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m

“ How We Are

' Î&i /

Increasing
Loans” -Survey —Page

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

A. P. GIANNINI LEAVES FOR SWITZERLAND— See

m

:.

1 9 4 7

Two-thirds of a Century
For sixty-six years — two-thirds of a century — this
bank has kept pace with the financial growth of
Iowa and the middlewest, operating under the same
name and the same continuous management.
Banks and their customers having business in this
area, are invited to use the experience gained in
these years and the facilities of this institution for
the efficient handling of their items.

Æ a /z à /d

THE
MERCHANTS NATIONAL
=
IBANK1=
O F F I C E R S
JAMES E. HAMILTON, C hairm an Executive
Committee
S. E. COQUILLETTE, C hairm an of the Board
JOHN T. HAMILTON II, President
H. N. BOYSON, V ice President
MARK J. MYERS, V ice President a n d C ashier
GEORGE F. MILLER, V ice President and
Trust Officer
MARVIN R. SELDEN, V ice President
FRED W . SMITH, V ice President

.S r

R. W . MANATT, Assistant C ashier
L. W . BROULIK, A ssistant C ashier
PETER BAILEY, Assistant C ashier
R. D. BROWN, A ssistant C ashier
O. A . KEARNEY, A ssistant C ashier
STANLEY J. MOHRBACHER, A sst. C ashier
EVERETT C. PRATT, A ssistant C ashier
C. F. PEREMSKY, A ssistant C ashier
VICTOR W . BRYANT, A ssistant C ashier
WALLACE S. HAMILTON, Building M a n a ger

Cedar Rapids

Iowa

Member Federal Deposit Insurance Corporation

N orthwestern Banker, published m onthly b y the N orthw estern Banker Company, at 527 Seventh Street, Des Moines, Iowa. S ubscription, 35c
per copy, $3.00 p er year. Entered as Second Class M atter January 1, 1895, at the P ost Office at Des Moines, Iow a, under A c t o f M arch 3, 1879.


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Federal Reserve Bank of St. Louis

mm

igmm

,

W$S7mr:

' :G: .

.......

:
For Samples of La Monte
S a fe ty Pap er see you r
Lithographer or Printer—
or write us direct.

.
.

S A F E T Y PAPER


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Federal Reserve Bank of St. Louis

FOR C H E C K S

u>fl-

GEORGE LAMONTE & SON, NUTLEY, NEW JERSEY

n^

C,n a n D U C .T '°N
o n o l p R0 0
CORPOSI
GVÄ-

seven bo:

OftOt*'

HUnoneü
A Check Paper All Yam Own
Why not follow the lead ol America's outstanding banks and corporations? Let us
reproduce your trade-mark in the paper
itself. Such individualized check paper pro­
vides maximum protection against altera­
tion and cou n terfeitin g saves hanks
sorting time helps prevent errors.

THE WAVY UNÏS ASSÍ A I A M O W Í ÎK A O ï-M A K

N o r t h w e s t e r n B a n ke r, J u n e , 1947

4

C O R R E SP O N D E N T B A N K IN G is an integral and important part

of America’s banking system. Through it, the country’s 14,000
banks cooperate to assure adequate credit for business, facilitate
the flow of funds, and exchange ideas and information on the
newest banking procedures. This close relationship enables
banks throughout the nation to serve their customers with
speed and economy . . . Bankers Trust Company is working
with many of the country’s leading banks to provide increas­
ingly effective banking service for American business.

Ba n k e r s T r u s t Co m pa n y
NEW

ME MB E R

N o r t h w e s t e r n B a n k e r, J u n e , 1947


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Federal Reserve Bank of St. Louis

FEDERAL

YORK

DEPOSI T I NSURANCE

CORPORATI ON

\"

r

/

Ik

BEDFORD
HOUSE

A

arrived at the land of my nativity;

and 1 bless God that it is also the land of
light, liberty and plenty. M y emotions can­
not be described.”

“ It alw ays gives me pleasure to see trees which l have reared and planted”

‘The library where Jay read, wrote an d died

This sentiment, written to a friend by

fillment of a long-cherished dream.

He died in 1829 in the library of Bedford

Affairs of state put aside, he could

House where so many hours had been spent

devote his time in full to rural

in reading and correspondence. As a states­

neighborhood interests, his family

man no less than as a private citizen, John

and the development of his farm.

Jay was governed by the highest moral prin­

An early riser, he cut a hole

ciples and unswerving de­

in the solid shutter so that

votion to duty. Public office

the sun’s first rays might

to him was a public trust.
Upon his death a contem­

John Jay upon his return from nine months

awaken him. Weather per­

abroad, is indicative of the love and devo­

mitting, he would ride

porary jurist said, “ Few men

tion this great statesman held for his coun­

by horseback about the

in any country, perhaps

try and home. His life had been dedicated

grounds,

to loyal service as a member of the Conti­

labors of his farm hands.

supervising the

scarcely one in this, have
filled a larger space, and

nental Congresses, special envoy to Great

John Jay was especially

few ever passed through

Britain, Minister to Spain and Governor of

fond of his house, a hand­

life with such perfect puri­

New York. His greatest moment had come

some structure of wood

in 1789 — his appointment by George

which he,built in 1800. It is situated on ris­

Our first C h ief Justice

ty, integrity and honour.”

7he Home, through its agents and brok­

Washington as the first Chief Justice of the

ing ground backed with lush woods and a

ers, is America's leading insurance protector

Supreme Court of the United States.

beautiful lawn at the south front which

of American Homes and the Homes of

commands a pleasant view of Long Island

American Industry.

When, in 1800, President John Adams
nominated Jay as Chief Justice for a second

Sound. The original house

time, the appointment was declined. The

stands today with only the

jurist was determined to withdraw perma­

addition of several rooms,

nently from the public life he had faith­

and its present owner takes

fully served for twenty-seven years.

pride in keeping up its ap­

That John Jay should retire to Bedford

pearance as her great-great

House, his country estate of 85,000 acres

grandfather, John Jay him­

at Katonah, New York, was the natural ful­

self, would have had her do.


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Federal Reserve Bank of St. Louis

* THE HOME *
N EW

Y O R K

A U T O M O B I L E

•

C o n t in e n t a l I ll in o is
N a t io n a l B a n k
of

and

T r u st C o m p a n y

C h ic a g o

C O M M E R C IA L B A N K IN G
CORPORATE A N D PERSONAL TRUST SERVICES
FOREIGN B A N K IN G FACILITIES
U. S. G O V E R N M E N T A N D M U N IC IP A L SECURITIES
SAVINGS D E P A R T M E N T

M E M B E R

F E D E R A L

N o r t h w e s t e r n B a n k e r, J u n e , 1947


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Federal Reserve Bank of St. Louis

D E P O SIT

IN S U R A N C E

C O R P O R A T IO N

7

f


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Federal Reserve Bank of St. Louis

Bond Department

THE CHASE NATIONAL BANK
OF

THE

CITY

OF

NEW

YORK

Pine Street Corner of Nassau

Zicl: HAnever 2-6000

M l System Zeletype ft. y. 1-1010

■■■
¡■

¡¡M

i l
N o r t h w e s t e r n B a n k e r, J u n e , 1947

8

135 years of service at home
.. . 50 years of activity overseas
T his year, T h e N ational C ity Bank o f N ew Y ork celebrates two anniver­
saries o f special significance to its m any correspondent banks in this country
and abroad.
It was in June, 1812, that the C ity Bank first opened its doors in N ew
Y ork and in July, 1897, th at the Foreign Departm ent was established.
T o d a y , in addition to well established correspondent relationships with
im portant banks throughout the world, N ational C ity Bank offers quick
access to world markets through 46 active overseas branches o f its own—
more overseas branches than those o f all other Am erican banks together.

National City’ s officers are always available and ready to
discuss specialized facilities and how they may best aid
you in

profitably developing

customer

relationships.

Consult or write these officers at Head Office concerning
problems relative to bond portfolios, efficient and prompt
handling o f collections, foreign department facilities and
credit requirem ents, dom estic or foreign.

THE N A T I O N A L C I T Y B A N K
OF N E W Y O R K
H ead Office: 55 W all Street, N ew Y ork

a

66 Branches in Greater N ew Y ork

W rite fo r color-illustrated, booklet describing “ Overseas Banking Service”

M em ber Federal D eposit Insurance Corporation

N o r t h w e s t e r n B a n k e r, Ju n e , Ì9 4 7


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

1.

Posting depositor's accounts
Posting loan and discount records

3'

Posting trust ledgers
Posting any type of mortgage record

5.

Writing checks and posting related
payroll records

($•

Posting the general ledger

7

Posting daily statement of condition

*

if itusesdhis machine/

In a small bank a National Multiple-Duty Accounting
Machine can be kept busy handling all these seven basic
bank accounting jobs. W hile in a larger bank separate
machines may be assigned to handle one, or more,
of them.
The National Multiple-Duty Accounting Machine
can be changed from one type of work to another in just
a matter of seconds. The removable form bars which
make this possible, simply lift off and snap on — no
screws, catches, or fittings to fuss with.
A National Multiple-Duty Accounting Machine will
be a big help in your bank. As will any of the many other
modern National Accounting Machines and systems
designed to save your time and money, while reducing
errors and improving the efficiency of banking methods.

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

There's a N ational for every Bank and for every
Banking Job
No matter what the size or the specific need of your
bank, there’s a National system to meet it. Have your
local National representative study your own situation
and work out the best way to solve it. Or write to The
National Cash Register Company, Dayton 9, Ohio.
Offices in principal cities.

G

/fc a t w

n

o l

CASH REGISTERS • ADDING MACHINES
ACCOUNTING MACHINES

10

How your Bank can broaden its usefulness
to local

PU8C/C u m /r/E s

• The trem endous expan sio n pro g ram now being

it. O u r group o f Public U tility specialists has had

undertaken by the public utility industry gives banks

y e a rs o f p ra ctica l e xp e rie n ce in d e alin g with the

an excellen t opportunity to be o f still g re a te r service

fin an cial requirem ents o f this industry. Directing this

to the electric and

o p eratio n is an exe cu tive who has been active in

g as utilities industry and to

the top m anagem ent o f public utility com panies

n atu ral g as and p ipe line com panies.

fo r o ver thirty y e a rs . Their service is at your dis­

If your bank needs assistance in this im portant job,

p o sal.

the Irving is e x c e p tio n a lly w e ll-q u alifie d to p ro vid e

Send for our New Leaflet . . .
" B A N K IN G A ID S TO PUBLIC U TILITIES"

M M

I

r v iis

N o r t h w e s t e r n B a n ke r, J u n e , 1947

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Federal Reserve Bank of St. Louis

c;T

r u st

One Wall Street
ME MB E R

FEDERAL

•

DEPOSIT

C

o m p a n y

N ew Y o rk 1 5 , N . Y .
INSURANCE

CORPORATION

11

ONE OF THE TESTS
THAT PROTECT THE
UNIFORM ITY OF

Hanttnermiii Safi
■

mmmmm

SA FETY
IS MADE COMPLETE
IN ONE MILL . . .
EVERY STEP FROM
PULP TO PAPER TO
SE N SIT IZIN G

UNDER

■ ' •- ,,
ONE

UNIFIED

CONTROL.

In the H am m erm iil Laboratory this sen sitive instrum ent m easures the
thickness of e ve ry run o f H am m erm ill S afety w ith u n v a ry in g precision.
Because H am m erm ill S afe ty is the uniform check paper, it ’ s e a s y to
w rite on . . . no scratching or “ featherin g” . . . its proved and tested q u a lity
lends prestige and dign ity to you r custom ers’ checks.
G iv e your checks the a d va n ta g es of H am m erm ill u n ifo rm ity.
For sam ples of this fine check paper, just w rite on yo u r bank letterhead
to H am m erm ill Paper C o m p an y, 1513 Eo~,t Lake Road, Erie, P a .

-X,
f i* * * 1


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Federal Reserve Bank of St. Louis

12

Explore Your Customers’ Export Collection Business Now!
H E expansion o f foreign trade has created many

the w orld. These transactions thereby receive the

opportunities for correspondent banks to im ­

careful attention o f banking personnel thoroughly

T

prove

customer

relationships.

The

handling

of

familiar with local conditions and customs.
Our "E xporters H a n d b o ok ” contains the essence

export collection items offers a particularly fertile
field. T h ou gh few o f our correspondent banks main­

of

pertinent

exchange

regulations

of

countries

tain complete Foreign Departments o f their ow n,

throughout the world and contains other valuable

they are not handicapped. They initiate these trans­

information highly regarded by those actively en­
gaged in international trade. W e shall be glad to

actions: we furnish the facilities.
W e send foreign collection items direct to our
several thousand bank correspondents throughout

forward a copy to banks to w hom it w ill be helpful
in answering customers’ inquiries.

Manufacturers T rust Company
N o r t h w e s t e r n B a n k e r, J u n e , 1947

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

55 Broad Street, N ew York 15, N . Y.
Member Federal Deposit Insurance Corporation

13

COMMEMORATING

25
Good

Years
of

D. R . W E SSLIN G (Father)
Founder (1922) and President

Building

D A N IE L R. W ESSLIN G , JR. (Son)
Became Associate in 1946

Business

and

Good

Will

fo r banks and trust com panies

TEAM W ORK — COORDIN ATION

W ee have a special fondness, as we enter our twentyfifth anniversary year, for those customers who started
with us back in 1922— and the many others we’ve
added since— who are still with us today.
W e are grateful for their business because of what
it means:

A part of our advanced planning for the years
ahead is indicated by the association consummated
last year between father and son to maintain and
build the standard of Wessling Services Programs of
Advertising:
NE W SP AP ER ADS on all bank services
LETTER S AN D ADS on executorship, trustee­
ship, agency, bank and trust services
FOLDERS for direct mail

. . . that through the Prosperity of the Late Twen­
ties, the Bank Holidays and the Great Depression,
the World War II Boom and now the Peacetime
Conversion, there has been T E A M W O R K between us
and our customers;
. . . that there has been C O O R D IN A T IO N in our
services with their problems as conditions changed;
. . . that our advertising has produced RESULTS
for them— and hence for us in their continued
patronage.

RESULTS

SPECIAL SERVICES
PUBLIC RE LA TIO N S COUNSEL
W e look forward to another twenty-five good years
of building business and good will for the banks and
trust companies of America— years in which we
hope to he planning and working with you. If you
are not now' using any of our services, we’d like to
have you write us for information.

To visualize achievements of the past and objec­
tives for the future, we are adopting a trademark
showing a racing shell and crew— to symbolize
T E A M W O R K , CO O R D IN A T IO N , RESULTS.


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Federal Reserve Bank of St. Louis

y
PR ESID E N T

V ICE P R E S ID E N T

W e ssling Services
Counsel

on

Bank

Pub l i c

R e l a t i o n s

DES M O IN ES, IO W A

THIS

IS

OUR

TWENTY-FIFTH

ANNIVERSARY

to i,

YEAR

14

V

T H E R E ’S A N EW D A Y D A W N IN G
IN B U S IN E S S M ACH IN ES AND M ETH O D S
Business looks to Burroughs for fast,

applies them most effectively to the job,

accurate machines to combat rising costs,

service that maintains them at peak condi­

reduce office expenses, provide m ore im ­

tion.

mediate

base

sponsibility, Burroughs has stepped up the

B u sin e ss k n o w s

tempo o f research and product develop­

information

soun d ju d g m e n t.

on

which

to

To

fulfill

its

increasing

that Burroughs is a single source for all the

ment to a new all-tim e high.

factors of m echanized efficiency : machines

going on at Burroughs today will certainly

that do w ork in less time, counsel that

serve business better tomorrow.

N o r t h w e s t e r n B a n k e r. J u n e , 1947

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

W H EREV ER

^

re­

TH ERE’S BU SIN ESS TH ERE'S

Burroughs
B«rrou¿k»

W h a t’s

15

W

i 'f i r

E d i t o r

DES MOINES
Oldest Financial Journal West of the Mississippi

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

"Banks Are Service Organizations"
“ Have read the N o r t h w e s t e r n B a n k e r
for several years with interest but find it
very hard to understand your article in the
May issue o f the N o r t h w e s t e r n B a n k e r
on page 20, ‘Should Banks Close One Day
a Week.’
“ By checking the quotations from your
yes votes, find there are 24 quotations; of
these 11 can be readily understood as yes,
12 no and 1 undecided.' THESE COMING
FROM YOUR YES VOTES.
“ Undoubtedly your ‘write-up’ man did not
do a very good job in selecting the quota­
tions for print, or else your final vote of
58% yes, and 42% no must be very badly
in error.
“ Now kindly turn back to page 17 o f the
same May issue under the heading of ‘Dear
Bankers,’ in your department, ‘Across the
Desk from the Publisher,’ and according to
this tabulation and the paragraph just above
the chart, ‘banks made the poorest showing
when compared with other groups o f indus­
try and business.’
“ It is very, very hard for me to under­
stand why there is agitation for a 5-day
week among banks— unless the banks as a
whole are getting more business than they
feel justified in accepting.
“ Instead o f going to a five-day week why
not to a three-day week and remain open
for business only every other day— this

(Turn to page 53, please)

ON THE COVER
A. P. Giannini, chairman of the board
of directors of the Bank of America,
sailed last month to attend a meeting
of the Internationa] Chamber of Com­
merce in Montreuse, Switzerland.
At the age of 12, Mr. Giannini com­
menced work with a wholesale com­
mission firm and in 1904 founded the
Bank of Italy now known as the Bank
of America National Trust and Sav­
ings Association.
Still full of power and vigor at 77,
Mr. Giannini guides the destinies of
his far-flung financial empire which
has 500 branches in California with
deposits of $5,415,849,000 and over
3,600,000 depositors.

