Full text of The Northwestern Banker : June 1946, 51st Year, No. 707

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

How Veterans Make
A Home L o a n - P a S e 1 5

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

A. B. A. CO N FEREN CE— Seated, E. E. Brown, chairman of the board, First National Bank,
Chicago, left; and Herbert L Horton, president lowa-Des Moines National Bank & Trust
Company; standing, J. R. Dunkerley, deputy manager A. B. A. See page 24.

t? < -

< - <? - <r

<

-«f

»

■>

y
y

The finest in bank service is supplied by the Merchants National Bank
to its vast network of correspondent banks. Similarly in this great
grain center this bank assists business and industry in building pros­
perity on a sound credit foundation.

y
y
y

y

V

V
! er

ir 01

y

r

y
y

THE MERCHANTS NATIONAL R M

y
y

CEDAR RAPIDS, IOWA
Member Federal Deposit Insurance Corporation

?
Northwestern Banker, published monthly by the De Puy Publishing Company, at 527 Seventh Street, Des Moines, Iowa. Subscription, 35c
per copy, $3.00 per year. Entered as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, under Act of March 3, 1879.


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

V

y

3

SAFETY
“ TELL-TALES”
Railroad men have a lot of respect for a simple safety device
known as a tell-tale. This consists of a series of knotted ropes
or wires, suspended above the tracks. It is used to mark the
approaches to low-clearance tunnels and bridges — and
warns trainmen standing or walking on cars of the danger
ahead. In La Monte Safety Paper, Bankers and Business­
men find another simple yet highly efficient "tell-tale". For
any attempt to alter by erasure what has been written on
this check paper shows up as a glaring white spot which
makes an altered check instantly suspect.

For Samples ot La Monte Safety Paper see your Lithographer or Printer — or write us direct.

LA MONTE
GEORGE LAMONTE & SON


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

PAPER
NUTLEY, NEW JERSEY
We supply many banks and business organizations
with their own i n d i v i d u a l l y i d e n t if ie 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 in d iv id u a l iz e d paper not only protects
against fraudulent alteration but provides maximum
protection against counterfeiting—saves Banks sort­
ing time —helps prevent errors.

Northwestern Banker, June, 1946

4

Every day, problem s as numerous and as diverse

Every day, the Chase N ational Bank answers

as the ports o f call to which Am erican g o o d s are

such questions from current inform ation sup­

sent confront the Am erican exporter, when ship­

plied by its overseas branches and by its corre­

pin g on a draft basis. Y e t often they can be sim ­

spondent banks in all com m ercial centers o f the

plified quickly by authoritative answers to such

w orld. In turn, this inform ation is channeled to

important questions as these:

Chase customers in the United States through a

1. W h a t is the foreign customer’s credit standing?

large, experienced Foreign Department.

2. W h a t are the import and exchange regulations and
the present trade outlook in the country to which we
are shipping?

These facilities are always at the disposal o f

3. W h en goods are not o f American origin, will U . S.
dollar exchange be granted by the country to which
we plan to ship?

and often enable them to broaden their ow n

Chase correspondent banks in the U nited States
service to customers.

You are invited to send for our Folder “ Import and Exchange Regulations of the Principal Countries of the W orld ."

THE CHASE NATIONAL BANK
OF THE CITY OF NEW YORK
HEAD OFFICE: Pine Street corner of Nassau
Member Fédéral Deposit Insurance Corporation

LONDON— 6 Lombard Street
Havana

• San Juan

• Panama

• Colon

THE CHASE BANK:

Northwestern Banker, June, 1946


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

•

51 Berkeley Square

• Cristobal
Paris

•

•

Bush House, Aldwych

• Balboa

• Offices of Représentatives: Mexico, D. F.

Shanghai

•

Hong Kong

•

Tientsin

• Bombay

The Lees o fIfrgim 'a
S tratford hall”, the ancestral plan­
tation home of he Lees of Westmoreland
County, Virginia, is one of America's
most famous homes and one of the few
perfect examples of true Georgian archi­
tecture still standing.
So wisely was the house planned that
no additions were ever added, and when
it was purchased for a shrine by the
Robert E. Lee Memorial Foundation in

1929, no rebuilding was necessary and
the reconditioning of the main house was
comparatively simple. The mansion and
grounds were laid out prior to 1730, and
took five years to complete. The house
was built of brick that had been made by
hand on the plantation, and was con­
structed in the form of an H, the wings
of which were topped with twin sets of
four great chimneys. The Great Hall on
the second floor with its vaulted ceiling
and hand carved paneling and pilasters,
forms the bar of the H and was the scene
of many brilliant gatherings during the
Colonial period.
“ Stratford Hall” has provided Amer­
ica with some of her most illustrious
sons, among whom were Thomas Lee, a
governor of Virginia and chiefly respon­
sible for the purchase of the Ohio Valley
from the Iroquois; Richard Henry Lee
and Francis Lightfoot Lee, both signers
of the Declaration of Independence;

a

Robert E. Lee as a Second Lieutenant

Lighthorse Harry Lee, George Wash­
ington’ s favorite officer, governor of Vir­
ginia and father of the beloved Robert
E. Lee, the statesman and brilliant caval­
ryman of the War Between the States
whose battle tactics were carefully stud­
ied during W orld W ar II.
Today, completely restored, the Great
House and grounds which are open to
the public are a fitting tribute to the Lee
family whose sons contributed so much
to the founding of this nation.

7he Home, through its agents and
brokers, is America’s leading insurance
protector of American Homes and the
Homes of American Industry.

THE HOME *
C^OAT^fA ú y r iy
NEW

The boxwood garden as seen through the
chimney arch


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

F IR E

•

A U T O M O B IL E

Y O R K
•

M A R IN E

IN S U R A N C E

6

Specialized Banking Service
. . . f o r National City Correspondents
y^CCESS to the business markets of the world—
both domestic and foreign—is available to your
customers through The National City Bank of
New York.
Since 1 8 9 7 , when National City established its
Foreign Department, arrangements with leading
banks abroad have been steadily augmented.
Today, in addition to its own 4 4 active overseas
branches, National City has well established cor­
respondent

relationships with

important banks

throughout the world.

National City’s senior officers are always available and ready to
discuss problems relative to bond portfolios; efficient and prompt
handling of collections; foreign department facilities and domestic
and world-wide credit information.

F o r t h e d e ta ile d s to r y o f th e s p e c ia liz e d fa c ilit ie s
a v a ila b le a n d h o w t h e y m a y b e s t a id y o u in p r o fit ­
a b ly

d e v e lo p in g

c u s t o m e r r e la t io n s h ip c o n s u lt

o r w r ite N a t io n a l C ity o ffic e r s a t H e a d O ffic e .

THE NATIONAL CITY BANK OF NEW YORK
Head Office: 55 W all Street
65 Branches th rou g h ou t

|J^\

G reater New York

MEMBER

Northwestern Banker, June, 1946


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

FEDERAL

C orrespondent Banks
th rou g h ou t th e world

DEPOSIT

INSURANCE

CORPORATION

‘¡^e&awice&..,
T O S P E E D T H E PACE OF P R O G R E S S
T h i s is the era o f expanded growth and opportunity. As business presses forward to
new achievements, it is the privilege o f banks to help speed the pace o f progress.
For many years, the Philadelphia N ational— Pennsylvania’s oldest and largest bank—
has cooperated with hundreds o f banks throughout the country to help commerce
and industry take advantage o f and widen their opportunities.
W e are constantly studying new ways and means to finance and serve business more
effectively. W ith resources of over eight hundred millions we are in a position to extend
substantial credit, devoid o f unnecessary complications, to speed full production.

W e invite inquiries from other hanks

THE


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

PH ILAD E LPH IA
Organized

N ATIO N AL
1803

PHILADELPHIA
M B M B B R

F E D E R A L

D E P O S I T

BANK

1,

PA.

I N S U R A N C E

C O R P O R A T I O N

Northwestern Banker, June, 1946

8

The Background for Safe Loans

B A N K E R S , for a generation, have w elcom ed
St. Paul Terminal warehouse receipts as collateral.
They are the acme of safety because the company is
financially strong, and experienced in warehousing.
You may loan against good inventories while they
remain on the owner*s premises. Field Warehousing
makes this possible.
For your next inventory loan, call St. Paul Terminal
about Field Warehouse Receipts. N o other collateral
is so safe, convenient and economical.

XT.PAUL TE R M IN A L W AREHOUXE CO.
Home Office:
425 East 8th Street
ST. PAUL 1, MINNESOTA
GArfield 7551

Northwestern Banker, June, 1946


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

Other Offices:
MINNEAPOLIS
CHICAGO
DES MOINES
NEW YORK
M ILWAUKEE
DETROIT

9

The following letters were receiverl
from Northwestern Banker readers.
Your views and opinions on any sub­
ject will be gladly published in this
column.

"Very Valuable"
“ In behalf of Mr. Carl Swanson as Well
as the girls in the office, we wish to express
our thanks and appreciation for the Nebraska-Iowa bank directories that you sent to us.
“ We find them very valuable in our work
here and refer to them many times each
day.”
H elen Y. Rosse, Nebraska
Bankers Association, Omaha,
Nebr.

"Much Good Is Derived"
“ We enjoy reading your fine publication,
the N orthwestern B anker , and derive
much good from each issue. As you know,
we already have 6 paid subscriptions to the
N orthwestern B anker from our officers
and directors.”
E lmer H. M ertz, Vice Pres.
Hayesvüle Savings Bank,
Hayesville, Iowa

"Hate to Throw Away the
Northwestern Banker"
“ I hate so to throw away any issue of
the N orthwestern B anker as I look at
them and browse through them as I find so
much that is of interest today in connection
with our current problems that I almost
believe you belong to an old line of prophets.
“ In the 1942 June issue of the N orth­
western B anker you wrote ‘Should Banks
Be Paid for Expenses in Selling War
Bonds?’ Well, thank the Lord the war is
over, and gratuitous services have paid us
dividends. The U. S. A. should be a world
leader in economic affairs. Well, we are—
they try to borrow from us to carry on over
across the pond. The hand that pulls the
purse strings has quite a pull. We could do
better if we could get rid of a spineless
Congress, incompetent cabinet and bewil­
dered President—yes and if we could hang
John L. Lewis.”
D r. E. C. J unger, President
Soldier Valley Savings Bank,
Soldier, Iowa

"Appreciate the Courtesy"
“ It was very nice of you to give so much
(T u rn to page 17, please)

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

IN THIS JUNE, 1946, ISSUE
EDITORIALS
Across the Desk from the Publisher...................................................... 10

FEATURE ARTICLES
Dear Editor .........................................................
Frontispage ..........
News and Views of the Banking W orld................... Clifford De Puy
The Quick and Easy W ay to Make a Home Loan W alter T. Robinson
The Minnesota Convention............
About Bankers You Know— B. F. Kauffman........................................
The South Dakota Convention................................................................ .
The North Dakota Convention...... ............................................................
American Institute of Banking Convention............................................
A.B.A. Savings, Mortgage Conference (See Cover P h oto)...............
What Do You Think?.............................................................

9
13
14
15
16
17
18
20
20
24
30

BONDS AND INVESTMENTS
Cover Your W ar Loan Account With Short-Term
Governments ...................................................... Raymond Trigger 33

INSURANCE
Ten Answers to Questions on Burglary and Glass Coverage.... ......... 37

STATE BANKING NEWS
Minnesota News .........................................................
Twin City News..... .................................. ............E. W. K ieckhefer
South Dakota News.....................................................................................
Sioux Falls News.... .....................................
North Dakota News.........................................
Fargo News ............................
Nebraska News ..........
Omaha News ..........
Lincoln Locals ............
Iowa News ............
Iowa Group Meetings and Pictures........... Clifford De Puy 64,
Des Moines News.........................................................

41
43
49
49
53
53
55
57
59
61
65
69

IN THE DIRECTOR'S ROOM
Conventions ......
72
A Few Short Stories to Make You Laugh.............................................. 74

NORTHWESTERN BANKER
527 Seventh St., Des Moines 9, Iowa, Telephone 4-8163
CLIFFORD DE PUY. Publisher
RALPH W. MOORHEAD
Associate Publisher

HENRY H. HAYNES
Editor

BEN J. HALLER, JR.
Associate Editor

ELIZABETH COLE
Advertising Assistant

HAZEL C. HADLEY
Auditor

SADIE E. WAY
Circulation Department

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

MUrray Hill 2-0326

Northwestern Banker, June, 1946

10

2 >ea^

'll/alteri *10. cOiead:

Our congratulations are extended to you be­
cause of the marvelous ability you have shown
in your management of the General American
Life Insurance Company of St. Louis since 1933
when it took over the remaining assets of the
Missouri State Life.
The testimonial dinner given to you last month
is ample proof that your efforts and accomplish­
ments have been appreciated and recognized by
the banking and insurance executives of America.
A few of your accomplishments were these :

Across tile ilcsk
From the Publisher
3 > e a ü jja U to j ) . jb * U £ c a llr fjn ,.:
Your discussion of “ The Trend in Service
Charges,” brought out the interesting suggestion
that “ There has been a trend over a period of
years, but never too pronounced, to bring about
a uniform method for account analysis. This has
always appealed to us to be highly desirable, and
does not necessitate the use of the same rates and
charges, but rather is for the use of the same
factors in the same manner. Such a procedure
would not result in raising a question of the re­
straint of trade, if the figures used could and
should vary with the separate conditions under
which banks operate.”

As a member of Driscoll, Millet and Company of
Philadelphia, we are convinced that you have
contributed something to real thinking concerning
service charges, Mr. Driscoll, and commend you
for what you have suggested. T he N orthwestern
B anker has always contended that banks should
be paid for the services they render to their cus­
tomers the same as any other institution and
service charges if properly and fairly worked out
for the customers of the bank should not only
prove fair to the patrons of the bank but also
afford a proper and justified return of income to
the banks.
Northwestern Banker, June, 7946


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

1. General American Life has applied 4x/2 mil­
lion of earnings to complete the elimination of
liens imposed in 1933 because of Missouri State
Life Company failure.
2. The entire original loss on outstanding poli­
cies was paid off 2 years prior to the expiration
date of the agreement.
3. In 12 years and 8 months the General Amer­
ican Life has paid to policyholders more than
200 million dollars, of which 90 million was death
claims, 78 million maturities and values with­
drawn, and 21 million in reduction of policy liens.

Thus, Mr. Head, you have added another bril­
liant chapter in the record of American business
and proven that honesty, initiative and the
private enterprise system can triumph over ad­
versity and hardships. Again our congratula­
tions to you and the General American Life In­
surance Company.

2)ea *

jb am tied P uJpUc :

Many years ago Commodore Vanderbilt, the
great railroad executive, said ‘ ‘ Let the Public Be
Damned.”

lie lived to regret that statement and corpora­
tions, including railroads, have been surrounded
by rules, regulations and laws, which have been
beneficial to the corporations, to the employes and
TO THE PUBLIC.

Today the situation is reversed, and some ruth­
less labor leaders are saying “ Let the public be
damned,” and they give no concern for any thing
except the power which they exercise through
their unions by paralyzing industry whenever
their demands are not immediately met.
The tide will turn and the “ Damned Public”
will do it.

11

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 o f our Bond Trading Department are
available to p o rtfo lio managers and we are
prepared to offer suggestions regarding the
com position o f Government Bond portfolios.

A Partial List of Bankers Trust Company Services to Banks
Collection o f 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 o f 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 o f Securities

Safekeeping o f Securities
Consultation on Pension and
Profit-Sharing Plans
Co-Paying cr Exchange Agent,
Co-Transfer Agent or Registrar,
and Co-Depositary
Trust and Reserve Accounts
International Trade and Foreign
Banking Facilities

BANKERS T R U S T CO M PAN Y


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

NEW

M E M B E R

F E D E R A L

D E P O S I T

YORK

I N S U R A N C E

C O R P O R A T I O N

Northwestern Banker, June, 1946

12

Has grown great through
the fertility of her soil—the
resourcefulness of her indus­
tries—the intelligence and
friendliness of her people.
The 29th State admitted to
the Union she alw ays w as—
is now—and w ill alw ays
remain FIHST in the affec­
tion of her citizens.
1


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

CENTRAL

National Bank
and Trust Company
Des Moines, Iowa
M em ber Federal Deposit Insurance Corporation

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

14

N e w s a n d V ie w s
OF THE BANKING WORLD
By Clifford De Puy

J

OHN T. HAMILTON, II, president

of the Merchants National Bank
of Cedar Rapids, is just like any
other G. I. who is looking for a place
to live because since he returned from
active service in Europe he has been
unable to find a house suitable for his
family so he is living at the Hotel
Roosevelt until he can “get located.”
Phil Hanna, financial editor of the
Chicago Daily News, believes that the
“Leftists are losing confidence in their
own devices and that the tide is slight­
ly changing to the right.”
Phil also said that “The United
States is not going to hell, it is just
going through hell, but with 100 bil­
lion dollars of savings it should mean
good business in the future.”
A. C. Blanchard, president of the

State Savings Bank of Council Bluffs,
already has the plans and drawings
completed for the erection of their
beautiful new bank building on a
prominent downtown corner. The de­
posits of the bank are now over $7,500,000.
Frank Warner, Jr., son of Frank
Warner, secretary of the Iowa Bankers

Association, is with the 414th Evacuee

Forces in Germany and has recently
been engaged in moving tanks and
trucks out of Nuremberg. As soon as
he is discharged from the service, he
hopes to attend school in Switzerland.
Homer H. Peterson, vice president
of the United States Check Book Com­
pany of Omaha, tells us that Corporal
Charles A. Peterson, 19, who is in the
Air Corps and has been in Japan for
six months, returned recently to take
the final exams as Second Alternate
for West Point. Examination will be
on June 18th and if he is selected, he
will enter in the July class.
J. J. Maloney, assistant vice presi­
dent of the First National Bank of
Minneapolis, is a former president of
the Minnesota Bankers Association.
Jack has a “small family” of 9 chil­
dren, 6 boys and 3 girls—the oldest is
a boy of 37 and the youngest is a girl
of 21 who is a junior at the University
of Minnesota.
Jack’s father and
mother were born in Ireland and Jack
was born in Massachusetts. He came
to Minnesota originally to work for
the Bell Telephone Company and later
on entered the banking business. He
met his charming wife, who is of Eng­
lish descent, after he came west.

H a n d s f a r C a n n tr if H a n k s

Everyone wants to know why the
president of the Iowa Bankers Associ­
ation is always called “ Doc,” so we
asked Francis LaZelle Sawyers, and
he told us it was because his father
and his grandfather were doctors, and
incidentally his son John LaZelle is
now studying to be a doctor.
During 1906 and 1907 when his
father was studying medicine in Ber­
lin, “ Doc” attended grade school in the
German capital, and in the winter of
1908 his family lived in Paris where
he also attended school.
During World War I he enlisted in
the U. S. Army Field Service in France
and later on returned to the United
States where he graduated from
Princeton in 1920.
Richard R. Rollins, vice president of
the Bankers Trust Company of Des
Moines, has purchased an “Ercoupe”
single-motor plane and uses it to fly
to various bank meetings when weath­
er permits.
J. F. McDermott, vice president of
the First National Bank of Omaha,
entertained us at dinner in the
“PLUSH HORSE” room at the Blackstone.
Frankly we didn’t see a horse in the
place although a “horse’s neck” could
be obtained in the beautiful adjoining
cocktail lounge. However, since Mac
is a teetotaler, we inhaled our coca
colas and had a delightful time.
V. O. Figge, president of the Daven­
port Bank and Trust Company, Daven­
port, Iowa, and already the father of 3
boys and 1 girl, is expecting another
“blessed event” on July 1st, 1946, thus
making 5 “delightful dividends” in
the family. Mrs. Figge is the beautiful
and charming former Elizabeth Kahl.

ONE OF T H E M O ST IM P O R T A N T projects to be undertaken by the Country

Bank Operations Commission of the American Bankers Association this year will
be a study of the government bond portfolio for country banks, according to
K . J. M cD on ald, who presided, in the absence of Commission Chairman W illiam
C. R em pfer, at the two-day semi-annual business session of the commission.
During the two days of business meetings, the commission heard reports from
its nine working committees and discussed a variety of other bank operating
problems.
Those pictured are, left to right: K . J. M cD on ald, president, Iowa Trust and
Savings Bank, Estherville, Iowa, who presided at the meeting of the A.B.A. Com­
mission on Country Bank Operations; Clyde D. H arris, president, First National
Bank, Cape Girardeau, Missouri; F. R. Rantz, president, Elliott State Bank,
Jacksonville, Illinois; S. N. Schafer, president, First National Bank, Fort Atkin­
son, Wisconsin; Claude F. Pack, president, Home State Bank, Kansas City, Kan­
sas; R. A . Bezoier, vice president and cashier, First National Bank, Rochester,
Minnesota; Theodore Reininga, president, Peoples National Bank & Trust Com­
pany, Washington, Indiana.
Northwestern Banker, June, 1946

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

When the Independent Bankers As­
sociation had their annual convention
in St. Paul recently the Marquette
National Bank of Minneapolis gave a
luncheon for all of the ladies attend­
ing the meeting and, as a favor, gave
each of them a pair of nylon hose. As
a result of this, the popularity of Rus­
sell L. Stotesbery, president, Lynn G.
Fuller, executive vice president, and
Charles C. Rieger, vice president, has
increased 200 per cent among the “fair
sex.”
(Turn to page 71, please)

15

The Quick and E a sy W a y
to M a k e a H om e Loan
This Month's G. I. Question Box Tells You
How to Speed Up Veterans' Home Loans
Q.
What is the quickest and easiest
By WALTER T. ROBINSON
way to make a Home Loan?
Iowa Loam Guarantee Officer, who

The amended act provides that an
honorable discharge shall be deemed
a Certificate of Eligibility. Upon pres­
entation to you of such a discharge
and provided you are willing to as­
sume the following three responsi­
bilities: (1) Eligibility of the veteran.
(2) Availability of guaranty, and (3)
Eligibility of the loan under the Act,
make him the loan; pay out the money,
and within thirty days from date of
disbursement ask for a guaranty by
submitting to the Loan Guarantee
Office the following papers: original
discharge certificate, Home Loan Re­
port, Form 1820, copy of appraisal re­
port, and the note if you wish guar-,
anty endorsed thereon. At the option
of lender and in lieu of the endorse­
ment on note, a Loan Guaranty Cer­
tificate, Form 1899, will be issued
which must be attached to the note.
Subject to above conditions, your
guaranty is automatic.
Second—Eligibility and availability
predetermined.

In case you want definite assurance
as to the eligibility of the veteran and
availability of guaranty, send us the
original discharge and ask us for a
Certificate of Eligibility which will
be used thereafter in place of dis­
charge certificate. Now proceed under
the automatic plan as outlined above.
Third—Prior confirmation.

Send us at once and together the
original discharge certificate, the
Home Loan Report (Form 1820), a
copy of the appraisal, and ask for a
Certificate of Approval. After receiv­
ing Certificate of Approval (Form
1866), send us a Certificate of Dis­
bursements (Form 1876). After mak­
ing proper adjustment with a Loan
Closing Statement (Form 1861-a)
which we prepare, you will receive
back a Loan Guaranty Certificate

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

answers the things you want to
know about the Servicemen's
Readjustment Act
W A L T E R T. R O B IN S O N
D is c u s s e s a sp e cts of G. I. lo an s

(Form 1899). Certificate of Approval
in addition to approving eligibility and
availability as shown on Certificate
of Eligibility, Form 1870, also con­
firms the eligibility of the purpose of
the loan.
Q.
Can a veteran who is under
twenty-one years of age make a G. I.
loan?

No. Unless he is married in which
case he can make a legal contract in
Iowa.
Q. Can a veteran under twenty-one
have a guardian appointed for the pur­
pose of making a G. T. Loan?

No. It is required that he make a
legal contract in his own right.
Q. Can a veteran purchase or con­
struct a residence in which he does
not intend to live?

No. The intent of the Act is to pro­
vide a veteran and his family with a
home in which to live. He cannot buy
or build for future use.
Q. Tn a case of new construction
may a veteran borrow to purchase the
lot as well as the construction of the
house?

Yes. Subject to appraisal of the lot
and the proposed construction from
blueprints and specifications.
In­
spections are required during the
process of construction and a final
appraisal stating that the house has
been completed in compliance with
plans and specifications submitted,
and that the cost thereof is not in
excess of the reasonable value.

Q. Should a home costing $7,000 be
appraised as reasonably worth $6,000
can a veteran make a loan for the
reasonable value of $6,000 and pay the
difference of $1,000 in cash?

No. A loan cannot be approved
when the cost of the property exceeds
the reasonable value as determined
by a designated appraiser.
Q. Can a contract representing an
equity value in real estate be re­
financed with a G. I. Loan?

Yes, subject to appraisal and pro­
vided it is a meritorious case and not
an attempt to evade the intent of the
Act that the cost must not exceed the
reasonable value.
Q. Can loans made in anticipation
of making a G. I. Loan be refinanced?

Yes, if otherwise eligible and made
within sixty days of the time of filing
for a G. I. Loan.
Q. Can the balance of a mortgage
loan be refinanced?

Yes,-if delinquent, upon satisfactory
showing by use of Form No. 4-1868,
Report of Delinquent Indebtedness.
Q. Can the balance of a mortgage
on a home be refinanced?
Example: A veteran owns a home
upon which there is a balance of the
first lien in the amount of $2,000. He
now desires to borrow $3,000 for im­
provements to the property. He wants

(Turn to page 58, please)
Northwestern Banker, June, 1946

16

The
M in n esota
Convention
a ttivi N icollet
M in n ea p olis
•lu n e 12 anti /.7
eon must be made at the registration
desk, mezzanine floor of Hotel Nicol­
let, prior to 10:30 o’clock Thursday
morning, June 13th. Reservations can­
not be accepted after that hour.
Admission to the luncheon will be
by signed card only.
Suite 1100, Hotel Nicollet, will be
at the disposal of women guests dur­
ing the convention—to afford a com­
fortable meeting place, lounging space
and powder room.

