rm ? ” T his m an
used, of course, th e idea th a t paying
for a farm w as a long tim e proposi
tion and w ould need to be done out of
Maintaining Reserves
C o n g r a t u l a t i o n s
We offer our very heartiest congratulations to the North
western Banker on the occasion of its 50th Anniversary!
O TTU M W A ,
th e FU T U R E incom e from th e farm .
He used average yields and average
price levels to see if it w ere probable
th a t th e farm could pay for itself from
th e lan d lo rd ’s share. T his folder does
n ot say “D on’t buy farm land.” It
suggests a sim ple b u t sound w ay to
figure o ut w h at a person can afford
to pay for th e land, and th e n leaves
it to th e bu y er to decide w h eth er he
w an ts to go ahead w ith the p u rchase
or not. I t is planned to ask b an k ers
to become fam iliar w ith this folder—
an d to have some of th em on h and at
all tim es to pass out to those w ho are
interested.
T hey are available a t
the college or from th e various co u n ty
extension directors over the state.
IOWA
Member of Federal Reserve S ystem
M em b er F ed era l D e p o sit Insurance C orporation
“S O U T H E R N IO W A ’S L A R G E S T B A N K ”
In th e o th er w ar, we all saw th e
financial difficulties w hich could have
been m aterially softened if our farm
friends had stored up some of th e ex
cess purch asin g pow er received du rin g
th e w ar and had it available for use
w hen tim es got tough. W hat w ill h ap
pen after th is w ar and w hen, no one
know s. B ut few feel th a t we w ill or
can go on w ith incom e on the level
th a t w e have enjoyed th e last few
years. T he idea of creatin g and m ain
tain in g a reserve ties in beautifully
w ith W ar Bond sales or w ith any
o th er m ethod of creatin g a reserve.
T he m ain th in g is th a t bankers, for our
ow n good and protection, w an t to en
courage farm er friends and o thers
to save some of th e honey w hile th e
bloom is on clover. If th e old ru le is
tru e th a t no deal is a good deal unless
Congratulations
Federal Home Loan Bank of Des Moines
on your
DES MOINES, IOWA
5 0 th
STATEMENT OF CONDITION, MAY 1, 1945
A N N IV E R S A R Y
R ESO U R C ES
C ash ...............................................................................................................................................................$
895,874.91
U . S . G overn m en t O b lig a tio n s and S ec u r itie s fu lly g u a ra n teed by U . S ....................... 22,984,772.53
A d v a n ce s to M e m b er s...........................................
1,655,340.25
A ccru ed I n te r e s t R e c e iv a b le ...............................................................................................................
61,837.28
D eferr ed Charges; an d O th er A s s e t s ...............................................................................................
10,988.85
F u r n itu r e an d E q u ip m en t (C ost $ 1 0 ,3 6 1 .0 6 )...............................................................................
1.00
$25,608,814.82
L IA B IL IT IE S A N D C A P IT A L
D ep o sits— M em bers ..............................................................................................................................$ 3,753,194.92
23,455.46
A ccrued I n te r e s t P a y a b l e ..................................
A cco u n ts P a y a b le .......................................................
835.70
♦ D eb en tu res O u tsta n d in g .........................................
8,500,000.00
C a p ita l S tock S u b scrip tio n s ............................................................................................................. 11,959,400.00
S u r p lu s:
R eserv es ..................................... ...............................................................................$945,600.63
U n d ivid ed P r o fits .............. ..................................................................................... 426,328.11 1,371,928.74
•
■ ■
From your tenant
Ralph Rowan
of
R O W A N CO M PA N Y
■ ■ ■
$25,608,814.82
♦ P a rticip a tio n in $50,000,000 C onsolidated F ederal H om e L o a n B ank D eb en tu r es o u tsta n d in g ,
w h ich a re th e jo in t and sev era l o b lig a tio n s o f th e tw e lv e F e d e ra l H om e L oan B a n k s.
A d v ertisin g N o v e ltie s
B ank S u p p lies
527 S even th St., D es M oin es
N o r th w e s te r n B a n k e r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J u n e 1945
OUR
5 0 th
YEAR
115
it helps all p a rtie s—th e n creatin g a re
serv e should be a sw ell rule, for it
helps th e m an w ho does it and all those
w ho m ake up th e com m unity in w hich
he lives.
Soil Conservation
D aniel W eb ster once said th a t “If
th e re is one lesson in h isto ry th a t is
u nm istakable, it is th a t natio n al
stre n g th lies v ery n e a r th e soil.” A nd
y e t we are sittin g by and le ttin g th e
rain s and w ind tak e tons of th a t
precious soil aw ay from us. Some
p a rts of Iow a have m ore of a problem
th a n o th er p a rts of th e state, of course,
b u t in ev ery county th is needs to be
considered. In m ost all p a rts of th e
state the farm ers are sta rtin g to buy
m aterial am o u n ts of expensive fe rti
lizer to re sto re and rebuild th e soil.
Soil co nservation w ill n o t elim inate
th is expense, b u t it w ill help p reserve
and m ain tain th e m ost precious asset
th a t we have. In all counties we need
to ask ourselves, our leading farm ers
and land ow ners and th e C ounty E x
ten sio n D irector: “W h at needs to be
done? W h at can th e b a n k ers do to
h elp ?” In St. Joe, M issouri, th e b a n k
ers have given consideration to th is
problem and one of th e ir answ ers, ju s t
recen tly announced, is th e form ation
of a cred it pool th a t w ill be available
to lan d ow ners for th e longer tim e in
v estm en ts in soil conservation.
CONGRATULATIONS
to the Northwestern Banker
on 50 years of Constructive Service
to Mid-West Banks
•
®
#
®
We, too, recently observed an Anniversary
—our Fourth, on April 16, 1945
Our Deposits— Over $ 4 ,0 0 0 ,0 0 0 .0 0
IOWA STATE BANK
East 6th at L ocust
D E S M O IN ES, IO W A
M e m b er F D I C
C ongratulations 1
The First National Bank in Cedar Falls joins with
the host of friends of the Northwestern Banker in
extending congratulations on its 50th Anniversary.