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Federal Reserve Bank of St. Louis

#

52nd Year

•

No. 719

IN THIS JUNE, 1947, ISSUE
EDITORIALS
A cross the Desk from the Publisher............................................................. 16

FEATURE ARTICLES
D ear E d itor .............................. ...........................................................................
“ H ow W e A re Increasing Loans in Our Bank” — A N orthwestern
Banker S u r v e y ......................................................................................... 20,
News and Views o f thi Banking W orld ....................... Clifford D e Buy
Budget Service Makes Friends...................................... Goodrich L ow ry
H ow W e M ake G. I. L oans.................................................... R ay O. B ailey
A bout Bankers Y ou K now — A. G. Sam
The M innesota Convention........................
The N orth D akota Convention..................
The South Dakota C onvention.................

15

21
22
23
24
25
26
28
31

BONDS AND INVESTMENTS
Com mercial Loans Have Taken an U pw ard T u rn ..................................
................................................ ..........................................R aym ond T rig g er 39

INSURANCE
Talk to Y our Prospect in His Own L an gu age.....................L. E. Balza 43

STATE BANKING NEWS
M innesota News ............................
Tw in City N ew s...................................................... E. W . K ie ck h e fer
South Dakota N ew s............ ...............................................................................
Sioux Falls N ew s...................
North Dakota N ew s............................................................................................
Nebraska News ..................................................................................................
The Nebraska Group M eetings........................... H en ry H. H ayn es
Omaha N e w s .......................................
Lincoln Locals ............................................................................................
Iow a News ...........................................................................................................
Sioux C ity N ew s.........................................................................................
Des Moines N ew s.......................................................................................

47
49
55
56
59
61
62
64
66
69
75
76

IN THE DIRECTOR S ROOM
Short and Sw eet...............
Conventions ..............................................
N 0 1 T H W ES T ER N

78
78
BANKER

527 Seventh S t ., P cs Mmlmm ? , Iow a, Telephone 4-SI 63
RALPH W . M OORHEAD
A sse tiate Publisher

CLIFFORD B i PUT
Publisher
H ÍN R 7 H . H AYN ES

Editer

«EN J . H A LLER , JR,.
A sse tiate Editer

M ALCOLM K. FREELAND
A sse tiate Editer

ELIZABETH CO LE
Adv«r*i«ï»f Assista»#

HAZEL C . HADLEY
Auditer

Circulati»» Peparti»«»#

S A M E E. W A Y
JO SEPH W . FRANKS

PAUL W . SH O O LL

Field R epresentative

Field R epresentative

NEW YORK OFFICE
Pmmk P. Syn»s. f i s * PresMewt, S»5 H f*li A u s ., Suite ISO*

MUrrey Hill 2-#32é

N orthw estern B a n k e r, J u n e , 1947

16
ing, profit-taking should be confined to issues due
within five years.’ ’
Many banks, in the last few years, as you know,
Mr. Adams, have made very substantial profits
in their government bonds, and if that period
is over, as you indicate, banks will have to look
upon investments from an income standpoint and
not from a price appreciation in market values.

I t e a ' i ¡ ) . JH. R a lx e ^ iiia n :

Across the» Desk
From the Publisher
2> eaA S ,

SUe^L*naH, / I d a ttiA :

Your recent prediction that interest rates will
remain low under our present government mone­
tary management is probably a correct analysis
of what is likely to take place.
As assistant vice president of the Central Han­
over Bank and Trust Company of New York,
your study of the investment market makes inter­
esting reading.
As you point out, Mr. Adams, “ I think we can
say that a bank’s investment policy today should
not be based on the assumption that interest rates
are likely to be substantially higher within the
next few years. Excessive concentration of the
investment portfolio of the average bank in short­
term maturities is unnecessary, and is not war­
ranted by the economic facts of life as they exist
today.
“ Now that income from securities comprises
such an important part of the earnings of the
average bank, the banker must think of invest­
ments primarily in terms of income, not in terms
of market quotations or price appreciation.
“ The days of easy profits in the bond portfolio
are gone. The days of the importance of income
from investments are here and will remain with
us for a long time. The reduction of income re­
sulting from taking profits will be increasingly
difficult to replace in the future. Generally speakH a r t h w e s t e r n B a n k e r, J u n e , 1947


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Federal Reserve Bank of St. Louis

Tn your capacity as Deputy Comptroller of the
Currency, we quite agree with your statement
that bankers today have an opportunity to assist
in maintaining sound economy which will help
the only nation in the world which can bring
peace and harmony out of chaos.
As you put it, Mr. Robertson: “ Bankers and
bank supervisors must look at today’s banking
problems through 1947 eyes and not through those
of the banker or bank supervisor of the ’20s. or
even the ’30s.
“ Banking is a growing, living instrumentality
and cannot be permitted to lie dormant—lest it
succumb to dry rot. It must be manned by people
who realize the importance of banking and credit
to their communities, their nation, and the world;
by men who realize they are engaged in quasi­
public business which carries with it tremendous
economic and social responsibilities; and that
profit— although necessary—is not the sole con­
sideration.
“ Those of us in the field of banking are fortu­
nate in having an opportunity to play a major
part in maintaining a sound economy to strength­
en the hand of the only nation in the world which
can bring peace and harmony out of chaos. For­
tunately, again, this part is in large measure sim­
ply looking to the soundness of the condition and
policies of our own institutions, ferreting out our
weak points, facing our problems boldly, and cor­
recting them now—not later.
“ Let us recognize the full importance of our
task, for the continuation of our free enterprise
system and the reestablishment of world stability
may be dependent on it. ’ ’
Much of the bickering, fault-finding and tac­
tics of Joseph Stalin and his Communistic gang
are based on the theory that the United States
is facing a severe depression and if that comes,
the Communists will move in.
Therefore it is more important than ever that
we maintain our economy on a sound substantial
basis and the backbone and bulwark of that econ­
omy rests in part on the manner in which the
bankers of America manage their institutions.

17

3bea/i eMestsiy tf-ald / / :
Your statement that industry must take the
lead in solving problems like depressions and un­
stable employment in payment for its privilege of
free enterprise is based on a sound analysis of
the future.
In a recent statement you put it this way: “ We
have seen people turn to government for answers,
and the world is littered with their tragic failures.
“ Nations have turned to government controls
and to dictatorships in a deliberate search for
security, and all they have achieved is destitution,
slavery and insecurity.
“ Industry’s second great obligation is to
‘ achieve a better sense of partnership with the
American people.’
“ Perhaps for every dollar we spent in scien­
tific research for the development of better prod­
ucts and more efficient machines, we should have
spent another dollar in research into the problems
of people in industry.
“ We face one harsh and unyielding fact: It is
work.
‘ ‘ Programs which merely drain off the accumu­
lated savings of earlier and more vigorous times
without paying their way serve only to sap our
country’s strength. The real objective is to keep
adding to the capital of mankind by increased
production and distribution.’ ’

The totalitarian method of government as prac­
ticed by Germany and Italy has failed—whether
the system will survive in Russia remains to be
seen, but in any event the United States is still
the greatest exponent of the right of a man to
fashion his own life and make his own living, but
as you have emphasized, Mr. Ford, the industrial
leaders of America must help to point the way
and help prevent future depressions and unem­
ployment so that our country can remain economi­
cally free and not subject to the hazards of gov­
ernment control which is now practiced in many
other countries and which must not be encouraged
here.

¿beoA.

CU ukcltili:

In a recent public opinion poll taken in Eng­
land. it indicated that 40 per cent of the popula­
tion between the ages of 20 and 30 wanted to
emigrate.
This is not a very bright outlook when 40 per
cent of the youngest group in your nation want
to leave their own country.
In outlining Britain’s future, you acknowledge
the great problems which she faces and also the
place which America now occupies in the affairs
of the world, when you said:

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“ What is not certain is that Socialist rule will
continue. British democracy, working under free
institutions, and fortuitous elections, appears
superficially changeable. Who could compare the
Britain of Munich with the Britain of Dunquerque?’ ’
With England in her weakened condition to­
day, it is more important than ever, Mr. Churchill,
that the United States assume its rightful position
in the affairs of the world and use all of its power
and prestige to PREVENT WAR.

3 ) ea* M a file <1,
Your report as chairman of the Federal Deposit
Insurance Corporation for the year ending Decem­
ber 31, 1946, which was recently released, proves
to be very worthwhile reading.
We were especially interested in the trend of
deposits and noticed that the total deposits of
all insured banks, including sums of the U. S.
Government and other types of deposits, amounted
to $148,000,000,000 on December 31, 1946, and
that this amount is more than twice the total on
December 31, 1941.

Although there was a 6 per cent decrease from
the record high deposits reached at the end of
1945, as shown in the accompanying chart, the
decrease in deposits was limited mainly to U. S.
Government deposits in insured commercial
banks.
Business and personal deposits in insured com­
mercial banks reached a new high of $115 billion
on December 31, 1946, a gain of over $10 billion
during the past year.
The substantial rise in non-government, depos­
its during the year was overshadowed by the
effect of the Federal debt retirement program on
U. S. government deposits. U. S. government
deposits declined $21 billion during the year and
amounted to only $3 billion on December 31, 1946.

N o r t h w e s t e r n B a n k e r, J u n e , 1947

18

IT IS W I T H

PLEASURE

A N D PRIDE TH A T THE
OFFICERS, D IR E C T O R S
AND

E M P L O Y E E S

A N N O U N C E THE

Formal Opening
OF

NEW

THEIR

AND

ENLARGED

BANKI NG Q U A R T E R S ON
MONDAY JU N E

9, 1947

NATIONAL BANK ANB T R U S T COMPANY
OES
MEMBER

N o r t h w e s t e r n B a n k e r, J u n e , 1947

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Federal Reserve Bank of St. Louis

FEDERAL

MO I N E S ,

DEPOSIT

I OWA

INSURANCE

C O R P O R A T I O N


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Federal Reserve Bank of St. Louis

N o r t h w e s t e r n B a n k e r, J u n e , 19 4?

20

"H o w W e A r e Enereusituj
L o o n s in O ur flunk'*
Middlewest Bankers Describe the Types of Loans
They Are Obtaining Today
A N O R T H W E S T E R N B A N K ER
SU R V EY
NE of the prime functions of a
banking institution is to pro­
vide money for sound loans so
that business activity in the commu­
nity can be carried on at a normal
pace. Loans also provide one of the
greatest sources of income for banks.
In recent months, a great deal of at­
tention has been given to this phase
of banking operations because of ab­
normal conditions of supply and de­
mand.
In an effort to learn how bankers
are increasing their loans (thus in­
creasing their earning power) and still
keeping these loans on a sound basis,
the N orthwestern B anker presents
here another interesting survey among
bankers of the middle west. The types
of loans obtained and the success
which hanks are meeting in increasing
their loan volume are shown in these
replies:

O

"GOOD FARM LOANS"
H. E. IVERSON
C a sh ie r
Farm ers State Bank
Canton, South Dakota

“ Our volume of loans has been hold­
ing up remarkably well, in spite of
continual flow of money coming in
through the marketing of livestock at
these high prices. Feeder loans have

been liquidated a trifle later than ordi­
nary years, due to the fact that many
farmers had corn stored in outside
cribs, and thought it profitable to feed
it, rather than take chances on mar­
keting it at a sacrifice. We have built
up a nice volume of loans on corn
stored in good inside cribs. Many
seem to be of an opinion that the corn
may be worth more money later in the
season, providing it is of good quality.
Very little corn has been sealed be­
cause of the high moisture content.
“We are making loans to G. I.’s to
finance farming equipment, as well as
purchase of homes. We discourage the
purchase of homes, unless they have
the necessary down payment. Most
of these folks are commencing to real­
ize that they must pay for these arti­
cles from their income, and are be­
coming more practical in their way of
thinking.
“We are financing automobiles and
appliances through installment financ­
ing. We are offered very few con­
tracts on new automobiles, as most
people have the money, and the flow
of newer models into this locality has
been very limited. We find compara­
tively few people requesting loans of
a speculative nature, as all are agreed
that prices on commodities are too
high.”

"NO SET FORMULA"
JO H N C A RLA N D ER
President
State Bank of Faribault
Farib au lt, Minnesota

“We do not follow any particular
formula with respect to increasing the
loan volume in our bank, but we are
giving special emphasis to loans to
veterans.
“Our success with this type of loan
has been unusually good and publicity
has been given more or less by word
of mouth rather than by any other
medium of advertising. News that a
bank is making loans to veterans with­
out fuss has a tendency to spread from
one veteran to the other. The in­
crease in the aggregate of our loans
of 50 per cent since a year ago is due
primarily to loans to veterans.
“We feel a definite responsibility to
the veteran and have made every loan
a sound one thus far. It seems to us
that the veterans are our best prospec­
tive customers and we go all out in
giving them service, not only by the
granting of loans, but assisting them in
every other way possible with respect
to their financial problems.
“We have given some publicity to
installment loans, but until appliances
become more plentiful it is doubtful
that we can increase the volume in
that department substantially.”

"DIRECT CONTACT BEST"
A. F. A G EN A
C a sh ie r
State Savings Bank
Baxter, Iow a

DIRECT CONTACT WITH ALL CUSTOMERS in your community in farm
and commercial business practically guarantees a sizeable increase in your loan
volume. Consistent personal service makes your bank the first calling place
when the need for a loan arises.
N o r t h w e s t e r n B a n k e r , J u n e , 1947

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“We are looking for them daily, and
doing some advertising, such as run­
ning a series of ads “ Finance at Your
Home Bank” and save money. This
financing includes automobiles, wash­
ing machines, refrigerators, radios,
sweepers, etc., both direct and through
our dealers. Then we also finance
farm machinery, both direct and
through »the dealer. Our experience
has been very satisfactory with all of
the above types of loans.
“We have definitely gone out after
real estate loans, and through our ef­
forts picked up around $60,000 in new

-V

21
real estate loans this spring. We
have watched real estate transactions
and talked to the parties concerned
about making the loan and were suc­
cessful in getting all but one of those
whom we had contacted.
“Activity is good in the home loan
G. I. loans which we are making, and
fortunately, most of ours have been
about 75 per cent, or less, of the pur­
chase price, rather than the full 100
per cent, which in a lot of cases is too
much.
“Our loans were paid down to $237,000 in February, 1947, but have come
back to $328,000, an increase of $91,000
and we expect them to go up some
more through the summer as more
automobiles, farm machinery and elec­
trical appliances become available.
“ I .belie.ve that most of our loans
have come from direct contact with
the borrowers and customers of ours
telling their friends and neighbors
that we do loan money. Our ads no
doubt are doing some good, but direct
contact is the best way of getting to
them.
“While we are definitely looking for
loans, we also turn down some re­
quests. As is the case in all commu­
nities, there are certain individuals
who do not deserve a loan. We try
to pick the right ones and give every
application fair and due consideration.
A year or two hence will tell us how
good we were in our judgment. I be­
lieve we should consider values as
what they might be then, and not on
present basis in making our loans.”

"PERSONAL CONTACTS"
B. P. ST. JO H N
C a sh ie r
Okey-Vernon N ational Bank
Corning, Iowa

“First, in the way of developing cat­
tle and sheep feeder loans, we adver­
tise and make personal contact in the
country with all our customers that
we feel might be interested in that
type of operation, making it known
to them that we are in the best posi­
tion of any financing institution in the
area to give them the type of service
that they want. Ofttimes, we keep
a record of our customers who have
cattle for sale, and inform those who
are in the market for cattle and sheep
as to the number, kind, etc., that our
other customers have for sale. We
assist them in keeping closely advised
as to the market on different kinds and
types of cattle.
“ For example, we had one customer
of very recent date who wanted some
Holstein milk cows, and one of our
men while in Minnesota recently found
exactly what he wanted, bought them,
called him by telephone advising of
the purchase, and asked that he en­

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LOANS! LOANS! LOANS! Everyone and everything connected with homes
can provide an endless source o f loan prospects for the alert banker. Somebody
has to make loans to contractors, architects, home buyers and purchasers of
everything that goes under the roof o f a modern home, and it might as well be
you. Personal solicitation and good dealer contacts can start a chain of loans
coming into your bank.

gage a truck, come with it to the farm
where the cattle were, and pick them
up if they suited him at the price. If
not, they didn’t belong to him. The
cattle were turned over to the farmer
at exactly what they cost. He seems
to be exceedingly happy, and it devel­
oped for us a nice loan of about $1,500
and placed in our territory some very
fine dairy cattle that should, in the
course of time, develop into one of the
leading herds of the territory. We
made this loan on the basis of repay­
ment by installment. The first install­
ment due in sixty days will be made
as a result of a sale of some of his
other grade beef cows, that he will
eliminate from the farm. Another pay­
ment will be made from the sale of
some fall pigs, and the balance due in
one year. The interest rate is 6 per
cent.