Banquet and Dance

G E O R G E A. B E IT O
P re sid e n t, M in n e so ta B a n k e rs A ss o c ia tio n
P re sid e n t, N orth ern S ta te B a n k , G o n v ick

INNESOTA bankers are looking
forward to the annual conven­
tion of their association, to be
held in Minneapolis on Wednesday
and Thursday, June 12th and 13th,
with headquarters at the Hotel Nicol­
let. This will be the first postwar con­
vention, with all restrictions off, and
the attendance promises to be ex­
tremely large.
Here are some of the pre-convention
plans and entertainment features Min­
nesota bankers and their ladies will
enjoy:

M

Golf Tournament
Through the courtesy of the Minne­
apolis Clearinghouse Association all
those wishing to do so may play golf
on Wednesday, June 12th. The tourna­
ment will be held at the Superior Golf
Course. Facilities have been engaged
for the entire day, and it is suggested
that those playing golf make their
arrangements as early in the day as
possible, teeing off as early as 9:00
a. m. if you wish.

Smoker
The pre-convention smoker, in the
ballroom of the Nicollet, always an
Northwestern Banker, June, 1946


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

enjoyable event at a Minnesota con­
vention, this year will be bigger and
better than ever, and the host will be
the Minneapolis Clearinghouse Asso­
ciation. Past President Wilbur F.
McLean will preside at the brief busi­
ness session, which consists only of
the report of the nominating commit­
tee. From then on it’s a good show,
lots of fun, and the usual delicious
Dutch lunch following. This event is
the evening of Wednesday, June 12th.

The banquet will take place Thurs­
day evening at 6:30 o’clock in the ball­
room, Hotel Nicollet. Following the
address by Ralph Heinzen, the evening
will be concluded by a dancing party
—Wesley Barlow’s Orchestra.
The complete convention program
reads as follows:

PROGRAM
Wednesday, June 12th
7:30 p. m.
Pre-Convention Smoker — Ballroom,
Hotel Nicollet, Past President W. F.
McLean, presiding.
Report of nominating committee.
Entertainment — Elaborate program.
Courtesy of Minneapolis Clearing­
house Banks.
Dutch Lunch—You can’t miss this!

For the Ladies

Thursday Morning, June 13th

Women guests of the convention
will be honored at a luncheon to be
served at 12:15 o’clock on Thursday,
June 13th, in the Minnesota Terrace,
Hotel Nicollet.
Through the courtesy of The Dayton
Company, Minneapolis, a style show
will be presented during the luncheon.
Immediately following the luncheon,
guests will be entertained with a spe­
cial performance of the Dorothy Lewis
Ice Show. The 1946 Ice Show will be
built around various dances of the
world, and is called “ Dansations on
Ice.”
Reservations for the women’s lunch­

9:30 a. m.
Call to Order—Ballroom, Hotel Nicol­
let, George A. Beito, President, pre­
siding.
Invocation—Dr. A. E. Knickerbocker,
D.D., pastor of St. Paul’s Episcopal
Church, Minneapolis.
“ Community Financing”—C. G. Pearse,
assistant sales manager, J. I. Case
Company.
“Consumer Credit Financing” — Leh­
man Plummer, vice president, Cen­
tral National Bank & Trust Com­
pany, Des Moines, Iowa.
A.B.A. elections.
M.B.A. elections.

17

A bitu i ita h tiers You K n o ir

Thursday Noon, June 13th
12:15 p. m.
Luncheon for Ladies—Minnesota Ter­
race, Hotel Nicollet.
1:15 p. m.
Call to Order—Ballroom, Hotel Nicol­
let.
President’s Annual Address — George
A. Beito, president, Northern State
Bank, Gonvick, Minnesota.
Reports of Council of Administration,
secretary and treasurer being mailed
to membership.
“ Banking Looks Forward”—Frank C.
Rathje, president, American Bank­
ers Association, and president, Chi­
cago City Bank & Trust Company.
“ Public Relations”—Dale Brown, as­
sistant vice president, National City
Bank, Cleveland, Ohio, and presi­
dent, Financial Advertisers Associa­
tion.
“ The Future of Banking”—Dr. Marcus
Nadler, economist, Central Hanover
Bank & Trust Company, New York.
Report of resolutions committee.

Thursday, June 13th
6:30 p. m.
Annual Banquet—Ballroom, Hotel Nic­
ollet.
“ Can War With Russia Be Avoided?”
—Ralph Heinzen, United Press Chief
in France, reporter of twenty-seven
peace conferences, and with the
French army at the front.
Dancing—Wesley Barlow’s Orchestra.
B. P. K A U F F M A N

DEAR EDITOR

President, Bankers Trust Com pany o f Des M oines

(Continued from page 9)

“ G ood judgm ent, keen in tellect, high eth ical stan dards’ ’

space to the recent Nebraska Bankers Asso­
ciation Group Meetings as appears in the
May number of the N orthwestern B anker .
“ The pictures too were fine and we appre­
ciate the courtesy very much.”
Carl G. Sw anson , Secretary
Nebraska Bankers Associa­
tion, Omalba, Nebraska

"It is a Great Help"
“ Dear Henry:—Upon my return from
my recent trip to Iowa I found the current
edition of the Iowa-Nebraska, Bank Direc­
tory awaiting me and I thank you very much
for remembering. It is a great help and
you should take pride in the accuracy and
the completeness of the material included
in it.
“ I enjoyed having the opportunity of
meeting you on the Nebraska trip and shall
look forward to a further visit when I come
to Des Moines next fall. I also enjoyed meet­
ing your boss, Clifford De Puy, at the Iowa
Group Meetings. Please remember me to him.
“ I f there is ever anything I can do for
you here in New York please do not hesitate
to let me know.”
B. W . Y erg, The Chase Na­
tional Bank, New York City,
N. Y.

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

H IS m on th the Bankers Trust C om p a n y o f Des M oines is celebratin g its
29th anniversary. T h e trem end ou s business don e b y this hank is a p e r­
sonal tribute to P residen t B. F. K au ffm an , w h o fo u n d e d the bank as W o rld
W ar I was getting u n d er way, nursed it fro m a “ savings accou nt o n ly " bank
th rou gh a serious p e r io d o f in flation and d ep ression , through a secon d W o rld
W a r and up to the present tim e w h en it services every b ra n ch o f hanking
and has deposits o f $58,991,385. It is con crete evid en ce that th e p e o p le o f
Des M oin es and Iow a have faith in this fine institution and the m an resp on ­
sible fo r its grow th and rep u tation.

T

M r. K au ffm an has n ot con fin ed his efforts to b u ild in g the B ankers Trust
C om p an y. H e has always m ain tain ed a genuine interest in b an k in g and
finance p rob lem s, in bankers associations, and p a rticip a ted w h oleh ea rted ly
in civ ic endeavors. H e has always been interested in the real estate, invest­
m ent and insurance business and was on e o f the fou n d ers o f the firm o f
W itm er, K au ffm an & Evans Insurance A gen cy . In 1933 he was p residen t
o f the Iow a B ankers A ssocia tion and has served as a m em b er o f the Iow a
State B ank ing B oard.
B.
F. K au ffm an was b o rn D ecem b er 8, 1874, in Des M oines. H e received his
elem entary and h igh sch o o l ed u ca tion in Des M oines, then attended Iow a
W esleyan U niversity and later A m h erst C ollege. H e m arried M ell H ow ell
in 1900 and th ey have th ree ch ild re n , Joh n H o w e ll K au ffm an , Mrs. E. T .
M ered ith , Jr., and R a y F ran k lin K au ffm an .
A fte r lea vin g A m h erst, M r. K au ffm an jo in e d the Des M oin es Savings B ank
and later was a d ire cto r o f the Iow a N ation al B ank b e fo re it m erged w ith

(Turn to page 50, please)
Northwestern Banker, June, 1946

18

The South Mtnkotu
Convention
H o pill Cittì* d u n e Ë4 a n d /•>
A l e x doliti son H o te l

South Dakota conventioneers will have
an opportunity to view famous Mt. Rushmore, in the Black Hills, where the soul
of this Republic is expressed in granite.

T’S back to the Black Hills this year
for members of the South Dakota
Bankers Association when they hold
their annual convention at Rapid City
on Friday and Saturday, June 14th and
15th. War restrictions prevented a
Black Hills convention for the past few
years, although that beauty spot of
the nation has been on the “next” list
for some time. So this year everyone
is looking forward to the trip, and a
large attendance is in the offing for
the South Dakota meeting. Headquar­
ters are at the Alex Johnson Hotel.

I

H. R. Browning, vice president of
the First National Bank of the Black
Hills, is general chairman of the com­
mittee of Rapid City bankers and their
wives, which will insure the pleasure
and comfort of those attending the
convention. Others on the committee
are: Hotel Reservations—W. R. Mc­
Cain, assistant cashier, First National
Bank, and Fred Barth, assistant cash­
ier, Rapid City National Bank; Stag
Supper—C. C. Anderson, executive vice
president, First National Bank; Dinner
and Dance—A. E. Dahl, president, Rap­
id City National Bank, and Noel Klar,
vice president and cashier, First Na­
tional Bank; Transportation—George
Simpson, Rapid City Chamber of Com­
merce; Golf—Earl Kellar, cashier, Rap­
id City National Bank, and Noel Klar;
Reception—All officers of both Rapid
City banks, and Ladies’ Entertainment
-—Mrs. H. J. Devereaux, Mrs. Roy
Dean. Mrs. H. R. Browning, Mrs. C.
C. Anderson and Mrs. Noel Klar.
The meeting of the “ executive coun­
cil” will follow the ABA meeting on
Northwestern Banker, June, 1946


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

June 15th. This council is a group of
fifteen bankers which is annually se­
lected by the State Bank of South
Dakota, whose duty it is to name a
slate of fifteen men from which the
governor is to appoint a member of
the South Dakota Bankers Commis­
sion.
Those who wish to play golf the
afternoon of June 14th may use the
facilities of the Meadowbrook Country
Club, paying the usual greens fees.
Ladies will be entertained at a lunch­
eon at 1:00' p. m. on Saturday, June
15th, at the Y.W.C.A.
The complete program reads as fol­
lows:

Friday Afternoon, June 14th
1:00 Registration.
2:30 Meeting of Executive Council.
5:30 Stag Party—Rapid City banks
hosts.

Saturday Morning, June 15th
8:00

Nominating committee break­
fast.
9:00 Registration continued.
9:45 Call to Order by the president.
Invocation.
Address of Welcome — Joe H.
Bottom, president, Rapid City
Chamber of Commerce.
Response—L. C. Foreman, vice
president, SDBA, Elkton.
10:00

Opening remarks of the presi­
dent, C. O. Gorder, Deadwood.

10:15

“ Keeping Our Economy Strong”
—Morris M. Townsend, direc­
tor, Banking and Investment

Section, U. S. Treasury Depart­
ment.
10:25 “ People, the Banker: Govern­
ment, the Customer”—Herbert
J. Miller, associate director,
Citizens National Committee,
Inc., Washington, D. C.
10:55 “ New-Agro-Industrial Horizons”
—V. H. Schoffelmayer, Agricul­
ture-Science Editor, D a l l a s
Morning News, Dallas, Texas.
11:35 Recess.

Saturday Afternoon, June 15th
1:30 “ Banking Looks Forward” —
Frank C. Rathje, president,
ABA.
1:55 “The Role of Farm Areas in a
Balanced National Economy”—
Merryle S. Rukeyser, Economic
Columnist f o r International
News Service, and Editorial
Writer for New York JournalAmerican.
2:35

Reports of committees.
Election of officers.
New business.
A djou rnm ent.

Meeting of ABA Members

Saturday Evening, June 15th
6:30

Annual Dinner — Toastmaster,
Frank S. Marion, manager,
Montana Dakota Utilities Com­
pany, Rapid City.
Humorous and Philosophical
Address—“ Our Reach Must Ex­
ceed Our Grasp,” Jeff Williams,
attorney, Chickasha, Oklahoma.
9:00 Dancing. # #

19

Prompt Transit Service


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

'T 'L T

J fc rM

1 i i

t?

c

OMAHA
NATIONAL
BANK
M tm btr

Fedirmi

D « » • i <• I m « r e u e «

C»r»«r«ii**

Northwestern Banker, June, 1946

20

The N orth ituhotu
Convention
At Fargo on June 17 and 18, with Headquarters
at the Hotel Gardner and the Elks Club

A . C. I D S V O O G
P re sid e n t, N o rth D a k o ta B a n k e rs A ss o c ia tio n

ARGO this year is again the con­
vention city for the annual meeting
of the North Dakota Bankers Asso­
ciation, to be held there Monday and
Tuesday, June 17th and 18th. Head­
quarters hotel is the Gardner, and the
convention sessions will be held in the
Elks Club, one block from the hotel.
Registration will take place at both
the hotel and the Elks Club.
With President A. C. Idsvoog presid­
ing, the session on Monday morning
will be called to order at 9:45. Frank
C. Rath je, president of the American
Bankers Association will be a speaker
at this session.
The first order of business at the
afternoon session will be the election
of North Dakota officers of the A. B. A.,
followed by a report of the nominating
committee for state officers, and their
election. The business and speaking
session will continue on Tuesday
morning, with convention adjourn­
ment at noon on Tuesday.
Ladies attending the North Dakota
convention will enjoy a bridge-luncheon at the Fargo Country Club on
Monday, and on Monday evening the
social hour at the Elks Club will be
followed by the annual convention
dinner at 7:15, the latter two affairs for
both bankers and their ladies.
The complete program reads as fol­
lows:

F

Monday Morning, June 17th
9:00—Registration
Gardner Hotel and Elks Club
9:45— Call to Order by President A. C.
Idsvoog
Invocation: Rev. Arthur C.
Barnhart,
Pastor Episcopal
Church
Address of Welcome: Charles A.
Dawson, President Fargo City
Commission
Response: C. W. Burges, Vice
President N. D. B. A.
Northwestern Banker, June, 1946


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

10:15—Opening Remarks of the Presi­
dent, A. C. Idsvoog
10:30—“ Our Foreign Loans” , L. U.
Stambaugh, Director Washing­
ton Export-Import Bank
11:10—-“Banking
Looks
Forward” ,
Frank C. Rathje, President
A. B. A., Chicago, Illinois.
ADJOURNMENT

Monday Afternoon, June 17th
2:00—Meeting of the A. B. A. mem­
bers to elect officers. Report of
State Association Nominating
Committee. Election of officers
2:15—“Missouri River Development” ,
General Lewis R. Pick, Division
Engineer, U. S. Army, Omaha,
Nebraska
3:15—“Changes in Agricultural Econ­
omy”, Dr. Frank L. Eversull,
President North Dakota Agri­
cultural College
4:15—ADJOURNMENT

Monday Evening, June 17th
6:15—Social Hour—Elks Club
7:15—Annual Dinner—Elks Club

Tuesday Morning, June 18th
9:30—“Keeping Our Economy Strong” ,
Morris M. Townsend, Director
Banking and Investment Sec­
tion U. S. Treasury Department
10:00—Address: H. N. Thomson, Presho,
S. D., President State Bank Di­
vision, A.B.A.
10:30—“ Installment Loans and Con­
sumer Credit in Small Banks” ,
Frank P. Powers, President
Kanabec State Bank, Mora, Min­
nesota
11:00—Question Period and round table
discussion on Installment Loans
and Consumer Credit
12:00—ADJOURNMENT

A n ierien n In stitu te o f B a n k in g
C on ven es in t in eim u iti
leaders in ail
phases of banking will appear on
the program of the 44th Annual Con­
vention of the American Institute of
Banking, educational section of the
American Bankers Association, which
will be held at Cincinnati, Ohio, June
10th to 13th, inclusive. The complete
program for the four days has been
announced by David T. Scott, national
president of the A.I.B., who is also
assistant cashier of The First National
Bank of Boston, Massachusetts.
Activities of the more than 1,500 outof-town delegates to the convention
will be divided into four phases.
There will be two business sessions
concerned with activities of the insti­
tute from a national viewpoint, three

R

e p r e s e n t a t iv e

institute conferences, four departmen­
tal conferences, and entertainment fea­
tures.
The first business session of the con­
vention will be called to order at 2:00
p. m. on Monday in the Taft Audi­
torium by David T. Scott, A.I.B. presi­
dent. The principal address will be
delivered by the Reverend William H.
Alexander, pastor of the First Chris­
tian Church, Oklahoma City, who
speaks on “The Atomic Spirit.” Presi­
dent Frank C. Rathje of the American
Bankers Association will also speak at
this session, as will Dr. Harold Stonier,
executive manager of the A.B.A. The
presiding officer will make the annual
report to the membership, and Dr.
(Turn to page 52, please)

21
Advertisement

“ I f « // o f H o n o r” Hanks
It is an honor to be listed among the H O N O R RO LL BANKS. It indicates that the
bank has SURPLUS and UNDIVIDED PROFITS equal to or greater than its capital
The hanks listed on this page are some of the outstanding "Honor Roll" Banks in the
NORTHWESTERN BANKER territory. By careful management and sound banking
they have achieved this enviable position. 7 hese banks will be especially glad to handle
any collections, special credit reports or other business in their communities ivhich you
may entrust to them. Correspondence is invited.

M in n eso ta
TOWN

BANK

Ada................. ..................Ada National Bank...................
Adams..... ...................
Farmers State Bank............ .
Belgrade.................. . ...N orth American State Bank
Belle Plaine.................... State Bank of Belle Plaine
Belview.............................Belview State Bank.............
Bird Island................... State Bank of Bird Island...
Breckenridge...................First National Bank.............
Canby................. ..............National Citizens Bank------Ceylon.............................. State Bank of Ceylon .........
Clarks Grove...................State Bank of Clarks Grove
Cold Spring....................State Bank of Cold Spring
Conger.............................State Bank of Conger............
Cottonwood___________ Empire State Bank................
Courtland.... ....................Courtland State Bank...........
Cyrus...............................State Bank of Cyrus...... ......
Duluth.............................. Central State Bank..............
Duluth.............................. First and American National Bank.
East Grand Forks..... ... Minnesota National Bank................
Ellendale.........................Ellendale State Bank
Elysian............................ State Bank...... ...........
Fairmont.........................Fairmont National Bank..........
Fairmont........................ Martin County National Bank
Gonvick........................... Northern State Bank ....... ...
Good Thunder...... .......... First National Bank
Grand Meadow...............First State Bank.....
Grand Rapids................ Grand Rapids State Bank
Hector. ....................... .....Security State Bank_____
Henderson....................... Sibley County Bank.........
Hendricks.... ....................State Bank of Hendricks
Hibbing..__ ____________Security State Bank.
Hopkins........................... First National Bank
Houston.......... .................Security State Bank
Kelliher........................... Citizens State Bank..
Luverne......... ...................Luverne National Bank........
Madelia.... ................... .....Citizens National Bank____
Mankato...........................National Bank of Commerce
Marshall.......................... First National Bank
Marshall.......................... Western State Bank
Melrose........................ ... Melrose State Bank.
Minneapolis.....................First National Bank
Minneapolis.....................Marquette National Bank
Minneapolis....................Northwestern National Bank
Minneapolis-...................2nd Northwestern National Bank
Moorhead.........................American State Bank...........
New Prague.................... State Bank of New Prague
New Ulm.........................Farmers & Merchants State Bank
New Ulm........................State Bank of New Ulm............
Northrop........................ Northrop Peoples State Bank
St. Cloud....................... Zapp State Bank......................
St. Paul............................Empire National Bank & Trust Co.
St. Paul........................... Midway National Bank.........
St. Paul....... ....................Stock Yards National Bank
Silver Lake...... ...............Citizens State Bank
Thief River Falls...........Northern State Bank.
Thief River Falls...........Union State Bank.....
Vernon Center...............State Bank of Vernon Center

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

OFFICER

CAPITAL

45,000
.A. A. Habedank.......... .......... ........
25,000
N. V. Torgerson _......... .........
30.000
A. J. Borgerding..... ............. ......
30,000
M. M. Gaffney......................
........
10.000
W. C. D a h l......
30.000
Edward Anderson......... ......
20,000
Peter Seterdahl....................
50,000
H. B. Leuders...................... .......
25,000
C. E. Champine.................... ........
25,000
A. J. Lageson..... ................. .......
10,000
N. J. Terharr...... ..................
25,000
II. C. Hanson..................... ........
25,000
G. S. Bacon...... ...................... ........
10,000
John C. Kettner........ ..........
20.000
0. E. Bjorgaard______ ___ .......
25,000
Lester Johnson.................... ........
W. A. Putman....... ............... ........ 2,000,000
50.000
L. H. Everett..... ................... ........
10.000
S. J. Sande.... ........................
15,000
F. B. Strom.......................... ........
75,000
J. F. Haeckel...... .................. ........
95,000
C. F. Holden......... .............. ____
25,000
S. G. Birkeland............. ....... ........
25.000
H. E. Glaeser................ ....... ........
25,000
G. N. Reppe.......................... ........
25,000
C. C. Wilcox........................ ........
20,000
L. L. Sp reit er...................... ........
15,000
E. H. Schrupp____________
25,000
J. W. Siverson...................... ........
50,000
W . R. Spensley....................
50,000
W. A. Zastrow.... .................. ____
25,000
('. S. Johnson....... ............... ........
10,000
.0. J. I.a tten d !.......................
50,000
G. P. Bauman........................ ........
50,000
J. G. Olson.............................. ........
100,000
F. A. Buscher........................ ____
50,000
C. D. Peterson........ .............
25,000
.T. F. Spreiter................ ........ ........
40.000
-H. C. Stalboerger................ ........
-C. B. Brombach__ ________ ____ 6,000,000
300,000
.Russell L. Stotesbury.......... ........
Joseph F. Ringland.............. ........ 5,000,000
100,000
J. Richard Wren.................... ......
50,000
.0. M. Westlin........................ ........
25,000
.A. G. Sirek............... ............. ........
50,000
,G. H. Vetter...... .................... ........
40,000
.Edward A. Stoll.... ................
15,000
.11. C. Mielke....... ................... .......
100.000
.Walter F. Zapp.................... ........
500.000
.0. T. Dedon..... ....................... ........
250.000
A. L. Ritt____ ____ _______ ........
250,000
.J. C. Moore........................... ........
25.000
. E. H. Jerabek...... ............... ........
50,000
.George A. Beito.................... ........
.E. 0. Peterson...................... ........
50,000
10,000
.Clarence M. Banks________ ........

SURPLUS
PROFITS
65,000
61,000
41,000
100,895
16,000
142,000
52,000
84,000
40,000
29,000
21,000
29,613
52,000
15,000
22,000’
36,000
3,508,050
70,000
32,871
26,000
141,000
100,000
119,000
26,000
33,000
50,000
62,000
16,500
35,033
112,000
110,000
45,000
20,000
95,000
56,000
105,000
181,000
45,000
44,000
16,093,000
513,000
15,597,000
144,000
142,500
33,000
87,952
225,000
20,000
215,000
869,000
544,000
454,026
34,000
76,000
121,000
25,000

Northwestern Banker, June, 1946

22
Advertisement

"R o ll o f H o n o r " Ranks
It is an honor to be listed among the H O N O R RO LL BANKS. It indicates that the
bank has SURPLUS and UNDIVIDED PROFITS equal to or greater than its capital
The banks listed on this page are some of the outstanding “ Honor Roll” Banks in the
NORTHWESTERN BANKER territory. By careful management and sound banking
they have achieved this enviable position. These banks will be especially glad to handle
any collections, special credit reports or other business in their communities which you
may entrust to them. Correspondence is invited.

M in n eso ta
(Continued from previous page)
TOWN

BANK

OFFICER

CAPITAL

Williams.....................
First
State Bank of Williams.... ..............W. R. Siems......
10,000
Willmar....................... Bank of Willmar...... ........................................ A. E. Nordstrom
100,000
Winnebago................... First National Bank............................
I.
A. Babcock......... 50,000
Winona......................... First National Bank...... ....................................H. L. Harrington
250.000
Winona....... ................. Winona National & Savings Bank...... ...............S. J. Kryzsko.....
200.000

SURPLUS
PROFITS
46,000
175.000
113,500
456.000
563.000

N o rth Italiota
Dickinson..................... The First National Bank of Dickinson
Dunseith.... .................. Security State Bank
Hope......................... First State Bank.....
Lankin..........................Citizens State Bank
Larimore......................Elk Valley State Bank.
Neche....................... ....Citizens State Bank......
New Leipzig.................First State Bank_____
Steele............. ..............Bank of Steele____ __
Sterling........................State Bank of Burleigh
Streeter................. .......State Bank of Streeter
Towner.......... ............... Pioneer State Bank.....

T. A. Tollefson................
W. P. Campbell...... ........ ..........
.M. G. Pederson................. ..........
R. F. Vorachek............................
.A. N. Johnson................... ..........
.J. L. Symington..........................
J. S. Birdsall.............. ................
H. W. George................... ..........
,H. E. Wildfang..........................
J. L. Graf...................................
M. T. Thompson.............. ..........

100,000
20,000
25,000
25,000
35,000
20,000
15,000
25,000
25,000
15,000
25,000

319,000
20,000
42,040
53,000
47,325
62,000
25,344
42,000
33,000
18,000
102,000

50.000
50.000
50.000
25.000
35.000
25.000
25.000
25.000
50.000
25.000
75.000
500.000

59.000
101,276
60.000
71,223
49.000
29.000
54.000
78.000
58.000
38,082
153.000
937.000
256.000
503.000
1,180,000
51.000
25.000
80.000
276.000
56,800

South Ita lutiti
Beresford.....
Buffalo..........
Centerville....
Colman.........
Freeman.......
Hayti............
Howard.........
Lake Preston.
Lemmon....... .
Menno...........
Miller............
Rapid City...
Rapid City...
Sioux Falls....
Sioux Falls....
Sisseton........
Stickney....... .
Wagner.........
Watertown....
Winner......... .
Yankton.......