May your publication enjoy many more
years of prosperity and happiness!
4-H Clubs
F IR S T N A T IO N A L B A N K
B ankers, for years, have recognized
th e g reat value of 4-H an d F F A w ork.
N ext to the soil itself, our g reatest
asset is th e people on th e soil—and
helpful w o rk w ith y o u th is building
and m ain tain in g a high stan d ard
am ong our farm er friends. M ost b a n k
ers w ill m ake 4-H loans on request.
W h at o th er activities have b an k s done
in connection w ith 4-H? W h at in itia
tive and enco u rag em en t hav e th e
b an k s show n? The com m ittee w an ts
to g a th e r inform ation as to th e direct,
positive and aggressive action on th e
p a rt of b a n k e rs—and pass th is in fo r
m ation along to th e o th er b an k ers w ho
m ay be interested. H ere, again, is a
case w here th e com m ittee hopes to
h e a r from b an k ers located inside and
outside of Iowa, w ho have com m ents
and suggestions th a t w ill be helpful
in 4-H and F F A w ork.
F o r a long tim e, Iow a and th e o th er
sta te s have had a farm er-b an k er in
each county w hose job it is to lead out
in helping to im prove the farm erb a n k e r relationship. In som e states,
he is called th e “C ounty Key B an k er.”
In Iow a he is a m em ber of th e “S tate
w ide C ounty A g ricu ltu ral P lan n in g
C om m ittee.” W h atev er his nam e, his
m ain w o rk is to serve as th e local
Cedar Falls, Iowa
OUR
5 0 th
YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M em ber F e d era l D ep o sit Insurance C orporation
IOW A'S OLDEST BANK
IN ITS NINETIETH YEAR
OF SERVICE
CONGRATULATES
THE NORTHWESTERN BANKER
ON ITS
GOLDEN JUBILEE
Council Bluffs Savings Bank
A S t r o n g B a n k S in c e 1H 56
M e m b er F e d e r a l D e p o s it In su ra n ce C o rp oration
N o r th w e s te r n B a n k e r
J u n e I9J5
116
*
county contact ag en t betw een the
ban k ers association on th e one h and
and th e farm leaders, th e farm o rgani
zation officers, th e C ounty E xten sio n
D irectors, th e leading editors and
o th ers to th e end th a t th e b a n k s’ sin
cere in te re st in th e farm er is know n
and appreciated, and th e b an k ers and
th e farm ers are given fuller chance
to w ork to g eth er for th e com m on good.
Contact Manual
U nfortunately, some of th e m em bers
of th is group have not felt inform ed
IOWA
NEWS
*
as to w h at th ey could do or should do.
T hey have w anted to help, b ut hesi
tated to “lead out.” T his has been tru e
despite the fact th a t inform ation and
in stru ctio n s have gone out to them
along w ith o ther m aterial. It seem s
to have gotten lost in th e shuffle or
been buried u n d er a m ass of o ther m a
terial th a t comes across th e desk of
m ost bankers. One of th e hopes ex
pressed at th e m eeting of these two
com m ittees w as th a t th ere should be
an am algam ation of th e tw o groups
and th a t any activ ity of one should
become th e in te re st and th e w ork of
A C o n y e n ie n l F o r e ig n S e r v ic e
F o r M id w e st a n d W e s te r n B a n k s
OUR institution, whether or not it has a foreign
department can render a com plete foreign bank
ing service to your customers. Our Foreign Depart
ment w ill act as your ow n Foreign Department, and
supply you with the inform ation and facilities for
the establishm ent o f letters o f credit for com m ercial
and oth er paym ents and for foreign co llec tio n s
throughout the world.
W e w ill supply you with all the necessary forms
with the name o f only on e bank, your ow n; our
name w ill not appear on any o f our forms. Because
we are located in Chicago and can render to you all
the services that you can obtain elsew here W est or
East, we can save you valuable time in the handling
o f your transactions. T he cost o f our service is
exceedingly small.
W hy not consult us now? Our business is to serve
you w ell always. W e w ill be glad to discuss your
needs with you at any time.
LEGAL QUESTIONS AND
ANSWERS
(C ontinued from page 22)
appellate court for decision. How do
you say the court should rule?
The L ouisiana Court of A ppeals, in a
recen t decision, denied an in ju nction.
In so holding, the Court said, “W e
cannot con ceive of a norm al person,
endow ed w ith ordinary sen sib ilities
and ordinary habits, being discom
forted by the an nou ncem en t of a n ew
day from the w ell-trained voice of a
sta tely cock, the sound of w hich is
used as a sym bol of good ch eer b y
m any advertisers. * * * H e has b een
doing that ever sin ce the year 1, and so
far as we can find, no one has u n til
now tried to silen ce his ch eerfu l g reet
in gs.”
AMERICAN NATIONAL BANK
AND TRUST COMPANY
O F C H IC A G O
LA S A L L E S T RE E T , fit AT W A S H I N G T O N
Member F ederal Deposit
O U R
B
U
S
I
N
N o r th w e s te r n B a n k e r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
E
S
S
J u n e 19'i5
I S
lllsSV Insurance Corporation
T O
H E L P
B
U
S
I
th e other. Surely, th e plans of th e
m eeting cannot be m ade fully effective
unless and u n til th e farm er-banker
in th e various counties know s all about
w h at is being attem p ted and stands
ready and w illing to give it all th e
help he can. T he group at our Ames
m eeting voted in favor of a sim ple
and m odest “Contact M anual,” w hich
we took to m ean a sim ple folder tell
ing about th e th in g s th a t our farm erb an k er in th e various counties could
and should do to help im prove bankerfarm er relations. T his w ork seem s to
be a m a tte r of contacting the v arious
farm leaders and organizations and
th e editors and leading citizens and giv
ing to them the sto ry of the b a n k e rs'
desire to be of help, and we th o u g h t
it m ight well be called, for sim pleness
and for accuracy, “The Contact M an
ual,” or m ore probably en titled on th e
cover:
“How to Im prove B ankerF a rm e r R elations.”