Survey Trip
“We practice the same type of con­
tact and service in feed lot loans. In
the fall of the year one of our men
makes a trip into the range country to
determine the market condition or
frame of mind the rancher is in, the
approximate price he is planning to
hold for, the condition of the cattle,
the supply of feed in that area, and
other valuable information, all of
which he brings back to the manage­
ment of the bank, who in turn can
give it to their customers first hand.
The customer can take it for what it
is worth or make investigation for
himself.
“G. I. loans seem to come to us with­
out any particular effort. In fact, the
effort is to keep them from coming too
rapidly, as there seems to be a heavy
percentage of the G. I. loan that is
undesirable for some reason or other.
We do have some very high class G. I.
boys that have borrowed money from
us without taking advantage of the

veterans’ guaranty. We have other
G. I.’s who do make G. I. loans that
are very desirable. We help them in
every way possible by directing them
to where they can buy cattle, what
should be paid, where they can get
machinery and equipment and about
what they should pay, and we check
carefully their purchases, since their
absence from the home territory has
not given them a chance to keep posted
as to market developments, etc.

Loans Increase
“On real estate loans we advertise
that real estate loans of every kind
and description can be handled by our
bank. If they are farm loans too heavy
for our bank, we place them with an
insurance company. If they are home
loans that do not meet with the re­
quirements of good banking practice,
we place them with FHA, individual
lenders, or other outlets that are avail­
able to all bankers in the state. When
we took over this bank in 1944, total
loans aggregated about $150,000 and at
this moment they are about $700,000.
“We have what we call a ‘farm man’
in our bank, who clerks farm sales,
appraises real estate, measures corn
cribs, hay stacks, etc., for our custom­
ers without charge. He checks chattel
mortgages religiously, always keeping
us in close contact with the borrower.
“We find that borrowers, particular­
ly farmers, like to have us call at
their places and talk over current prob­
lems, and we really believe it pays.”

"ALL TYPES LOANS"
A. M. EIKEN
C a sh ie r
C a le d o n ia State Bank
C a led o n ia, Minnesota

“We have possibly as many loans as
at any other time, but are unable to
keep pace with the payments and as
a result our loan account has decreased
(Turn to page 25, please)
N orthw estern B a n k e r, J u n e , 1947

22

News

and

OF THE BANKING WORLD
By Clifford De Puy

OU may know him as AY. H.
Brenton, president of the Iowa
Bankers Association, or you may
know him as Harold Brenton, but the
real low down is that he is Woodward
Harold Brenton and we learned that
from a bulletin from Washington, D.
C., which says that the distinguished
president of the association is chair­
man of “A coin inittee on research con­

y

month at a dinner at the Robert Treat
Hotel, Newark, tendered by the of­
ficers of George La Monte & Son, Nutley, New Jersey, to the combined

cerning scientific development and
human behavior as applied to fire
safety.”
Joseph C. Williams, vice president
of the Commerce Trust Company of
Kansas City, was elected President of
the Missouri Bankers Association at
their 57th annual convention last
month.
Mr. Williams has long been active
in the association affairs of the Mis­
souri Bankers organization and is well
known as the popular executive of the
correspondent bank division of his in­
stitution.
J. C. Wellman, president of the
Bank of Kennet of Kennet, Missouri,
was elected vice president and Leslie
K. Curry, vice president of the Marcantile Commerce Bank and Trust
Company of St. Louis, was elected
treasurer. Robert E. Hill was re­
elected secretary of the association.

C. William Duncan who spoke at all
the Iowa Group Meetings is a colum­
nist and news commentator for the
Philadelphia Inquirer, with which pub­
lication he has been associated for the
past 23 years.
In the field of politics, he predicts
that Governor Thomas E. Dewey will
be elected President of the United
States in 1948. Mr. Duncan puts it
this way: “Although Dewey lost the
nomination in 1940 and the election
in 1944, 1 believe 1948 will be his year.
He carried New York overwhelming­
ly for governor in 1946 and that gave
him a springboard for a third try.
He is doing a good job as governor
and isn’t mixed up in the Washington
controversies. The people can’t blame
Dewey if they don’t like what the Re­
publican congress does in the next 13
months until the conventions are held.
“Dewey will carry New York and
Pennsylvania and those two huge elec­
toral votes will start him to victory.”

Seven new members joined the La
Twenty-five Year Club last

Monte

N o r t h w e s t e r n B a n k e r, Ju n e , J 947


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Federal Reserve Bank of St. Louis

G E O R G E V. LA M O N T E
Presented w atches to 25-year club m embers

Twenty-five and Twenty-Year Clubs
of that organization. One of the new
members is Mrs. Frances H. Johnson
of the Chicago office.
There are now fifty members of the
Twenty-five Year Club, thirty-nine of
whom are resident. Eight members
are at the Toronto plant.
In addition to the usual diamond
studded membership buttons, George
V. Ea Monte, president of the com­
pany, presented a handsome watch to
each member.
Fifty-eight of the La Monte employ­
ees are now members of the TwentyYear Club.
D. R. Wessling, founder and presi­
dent of Wessling Services of Des
Moines, is this month celebrating 25
years of “building business and good
will for bankers and trust companies.”
In 1946 his son, Daniel R. AVessling,
Jr., became associated with him.
Wessling Services include counsel on
bank public relations together with
copy for newspaper advertisements,
letters, folders for direct mail and
other special services.
D.
R. Wessling, president of the
company, has traveled in every state
of the Union and knows thousands
of bankers from coast to coast.

Last month the Federal Home Loan
Bank of Des Moines held its annual
directors and stockholders meeting
which was climaxed with a banquet
to which 350 guests were invited.
The bank comprises the 8th district
including Iowa, Missouri, Minnesota,
North and South Dakota. The officers
are as follows: Robert J. Richardson,
president; AYalter H. Lohman, vice
president-treasurer; James M. Martin,
assistant secretary; Arthur E. Mueller,
assistant treasurer, and Robert H.
Bush, attorney.
The combined assets of the 235
member savings and loan institutions
increased 20 per cent during the past
year to reach a new high mark of 507
million dollars. Dividends declared
since the bank was organized amount
to over $1,955,000.
At the banquet, Robert J. Richard­
son presided in his usual amiable and
affable style, and speakers included
Col. Harold Lee, Governor of the Fed­
eral Home Loan Bank system, and
AYalter T. Robinson, Iowa Loan Guar­
antee officer.
Robert M. McCullough, vice presi­
dent of the Bank of the Manhattan
Company, 40 Wall Street, has been
placed in charge of the bank’s busi­
ness in Chicago and surrounding ter­
ritory which will include the states of
Indiana, Michigan, Illinois, Wisconsin,
Minnesota, North and South Dakota,
Iowa and Nebraska.
Frank K. Houston, chairman of the
Chemical Bank & Trust Company, an­
nounces the appointment of John F.
Hallett as assistant vice president of
the bank. He will be associated with
I. B. Grainger, vice president, in the
handling of the bank’s business in the
states of Missouri, Kansas and Colo­
rado.
Mr. Hallett is a graduate of Yale
University and was formerly an as­
sistant treasurer of the New York
Trust Company. He is a veteran of
four years service in the U. S. Navy
achieving the rank of lieutenant com­
mander assigned to Air Combat In­
telligence.
Ellsworth Moser, executive vice
president of the United States Nation­
al Bank of Omaha, returned from his
visit to Palm Springs, California,
where he had been convalescing last
(Turn to page 44, please)

23

|>

AS ASSISTANT CASHIER of the Northwestern National Bank, Miss Marion E. Mattson
directs the activities o f Budget Service from her new and attractive office.

fía d yct Service M a k es Frica ds
Public Appreciates Information and Counsel Offered
in New Department in Northwestern National Bank
By GOODRICH LOWRY
Assistant Vice President
Northwestern National Bank
Minneapolis
HE Northwestern National Bank
of Minneapolis now has a full­
time, all-out budget service.
Our initiation of this new effort was
prompted by two principal considera­
tions. First, we were convinced that
a large commercial bank which offers
complete financial service to the public
is not rendering such a service if it
ignores the average man’s most im­
portant financial problem—the man­
agement of his family’s income. Sec­
ondly, we were convinced that the
development of a thorough-going budg­
et service would provide the bank with
an initial and a continuing source of
human and appealing publicity.
Our decision to initiate the budget
service on January 15, 1947, was based
on our belief that we could not have
a more timely commencement date. A
Gallup poll of December, 1946, indi­
cated that the principal concern of the
average man was to get more value
and more savings out of his income.
In addition to this general trend of
the times, January is generally known
to be a month of budget consciousness.

T

Two Problems
We were faced with two principal
problems. The first problem was to

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find an absolutely first class woman
who was capable of handling the many
difficult phases of budget counseling.
The second problem was to lift the
word “budget” out of the drab connota­
tion which it has gradually assumed,
and to let the public know we had a
service which offered a richer, fuller
life through wise management of
money.
The solution to the first problem
was found in Miss Marion E. Mattson,
who has been with the bank for many
years and who has not only learned
many phases of banking, but also of
general human relations. Among her
other activities she is a regional vice
president of the Bank Women’s Asso­
ciation and has now been elected an
assistant cashier of the bank.
The solution to our second problem
was found in an article written by
Elsie Stapleton which appeared in the
April 6, 1946, issue of the Saturday
Evening Post, entitled “ So You Can’t
Live on Your Income.” Mrs. Stapleton,
as budget counselor for Wanamakers
and later for Gimbels in New York
City, has, in our opinion, developed a
fresh and exciting philosophy of
money management. Instead of the
standard approach, which asks “ How

Should You Spend Your Money?” it
asks “What Are the Things You Really
Want and How Can You Get Them?”
Mrs. Stapleton is slow to use the word
budget because of the very different
philosophy generally associated with
it. She is more apt to use the expres­
sion “Spending for Happiness.”

Comes to Minneapolis
We asked Mrs. Stapleton to come to
Minneapolis and spend a week with us
prior to the opening of our budget
service for the purpose of securing
publicity for the service, and also for
the purpose of enabling Miss Mattson
to get some firsthand experience in
Mrs. Stapleton’s work. From the stand­
point of publicity received for the
bank, Mrs. Stapleton’s week in Minne­
apolis was a far greater success than
we would have believed possible. A
total of 16 news stories, totaling 195
column inches, included an entire col­
umn by the city’s leading columnist,
several feature stories, an additional
full column by another columnist, etc.
We gave a luncheon for fifty of the
town’s leading women who were en­
tirely charmed by Mrs. Stapleton’s
talk. The Life Underwriters Associa(Turn to page 52, please)
N o r t h w e s t e r n B a n k e r, J u n e , 1947

24

A. E. Peters, left, vice presi­
dent o f the Jasper County
Savings Bank, discusses a loan
application with Jack Bailey,
assistant cashier.

it Mr

We

6
M
a
k
e . f. Iranis

The Yardstick a Bank in a City of 12,000
Uses to Measure the Loan Application
4s To Id by
RAY O. BAILEY
Newton, Iowa
HEN we make a G. I. business
“As I said before, we investigate
loan,” says Ray O. Bailey, of New­ every application carefully, and if in
ton, Iowa, “we consider two important
our opinion the venture appears the
points—first, the character and credit least bit questionable, we turn it down,
rating of the prospective borrower, first explaining to the applicant in
and second, the chances he has of detail just why we feel we can’t go
making a success of the business he along with him, and when our reasons
wants to establish or into which he is are explained, the applicant agrees
planning to put the money we loan with us.
“ One G. I. wanted to make a loan
him.”
Mr. Bailey is president of the Jasper to establish a small eating place or
County Savings Bank of Newton. He restaurant in Newton. We thought
believes every bank in the nation has this city had all such places now that
an obligation to take on as many G. I. the trade would support profitably,
loans as possible, always, of course, and turned down the loan, as we have
consistent with good banking practice. a number of others. On the other
On March 15th this year the Jasper hand, a young chap here had worked
County Savings Bank had on its books in an electrical shop before the war,
118 loans on homes, totaling $469,000; and he came back and went into the
21 business loans and on business same shop, and when the owner
property, $54,000; three farm loans, wanted to sell, and the young chap
$14,500; and farm equipment loans of wanted to buy, we felt he knew enough
$56,000. As of that date the bank had about the business so that we made
18 applications for loans which they him a loan to buy it. In another case
we helped a young G. I. take over a
were investigating.
The man who is looking after G. I. garage in Kellogg, because he was in­
loans in the Jasper County Savings dustrious, had the know-how, and
Bank is A. E. Peters, vice president. could make it profitable.”
On real estate, Mr. Bailey says that
He is assisted by Jack Bailey, assistant
cashier, son of Ray Bailey. The first property values in Newton do not
G. I. loans made by the bank were appear to have taken the big jump
that is so noticeable in many cities.
in April, 1945.
“ Our business loa n s,” continued On home loans, the largest one the
President Bailey, “are for a three-year bank has made was for $7,450 on a
term, with a certain amount payable good two-story house, and a loan for
monthly. We, of course, take a chattel $9,200 on a four-apartment dwelling.
mortgage on any equipment or fixtures Most of the home loans will run from
$3,000 to $5,000.
involved.

W

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Federal Reserve Bank of St. Louis

“We use a yardstick before making
home loans, too,” said Mr. Bailey.
“ Here again we consider the character
and credit rating of the applicant. The
next consideration is the value of the
property upon which the loan is to
be made, and lastly, the income of
the prospective borrower. He must
have enough income so that with pay­
ments on his note amounting to onefourth of his salary, he will still have
enough to live comfortably and take
care of himself and his family.
“We are particularly pleased with
our experience on making home loans.
After these young folks have bought
their home they immediately start to
improve it—if the man is handy with
tools, and most of them seem to be,
they make minor and even major
needed repairs, do painting and hang
new, fresh wallpaper, clean up the
yards and plant shrubbery. Within a
month or two the property has in­
creased in value over what it was
when they made the loan and, of
course, the security afforded the bank
has also increased.
“ Some banks,” stated Mr. Bailey,
“are not making G. I. loans, or at least
very few, but we folks here at the
Jasper County Savings Bank feel that
it is our duty to the boys who came
back, and to our community, to take
care of them. If the banks don’t do
it, the government will, and I think
we all have had enough of that kind
of experience. At the rate of interest

I

25
we charge, loans of $400,000 will make
$16,000 for the bank, a neat sum.
“ So,” Mr. Bailey concluded, “ I feel
it is good business, and gives us a
good profit, to make G. I. loans. We
have screened these borrowers care­
fully as to amount of loan and con­
tinued ability to pay. Most of them
will become permanent residents of
this community—and customers of our
bank. Many of them have the ability
and drive to become leaders in their
chosen business—and they will be cus­
tomers of our bank. A few may be­
come wealthy men—and we hope, still
customers of our bank. Need anyone
ask why making G. I. loans is good
business?”—The End.

A b o u t Ita ttburs You

"H O W WE ARE INCREASING
LOANS IN OUR BANK"
(Continued from page 21)
considerably until lately when we have
held about even.
“We make loans on real estate, chat­
tel loans on farm property, installment
loans direct and purchased and G. I.
loans.
“The G. I. loans represent most of
the increase in new loans. In our
bank they have so far been confined
to real estate loans on homes and
farms.”

’ RECENT INCREASE"
JO E M EN G ES
C a sh ie r
A lta Vista S tate Bank
A lta Vista, Iowa

“ Our loans haven’t increased as
much as we would like, although the
largest increase we have had in sev­
eral years has been made in the past
few months. Most of this increase
came from first mortgage real estate
loans on farm lands. We have two
approaches trying to get these loans.
“First, as soon as we learn of a farm
being sold we try and get the loan, if
the amount is in line with our loaning
policies, and second, we have had our
local abstractor give us a list of all
farm mortgages on record, with ma­
turities and paying privileges, in our
immediate banking territory. This
gives us several leads, which we try
and follow up, and I think we have
had some new business in this way.
“ Our G. I. loans have been very
small up to date, although we have not
refused to make them, and would like
some good G. I. loans on farm lands
in this vicinity.
“We have not solicited chattel mort­
gage loans, as we feel cattle, hogs and
farm machinery are too high and in
order to compete for this class of in­
come, we must loan more than we care
to on the security offered.”—The End.

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

A. G. SAM
President, First National Bank in Sioux City
“ This is the time to see that our institutions are kept sound’ '

E W , if any, bankers in the middle west today have enjoyed the experience
of a greater variety of banking duties than has A. G. Sam, president of
the First National Bank in Sioux City.
Born in Norway October 14, 1882, Mr. Sam came to this country shortly
afterwards, finished his high school education in La Crosse, Wisconsin, joined
the Chicago National Bank at the age of 18, and since then has run the
gamut of banking duties.