.First National Bank................................................T. A. Peterson.......
.First State Bank...................................................... H. W. Clarkson....
Bank of Centerville...................................,..............J. N. Thomson.......
Dakota State Bank.................................................E. J. Harrington...
First National Bank................................................J. J. Waltner.........
.Community State Bank.........................................James Erickson.....
.Miner County B ank.................................................O. J. Boos................
.Community State Bank.........................................Harmon Kopperud
.Bank of Lemmon..... ................................................ C. O. Peterson........
.Menno State Bank...................................................J. W. Ulmer, J r .First National Bank......... ...................................... A. B. Cahalan........
.First National Bank...............................................R. E. Driscoll.........
.Rapid City National Bank..................................... Earl Keller.............
.First National Bank................................................W. E. Perrenoud....
Northwest Security National Bank..................... R. M. Watson.........
.Roberts Co. National Bank................................... A. W. Powell..........
.Farmers State Bank................................................E. G. Bormann......
.Commercial State Bank..................... :...................W. H. Frei.............
.First Citizens National Bank............................... L. T. Morris...........
.Farmers State Bank............................................... Henry Reynolds ....
American State Bank............................................. H. E. Edmunds......

Northwestern Banker, June, 1946


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

200.000

300.000
500.000
25.000
18.000
30.000
150.000
35.000
400.000

200.000

23

G<î

Hammermilf Safety meets
specifications of ABA!

r X fc

Page from
ABA book

Use H a m m erm ill S a f e t y ...
and give yo u r b a n k ’s checks
the a d v a n ta g e of 77the bestknow n n am e in p a p e r/ 7

in their business. T h e y respect H a m m erm ill
q u ality. T h e y appreciate your good ju d g ­
m e n t w h e n y o u fu r n is h th e m c h e c k s on
H a m m erm ill S a fe ty ...a n d y o u will be using
paper th a t m eets A B A recom m endations.
W e ’d like you to see for you rself w h y

T h e A B A recom m ends “ Sulphite P ro te c ­

H a m m erm ill S a fety is the first choice o f so

tiv e P a p e r” for checks. T h a t specification

m a n y leading banks. A note on your bank

leads directly to H a m m e rm ill S a fe ty ,

for

letterhead will bring sam ples showing the

this is the “ su lp h ite” which carries the best-

range o f clear, e a sy -to -w rite-o n colors. Just

know n nam e in paper.

address H a m m erm ill Paper C o m p a n y , 1513

Y o u r custom ers use H a m m e rm ill papers


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

E a s t L ak e R o a d , E rie, P en n sylvan ia.

24
the meeting. Mr. Converse’s address
was read by John de Laittre, vice pres­
ident and treasurer, The Farmers and
Mechanics Savings Bank, Minneapolis.
In his talk Mr. Converse said there was
a surprising development of thrift con­
(See Cover Photo)
dent, Savings Division of the A.B.A., sciousness during World War II in
EVERAL hundred bankers from and president, Worcester Five Cents contrast to the “silk-shirt extrava­
Iowa, Kansas, Minnesota, Missouri, Savings Bank, Worcester, Massachu­ gance” of the First World War. “This
Nebraska, North Dakota and South setts, and Fred F. Spellissy, vice presi­ trend toward thrift,” he added, “is all
Dakota attended the two-day Regional dent, Savings Division, and executive the more remarkable when we recall
Savings and Mortgage Conference un­ vice president, Market Street National that it occurred immediately following
der the auspices of the American Bank­ Bank, Philadelphia.
a period when thrift was derided as
ers Association in Des Moines last
Herbert L. Horton, chairman, Des not only penury but the unpatriotic
month.
Moines conference committee, and cause of depressions.” Mr. Converse
Unable to attend due to the railroad president, Iowa-Des Moines National also said we can expect a decline in
strike were Myron F. Converse, presi­ Bank and Trust Company, presided at savings deposits due to the high vol­
ume of purchases of long-awaited com­
modities.
Mr. Spellissy’s address was read to
the assembly by R. R. Rollins, vice
president, Bankers Trust Company,
Des Moines. The importance of sav­
ings bankers knowing their costs as a
means of determining the rate to be
paid on savings deposits was empha­
sized in his talk. “ The rate you pay
is your individual problem,” he said.
“You should know your costs; you
should know what income you can
derive from your funds from all
sources, either loaned or invested, and
what allocation of earnings you can
make to your savings department be­
cause of its funds which enable you
to obtain a preferential rate of in­
come.”
Other speakers on the two-day pro­
gram included E. E. Brown, chairman
of the board, First National Bank,
Chicago; Dr. Melchior Palyi, economist,
Chicago; Warren Garst, member A.B.A.
F o r m o r e th a n 8 0 years p r o m p tn e s s , e ffic ie n c y ,
agricultural commission, and cashier,
a n d fr ie n d ly c o n ta c ts h a v e ch a ra cte riz e d T h e
Home State Bank, Jefferson, Iowa;
F irst N a t io n a l B a n k o f C h ic a g o r e la tio n s h ip w ith
Dr. Ernest M. Fisher, professor of
c o r r e s p o n d e n t B a n k s.
Urban Land Economics, Columbia
University, New York; Walter T. Rob­
T h e s e q u a litie s h a v e b e e n d e v e lo p e d b y an
inson, loan guarantee officer, Iowa
in tim a te k n o w le d g e a n d a p p r e c ia tio n o f th e
Veterans Administration, Des Moines;
p r o b le m s a n d th e n e e d s o f o u t -o f -t o w n b a n k s.
Chester R. Davis, chairman, commit­
H o w s u c c e s s fu lly T h e F irst o f C h ic a g o has m e t
tee of service for war veterans, A.B.A.,
and vice president, Chicago Title and
t h e r e q u i r e m e n t s o f c o r r e s p o n d e n t b a n k s is
Trust Company, Chicago, and several
attested to b y th e e v e r in c r e a s in g n u m b e r o f
A.B.A. officers. # #
A

H

A

S a v i n t /s

a

Conference in lies

S

"F irst” for Banks

b a n k s th a t ta k e a d v a n ta g e o f th e c o m p le t e fa c ili­
ties a v a ila b le to th e m at T h e First.

Y o u r b a n k is c o r d ia lly in v it e d to m a k e this b a n k
y o u r C h ic a g o c o r r e s p o n d e n t .

The First National Bank
of Chicago
; ' G r o w in g w ith C h ic a g o a n d th e N a t io n S in ce 1 8 6 3
MEMBER

FEDERAL

Northwestern Banker, June, 1946


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

DEPO SIT

IN SU R A N C E

CO R PO R ATIO N

New Officers
Following a meeting of the board of
directors, S. Sloan Colt, president of
Bankers Trust Company, New York,
announced the election of the follow­
ing officers:
Duane Reed Stuart, Jr., formerly an
assistant vice president, was elected a
vice president, effective on his return
to the bank about June 30th. He en­
tered the Army in May, 1943, and has
the rank of lieutenant colonel. Mr.
Stuart will be assigned to the Fifth
Avenue office of Bankers Trust Com­
pany.
(To page 26)

25

e w

iN c M

- “

” o

» n o

f ° *

» s ,n G 0

E

r

\ G

N

JÄ T IA H «*
serve
lrVu.fi

•

■

w r t b m ° re aT1 ..

o ì F ° rel^n

, ,Ue b an *««

,i

^,-rv’vce-

abroa*

i, profitable ser „
increasing .
ToteVgn '

V.as V .^ « -e

wH„n von «s e

Varùcu'avW
guance
i

to d

^

yo<l Have

tVie U' UV-

tions °«

vo»r

-.c seftd u

yo *

V-.cAa \ve stt™

r ,ns n i *

w

« /e arrange

thè

, oí

£ > £ £ £ *•
?ay® eno«dent banks.

you *«d ^

cortesp
y -oucrVdOvvb
t servicetransaction f
”^ * * * »
^
*e sbaU
cnstnrn^ '
are intere^ ^
abont
tirite ns '{ ?
s andì«r*
,,cs„.

- d^ sa: S Î > ^ oducinë

co»

^

. S E * ' i ° RK ' 5 ’

v /A U s tR ££T

Corp°'

r

Member Federa. DePos........

¿i L. i

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

Northwestern Banker, June, 1946

26
Edwin J. Sitgreaves was elected an
assistant vice president. Prior to en­
tering the Army in 1942, Mr. Sitgreaves
was executive vice president and trust
officer of the Easton Trust Company,
Easton, Pennsylvania. He was re­
leased from the Army in 1945 with the

rank of major. Mr. Sitgreaves joined
the bank on June 1, 1946, and has been
assigned to the banking department.
Paul T. Arzee was elected an assist­
ant treasurer. He entered the Army
in 1942 and holds the rank of lieuten­
ant colonel. Mr. Arzee was assigned

to the Foreign Department of Bankers
Trust Company on his return June 1.

Named Director
Joseph F. Ringland, president of
Northwestern National Bank of Min­
neapolis, was elected a director of
Northwestern National Life at the reg­
ular meeting of the company’s board
of directors, May 23rd, O. J. Arnold,
president, announces.
Mr. Ringland came to the North west-

A “ P I w s ” S e r v ic e
fo r A ll B a n k s
W h ile som e o f our correspondent banks are larger
institutions located in cities, it is also our privilege to
serve many progressive banks with customers residing

JO S E P H F. R IN G L A N D
On L ife C o m pan y B o a rd

largely in rural districts.

ern National Bank from the Guaranty
Trust Company of New York as vice
president in August, 1944, and gucceeded Shirley S. Ford as president
following Mr. Ford’s death a year later.
His previous banking experience was
with the Empire National of St. Paul,
the Stockyards National of South St.
Paul, the Great Falls National and the
United States National Bank of Omaha.

Regardless o f the size or location o f your bank, or
the character o f your clientele, the Am erican N ational
offers you the prom p t, experienced, interested coo p ­
eration that other banks have found o f unusual value.
It is our constant endeavor to g o beyond routine and
render a “ plu s” type o f service which m ore than meets

New Booklet

the expectations o f our correspondents. Y ou r inquiries

Manufacturers Trust Company, New
York, announces that it is distributing
a new booklet entitled “Nine Keys to
Sound Mortgage Management.”
The booklet deals in an interesting
and informative manner with prob­
lems such as delinquency in interest
payments, under-insurance, neighbor­
hood changes affecting property values,
and many other pitfalls which are in­
herent in mortgage investments which
do not receive skilled, full-time super­
vision.

are invited regarding any phase o f this service.

A M E R IC A N

N A T IO N A L

AIM D T R U S T

B A N K

C O M P A N Y

OF CHICAGO
LA S A L L E ST R EET J l

AT W A S H I N G T O N

Member Federal D eposit

Insurance Corporation

Copies of the booklet may
tained from the bank’s Real
and Mortgage Management
ment at 45 Beaver Street, New

Did you know that adoption of our Cash Letter

Scarborough
& Company

insurance enables you to dispense with detailed
Cash Letter transcripts and keep onlv a duplicate
adding machine tape? Ask us for details.
Insurance Counselors to Banks

FIRST

N A TIO N AL

B A N K

Northwestern Banker, June, 1946


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

BU ILD IN G

•

CHICAGO

3, ILLINOIS

•

STATE

4 3 2 5

be ob­
Estate
Depart­
York.

27

It’s the National Multiple-Duty Accounting Machine, and it
handles these seven basic banking jobs.

6. It posts the general ledger
7 p pOSts the daily statement of business

1.
2.
3.
4.
5.

Even a small bank will keep this National machine busy every
hour o f the day. Removable form bars let you change it from
one job to another in a matter o f seconds. Or, in a larger bank,
each machine may be assigned to handle one, or more, o f these
seven basic functions.
Wouldn’t it be a big help in y o u r bank? It’s but one o f the
many National machines and systems designed to save time
and money while reducing errors and improving the efficiency
of banking methods.

It
It
It
It
It

posts the depositors' accounts
posts the loan and discount records
posts any type of mortgage record
posts the trust ledger
writes and posts the payroll records


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

THERE'S A NATIONAL FOR EVERY BANK AND FOR EVERY BANKING JOB

No matter what the size or the specific need o f y o u r bank,
there is a National System to meet it. Have your National
representative study your own situation and show you the
best way to solve it. There is no obligation, o f course. Write,
The National Cash Register Company, Dayton 9, Ohio.

Northwestern Banker, June, 1946

28

Assistant Cashier
Captain Jacob M. Ford, II, who re­
ceived his discharge from the Finance
Department of the Army early in
April, has been appointed assistant
cashier of the First National Bank, St.
Joseph, Missouri. He is the son of
Frazer L. Ford, who is president of
the First Banks of St. Joseph.

Represents Western Division
Walter Braunschweiger, vice presi­
dent-chairman of public relations,
Bank of America, was elected vice
president of the United States Cham­
ber of Commerce at the annual meet­
ing of the board of directors in Atlan­
tic City.
Mr. Braunschweiger has been very
active in the organization, having

. . . t h e w a y he b u ild s
Californians like to use native
materials such as redwood and
adobe brick when they build.
Homes are low-slung, rambling,
spacious — to take advantage
o f natural settings and give
expression to the widespread
love for outdoor living.

. and the w a y he banks

r'The California Trend”
... a fact-based forecast.. .will
help you plan your business if
your plans include California.
Write Dept. AD, 300 Mont­
gomery St., San Francisco 20,
or 660 So. Spring St., Los
Angeles 54, for a free copy.

Californians,comprising the great­
est m arket in the W est, look to
Bank of Am erica for their bank­
ing services. Through its 493
branches in 307 California com­
munities this bank adds a valuable
understanding of local conditions
to a stable statewide organization.

Bank of America, a member o f the Federal Reserve System and the
Federal Deposit Insurance Corporation, has main offices in the
two reserve cities of California—San Francisco and Los Angeles.

◄ R E S O U R C E S O V E R 5Va B IL L IO N

D O LLA RS ^

^Smtk of America
N A T I O N A L s a v i n g s A S S O C IA T IO N
L ONDON, E N GL AN D, BRANCH:

12 N I C H O L A S

L A N E , L O N D O N , E. C. 4

BLUE AND GOLD BANK DF AMERICA TRAV ELE RS C H E Q U E S ARE AVAILABLE T H R O U G H AU TH O RI Z E D
BANKS AND AGENCIES EVERYWHERE

Northwestern Banker, June, 1946


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

W A L T E R B R A U N S C H W E IG E R
A V ic e P r e s id e n t o f N a tio n a l
C h am b er o f C om m erce

served on the board of directors and
various national committees for the
past two years. In his capacity as
vice president he will directly repre­
sent the Western Division, comprising
Washington, Oregon, California, Idaho,
Utah, Nevada, Arizona, Alaska, Ha­
waii and the Philippines.
Mr. Braunschweiger is a senior ad­
ministrative officer of Bank of Amer­
ica and a member of the bank’s
managing committees. A business and
civic leader for many years, he was
president of the Los Angeles Chamber
of Commerce in 1935, and is actively
identified with numerous civic and
state organizations.
Broom Stick Annie
“ I had my girl out at the airport on
Sunday and now she wants me to take
her flying.”
“ If it’s the one I saw you with last
night, just buy her a broom.”

29

International
Banking Facilities
fo r Correspondent Banks

F ew

o f our correspondent banks maintain complete Foreign

Departments o f their own. However, they are under no handicap in handling
the foreign transactions o f their customers. The complete facilities o f our Foreign
Department are at their disposal. I f a problem arises all they have to do is to
phone, wire or write us. They initiate the transaction; we furnish the facilities.
M any years o f worldwide experience enable us to provide correspondents
with procedures requiring a minimum o f detail work on their part on transactions
involving Foreign Remittances, Letters o f Credit, Export Collections, etc.
Here is an excellent way for you to gain additional revenue and other collateral
benefits, to maintain existing relationships with old customers and to develop
business with new clients.
Y o u r inquiries as to how we can work with you on Foreign Banking trans­
actions are invited.

Manufacturers Trust Company
Principal Office and Foreign Department: 55 Broad Street, N e w Y ork 15, N . Y .

71 Banking Offices in Greater Neiv York
European Representative Office: 1, Cornhill, London E.C. 3
Member Federal Deposit Insurance Corporation

¡L

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

Northwestern Banker, June, 1946

30
(S ¡¡Il

»

¡jl

j¡¡¡

FOCAL POINT
foi Co-ordinated Regional

W hat
Do
Y ou
Think?
Question: The Massachusetts legis­
lature has voted to permit banks
to remain closed on Saturdays
during June, July, August and
September. Do you think such
practice should be nationwide?

í

Wisconsin’ s

Bank for Banks

This outstanding bank — established
in 7853 — serves as M ilw aukee de­
pository for over 85 per cent of all
the banks in W isconsin!

Wi t h u n p a ra lleled corre sp o n d e n t “ cov era g e” o f
W iscon sin , the First W iscon sin N ation al Bank
o f M ilw au k ee is not o n ly “ the p o in t o f p ro m p t
c o lle c tio n ” fo r W isconsin ch eck s and drafts, but
also the fo c a l p o in t fo r u n iq u e C o-ord in ated
R egion a l S ervice keyed to the needs o f n ation al
corp o ra tio n s o p era tin g bran ches, sales divisions,
distribu torsh ip s, retail outlets o r oth er units in
tli is area.
B ankers as w ell as business executives are in vited
to w rite fo r fu rth er in form a tion .

FIRST WISCONSIN
NATIONAL BANK
o f M ilw a u k e e
MEMBER

OF

THE

FEDERAL

Northwestern Banker, June, 1946


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

DEPOSIT

I NSURANCE

CORPORATI ON

C. D. Peterson, cashier, First Na­
tional Bank, Marshall, Minnesota: “ I
think the five-clay work week is the
dream and hope of all employed per­
sons. However, in agricultural com­
munities such as ours, a five-day week
presents many special problems that
will require much effort to solve in a
manner satisfactory to our farmer cus­
tomers.
“ I think before any attempt is made
to establish this practice nationally,
a careful study should be made of the
results in the communities that have
pioneered in the plan.”
A. J. Baxter, president, Frenchman
Valley Bank, Palisade, Nebraska: “ I
do not think that the practice of per­
mitting banks to remain closed on
Saturday during June, July, August
and September should be nationwide,
as it is in Massachusetts. This practice
no doubt is justifiable in Massachusetts
and other eastern states.
“But I do think the practice of per­
mitting banks in the middle states and
especially in smaller communities, to
remain closed on Wednesday or prefer­
ably Thursday, is justifiable and prac­
tical, and worthy of consideration.”
D. J. Christenson, vice president and
cashier, Renwick Savings Bank, Renwick, Iowa: “ Cutting down the work
week for bank employes by closing on
Saturdays would of course be very con­
sistent with the shorter work week
that labor in general is demanding,
and it would also be an advantage for
banks insofar as the wage and hour
law is concerned, being a savings on
overtime, and for city bank employes
it might be a fine thing to get a long
week end, but I doubt that the public
would be in favor of such a thing.
“ I happen to operate a country bank,
(Turn to page 38, please)

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

31

L a y in g

th e

F o u n d a tio n

fo r

. . .

V

. /

T | 1HE m o d e rn b an k o f tod a y is p la n n in g an a m bitiou s p rog ra m o f expan sion .
T o p executives are b e co m in g alert to the p ossib ilities o f the fu tu re.

N ow

is the tim e to la y the fo u n d a tio n fo r 1950 b y setting definite o b je ctiv e s fo r each
m on th .

T hese o b je ctiv e s can b e a cco m p lish e d . . .

1. By inviting business from new customers.
2. By keeping old customers satisfied that they are dealing with
a progressive bank.
S. By urging customers to discuss their financial plans with
the officers.
4. By stimulating old and new customers to use more o f the
bank’ s services more often, such as:
Automobile Loans.

Executorships.

Personal Loans.

Trusteeships.

Consumer Credit Loans.

Agency and other

Hom e Improvement Loans.

Trust Business.

A s the turn o f the h a lf cen tu ry ap p roa ch es, W esslin g Services can be o f
trem endou s h e lp to those w h o lik e to lo o k ahead.

W esslin g P rogram s are

ca re fu lly p la n n ed — the w o rd in g is sim ple, d irect and con v in cin g .

T h ere w ill never be a better tim e than n ow to w rite to W esslin g Services
and say that y o u want a P o r tfo lio o f A dvertisin g M aterial.

W h eth er y o u r

institution is large o r sm all, we are interested in serving you .

Wessling Services
D es

Counsel

on

M o in e s

Bank

9,

Iow a

Public

Relations

Northwestern Banker, June, 1946

32

INVESTORS SYNDICATE OF CANADA, LIMITED
WINNIPEG

.

INVESTORS SYNDICATE OF AMERICA, INC., MINNEAPOLIS
INVESTORS MUTUAL, INC., MINNEAPOLIS
INVESTORS SELECTIVE FUND, INC., MINNEAPOLIS

INVESTORS SYNDICATE
TITLE AND GUARANTY
COMPANY
NEW YORK CITY

INVESTORS STOCK FUND, INC., MINNEAPOLIS

IN V E S T O R S SY N D IC A T E
Representatives throughout the United States and Canada

You are invited to write for detailed information on services offered,
and for the several prospectuses.
INVESTORS SYNDICATE • HOME OFFICE: MINNEAPOLIS, MINNESOTA

R.

Northwestern Banker, June, 1946


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

E. Macgregor, President

33

IN V E S T M E N T S

Cover
Y ou r W a r
W ith Short-T erm

A eeou n t

I> o i i i i

War Loan Deposits Will Probably Be Reduced to a Low
Level Within a Few Months. Any Loss of Commercial
Deposits Can Also Be Covered by Short-Terms
By RAyMOND TRIGGER
Investment Analyst
New York City
ID-MAY came and went and the
deluge of free-riders’ offerings
of bonds bought in the final
war bond campaign proved to be little
more than a trickle. The market was
ready and steady. There won’t be any
more Victory Loan campaigns with
ridiculous incentives to non-bank in­
vestors to free-ride and artificially swell
total sales. Consequently, there won’t
be any more end-of-six-months scares
to upset trading. Another blessing is
that henceforth markets will be “firm”
on both sides. Inspired from on high,
government bond trading houses made
a gentlemen’s agreement to restrict
dips on any one day to a quarter-point
during the war. Perhaps there was
justification while the war was on, but
nobody thought to tell them when the
need had passed. So, for a time in late
April and early May markets were un­
real on the bid side. Naturally, anyone
discovering that there was no firm bid
for 100 bonds immediately wanted to
sell 200 and all business dried up for a
while.
Although normally figuring almost
not at all in the government bond
trading arena, the New York Stock Ex­
change found that it, too, was a chan­
nel through which imaginary bids
were being published. Taking the play
from the regular dealers, the Exchange
applied the obvious remedy. Restric­
tions came off and business was done
on the Exchange in considerable vol­
ume. Tardily, the dealers fell into line
and the market returned to its natural
habitat. Prices were recognized as de­
pressed and a nice rally set in.

M

Interest Rates
With that little flurry out of the
way, attention reverted to the future
of interest rates. Here, a reasonable
compromise between somewhat diver­
gent philosophies appears to be shap
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

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

of fueling inflation. The Federal Re­
serve, soundly, considers that some­
what higher interest rates is a potent
anti-inflation factor. The compromise
appears to be that the Reserve may
take such steps against inflation as it
chooses, with the treasury’s blessings,
provided the cost of servicing the debt
is not thereby increased.

ing up. The treasury, understandably,
wants to service the nation’s huge
debt as cheaply as possible as long as
this does not involve the greater evil

Mildly deflationary is the treasury’s
program of retiring debt with idle
cash. This is moving along smoothly.
Up to now about three-quarters of the
reduction has been reflected in a drop
of 4.3 billions in holdings of govern­
ments by the Reserve banks and week­
ly reporting member banks. By midJune, more than 10 billions of idle cash
will have been used to retire debt.
Latest, and quite expected pay-offs are

S p e c i a / i x i n g in C l n / is t e e t S e c u r i t i e s

Bank — Insurance
Public Utility — Industrial

Real Us late

Lumber Sc l i mb er
Bonds, Prelerred and C om m on Stocks
BOUGHT — SOLD — QUOTED

REM ER,

M ITCH ELL

& R EITZEL,

IN C .

208 SOUTH LA SALLE ST., C H IC A G O 4 • PHO N E RAN D OLPH 3736
WESTERN UN IO N

TELEPRINTER "W U X "

BELL SYSTEM TELETYPE CG-989

Northwestern Banker, June, 1946

34

Investments

$2,000,000,000 of $4,799,491 short-term
% per cent certificates of indebtedness
on June 1 and cash redemption on
June 15 of $1,035,873,400 3s and $818,627,000 of 3y8s.

Retiring Debt
The treasury is reducing debt at a
rate that makes that of post-World
War I look pedestrian indeed. Thus, in
four months this year, more debt will
have been retired than in the 11 years
following World War I. It’s all done
with mirrors, of course, but a reversal
of the long uptrend of outstanding
federal debt by any means is whole­

some. The percentage reduction of
debt is not as great as was accom­
plished a quarter-century ago, nor is
the source of cash the same. In the
earlier period, an administration oper­
ating in the black used the excess of
revenues over expenses to reduce debt.
This time the federal government is
still spending more than it takes in
and is using unreasonably swollen and
quite idle cash balances to reduce debt.
It’s entirely commendable, though, and
there’s an excellent prospect that by
the time excess cash has been ex­
hausted, say, the middle of 1947, the
federal government will have balanced
its budget.

F IR S T < ROM F
fo r

Short Torn» Investm ents
THE CONSOLIDATED DEBENTURES of the Federal
intermediate credit banks offer outstanding advantages as
short-term investments for both banks and corporations.

War Loan Deposits
Meantime, this mid-1947 date looms
as otherwise significant to commercial
banks holding government war loan
deposits. The aim is to have those de­
posits down to 10 per cent of the Jan­
uary, 1946, level by July of next year.
Thus, commercial banks are faced with
the prospect of steadily decreasing war
loan deposits and earning assets. Ad­
ditionally, here and there as funds
are shifted about, there may be some
pressure on reserve positions, offset,
of course, by gains in other spots. It
would be understandable for banks to
seek to offset the decline in earning
assets by reaching out a little further
into the medium and longer term
brackets.
Liquidity would thereby
suffer and the average maturity of
bond holdings would be lengthened.
Both are unwise. The prudent, though
less profitable, course is to cover the
war loan account with short-terms and
to do the same for such loss of com­
mercial deposits due to postwar eco­
nomic changes in local conditions as
can reasonably be anticipated.
Insofar as war loan deposits go, the
country’s banks were recipients of a
windfall that helped earnings whilst
involving no risk if invested in short­
term governments. Obviously, the
banks are vulnerable to political at-

These debentures are the joint and several obligations o f
the twelve Federal intermediate credit banks and are is­
sued in maturities o f from six to twelve months. They are
legal investments for savings banks, insurance companies
and trust funds in New York and other states.