W e do hope th a t all in terested b an k
ers, no m a tte r w ho you are or w h ere
you are located, w ill recognize th a t th is
program , as outlined, is a w orking
program th a t needs practical appli
cation. Our com m ittee desires an d
does solicit suggestions or com m ents
as to how to m ake any of th e plans
outlined m ore helpful and m ore ef
fective. It is only as th e b an k ers as
a w hole get behind any plan th a t it
can be m ade to w ork w ell—and w e
w an t to m ake our plans helpful in a
“d irt farm er,” day-by-day banking w ay.
N
E
S
S
McCaskey executed a prom issory
note secured by certain collateral in
favor of a South D akota b ank in 1930.
The note came due in 1931. In 1935 a
bond, w hich w as a p a rt of th e col
lateral, w as paid and th e proceeds w ere
OUR
5 0 th
YEAR
117
applied by th e b an k to th e note. The
b a n k sued M cCaskey on th e note in
1939, th a t is, w ith in six years, th e appli
catio n lim itatio n period, from th e date
of th e cred it b u t m ore th a n six y ears
a fte r th e due date of th e note. Could
th e b ank recover?
No. The application of the m oney
received from the collateral to the note
as a credit on th e am ount due thereon
did not interrupt the ru n nin g of the
statu te of lim itations on the action of
th e bank again st M cCaskey on the
n ote. Since the bank did not file tim ely
su it against M cCaskey, it could not re
co v e r from him .
A M innesota b an k acquired, th ro u g h
m ortg ag e foreclosure, a tra c t of land
in a city there. As an incident to th e
acquisition, a problem arose as to
w h e th e r a roadw ay over th e land had
been dedicated as a public highw ay.
It so happened th a t th e roadw ay te r
m in ated at one end w ith in th e tract.
Did th e fact th a t th e w ay w as a cul-desac p re v e n t a finding th a t it had been
d u ly dedicated as a public highw ay?
No. A w ay m ay be dedicated as a
public h igh w ay even thou gh it is a culde-sac. In a recent d ecision reaffirm
in g th is legal principle, the M innesota
S uprem e Court cited au th orities hold
in g such true w h eth er the dedication
occurred on the basis of the com m on
law or by statute.
Suppose th at, in a preceding ques
tio n , th e re had been no collection on
th e collateral and th at, instead, Mc
C askey had m ade a pay m en t on th e
no te in 1935. Suppose, fu rth e r, th a t
th e p ay m en t h ad been v o lu n tary and
h a d been m ade and accepted u n d er
circu m stan ces consisten t w ith an in
te n t to pay th e balance. Could th e
b an k , in such circum stances, have re
covered?
Yes.
It is settled law in South Da
kota that a p aym ent on an obligation
m ay be effectual to in terrup t the ru n
n ing of the statu te of lim itations w hen
it is volu ntary and is m ade and ac
cepted under circum stances con sisten t
with an in te n t to pay the balance.
H ess died in Iow a leaving a w ill de
vising his farm to his son and be
q u eathing th e re st of his p ro p erty to
his daughter. T he bequest involved
personal p ro p erty only. The farm w as
subject to a m ortgage and th ere w as
noth ing in th e w ill to th e effect th a t
th e son should take it subject to the
m ortgage or th a t th e m ortgage should
not be paid from th e d a u g h te r’s share.
In such circum stances should the
m ortgage be satisfied from th e p e r
sonal p ro p erty going to the daughter?
Yes. The law places upon the per
son ality of an estate not on ly the pri
m ary duty of p aying gen eral debts and
legacies, but of exon eratin g the realty
in volved and devised from m ortgages
and other lien s of the testator. The
personal estate is a prim ary fund for
the p aym ent of all debts of the de
cedent, and, in order th at the personal
estate m ay be relieved, the in ten tion to
reliev e it m ust appear affirm atively in
the will.
Premium Cut tor Banks
B ankers th ro u g h o u t the nation will
profit to th e tu n e of $1,500,000 a year
th ro u g h an o th er reduction in prem ium
ra te s th ey pay for ban k ers b lanket
bonds resu ltin g from negotiations re
cently concluded by th e Insu ran ce and
P rotective Com m ittee of the A m erican
B ankers A ssociation and th e su rety
com panies’ T ow ner R ating B ureau.
This reduction, w hich w en t into effect
last m onth, is the seventh su b stan tial
prem ium cut obtained since 1936, and
brings th e ann u al in su ran ce prem ium
savings for the banks th ro u g h in su r
ance prem ium cuts up to a total of
$10,600,000 a year.
The A. B. A. P ro te c tiv e B u lle tin
states th a t prem ium s charged for No. 2
and No. 8 R evised B ankers B lanket
Bonds, exclusive of optional coverages,
are reduced 10 p er cent, and th a t the
cost of th e No. 24 Bond w ith o u t op
tional coverages is reduced 20 per cent,
provided th e in su red bank accepts a
rid er w hich excludes losses th ro u g h
shortages in tellers’ cash due to error.
The optional coverages are m isplace
m ent and forgery clauses.
The prem ium s charged savings
banks for S tandard F o rm No. 5 are
also reduced 10 p er cent, and savings
banks having th e NAMS F orm m ay ex
pect com parable cuts, th e bulletin
states. As a re su lt of these changes,
th e prem ium s charged for the No. 24
Bond are now 10 per cent less th an
those charged for th e No. 8 Form , and
the cost of both form s is now the same.
B anks having F o rm No. 8 are therefore
urged to convert it into the broader
F orm No. 24.