F

He served with the Chicago National Bank until the end of 1905; was with
the First National of Minneapolis from 1906 to 1910; served as a Twin City
Clearing House bank examiner for five years and in 1915 was elected cashier
and later vice president of the Stock Yards National Bank in South St. Paul.
In 1919 Mr. Sam was elected a vice president of the Live Stock National Bank
in Sioux City, took over the presidency a year later and held that position
until transferring to the First National Bank in that city. He was vice presi­
dent for two years, then succeeded to the presidency in 1941. Deposits at
the last bank call were almost $20,000,000.
Organizers of charitable and civic projects in Sioux City long ago found
that they had a capable, willing leader in Mr. Sam. For years he has had
a hand in making any number of such drives successful.
Banking today has a three-fold problem, believes Mr. Sam. It must get
back to sound fundamental banking principles, properly train new execu­
tives and remember the lessons learned from two wars.
He says, “ The most important problem facing bankers today can be
summed up briefly as follows: The banking fraternity has gone through a
four-year period of doing many things to help the war, and now, in this post-

(Turn to page 34, please)
N o r t h w e s t e r n B a n k e r, J u n e , 1947

26

T h e 3 tin n e s o ta f'o n v e n tio n
At the St. Paul Hotei in St. Paul
on June 11 and 12
ONVENTION arrangements and
program are complete for the
1947 annual meeting of the Min­
nesota Bankers Association in St. Paul
on Wednesday and Thursday, June
11th and 12th. Headquaters are at

C

dent, will preside, and the nominating
committee will make its report at this
time.
The annual golf tournament will be
held at the Keller Golf Course all day
on Wednesday, June 11th. Players are
urged to tee off as early in the day as
possible.
The convention will close with the
annual banquet and dance. Program
details are as follows:

sociation, and president of First Na­
tional Bank, Clarksville, Tennessee.
“Where Is the Depression?” — G. S.
Houston, vice president, First Serv­
ice Corporation, Minneapolis.
“Agriculture’s Stake in Reconversion”
—N. K. Carnes, general manager,
Central Co-Operative Association, So.
St. Paul.
Report of resolutions committee.

Wednesday Evening, June 11

6:30 P. M.
Annual Banquet — Continental Room,
Hotel St. Paul.
South St. Paul Male Chorus—Edwin
Marriott, director.
“America Needs Horse Sense” — Dr.
George W. Crane, columnist, radio
commentator and author.
Dancing—Hal McIntyre’s Orchestra.
Convention committees consist of
the following members:

7:30 P. M.
Pre-Convention Smoker— Continental
Room, Hotel St. Paul; Vice President
John Carlander, presiding.
Report of nominating committee.
Awarding of golf prizes.
Entertainment???? Be on hand!!!!
Dutch Lunch—don’t miss this???

Thursday Morning, June 12

a

.

M innesota

w. S A N D S
President
Bankers A ssocia tion

the St. Paul Hotel, and all convention
meetings and activities will be held
there.
Registration starts at 1:30 p. m. on
Wednesday, June 11th, in the lobby of
the St. Paul Hotel. Women may be
registered free of charge, although
there is a charge for the women’s
luncheon to be held on Thursday.
The Council of Administration of
the Minnesota Association will meet
on Wednesday, June 11th, for consider­
ation of resolutions or any proposed
amendments to the by-laws. Then on
Friday, June 13th, immediately follow­
ing the close of the convention on the
previous day, the new Council of Ad­
ministration will meet to transact any
new business which may come before
it.
The pre-convention smoker will be
held at 7:30 p. m. the evening of
Wednesday, June 11th, in the Conti­
nental Room of the St. Paul Hotel,
with the usual fun and entertainment.
John Carlander, association vice presi­
N o r t h w e s t e r n B a n k e r, J u n e , 1947


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

9:30 A. M.
Call to Order—Continental Room, Ho­
tel St. Paul, A. W. Sands, president,
Invocation—Rev. Philip McNary, rec­
tor, Christ Episcopal Church, St.
Paul.
President’s Annual Address — A. W.
Sands, president, Western State
Bank, St. Paul, Minnesota.
“Bond a Month Plan” — Morris M.
Townsend, director, U. S. Savings
Bond Division.
“Public Relations and Its Part in Bet­
ter Banking”—C. W. Green, director,
Public Relations Council, American
Bankers Association.
“ In Memory of William (Bill) Duncan,
Jr.”—M. O. Grangaard.
“About A.B.A.”—S J. Kryzsko, A.B.A.
state vice president, and vice presi­
dent of The Winona National and
Savings Bank.
A.B.A. elections.
M.B.A. elections.

Thursday Noon, June 12
1:00 O’clock
Luncheon for Ladies — Ballroom,
Lowry Hotel.

Thursday Afternoon, June 12
1:15 P. M.
Call to Order—Continental Room, Ho­
tel St. Paul.
Reports of Council of Administration,
Secretary and Treasurer have been
mailed to membership.
“Challenge to Banking”—C. W. Bailey,
president of American Bankers As­

Thursday Evening, June 12

General Committee
H.
B. Humason, chairman, president,
American National Bank of St. Paul;
W. L. Boss, vice president, First Na-

H. B. H U M A S O N
C onvention General Chairman

tional Bank of St. Paul; C. E. Johnson,
president, Empire National Bank &
Trust Company of St. Paul; A. L. Ritt,
president, Midway National Bank of
St. Paul.

Entertainment
Elmer Volkenant, chairman, assist­
ant vice president, First National Bank
of St. Paul; Lloyd L. Leider, secretary,
assistant cashier, First National Bank
(Turn to page 52, please)

27

AIRM AIL- Coast to Coast
RAIL MAIL-Within 500 Miles


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

^ Our central location and mail facilities enable us
to provide quick service on your collection and
transit items.
'A' Evening departures of air and rail mail give over­
night delivery to east and west coasts, and to points
on both borders.
The Om aha National Bank by virtue of these advan­
tages has developed unusual speed and efficiency
in handling items for correspondents.
Inquiries are invited.

28

TJ##» N orth itnhotn
Convention
BISMARCK, The Capital City, Will
Entertain Bankers June 15-17
ISMARCK will be the host city for
the 1947 annual meeting of the
North Dakota Bankers Association
on Sunday, Monday and Tuesday, June
15th, 16th and 17th.
Sunday afternoon will be devoted to
golf for those wishing to play. That
evening the ladies will attend a theater
party, while the men will go to an
informal Stag Smoker in the Silver
Ballroom of the Patterson Hotel. The
Patterson will be headquarters for
many of the convention affairs, with
registration starting there on Sunday
afternoon. Business sessions of the
convention will be held in the Bis­
marck City Auditorium, and registra­
tion will be available there all day
Monday.
Here is the convention program:

B

Report—Public Relations Committee,
Clarke Bassett, chairman; president,
Merchants National Bank & Trust
Company, Fargo, North Dakota.
Address—C. W. Green, director, Public
Relations Council, American Bank­
ers Association.
Recess
12:30 P. M.
Luncheon will follow immediately in
Memorial Building, next door to City
Auditorium.

Monday Evening, June 16
6:30 P. M.
Convention Banquet—Silver Ballroom,
Patterson Hotel (dress informal).
Address—“ Price Tags on Progress,”
Tom Collins, Kansas City, Missouri.
9:00 P. M.
Dancing—The Dome.

Monday Morning, June 16
Registration all day Monday—City Au­
ditorium.
9:45 A. M. Sharp
Convention Assembly—City Auditori­
um.
Invocation—Rev. A. E. Smith, pastor,
Episcopal Church, Bismarck.
Address of Welcome — Mayor A. P.
Lenhart.
Response—F. A. Foley, vice president,
North Dakota Bankers Association;
Rolette County Bank, Rolla, North
Dakota.
President’s Address — C. W. Burges,
president, North Dakota Bankers
Association, and cashier, Security
National Bank, Edgely, North Da­
kota.
Introduction of visiting out of state
association officials.
Treasurer’s Report—L. E. Smith, vice
president, National Bank of Fargo,
Fargo, North Dakota.
Report — Agricultural Committee and
introduction of LeRoy Pease, secre­
tary, Greater North Dakota Associa­
tion.
F. A. Irish, chairman, and chairman
of the board of the First National
Bank & Trust Company, Fargo,
North Dakota.
Report — Bank Management Commit­
tee, Martin Aas, chairman; vice pres­
ident, First State Bank, New Rock­
ford, North Dakota.
N o r t h w e s t e r n B a n ke r, J u n e , 1947


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

President C. W. Burges, presiding.
Election of the following State Asso­
ciation officials:
President.
Vice president.
Treasurer.
Address—Fred G. Aandahl. Governor
of State of North Dakota.
Address—“The Challenge of Banking,”
C. W. Bailey, president of American
Bankers Association, and president
of the First National Bank. Clarks­
ville, Tennessee.
Address — “Bond-A-Month Program,”
Merrill Predmore, director, Agricul­
tural Section, U. S. Treasury Savings
Bond Division, Washington. D. C.

Tuesday Morning, June 17

c. w. BURGES

President N orth Dakota Bankers Assn.

Monday Afternoon, June 16
2:00 P. M.
City Auditorium—A. C. Idsvoog, state
vice president of the American Bank­
ers Association for North Dakota,
presiding.
Election of the following American
Bankers Association officials:
Members of executive council.
Member nominating committee to
serve at 1947 convention.
Alternate member of nominating
committee.
State vice presidents for the follow­
ing divisions, who will serve one
association year from date of annual
division meeting held during the
1947 convention:
National Bank Division.
Savings Division.
State Bank Division.
Trust Division.

10:00 A. M. Sharp
Convention Assembly—City Auditori­
um, President Burges presiding.
Address—“Atomic Energy,” Dr. D. Q.
Posin, North Dakota Agricultural
College, Fargo, North Dakota.
Address—“Agricultural Credits,” Dr.
Underhill, Federal Deposit Insur­
ance Corporation, Washington. D. C.
Address — “ Investments for Country
Banks,” Lawrence L. Lunden. comp­
troller, University of Minnesota,
Minneapolis, Minnesota.
Unfinished business.
Adjournment.
Executive Council luncheon. Business
session. (Place to be announced.)

Tuesday Afternoon, June 17
1:30 P. M.
Tour to Garrison Dam Site. Bismarck
bankers are arranging for a tour to
the Garrison Dam Site and will have
transportation available for those
who wish it. Please leave word at
registration desk when registering if
you wish to make the trip.—The
End.

29
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"fío // o f H on or3’ Hanks
y

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” Ranks in the
N O R T H W E S T E R N B A N K E R 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.

:ffin n * * N O iH
TO W N
A dam s.......................
A u rora.......................
Belgrade........... ........
B reckenridge...........
Butterfield................
Canby.........................
C eylon........................
Clarks G rove.... ......
Clinton.......................
C onger.......................
Crookston..................
Duluth.......................
E ast Grand Forks
Ellendale...................
F airm ont.......... ........
F aribau lt...................
F osston ......................
G onvick......................
Good Thunder.........
Grand M arais..........
Grand M eadow ____
H ector........................
H ope...........................
Long P rairie.........
Madelia......................
M cIn tosh ..................
M inneapolis..............
M inneapolis_______
M inneapolis...__ ___
M inneapolis-........... .
M inneapolis.............
M oose Lake__ _____
Mound........................
St. Clair....................
St. Paul.....................
St. Paul.....................
South St. P au l........
Shakopee__ ___ ____
T h ief River Falls...
T h ief River Falls...
Twin L akes..............
T y ler...........................
V irg in ia............. .......
W ilm ont.....................
W inona_____ ______
W oodlake..................
W orth in gton ............


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

BANK
Farmers State Bank...................................
State Bank of Aurora
.........................
North American Bank................................
First National Bank....................................
State Bank of Butterfield
National Citizens Bank........ ................. .
State Bank of Ceylon
.......................
State Bank of Clarks Grove................ .
Clinton State Bank
........................
State Bank of Conger...................................
Polk County State Bank...........................
First and American National Bank____
.Minnesota National Bank............. ....... .
Ellendale State Bank...................................
Martin County National Bank...............
State Bank of Faribault..............................
Farmers State Bank.....................................
Northern State Bank
.......... .....
First National Bank___ __ _____ ___ ____
Grand Marais State Bank ..... ................
First State Bank...........................................
Security State Bank................. ....... .........
Farmers State Bank................................. .
Peoples National Bank of Long Prairie
Citizens National Bank............................
First National Bank.....................................
.Chicago Lake State Bank .....................
Fourth Northwestern National Bank....
Marquette National Bank........................
Midland National Bank............................
Northwestern National Bank_____ _____
First National Bank.............................. ......
State Bank of Mound......................... .........
St. Clair State Bank
........
American National Bank....
.................
Midway National Bank...________ _____
Stock Yards National Bank...... ..............
First National Bank_________ ____ _____
Northern State Bank. ....................... ........
Union State Bank...__ _____ ____________
Twin Lakes State Bank............ ..................
Citizens State Bank.............. ....................
First National Bank.....................................
First National Bank ..................................
Winona National & Savings Bank...........
State Bank of Woodlake............................
State Bank of Worthington........................

O FFIC E R

C A P IT A L

25,000
N. V. T orgerson .................. ..........$
25,000
J. A. A spie................ ........... ..........
30.000
.H. G. B orgerdin g................ ..........
50,000
.Peter Seterdahl ..... ............. ..........
12,000
J. B rogger .... .......... ...... ..... .........
50,000
-H. B. Leuders....................... ...........
25,000
C. E. Cham pine.................. ..........
25,000
A. J. L ageson ...... ................ ..........
25,000
0 . T. H arrison..................... ..........
25,000
H. C. Hanson....................... ..........
60,000
W . S. E ricson ....................... ..........
W illis A. Putm an................ .......... 2,000,000
50,000
L. H. E verett......................... ..........
10,000
S. J. Sande.............................
95,000
C. F. Holden......................... .........
50,000
John Carlander ................ . ..........
20.000
Lorence Granum ................ ..........
50,000
S. G. Birkeland..................... ..........
25,000
11. E. G laeser......................... ..........
25,000
A. M. Anderson .............. . ..........
25,000
G. N. R eppe........................... ..........
20,000
L. L. Spreiter....................... ..........
25,000
A. M. E llin gson ..... ..... . ..........
50,000
H. W . Schroeder............ ...... ..........
50,000
J. G. Olson............................. ..........
50,000
C. M. B erg ............................. ..........
50,000
R. H. Putnam .................. ...... ..........
125,000
C. M. Jorgensen.... ........ .....
300,000
-R. L. Stotesbery................... ..........
A rn u lf Ueland .... ........... . .......... 1,000,000
Joseph F. R ingland.......... .......... 5,000,000
50,000
N. A. B auer........................... ..........
25,000
W. H. A. K oehler................ ..........
25,000
G. H. H ubm er_____ ___ ___
G. J. Johnson.................. ...... _____ 2,500,000
250,000
A. L. R itt................................ .... .
-J. C. M oore........................... ... ....
250,000
E. J. Huber........................... ..........
50,000
50,000
G eorge W . W erstlein _____ ..........
50,000
A. W. H ensrud..................... ..........
.H. L. Peterson.................... .......
10,000
25,000
C. A. Lauritsen__________ ..........
100,000
.Stephen R. K irby, Sr_____ ..........
25,000
-E. L. M eyer........................... ..........
200,000
S. J. K ryzsk o....................... _____
20,000
H. G. H am re......................... ..........
50,000
.Martin H. V oss.................... ..........

SU R PLU S
PRO FITS
$

68,002
45,000
47,000
50,092
19,580
89.000
44,000
36,000
70,000
33,000
64,000
3,756,301
98,000
35,000
105,000
116,590
90,000
117,288
32,000
36,717
40,000
50,000
32,000
184,000
61,000
54,000
107,093
262,979
675,000
3,008,000
15,585,090
54,000
66,518
63,000
2,587,000
588,000
631,000
152,000
107,000
146,000
17,000
55,000
565,884
25,000
615,000
29,000
125,000

N o r t h w e s t e r n B a n ke r, J u n e , 1947

30
Advertisement

“ Itoli o f H on o r“ Itnnlts
It is art honor to be listed among the H ON OR 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
N O R T H W E S T E R N B A N K E R territory.

By

careful

management

and sound

hanking

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.

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\ o r I h iP akota
TOW N

BANK

Crosby......................................Farmers State Bank.....
Dickinson................................ First National Bank ...
Fargo........................................Fargo National Bank.
Fargo........................................First National Bank.....
Fessenden............................... First National Bank.....
Golva........................................ First State Bank...........
Lankin......................................Citizens State Bank.......
New Leipzig.......................... First State Bank............
New Salem.............................Security State Bank.....
Rugby............................. ......... Merchants Bank.............
Sterling...................................State Bank of Burleigh
Streeter....................................State Bank of Streeter
Williston................................. American State Bank

O F F IC E R

C A P IT A L

.E. G. Hanson..
J. A . O’Brien....
.E. L. Shaw ......
,G. W . Jenson....
Fred J. M ohr....
J. L. Tschida....
J. H. Vorachek...
E. P. D aniels....
F. H. Ellwein...
J. W . Moffatt...
H. E. W ildfang.
J. L. G ra f...........
C. O'. Harding..

40,000
100,000
150,000
350,000
25,000
15,000
25,000
20,000
20,000
35,000
25,000
15,000
50,000

SU R PLU S
P R O FITS
70,000
168,500
211,000
716,000
55,000
23,872
58,881
26,369
45,000
107,234
43,306
20,000
76,000

S o n ili Ila k o la
TO W N
B eresford...
Centerville..
Lennox........
M itchell.......
P ierre...........
Platte........
Rapid City..
Sioux Falls.
W a gn er____
W atertown .
Y ankton.....
Y ankton......