Neiv Issues:
500 Sh. OHIO
CO.

PUBLIC

Issued under the Federal Farm Loan Act, as amended, the

3.90% Cum. Pfd. Stock

debentures are eligible as security for all fiduciary, trust

@

and public funds held under the authority or control o f
the Federal Government and are approved as security for

SERVICE

102. 5 /8 to yield 3.80%

500 Sh. KANSAS C ITY FIRE
MARINE INS. CO.

&

Common Stock ($10 par)

the deposit o f postal savings funds.

@

22 to yield 4.54%

on present indicated div. rate

Debentures are offered through recognized security dealers and dealer
banks. Inquiries should be addressed to the Fiscal Agent or to dealers

500 Sh. COLUMBUS & SOUTH­
ERN OHIO ELEC. CO.
Common Stock

CHARLES R. DUNN,
31

N assau S treet

@

Fiscal Agent
N ew Y ork

5 3 V2 to yield 4.48%

on present div. rate

5, N. Y.
Offering made only b y prospectus,
copy of which is available at this
office.

THE FEDERAL INTERMEDIATE CREDIT RANKS
SPRINGFIELD, M ASS.

LOU ISVILLE, K Y .

ST. PAUL, M INN.

HOUSTON, T E X .

BALTIM O RE, M D.

NEW O RLEAN S, LA.

O M AH A, NEB.

BER KE LE Y, CAL.

COLUM BIA, S . C.

ST. LOU IS, M O .

W ICH ITA, K AN .

SPOK AN E, W ASH .

Wheelock & C ummins, Inc.
200 Equitable Bldg.

Phone: 4-7159

Des Moines 9, Iowa

Northwestern Banker, June, 1946


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

Investments
yields. The advice given by this ob­
server a month ago to stay with gov­
ernments, but not to strain for them,
still holds. Scale purchases during
periods of weakness are clearly in or­
der.
There should be no lengthening of
average maturities in view of the
entirely logical expectation of from
three to five years of expanding busi­
ness in this country once the plague of
labor disturbances is over. The com­
mercial banks should do everything
possible to curb speculation in govern­
ments with the use of bank credit. At
the same time, sustained efforts to
induce individuals to first hold, and
then to resume and continue steady
purchases of governments are impera­
tacks on this score and may be the
victims of legislation which could
hamper independent judgment and ac­
tion by bankers generally. Since the
end is in sight in any case, it is short­
sighted and greedy to hold out for the
last penny of profit from war loan de­
posits, to say nothing of the risk as­
sumed by holding medium and longer
terms against what is known to be a
short term liability.

tive. All of this adds up to some reduc­
tion of earnings, directly and indi­
rectly, from governments, but it is all
in the public interest and, if all goes
well, may easily be more than offset
by expanding commercial loans. A
sound economy can only be achieved
by cooperative efforts of an administra­
tion bent on reducing expenditures, by
the treasury’s long-term debt policies
with the help of the Federal Reserve
System, plus the active participation
of the rank and file commercial bank­
ers.

Corporate Bonds
The same prudent and cautious atti­
tude should prevail toward corporate
(Turn to page 38, please)

We Offer to Banks Only

Com m ercial Paper

Collateral Loans

R. C. LONG & COMPANY
E S TABLIS H ED

1924

418 OLIVE STREET

Stay With Governments
Although there has been a modest,
but eminently gratifying rise in com­
mercial loans this year, the bond port­
folios are still the main earnings
sources of most of the country’s banks.
Governments come first, generally, and
what can be done within reason to lift
earnings from this department should
be undertaken. As it happens, not
much is possible. The trend, despite
occasional setbacks, and at a snail’s
pace usually, is still toward lower

Ja m

35

CURRENT

SAINT LOUIS 2, MISSOURI
LIST

OF

O FFER IN G S

AVA ILA B LE

UPON

AND

BANK

REFERENCES

REQUEST

ie so n

&
C

o m pan y
Members

New York Stock Exchange
and

Other Principal Exchanges

★

STOCKS
BONDS
COMMODITIES
★
MINNEAPOLIS
FARGO
ST. PAUL
GRAND FORKS
DULUTH
SIOUX FALLS
EAU CLAIRE
P riv a te W ir e to A ll Prin cip a l M a rk ets
—


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

Northwestern Banker. June, 1946

36

MAKE IT
A
SURE POINT
Today as never before it is essential that every man who has
a business investment should protect his holdings in every
reasonable manner. No one can afford to "take a chance."
As the banker in your community your clients look to your
business judgment.
W e are represented by several hundred banker agents
throughout the middle west and we are proud of this recog­
nition of our service. W e are confident that you too will find
our organization building upon the foundation which you
wish to secure for your customers. W e invite your complete
investigation of our A gency program.
Today we offer a complete line of FIRE - EXTENDED COV­
ERAGE - AUTOMOBILE and PLATE GLASS INSURANCE.
Your letter of inquiry will bring a prompt visit from one of
our specially trained field men who can explain our Complete
Insurance Program.

W ESTERN M U TU AL
FIRE INSURANCE CO.
9 th & G ran d

Northwestern Banker. June, 1946


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

Des M oines, Io w a

37

IN S U R A N C E

/O A n sw ers in Questions
on Hurgiurg am i M u ss Coverage
'

i

When Is a Safe Fireproof?

Burglary Proof?

What Factors

Affect Plate Glass Rates? What Is Protected by an Accounts Receivable Policy?
HE following ten questions were
included in written examinations
for the course in burglary and glass
insurance sponsored last year by the
educational division of the National
Association of Insurance Agents. Class­
es were made up of local agents groups
in all parts of the country. The an­
swers shown, judged by the graders to
be correct, have all been taken from
examination papers turned in by stu­
dents of these classes.
Question 1. What is the easiest and
quickest way to determine whether a
safe is fireproof or burglary proof?
Answer. The easiest and quickest
way is to open the door and make an
examination. Burglary proof safes
have bolt work and combination lock
exposed, as well as having a steel door
of at least one and one-half inch thick­
ness. However, if the rear of this open
door is covered with a plate which
hides the bolt work and combination
lock, it will mean in practically every
case that it is only a fire resistive safe,
and steel in the door is less than one
and one-half inches, regardless of its
appearance.
Question 2. What is the “ removal
clause” in a residence and outside
theft policy?
Answer. Thirty days is granted for
moving from one permanent residence
to another—coverage to apply at both
locations while moving and also while
being moved.
Question 3. Describe the reinstate­

T

ment clause in the robbery forms of
insurance.
Answer. This clause provides for
automatic reinstatement of the amount
of the loss sustained. However, an
additional premium must be paid from

T h e good ba n ke r-a g en t, th rough kn o w le dg e
ga ine d from st u d y and exp e ri en ce , can
a n s w e r a n y qu es tio n s his c li e nt s m a y have.

the date of the loss to the expiration
of the policy.
Question 4. Name two coverages
granted by the paymaster robbery pol­
icy which are not covered by an inte­
rior robbery policy.
Answer. 1. Covers off premises.
2. Covers up to 10 per cent of
amount of insurance for funds other
than pay rolls.
Question 5. When rating an open
stock policy, is the rate classification
applied to the merchandise or business
of the assured?

Answer.

Applied to the business of

the assured.
Question (>. For what purpose was
the storekeepers policy created?
Answer. To provide coverage for
the small merchant not able to pur­
chase the higher priced coverages.
Question 7. What insurance protec­
tion is afforded by an accounts receiv­
able policy?
Answer. The policy provides cover­
age against loss of a consequential
nature. The perils covered are “ all
risks” of physical damage and destruc­
tion occurring on the premises. It
reimburses for any loss sustained
through inability to collect outstanding
accounts receivable due to the fact
that the records are destroyed. Pol­
icy also provides for reimbursement of
cost of reproducing records of accounts
receivable, if and when restoration is
possible.
Question 8. What generally is the
bank or safe deposit company’s re­
sponsibility to its customers with re­
spect to loss of property from their
safe deposit boxes?
Answer. The bank is responsible
to its safe deposit box holders the same
as other bailees. There must not be
negligence on the part of the bank and
the bank must protect the property of
its box holders the same as it would
its own.
Question 9. Name five factors that
affect plate glass rates.
Answer. 1. Manufacturers’ price list.
2. Size of glass.

D i d you k n o w that your Banker’s Blanket Bond
does not protect your Cash Letter while it is in transit
by mail or express? A s k about our
Cash Letter Policy, which fills the gap.

Insurance Counselors


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

j ^0 Banks

S C f i r b O r O U g h

f ir s t

n a t io n a l

b a n k

b u il d in g

• C

C

h ic a g o

I

o

m

l l in o is

p

•

a

s t a ie

n

y

43"^ 5

Northwestern Banker, June, J94&

38

Insurance

3. Distance from factory.
4. Position of glass in building.
5. Exposure to unusual hazards.
Question 10. In event of breakage
of glass, insured by a policy, how does
the insurance company discharge its
obligation?
Answer. By paying damages in cash
or replacing the glass, usually the latter. # #

W HAT DO YOU THINK?
(Continued from page 30)
and I know that our customers (who
are mostly farmers) would not be in
favor of such a move, as Saturday in
a country town is a rather busy day.

Then, too, even country bank hours are
not as long as they were years ago, and
I cannot see any distinct advantage to
keeping closed, as we have quite a few
holidays during the year, and I don’t
believe that any of us are taking much
hurt by working on Saturday.”
H. C. Stalboerger, vice president,
Melrose State Bank, Melrose, Minne­
sota: “ I think Saturday closing should
be nationwide.”

1
H. T. Holtz, vice president and cash­

ier, Garrison State Bank, Garrison,
North Dakota: “ I do not believe that
closing all day Saturday would work

Select Insurance
fo r Select Risks!
Sickness and Accident Policies with Hospital
and Surgical Reimbursement for
Preferred Occupations

OVER 41 YEARS OF SUCCESSFUL SERVICE

If rite for Application and Literature to

MINNESOTA COMMERCIAL
MEN’S ASSOCIATION
P A U L C L E M E N T , Secretary
2550 PILLSBURY AVENUE
MINNEAPOLIS 4, MINNESOTA

Northwestern Banker, June, 1946


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

out in the smaller communities. We
have found that in closing at noon on
Saturday the farmers rush in just be­
fore closing to do their banking. Also
the merchants would be obliged to
carry over their deposits for both Fri­
day and Saturday until Monday with
not too much protection.”
F. P. Nielsen, cashier, Security State
Bank, Oxford, Nebraska:
“Depends on what these brilliant
congressmen we have do about the
minimum wage law. If they pass that
(which I suppose they will) we might
as well close Saturday or every other
day.”
O. B. Graff, cashier, First State Bank,
Gilby, North Dakota: “No. What is
this world coming to? Labor wants an
increase in pay and shorter hours. To
close on Saturday afternoons is fine.”

C. C. Lehr, vice president, First
State Bank, Gackle, North Dakota:
“ The practice of closing banks on Sat­
urdays during the months of June
through September should not become
nationwide. Since most businesses and
industries do not close down entirely
on Saturday it would be a mistake for
banks to place their schedules out of
harmony with the activities of the cus­
tomers they serve. Since most banks
already have much shorter hours than
the customers and businesses they
serve, I believe it would be a mistake
for banks to further shorten their
services to the public. If banks fail
to be of service then substitutes for
banks would be justified.”

WAR LOAN ACCOUNT
(Continued from page 35)
bonds. It is all right for the savings
banks and the insurance companies to
hold long-term governments on a 2.25
per cent basis. Their liabilities and
their functions are longer-term. There
are signs that they, too, have accepted
the prospect of low interest rates, how­
ever much they may rail against it.
Highly significant was the purchase by
the huge Equitable Life Assurance
Society of $32,000,000 Philip Morris 2%
per cent debentures at 101, a 2.55 per
cent basis, not so long ago.
The Society is famous for its last
ditch, losing, fight all the way from
3% per cent to 3!4 per cent and again
at 3 per cent. That line was long since
bent, then cracked wide open. One
clear enough deduction from the Philip
Morris purchase is that expert invest­
ors look for a 214 per cent coupon on
long governments within a year or
two, or whenever the treasury decides
on some long-term refunding of a part
of its unwieldy short-term debt.

Insurance
Rail Equi p me n ts
An issue of serial rail equipments
was lately marketed in the manner
usual for such obligations. Sealed bids
from six would-be buyers were opened
and three were found to have been sub­
mitted by banks. They were the top
three bids. Perhaps the winner was
gratified; at any rate he had something
into which to put money. But it’s not
quite as simple as that. It’s easily pos­
sible that had the bonds gone to invest­
ment bankers on their bid, the banks
might have bought them, on resale, at
lower prices than they actually paid.
The winning bank had to take all the
maturities, including, presumably,
some that would otherwise have been
passed by. Also, the winning bank
got all the bonds, whereas had they
gone through the hands of underwrit­
ers, a good number of banks would
each have been allotted some bonds.
Finally, if it is argued that the rail­
road got a slightly higher price than
the investment bankers were prepared
to pay, it may yet prove that the imme­
diate gain was at the price of a later
penalty. Obviously, if all rail equip­
ment issues are going to be sold to
commercial banks at fancy prices, the
investment bankers will not long re­
main active in so unprofitable a field.
The day may come when the railroads
will need help in marketing equip­
ments. But investment bankers who’ve
retired from the field may be slow to
re-enter and will certainly be reluctant
to take on rail equipments for inven­
tory and gradual resale if they have
no reasonable assurance of retaining
this type of business when a seller’s
market returns.

at 105, creates an initial risk of 2 per
cent, or less than six months’ interest.
Again, diversification pays off well in
this field. One corporation will be eager
(prodded, perhaps, by investment
bankers) to refund 314s into 314s with­
in six months of issuance, while an­
other will take into account a variety
of factors that will combine to deter
even if an outstanding 5 per cent
could be turned into a new 314 per
cent bond. Rather than taking on
100 of the first likely-looking “cush­
ion” discovered, then, it is better to

39

look a little further and buy 20 blocks
of five bonds each. They won’t all
be called at once, and after the ini­
tial premium over call is recovered,
the direct yield likely will run 214
to 3 per cent above that which could
be had from a comparable credit fig­
ured on a yield to maturity basis.
In the event of a declining bond mar­
ket, the “cushion” will stand up nicely.
If the market rises and the bond finally
is called, the buyer will have had the
consoling high direct return antici­
pated after the first few months. # #

Bankers:
We

specialize

in

writing

Des Moines, Iowa

automobile and fire insur­
ance.
Special bank service and
attractive proposi ti on for

BANKER
AGENTS
W ANTED
A strong mutual company in its 54th

banker agents.

year

offers

liberal

agency

contracts

covering—

★

© AUTO INSURANCE

CENTRAL STATES MUTUAL
INSURANCE ASSOCIATION
Mt. Pleasant, Iowa

© TORNADO INSURANCE
© TOWN DWELLING INSURANCE
© HAIL INSURANCE
on Growing Crops
Surplus to Policyholders
$2,312,763.00

E. A. HAYES, President
O. T. WILSON, Secretary

53 years of proven protection.

Write for our liberal proposition to
bank representatives.

Established J929

Corporates
On the other hand, there are still
possibilities for satisfactory returns
from sound corporates. Commercial
banks too often sell their good grade
corporates whenever the market gets
above the call price. Over recent years
this has been generally wise, but it
will not always be so. Even if the
long-term trend is still upward, it is
obvious that there is far less room for
appreciation at this stage than was the
case a year, or two years, ago. And the
higher prices go, the more frequent
will be temporary setbacks. Not every
corporate bond should be sold just be­
cause it is above the call price.
The purchase and retention of “cush­
ions” cannot be undertaken haphaz­
ardly. The terms of the call are im­
portant. For instance, “on any semi­
annual interest date on 90 days’ no­
tice” is one thing, but “at any time on
30 days’ notice” is quite another. Again,
the actual premium over the call price
and the coupon are not to be ignored.
Thus, a 5 per cent issue at 107, callable

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

L ow Cost, N o n -A s s e s s a b le

FARM LIABILITY INSURANCE
fo r Y o u r F a rm e r C lien ts
A llie d M utual p io n e e re d this w orry -free p ro te ctio n w h ich
defen d s the fa rm ow n er in case cattle get in to n e ig h b o r’ s
co rn , loose h orse in ju res m otorist on h igh w a y, h ire d man
is h u rt b y tractor— o r any on e o f a h un d red oth er co m m on
fa rm hazards. U p to $250 m ed ica l, surgical, h o sp ita l p a y ­
m ents fo r h ired m en o r h ired girls regardless o f resp on ­
sib ility.
Essential p ro te ctio n . Easy to interest farm er.
Investigate fo r y o u r agency. W rite

ALLIED

M UTUAL

CASUALTY COM PANY
Harold S. Evans, President
Hubbell Building

Des Moines 7, Iowa

Northwestern Banker, June, 1946

40

• W e ’re n ot g o in g to m iss a th in g at the co n v e n ­
tion s this year. T h e re w ill be to o many im portan t
subjects o n the agenda. Small business loan s,
h om e financing, r e co n v e rsio n , trust and estate
p rob lem s, govern m en ta l regu lations, taxes as
they affect you r B o n d P o r tfo lio , n ew ways to in ­
crease business.
M o re im portant, to o , w ill be h o w w e all w o r k
togeth er, the readjustm ent w e m ake to the new
b an k in g picture ahead, what plans w e have fo r
the future.
W e lo o k fo rw a rd to seein g all o u r o ld friends
and m eetin g n ew o n es at the con v en tion s.
Certainly the o p p o rtu n itie s fo r service to n ew
cu stom ers and o ld w ere never greater. Let’s
m ake these the best co n v e n tio n s yet.

J O S E P H F. R IN G L A N D , President

Department of Banks and Bankers
D. E. CROULEY
Vice President

ALTON F. JUNGE
Asst. Cashier

L. P. G ISVO LD
Asst. Vice President

KEITH M. BARNETT
Representative

CARL F. WIESEKE
Asst. Cashier

M O R R O W PEYTON
Representative

National Bank oi Minneapolis
Marquette Avenue— Sixth to Seventh Streets
M ember Federal Deposit Insurance C orporation

Northwestern Banker, June, Ì946


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

41
ican National Bank of Duluth, Minne­
sota, was announced last month by
Willis D. Wyard, president.

M in n esota

Mr. Seftenberg has resigned as vice
president and trust officer of the Oak
Park Trust and Savings Bank, a posi­
tion which he held since 1933.

N EW S
GEORGE A. BEITO
President
Gonvick

Purchase Freepori Barak
The controlling interest in the Free­
port State Bank, Freeport, Minnesota,
has been purchased by Maurice A.
Klasen and George J. Klasen of Royalton, Minnesota. Maurice A. Klasen
will assume management of the bank
as president. M. A. Bell is cashier.

President Visiting in East
Pat Reynolds, president, First State
Bank, Murdock, Minnesota, is enjoying
a long-delayed trip to Baltimore to
visit relatives. Mr. Reynolds has been
with the bank since 1911 as director
and president.
The two sons of William T. Estrem,
cashier, have recently returned to Mur­
dock after more than three years each
in the U. S. navy. Mr. Estrem also
announces the First State Bank is be­
ing remodeled this month.

Vice President Retires
C. A. Larson, executive vice presi­
dent, Swift County Bank, Benson,
Minnesota, has retired but will remain
as a director.
Paul W. Gandrud, son of Oluf Gandrud, president of the bank, has re­
turned from service to his former posi­
tion as assistant cashier and will also
manage the G. I. loan department.
James Grina has also been discharged
and is back as assistant cashier. C. O.
Berdahl is now in charge of the insur­
ance department.
President Gandrud announces there
will be extensive remodeling and im­
provements in the bank as soon as
materials are available. Growth of the
Swift County Bank is indicated by the
increase in total resources of $927,475
in 1940 to $3,109,309 as of May, 1946.

WILLIAM DUNCAN, Jr.
Secretary
Minneapolis

He has had wide experience in
trust work, which he began in 1928 as
an officer of the First Trust Co., in

have been approved by the boards of
directors of the two organizations and
the United States comptroller of cur­
rency in Washington.
The merger will bring into one insti­
tution assets of more than $45,000.000.
The combined organization also will
serve more than 20,000 customers,
which will require greatly enlarged
banking quarters.
However, because of current restric­
tions on construction, no definite an­
nouncement could be made as to when
the two banking organizations would
be combined in one location. Mean­
while, offices of the two banks will be
maintained in their present locations
and customers will be served as usual
by the same personnel.
CH EST ER D. SE F T E N B E R G
Joins First and American

S. M. Dahl
S.
M. Dahl, president, Green Lake
State Bank, Spicer, Minnesota, and a
resident of Spicer for more than 71
years, passed away recently. Mr. Dahl
was born in Harrison township near
Spicer in 1874.
Norman Christensen was elected by
the board of directors to succeed Mr.
Dahl as president. F. O. Hillman, a
director, was also elected vice presi­
dent. Other officers remain the same.

Joüns Duluth Bank
Election of Chester D. Seftenberg,
Oak Park, Illinois, as a vice president
and trust officer of the First and Amer-

Oshkosh, Wisconsin. In 1932 he served
as president of the Wisconsin Trust
Companies Association and in 1941 as
president of the trust division of the
Illinois Bankers Association. His ac­
tivities also included being president
of the Cook County Corporate Fiduci­
aries Association and Illinois state vice
president of the trust division of the
American Bankers Association.
Recently he completed 42 months of
active duty with the army air corps, in
which he attained the rank of lieuten­
ant colonel.

MUNICIPAL

BONDS

FOR BANK INVESTMENT

P l a n Duluth Merger
Merger of the Northern National
and Minnesota National Banks of Du­
luth under the name of the Northern
Minnesota National Bank was to be
submitted to stockholders of the two
financial institutions June 10th accord­
ing to a joint announcement by R. L.
Griggs, president of the Northern, and
Wilbur F. McLean, vice president of
the Minnesota National Bank.
Plans for the consolidation already

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

. . . Inquiries Solicited . . .

A 11 i s o n - W i 11 i a m s C o m p a n y
NORTHWESTERN BANK BUILDING
MINNEAPOLIS

ATLANTIC 3475

Northwestern Banker, June, J946

42

Your convention dates
for JUNE, 1946
SU N

[

MON

TUE

W m

THUR

I

FRI

J

SAT

9

M O N T A N A Bankers
• *
YeUow stone
Association- »e"

W

e

p k in t

t h is

e r s t h a t y o u r s t a t e a s s o c ia
r e a l c o n v e n t io n s in c e t

e w

10

^

^

■

to a t t e n d t h e o n e m y o u r

i t w ill e n c o u ra g e y o u
^

■

o f yQU w h o w ill b e m
^

M in n e a p o lis fo r th e m e e t i n g ^

^

^

^

& frien d ly v is it.

a re c o r d ia lly

in v it e d to d ro p m a t th e

F I R S T NATIONAL BANK OF MINNEAPOLIS
H

en ry

E . A t w o o d , Presi dent

Depar tment of B a n k s and B a n k e r s
M . O. G r a n g a a r d , Vice President
C. B. B r o m b a c h , Vice President
R . S. B a n f ie l d , Vice President

J. J. M a l o n e y , Assistant Vice President
K . T . M a r t in , Assistant Cashier

J. M . D o w n e s , Assistant Cashier
G. S. H e n r y , Assistant Cashier
C. E. C o r c h r a n , Assistant Cashier

Member Federal Deposit Insurance Corporation

Northwestern Banker, June, 1946


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

Minnesota News

N. GESME, vice president of the
Northwestern National Bank of
♦ Minneapolis, has been elected a
director of the North American Life
and Casualty Co.

R

Donald W. Buckman, formerly as­
sistant cashier of the Merchants Na­
tional Bank and Trust Company of
Fargo, North Dakota, has just joined
the department of banks and bankers
of the First National Bank of Saint
Paul as representative. Mr. Buckman

B y E. W. KIECKHEFER
Special Correspondent
Northwestern Banker

Louis S. Headley, president of the
First Trust Co. of St. Paul, addressed
the annual initiation meeting of the
Phi Beta Kappa society at Carleton
college, Northfield, Minnesota. Headley is an alumnus of the college and
vice chairman of the board of trustees.
He also was one of the speakers at the
inaugural recently of President Mor­
rill of the University of Minnesota.

Funeral services were held recently
at Washington, D. C., for H. Lee Post,
59, former Minneapolis banker who
had been chief of the organization di­
vision for the comptroller of the cur­
rency since 1933. Before taking the
government post he had been associ­
ated with the Northwestern National
of Minneapolis.

Nearly 500 veterans have already
repaid loans made under the G. I.
Bill of Rights, according to E. R.
Benke, deputy veterans administrator
in charge of the Minneapolis veterans
administration branch. Most of the
loans already repaid were short term
farm and business loans.
John M. Hancock, New York in­
dustrial banker and co-author of the
1942 Baruch rubber survey, was the
speaker at a June luncheon meeting
of the Minneapolis Civic and Com­
merce asosciation.
Dun & Bradstreet reports bank
clearings in Minneapolis for the week
ended May 1 were 13.6 per cent above
the same week a year ago.

The First National Bank of St. Paul
is providing free garage parking for
out of town correspondents who visit
that bank. For those who come by
train or bus, a private car is provided.

BANK
INVESTMENT

YOU CAN

D. W . BUC KM AN
Joins First National, St. Paul

is 33 years of age, unmarried, and re­
ceived his discharge from the United
States Army in April. He spent a good
deal of his time in military service in
Japan and returned directly from
Tokyo to obtain his discharge. Prior
to his army service he was assistant
cashier of the Merchants National
Bank and Trust Company of Fargo for
a year and a half and previous to that
was cashier of the First National Bank
of Valley City, North Dakota, where he
had been employed for seven years.
His home is at Gascoyne, North Da­
kota.

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

43

ON AN

IN OUR RADIO BANKING SERVICE
TRAINED WRITERS, UNDER BANKING COUNSEL
SUPERVISION, PREPARE RADIO BROADCAST­
ING COPY TO SUIT YOUR INDIVIDUAL C O M ­
MUNITY NEEDS, FOLLOWING S E A S O N A L
TRENDS.