Á, I. B. Council Meeting
In the absence of th e ann u al conven
tion of the A m erican In stitu te of B ank
ing, canceled this year because of w ar
tim e trav el restrictions, th e essential
business of th e in stitu te usually tra n s
acted at its convention w as to be tra n s
acted at a m eeting of its executive
council in Cleveland, Ju n e 3rd to 6th.
T his m eeting w ould b rin g together th e
12 elected m em bers of th e executive
council, plus th e president, vice p resi
den t and im m ediate p ast p resid en t of
th e in stitu te, w ho are ex officio m em
bers of th e council, several m em bers
of the h ead q u arters staff, and a few
o thers w hose presence is required.
The m eeting of th e council is held
u n d er th e em ergency provisions of
th e revised by-laws adopted at New
Orleans in 1942, w hich authorize th e
executive council to elect and install
a president, vice presid en t and four
m em bers of th e executive council in
the event th a t it is im possible to hold
a convention.
Mr. Banker:
Do you know that recently, in this territory alone, over 100 hanks have subscribed to the
D . A . S . A G R IC U L T U R A L D IG EST
/
OUR
5 0 th
YEAR
There is no other agricultural information service just like it.
For sample releases and further information write to
Y o u S h o u ld H a v e It !
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Doane Agricultural Service, Inc,
Box 302. 2 0 6 Plym outh Bldg.
N o r th w e s te r n B a n k e r
Moines
Ju n e Í9J5
118
N one of th e usual featu res of th e
an n u al A.I.B. convention w ere to be
held except th e an n u al N ational Public
Speaking C ontest for th e A. P. G iannini
E ducational E ndo w m en t prize aw ards
w hich, u n d er th e term s of the tru s t
in d e n tu re settin g up th e endow m ent,
has to be held every year. T his con
te st w as to take place in th e H otel
S tatler in Cleveland on th e evening of
Ju n e 4th before an audience re p re se n t
ing the local ch ap ter and those in a t
tendance at the m eeting. E ig h t dis
tric ts of the co u n try w ere represented.
Elected Vice President
tional Com pany since 1928, w hich or
ganization is a successor to th e F irs t
T ru st Com pany of Omaha.
A fter atten d in g A m herst College,
Mr. McCague entered th e A rm y in
W orld W ar I. He has alw ays been
L. M. McCague, for the p ast eight
y ears tre a su re r of the N ational Com
p any of Omaha, F irst N ational B ank
Building, has been elected vice p resi
den t of th a t com pany.
Mr. McCague has been w ith th e N a
C o n g ra tu la tio n s to the
N o rth w estern B a n k er
for 50 years of constant service to the banking
field. We join especially with other Iowa bank
ers in extending best wishes from this hank.
F a r m e r s S ta te S a v in g s B a n k
INDEPENDENCE, IOWA
O F F IC E R S
E. F. Sorg. President
C. !.. Feister, Cashier
E. E. Everett, Vice President
P. E. Sorg, Assistant Cashier
Member Federal Deposit Insurance Corporation
N a tio n a l
L. M . M cC A G U E
C om pan y V ic e P r e s id e n t
active in the in v estm en t security busi
ness and is a p ast presid en t of the Ne
brask a B ankers Association.
O ther officers of th e N ational Com
pany are: W. B. R oberts, president;
R. W. York, vice president; F. S. Selby,
vice president, and Miles M cFayden,
secretary.
Farewell to St. Louis
IOWA • LITHOGRAPHING • COMPANY
FO UNDED BV GEORGE H. RAGSDALE
515
•
•
•
EDWIN G. RAGSDALE
SECRETARY
TWENTY EIGHTH STREET
DES • M O I N E S
Q U A L I T Y
N o r th w e s te r n B a n k e r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
- E X P E R I E N C E
J u n e 19^5
• S E R V I C E
John W. Snyder ( le f t) new F e d e ra l L o an
A d m in is tra to r, is b id good-bye a n d e x
te n d e d b e st w ish es b y W alter W. Sm ith,
p re s id e n t o f th e F i r s t N a tio n a l B a n k in
St. L ouis, as S n y d e r w as p re p a rin g to
lea v e b y p lan e fo r W a sh in g to n . A vice
p re s id e n t o f th e F i r s t N a tio n a l B a n k u n
t i l h is a p p o in tm e n t, S n y d e r h a d re tu rn e d
to S t. L o u is fo r a fe w d a y s b e fo re t a k in g
up his new d u tie s.
OUR
5 0 th
YEAR
119
Now in Washington
in v estm en t business and has been in
th a t held continuously since th a t date.
Publish New Book
A new book entitled “Effective P ro
cedures in In v en to ry F in an cin g ” deals
w ith m ethods used in th e m aking of
loans against inventories, w hich should
prove to be one of the m ost in terestin g
and com pletely useful books on th e
subject yet published, and w hich
should fill a com pelling need am ong
lenders, has ju st been issued by the
L aw rence W arehouse Company, n a
tionw ide operators of held w arehouses.
Coming at a tim e w hen banks are pre-
mother step
WILLIAM S. BRADLEY
FORWARD
P r e s id e n t, G en era l M ortg a g e C o r
p o ra tio n , Des M o in es a n d Dallas,
has b ee n a p p o i n t e d assistant to the
S e c r e ta r y for S u rp lu s P r o p e r t y D is
posal. H e was f o r m e r l y B u d g e t D i
re c to r for th e N a tio n a l D e m o c ra tic
C o m m i t t e e in th e 1944 ca m p a ig n .
In 1942-43 h e was D e p u t y C o m m is
sioner, W a r F o o d A d m in is tr a tio n .
We have purchased the
Southern Surety Building,
Sixth Avenue at Mulberry,
for our future home and now
occupy the ground floor thus
giving us additional facilities
to serve our increasing num
ber of customers.