BANK

O FFIC E R

First National Bank..............................................T. A. Peterson
N. Thomson
Bank of Centerville............................................... J.
Exchange Bank...................................................... M. D. Larson..........
.Comm ercial Trust & Savings Bank................. E.
A. L oom er.........
Pierre National Bank........................................... W . H. Burke
Farmers & Merchants Bank.............................. Lewis Vanderboom
F ir s t National Bank..............................................Noel W. K lar
Northwest Security National Bank................. J. V irgil Lowe
Commercial State Bank....................................... W. H. Frei
First Citizens National Bank............................ C. H. Lockhart
American State Bank........................................... H.
E. Edmunds
First Dakota National Bank............................. C. I. D anforth

Attend Meeting

bank’s common stock. This is at the
H.
F. Boettler, vice president, First regular annual rate of $2.00 per share,
and is to be paid on June 30, 1947, to
National Bank in St. Louis, and J. L.
Sharp, manager of the bank’s foreign
stockholders of record at the close of
business on May 31, 1947.
department, attended the 25th annual
meeting of the Bankers Association for
Foreign Trade held in Coronado, Cali­ U. S. Dollar Tops
fornia. Mr. Boettler was elected a di­
Lecturing at the University of Wis­
rector of the association for the com­ consin School of Banking this month,
ing year.
Arthur W. Roberts, a senior vice presi­
Restricted to U. S. banks that have
dent of the Continental Illinois Na­
foreign departments, the association’s tional Bank and Trust Company of
membership is about 150. Associate
Chicago, stated that during 1947 the
memberships are permitted from for­ United States will supply goods and
eign banks, particularly Canadian and services to foreign countries to a total
Mexican institutions. More than 100 in excess of 15 billions of dollars, and
banks were represented at the meet­ that our imports would approximate
ing.
seven billions.
Pointing out that since the U. S.
Dividend
dollar is the most important of the
Directors of Bank of America have world currencies, .having supplanted,
declared a regular dividend of $1.00 for
through the disastrous losses of two
the current semi-annual period on the world wars, the English pound ster­
N orthw estern B a n ke r, J u n e , 1947


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

C A P IT A L

SU R PLU S
PR O FITS

50.000
50.000
25.000
100,000
50.000
25.000
500.000
500.000
50.000
100.000
100,000
100,000

80,000
72.000
49.000
206,000
76.000
110,300
997.000
1,310,000
72,500
100.000

247.000

120.000

ling, Mr. Roberts said that American
business men and bankers are faced
with the responsibility of conducting
themselves accordingly.

Elected Vice President
John Lindsay Dowrick has been
elected a vice president of American
Express Company, Inc., according to
Ralph T. Reed, president of American
Express.
He will go to Germany, where he is
in charge of American Express offices
in Berlin, B rem en, Bremerhaven,
Frankfurt, Heidelberg, Munich and
Nuremberg. In March the offices be­
gan making payments in Military Pay­
ment Certificates (Scrip) or Travelers
Checks to members of the armed
forces and authorized personnel in the
U. S. occupation zone receiving remit­
tances from the United States.

31

The South
Convention
Sioux Falls Will Be Host at
Annual Convention on June 20 and 21
C. FOREMAN, president of the 11:05—“Bank Remodeling and New
Construction,” John McCann,
South Dakota Bankers AssociaWestern Representative, Bank­
♦ tion, in conjunction with George
ing, Journal of the A.B.A., Chi­
M. Starring, secretary, has released
cago, Illinois
the program for the 1947 annual con­
vention of the Association, to be held
in Sioux Falls on Friday and Satur­
day, June 20 and 21.
FOURTEEN— Banker
Registration will start at the Cata­
ract Hotel in Sioux Falls at 1:00 P. M.
on Friday, with a meeting of the ex­
ecutive council of the Association that
afternoon. It is planned to arrange
for golf that afternoon also, for those
who wish to play. Friday evening
will usher in the pre-convention ac­
tivities with a Stag Party, with the
clearing house banks of Sioux Falls as
the host.
The convention proper gets under
way on Saturday morning, with fur­
ther registration, and the first session
convening at 10:00 A. M. The formal
program reads as follows:

L

Friday Afternoon, June 20
1:00—Registration—Cataract Hotel
2:30—Meeting of Executive Council

Friday Evening, June 20
Stag Party—Sioux Falls Clear­
inghouse Banks, hosts

South

L. C. F O R E M A N
President
Dakota Bankers A ssocia tion

Saturday Morning, June 21
Meeting of Nominating Com­
mittee
9:00—Registration (Continued)
10:00—Call to Order by the President,
L. C. Foreman

Invocation
Address of Welcome
Response, A. E. Dahl, Vice
President, South Dakota Bank­
ers Association
10:10—Opening Remarks of the Presi­
dent
Filing of Official Reports
10:20—“A New Selling Job for Busi­
ness,” R. F. Patterson, Dean,
School of Business Adminis­
tration, University of South
Dakota, Vermillion, South Da­
kota
10:50—“ Soil Erosion’s Victim,” Bill
Busk, Milbank High School,
Milbank, South Dakota (deliv­
ering oration which won him
first prize in the State FFA
Speech contest)
Discussion Period

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Federal Reserve Bank of St. Louis

11:30—Inspection of Bank Remodeling
and New Construction Exhibit,
Developed and prepared by Mr.
McCann

Saturday Afternoon, June 21
1:45—“The Challenge of Banking,”
C. W. Bailey, President Ameri­
can Bankers A s s o c i a t i o n ,
Clarksville, Tennessee
2:25—“New Ideas in Practical Bank
Operations,” Alvin J. A7ogel,
Secretary Research Committee,
The National Association of
Bank Auditors and Comptroll­
ers, Chicago, Illinois
3:35—Reports of Committees
Election of Officers
Selection of 1948 Convention
City
Adjournment

Annual meeting of members of
the American Bankers Asso­
ciation at close of session—for
election of officers.
*
Meeting of “Executive Council”
of state bankers to select
names from whom Governor
is to appoint members of
Banking Commission

Saturday Evening, June 21
6:30—Annual dinner
Address, Arthur H. Brayton,
Des Moines Convention Bu­
reau, Des Moines, Iowa
Dancing

Federal Reserve
The election of William J. Grede as
class “B” director of the Federal Re­
serve Bank of Chicago was announced
by Clarence W. Avery, chairman of
the board. He was chosen to fill the
unexpired term of Clarence W. Avery,
who resigned as class “B” director to
accept an appointment as class “C”
director, chairman of the board, and
Federal Reserve agent. Mr. Grede’s
term will expire December 31, 1949.
Class “B” directors are elected by
the member banks and, at the time of
their election, must be actively en­
gaged in commerce, agriculture, or
some other industrial pursuit. They
may not be a director, officer or em­
ploye of any bank.
Mr. Grede is president of Grede
Foundries, Inc., Milwaukee, Wiscon­
sin. He is a director of L. J. Mueller
Furnace Company, Milwaukee, Wis­
consin; Moe Bros. Manufacturing Com­
pany, Fort Atkinson, Wisconsin, and
the Nye Tool & Machinery Company
of Chicago.

Conference
Over 400 Wisconsin and Illinois
bankers attended the highly success­
ful conference for correspondent banks
conducted by The First National Bank
of Chicago last month. A day and a
half was spent in panel discussions on
federal income taxes, internal bank
operations, government and municipal
securities, and foreign banking prob­
lems. The meeting closed with a tour
of the bank.
N o r t h w e s t e r n B a n ke r, J u n e , 1947

32

Heads Reserve Bankers
Julian B. Baird, president of the
First in Saint Paul, was elected presi­
dent of the Association of Reserve
City Bankers at its annual meeting

FOCAL POINT
■ hr

for Co-ordinated Regional

E lected

M I L W A U K E E
Wisconsin’s Bank for Banks
Tbis outstanding bank — established
in 1853 — serves as Milwaukee de­
pository for over 85 per cent of all
the banks in W isconsin!

W ith unparalleled correspondent “ coverage” of
Wisconsin, the First Wisconsin National Bank
of Milwaukee is not only “ the point of prompt
collection” for Wisconsin checks and drafts, but
also the focal point for unique Co-ordinated
Regional Service keyed to the needs of national
corporations operating branches, sales divisions,
distributorships, retail outlets or other units in
this area.
Bankers as well as business executives are invited
to write for further information.

FIRST WISCONSIN
NATIONAL BANK
o f M ilivaukee
MEMBER

OF

THE

FEDERAL

m

N o r t h w e s t e r n B a n k e r, J u n e , 1947


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Federal Reserve Bank of St. Louis

DEPOSIT

INSURANCE

CORPORATION

1

J U L IA N B. B A IR D
P resident A ssocia tion of
C ity Bankers

R eserve

held in Swampscott, Massachusetts.
The association is made up of 425 mem­
bers from the larger banks in the
United States. .
Mr. Baird has been active in Reserve
City affairs for many years. He has
held the office of vice president and
has served on a number of committees.
In 1945 he was chairman of the com­
mittee on federal fiscal policy, and in
1946 he was a member of the commit­
tee on federal relationships.
John S. Coleman, president of the
Birmingham Trust National Bank,
Birmingham, Alabama, was elected
vice president. New directors are:
Frank L. King, president of the Cali­
fornia Bank of Los Angeles, California;
Daniel W. Bell, president of the Ameri­
can Security & Trust Company of
Washington, D. C.; George Champion,
vice president of the Chase National
Bank of New York, and James M.
Kemper, president of the Commerce
Trust Company of Kansas City, Mis­
souri.
R E P R E S E N T A T IV E M U N IC IP A L LISTIN G S
(C o m p ile d b y T h e N o rth e r n T ru s t C o., C h ic a g o )
as o f M a y 20, 1947
A r k a n s a s ............................................ . 3 1 4
4-1-66 2.30
C a lifo r n ia V e te r a n s ..................... .2
2-1-61
1.40
7-1-65
L o s A n g e le s , C a li f o r n ia ................ •1 %
1.65
.4
M etro. W a te r D ist. o f So. C a lif.
8-1-63
1.80
C o n n e c tic u t ....................................... •1 %
6-1-69
1.30
C olu m bu s, G e o rg ia ....................... .2
4-1-65 1.85
Illin ois S e rv ice R e c o g n i t i o n . . . . .1 %
5-1-63
1.55
B o s to n , M assach u setts ................ .4
1-1-60 1.90
M ic h ig a n V e te r a n s ....................... ■iVo
3-1-62
1.35
D e tr o it, M ic h ig a n ......................... .2 V,
6-1-63
1.90
St. P a u l, M in n e s o t a ....................... •IV,
5-1-61
1.45
N e w J e rs e y ....................................... ■1%
1-1-60 1.30
N e w Y o r k S t a t e ................................ .4
1-1-67
1.50
N e w Y o r k C i t y ................................. .4
5-1-66 2.50
C olu m bu s, O h io .............................. .IV o
11-1-67 1.60
P h ila d e lp h ia ..................................... .IV ,
1-1-62
1.65
N a s h v ille , T e n n e sse e ..................... .1 %
6-1-68 1.55
T a co m a , W a s h in g to n ................... . 1.70
5-1-61
1.55

33

U. S. Vice President
Walter Braunschweiger, executive
vice president of Bank of America,
Los Angeles, California, was re-elected
vice president of the United States
Chamber of Commerce at the annual
meeting of the board of directors held
in Washington, D. C.
Mr. Braunschweiger has served on
the board of directors and various na­
tional committees of the organization
for the past three years. In his capac­
ity as vice president he represents six
western states, Alaska, Hawaii and
the Philippines.
He was president of the Los Angeles
Chamber of Commerce in 1935 and has
been a business and civic leader for
many years.

Training School
Sponsored by the American Bankers
Association, a Junior Mortgage Offi­
cers Bankers Training Course is being
offered at the University of Illinois.
The course, of two weeks’ duration,
and in the nature of a summer school,
will be held at Urbana, July 7th to
18th. Study will be on appraisal and
procedure on mortgage loan financing.
While students of the course are
limited to fifty, at last notice there
were a few openings for those wishing
to take the course, and it was also
announced that anyone from Iowa
wishing to avail themselves of this
study opportunity would be most wel­
come.
If interested, address Admissions
Committee, Junior Mortgage Officers
School, American Bankers Association,
12 East 36th Street, New York City.

m ce
fa c i

d ìu n / ié

Shown below are the names of the officers of our Banks
and Bankers Division. These men devote their entire
time to serving correspondent banks. Collectively
these officers represent 205 years of sound banking
experience. They have working contacts throughout
the United States. They are outstanding in their ability
to deliver the prompt and efficient cooperation you
want in the conduct of your bank’s Chicago business.
We are confident that our highly-specialized service
will prove valuable to you.

■AVw / j anti •Jian/it M

DIVISIONF
John J. Anton

Vice-President

Thomas J. Nugent

Vice-President

Harold W. Lewis

With A. A. Henkel
The appointment of Robert L. Schutt
as vice president in charge of sales of
A. A. Henkel & Associates, Inc., 333
N. Michigan Avenue, Chicago, bank
designers and engineers, was an­
nounced recently by A. A. Henkel,
president.
The son of an Iowa banker, Mr.
Schutt has lived and thought banking
all his life. Upon graduation from
Grinnell College, Grinned, Iowa, in
1939 he joined Mid-Continent Banker
magazine as assistant editor, continu­
ing in that capacity until 1941 when
he entered the army.
Mr. Schutt returned to Mid-Conti­
nent Banker in November, 1945, as
associate editor.

Heads Public Relations
Edward F. McDougal has been ap­
pointed advertising and public rela­
tions manager of Bankers Trust Com­
pany, New York. For the last four
years he was director of public rela­
tions for the U. S. Treasury’s savings

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

un

Assistant Vice-President

Melvin H. Thies

Assistant Vice-President

Verne L. Bartling

Assistant Vice-President

Charles F. Newhall

Assistant Cashier

Edward Decker

Assistant Cashier

C. Guy Willard

Assistant Cashier

t h e f ir s t

ranni, RAM

OF CHICAGO
B U IL D IN G

W IT H

C H IC A G O

AND

TH E N A T IO N

S IN C E

1863

Member of the Federal Deposit Insurance Corporation

N o r t h w e s t e r n B a n ke r, J u n e , 1947

34
Chicago, announces the appointment
of James E. Fletcher as district man­
ager for the corporation in Iowa and
Nebraska. Mr. Fletcher will head­
quarter in Des Moines.
Mr. Fletcher recently completed his
studies at Iowa State College, and prior
to attending college he was a first lieu­
New FieJdman
D.
H. Coffman, vice president of tenant in the Army Air Corps and was
William H. Banks Warehouses, Inc., stationed in the south Pacific.

bond division in New York state. Prior
to that he was associated with New
York University public relations de­
partment. He is currently a director
in public relations at that institution.

Announces Changes
Manufacturers Trust Company an­
nounced that Henry C. Von Elm, vice
chairman of the hoard since 1931, has
been named chairman of the board.
Harvey D. Gibson, who has held the
titles of both president and chairman
of the board, will remain as president.

BANKERS YOU KNOW
(Continued from page 25)

EXPANDING HORIZONS
HE world’s increasing needs for the products o f America’s
industrial and agricultural heartland, together with direct air
transportation linking the Midwest with foreign countries, present
a tremendous opportunity for midwestern advancement.
American National Bank o f Chicago, with the experience and
facilities necessary to serve those engaged in foreign trade, offers
a banking service suited to these expanding horizons. I f the busi­
ness o f some o f your customers includes international trade, our
Foreign Department is well prepared to co-operate with your
bank in serving them. W h y not arrange a conference with our
Foreign Department officers when you are in Chicago and find
out more about the broad scope and character o f this service?

T

AMERICAN NATIONAL BANK
A N D

T R U S T

C O M P A N Y

OF CHICAGO
LA S A L L E S TR EE T
Member Federal Deposit

OUR

U

S

I N

E

S

S

AT W A S H I N G T O N

"gSI lilS*1
: Insurance

I S

T

O

Corporation

HELP

Did you know that adoption of our Cash Letter
insurance enables you to dispense with detailed
Cash Letter transcripts and keep only a duplicate
adding machine tape? Ask us for details.
F IR S T

N A T IO N A L . B A N K

B U I L D IN G

N o r t h w e s t e r n B a n k e r, J u n e , 1947


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

*

war period, we are going back to
work at our own trade. That means
back to the credit problems of our
customers who need guidance and
help to come through a difficult post­
war period. W e must help them to
analyze the rapidly changing picture.
That goes for the man in business and
also the customer who is looking for
safe investment advice.
“ It is a time to see that our insti­
tutions are kept sound. There never
was a more important time to adhere
strictly to fundamentally sound poli­
cies in the loaning of money and to
be careful not to be too over-optimis­
tic in this rapidly changing postwar
era.
“ I also want to stress the impor­
tance of training good young men to
take our places who will follow fun­
damentally sound lines of thinking
that have successfully stood the acid
test of good banking practice.
“ World W ar 1 was followed by
plenty of grief and the lessons learned
during that period should remain in
the memory books of those who came
through those years and are still play­
ing ball. In other words, keep right
on trying to run a good bank.”
Mr. Sam was married to Ada E l­
vina Salvesen on August 24, 1910.
He belongs to the Masonic Lodge,
the Consistory, Scottish Rite and
Shrine, the Elks Club, Sioux City
Country Club and Sioux City Club.
He is a registered Republican.
Mr. Sam’s favorite hobbies are fish­
ing, gardening and horses. In con­
nection with the latter, Mr. Sam is
one of the originators of the famed
Shrine W hite Horse Patrol from
Sioux City which has gained nation­
wide prominence for its splendid per­
formances at national Shrine conven­
tions.