For Rates and Full Particulars, Write

RADIO ADVERTISING SERVICE
321 Main Street

WINONA, MINNESOTA

Telephone 4866

Northwestern Banker, June, 1946

44

Minnesota News

Golf, a smoker and Dutch lunch, and
a luncheon for the ladies, which will
include an ice show and fashion show,
will be part of the program of the
Minnesota Bankers Association.

The business of the convention will
include talks on “Community Financ­
ing” by C. G. Pearse of the J. I. Case
Co.; “Consumer Credit Financing” by
Lehman Plummer of the Central Na­
tional Bank & Trust Co. of Des Moines;
“ Banking Looks Forward” by Frank
C. Rathje, A. B. A. president; “ The
Future of Banking” by Dr. Marcus
Nadler, economist of the Hanover
Bank & Trust Co., New York; “Public

Relations” by Dale Brown, National
City Bank of Cleveland, and “ Can War
With Russia Be Avoided” by Ralph
Heinzen, United Press foreign corre­
spondent.

years ago, was asked to seek new quar­
ters to make way for bank expansion
which will include the area which
has been used for the library.

First Edina State Bank of suburban
Minneapolis has become a member of
the American Bankers Association.

Fireproof construction of the re­
cently built Farmers and Mechanics
Savings Bank of Minneapolis pre­
vented serious damage when a blaze
which originated in the basement
crept up a ventilating shaft to the
third floor. The blaze occurred shortly
after midnight.

The business and municipal branch
of the Minneapolis Public Library will
move into new quarters July 1. The
library branch, which has been located
in the First National Bank building
since the branch was organized 30

George P. Tweed
George P. Tweed, chairman of the
board, First and American National
Bank, Duluth, and a civic and business
leader and pioneer in that city, died
at his home recently. Mr. Tweed was

G EORGE P. T W E E D

widely known in financial and mining
circles, not only in Duluth but through­
out the state and nation as well. He
figured prominently in development of
the Mesaba and Cuyuna iron ranges
in Minnesota and the Gogebic range
in northern Michigan.
Born in 1871, Mr. Tweed was edu­
cated in Duluth schools and after his
graduation from high school was suc­
cessively a newspaper reporter, real
estate and loan businessman and a
partner in mining ventures.
He became actively interested in
banking in 1923 when he was elected
a director of the First National Bank.
In 1931 he was elected chairman of
the board of the First and American
National Bank, a connection which he
continued in until his death.
Northwestern Banker, June, 1946


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

45

1CÎÎ//Û -UÙU

J

C

We at the First in Saint Paul are looking
forward to getting together with yon this
month— a month of important conventions
for Ninth District bankers. These meetings
will be the

first postwar

hankers’ state

O

W

M

E

E

/

m

O

A

/

S

CONVENTION SCHEDULE
M innesota Bankers A s so c ia tio n , s ta te con vention. Nicollet hotel, Minne
apolis . . . June 12-13.
South D akota Bankers A s so c ia tio n , s t a te con ventio n, Alex Johnson hotel
Rapid C ity . . . June 14-15.
North D akota Bankers A s so c ia tio n , annual c o n v en ti on , Gardn er hotel
Fargo . . . June 17-18.
W iscon sin Bankers A s so c ia tio n , annual con vention. Ho te l Sc h ro ed e r , Mil
waukee . . . June 18-20.
M ontana Bankers A s so c ia tio n , sta te con vention, Canyon hotel. Yellow
stone Park . . . June 24-25.

conventions, and the prospect of visiting
with old friends and meeting new friends
is a particularly pleasant one. Our Depart­
ment of Banks and Bankers will be taking
an

active

part

in

convention

activities.

We re sure that the “ brass-tack” sessions

The FIRST N A TIO N A L
BANK of Saint Paul
Member Federal Deposit Insurance Corporation

planned for these conventions will prove
valuable to you.
Plan to attend.

D E P A R T M E N T of B AN KS and B A N K ER S

An exchange of ideas

with other banking friends— as well as the

A L D E N B . L A T H R O P , V ic e P re s id e n t
W A L L A C E L . B O S S , V ic e P r e s id e n t
E L M E R M . V O L K E N A N T , A s s is t a n t
C a s h ie r

L E E A . S A U E R . A s s is t a n t C a s h ie r
L L O Y D L . L E I D E R , R e p re s e n ta tiv e
D O N A LD W . B U C K M A N ,
R e p re se n ta tiv e

sessions themselves— are sure to be profit­
able. It will be fun too, seeing Ninth District
groups together again. W e’ll be looking for
you.


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

northwestern Banker, June, 7946

46

Minnesota News

Retires After 28 Years
A. Struxness, assistant cashier, Bank
of Willmar, Minnesota, is retiring from
the bank after 28 years. Mr. Struxness
is still active, however, in AVillmar as
city auditor, a position he has held for
many years.

England. Quinton has accepted a posi­
tion as bookkeeper in the State Bank
and Wallace is in the pay roll depart­
ment of the Minnesota Valley Canning
Company in Le Sueur. Both young
men will enter the University of Min­
nesota this fall to take up courses in
accounting.

Elected Cashier
Elmer Bratsch, formerly with the
Merchants State Bank, Tracy, Minne­
sota, has been elected cashier of the
Northwestern National Bank, Litch­
field, Minnesota, by the board of direc­
tors.
Donald Lehman and Carroll Bergerson are now back from service as tell­
ers with the Northwestern National.

Vice President
G. A. Hollaar was elected vice presi­
dent of the State Bank of Litchfield,
Minnesota, following his return from
the service. Prior to his tour of duty
in the navy, Mr. Hollaar was cashier.

Sons Return Home
Quinton and Wallace Peterson, sons
of J. T. Peterson, president, State Bank
of Le Sueur, Minnesota, came home in
April with discharges from the army.
They served three and one-half years,
of which two years were spent over­
seas in Germany, France, Belgium and

Assistant Cashier
A. Dan Fiala was elected an assistant
cashier of the Bank of Willmar, Min­
nesota, at a meeting of the board of
directors of the bank last month.
Mr. Fiala first joined the staff of
bank employes in August of 1941. He
spent about three years in the armed
forces, returning last December from
the European theater. At that time he
again entered the employ of the bank.

Joins Darwin Bank
Stanley Hydeen, who until recently
was associated with his father in busi­
ness in Atwater, Minnesota, has ac­
cepted a position as assistant cashier
in the Farmers State Bank of Darwin,
Minnesota.

The bank has installed WireMusic
in its bookkeeping and its proof and
transit departments on a trial basis.
Bank officials say the nature of the
work in these departments should give
them an accurate check on success of
the experiment within a few weeks.
Music selected by a radio expert is
played through the two departments
at intervals during the day. The time
of playing varies from 15 to 20 minutes,
for a total of about two hours during
the working day. It is played longer
during periods which the bank desig­
nates as hours of special working
strain.
The Marquette installation is the re­
sult of a long study of the subject by
Ronald Harrison, assistant cashier, and
President Russell Stotesbery. A num­
ber of eastern banks have reported the
practice to be successful.

Clearing House Officers

Piping "Hot" Music

A. P. Stoll, Pierz, Minnesota, was
elected president of the Central Min­
nesota Clearing House Association at
the annual meeting and election of
officers at Hotel St. Cloud, St. Cloud,
Minnesota.

The new practice of “piping” music
to office employes to increase efficiency
is getting an interesting test at the
Marquette National Bank.

Irene Wilson, St. Cloud, was named
vice president, and John H. Hanson,
Sauk Center, secretary-treasurer.
Directors chosen from the four coun-

-

D

B

e

A

a

r

N

----- —
K

E

R

:

Being the largest and oldest bank in the Duluth area, it is our
responsibility and privilege to render top service to banking
and industry.

This we are prepared to do for you and your

customers and welcome the opportunity to serve your Duluth
correspondent requirements.

FIRST AND AMERICAN
NATIONAL BANK
OF DULUTH
M e m b e r

Northwestern Banker, June, 1946


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

F e d e r a l

D e p o s i t

I n s u r a n c e

C o r p o r a t i o n

Minnesota News
The growth to $9,000,000 in deposits
and the increase in capital structure
to $395,543 was one of the high lights
in the history of the bank.
Six officers and employes who have
served the bank for 24 years or more
are: Wencl Pavek, Paul H. Evans, Ed­
ward F. Skalicky, Robert K. Evans,
Albert A. Endres, and Agnes O’Don­
nell.
Four directors whose fathers were
past presidents of this bank are Mark
H. Alexander, Thomas R. Kelly, Rob­
ert K. Evans, and Paul H. Evans.
This anniversary is of special inter­
est to Paul H. Evans, who retired as
president, director, and trust officer on
January 1, 1946, at the age of 70 years.

47

Named Assistant Cashier
G. O. Hage, president, the Crookston
National Bank, Crookston, Minnesota,
announced last month that Herman
Slagerman has joined the staff of that
institution as assistant cashier. Mr.
Slagerman was recently discharged
from the army air corps after four
years service with the finance division
of that branch. Mr. Slagerman is a
native of Neche, North Dakota, and
has had 12 years banking experience.

Fills Cashier Vacancy
At a recent meeting of the board of
directors of the State Bank of Rogers,
Minnesota, A. C. Stallman was elected

H E L E N K N O X , President of the Asso­
ciation of Bank Women and Manager of
the Women’s Department, Chase National
Bank of New York, was in Minneapolis
recently to help the Midwest and Lake
divisions celebrate the 25th anniversary of
the Association at their Regional meeting.
Over 100 women were entertained by the
St. Paul Clearing House association and
the Minneapolis Clearing House associ­
ation at luncheons honoring Miss Knox.
Many fine speakers helped make the two
day meeting a success.

ties included in the association were:
C. I. Irstead, Sauk Rapids, Benton;
F. L. Hartmann, Little Falls, Morrison;
G. H. Dinkel, Long Prairie, Todd, and
B. H. Beuning, St. Cloud, Stearns.
Presiding at the dinner, attended by
175 persons, was President Henry Borgerding, Belgrade.
George Beito Gonvick, president of
the Minnesota Bankers Association,
spoke on problems confronting bank­
ers, and William Duncan, Minneapolis,
secretary of the M. B. A., described
on-the-job training for veterans.
G. W. Janda, St. Paul, veterans ad­
ministration representative, spoke on
the GI loan guarantee. D. J. Fouquette,
Minneapolis, state director of the fed­
eral housing administration, discussed
PR order 33 on priorities.
The group went on record as recom­
mending N. A. Welle, Bemidji, to the
office of vice president of the M. B. A.,
and A. W. Sands, St. Paul, as president
of the M. B. A.

Fiftieth Anniversary
Directors, officers and employes of
the Security Bank and Trust Company,
Owatonna, Minnesota, celebrated the
fiftieth anniversary of their bank last
month.

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

1

Logical Correspondent

Proceeds of livestock sold at the South St. Paul market
can be made available to shippers at their home bank
at the earliest possible time through an account with this
bank.
The movement of livestock from the range will start
soon and banks located in the range territory can use
our facilities to advantage in handling the resulting
transactions.
Any problems you may have in connection with tran­
sactions at this market will have our most earnest attention
if you will present them to us. We invite you to call on
us whenever we can be of service.

T h e Stock Yards National Bank
South Saint Paul, Minn.
M EMBER

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

northwestern Banker, June, 1946

Minnesota News

48

cashier and takes over the position
held by the late Hubert Jansen.
Mr. Stallman for the past four years
has been cashier of the National Bank
of Commerce at Mankato, Minnesota.
Altogether he has had over seventeen
years experience in both national and
state banking institutions.

With Winona Bank
New assistant vice president and as­
sistant trust officer at the First Nation­
al Bank, Winona, Minnesota, is Rich­
ard C. Hinze.
Mr. Hinze, a World War II veteran,
was born in LeSueur Center, Minne­
sota, and is a graduate of St. Cloud

high school and the University of Min­
nesota college of law. He has been ad­
mitted to the Minnesota and Montana
bars.
His previous banking experience has
been with Northwest Bancorporation,
Union Bank and Trust Company, Hele­
na, Montana, and with the comptroller
of currency as national bank examiner
for foreign funds control, San Fran­
cisco.
Mr. Hinze’s San Francisco post was
held just prior to entering the service
in 1942. He was placed on terminal
leave, with the rank of major, in March
after serving 38 months overseas. As­
signed to the infantry, he served in

Alaska,
Guinea.

the

Philippines

and

New

Named Assistant Cashiers
The board of directors of the Staples
State Bank, Staples, Minnesota, has
promoted Henry Sather and Le Roy
Backberg from bookkeepers to assist­
ant cashiers. Both men have just re­
turned from active military duty over­
seas.

Cashier Returns
Harold L. Hanson has returned as
cashier to the Murray County State
Bank, Slayton, Minnesota, after three
and one-half years service. Discharged
as a first lieutenant, Mr. Hanson’s servive included 20 months duty in the
finance department and five months in
the Pacific theater as transportation
officer aboard an army cargo vessel.
After his return to the United States
he was stationed at Los Angeles em­
barkation port.

Back at Howard Lake

C. L.

OUR SPECIALTY

FR E D R IC K SE N
President

M . A. W IL S O N
Vice President

For a half century, banks in
Iowa, Nebraska, South Dakota
and Minnesota have saved time
and money by sending us their
Sioux City collection items. This
is especially true on livestock,
hay and grain drafts.

W . G. N EL SO N
Assistant Vice President
W . C. SCH EN K
Cashier
H. C. L IN D U S K I
Assistant Cashier
C. L. AD AM S
Assistant Cashier
J. S. H A V E R
Assistant Cashier

W e invite your Sioux City
business to "the Bank at the
Yards."

JAM ES L. SM IT H
Auditor

Howard W. Reiter is back with the
Security State Bank, Howard Lake,
Minnesota, as cashier after two years
army service.
Plans for a new home for the Se­
curity State Bank are drawn up and
the new bank will be constructed as
soon as possible.

T h e
N ew

Y o r k T r u st
C o m p a n y
C O M M E R C IA L
B A N K IN G
D O M E ST IC A N D
FO R EIG N

★
10 0 B R O A D W A Y

=5

L

iv e

S

M A D IS O N A VE N U E

t o c k

A N D 40T H STREET

Na TiONAL BANK
OF

SIO U X
m e m b e r

^

C ITY.
:

f, d

P L A ZA

IO W A

. ì. c .

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

"y/ie

TEN
ROCKEFELLER

..... .

★

¿¿J* ~t/te
M ember o f Federal Deposit Insurance Corporation

Northwestern Banker, June, Ì946


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

South Dakota News

present office for the past 10 years.
He will continue to be a director. Mc­
Dowell has announced his purchase of
an interest in a finance company in
Sioux Falls, and he will also be en­
gaged in property and business man­
agement. During the past year Mc­
Dowell, a native of Sioux Falls, has
been president of that city’s Rotary
club.

South D akota

N E W S
C . O . G O R D ER
P resid en t
C ead w o o d

G E O R G E M . S T A R R IN G
Secreta ry
Huron

Fiftieth Anniversary
The Roberts County National Bank,
Sisseton, South Dakota, celebrated its
Fiftieth Anniversary June 1st. The
bank was founded in 1896 by Harvey
O. Powell, father of Oliver Powell, vice
president of the Federal Reserve Bank
of Minneapolis.
J. L. Caldwell, president, and A. W.
Powell, vice president and cashier,
were hosts at an anniversary luncheon
with guests including Oliver Powell
and other Twin City bankers, and a
number of North Dakota, South Dako­
ta and Minnesota bankers.

Open Branch Office
The Bank of Union County, Elk
Point, South Dakota, has opened a
branch office at Jefferson, South Da­
kota. Recently the bank also joined
the F. D. I. C.
This institution also declared a stock
dividend at 100 per cent, raising its
capital to $65,000.
S io u x

F u lls

\ v u

s

OUTH DAKOTA friends have re­
ceived announcements of the mar­
riage of Walter Stevens, former Sioux
Falls banker, to Mary K. Van Vactor,
which took place March 27 at Reno,
Nevada. The couple is living in Pasa­
dena, California.

S

The Sioux Valley bank in Sioux Falls
celebrated the first anniversary of its
founding by reporting $1,497,000 in de­
posits of workers, farmers and stockmen. Erling Haugo is president.
Mr. and Mrs. William C. Duffy of
Sioux Falls announced the engagement
of their daughter, Beverlee Ellen, to
Theodore Eugene Skinner of Denver,
Colorado. The marriage was to take
place at the First Congregational
church in Sioux Falls June 4. Mr.
Duffy is president of the Union Sav­
ings Bank.
H. F. Warner, 52, cashier of the Se­

curity State Bank at Geddes, died in a
Mitchell hospital last month. Engaged
in banking for 35 years, he was active

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

49

in church, social and civic affairs and
once served as school board clerk. He
was born in Atlantic, Iowa, and served
in World War I. Surviving, with the
widow and a son, are a grandson and
Warner’s mother, a sister and a broth­
er, the latter three living at Davenport,
Iowa.
Tom S. Harkison, president of the

National Bank of South Dakota, is
treasurer of the Minnehaha county
chapter of the American cancer soci­
ety, now sponsoring a fund-raising
campaign.
Harry L. Severson, formerly of Sioux
Falls and Valley Springs, has joined
the development department of Bank­
ers’ Trust Co., of New York. He has
been with the FDIC in Washington for
the past eight years. Previously he
taught economics and finance at sev­
eral midwestern universities.
P. H. McDowell has resigned as vice
president and trust officer of the North­
west Security National Bank, effective
July 1. He has been with that institu­
tion since September, 1927, filling his

T. N. Hayter, vice president of the
First National Bank and Trust Co.,
Sioux Falls, was elected director of the
Sioux Falls Rotary club.
The First National Bank and Trust
Co. of Sioux Falls has installed a new

floor in its tellers’ space and acoustical
tile in its bookkeeping room.
The Northwest Security National
Bank, Sioux Falls, has increased its
surplus account from $700,000 to $800,000, according to President Ralph M.
AV’atson. Its total capital funds are
now in excess of $1,700,000, Watson re­
vealed.
-V
Nothing Too Good
A rather shabby looking patient con­
sulted a famous specialist. After the
doctor had examined him he demanded
$10, his regular office fee. The patient
thought it was too much. The doctor
reduced it first to $5.00 and then to
$3.00 but the patient persisted that it
was still too high for him.
Becoming impatient, the doctor ex­
claimed: “ If you’re so poor you should
have gone to a free clinic.”
The patient responded: “ Nothing is
too expensive for my health.”

Welcome...
South Dakota Bankers
To 62nd AnniversaryConvention in Rapid City
on June 14-15

FIRST N A TIO N A L BANK

of the Black Hills

Rapid City— Lead— Dead wood— Belle Fourche
Hot Springs— Sturgic— Spearfish— Sturgis

Northwest Bancorporation Affiliate

Member FDIC

Northwestern Banker, June, 1946

South Dakota News

50

McIntosh Bank Liquidates

s

The Security State Bank, McIntosh,
South Dakota, entered voluntary liqui­
dation last month according to a report
from the office of Verne W. Abeel,
South Dakota superintendent of banks.

FOREIGN REMITTANCES
We specialize in forwarding
of funds abroad for our
banking friends with or
w ithout Foreign Depart­
ments. Our remittance serv­
ices include commercial,
benevolent and living ex­
pense payments abroad by
cable, mail or airmail.
Experience developed
over the years, and close
friendly relationships with
w o rld w id e correspondent
banks are available to assist
domestic banks to
establish orextend
their own remit­
tance service. We
welcome your in­
quiries.

Celebrates 30 Years
A. T. Hagen, president, First State
Bank, Claremont, South Dakota, re­
cently completed 30 years as active
head of that bank. He moved to Clare­
mont from Oldham and Chester, South
Dakota, where he had previously been
connected with banks. Mr. Hagen is
one of two bank officials still active
from among 25 banks which flourished
in Brown county 30 years ago. In addi­
tion to his bank duties, Mr. Hagen is
also treasurer for the city of Clare­
mont.

BANKERS YOU KNOW
(Continued from page 17)

cliie

PublicNational
BAN K

AND

COM PANY

OF

TRUST
N EW

YO R K

Main O ffice: 37 Broad Street
Member Federal Reserve System
N ew York Clearing House Association
Federal Deposit Insurance Corporation

1.,

.. ......

.

¡¡g
¡¡¡¡I

the Des M oines N a tion a l B ank. F ro m
then until 1917 w h en he fo u n d e d and
b eca m e p resid en t o f the B ankers
Trust C om p a n y , he was engaged in
real estate, real estate loans and insur­
ance business.
C on trib u tin g greatly to the co n tin ­
ued success o f the Bankers Trust is
the c o o l, even -tem p ered m anner with
w h ich M r. K au ffm an m eets critica l

times as he did so a bly d u rin g the
trying d ep ression years. A real in ­
sp ira tion to those w h o w ork w ith h im
and u n d er his d ire ctio n is his “ g ood
ju d g m en t, keen in tellect, h igh eth ical
standards and u n b o u n d e d en ergy.”
That is w h y this in stitu tion has seen
its d ep osits m ou n t fro m $604,000 to
the present day total o f alm ost $60
m illio n .
M r. K au ffm an is a registered R e ­
p u b lica n . H e lists his h o b b y as base­
ball, is a m em b er o f the M asonic
L od g e and the G reater Des M oin es
C om m ittee, and is a Trustee o f
E d m u n d son M em oria l F ou n d ation ,
M eth odist H osp ita l and D rake U n i­
versity.

Sure W ay
Professor: “ If molecules can be split
into atoms, and atoms broken up into
electrons, can electrons be split up fur­
ther?”
Student: “Well, Professor, t h e y ,
might try mailing them to somebody
in a package marked ‘Fragile’.”
Thais Texas
Tourist (traveling through Texas):
Looks as though we might have rain.
Old Settler: Well, I hope so. Not
so much for myself as for my boy here.
I’ve seen it rain.

62nd A N N IVERSA RY CON VEN TION

SOUTH DAKOTA BANKERS ASSOCIATION
June

14-15, A l e x

Johnson

SATURDAY AFTERNOON, JUNE 15

FRIDAY AFTERNOON, JUNE 14
1:00
2:30
5:30

Registration
Meeting of Executive Council
Stag Party— Rapid City Banks, hosts

1:30

"Banking Looks Forward"
Frank C. Rathje, President, ABA

1:55

"The Role of Farm Areas in a Balanced National
Economy"
Merryle S. Rukeyser, Economic Columnist for^ In­
ternational News Service and Editorial Writer for
N. Y. Journal-American

2:35

"The Comprehensive Development of the Missouri
River Basin"
Lewis A. Pick, Brigadier General, CE Division
Engineer, Missouri River Division, U. S. Army
Engineers, Omaha, Nebraska

3:10

Reports of Committees
Election of Officers
New Business
Adjournment
Meeting of ABA Members

6:30

Annual Dinner
Toastmaster
Frank S. Marion, Manager
Montana-Dakota Utilities Company, Rapid City
Humorous and Philosophical Address:
"Our Reach Must Exceed Our Grasp"
Jeff Williams, Attorney, Chickasha, Oklahoma

9:00

Dancing

SATURDAY MORNING, JUNE 15
8:00
9:00
9:45

10:00
10:15

10:25

10:55

11:35

Nominating Committee Breakfast
Registration continued
Call to Order by the President
Invocation
Address of Welcome
Joe H. Bottom, President
Rapid City Chamber of Commerce
Response
L. C. Foreman, Vice President
SDBA, Elkton
Opening Remarks of the President
C. O. Gorder, Deadwood
"Keeping Our Economy Strong"
Morris M. Townsend, Director
Banking and Investment Section
U. S. Treasury Department
"People, the Banker; Government, the Customer'
Herbert J. Miller, Associate Director
Citizens National Committee, Inc.
Washington, D. C.
"N ew Agro-Industrial Horizons"
V. H. Schoffelmayer, Agriculture-Science Editor
Dallas Morning News, Dallas, Texas
Recess

H otel, R a p id City

SATURDAY EVENING, JUNE 15

Those who wish to play golf the afternoon of June 14 m ay use the facilities of the Meadowbrook Country Club.
green fees will be charged. Ladies will be entertained at a Luncheon the afternoon of June 15.


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

Usual

South Dakota News

VISIT O U R

EXH IBIT A T RAPID

Partial List of South Dakota Users
FIRST NATIONAL BANK & TRUST CO., Sioux Falls.
NATIONAL BANK OF SOUTH DAKOTA, Sioux Falls.
NORTHWEST SECURITY NAT'L BANK, Sioux Falls.
UNION SAVINGS BANK, Sioux Falls, S. Dak.
ABERDEEN NATIONAL BANK, Aberdeen, S. Dak.
FIRST NATIONAL BANK, Aberdeen, S. Dak.
CITIZENS STATE BANK, Arlington, S. Dak.
FIRST NATIONAL BANK, Beresford, S. Dak.

CITY,

S. D.f

2 9 9

JUNE

51

14-15

O F THE

3 0 0

LARGEST COMMERCIAL
BANKS
AND 3,600 O TH ER BANKS USE

BOWDLE STATE BANK, Bowdle, S. Dak.
BRANDON SAVINGS BANK, Brandon, S. Dak.
BURKE STATE BANK, Burke, S. Dak.

Addressoqraph
TAAOtmark ammJ

NORTHWEST SECURITY NATIONAL BANK, Brookings.
SECURITY STATE BANK, Canova, S. Dak.
BANK OF CENTERVILLE, Centerville, S. Dak.
NORTHWEST SECURITY NAT'L BANK, Chamberlain.
CLARK COUNTY NATIONAL BANK, Clark, S. Dak.
FAULK COUNTY STATE BANK, Faulkton, S. Dak.
PEOPLES BANK, Conde, S. Dak.
NORTHWEST SECURITY NAT'L BANK, Dell Rapids.
FIRST NATIONAL BANK, Frederick, S. Dak.
FIRST NATIONAL BANK, Garretson, S. Dak.
SECURITY STATE BANK, Geddes, S. Dak.
NORTHWEST SECURITY NATIONAL BANK, Gregory.
FIRST STATE BANK, Highmore, S. Dak.
FARMERS & MERCHANTS BANK, Huron, S. Dak.
NORTHWEST SECURITY NATIONAL BANK, Huron.