New Investment Firm
Jack Sparks, w ell-know n Des Moines
in v estm en t b anker, announces th e for
m ation of his ow n in v estm en t firm. It
is k now n as Sparks and Com pany and
p aring to m eet the dem ands th a t will
be m ade upon them for loans to build
and carry inventories, it is felt th a t
this book, w hich is a study of th e de
velopm ent, th e m aking and th e servic
ing of loans secured by inventories of
all kinds, should be p articu larly helpful
to banks and o th er lending agencies in
form ulating lending policies and prac
tices having to do w ith inv en to ry fi
nancing.
R ecognizing th a t th e problem s of a
sm all ban k in a ru ra l area are n ot at
all the problem s of a large m etropolitan
bank, and th a t th e com m odities on
w hich a far w estern bank m ight lend
its funds w ould in m any instances be
H O M E O F F IC E
210 S ix th A v en u e
Of ficers a n d D i r e c t o r s
E L M E R E . M I L L E R , P r e s id e n t and S ecr eta ry
H U B E R T E . J A M E S . A ss t. S ecr eta ry
A. H . M I N N I S
Chrm. o f B oard and V ic e P r e s id e n t
E . S. T E S D E L L , C o u n sel
C. F . T O W N S E N D , D ir e c to r
C. L . M I N N I S , D ire cto r
BEN
Staff M e m b e rs
B E T T Y A N N ALCOX
B E T T Y LOU O LSEN
J E A N N E P H IL L A B A U M
A N N A M AE KRAFT
M ABEL NEAL
F. E V A N S ★ In M ilita r y S erv ice
JA C K S P A R K S
F o r m s O w n C om pan y
offices are already established at 528
L ib erty Building, Des Moines.
The firm w ill deal exclusively in
M unicipal Bonds.
Mr. Sparks is w ell know n both in Des
Mones and in Iow a te rrito ry . He is a
g rad u ate of D rake Law School and
upon g rad u atio n in 1927, he en tered the
OUR
5 0 th
YEAR
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Federal Reserve Bank of St. Louis
D e s M o in e s B u ild in g -L o a n a n d
S a v in g s A s s o c ia tio n
O ld e s t in D es M o in es
210 Sixth Avenue
DES MOINES, IOWA
F or Y our E n jo y m en t - “ W O R L D OF M U S IC ” - K R N T , 1350 KC - 1 p. m. to 1 :30 p. m. S un d ays
N o r th w e s te r n B a n k e r
Ju n e 1945
120
alto g eth er different from those w hich
w ould be offered to collateralize in v en
to ry loans in th e east, th e so u th or th e
m iddle w est, th e g eneral subject is ap
proached w ith a b read th of tre a tm e n t
applicable to situ atio n s of all sizes and
in all sections of th e country. W hile
th e book deals w ith th e estab lish m en t
of an in v en to ry loan d ep artm en t to
handle th is specialized type of financ
ing it recognizes th a t th is is n o t feas
ible or possible in m any lending in sti
tu tio n s because of th e size of th e in sti
tution, or the available volum e of in
v en to ry loans. W ith th a t in m ind, th e
p ub lish ers have gone to g re a t care to
po in t out th a t a “d ep artm en t” m ight
consist of a single officer only, or even
of one officer w orking only p a rt tim e
at in v en to ry financing.
T ru st Company, an affiliate of th e
U nited States N ational Bank, un til
1930 w hen he form ed his own com pany.
O ther officers elected w ere: L ym an
G. Cross, C entral Securities Corpora-
Y
Heads Nebraska Association
H a rry R. G reenw ay, presid en t of
G reenw ay and Company, in vestm ent
bankers, w as elected presid en t of the
N ebraska In v estm en t B ankers Associa
tion at th e an n u al d irecto rs’ m eeting.
Mr. G reenw ay has been in th e in v est
m en t banking business since 1920 w hen
he re tu rn e d from d u ty in W orld W ar I.
He w as an officer of th e U nited States
*
N EW LOCATION
1020 Locust
Phone 4-0106
H A R R Y R. G R E E N W A Y
E le c te d P r e sid e n t
Entire Second Floor
C o p y • P la n s • Art • M ailing Lists • M ulti
g ra p h in g
•
M im e o g ra p h in g
•
Foto-Offset
M ulti-Color P rinting • C o m p lete M ailin g S ervice
N EW LOCATION
1020 Locust
DES MOINES 9, IOWA
tion, vice president: Jam es F. McCloud,
K irkpatrick-P ettis & Co., vice presi
dent; E li Eisele, L aw rence B rin k er &
Co., vice president: Jo h n M. Douglas,
Jo h n M. Douglas Co., .treasurer; and N.
H. Sears, The N ational Company, sec
retary .
Promotion for Kurtz
W illiam O. K urtz, Jr., has been elect
ed cashier of the A m erican N ational
B ank and T ru s t Com pany of Chicago.
S a l ì s i y in ;»
P arlieiilar
V
Customers
. . . is a privilege we enjoy. We are proud that our “Better
Printing Papers” have been used by the Northwestern
Banker for many years, for we believe that this is testi
monial of inestimable value to the quality of our papers.
We extend our sincere congratulations to this fine magazine
upon its completion of 50 years of service to midwest
banking.
1
t
V
N e w lio u s e
Paper
r o m pa n y
D es M oin es
M in n ea p o lis
St. P au l
M olin e
D u b u q ue
W I L L I A M O. K U R T Z , JR .
B e c o m e s A s s is t a n t C a sh ier
N o r th w e s te r n B a n k e r
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J u n e Î9J5
OUR
5 0 th
YEAR
121
Mr. K u rtz becam e associated w ith th e
b an k in 1935 follow ing com pletion of
his studies at Cornell U n iv ersity and
H a rv a rd G raduate School of B usiness
A dm inistration. He is p resen tly in
th e co rrespondent b an k division. He
has been active in th e Chicago Ju n io r
A ssociation of Commerce, of w hich he
is now president.
G raduate: “Professor, I have made
some m oney and I w an t to do som e
th ing for m y college. I don’t rem em
ber w h at studies I excelled in.”
Professor: “In m y class you slept
m ost of th e tim e.”