C H IC A G O

Second Fiddle
“ 1 didn’t accept Bob the first time
he proposed.”
“ No—you weren’t there.”

B US I NE S S

Scarborough & Company
Insurance Counselors
3, IL L IN O IS

•

STATE

4325

to Banks

35

Vice President
William A. Borders has been elected
vice president of the Mercantile-Com­
merce Bank and Trust Company, St.
Louis, and in his new position will
devote his entire time to the corre­
spondent bank relations department.
Mr. Borders is a native of Mississippi
and a graduate of the University of

W I L L I A M A. B O R D E R S
Heads C orrespondent R elations

Missouri. His entire business career,
with the exception of five years in the
Army, has been spent in the banking
and financial field. During the war he
served as a colonel on the staff of
General Patton.
Mr. Borders was formerly with Hal­
sey, Stuart & Company in Chicago and
St. Louis, and was later an examiner
for the Federal Deposit Insurance Cor­
poration. In 1945 he became vice pres­
ident of the Industrial Bank of St.
Louis, from which he resigned to ac­
cept his present position.

INVENTORIES COLLATERALIZED FOR COMMERCIAL LOANS

NOW , more
than ever,
the selection
o f a Fi el d
W arehouse
Company
is of major
importance
The ST. LO UIS TERM INAL W A R EH O U SE
C O M P A N Y 'S in teg rity , re sp o n sib ility
and outstanding record in the operation
of FIELD W A R EH O U SES for Commodity
Inven to ries of e v e ry d escrip tio n . . . is
your assurance of making well secured

Livestock Assistant
D. Burrel Sauls, for 16 years with
Federal Intermediate Credit Bank of
Houston, Texas, has been named by
City National Bank and Trust Com­
pany of Kansas City, Missouri, as its
livestock representative for the south­
west. Mr. Sauls, who was assistant to
the president of the Credit Bank, will
assist J. Milton Freeland, vice presi­
dent of City National, who has had
moi e than 30 years of livestock finan­
cial experience. Mr. Sauls, who is
widely known through his long ex­
perience in livestock circles in the
southwest, will maintain his home and
headquarters in San Antonio.

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

Inventory Loans.
WRI TE

OR

WI RE

OUR

NEAREST

OFFICE

ST. LOUIS TERMINAL
WAREHOUSE CO.
S ER V IN G

IN D U S T R Y

OVER

TW ENTY

YEARS

ST. LOUIS 2, MO. • CHICAGO 3, ILL. • CINCINNATI 2, OHIO
8 26 C la r k

F irst N atl. B an k Bldg.

C h am b er of Com m erce Bldg.

DALLAS 1, TEXAS • KANSAS CITY 6, MO. • MEMPHIS 3, TENN.
Co nstructio n Bldg.

B .M .A . Bldg.

S te ric k Bldg.

N o r t h w e s t e r n B a n k e r , J u n e , 1947

Warehouse Receipts
Loans Against Inventories
Inventories are valuable assets and they constitute the repaying
power of many manufacturers, processors, producers and dealers.
Where inventories are present, hanks have splendid opportu­
nities to employ profitably their resources through new and
larger loans based on them . . . .
And when secured by our Warehouse Receipts inventory loans
are sound.

Long experience, integrity and responsibility stand

behind our operations . . . .
For inventory collateral there is no substitute for a Warehouse
Receipt issued by an experienced bona fide Public Warehouse
Company . . . .

Without obligation, our representative will call on
request and explain how our Field Warehousing s e r v ­
ice provides collateral
location

on

inventories on the

o w n e r 's

. . . .

âs>t. ÍPaul te r m in a l t® aref)ou áe C o .
ST. P A U L , M IN N .
— Other Offices —

— Iowa Office —
515

I o w a -D e s

M o in e s

N a tio n a l

Bank

B u ild in g

M IN N E A P O L IS
NEW

DES

M IL W A U K E E

P H IL A D E L P H IA

C.

CANNON.

D E T R O IT

BOSTON

M O IN E S

TELEPHONE
T.

C H IC A G O

YORK

2 -1 2 0 8

D IS T R IC T

M ANAGER

M E M P H IS

P IT T S B U R G H
ATLANTA

CHARLOTTE

SYRACU SE
ALBANY,

GA.

J A C K S O N V IL L E

"The only company engaged in Field Warehousing with an office in Iowa"

N o rth w e ste rn Banker, Ju n e,

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

1947

37

Dividend
The board of directors of Investors
Selective Fund, Inc., Chicago, Illinois,
open-end investment company, has de­
clared a dividend of 7 cents per share
for the second quarter of the current
fiscal year, R. E. Macgregor, president,
announced.
The current distribution, derived
exclusively from interest and dividend
income, is payable June 20, 1947, to
shareholders of record as of close of
business on May 29, 1947.
Investors Syndicate is the principal
underwriter and investment manager
for Investors Selective Fund, Inc.
S P ic n e e ïb i n

Birds in the Bank
Six canaries have been added to the
facilities at the Rock Island, Illinois,
Bank & Trust Company, and patrons
of the bank have noticed the friendly
songsters.
According to Ray W. Osterman, pres­
ident, the birds are from the same
stock of canaries now in use at the
Edgewater Beach Hotel, Chicago. It
is Mr. Osterman’s belief that the Rock
Island Bank & Trust Company is the
first in the country to make use of the
singing birds to make more attractive
and lively the halls of a banking in­
stitution.

O / te c ta / S P e b ttic e S ß a n J c in fp

Central National Ba n k
IN C H I C A G O

St. Louis’ Union Station, located at Eighteenth and Market
Streets, is the terminus o f 17 different railroads and one of
the great stations o f the world. Each day more than 75,000
people pass through its doors.

e First National Bank in St. Louis
TUBULAR
WRAPPER
IS PUSHED
UP PROM
BOTTOM
S a v e s tim e a n d sp e e d s up co u n tin g o f p e n n ie s,
n ic k e ls , d im e s, q u a r t e r s a n d h a lv e s . J u s t pu sh
tu b u la r w r a p p e r u p in sid e o f B a k e lit e stem ,
h o ld in g bottom clo se d w ith fin g e r. C o u n t
co in s into h o p p e r. Pu ll w r a p p e r fro m bottom
a n d c rim p .e n d s . In fiv e s iz e s .

SET

OF

5

SIZES

WRITE T O D A Y - D E P T . G


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

the resources and facilities to serve
your correspondent

requirements

IN V E S T O R S S Y N D IC A T E OF C A N A D A , LIM ITED
W IN N IP E G

IN V E ST O R S S Y N D IC A T E
TITLE A N D G U A R A N T Y
COM PAN Y
N E W Y O R K C ITY

IN V E S T O R S S T O C K F U N D , IN C ., M I N N E A P O L I S

INVESTORS SYNDICATE
Representatives throughout the United States and Canada

You are invited to write for detailed information on services offered,
and for the several prospectuses.
I N V E S T O R S S Y N D I C A T E • H O M E O F F IC E : M I N N E A P O L I S , M I N N E S O T A

R. E. Macgregor, President

... __________;

N o r t h w e s t e r n B a n k e r, J u n e , 1947


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

39

I'onunrrrial Loans Han*
Taken an # ¡nvard Tarn
And Rates Are Being Slowly Adjusted
To a Stronger Demand
By RAYMOND TRIGGER
Investment Analyst
New York City

HE commercial banks of the coun­
try are well into their transition
from war to peace. It is now the
turn of the lending officers as against
the investing officers. The Treasury
is drawing down its balance and re­
tiring its outstanding debt, largely
affecting the commercial banks in both
instances. The banks are no longer
swollen with deposits that can be prof­
itably engaged only in governments.
They are, generally speaking, in ex­
ceptionally sound condition, but they
have few if any hidden resources,
either in the form of “recoveries” or
“security profits.”
Commercial loans are surging up­
ward and rates are being slowly ad­
justed to a stronger demand. Indi­
rectly, this affects the decisions of the
investment officers. If lending money
becomes more profitable than invest­
ing it, and if deposits are shrinking
while demand for loans expands, the
investing officer is clearly in the posi­
tion of having to justify and defend
any portfolio expansion. More than
that, his job henceforth and perhaps
for several years will be to intelli­
gently supervise a marked contraction
in total portfolio holdings. Not that
the job of managing a contracting port­
folio is any less important than han­
dling an expanding investment ac­
count, but it is perhaps less glamorous.
Until fairly recently, the up-and-com­
ing investment officer has been aiming
at consistently better profits, year in
and year out. Now he is on the de­
fensive and his object is to fall back
on reasonable terms and without in­
curring any avoidable losses. The gen­
eral investment market is still at high
levels. Thus, the task of adjusting
to changed conditions is not too diffi­
cult.

T

Relaxing Controls
The authorities in Washington, pro­
ceeding deliberately as is their custom,
but along well-defined lines, have

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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.

taken two initial steps toward relax­
ing controls. They may be expected
to let the rate on bills rise somewhat
over nearby weeks and let the rate on
certificates rise somewhat before the
year is out. It has been the artificially
high prices (or low yields) on these
extremely short investments that has
contributed as much as anything to
the unduly high prices of medium and
long obligations. Inevitably, when the
basic support is removed, the entire
structure must settle down pricewise.
The obvious course for portfolio
managers is to concentrate on quality
and to shorten maturities. That’s not
hard to do. Time alone automatically
shortens maturities provided replace­
ments, where they are made at all, are
in obligations having a maturity no
more distant than present average
holdings. In many cases, no replace­
ments will be required. That is be­
cause deposits may be declining and
demand for commercial loans rising.
In such cases, it will be enough merely
to let government holdings run off as
they mature. The remainder of the
portfolio, as remarked, is automatically
shortening itself.
The question of quality, however, is
something else. No prudent invest-

ment officer can look at a long-term
chart of government and corporate
bond yields and not be immediately
struck with the thought that the
spread between governments and the
lowest grade “bank quality” corporates
is historically narrow. There are other
considerations that will induce caution.
Generally speaking, the lowest grade
“bank quality” bonds are the nearest
thing to commercial loans. If the rates
charged for commercial loans advance,
how can the yields on the nearest thing
remain unaffected? And if yields on
governments rise moderately, will not
the yields on medium-grade corporates
reflect the down-swing in prices of
governments? They have never failed
to do so in the past.
Finally, if there arises the occasion
to sharply contract total investments,
is it not human nature to refrain from
accepting paper losses? This will re­
sult simply in selling governments and
holding medium-grade corporates. And
it could be followed by further de­
clines, thus further lowering the aver­
age quality of the portfolio. Is it not
better to dispose of medium-grade obli­
gations before the need arises and
while prices are still excellent?

Maintain Earnings
There is the counter-argument that
demand for commercial loans may
soon dry up and that, should the longadvertised business recession come
later on this year, the trend of com­
mercial loans may reverse itself. By
implication, the argument runs that a
full investment portfolio will be needed
to maintain the general level of banks’
earnings.
Even if demand for inventory loans
contracts, and if the need for credit
with which to effect repairs tapers off
and if consumer loans turn down, there
is still likely to be an ample supply
of new bonds coming to market. Not
all will be suitable for bank investN o r t h w e s f e r n B a n ke r, J u n e , 1947

40

In vestm ents

ment, but the total supply will have an
effect on the entire price structure.
Thus, if the country’s major indus­
trial enterprises enter the market for
large, long-term loans, as is clearly
forecast, and if prices adjust them­
selves to a marked increase in supply,
as may reasonably be expected, quota­
tions for outstanding, better-grade,
bank-range bonds will decline. At the
same time, there may be a resumption
of borrowing by the railroads to pay
for new equipment and obligations of
this type have always been excellent
investments for commercial banks.
Perhaps the major part of the 1947
borrowing by states for veterans’ bo­
nuses is over and, in any event, these
tax-exempts usually are priced at lev­
els that include tax protection not
wanted by banks, but there is excel­
lent promise of substantial offerings
by states, or “authorities” or political
sub-divisions for “revenue” projects.
Since these obligations normally will

HOLLEy ,

not be backed by “the full faith and
credit” and, equally important, taxing
power, of the borrower, they will
doubtless be priced at levels which
will interest commercial banks.
Accordingly then, whether or not
demand for commercial loans holds up,
the promised supply of new issues
should eliminate any fear that prun­
ing a portfolio now of medium-grade
corporates will involve any penalty
should it later be necessary to replen­
ish.

Other Bonds
In addition to rail equipments and
revenue bonds, there are at least two
other types of bonds deserving of
notice by commercial bankers.
The World Bank is at last hitting
on all cylinders. It has a management
that is more than temporary, it has
some hundreds of millions of dollars
to lend and has made a substantial
loan. So substantial, indeed, in rela­

DAYTON

&

GERNON

Stock and Bond Brokers

tion to its lendable, wantable funds,
that the bank likely will seek addi­
tional U. S. dollars this year by the
sale of its own debentures.
The bank may initially seek “insti­
tutional” funds with long-term deben­
tures that banks will pass by. That, of
course, is because its management is
conservative and doubtless has given
long and prayerful thought to the fol­
low lending “long” and borrowing
“short.”
However, in due course, the bank
may decide to issue debentures due
in ten years and in which commercial
banks could prudently invest. In the
meantime, if the bank does start with
long-term debentures designed for “in­
stitutional” investors, the country’s
commercial banks will have an oppor­
tunity to appraise these new invest­
ments in advance of actual commit­
ments. Should world affairs happily
take a pronounced turn for the better
and should the bank succeed in mak­
ing some short-term loans which pay
out promptly and should world trade
continue on a high level while, at the
same time, coming into a much better
balance, there is no apparent reason
why its debentures due in five to ten
years, say, should not command a good
investment rating.

Canadian Obligations

M em ber of Chicago Stock Exchange
and Chicago Board of Trade

LEONARD V. DAYTON,

R esident

Partner

Rand Tower
MINNEAPOLIS, MINNESOTA

GREETINGS TO THE MINNESOTA
BANKERS CONVENTION!

Of more immediate concern are the
obligations of the Canadian govern­
ment, currently at levels which yield
around 3.15 per cent to U. S. investors.
Canada retired virtually all of its for­
eign-pay bonds during and since the
war, but h a s outstanding large
amounts of internal government obli­
gations, payable in Canadian dollars.
Any attempt to appraise Canadian
internals is necessarily along three
lines. First, there is the matter of
Canada’s internal economy. That can
be summed up in a few words. The

MUNICIPAL and CORPORATE
SECURITIES
Underwriters and Distributors

Come in and say ''Hello'' at our St. Paul or
Minneapolis office, during your convention

KALMAN
E n d ic o tt
ST.

B u ild in g
PAUL

G a r f i e ld

3305

N o r t h w e s t e r n B a n ke r, J u n e , 1947


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Federal Reserve Bank of St. Louis

& COMPANY
M c K n ig h t

M IN N E A P O L IS
A tla n tic

Wheelock & Cummins, Inc.

B u ild in g

5313

200

E q u i t a b l e B ld g .

Phone

4 -7 1 5 9

D e s M o in e s , Io w a
Ä .T .T .

DM

184

Investments

country is prospering. It has just
closed a fiscal year with a record sur­
plus; a surplus, in fact, that is greater
than all the country’s combined pre­
vious surpluses. The new budget re­
duces taxes—a sure incentive to great­
er productive effort—but also calls for
another surplus in the 1947-1948 fiscal
year.
Canada’s world trade is extremely
important to its economy. Currently
it is at high levels and gives every
promise of remaining there. The Do­
minion has in prospect a large “favor­
able” balance of trade with the rest
of the world. Thus, on the two basis
counts, Canada is sound and prosper­
ous.
The third facet, insofar as the pros­
pective U. S. investor is concerned, is
the future of the Canadian dollar in
the New York market. Canada’s inter­
nal bonds are payable, as remarked, in
Canadian dollars, but interest is con­
verted at the official rate of dollar for
dollar. It is the New York rate for
Canadian dollars, however, that deter­
mines the prices of Canadian bonds in
the U. S. For some weeks, the “free”
exchange rate has been at a discount
of nearly 10 per cent. Consequently,
Canadian bonds that sell around 105 in
Montreal, sell around 95 in New York.
The “free” exchange rate is an anom­
aly of sorts. It could easily enough be
wiped out by Canada’s foreign ex­
change board and is the consequence
of certain restrictions which create a
supply that is larger than demand, at
least for the present. But, both supply
and demand for this “free” exchange
are relatively small. Nonetheless, the
“free” rate is a prime factor in deter­
mining prices of Canada’s internal
bonds in the New York market.

Federal Intermediate Credit Bank
Consolidated Debentures Offer,..

41

ffl
!'

I

UI
■■liiiil

Purchase and Collateral
¡ :

T

HESE O B L IG A T IO N S , in maturities not
exceeding six m onths, are eligible for

purchase by Federal Reserve Banks and as
collateral for their 15-day loans to member
banks. T h e debentures also provide security
for various fiduciary, trust and public funds.
Issued under authority o f the Federal Farm
Loan Act, as amended, they may

be pur­

chased, w ithout limitation, by national banks
as well as by many state chartered banks.
Denom inations from $ 5 ,0 0 0 to $ 1 0 0,00 0 are
offered for subscription at regular intervals.