§

Modern banks recognize the necessity for modern
banking methods. In every bank—from metropolitan
institutions to small town banks—errors can be elimi­
nated, time can be saved, expense can be reduced,
efficiency can be increased by replacing slow, labor­
ious, mistake-laden hand work with speedy, errorproof machine methods.
The 100 largest banks and thousands of smaller
ones are taking advantage of the economies afforded
by Addressograph eguipment.
These banks handle their business forms 10, 20,
even 50 times faster with Addressograph than by
hand or typwriter methods.

FIRST NATIONAL BANK, Lemmon, S. Dak.
EXCHANGE BANK OF LENNOX, Lennox, S. Dak.
NORTHWEST SECURITY NATIONAL BANK, Madison.
MENNO STATE BANK, Menno, S. Dak.
FIRST NATIONAL BANK, Miller, S. Dak.
COMMERCIAL TRUST & SAVINGS BANK, Mitchell.
MITCHELL NATIONAL BANK, Mitchell, S. Dak.
THE ONIDA BANK, Onida, S. Dak.
FIRST NATIONAL BANK, Parkston, S. Dak.
FIRST NATIONAL BANK OF ABERDEEN, Redfield.
DEWEY COUNTY BANK, Timber Lake, S. Dak.
CITIZENS BANK, Vermillion, S. Dak.
NATIONAL BANK OF SOUTH DAKOTA, Vermillion.
FARMERS & MERCHANTS BANK. Watertown, S. Dak.
FIRST CITIZENS NATIONAL BANK, Watertown, S. Dak.
COMMERCIAL STATE BANK, W agner, S. Dak.
STATE BANK OF W AUBAY, W aubay, S. Dak.
FARMERS STATE BANK, Winner, S. Dak.


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

DEPOSITORS’ STATEMENTS
LEDGER SHEETS
SERVICE CHARGE FORMS
TRANSIT LETTERS
ENVELOPES, CARDS, CIRCULARS
INTEREST NOTICES
CREDIT ADVICES
BULLETINS
ANNUAL REPORTS
DIVIDEND CHECKS AND REGISTER
PROXIES
STOCKHOLDER NOTICES
TRUST DEPARTMENT FORMS
COUPON ENVELOPES, ETC., ETC.
and all other repetitive writing
100% ACCURACY AND UNIFORMITY ASSURED

Addressoqraph
t*ao( mar* mmmJ

309 S. 19th Street

OMAHA 2. NEBRASKA

I

O. W . CRAVEN
Sales Agent
Telephone: ATlantic 9300

Northwestern Banker, June, 1946

52

South Dakota News

A.I.B. CONVENTION

Annual Convention
SOUTH DAKOTA BANKERS ASSOCIATION

(Continued from page 20)

Rapid City, June 14-15

GREETINGS!
"South Dakota's Leading Bank" extends warm greet­
ings to fellow members of the South Dakota Bankers
Association and best wishes for our first post-war
convention to be held June 14-15 in Rapid City.
W e will be on hand to greet our m any banker friends
and to discuss any problem

on which we m ay

cooperate with you.

N O R T H W EST SECU RITY
N A T IO N A L BAN K
of Ssoux Falls, South Dakota
"South Dakota's Leading Bank"

William A. Irwin, national educational
director, will report on the institute’s
educational program.
One part of the convention program
which is attracting unusual interest
this year is the National Public Speak­
ing Contest for the A. P. Giannini Edu­
cational Endowment Prizes, which will
be held at 8:30 Monday night. This
is the twentieth anniversary of the
contest, which will be devoted this
year to a discussion of the general
theme, “Broadening Banking Services
to the Community.”
The Educational Conference Tues­
day morning features two addresses
by a panel discussion. Albert O. Wer­
ner, of the Industrial National Bank of
Detroit, Detroit, Michigan, and chair­
man of the educational advisory com­
mittee, will preside. Ben E. Young,
vice president of the National Bank of
Detroit, Michigan, will speak on “An
Educational Philosophy for Bankers,”
and William G. F. Price, vice president
of the American National Bank and
Trust Company of Chicago, Chicago,
Illinois, has taken as his subject,
“Standards for Banking Education.”
The panel will discuss “The Education
of Tomorrow’s Bankers.”
The Departmental Conferences will
open Tuesday afternoon. The “Bank
Operations” group will meet with C.
Edgar Johnson, vice president, First
National Bank of Chicago, Chicago,
Illinois, presiding. # #

Bancorporation Director

Branches at
BROOKINGS, CHAMBERLAIN, DELL RAPIDS,
GREGORY, HURON, MADISON
FRED H. HOLLISTER

RALPH M. WATSON

Chairman

President
United States Depositary
Member Federal Deposit Insurance Corporation

At the meeting of the board of direc­
tors of the Northwest Bancorporation,
Robert Congdon of Duluth was elected
a director of the corporation to succeed
the late George P. Tweed.
Mr. Congdon is a member of the
board of directors of the First National
Bank of Duluth. He is prominently
identified with mining interests in this
country.

Mr. Banker:
DO YOU KNOW THAT

I

BANKS ARE REGULAR SUBSCRIBERS TO

D.A.S. AGRICULTURAL DIGEST
There is no other agricultural information service just like it.
For sample releases and further information write to

Doane Agricultural Service, Inc.
Box 603, 206 Plymouth Bldg.

Y o u S h o u ld H a v e It!
N orthw estern

B an ker,


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

June, 1946

Des Moines 9, Iowa
H o r a e O ffic e — S t. L o u i s

53

Group Meetings

C. C. W ATTAM
Secreta ry
Fargo

Remodeling Bank
A. N. Johnson, cashier, Elk Valley
State Bank, Larimore, North Dakota,
informs us the bank is completing a
remodeling project which includes a
new safety deposit box vault, a new
bookkeeping room and streamlining
of the entire interior of the banking
rooms.
Ada Mae Miller has also recently
been employed there as bookkeeper
and stenographer.

Increase Common Stock
The application of the North wood
State Bank, Northwood, North Dakota,
for permission to amend its articles of
incorporation to provide for an in­
crease of common stock from $25,000 to
$50,000 was approved at a recent meet­
ing of the state banking board.
Applications for renewal of corpo­
rate existence for two other banks
were also approved by the board. They
are the Foster County State Bank,
Carrington, for a period of 25 years and
the Farmers State Bank, Maddock, for
a like period.

late E. Y. Sarles, one-time governor of
North Dakota, he had been a resident
of the state most of his life. After re­
signing his bank position in 1919 he
had been in business in Grand Forks
and Hillsboro until his death.
Edwin Maine Shafer, who was dis­
charged from the navy in March, has
been named to the .position of assistant
trust officer and assistant cashier of
First National Bank and Trust Com­
pany, Fargo, North Dakota. Mr. Shafer,
who was educated at North Dakota
Agricultural College, Fargo; University
of North Dakota, Grand Forks, and
Georgetown University, Washington,
D. C., was employed in the office of the
comptroller of the currency in Wash­
ington, and as assistant national bank
examiner in the Richmond, Virginia,
district before his entry into service.

The subject of service charges re­
ceived a full airing and discussion at
the recent group meetings in North
Dakota. A fine turnout was reported
at the four group meetings held in
Valley City, Bismarck, Minot and Dev­
ils Lake. In charge of arrangements
for each group meeting were: R. M.
Hougen, American National Bank, Val­
ley City; A. A. Mayer, Dakota National
Bank, Bismarck; R. B. Will, American
State Bank, Minot, and Blanding Fish­
er, Ramsey County National Bank,
Devils Lake.
J. E. Murphy of the Veterans Facil­
ity attended all group meetings and
explained the new regulations govern­
ing G. I. Loans.

Cashier Resigns
T.
J. Roth has resigned as cashier
of the Hebron Security State Bank,
Hebron, North Dakota, and has pur­
chased the real estate and insurance
business of Fred Schwenk of that city.
Mr. Roth has been associated with the
Hebron bank since 1929, and was
elected cashier in 1940. He announced
that he would remin in the bank until
a successor was appointed to take his
place.

Our experience and knowledge of this area and the
large number of correspondent banks in North

F a r g o

J V ew s

Grant Herreid, officer in charge of

G. I. loans of First Federal Savings
and Loan Association of Fargo, North
Dakota, was elected commander of
Melvin E. Hearl American Legion Post
of Moorhead, Minnesota, at the post
election last month. He will be in­
stalled as commander in October and
will succeed Lawrence Mauritson,
cashier of First National Bank of
Moorhead, present commander.
Mr. Herreid was a navy carrier pilot
during World War II and served in the
South Pacific. He was discharged in
October, 1945, after 49 months’ service
and later accepted the position in
Fargo. He was graduated from Uni­
versity of North Dakota at Grand
Forks in 1940 and taught school in
Idaho a year before entering service.
Lynn R. Sarles, 58, of Hillsboro,

North Dakota, cashier of First Na­
tional Bank of Hillsboro from 1911 to
1919, died of a heart ailment in his
home last month. A nephew of the

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

Dakota and western Minnesota enable us to render
unusual service to banks, business houses and others
having business in this territory.

THE FIRST VITIm U BANK
U l l TKIST COMPANY
OP FARGO
FARGO, NORTH DAKOTA
The Oldest Bank in North Dakota
Affiliated with Northwest Bancorporation
M em b er o f the F ed era l D e p o sit Insu rance C orporation

Northwestern Banker, June, 1946

54

STANDING THE TEST OF TIME

9

YEARS

0

SO U N D B A N K IN G S E R V IC E

OFFI CERS
HERBERT M. BUSHNELL

AUSTIN L. VICKERY
President

ELLSWORTH MOSER

Assistant Vice President

HAROLD T. UEHLING

Executive Vice President

VICTOR B. CALDWELL

Trust Officer

ARTHUR D. ANDERSON

Vice President

RICHARD H. MALLORY

Cashier

JAMES L. SHIELDS

Vice President

THOMAS F. MURPHY

Assistant Cashier

NELS L. SHOLIN

Vice President

CASPER Y. OFFUTT

Assistant Cashier

ELDRIDGE C. McELHANEY
Vice President

EDWARD W. LYMAN
Assistant Vice President

HARRY E. ROGERS

Assistant Trust Officer

HENRY B. PIERPONT
Assistant Trust Officer

LEO M. BROWN

Assistant Vice President

Comptroller

U N IT E D S T A T E S
/ V aiionalB A JV K
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Northwestern Banker, June, 1946


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

55
in 1887. In 1889 he assisted in the or­
ganization of the Farmers State Bank
at Dodge becoming its cashier and
manager. Later he assumed the presi­
dency until forced to retire from active
management in July, 1943, when he be­
came chairman of the board. Mr. Hol­
sten had gone to Orange, California,
with his wife where he died following
a heart attack. Mr. Holsten is survived
by his wife, a son, Richard H. Holsten,
who is president of the bank, and three
daughters.

N eb ra sk a

NEWS
V. E. D O LP H ER
P residen t
D avid C it y

Remodel Columbus Bank
An extensive remodeling program is
being completed in the Central Na­
tional Bank, Columbus, Nebraska, ac­
cording to J. O. Peck, president. Mr.
Peck announces there will be a cele­
bration when all work is completed.
Work being completed consists of
an addition to the rear of the building
which provides for a directors room,
office space, rest rooms and new book­
keeping quarters on the main floor.
The basement, which is fire proof, will
give the bank an abundance of badlyneeded storage space. In a rearrange­
ment of the old quarters, officers space
has been moved from the front to the
rear of the banking room. The cages
have been moved back and new ones
with marble base and mahogany trim
have been installed.

Visiting You Soon
Paul W. Shooll, popular publisher’s
representative who has been associated
with the Northwestern Banker staff
for a number of years and well known

C A R L G. SW AN SO N
S e c r e ta r y
O m aha

Banker will appreciate your coopera­
tion in supplying such items to him.

Humboldt Bank Robbed

A lone bandit held up the Home
State Bank, Humboldt, Nebraska, and
H.
Frederick Hagemann, Jr., chair­ forced Otto Kotouc, Sr., president, to
man A.B.A. Treasury Savings Bond fill a paper sack with $850 in currency
Committee, has announced the appoint­ while he held a gun on the bank official
ment of Robert I. Stout, president, the and Betty Elaine Richardson, only
First National Bank, Tekamah, Ne­ other employe on duty. No customers
braska, as A.B.A. Savings Bond Chair­ were in the bank at the time. It was
man for Nebraska.
the third time in 10 years the Home
State Bank has been the victim of
robbers.
Move to New Quarters
The Bank of Paxton, Nebraska, has
moved to its newly decorated offices
May Day Anniversary
formerly occupied by the Commercial
J. J. DeLay, president of the DeLay
State Bank. Peter Eginton, III, recent­ National Bank, Norfolk, Nebraska,
ly discharged from the navy, is presi­ launched his forty-fourth year in the
dent; Freda H. Eginton, vice president; banking business on May day. His
J. F. Fleak, cashier, and Betty Ann first banking job was that of assistant
Eginton, assistant cashier. Mr. Eginton cashier of a state bank at Dixon. Dur­
purchased the interests of H. L. Kil­ ing the forty-three years since May 1,
dare who recently resigned as presi­ 1903, Mr. DeLay has organized a great
dent.
many banks in several states, each one
of which went through the depression
years in good condition and each of
Herman H, Holsten
Herman H. Holsten, pioneer Nebras­ which is still a going concern. He went
ka banker and chairman of the board to Norfolk and organized the DeLay
of the Farmers State Bank, Dodge, National Bank in 1930, which opened
Nebraska, died recently. Mr. Holsten for business December 20th of that
started his banking career at Scribner year.

New Bond Chairman

E ffe c tiv e c o -o r d in a tio n
of all departments assures rapid, efficient han­
dling of every type of banking transaction. You
are invited to use any or all of our facilities.

C

it y

N

a t io n a l

H

a n k

A N II T R U S T C O M P A N Y o f C h ic a g o
P A U L W . SH O O L L
W ill Call at Your Bank

to hundreds of Nebraska bankers,
plans to spend several months in that
state. He will soon be calling at your
bank in search of news and other
interesting editorial material, and he
and the editor of the Northwestern

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

2 08

SOUTH

LA S A L L E

STREET

( M E M B E R F E D E R A L D E P O S I T I N S U R A N C E C O R P .)

Northwestern Banker, June, 1946

56

Nebraska News

Returns to Blue Hill

In f o r m a t io n

an d

S ervice

Ferd Peisiger, recently discharged
from army service after more than two
years with the 468th Quartermaster
Truck Regiment, has accepted a posi­
tion in the Commercial Bank, Blue
Hill. Nebraska, as assistant cashier.
Mr. Peisiger, who was a first lieuten­
ant and spent two years stationed at
Ledo, India, entered the service July
29, 1942. Previous to that time he
had been connected with the Blue Hill
bank for seven years.

Resigns as Teller
O n

G overnm ent

S ecu rities

Correspondent banks find that our completely
equipped and experienced bond department is
of important service to them. We are always
ready with current information on all issues
and orders are quickly executed. You are in­

Ernest Manske, who has acted in the
capacity of teller the past two years at
the Cones State Bank, Pierce, Nebras­
ka, has resigned.
Mr. Manske was temporarily en­
gaged by the bank during the war
when the bank aided greatly in the
war bond drives and to make it pos­
sible for other members of the bank
to serve on war emergency committees.
Mr. Manske’s present plans are in­
definite.

vited to discuss this and other services which

Leaves Hospital

make a correspondent relationship with this

Matt D. Pond, president, the First
National Bank, Lyons, Nebraska, has
returned to his desk after several
weeks of hospitalization in Omaha due
to an auto accident.

bank so helpful.

BOND D E P A R T M E N T

Liquidate Credit Co-op

THE N O R T H E R N
TRUST COMPANY
50 SOUTH LA SALLE STRE ET, CHICAGO 90, ILLINOIS
Member Federal Deposit Insurance Corporation

Telephone Franklin 7070

Bell System Teletype—CG. 368

At a meeting of members of the Or­
chard, Nebraska, Cooperative Credit
Association last month, it was voted to
liquidate the credit association and to
take steps to form a state bank to be
known as the State Bank of Orchard.
This move was made upon recom­
mendation of the board of directors
and ^as done with the consent of the
stale 'banking department.
The new State Bank of Orchard will
have a capital stock of $25,000, surplus
of $5,000 and undivided profits of
$2,500. A committee was named to
carry out the liquidation proceedings.

r fe T O O T L E -L A C Y
This bank has consistently adhered to the fundamental principles and
policies of its founders who pledged its full cooperation and resources to
the needs of commerce, industry, and correspondent banking.
Northwestern Banker, June, 1946


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

Nebraska News

57

Mr. Clark is president of the Omaha
National Bank.
Eleven National Farm Loan Associa­
tion secretaries from Iowa, Nebraska,

DEAN VOGEL, vice president

The bank received many baskets of

chairman of a committee of Omaha
citizens to study the Omaha school
funds problem with a view of recom­
mending a long-term plan for improve­
ment.
The committee will serve the school
district in the same way that the
mayor’s citywide planning committee
serves the city.
Among those working with Mr.
Vogel on the committee are Clarence
Witt, president of the South Omaha
Savings Bank, and
E. Fillmore
Gwynne-Vaughan, insurance man.

Some Omahans are on daylight sav­
ing time, even if most of them aren’t.
Omaha concerns which provide New
York stock market quotations had no
choice but to start work an hour ear­
lier, when New York went on daylight
time. The workers who chalk up the
quotations “played to an empty house”
during the first hour of the day when
the new time schedule went into effect.
Traders forgot that the market would
open at 8 instead of 9 (Omaha time).
During the summer, Omaha closing
time will be 1 p. m., instead of 2.
The Omaha Grain Exchange also
opens now at 8:30 a. m., instead of 9:30.

. of the Live Stock National flowers.
W
Bank of Omaha, has been appointed

The non-Jewish population of Omaha
was asked to contribute to the cam­
paign to raice $100,000,000 for the re­
lief of 1,400,000 Jewish people in
Europe. The local appeal was made
by a group of Omaha business men.
They asked that non-Jews in Omaha
raise between $35,000 and $40,000.
Donations were being received by
Dale Clark, president of the Omaha
National Bank.
The Live Stock National Bank of
Omaha held open house last month in
its newly-established Personal Loan
Department, of which Marvin Werve
is the head. Mr. Werve is a graduate
of the Creighton University School of
Law in Omaha. The bank also showed
the hundreds of visitors through its
newly-enlarged Savings Department.

PR ESID EN T

A three-day conference of Federal
Land Bank of Omaha appraisers was
held recently at the Hotel Fontenelle
in Omaha. Oscar W. Hahn, chief re­
viewing appraiser for the four-state
district, was in charge. Thirty-four at­
tended.
Soil specialists from the University
of Nebraska spoke.

Mrs. Katie A. Fitzgerald, 82, wife of
James J. Fitzgerald, president of the
Commercial Savings and Loan Associa­
tion of Omaha, died recently at an
Omaha hospital. She had been a resi­
dent of Omaha 55 years and was active
in the community chest.
She was a leader in raising funds for
the building of St. Bridget’s Church
and School in South Omaha.
One daughter, two sons also survive.

Ellsworth Moser, executive vice
president of the United States National
Bank of Omaha, was among seven men
nominated for three-year terms on the
Omaha Chamber of Commerce board
of directors.
Others nominated included A. E.
Burr, vice president, Western Securi­
ties Company; James P. Lee, vice presi­
dent, Omaha and Council Bluffs Street
Railway Co. and former Omaha bank­
er, and V. J. Scutt, insurance executive.

Guests of Mr. and Mrs. Dale Clark
recently were their son-in-law and
daughter, Mr. and Mrs. John Schirding
of Petersburg, Illinois, and the couple’s
small daughter, Cathie.
It was their first visit in Omaha since
Mr. Schilling’s release from army
service.

S. J. Wirtz of the Omaha National
Bank has been nominated for presi­
dent of the Omaha Association of
Credit Men.
Other recommendations by the nom­
inating committee: Frank H. McCall,
first vice president; John C. Conley,

N A T IO N A L B A N K
MILTON TOOTLE, JR.

South Dakota and Wyoming have been
named to the 1946 Procedure Commit­
tee of the Federal Land Bank of Oma­
ha. The committee was formed to re­
view operations and policies of the
associations and the Land Bank.
Members of the committee include:
Iowa—F. H. Diercks, Storm Lake;
J. D. Loudon, Clarinda; H. B. McTavish, Cedar Rapids, and P. M. Nelson,
Cedar Falls.
Nebraska—G. J. McGinley, Ogallala;
C. G. Sherwood, Orleans, and Kenneth
L. Steward, Wahoo.
South Dakota—Elmer Barkes, Yank­
ton; George Gunnison, Watertown, and
U. A. Jarvi, Belle Fourche.

MILTON TOOTLE, III
VIC E PR ESID EN T

ST. JOSEPH, MO.

R. E. WALES
CASHIER

GRAHAM G. LACY

E. H. SCHOPP

FRED T. BURRI

E. L. CRUME

VICE PR ESID EN T

ASST. CASHIER

ASST. CASHIER

ASST. CASHIER


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

M em ber Federal Deposit
Insurance Corporation

Northwestern Banker, June, 1946

58

Nebraska News

second vice president; Carl M. Howard,
Edwin N. Solomon, Lloyd Johnson,
Ernest R. Morgan, and Mrs. H. Ruth
Jacobs, Lincoln, Nebraska.
Mr. and Mrs. Ray R. Ridge have
returned from a two weeks’ motor
trip to the South. They visited Natchez,
Mississippi, and other gulf points. Mr.
Ridge is vice president of the Omaha
National Bank.

./ust Plain Pun
Old Salt (to seasick sailor): You’re
just a landlubber.
Sailor: Right—and how I lub it.

G. I. QUESTION BOX
(Continued from page 15)
to pay off the $2,000 existing lien, get
the additional $3,000, and make a new
first mortgage in the amount of $5,000.

Such a loan can be made but the
loan of $5,000 will be guaranteed not
for 50 per cent of $5,000 but 50 per
cent of $3,000 or $1,500. The percent­
age relationship of guaranty to the
new loan would be 30 per cent. This
is for the reason that the $2,000 mort­
gage loan now of record is not an

Have Your Livestock Customers
request their commission firm to send their proceeds
through our Bankers Joint Agency for credit to your
account and their use.
The safest and most practical way of handling their
proceeds.

First
S t.Joseph
STOCK Y A R D S R A N K
S o u th S t. J o s e p h , Mo.
OFFICERS

eligible loan for refinancing with a
guaranty.
Q. Can two or more veterans pur­
chase or construct a residential prop­
erty in excess of four separate family
units?

Yes, to the extent that one separate
family unit may be added to this basic
four units for each veteran participat­
ing in the ownership.
Q. If a veteran can purchase a resi­
dential property with not over four
separate family units, in one of which
he will reside, can he purchase a lot
or tract of land on which there is
located up to four houses, live in one
and rent the others?

No. He cannot purchase for invest­
ment or speculation. The intent of
the Act is to provide him with a home
in which there cannot be in excess of
four family units.
Q. On a 50 per cent guaranteed loan
does the lender share one-half the loss
and the Government the other half?

No. A loan starting out with a 50
per cent guaranty always carried a
guaranty of 50 per cent of the unpaid
principal amount, and upon default
the guaranty is paid in full. In the
liquidation of the collateral the Gov­
ernment then subrogates its rights to
you as lien holder and takes a second­
ary position which means that you vir­
tually have a 100 per cent guaranty
on any loan where the value of the

Frazer L. Ford, President
J. A. Greenfield, Vice President
M. E. Blanchard, Asst. Cashier
Thos. J. McCullough, Vice Pres, and Cashier
Louis J. Komer, Asst. Cashier

BANKS

Bought and

Sold

Confidentially and with becoming dignity

“ O / V L Y B A N K IN T H E Y A R D S ”

BANK EMPLOYEES PLACED.
40 Years Satisfactory Service

THE CHARLES E. WALTERS CO.
O M AHA, NEBRASKA
Member Federal Deposit Insurance Corporation

Oldest N ational B ank F rom Omaha W est
Member Federal Deposit Insurance Corporation

Northwestern Banker, June, 1946


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

Nebraska News
property does not shrink more than
50 per cent.

Moonlight
Then there was the Negro who ar­
gued that the moon was of more bene­
fit to mankind than the sun because
“de sun shines by day when we doanr
need no light, but de moon shines by
night when dat light most certainly
am needed.”

Q. Is there a secondary market for
these loans?

Yes. The Reconstruction Finance
Corporation is in the process of setting
up what will be known as the RFC
Mortgage Company which will buy
any guaranteed loan not in default or
imminent default, secured by a first
mortgage on a home, of not over $10,000. The loan must draw 4 per cent
interest. You will have to agree to
service it on a one-half of one per cent
basis and it will have to be amortized
over the period in regular equal
monthly installments. The above are
some of the proposed requirements—
others may be added. You will be
provided with liquidity through such
a secondary market.
Q. Is an enlisted man or officer
transferred to the Enlisted Reserve
eligible for a loan?

Yes. An enlisted man or officer who
otherwise qualifies and who has been
transferred to the Enlisted Reserve
Corps is given a certificate of service
in place of the discharge certificate.
His certificate of service is a release
from active duty similar to a discharge
certificate but instead of stating “dis­
charge” it will state “released to in­
active status.” An original certificate
of service is required and is accept­
able for the issuance of the Certificate
of Eligibility and a Certificate of
Guaranty for loans made under the
Act.

59»

THE
ÇOCOR
IDENTIFIES THE CONTENTS
HE Regional Conference of the
American Institute of Banking is to
be held at the Hotel Cornhusker in
Lincoln, Nebraska, August 10th. Those
states in the region are Minnesota,
North Dakota, South Dakota, Nebras­
ka, Iowa, Missouri, Kansas and Colo­
rado. S. J. Kryzsko of Winona, Minne­
sota, is the member of the executive
council of this region.

T

Bank clearings in Lincoln during
April amounted to $20,679,202 as com­
pared with $17,705,156 for the same
month a year ago, it was announced by
the Lincoln Clearing House Associa­
tion.

On March 30th of this year the clear­
ings stood at $23,218,186, the associa­
tion said with the total for the entire
period from January 1st through April
30th of 1946 amounting to $84,679,090
as compared with $71,457,827 in the
same period during 1945. There is an
activity gain of $3,221,263 during the
period of 1946, the clearings show.