G raduate: “Fine! I ’ll endow a dorm
itory.”
To the JTorthwestern Banker:
CONGRATULATIONS
Declare Dividend
D irectors of th e F irs t N ational
B ank in St. Louis last m o n th a u th o r
ized th e tra n s fe r of $500,000 from u n
divided profits to surplus, b ringing
to tal su rp lu s to $7,000,000. A divi
dend of $1.20 p er share also w as de
clared, payable as follows: 40 cents
p er sh are payable May 31, 1945, to
stockholders of record May 24th; 40
cents p e r sh are payable A ugust 31,
1945, to stockholders of record A ugust
27th; 40 cents p er sh are payable No
v em ber 30, 1945, to stockholders of
record N ovem ber 26th. The dividend
declared is th e sam e as last May.
and
GREETINGS
on your 50t h Anniversary
1 st S e c u r ity B a n k & T r u s t Co
C harles City, Iowa
M. J. Klaus, Vice President
W. A. Herbrechtsmeyer, Cashier
M. W. Ellis, President
E. L. Walleser, Vice President
M e m b er F .D .I .C
Index To Advertisers
A l l e n , H a r o l d L., I n v e s t m e n t C o m p a n y . 54
A l l i e d M u t u a l C a s u a l t y C o m p a n y . . . . 5 4-7 2
A l l y n , A. C. a n d C o m p a n y .............................. 68
A m e r i c a n B a n k S u p p l y C o m p a n y ............... 62
A m erica n N a tio n a l B a n k and
T r u s t C o m p a n y — C h i c a g o ............................. 116
B
B a n k o f A m e r i c a ..................................................... 61
B a n k e r s L i f e C o m p a n y - — D e s M o i n e s . . . 53
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 . . 123
B ankers T rust Com pany— N ew Y o r k ...
7
B u r r o u g h s A d d i n g M a c h i n e C o m p a n y . . 63
C
C a p i t a l C i t y P r i n t i n g P l a t e C o m p a n y . . 52
C entral N a tio n a l B a n k and
T r u s t C o m p a n y — D e s M o i n e s .................. 17
C h a s e N a t i o n a l B a n k ...........................................' 4
C h i c a g o , M i l w a u k e e , St . P a u l &
P a c i f i c R a i l r o a d C o m p a n y ...........................110
C i t y N a t i o n a l B a n k — C l i n t o n ....................... 54
C ity N a tio n a l B a n k an d T ru st
C o m p a n y —- C h i c a g o ........................................ 93
C ity N a tio n a l B a n k an d T ru st
C o m p a n y — K a n s a s C i t y ............................... 113
C om m erce T rust C om pany—
K a n s a s C i t y .......................................................... 58
C o n tin en ta l B a n k and T ru st
C o m p a n y — N e w Y o r k ...................................... 89
C o n t i n e n t a l N a t i o n a l B a n k — L i n c o l n . . . 97
C o u n c i l B l u f f s S a v i n g s B a n k ...........................115
11
D a v e n p o r t , P . E., a n d C o m p a n y ............9 3 -1 06
D e L u x e C h e c k P r i n t e r s , I n c ........................... 86
D e s M oin es B u ild in g , L oan and
S a v i n g s A s s o c i a t i o n ......................................... 119
D i r e c t A d v e r t i s i n g ...............................................120
D o a n e A g r i c u l t u r a l S e r v i c e .......................... . 1 1 7
D r o v e r s N a t i o n a l B a n k — C h i c a g o . . . 51 -1 1 1
F>
E l l i s , L. E., a n d C o m p a n y ................................. 55
E m p i r e N a t i o n a l B a n k a n d T r u s t C o . . . 81
F
F a r m e r s M utual H a il In su ra n ce
C o m p a n y o f I o w a ...............................................112
F a rm ers State S a v in g s B a n k —
I n d e p e n d e n c e .........................................................118
F e d e r a l H o m e L oan B a n k of
D e s M o i n e s .............................................................. 114
F e d e r a l I n t e r m e d i a t e C r e d i t B a n k s . . . . 69
F ir s t and A m erican N a tio n a l B a n k —
D u l u t h ...................................................................... 81
F i r s t N a t i o n a l B a n k o f t h e B l a c k H i l l s . 84
F i r s t N a t i o n a l B a n k — C e d a r F a l l s .......... 115
F i r s t N a t i o n a l B a n k — C h i c a g o ..................... 100
F i r s t N a t i o n a l B a n k — L i n c o l n .................... 94
OUR
5 0 th
YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
F i r s t N a t i o n a l B a n k — M a s o n C i t y ........... 102
F i r s t N a t i o n a l B a n k — M i n n e a p o l i s .......... 45
F i r s t N a t i o n a l B a n k — O m a h a ....................... 92
F i r s t N a t i o n a l B a n k — St . L o u i s .................. 56
F i r s t N a t i o n a l B a n k — S i o u x C i t y .............. 103
F ir st N ation al B an k and T rust
C o m p a n y — F a r g o , N o r t h D a k o t a .......... 89
F ir st N ation al B a n k and T rust
C o m p a n y — S i o u x F a l l s , S o u t h D a k o t a 86
F i r s t St . J o s e p h S t o c k Y a r d s B a n k —
S o u t h St. J o s e p h , M o ........................................ 92
F ir st S ecu rity B an k and T ru st
C o m p a n y — -C h a r le s C i t y ............................... 121
F i r s t W i s c o n s i n N a t i o n a l B a n k .................. 64
F r a n k e l C l o t h i n g C o m p a n y .............................113
Gr
G eneral A m erica n L ife In su ra n ce C o ...
70
H
H a l s e y , S t u a r t & C o m p a n y .............................. 67
H a m m e r m i l l P a p e r C o m p a n y ....................... 38
H a w k e y e C a s u a l t y C o m p a n y ......................... 75
H a w k e y e M u t u a l H a i l I n s u r a n c e A s s n . .1 0 8
H e d e n k a m p , C h a r l e s C o m p a n y .................... 88
H o m e I n s u r a n c e C o m p a n y ..............................