THE FEDERAL INTERMEDIATE CREDIT BANKS
Further particulars respecting these desirable
investments will be supplied by
C H A R L E S R. D U N N , F iscal A g e n t

J a m ie so n

31 N

assau

St

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ew

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M em bers

New York Stock Exchange
and

o th e r

P r in c i p a l

E xchanges

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IN V E S T M E N T CO U N SEL
Individuals, Institutions, Trust Accounts and Estates

R IC H A R D R. RO LLIN S, I nc .

STOCKS

Representing

BONDS
C O M M O D IT IE S

SH E R ID A N - F A R W E L L & M O RRISO N , In c .
INVESTMENT COUNSELLORS
EIGHT - SOUTH MICHIGAN AVENUE

M IN N E A P O L IS
ST. P A U L

FARGO
GRAND

DULUTH

S IO U X
EAU

FALLS

C L A IR E

Private W ire to A ll P rin cip a l M a rk ets


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Federal Reserve Bank of St. Louis

C

h ic a g o

3

FORKS

Des Moines Office
405 Bankers Trust Building
N o r t h w e s t e r n B a n ke r, J u n e , 1947

42

Investments

Buying U. S. Goods
\

NATION OF S C R A W LER S
According to recent news reports,
handwriting is becoming a lost art in
the United States In some schools
classes in penmanship have been
abolished In many cities teachers no
longer have to pass a penmanship
test to get a |ob W e understand that
not long ago a student couldn't open
a bank account because he could only
print his name, never having been
taught to write.
A ll this may be news to those who
made the recent investigation that
received press recognition, but it cer­
tainly is not news to the thousands of
bank people who have had to read
illegible signatures every day for many
years It isn't news to us who make
a living imprinting bank checks so
that they can be sorted rapidly and
accurately, but in a way it does influ­
ence our thinking with respect to the
future o f imprinted checks.
Apparently our Personalized Check
program—now in its eighth year—is
on firm ground and will continue to
grow stronger because of this “ nation

o f scrawlers” who require printed
names on bank checks. W e have no
quarrel with the chap whose signature
looks like a seismogram, but we do
think he should be courteous enough
to supplement it with his name in
print so that people could sort and file
his checks without tearing their hair.
Fortunately he can get 200 checks for
$1.25
all nicely printed with his
name and address, and numbered too
In addition he gets an attractive cover
gold stamped with his name So
equipped, and at such a low price, he
can scrawl to his heart’s content and
his checks will move swiftly thru
every bank without a hitch.
W hat can we do to help you sell
more Personalized Checks to this
chap and the millions like him? We
have lobby signs and advertising fold­
ers that are yours for the asking.
Banks from coast to coast are now
enthusiastically engaged in selling
these checks to their customers. If
your bank has not already started,
why not start now?

One of the reasons that the Canadian
dollar is at a discount in the U. S. is
that Canada has a large—in 1946, a
record—trade deficit with this country.
Part of that deficit traces to extremely
heavy buying by Canadians of U. S.
goods. In turn, this stems from pros­
perity in Canada, oddly enough. Some
of it is due to the fact that, for the
present, other sources of supply are
unavailable to Canadians. Finally,
Canada has always dealt with the
U. S. on a cash basis, while it has sold
great quantities of its goods in other
countries on a credit, or ever free
grant, basis. The money that is due
Canada from France, for example, can­
not be used to settle Canada’s debts
in the U. S. However, as loans are
made to foreign countries, such as
France by the U. S., those foreign
countries will be in a position to buy
Canadian goods and to pay with U. S.
dollars.
In sum, internal Canadian bonds
offer a good return, relatively little
risk and the possibility of a profitable
speculation on the course of exchange
rates over the remainder of 1947.
“ Isn’t there something odd about
that fellow?”
“Yes. He’s milked cows for so long,
he now shakes hands a finger at a
time.”

ACHIEVEMENT
. . . since 1 9 2 7 under the C om pany’ s present m anagem ent and active program

GROWTH IN ASSETS

JANUARY

INSURANCE IN FORCE

$229,391.00

1927

$4,549,000.00

$655, 1 81.0 0

1932

$9,886,688.00

$1,032,830.0 0

1937

$ 12 , 0 8 5 , 1 6 9 . 0 0

1942

$ 2 2,1 5 1,5 3 7.0 0

1917

$44 , 442, 673.00

$ 2 ,3 9 4 , 4

1 0 .0 0

$ 6 , 202,488.00

Offering Exceptional General Agency Opportunities in Iowa, Minnesota
and Nebraska. W rite Today for Our Liberal Agency Contracts.
Now in F orce O ver

$44,442,673

Life Insurance

S. H. W ITM E R , President

PO LICVH O LD CR ’ S iiflT IO n B L L lf €
I N S U R A N C E

C O M P A N Y

HOME OFFICES
SIOUX FALLS
N o r t h w e s t e r n B a n k e r, Ju n e , 1947

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Federal Reserve Bank of St. Louis

SOUTH DAKOTA

43

IN S U R A N C E

Tutk tu Y ou r P ro sp ect in
H is then Lanijuaije

i-

Avoid Technical Words, Explain Your Story
Simply and Show What the Policy Really Does
By L. E. BALZA
New York Life Insurance Co.
Green Bay, Wisconsin
HO remembers the story of the
farmer who, having lost a horse
and offered $5 for its return,
was surprised when the town half-wit
showed up 20 minutes later with the
horse? His story? . . . “ I just asked
myself where I’d go if I were a horse,
and there he was!”
That pretty well tells my story.
When I came into the insurance
field, I owned only a nominal amount
of insurance and, like most people,
thought I had a lot.
As I studied, I was surprised indeed
to learn what properly planned insur­
ance could really offer a man—things
I’d never known, even though many
insurance men had called on me in my
former work.
So one day I had a talk with myself.
All of these things to know about in­
surance and to tell people about. Yet
nobody had seen fit to tell me the story
and in my language. I recalled the old
horse story and asked myself “what
would I really want somebody to tell
me about my insurance, if he knocked
on my door and I gave him the time?”

W

3. You’ll notice I said “properly
planned.” Why hadn’t more fellows
broken down an indigestible lump sum
that scared me, into digestible bits
that went down easy (and let me
gorge myself and enjoy doing it!)? To
talk, instead, about income-per-month,
for-who, for-how-long-and-when . . .
to make it mean something vital.
4. You’ll notice I said “even though
many insurance men had called on

Things Start Clicking
1.
You’ll notice I said “my insur­
ance.” In other words, if somebody
came to talk to me about something
1 already owned, and could tell me
things about it I didn’t know I’d be
interested indeed. And I’d count him
L. E. B A L Z A
a friend if he came sincerely with the
“ Fundam entals are ob viou s”
idea of helping me, rather than just
to ask my age, thumb through a book,
and quote a mess of cold and imper­ me.” That’s when I sat up. Compe­
sonal figures.
tition? Shucks, there should be little
2.
You’ll notice I said “tell me the competition for the man with a sincere
story in my own language.” Sure, desire to help people who can talk
some of the Technical Tommies had English instead of insurance-ese, and
called. They were talking over my translate it into terms of income for
head, doing their best to make a sim­ somebody dear to him (family, or even
ple, effective story complex, and clut­ himself!).
tering it up with verbiage I didn’t
To me, the fundamentals of this are
know and cared about less.
so obvious, and the requirements for

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Federal Reserve Bank of St. Louis

success in this business so simple and
clear-cut that it seems a shame to see
so many who insist on doing it the
hard way and for mediocre returns.

Takes Time to Build
It has taken time to build my clien­
tele, of course, but those fundamentals
were the starting point. And they’ve
been proved repeatedly since and are
being proved weekly by my associates.
Chat with a fellow about what he
has, help him get more for the dollars
he’s already saving and in the same
contracts, by knowing all about con­
tingents, the spendthrift clause, com­
mon-disaster provision and especially
the how of settlement agreements.
Prove your friendship by handling the
changes with other companies for him.
Help a fellow translate his insur­
ance into income-per-month by know­
ing about options, Social Security and
the annuity and retirement concepts.
He’ll be due for a surprise when he
finds how far it does or does not go!
Talk the prospect’s language, not
yours. Find simple synonyms and
similes, and typical incidents with
which to paint a picture. Leave shop
terms at your office.
And dream with him! Not some­
thing improbable or fanciful, but sim­
ply to bring into his mind’s eye a
clear-cut image of the things he’s often
thought a b o u t subconsciously and
hoped for rather than feared.
Help him to see the picture—and
maybe he’ll feel that you are the fellow
who can show him how to build a
path to that dream, how he can make
it real. And really make it real, even
though his income isn’t up there where
he could make major investments like
the fellow in the next block whom he’s
sometimes inclined to envy. In fact,
maybe he’ll even wind up better for
his family and himself than that other
fellow would, who may be largely tryN o r t h w e s t e r n B a n k e r, J u n e , 1947

44

Insurance

ing to do it alone and leaving himself
open to unforeseen hazards and un­
known future values.

FORTY YEARS
of Progress

Proper Estate Planning
Properly planned, the estate-creating
insurance plan you help him set up
is the one thing he can buy where he
can eat his cake and have it, too. He
can save it for himself when he’s old
and if he doesn’t live, it’ll take care
of the family. That is, if you do your
part of the job right.

W e are proud of our record
in the Insurance field and of

Sure, you could call that professional
programming. But let’s not spoil it
with a tag or label; it’s just helping the
guy next door to know who-is-goingto-get-what-for-how-long and when and
why they’ll get it. The why is impor­
tant. That’s where you come in to
help bring that dream to a reality.

our Banker Representatives.
W e write a complete line of

Fire - Windstorm - Automo­
bile & Plate Glass Insurance

Maybe it is work, but it pays divi­
dends. Maybe it is work, but there’s
a tremendous priceless satisfaction in
doing it so that it really becomes fun
instead.

FIRE INSURANCE COMPANY
NINTH &GRAND

Maybe it is work, but why pound
sidewalks needlessly looking for pros­
pects when this concept can find you
more prospects than you can possibly
handle and can earn you a good raise
besides?—The End.

DES MOINES 8, IOWA

“ Mutual Insurance Is Am erican
insurance"*

NEWS AND VIEWS
(Continued from page 22)
month, feeling so full of vim, vigor
and vitality that he attended the Re­
serve City Bankers convention at
Swampscott, Mass.
American homes are carrying a $24,600,000,000 mortgage debt, biggest in

history, according to the Federal
Home Loan Bank administration
which issued the estimate. This sum
is 15 per cent greater than the previ­
ous peak in 1930.
The housing shortage, “resulting
often in forced purchase at inflated
prices contributed to the rise,” the
agency reported.
Frank Warner, secretary of the
Iowa Bankers Association, sent the
N o r t h w e s t e r n B a n k e r a copy of the
“Middle Iowa Banker” published by
the bankers of Group 6 at Newton 26
years ago. This was issued in cele­
bration of the Group Meeting at that
time and here are some of the para­
graphs which it contained:
“Newton is the former home of
President L. A. Andrew of the Iowa
Bankers Association. Here is where
he got his start and if you can get
him ‘to dig up,’ he can show you the
nickel.”

“W . C. Bergman, the president of
the First National Bank of Newton
and also the president of all the
money-making institutions of Newton,
is considered our very best pinochle
player. Why don’t some of you chal­
lenge him to a friendly game?”

“ALLIED MUTUAL S
Low-cost, Non-assessable
FARM LIABILITY POLICY
helps my farm clients 3 ways"
Says the ALLIED MUTUAL AGENT

1
2
3

“Poor Old Des Moines. What is she
going to do now that the Blue Sky
Law is in effect? She can have—no
more tire companies, no more pack­
ing plants, no more mortgage com­
panies, no more insurance companies,
no more oil companies.
“ She will really have to copy after
a town like Newton and build up
something from the bottom, without
asking any outside aid.”

Assumes Farmer's liability for injury,
■ death or damage to the public.
Assumes Farmer's liability for injury,
m death or damage to hired help.
Pays doctor bills up to $250 for own
■ injuries sustained on farm.

INVESTIGATE TODAY

A L L IE D M U T U A L
CASUALTY COMPANY
Harold S. Evans, President
Hubbell Building

“Conversation overheard between
Cashier of an Iowa bank and a repre-

Des Moines 7, Iowa

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

Scarborough & Company
Insurance Counselors

F IR S T

N A T IO N A L

Northw estern

BANK

Banker,


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Federal Reserve Bank of St. Louis

B U I L D IN G

June, 1947

•

C H IC A G O

3,

IL L IN O IS

•

STATE

4325

to Banks

Insurance

sentative of the Federal Reserve Bank
—in 1919.
“Rep. of Fed. Reserve: ‘Now, Mr.
Jones, we want you to join our systerm.’

“Cashier: ‘But we do not need any
money.’
“Rep. of Fed. Reserve: ‘See here!
You can borrow the money at 4% per
cent and reloan it at 7 per cent and
this will repay you for the balance
you will be compelled to carry.’
“ So the account is opened and Mr.
Jones goes out to solicit some new
business and is able to take on some
nice loans which he sends down to the
Federal Reserve Bank. * * *

is also a member of the Country Bank
Operations Commission of the A.B.A.
A restaurant operator in Newton
had a big sign painted on his window
for the bankers convention stating
“Welcome Bankers” and next to it he
was advertising a product which said
“78c a pound,” but the signs were so
close together that it read. “Welcome

45

ters for 5 new banks, 6 bank offices
and no cooperative charters were is­
sued and one bank was liquidated.
He also said that, “ Few realize the
fine work which Frank Warner, sec­
retary of the Iowa Bankers Associa­
tion does, and especially during legis­
lative sessions.”

Bankers 78c a Pound.”

One Thing More

Newt P. Black, superintendent of
banking for Iowa, says that during
1946 there were 50 applications for
banks and cooperative charters, but
that there were actually issued char-

“Have you really shown me every­
thing you have in the shop?”
“Not quite, ma’m. We have an
overdue account of yours on the books
if you’d like to see it.”

“Same parties holding conversation
in March, 1941.
“Rep. of Fed. Reserve: ‘Why don’t
you reduce your line?’
“Cashier: ‘Because we cannot col­
lect.’
“ Rep. of Fed. Reserve: ‘YOU MUST
COLLECT!’ ”
We notice that the editor of this
very w o n d e r fu l publication was
Puyde Fordclif—it also looks funny to
us spelled backwards.
Ask Will A. Lane, president of the
Security Savings Bank of Marshall­
town, Iowa, to send you his charts on
the analysis of government bonds held
by banks in various deposit groups.
Mr. Lane gave a talk on this sub­
ject before several of the Iowa Group
Meetings and produced some very in­
teresting and worthwhile figures. He

If w o n ' t l i e l o n g n o w !
T h e m e d ic in e m e n s a y J u n e 2 9 th w ill se e a n e x c itin g
a d d i t i o n t o t h e f a m o u s H IA W A T H A f l e e t . T h e n e w C o a s t
t r a in s w ill g r e a t ly e x t e n d t h e s e r v ic e o f M ilw a u k e e
R o a d S p e e d lin e r s .

Des Moines, Iowa

BANKER
AGENTS
WANTED
A strong mutual company in its 55th
year offers liberal agency contracts
covering—
•

AUTO IN SU R A N C E

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F a ste r s c h e d u le . . . n e w fe a tu r e s . . . n o e x tra fa re

0

TO RN AD O IN S U R A N C E
TOW N D W ELL IN G IN S U R A N C E

0

H A IL IN S U R A N C E
on G r o w i n g C r o p s

7 / J H M C/T/ES ,


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

f t

TW O A DAY

NORTHWOODSf

/ / M/OWEST /

ft ia w a m a

• EACH W A Y

fn a m it m i

T H E F IS H E R M A N ’ S F R IE N D

C H IC A G O • M IL W A U K E E
LA C R O SS E • WTNONA
S T . PAU L • M IN N E A P O L IS

TH R U T H E CORN B ELT

SE R V IN G T I I E B E A U T IF U L
U P P E R W ISC O N S IN V A L L E Y
M IN O C Q U A « W O O D R U F F

C H IC A G O • C E D A R R A P ID S
DES M O IN E S • O M A H A
S IO U X C IT Y • S IO U X FALLS

F . N . H ic k s , P a s sen g er T r a ffic M a n a g e r
T h e M ilw a u k e e R o a d
7 10 U n io n S ta tio n , C h ic a g o 6, 111.

Surplus to Policyholders
$3,213,351.01
54 years of proven protection.
W r ite fo r our lib era l p rop osition
bank rep resen ta tives.

P A C IF IC
N O RTH W EST

S P E E D L IN E R S NOW ON TH E T R A I L

r tu u m th a d

0

C H IC A G O
YELLO W STO N E

to

t h e

M il w a u k e e R o a d
Speedw ay o f the Speedliners
N o r t h w e s t e r n B a n ke r, J u n e , 1947

46

C a ll
t o o r d e r ...
Once again the bang of the gavel will be loud in the land as bankers
gather at annual conventions oi their state bankers’ associations. Your
state convention will be the better for your being there. It’s the back­
bone of common effort in the common cause of better banking

a

priceless opportunity to greet old friends and make new ones.