. u W r a p p e r s - r ed
C o lo red R a m b o '" W s P green for
U s in g
n n ie s,
J "
rte rs, ^ W o W f o x
f o r P e o rang e fo r .?
T e lle r auto m a
d im e s ,
g rey fo r doU “ r _ tio „ even v/hen

"knows denomina i^tes chance of

ic a l iy
p r in t « d sid e is d f " ; ° p | a i n style « r a p *
e rro r
' -‘¿ i A '* d b’ f,i
p e rs.

74e C . L. D O W N E Y
HANN IBAL,

M ISSOURI

'UJoaIcLl Jlotoj&lt Mj/U. o]j Coiti. 'li/’tGfLpeAA.

Annual Convention
The 26th annual convention of the
Morris Plan Bankers Association, to­
gether with the affiliated Consumer
Bankers Association, will be held at
the Cavalier Hotel, Virginia Beach,
Virginia, October 21st, 22nd and 23rd,
it is announced by Joseph E. Birnie,
president of The Bank of Georgia,
Atlanta, and president of the national
association. At the same time, Mr.
Birnie announced the appointment of
Malcolm C. Engstrom, vice president
and comptroller of The Bank of Vir­
ginia, Richmond, as general convention
chairman. Committee appointments
and program plans for the convention
will be announced at a later date.

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

Banks throughout Nebraska
are invited to draw upon our
wide contacts and years of ex­
perience in handling

Lincoln

business.

(Continental |\|ational
&AffK

T
LINCO LN

Member Federal Deposit Insurance Corporation

F. E. DAVENPORT & CO.
OMAHA


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

N orth w estern

B anker,

June,

1946

60

SPEEDS ITEMS FOR CORRESPONDENTS
For your convenience,
we supply you with
special 24 HOUR TRANSIT
SERVICE Envelopes. Write
for your supply today.

Busy Correspondents depend upon our continuous
24-Hour Transit Service for fast service. Rush
business is expedited with the maximum
of efficiency. Try it— the next time you want to
save a day's service on transit items.

LIVE STOCK NATIONAL BANK
OMAHA, NEBRASKA
N orthw estern

B a n ker,


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

June,

1946

“

em ber f .d. i .c .

61
president, Woodbury County Savings
Bank, Sioux City.

Io w a

Correct Your Directory
An error appears in the 1946 Edition
of the Iowa-Nebraska Bank Directory,
with respect to figures listing Deposits
and Cash Resources of the Peoples

N EW S
F. L. S A W Y E R S
Presiden t
C e n te rv ille

Trust
Iowa.

FR A N K W A R N ER
Secreta ry
Des Moines

T

Savings Bank of Indianola,

As published in the Directory,
the figures read “ Deposits—$1,135,500
and Cash Resources $279,000. These
figures should read:

•Iiinior Hunkers Convention
HE ninth annual convention of
the Iowa Junior Bankers Associa­
tion and the Iowa Association of Bank
Auditors and Comptrollers will be held
at the Hotel Fort Des Moines, Des
Moines, on Tuesday and Wednesday,
June 11th and 12th. Registration will
commence at 1 p. m., Tuesday after­
noon. The afternoon will be spent in
visiting, shopping, golf, sightseeing,
etc. The Des Moines Clearing House
Association is providing free tickets to
various Des Moines movies for the
ladies and men attending this joint
convention.
The convention is open to all Iowa
bankers and their wives. It is antici­
pated there may be 300 to 500 present.
On Tuesday evening at 7 p. m. the an­
nual banquet will be held at the Hotel
Fort Des Moines. Jeff Williams, attor­
ney, Chickasha, Oklahoma, will be the
speaker of the evening. There will be
music and entertainment in addition.
This is the first postwar meeting of
these two organizations which are affil­
iated with the Iowa Bankers Associa­
tion. In the interest of economy they
decided to hold their annual meetings
together this year.
Officers of the Iowa Junior Bankers
Association are: A. A. Gerken, Fort
Dodge, president; Harold R. Spencer,
Oakland, vice president; Mrs. Hazel
Bliquez, Des Moines, secretary-treas­
urer; D. C. Kent, Cherokee, chairman
Group 1; Wayne O. Hopkins, Spirit
Lake, chairman Group 2; R. E. Wiley,
Mason City, chairman Group 3; Harold
R. Spencer, Oakland, chairman Group
5; Clarence D. Clausen, Boone, chair­
man Group 6; Robert H. Nicolaus, Wil­
ton Junction, chairman Group 8; Mrs.

&

Gordon A. Hawk, Bloomfield, chair­
man Group 10.
Board of Governors, Bank Auditors
and Comptrollers Association: W. R.
Hatter, Marengo, president; O. H. John­
son, Crawfordsville, vice president; L.
C. Siegner, Des Moines, secretary-treas­
urer; W. P. Ronan, Decorah, member
of board; R. G. Lexvold, Spencer, mem­
ber of board; R. W. Lewis, Sioux City,
member of board; H. E. Lemkau, Mus­
catine, member of board; E. H. Ketelsen, Davenport, past president, mem­
ber of board; C. R. Colton, Ottumwa,
past president, member of board; E. B.
Wilkinson, Iowa City, past president,
member of board.
Speakers listed for the program in­
clude A. A. Gerken; Jeff Williams,
attorney, Chickasha, Oklahoma; Rob­
ert H. Nicolaus, Howard C. Stephany,
assistant cashier, Woodbine, Iowa;
Robert W. Wilcox, Iowa State Col­
lege; J. C. Blackford, manager, budget
loan department, Union Bank & Trust
Company, Ottumwa; W. F. Sprague,
International Harvester Company; Jan­
ice J. Jones, Soldier Savings Bank,
Soldier, Iowa; H. E. Lemkau; Alvin J.
Vogel, secretary to research commit­
tee, National Association of Bank Au­
ditors and Comptrollers; H. C. Winder,
cashier, Central National Bank and
Trust Company, Des Moines; H. L.
Dalton, assistant manager, National
Surety Corporation, Chicago office; C.
S. Johnson, executive vice president,
First National Bank, Perry, Iowa;
Linton P. Hainer, State Department of
Public Instruction, Des Moines; M. C.
Sanderson, branch manager, Bur­
roughs Adding Machine Company, Des
Moines, and C. T. McClintock, vice

Deposits—$5,345,230 and Cash Re­
sources—$803,220.

Will holders of the 1946 Directory
please correct their books accordingly?

Reelect Bank Officers
At the annual stockholders meeting
last month of the Farmers State Bank,
Merrill, Iowa, all officers were re­
elected. They are H. J. Harms, presi­
dent; George B. Main, vice president,
and M. O. Nelson, cashier.

Dyersville Director Returns
After more than fifty months in the
army with service in the European and
West Pacific areas, Lt. Col. Leonard
J. Wegman has returned home and is
now on terminal leave. He has not
yet decided whether he will resume
his former connection with the Dyers­
ville National Bank, Dyersville, Iowa,
as director or whether he will accept
the position of vice president and direc­
tor of the Citizens Savings Bank, Anamosa, Iowa.
Leo J. Wegman, president of the
Citizens Savings Bank, has just re­
turned with Mrs. Wegman from a six
weeks vacation to New Orleans, Biloxi,
Mississippi, and other gulf points.

RadclifiFe Officers Reelected
At a recent meeting of the board of
the Security State Bank, Radcliffe,
Iowa, the following officers were
elected: Carroll L. Drake, president;
Rachael Drake, vice president; Claude
E. Drake, vice president; James Wm.
Ryan, cashier; Ruth L. Gelhaus, assist­
ant cashier, and John E. Erbes, assist­
ant cashier.

Scarborough & Company
Insurance Counselors to Banks

D ?d you know that this company pioneered in putting
Bank Insurance on a scientific basis and forcing
rate reductions? Ask us about our counseling service.


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

F IR ST

N A TIO N A L B A N K
STATE

B U IL D IN G • CH ICA G O

3,

ILL .

4325

Northwestern Banker, June, 1946

62

Iowa News

Guest Speaker
Frank Warner, secretary of the Iowa
Bankers Association, was a guest
speaker before the classes in money
and banking at the State University
of Iowa at Iowa City last month. He
has been a guest speaker for many
years at these classes.

Open Office in Ollie
The Hayesville Savings Bank, Hayesville, Iowa, has opened a branch office
in Ollie, Iowa. Ollie has been without
a bank for almost 20 years. Elmer H.
Mertz, executive vice president of the
Hayesville bank, has announced Leo
Power as manager of the Ollie office.

Other officers of the Hayesville bank
are Bert Fischer, president; C. J. Mertz,
cashier; Roy E. Simpkins, manager,
Delta office, and Gerald Fowler, assist­
ant manager, Delta.

Organize Walker Bank
The first state bank to be organized
this year, the Walker State Bank, was
opened last month in Walker, Iowa.
F. W. Lindahl, vice president and di­
rector of the North Linn Savings Bank
in neighboring Center Point is presi­
dent and cashier. Mrs. Carrie H. Lin­
dahl is assistant cashier. Frank W.
Takes is vice president. In addition to
Mr. Lindahl and Mr. Takes, directors

Thanks for Visiting
OUR NEW HOME
We were honored to have so many of you
bankers from Iowa, Nebraska, South Dakota
and Minnesota attend the formal opening of
our new home, June 6. It was an event that
will be long remembered by all of us.

A ll o f Y o u A re
A lw a y s W e lco m e
Come again . . . as often as you can. Those
of you who couldn't come for the formal
opening are welcome whenever you are in
town. We'll be glad to show you every de­
partment of our new banking house.

CECURTTV
V JJ of Sioux City ML

are F. W. Templeman, A. M. McCright
and Thomas H. Wiley who is also
chairman of the board.
The new institution with a capital
of $30,000, surplus of $10,000 and un­
divided profits of $9,500 assumed the
deposit liability of the Walker office of
the North Linn Savings Bank. There
are now 552 state banks in Iowa, the
highest number since the 620 which
were operating in 1933.

Elect New Director
Joseph R. Smith, Dow City, Iowa,
was elected a director of the First Na­
tional Bank, Denison, Iowa, at a recent
meeting of the board of directors. He
was appointed to fill the unexpired
term and the vacancy created by the
death of Charles Bollen which oc­
curred last February.
Mr. Smith has always lived in the
Dow City community and is very ac­
tive in its affairs. He is a very success­
ful farmer and business man.

Moves to Sigourney
M. N. Barnes has been named cash­
ier of the First Trust and Union Sav­
ings Bank, Sigourney, Iowa. Mr.
Barnes moved to Sigourney from Kes­
wick where he was manager of the
office for the First Trust and Union
Savings Bank.

Elect A. I. B. Officers
Conrad Aronson of the Toy National
Bank was elected president of the
Sioux City chapter of the American
Institute of Banking at the annual
election in the directors room at the
Toy National Bank.
Mr. Aronson and Kinley Smith, re­
tiring president, also were named to
attend the national convention of the
association in Cincinnati this summer.
Other officers elected include Ernest
A. Johnson of the First National Bank,
vice president, and Albert Blenderman
of the Woodbury County Savings
Bank, secretary-treasurer.

New Hampton Cashier
Edward Pressler of Manly, Iowa, has
been appointed cashier of the Security
State Bank, New Hampton, Iowa, and
assumed his duties as such officer last
month.
Mr. Pressler has had twenty years
banking experience.
He succeeds A. C. Thiel who re­
signed to accept a similar position in
Warsaw, Illinois.

Adds Deposit Boxes
The First State Bank, Webster City,
Iowa, last month opened for rental
514 new safety deposit boxes. The ad­
ditional vault space brings the total
number of boxes to 1,168.

Northwestern Banker, June, 1946


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

63

Your Depositors’ Money

The money your depositors re­
ceive from the sale o f live stock

the day o f receipt.
All you have to do is ask your

trans­

shippers to instruct their com ­

ferred to their credit in your

mission firms to route the pro­

Bank if routed through us. The

ceeds o f their live stock sales

Stock Yards post office is just

through this Bank. We shall be

across the street and the advice

glad to supply you with instruc­

o f credit is mailed to you on

tion cards for this purpose.

in


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

Chicago

is

speedily

P//w

LIVE STOCK
. i'a/iom t/ BANK
f'cayo
E ST A B L ISH E D 1 8 6 8

UNION STOCK YARDS
DAVID

H. R E I M E R S ,

President

M em ber Federal Deposit Insurance Corporation

N o rthw estern

B a n ker,

June,

1946

64

From tiroup to tìi'oup
W ith the Hu uh ers Troupe
Seen and Heard at the Eight Iowa Group
Meetings Held Last Month
By CLIFFORD DE PUY, Publisher
THE NORTHWESTERN BANKER
Roy B. Johnson, assistant vice presi­
dent of the First National Bank of
Mason City, is treasurer of the Ameri­
can Legion for Iowa, having been
elected in August, 1945, at which time
the Legion had 51,000 members in the
state, and now has 105,000 members.
The goal is 110,000 before the end of
1946. Roy served as a First Lieuten­
ant in the Infantry and saw overseas
duty in World War I.

While everyone realizes Frank War­
ner, secretary of the State Association,

O LD A N D N E W O FF IC E R S OF G RO U P 4. At the Dubuque meeting of Group
4 which was attended by 400 bankers, the election of officers included, reading
from left to right— B. S. B A U M G A R T N E R , cashier of the Elgin State Bank,
Secretary; J. V. K E P P L E R , cashier First National Bank, Dubuque, chairman;
and H. B. T A N G E M A N , cashier Security State Bank, Guttenberg, retiring chair­
man of Group 4.

ITH FRANK WARNER, the
efficient and meticulous secre­
tary of the Iowa Bankers Asso­
ciation, in charge of programs and
arrangements for the eight Group
Meetings held in the Hawkeye state
last month, everything moved along
smoothly and satisfactorily except

W

when John L. Lewis interfered and
prevented the special cars from being
used during the second week of the
meetings.
However, automobiles and some
“hitchhiking” served to get all of the
“traveling bank troupe” to each meet­
ing without loss of time.

A t th e l o i r « 6 r o « / i A ieetin tjs
The pictures on the

opposite page were taken by the
during the several group meetings last
month in the various cities of the Hawkeye State. Names in the
pictures read from left to right.
1— L ester L. Siems, assistant manager bond department, The
Northern Trust Company, Chicago, and R ich a rd W . Y erg, The
Chase National Bank, of the City of New York.
2— D on C. Dougan, president Iowa State Bank of Hamburg,
chairman of Group 5, and S. R. D e Cou, cashier, First National
Bank, Woodbine, and former chairman of Group 5.
3— G. M. Barnett, president Guthrie County State Bank,
Guthrie Center, and secretary of Group 6.
4— W . E. Sheldon, president Home Trust and Savings Bank,
Osage, and vice president-treasurer Iowa Bankers Association,
and H. L. Ollenburg, president Hancock County National Bank,
Garner, and chairman of Group 3.
5— Ben W . Olson, president Security Savings Bank, Eagle
Grove, chairman of Group 2, and H. O. Beneke, cashier Palmer
State Bank and president Pocahontas Bankers Association.
N orthw estern B an k er

Northwestern Banker. June. 1946


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

has one of the finest and keenest
minds among the many successful
secretaries, perhaps few people know
that he attributes part of his scintil­
lating brilliancy to the fact that every
night before he retires he has a bowl
of grapenuts and cream. In fact dur­
ing the Group Meetings some of the
rest of the boys formed “the habit.”
Warren Garst, cashier of the Home
State Bank of Jefferson, Iowa, is also
chairman of the Agricultural Com­
mittee for the Association and is pro­
moting the Agricultural Credit School
for Bankers which will convene at
Ames on June 17. The cost is only
$13 and is limited to 30 students.
Mr. Garst says that, “the school
is established to offer a course of in­
struction which will enable Iowa

^

6— M rs. W. N. Shellenbarger, assistant cashier Hartwick State
Bank; M rs. H ugh M cC leery, wife of Hugh McCleery, cashier
Peoples State Bank, Laurel; N. P. B lack, cashier Perry State
Bank and Iowa Superintendent of Banking, and Mrs. N. P.
Black.
7—
Roy, A . Sweet, vice president and cashier Story County
State Bank, Story City, and new chairman of Group 6, and
H ugh M cC leery, cashier Peoples State Bank, Laurel, and im­
mediate past chairman of Group 6.
8— Left to right back row: F ran k W arner, secretary Iowa
Bankers Association; C. A . Edm onds, executive vice president
Central State Bank, Muscatine; B. L. M cK ee, executive vice
president Muscatine Bank and Trust Company.
Front row: F. L. Saw yers, president Centerville National
Bank and president Iowa Bankers Association; C. H. Haesemeyer, president Union Trust and Savings Bank, Stanwood,
chairman of Group 8, and N. P. B la ck, Superintendent of
Banking for Iowa.

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

66

Iowa News

bankers to better understand the
problems facing their farmer-custo­
mers.”
Robert S. Nelson, who saw service
in the South Pacific and is the son of
C. V. Nelson, cashier of the Farmers
and Merchants Savings Bank of
Waterville, Iowa, has now taken a po­
sition with the People Savings Bank
of Cedar Rapids.
Newton P. Black, state superinten­
dent of banks, made his first appear­
ance before the Group Meetings and
told bankers that, “ I am not going to

cooper mii\

tell you how to operate your banks be­
cause you know how to do that better
than I do. I am simply going to try
and interpret the banking laws as they
now appear on the statute books. Also,
I am not in favor of granting charters
for banks which may be organized
more or less as a speculative venture.”
When the bankers met at Mason
City, they were sorry not to see the
smiling faces of Fred C. Heneman,
president, and Dean H. Lightner, vice
president of the First National Bank,
as these gentlemen were taking a
much needed rest.

u

hiking

Cooperation, which is a strong American
trait, is well illustrated in correspondent bank­
ing. The larger banks, working in close har­
mony with smaller banks, assure adequate
credit when industry demands it.
The First National Bank in Sioux City is
alw ays glad to cooperate with any bank
whose loan requests exceed their legal lend­
ing limit.

J. P.
Fritz
J- T.
J. R.

A. G. Sam,
Rainer, Vice President
Fritzson, Vice Pres, and Cashier
Grant, Assistant Cashier
Graning, Assistant Cashier

President
E. A. Johnson, Assistant Cashier
R. E. Gleeson, Assistant Cashier
Harold H. Strifert, Assistant Cashier
W. F. Cook, Auditor

NATIONAL
BANK
* * * ★
N orth w estern

Banker, Ju n e,


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

//7
1946

S ’/ o U Y C / f i y

★ ★ *

Byron L. McKee, executive vice
president of the Muscatine Bank and
Trust Company, together with his
other officers and directors, enter­
tained a number of the “visiting bank­
ers” at a luncheon during the meeting
of Group 8.
W. E. Downer, president of the
bank, greeted the guests and presented
them with a box of buttone, as a re­
minder of one of the famous industries
of the city, and suggested that, “if
these are properly used, it may pre­
vent you from losing your shirt.”
Dan AV. Ernst, president of the
American Trust and Savings Bank,
Dubuque, greeted many bankers in his
modernistic banking quarters during
the meeting of Group 4. His bank
now has deposits of over $18,000,000.

At the Dubuque meeting over 400
registered and it was one of the finest
meetings of the series, even though
everything had to be moved up one
hour since Dubuque is the only city in
Iowa on daylight saving time. Many
bankers remarked that they were not
in favor of it, as they, “were out of
step with their neighbors.”
Ernest Robert Rosse of Philadel­
phia, spoke at each group meeting
and told the same stories before
each gathering, but used different
headings including “What’s Wrong
With America”—“America as I Find
It”—“What and What Not” and “The
Safety Valve of Sanity.”

Before becoming a public entertain­
er, Mr. Rosse was an engineer, having
graduated with a degree in that sub­
ject from the University of Pennsyl­
vania.
In one of his political references
to present conditions, he said, “ The
stork that brought John L. Lewis, Phil
Murray and Henry Wallace should
have been arrested for peddling dope.”
Walter T. Robinson, loan guarantee
officer for the Veterans Administra­
tion in Des Moines, gave a very in­
teresting synopsis of the G. I. loan
law and answered many questions
concerning this legislation at each of
the meetings. Mr. Robinson says,
“ The G. I. loans now amount to $20,000,000 in volume” and he estimates
that 5,000,000 G. I. veterans out of 15,000,000 in the United States will make
loans under title III during the next
5 years. He also believes that there
will be approximately $500,000,000 in
total loans to veterans made in Iowa
under the G. I. Bill in the next 5 years.

67

! ■ ■ ■ ■ M _____

ER YOU i
USEE

BURROUGHS MACHiMiS

Burroughs machines are used extensively
by the Harris Trust and Savings Bank,
Chicago— one of thousands of banks
listed as satisfied Burroughs users.

B u rro u g h s
IN M A C H I N E S
IN
L

J

CO UNSEL

IN S E R V I C E

For more than fifty years, Burroughs has worked in close,
continuous association with business men everywhere
in helping them solve their figuring and accounting problems.
The experience gained through this long association
explains, in part, Burroughs’ recognized ability to analyze
office procedures and requirements . . . to make practical,
carefully-thought-out recommendations . . . to select,
install and apply the machines and methods that provide
maximum accuracy and efficiency at minimum expense.
This experience, plus Burroughs’ continuing program of new
machine developments to meet ever-changing business
needs, is an important reason why you see Burroughs
machines wherever you go.
BURROUGHS ADDING MACHINE COMPANY • DETROIT 32, MICHIGAN

FIGURING, ACCOUNTING, STATISTICAL AND CASH REGISTERING MACHINES • NATIONWIDE MAINTENANCE SERVICE • MACHINE SUPPLIES


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

N orthw estern

Banker,

June,

19 46

68

Iowa News

Iowa Group Chairmen and Secre­
taries are as follows and include those

who were elected at the meetings last
month. In each case the first man
named is chairman.
Group 1—Henry Visser, cashier.
First National Bank, Hawarden; A. E.
Muir, president, Onawa State Bank,
Onawa.
Group 2—Wayne C. Currell, presi­
dent, Emmet County State Bank,
Esterville; Geo. Alexander, president,
Farmers National Bank, Webster City.
Group 3—H. L. Ollenburg, president,
Hancock County National Bank, Gar­
ner; M. .1. Klaus, vice president, First
Security Bank & Trust Company,
Charles City.
Group 4—J. V. Keppler, cashier,
First National Bank, Dubuque; B. S.

cashier, Elgin State
Bank.
Group 5—Don C. Dougan, president,
Iowa State Bank, Hamburg; L. F.
Kruse, president, Mineola State Bank,
Mineola.
Group 6—Roy A. Sweet, vice presi­
dent and cashier, Story County State
Bank, Story City; G. M. Barnett, presi­
dent, Guthrie County State Bank,
Guthrie Center.
Baumgartner,

Group 7— E. G. Engelbrecht, cashier,
Waverly Savings Bank, Waverly; Lee
Chandler, cashier, Iowa Savings Bank,
Dike.
Group 8—Bruce Townsend, presi­
dent, City National Bank, Clinton;
Boyd F. Jordan, cashier, Muscatine
Bank & Trust Co., Muscatine.

Group 10—Oliver Anderson, cashier,
Farmers Savings Bank, Wright; Geo.
R. Garton, cashier, Citizens State
Bank, Humeston.
Group 11— L. N. Frescoln, executive
vice president and cashier, First Na­
tional Bank, Fairfield; Dale Kelley,
cashier, Henry County Savings Bank,
Mount Pleasant.

Twentieth Anniversary
The Manly State Bank, Manly, Iowa,
was host to more than 200 people last
month at a dinner celebrating the
bank’s twentieth anniversary and at
which all new business and profes­
sional men were introduced who have
made their homes in Manly during the
past year and a half.
Leonard Simmer, president of the
bank, was toastmaster and introduced
the guests and returned servicemen.

Appointed Cashier
Arnold Petznick formerly of Graf­
ton, Iowa, has been appointed cashier
of the Home Trust and Savings Bank,
in Osage, Iowa. He will succeed Arnold
J. Warren. Mr. Petznick was .branch
manager for the Bank of America at
San Diego, California, when he was
inducted into the service.

Joins Marshalltown Bank
Imbthhmi

St. Louis’ Soldiers’ Memorial, located at 15th and Chestnut Streets
on M emorial Plaza, was dedicated to the memory o f St. Louisans
who died in W orld W ar I. It contains two museums with data,
records and relics o f that War.

ut-of-town banks are cordially
use our services in
connection with loans that
be in excess of their local facilities

Russell W. Day has joined the staff
of the Commercial State Bank, Mar­
shalltown, Iowa, as assistant cashier.
Mr. Day has had over 15 years of bank­
ing and accounting experience.
Mr. Day succeeds Creston Ackley
who recently resigned to operate a
farm he purchased near Ferguson.

John G. Flanagan
John G. Flanagan, 88, president of
the Silver City State Bank, Silver City,
Iowa, and a large Mills county land
owner, died at his home last month
after failing in health for a year. Mr.
Flanagan had lived in the Silver City
community for 80 years and was ac­
tive in community and business affairs.
Surviving are a son, Roy, a daughter,
Maude, and a sister, Mrs. Emma Morse,
all of Silver City.

Jackson County Elects

MEMBER

N orthw estern

FEDERAL

Banker, Ju n e,


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

1946

DEPOSIT

INSURANCE

CORPORATION

M. O. Sagers, of Maquoketa, Iowa,
was named president of the Jackson
County Bankers Association at a meet­
ing in Maquoketa last month. Other
officers include E. Flint, of Andrew,
vice president; and Keith Scott, of
Baldwin, secretary and treasurer.

Iowa News

iiv s

M o in e s

N ew s

Albert J. Robertson, vice president,
the Iowa-Des Moines National Bank
and Trust Co., last month spoke on
“Banking and Finance” before the
“ Business Careers Conference” at the
State University of Iowa’s college of
commerce.
J. R. Astlry, vice president, Valley
Bank and Trust Co., spoke before the
mortgage meeting in Waterloo, Iowa,
last month. Attending the conference
with Mr. Astley was Don Wissler, man­
ager of the bank’s G. I. loan depart­
ment.

69

month in an Albuquerque, New Mex­
ico, hospital. He was secretary and
treasurer of the P. F. McCanna real
estate firm at Albuquerque.