8
H o p k i n s I n s u r a n c e C o m p a n y ....................... 52
H o r n b l o w e r & W e e k s . ...................................... 66
I
I n v e s t o r s S y n d i c a t e ........................................... 67
Io w a D e s M oin es N a tio n a l B a n k and
T r u s t C o m p a n y ................................................... 124
I o w a L i t h o g r a p h i n g C o m p a n y ......................118
I o w a S t a t e B a n k — D e s M o i n e s ..................... 115
I o w a S t a t e B a n k a n d T r u s t C o m p a n y —I o w a C i t y ..............
104
J
J a m i e s o n a n d C o m p a n y ...................................... 78
N
N a t i o n a l B a n k o f C o m m e r c e ......................... 96
N a t i o n a l B a n k o f S o u t h D a k o t a .................. 84
N a t i o n a l B a n k o f W a t e r l o o . - . ........................109
9
N a t i o n a l C a s h R e g i s t e r C o m p a n y .............
N a t i o n a l C i t y B a n k o f N e w Y o r k ............. 87
N a t i o n a l S u r e t y C o m p a n y ..............................
6
N e w h o u s e P a p e r C o m p a n y .............................120
N e w Y o r k T r u s t C o m p a n y ............................ 59
N i e m a n n , W . K., A g e n c y ................................... 55
N o r t h e r n S t a t e s E n v e l o p e C o m p a n y . . . 79
N o r t h e r n T r u s t C o m p a n y .................................. 112
N o r t h w e s t S e c u r i t y N a t i o n a l B a n k —S i o u x F a l l s ............................................................ 85
N o r th w e ster n N ation al B an k —
M i n n e a p o l i s .......................................................... 76
N o r t h w e s t e r n N a t i o n a l L i f e I n s . C o . . . . 72
O
O m a h a N a t i o n a l B a n k ........................................
29
I*
P h i l a d e l p h i a N a t i o n a l B a n k ......................... 47
P i o n e e r B a n k s ...................................................... 42-4 3
P r i e s t e r a n d C o m p a n y ........................................ 55
P u b l i c N a t i o n a l B a n k a n d T r u s t C o .......... 12
U
R
Q u a i l a n d C o m p a n y .............................................
52
R e m e r , M i t c h e l l & R e i t z e l , I n c .................... 66
R o w a n C o m p a n y ................................................... 114
R u ssell C ounty B u ild in g and Loan
A s s o c i a t i o n ............................................................ 68
S
St. P a u l M e r c u r y I n d e m n i t y C o m p a n y . . 74
St. P a u l T e r m i n a l W a r e h o u s e C o m p a n y 10
S c a r b o r o u g h a n d C o m p a n y .............. 7 1 - 9 9 - 1 0 4
S e c u r i t y N a t i o n a l B a n k — S i o u x C i t y . . . 108
S p a r k s a n d C o m p a n y ........................................... 68
S t o c k Y a r d s N a t i o n a l B a n k — O m a h a . . . 95
S t o c k Y a r d s N a t i o n a l B a n k — St. P a u l . . 78
K
T
K a l m a n a n d C o m p a n y ...................................
56
K o c h B r o t h e r s ........................................................... 113
T e n s i o n E n v e l o p e C o r p o r a t i o n ..................... 105
T h o m s o n & M c K i n n o n .................................... 51 -6 9
T o d d C o m p a n y ....................................................... 41
T o o t l e L a c y N a t i o n a l B a n k ........................96- 97
T o w n M u t u a l D w e l l i n g I n s u r a n c e C o . . . 74
L
L a M o n t e , G e o r g e a n d S o n .................................
3
L a w r e n c e W a r e h o u s e C o m p a n y .................. 57
L e s s i n g A d v e r t i s i n g C o m p a n y ..................... 109
L i v e S t o c k N a t i o n a l B a n k — C h i c a g o . . . 101
L i v e S t o c k N a t i o n a l B a n k — O m a h a .......... 98
L i v e S t o c k N a t i o n a l B a n k — S i o u x C i t y . 82
I
U n i o n B a n k a n d T r u s t Co.— O t t u m w a . . 114
U n i t e d S t a t e s N a t i o n a l B a n k — O m a h a 3 5-9 0
V
M
V a l l e y S a v i n g s B a n k ........................................... 33
M a n u f a c t u r e r s T r u s t C o m p a n y .................. 31
M ercantile C om m erce B a n k and
T r u s t C o m p a n y ................................................... 106
M e r c h a n t s M u t u a l B o n d i n g C o m p a n y . . 75
M e r c h a n t s N a t i o n a l B a n k ........................ . . .
2
M i n n e s o t a C o m m e r c i a l M e n ’s A s s n .......... 80
M i s s i s s i p p i V a l l e y T r u s t C o m p a n y .......... 60
W a l l a c e H o m e s t e a d C o m p a n y ---------------107
W a l t e r s , . C h a r l e s E., C o m p a n y .................... 94
W e l c h , J a y A ...........................
Ill
W e s s l i n g S e r v i c e s ................................................
5
W e s t e r n M u t u a l F i r e I n s u r a n c e C o . . . . 73
W . W i d d u p a n d C o m p a n y .............................. 53
w
N o r th w e s te r n B a n k e r
Ju n e 19J5
122
I n t h e D IR E C T O R S ' R o o m
Short— and Sweet
A D rinking Woman
“The average w om an has a vocabu
lary of only 500 w ords.”
“Small stock all rig h t—b u t th in k of
th e tu rn o v e r.”
Rag M erchant: A ny beer bottles,
lady?
Lady: Do I look as if I d ran k beer?
Rag M erchant: W ell, vin eg ar bot
tles,. lady?
The Pay Off
It w as th e day a fte r C hristm as in
a Catholic ch u rch in San Francisco.