Fred Quiner, vice president, the Cen­
tral National Bank and Trust Com­
pany, discussed G. I. loans before the
Butler County Bankers Association in
Shell Rock, Iowa, last month.

The Valley Bank and Trust Com­
pany is the first business house, to our

Assistant Cashier

knowledge at least, which has been
able to move in on the government and
do it successfully. All this happened
when the Valley Bank took over quar­
ters in their building where the in­
ternal revenue collector used to hold
forth. Winfield Scott, vice president,
said new quarters are being set up in
this space and the entire section is be­
ing remodeled and redecorated.

Raymond Sherman has accepted a
position as assistant cashier of the
Iowa Falls State Bank, Iowa Falls, ac­
cording to announcement by A. C.
Thornburg, president. Mr. Sherman
received his discharge from the navy
after serving two and a half years in
the Pacific. Prior to his service in the
navy he was associated with the Bank
of America in Los Angeles, California.

Last month the N orthwestern B a n k ­
typographically stole Warren Fer­
guson from the Capital City State Bank
er

HEADQUARTERS
FOR
N ORTH EASTERN
IO W A B A N K E R S
This bank, with the advantages of quick,
efficient services and complete facilities, is
the logical channel for your Northeastern
Iowa business.

W ARREN

FE R G U SO N

Returns to Des Moines Bank

and placed him with the Iowa State
Bank as head teller. With this issue
we are very happy to return Mr. Fer­
guson to his rightful position as head
teller with the Capital City State Bank.
He has just resumed his duties after
serving two years in the navy. Mr.
Ferguson started his banking career in
1936 as a junior clerk. He is a graduate
of Bunnells high school, Capital City
Commercial College and was active in
the American Institute of Banking.
New assistant cashier of the West
Des Moines State Bank is Earl Comp­
ton, recently manager of the Fort Des
Moines post exchange. The Confptons
formerly lived in Webster City.

W AT E R LOO

Member— Federal Reserve System
Federal Deposit Insurance Corporation

O. M. Horton, 53, former Des Moines
resident and brother of Herbert L.
Horton, president, Iowa-Des Moines

National Bank and Trust Co., died last

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

N orth w estern

Banker, Ju n e,

1946

70

Iowa News

•foins

W esslinti

service in England, France, and Ger­
many and was recently discharged
from military service. He has grown
up in a banking atmosphere since Mr.
Wessling, Sr., was a country banker
in northwest Iowa for many years.
Daniel, Jr., has been in every state in
the United States. While in college
he was on Pennsylvania’s varsity crew
for four years. His principal hobby is
horse-back riding.
Wessling Services was organized in
1922 and has customers throughout the
nation. They specialize in trust pro­
grams, but include likewise newspaper
advertising copy and direct mail pro­
grams for commercial departments and
general business promotion tailored to
the individual bank.

Seventy-fifth Anniversary

Photo by Fabian Bachrach

DANIEL R. WESSLING, JR., left, and D. R. WESSLING
A ‘ ‘ father and son’ ’ combination in Bank Public Relations

R. WESSLING, president of Wes-

and Finance
. ling Services, Counsel on Bank Pennsylvania.
D
Public Relations, announced that his
son, Daniel R. Wessling, Jr., is now
with the Wessling firm as vice presi­
dent. Wessling Services has its home
office in Des Moines.
Daniel R. Wessling, Jr., is a graduate
of the Wharton School of Commerce

THE
HEART

of
the

at the University of
After graduating from
the university, he went with the Lib­
erty Mutual Insurance Company in
1940, first in New York City and later
in Syracuse.
He served in the troop carrier com­
mand of the army air corps for three
years and saw more than two years

I lie v o l u n t a r y cooperation of over fif­
teen thousand independently owned and
managed banks in the United States IS
America’s Banking system. Correspond­
ent Banking is the heart of this system.
The Continental welcomes the accounts
of banks and hankers who are interested
in a personalized correspondent bank
service for domestic or foreign trade.

AMERICAN
BANKING
SYSTEM!

The
BANK

CONTINENTAL
&

TRUST

COMPANY

«/NEW YORK
Main Office:

30 Broad Street, New York

Branch Offices : 345 Madison Ave. - 512 Seventh Ave.
Member Federal Deposit Insurance Corporation

N orthw estern

Banker, Ju n e,


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

1946

The Waukon State Bank, Waukon,
Iowa, last month celebrated its sev­
enty-fifth anniversary of banking. Or­
ganized in 1871 the bank has shown
a steady gain throughout the years,
and has long been one of northeast
Iowa’s strong financial institutions.
Their last year-end deposit report
showed $4,533,198 on deposit, a capital
of $100,000, surplus and profits of
$77,971, cash resources of $805,510 and
government bonds in the amount of
$3,194,000.
Officers of the Waukon State Bank
are C. H. Megorden, president; Guy
W. Eaton, vice president; Elmer A.
Fogt, cashier, and Leo L. Samek and
W. C. Grangaard, assistant cashiers.

Home, Sweet Home
“Home hunger” is making best-sell­
ers out of books on house planning
and building, and has swamped public
libraries from coast to coast with an
all-time record demand for such vol­
umes, according to a study by North­
western National Life Insurance Com­
pany.
Booksellers from Atlanta to Albu­
querque, from Buffalo to San Fran­
cisco, report home planning books
among their non-fiction best-sellers.
Among libraries, the report from the
Chicago Public Library is typical:
“The rush for home planning and
building books began well before de­
mobilization started, while G. I.’s were
home on furlough. Wives and sweet­
hearts kept the demand growing while
menfolk were still in service. Now the
calls are breaking all previous records.
Much of the demand has been for
‘dream home,’ ultra-modern designs,
some of them impractical for this
area.”
Both booksellers and librarians re­
port some call for books on prefabri­
cated housing, but no titles yet in
print on this subject.

Iowa News

NEWS AND VIEWS

ator Wilson believes that under such
a bill, “the local banker is replaced as

(Continued from page 14)

the lending agency. In my opinion,
the banker and the farmer should be
kept as close together as possible.”

Alden S. Bagnall, vice president of
the Live Stock National Bank of Chi­
cago, has a beautiful daughter, Carolyn
Jean Bagnall, who is 21 years of age
and attends Denison University at
Granville, Ohio.
Because of her
beauty and charm, she was recently
chosen to lead the Junior Prom with
the class president. But how could
she help being a “leading lady” when
she has such a beautiful mother and
such a handsome father?

71

consolidated assets of 14,892 active
banks were $84,980,578,000. At the
end of 1944 there were 14,535 active
banks which reported resources of
$152,046,421,000.

Banking resources in the United
States have more than doubled during

the five war years of 1940 to 1945 ac­
cording to a compilation made by the
State Bank Division of the A. B. A.
On December 31, 1945, the statement
shows total resources of 14,553 banks
in continental United States reached
a record peak of $177,364,700,000, com­
pared with December 31, 1940, when

David McCord, editor of the Harvard
Alumni Bulletin, spoke before the
Harvard Club of Des Moines recently
and read humorous poems from his
book “What Cheer.”
After the meeting one of the mem­
bers of the Club suggested that the
following epitaph which had actually
appeared on a tombstone should
have been used in his book and with

Verne L. Bartling, assistant vice
president of the First National Bank,
Chicago, and Mrs. Bartling have a
new son-in-law in the family since
their “American beauty” daughter
is now Mrs. Charles L . Vaile, Jr., and
she and her husband are living in
Washington, D. C., while he is com­
pleting his engineering course in col­
lege.
Mrs. Vaile was graduated from
Oak Park and River Forest high
school in 1940, following which she at­
tended Mizen Academy of Art and
Canterbury School of Expressive Art
for two years. She was employed by
Lyon and Healy for six months prior
to joining the Waves. Mr. Vaile is a
graduate of Western high school in
Washington, D. C., and was a junior
at the University of Maryland when
he enlisted in the navy. He served
overseas for three years.

The Jackson-State National Bank,
Jackson, Mississippi, announces the
appointment of Horace Steel as assist­
ant vice president and manager of the
correspondent bank department. Mr.
Steele has served with the State De­
partment of Bank Supervision since
January 1940. Prior to that time he
served as Deputy Auditor of Public
Accounts for the State of Mississippi.

A L L OVER
C H I C A G O

Harold E. Stassen has asked Presi­
dent Truman to dismiss Secretary of
Commerce Henry A. Wallace, Secre­
tary of Labor Lewis Schwellenbach
and Economic Stabilizer Chester
Bowles. The former governor of Min­
nesota, a Republican, assailed the
three men as “having major responsi­
bility in the failure of the administra­
tion to meet the emergency problems
of reconversion.”

Drafts receive special handling at the Drovers National Bank.
Collections are made daily by messenger in every part of Chicago.
You have long recognized that Drovers Service is fast service on
livestock items. It may be equally interesting to know that the
Drovers offers your bank fast, friendly service for all your
Chicago business.

Your Inquiry Is Invited
M em bers, F ed era l D e p o sit Insu rance Corporation

;

DR0YERS NATIONAL BANK
DROVERS TRUST B SAYINGS BANK

Senator George Wilson of Iowa is

opposed to the government expanding
farm tenancy loan procedure although
such a program was approved by the
Senate Agricultural Committee. Sen
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

_____ _

U N I O N
,

'

S T O C K

Y A R D S ,

C H I C A G O

m ÊÊÊÊ ÊB Ê ÊlÊK ÊÊ ÊÊ ÊB Ê ÊÊ
N orth w estern

Banker, Ju n e,

1946

72

Iowa News

this Mr. McCord agreed.
tion is as follows:

The inscrip­

'‘Here lies the body of Jane Lavere
Her mouth is stretched from ear to ear
Stranger, tread lightly o’er the sod
For if she gasps you’re gone by-God.”

BRANCH MANAGERS
WANTED
Large west coast bank, maintain­
ing statewide branches, is inter­
ested in securing the services of
competent men to act as branch
managers. Good salaries, excellent
opportunities.
Replies will be handled confidentially

Address:

Box 525

NORTHWESTERN BANKER

Evelyn De Puy, who is with the
American Red Cross in France, in a
recent letter to us said: “Europe
can’t get on its feet unless they are fed
and there isn’t enough food or money
here to feed them and certainly the
United States can’t hide in her shell
again and play no part in helping
these countries re-establish them­
selves. They need to be strong if we
are going to keep Germany down. And
don’t let it be forgotten that all the
time we are occupying Germany a
great deal is being done to help her
clean up the debris and rebuild while
no one is helping France. When peo­
ple write about starving Germany, it
makes me ill. No one has yet seen
thin scrawny children in Germany and
that is all France has.”

sas City, Missouri, received through
the mail a neat little metal sign
adorned with Chinese characters and
containing two little loops for the in­
sertion of other accompanying Chinese
designs on little tabs. Some of his fel­
low bankers opined that it might be a
sign announcing that he was out to
lunch and would return at a certain
hour. Others hinted at darker and more
embarrassing messages. At last, fearing
that some Chinese customer might
show up and reveal a highly improper
message on the sign, Mr. Unge scoured
about and got a translation. Now he
feels better. The sign simply says
that Hongkong dollar drafts are for
sale here at the announced quotation
for today. The innocence of this mes­
sage has won for the sign a permanent
place in Mr. Unge’s office.

Unique Message
Several weeks ago Bror Unge, man­
ager of City National Bank & Trust
Company’s foreign department, Kan-

Founded 1913

or
IM M E D IA T E
SALES

.essing Advertising Co.

THOMSON &
M cK i n n o n
STOCKS • BONDS
COMMODITIES

Des Moines

216-218 Empire Bldg.
des

DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION

11 W a ll Street, New York
231 S. LaSalle St., Chicago
Branches in 34 Cities

Oldest In Des Moines
210 6th Ave.

Dial 4-7119

ELMER E. MILLER
Pres, and Sec.

M O IN E S

Phone 4-2127

Write for our weekly Stock Survey
D IR E C T P R IV A T E W IR E

HUBERT E. JAMES
Asst. Sec.

Laverne M. Barlow
M anager

FOR YOUR ENJOYMENT . . .

C O N V E N T IO N S
June 11-14, American Institute of
Banking, Cincinnati.
June 12, Iowa Junior Bankers, Des
Moines, Hotel Fort Des Moines.
June 12-13, Minnesota Annual Conven­
tion, Minneapolis, Hotel Nicollet.
June 14-15, South Dakota Annual
Meeting, Rapid City, Hotel Alex
Johnson.
June 17-18, North Dakota Annual
Meeting, Fargo, Gardner Hotel.
June 19-20, Wisconsin Annual Conven­
tion, Milwaukee, Hotel Schroeder.
July 28-August 10, Central States
School of Banking, Madison.
August
10,
Regional
Conference,
American Institute of Banking,
Lincoln, Nebraska.
September 9-11, Iowa Annual Conven­
tion, Des Moines, Hotel Fort Des
Moines.
September 22-23, A. B. A. Annual Con­
vention, Chicago, Hotel Stevens.
October 7-10, Financial Advertisers
Annual Convention, San Fran-

-Members New Y ork Stock Exchange
and other principal exchanges

Listen to the
"W O R L D OF MUSIC”
KRNT, 1350 KC

1 to 1:30 p.m. Sundays

IN D E X OF
A D V E R T IS E R S
Sized right and placed right to fit
your enclosure (so long as Postal
R egu lation s are com plied w ith).
Tension A d d ress S aver W in d o w
Envelopes save tim e, addressing
costs, and avoid errors—one address­
ing job serves for both envelope
and enclosure.

JUNE 1946
A

A d d r e s s o g r a p h Sales A g e n c y ......................
A l l i e d M u t u a l C a s u a l t y C o m p a n y ...........
A l l i s o n - W i l l i a m s C o m p a n y .........................
A m e r i c a n N a t i o n a l B a n k an d T r u s t
C o m p a n y ..........................................................

51
39
41
26

B

T ension E nvelope C orp.

_____ r

OxtfúuiMtt B E R K O W IT Z ENVELOPE CO.
1912 Grand Avenue
N orth w estern

Banker, Ju n e,


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

1946

Phone 4-4126

Des Moines 14, Iowa

B a n k o f A m e r i c a ...............................................
B an kers T rust Company, Des M oines. . .
B an kers Trust Company, N ew Y o r k . . . .
B u r r o u g h s A d d i n g M a c h in e C o m p a n y . .

28
75
11
67

C

C e n t r a l N a t i o n a l B a n k an d T r u s t C o . . .
C e n t r a l S ta te s M u t u a l I n s u r a n c e A s s o ­
c i a t io n ...............................................................
C ha se N a t i o n a l B a n k ......................................
C ity N a t i o n a l B a n k an d T r u s t C o m p a n y
Continen tal Bank and Tru st C o m p a n y . .
C o n t i n e n t a l N a t io n a l B a n k , L i n c o l n . . .

12
39
4
55
70
59

D

D a v e n p o r t , F. E. a n d C o m p a n y ........... 59,
D e L u x e C h e c k P r in t e r s , I n c ......................
D e s M o in e s B u ild in g , L o a n an d S a v ­
i n g s A s s o c i a t i o n .......................................
D e v in e , C. J. an d C o m p a n y .........................
D o a n e A g r i c u l t u r a l S e r v i c e s ......................
D o w n e y , G. L. C o m p a n y ...............................
D r o v e r s N a t i o n a l B a n k ..................................
F
F a r m e r s M u t u a l H a il I n s u r a n c e C o m ­
p a n y o f I o w a ....................................................
F e d e r a l I n t e r m e d i a t e C r e d it B a n k s . . .
F irst and A m erican N ational Bank,
D u lu t h ...............................................................
F i r s t N a t i o n a l B a n k o f the B l a c k H ills
F i r s t N a t i o n a l B a n k , C h i c a g o ..................
F i r s t N a t i o n a l B a n k , M i n n e a p o l i s ...........
F i r s t N a t i o n a l B a n k , O m a h a ......................
F i r s t N a t i o n a l B a n k , St. L o u i s .................
F i r s t N a t i o n a l B a n k , St. P a u l ..................
F i r s t N a t io n a l B a n k , S io u x C i t y .............
F i r s t N a t i o n a l B a n k an d T r u s t C o m ­
p any , F a r g o ....................................................
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 . . . .
F i r s t W i s c o n s i n N a t io n a l B a n k ................

73
73
72
35
52
59
71

39
34
46
49
24
42
58
68
45
66
53
58
30

H a m m e r m i l l P a p e r C o m p a n y ...................... 23
H o m e I n s u r a n c e C o m p a n y ...........................
5
H o n o r R o l l B a n k s ......................................21, 22

I
I n v e s t o r s S y n d i c a t e ........................................ 32
I o w a - D e s M o in e s N a t i o n a l B a n k and
T r u s t C o m p a n y ............................................. 7 6
I r v i n g T r u s t C o m p a n y .................................. 25

J
an d

C o m p a n y ...............................

35

K
K l i p t o L o o s e L e a f C o m p a n y ...................... 73
K o c h B r o t h e r s .................................................... 73

N a t i o n a l B a n k o f W a t e r l o o .........................
N a t i o n a l Cas h R e g i s t e r C o m p a n y ...........
N a t io n a l C ity B a n k o f N e w Y o r k .........
N e w Y o r k T r u s t C o m p a n y .........................
N o r t h e r n T r u s t C o m p a n y ...........................
N orth w est Security National B a n k . . . .
N o r t h w e s t e r n N a t i o n a l B a n k ....................

29
44
73
2
38
69
27
6
48
56
52
40

O
O m a h a N a t i o n a l B a n k ....................................

19

3
72
63
60

KLIPTO
M A SO N C IT Y , IO W A
Bank Supplies

7
50

K
R a d i o A d v e r t i s i n g S e r v i c e ........................... 43
R e m e r , M it c h e ll & R e itz e l, I n c ................. 33

M ERCHANTS

S

MUTUAL

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
S c a r b o r o u g h an d C o m p a n y ........... 26, 37,
S e c u r i t y N a t io n a l B a n k .................................
South D a k o t a B an k ers A s s o c i a t i o n . . . .
S t o c k Y a r d s N a t io n a l B a n k , S outh
St. P a u l ...........................................................

8
61
62
50
47

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 ................ 72
T h o m s o n an d M c K i n n o n ............................. 72
T o o t l e - L a c y N a t io n a l B a n k ..................56, 57

BONDING
COMPANY
Incorporated 1933

II
U n it ed S ta te s N a t io n a l B a n k ....................

54

AV

S o n .............................
C o .................................
Bank, C h i c a g o ...
Bank, O m a h a . . . .

YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
F. E. DAVENPORT & CO.
OMAHA

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 ......................
P u b l i c N a t i o n a l B a n k an d T r u s t C o . . .

17

LaMonte, G eorg e and
Lessing A d vertisin g
L ive S tock N ational
L ive Stock National

48
35

IV

H

Jam ieson

L i v e S t o c k N a t i o n a l B a n k , S io u x C i t y . .
L o n g , R. C. a n d C o m p a n y ...........................
M
M a n u f a c t u r e r s T r u s t C o m p a n y ................
M a r q u e t t e N a t i o n a l B a n k ...........................
M erchants M utual B on d in g C om pan y. .
M e r c h a n t s N a t i o n a l B a n k ........................
M i n n e s o t a C o m m e r c i a l M e n ’ s A s s ’n . . . .

W a l t e r s , C h a rle s E. C o m p a n y .................. 58
W e s s l i n g S e r v i c e s ............................................. 31
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 . . . . 36
W h e e l o c k & C u m m i n s I n c .......................... 34

Home Office
SOUTHERN SURETY BUILDING

Des Moines, Iowa

Th is is Iowa’s oldest surety company.
A progressive company with experi­
enced, conservative management.

DECODERS AT W O R K
Every day, in banks all over the
country, certain expert "decoders” are
kept busy telling bank clerks that the
signature on the check is Sullivan
and not Kuttavas, but sometimes even
the experts are puzzled and they may
have to consult with others before
they get the answers.
H o w m uch tim e is w asted? H ow
much do banks pay for the "luxury o f
illegibility” ? H ow much could be
saved if all checks carried the printed
names o f the makers? Here is an
intangible that perhaps cannot be
m easured in time or m on ey, but
nevertheless it is important.
What can be measured in money is
the amount banks save when they
sell P erson a lized Checks to their
customers instead o f giving them, at
no cost, the conventional stock checks,
passbooks and checkbook covers. The


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

checks you buy and give away repre­
sent an expense item. The Personalized
Checks you sell save you money.
The com bined advantages o f time
saved, money saved thru check cost
recovery and customer enthusiasm for
a high grade product, place D e Luxe
Personalized Checks in a rather unique
position. They deliver more in value
than their cost, and that’s why they
are so popular in banks from coast
to coast.

W e are proud o f our hundred and
fifty bank agents in Iowa.
To be the exclusive representative of
this company is an asset to your bank.

•
Write to

E. H. WARNER
Secretary and Manager

W hat can we do to help your bank
please m ore cu stom ers by sellin g
more Personalized Checks? The price,
remember, is just the same $1.25 for
200, or $1.00 if ordered in groups
o f six. Delivery is prompt from any
o f our five plants. And we supply
statem ent en closu res, lo b b y signs
and other publicity material at no
cost to you.

M a n u fa ctu rin g Plants a t4
.
N E W Y O R K . C L E V E L A N D . C H IC A G O ,

K A N S A S C I T Y . ST. PAU L

N orth w estern

Banker, Ju n e,

1946

74

What’s the Gag
A certain USO magician did an act in
which he made a pigeon, a Great Dane
dog and a pretty girl disappear. One
day the pigeon got out of its cage and
flew away, and the magician replaced
it with a parrot. The parrot happened
to be a very intelligent bird and soon
caught on to the magician’s disappear­
ance tricks. Shortly afterward, the
magician’s unit sailed for overseas.
The third night out their ship was
torpedoed and went under. Dawn
found the magician and his parrot
clinging to opposite ends of the same
piece of wreckage. For about an hour
they floated like this—just staring at
one another in silence. Finally the
parrot had enough. “All right, all
right,” he gave up. “What did you
do with the ship?”
Behind Scenes
Customer: “ Could I try that suit on
in the window?”
Clerk: “We’d rather you used the
dressing room.”
Unexpected Guest
You can believe it or not, but a
friend of ours, apartment-hunting,
came across a rather nice layout the
other day. “Yes, I think this will suit
me very well,” he said to the superin­
tendent. “ But what are all those small
stains on the ceiling?”
“Well, sir,” was the reply, “the last
occupant of this room was a professor
who was always experimenting with a
new chemical.”
“ Oh,” ohh’d our friend, “then those
are the marks of the chemical.”
“No,” said the super, “they’re the
professor!”
Without Fail
Teacher: “What happens when the
human body is completely immersed
in water?”
Pupil: “ The phone rings!”
Two of Them
“Give the constituents of quartz.”
“Pints.”
N orthw estern

Banker, Ju n e,


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

1946

Clever

Tried and Trusted

A man died and left $100 each to an
Englishman, Irishman, and Scotsman,
on condition they each put $10 in his
coffin.
The Englishman put in his $10, and
the Irishman followed suit. Then along
came the Scotsman, who put in the
coff n a check for $30 and took out the

Mr. Jones: “ I used to know Mr.
Smithens who was with your firm. I
understand he is a tried and trusted
employe.”
Mr. Smythe: “ He was trusted yes;
and he will be tried, if we’re fortunate
enough to catch him.”

$ 20 .

Paging Boh Hope
Not Like Home

It was in a movie house. The audi­
ence sat spellbound while a thrilling
tale of love and romance was being
unfolded on the screen. One of the
high points was a scene where the
hero slapped the heroine vigorously in
the face and stalked off. In the tense
silence following this bit of drama, a
child’s voice piped up from somewhere
in the theatre, “ Mama,” it inquired,
“why doesn’t she hit him back like
you do?”
Expert Advice

Polly: “ Don’t you ever use tooth­
paste?”
Peggy: “Why should I? None of
my teeth are loose.”
Preview
A traveling preacher was due to de­
liver a sermon at a western church.
Arriving at the church, he paused to
read the sign in front of it, which said:
“ Subject for this Sunday, ‘Do you
know what Hell is?’ Come and hear
our new organist.”
Bundle of Joy

“Don’t you think a pat on the back
develops character?”
“Yes, if administered young enough,
often enough and low enough.”

Luke: Gee, I’m happy. A bundle of
joy arrived at our house last night.
McGluke: Boy or girl?
Luke: Neither. Last month’s laun­
dry!

Pearls of Wisdom

Some Flyer

About the only thing the modern
girl succeeds in hiding is her embar­
rassment . . . An Indian girl recently
won a beauty contest—her name was
Pretty Bear; we haven’t seen a beauty
contest winner yet that wasn’t . . .
Suppose you have heard about the
“atomic cocktail,” one drink and you
disintegrate; reminds us of the minia­
ture cocktail, one drink and in a min­
ute you’re out . . . Old-timers were not
more prudish but merely more subtle,
they called petting parties playing
“ Post Office” . . . A shoulder strap is
a piece of ribbon a girl wears to keep
an attraction from becoming a sensa­
tion . . . Sign in a drug store—“Try
our cough medicine; you’ll never get
any better” . . . From the way people
sleep in church, Sunday must be a day
of rest.

At the end of the first week from
home on a new job, the young husband
wrote his wife: “ Made foreman —
feather in my cap.” After the second
week: “ Made manager—another feath­
er in my cap.” After the third week:
“ Made general manager — another
feather.” After the fourth week:
“ Sacked, send money.” His wife tele­
graphed back:
“ Use feathers, fly
home.”
Come Back
“ Oh, I like the scenery around here,”
observed the vacationist. “ But the peo­
ple up here are queer.”
“Wa-al, yes, that’s so,” replied the
New England farmer, “but one good
thing, most of them go back home
about September.”

Shouldn't we be doing a bigger volume
o f inventory financing?
yes. Let's ask Bankers Trust about it.
They've been very active in that field.

H A T’S the right answer. We always welcome the oppor­
tunity to exchange information with you in any way that
may help either or both of us to do a better job of banking.

BANKERS TRUST
C O M PA NY it:i des moines
M em ber Federal D eposit Insurance Corporation


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

M em ber Federal R eserve S ystem

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

. . . A Strong,
Dependable
Correspondent
Connection
Since 1875
-. . -

/ it 'tyoun, Service /