T he fa th e r w as in th e ch u rch looking
over th e re p re se n ta tio n of th e stable in
Bethlehem , w hen he noticed to his s u r
prise th a t th e in fa n t Jesu s w as m iss
ing. T hen he looked outside the
chu rch and saw a little boy w ith a red
wagon, and in th e red w agon w as th e
little in fan t Jesus.
He w alked up to th e boy and said,
“W h at have you got in y o u r w agon?”
“I have th e little L ord Jesu s,” re
plied th e boy.
“W here did you get h im ?” inquired
the kindly priest?
“I got him from th e ch u rch ,” was
th e reply.
“And w hy did you do th is? ”
“Well, fath er, a w eek before C h rist
m as I pray ed to th e little L ord Jesu s
and I told him th a t if he w ould b rin g
me a red w agon for C hristm as I w ould
give him a ride ro u n d th e block.”
T hat’s the Spot
W illie (lost in p u llm an ): P o rter
w here is m y berth?
P o rter: Can’t you rem em ber? Are
you su re it w asn ’t in one of th e o th er
sleepers?
W illie: All I can rem em ber is th a t
w hen I left for a d rin k m y w indow
overlooked a lake.
Lays Off the S tu ff
She: “P erhaps you, too, have seen
the golden fingers of th e daw n spread
ing across th e eastern sky, or redstained su lphurous islets floating in
th e evening sky, or ragged clouds at
m idnight blotting out the shuddering
m oon?”
Sailor: “Nope, not lately. I ’ve been
on th e w agon for over a y ear.”
Definition
W rapped in Space
She w as w earing one of those d ress
es th a t keep everybody w arm b ut her.
Chewed Off Too M uch
IT in in m
Wasting Y our Tim e
Even Had a Guard
Nit:
for m y
AVit.
Nit:
do him
No Fair
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Federal Reserve Bank of St. Louis
Ju n e Î945
Thicker
F irs t D runk: “W e’re g etting closer
to tow n.”
Second D runk: “How do you know ?”
F irst D runk: “W e’re h ittin g m ore
people.”
“My wife had a dream last n ig h t
and th o u g h t she m arried a m illion
aire.”
“You’re fortunate. Mine th in k s th a t
in th e daytim e.”
N urse: “I th in k I shall tak e a course
in o bstetrics.”
L ittle B rother: “You’d ju st be w ast
ing your tim e. Some doctor w ill find
a cure for it; th e n w here w ill you be?”
N o r th w e s te r n B a n k e r
Now B ill’s Still
A dashing young d riv er nam ed Bill,
Drove recklessly dow n a steep hill.
Said he: “I ’m renow ned
F o r covering ground.”
B ut alas! now the ground covers Bill.
H O TEL: A place w here guests give
up good dollars for poor q u arters.
F irs t boy (reading book): W h at
does it m ean “The red sk in b it th e
d u st”?
Second sam e: He w as eatin g sp in
ach, I guess.
Golfer (unbalanced by som e a fte r
noon d rin k s) to opponent: Sir, I w ish
you clearly to u n d e rsta n d th a t I re se n t
your in terferen ce w ith m y game. T ilt
th e green once m ore, and I chuck th e
m atch.
Sailor
A sailor is a guy w ho is w orked too
hard, gets too little sleep, takes verbal
abuse no civilian w ould take, does
every im aginable job a t every im agin
able tim e, n ever seem s to get paid,
never know s w here he is going, can
seldom tell w here h e’s been, accepts
th e w orst w ith com plete resignation,
and last b u t n ot least—he really likes
it.
“The c u rre n t w as too strong
b ro th er and he died.”
“Couldn’t he sw im ?”
“Sure, b u t w h at good did th a t
in the electric ch air?”
Prepared fo r Emergencies
Oh! I fo rg o t to te ll y o u — ju n io r a te
a w hole box of y o u r v ita m in ta b le ts
to d ay .
Clerk: “H ere’s a p re tty V alentine
card w ith a lovely sentim ent: ‘To th e
only girl I ever loved.’ ”
Sailor: “Fine. I ’ll tak e a dozen.”
OUR
5 0 th
YEAR
To the Northwestern Banker:
CONGRATULATIONS
on completing your F I R S T
50
YEARS
of Loyal Service to the Business of Banking
S T R O N G , fearless voice is an im portant aid to the con
tinued progress of any individual, or any field of business.
F ro m 1895 on, you have supplied such a voice for the business of
banking in the W est N o rth Central States.
Year after year, we have consistently looked to you for sug
gestions that would help improve service to our customers and
our communities.
Y our editorial program and our own service to correspondent
banks have a common objective: to be constantly helpful in the
maintenance of progressive banking practices, which are a vital
factor in the continued development of this entire area.
I o your publisher and his entire staff: H e arty congratulations
on this 50th milestone. M ay the next fifty years see continued
progress for you and for the banking business you so ably serve.
A
B A N KER S T R U S T
COMPANY t t r DES MOINES
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M CMRReserve
CD CCHCDAI
n C Louis
I T IKICI ID A K i r c
Federal
Bank nofC DSt.
rA DD A OA TIA M
T he officers, directors and staff of Iow a’s
Largest Bank join in extending hearty con
gratulations to The N orthw estern Banker on
its 50th anniversary.
We are happy to express best wishes for
continued
growth
and
prosperity
in
the
service of banks and bankers in this rich,
m id-west, agricultural territory.
★
Since 1875, th ro u g h g o o d tim e s a n d b ad, Iou'a
B a n k s a n d B a n k e r s h ave le a r n e d b y e x p e r ie n c e
th a t th e lorva-Des M o in es N a tio n a l p r o v id e s a
strong, d e p e n d a b l e
c o r r e s p o n d e n t co n n ection .
C A PITA L FUNDS OVER
FIVE MILLION D O L L A R S
IOWA-DES MOINES NATIONAL BANK
& TRUST
MEMBER
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COMPANY
DEPOSI T
N S U R A N C E
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