★

Bankers attending the Minnesota convention in St. Paul, June 11 and 12,

are cordially invited to visit the First National oi Minneapolis while they are
in the Twin Cities.

F I R S T NAT10NAI

BA NK 0 F M I N N E A P O L I S

Hefnpv
D.. AATwnnn
President
H
nry E
t w o o d , President

Department of Banks and Bankers
M . O. G r a n g a a r d , V i c e P r e s i d e n t
J. J. M a l o n e y , A s s i s t a n t V i c e P r e s i d e n t

K . T . M a r t in ,
J. M . D o w n e s ,

A s s is t a n t V ic e P r e s id e n t
A s s is ta n t C a sh ier

M e m b e r F ederal D e p o s it In su r a n ce

N o r t h w e s t e r n B a n k e r, J u n e , 1947


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Federal Reserve Bank of St. Louis

C o rp o r a tio n

G . S. H e n r y , A s s i s t a n t C a s h i e r
C . E . C orchran, A s s is ta n t C a sh ier

47

Crookston Woman Retires

M in n e so ta

N EW S
A. W. SANDS
President
St. Paui

ROBERT £. PYE
Secretary
Minneapolis

Concluding 51 years of service to the
First National Bank of Crookston, Min­
nesota, Miss Mary E. Walker retired
recently as assistant cashier. First
girl graduate of Crookston high school
and a charter member of the com­
munity Business a n d Professional
Women’s Club, Miss Walker was hon­
ored by the latter organization at a
dinner in Crookston Hotel.

Returns to Wheaton
Buscher Named President
George E. Buscher, who went to
Alexandria, Minnesota, ten years ago
to serve at the Alexandria State Bank,
became president of that organization
recently.
Leo Barthelemy was added to the
board of directors and M. A. Lukken
was named chairman of the board.
Edith Johnson and Joe T. Syvrud
became vice presidents; Paul W. Bergien, cashier, and Wm. H. Beery is
assistant cashier.
Air. Lukken, who steps from the
presidency to head the directors, and
Miss Johnson came to the bank in 1928.
Mr. Lukken began as cashier and has
been its president a dozen years. He
plans to take a well-earned vacation
for a short time.
Air. Buscher moved to Alexandria
from Breckenridge where he was cash­
ier in a bank, with a record of 20 years
service.
Mr. Buscher is a past president of
the Western Clearing House Associa­
tion. president of the Douglas County
Bankers Association, and has just fin­
ished a three-year term on the council
of the State Bankers Association.

Mark 65th Anniversary
The Rock County Bank, Luverne,
Minnesota, the second oldest state
bank in Alinnesota, observed its 65th
anniversary last month.
In a full page ad in the Rock County
Star-Herald, comparative statements of
the first report in 1882 and the first
quarter report for 1947 were published.
The growth of Luverne is shown by
the increase in deposits from $50,385
to $2.659.680. Capital stock has dou­
bled to $50,000, with surplus and un­
divided profits of nearly $70,000, and
loans have increased from $54,866 to
nearly $441,000.
Present officers of this institution
are: Henry C. Wuertz, president; Wil­
liam H. Griffen, vice president; Russell
A. Sherman, cashier, and H. Reid Cleland and Gordon M. Elden, assistant
cashiers. Directors are George V. Carstens, Mr. Griffen, Mr. Sherman, Mort
B. Skewes and Mr. Wuertz.

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Federal Reserve Bank of St. Louis

St. Cloud Bank Sold
Purchase by Northwest Bancorporation of a majority of the stock in the
Guaranty State Bank and Trust Com­
pany of St. Cloud, Minnesota, was an­
nounced recently by H. W. Riley, pres­
ident of the bank, and J. C. Thomson,
president of Northwest Bancorporation.
In accordance with the policy of the
Bancorporation, the bank will continue
to be operated entirely under the direc­
tion of its own board of directors, who
are Mr. Riley, C. Hauck, W. S. Weber,
J. A. Henry and W. P. Hilger.

Remodel Northfield Bank
Extensive remodeling and redecorat­
ing is being planned at the Northfield
National Bank, Northfield, Minnesota.
The teller’s window will be moved
back to make room for a larger lobby,
and new tile will be placed in the
lobby. The back room in the bank
will be enlarged and enclosed to make
a consultation room. The woodwork
and the ceiling in the bank are being
decorated in egg-shell color, and the
walls will be papered in small blue
and gold stripes.

Dr. M. V. Havel

Hiram Olson, who moved to Sacred
Heart, Minnesota, about a year ago
from Wheaton to take a position in
the Farmers and Merchants State
Bank, last month was transferred back
to the bank at Wheaton.

Sells Buhl Interests
F. S. Malley announced last month
that he had arranged to sell the con­
trolling interest in the Buhl State
Bank, Buhl, Alinnesota, to J. V. Quin­
lan, G. R. Godfrey and C. A. Lowen, all
of Hibbing. Mr. Malley has been asso­
ciated with the Buhl bank for 22 years.
He formerly was at Pettibone, North
Dakota.

Resigns After 33 Years
After 33 years of service in the Frost
Bank, Blue Earth, Minnesota, Carl
Erdahl has resigned, because of his
health, as assistant cashier. While
connected with the bank he has looked
after the insurance business as part of
his activities. Mr. Erdahl will con­
tinue to handle insurance in connec­
tion with other personal interests, and
will have his office in the bank build­
ing.

Weekly News Reports

Employes of the Marquette National
Bank in Minneapolis are kept up to
date on all the news in their bank by
their weekly publication, Broadcaster.
It contains news about employes in
the many departments, visitors in the
bank, suggestions on better bank pro­
cedures and informative articles about
general banking business.
The Broadcaster serves also as an
introduction
for new employes to the
Expanding Quarters
regular staff and as a clearinghouse
The Fergus Falls National Bank & for news of those on the sick list.
Trust Company, Fergus Falls, Minne­
One feature of this publication is
sota, is planning to take over addition­
announcements concerning su g g es­
al rooms, which will add materially to
tions that have been turned in by
the convenience of its customers.
employes. A regular suggestion com­
The bank’s bookkeeping and typing mittee meets weekly to consider sug­
departments will be moved into these gestions and the author of the best
rooms, affording more room in the idea offered each week generally is
bank proper. Several new booths for given a prize, such as two tickets to
the convenience of box holders will be the Ice Follies, which were awarded
installed a n d other improvements by President Russell Stotesbery recent­
made in keeping with expanding busi­ ly. Many excellent suggestions have
ness.
been turned over to this committee.
Dr. Martin V. Havel, 72, former
mayor of Montgomery, Minnesota, died
at his home there last month, after a
three months’ illness.
A practicing dentist there for 45
years, Dr. Havel also was chairman of
the board of directors of the Citizens
State Bank.

N o r t h w e s t e r n B a n ke r, J u n e , 1947

48

The ability to analyze and cooperate promptly

1
C o m m e r c ia l
Loans

on excess-credit requests is one of the services
Northwestern Bank endeavors to render its cor­
respondents.
It is a function conditioned by Capital, Char­
acter and Capacity — a credit triad that we be­
lieve should be followed for a conscientious
handling of these specialized loaning require­
ments.

2
In s t a llm e n t
Loans

Local banks are encouraged to submit over­
line commercial installment or agricultural loans
to us and discover the mutually profitable service
arrangements that can be developed.
Northwestern Bank is always as near as your
telephone, telegraph or typewriter.

JOSEPH F. RINGLAND, President

3
A g r ic u lt u r a l

Department o f Banks and Bankers

D. E. CROULEY
Vice President

L. P. GISVOLD

Loans

Asst. Vice President

CARL F. WIESEKE
Asst. Cashier

ALTON F. JUNGE
Asst. Cashier

KEITH M. BARNETT
Asst. Cashier

MORROW PEYTON
Representative

N a t io n a l B a n k o f M in n e a p o lis
Marquette Avenue —

Sixth to Seventh Streets

Member Federal Deposit Insurance Corporation
Affiliated with Northwest Bancorporation

N o r t h w e s t e r n B a n k e r, J u n e , 1947


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Federal Reserve Bank of St. Louis

49

iÉSÉtriiif" f l

r*Ti "

^

Twin City New s
T i

OBERT BAKER, retiring president

R

By E. W, KIECKHEFER
of the Minneapolis chapter, Amer­
ican Institute of Banking, received a
Special Correspondent
key from the new chapter president,
John K. Ewing, at the 49th anniver­
Northwestern Banker
sary commencement dinner. Gideon
Seymour, executive editor of the
Minneapolis Star and Tribune, was retary and Frank Totzke and J. F.
the speaker.
Morgan were named assistant treas­
urers.
M. (). Grangaard, vice president of
E. Lee Talman, formerly director
the First National Bank of Minne­
apolis, has been nominated to be­ and vice president of Transcontinen­
come vice president of the Minnesota tal and Western Air, Inc., has been
Bankers Association for 1947-48. At a elected vice president and comptroller
meeting of the executice council at of Northwest Bancorporation. Harry
Minneapolis, John Carlander, presi­ A. Bullis, president of General Mills,
Inc., was named a director, bringing
dent of the State Bank of Faribault,
was nominated to head the associa­ the number of directors to 21.
Talman has been assistant treas­
tion and C. E. Cadwell, president of
urer and assistant secretary of Bendix
the First National of Farmington,
was nominated to continue as treas­ Aviation Corporation and organized
urer. Members will vote for officers and was president of Industrial Sup­
at the convention June 11th and 12th plies, Inc., of LaGrange, Georgia, be­
fore joining TWA.
at St. Paul.
J. Cameron Thomson, president of

the Northwest Bancorporation, has
been named chairman of a subcom­
mittee on taxation by the committee
for economic development. His com­
mittee will study tax issues and report
to the committee on research and
policy committee, including condi­
tions under which the budget should
be balanced.
Clarence Dedon, 55, vice president
and cashier of the Empire National
Bank of St. Paul, died recently after
a short illness. He was a native of
Lindstrom, Minnesota, and had been
in the banking business since he was
graduated from high school.
J. J. Fehr has been elected presi­
dent of the Northwestern Mortgage
Company, principal mortgage affiliate
of Northwest Bancorporation, suc­
ceeding the late Frank J. Mulcahy.
L. E. Gilbert, treasurer, was elected
vice president; R. Shippam, secretary,
was named secretary-treasurer. Ar­
thur Burke was named assistant sec
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Federal Reserve Bank of St. Louis

Appointment of Clarence G. Scherer
of the Scherer Bros. Lumber Com­
pany to the advisory committee of
First National Bank’s north side office
was announced last month by Henry
E. Atwood, president, following a
meeting of the bank’s directors.

Federal Reserve Meeting
The largest number of banks ever
to be represented at the Federal
Reserve Bank Conference for Ninth
District bankers—and at any Federal
Reserve bank conference—were regis­
tered for the seventh annual event
in Minneapolis recently.
More than 1,100 bankers from 933
banks were in attendance.
Coming from Montana, the Dakotas,
Minnesota, northwestern Wisconsin,
and upper Michigan, the bankers after
a luncheon at the Nicollet Hotel heard
three speakers and a panel discus­
sion, following which they were
guests at a social hour, dinner, and
the Ice Follies.
Conference speakers were Dr. Aus­
tin A. Dowell, professor of agricul­

tural economics, University of Min­
nesota; Vernon S. Peterson, midwest
manager of the extension division, E.
I. du Pont de Nemours & Company;
Leonard W. Brockington, K. C. of
the Canadian bar and wartime ad­
viser to Canada’s Governor General.
John N. Peyton, president, Federal
Reserve Bank, presided over the meet­
ing, and Oliver S. Powell, first vice
president, was leader for the panel
discussion.

Promotions at Rochester
Edward H. Lundquist, formerly of
Fergus Falls, Minnesota, has been
elected cashier of the Union National
Bank of Rochester, Minnesota, and
Elmer C. Weinhold, former cashier,
has been promoted to a position as vice
president of the institution.
Promotion of Mr. Weinhold and elec­
tion of Mr. Lundquist were announced
by A. U. Habberstad, president, follow­
ing a meeting of the board of directors.

Elect A. I. B. Officers
Roy W. Olson, Duluth National
Bank, was elected president of Duluth
Chapter, American Institute of Bank­
ing, at a recent meeting. Others named
were:
Clyde V. Stube, Western National
Bank, first vice president; William V.
Polski, Jr., Northwestern State Bank,
second vice president; Elizabeth Cheslak, Western National Bank, secretary;
Robert M. Hammerstrom, Northern
Minnesota National Bank, treasurer,
and Hilma Linden, Northern Minne­
sota National Bank, chairman of wom­
en’s committee.
Named to the board of governors
were: H. Warner Griggs, Duluth Na­
tional Bank; William Lontz, Bank of
Commerce & Savings, and Thomas J.
Spencer, First and American National
Bank.

Exhibit Scale Model
A minutely detailed scale model of
the proposed Minnesota State Capitol
Approach, displayed on the main bank­
ing floor of the First National Bank
N o r t h w e s t e r n B a n ke r, J u n e , 1947

50

Minnesota News

of Saint Paul, attracted scores of peo­
ple daily last month.
The five-by-six foot model, designed
and executed by Morell and Nichols,
Inc., site planners and landscape
architects of Minneapolis, is an ac­
curate representation of grades and
elevations, scaled fifty feet to the inch.
Hundreds of tiny buildings, and more
than 1,400 miniature trees were used
in the model’s construction.
Models of existing buildings which
are to be included in the geographic
limits of the capitol approach are ac­
curately scaled, and painted in subdued
colors. Proposed buildings appear in
off-white and light gray, so that one
can see at a glance which of the pres­
ent buildings in the area will be re­
tained as a part of the state center,
as well as the locations of new build­
ings.
A feature of the scale model is the
proposed rerouting and improvement
of several existing streets, and the
development of a super-highway which
will form a vital part of the capitol
approach.
According to Arthur R. Nichols, who
was instrumental in designing and con­
structing the scale model, the minia­

ture three-dimensional capitol ap­
proach is the culmination of three
years of study and planning. It rep­
resents the coordinated interests of

Wallace L. Boss, vice president o f the
First National Bank of Saint Paul and
head of the department o f banks and
bankers, points out one of the many inter­
esting features of the scale model of the
Minnesota State Capitol Approach, to
Miss Marie Ramisch, a First National
employe.

the Veterans Service Building Com­
mission, the Minnesota State Highway
Department, the Minnesota State Ar­
mory Building Commission, and the
St. Paul Department of Public Works.
“ Several states have plans for en­
larging and improving their state capi­
tol sites,” said Mr. Nichols, “but Min­
nesota’s capitol approach plans are
nearer to accomplishment than any
other state center in the country.”
Provisions have been made in the
over-all plan for public and semi-public
buildings, and ample parking space
also will be provided. Actual construc­
tion of the state center improvements
will begin as soon as housing condi­
tions improve sufficiently to enable
residents within the area to relocate
with a minimum of inconvenience.
The scale model was on display in
the First in Saint Paul through May
23rd.

Changes at Austin
The Austin State Bank, Austin. Min­
nesota, announced the resignation of
Vice President L. H. Williams and the
appointment of A. H. Haakenson to
succeed Mr. Williams when the resig­
nation becomes effective July 21st.

D U L U T H ’S

A M E R IC A ’S

Largest

Largest

AND

INLAND

Oldest Bank

Port
DULUTH -SUPERIO R HARBOR

The

secon d

la r g e s t

port

in

th e

U n ite d

S ta te s

in

p o in t

of

ton n a g e.

1945:

6 5 ,4 1 0 .7 4 3

sh ort

to n s

of

w a terb o rn e

com m erce.

LEADING PORTS OF U. S. IN 1944
(T o n n a g es

as

c o m p ile d

by

1 . N E W Y O R K , N . Y .................... 110,282,139
*2. D U L U T H - S U P E R I O R
........ 67,188,858
3. P H I L A D E L P H I A , P A .............. 32,747,446
4. T O L E D O , O H I O ....................... 32,317,224
* D u r in g

a

s h ip p in g

C orps

sea son

of

5.
6.
7.
8.

ton s
to n s
to n s
ton s
of

E n g in eers,

U.

S.

A rm y)

SA N F R A N C IS C O
...
C H I C A G O , I L L ...............
N E W O R L E A N S , LA.
B U F F A L O , N. Y ...........

a p p r o x im a te ly

e ig h t

32,145,969
24,373,232
23,948,506
23,360,759

to n s
to n s
to n s
ton s

m o n th s.

HARBOR FACTS
(A s

record ed

by

U.

S.

E n g in e e r s

R E C O R D Y E A R — 1942 w it h 74,314,646 to n s and 12,690 v e s s e l
passages.
R E C O R D C A R G O — S h ip m e n t o f 20,634 sh o rt to n s o f
Ir o n
O re on A u g u s t 5, 1945.
GREATEST
NUM BER
OF
F R E I G H T E R S I N H A R B O R A T O N E T I M E — 63 on N o v e m b e r

FIRST

and

O ffic e,

Canal

P ark,

!D u l u t h )

9, 1943.
F o r t y -n in e m ile s o f w a t e r fr o n t w it h 109 p ie r s , w h a r v e s
and d o c k s .
S e v e n te e n m ile s o f c h a n n e ls and 14,486 lin e a r fe e t
o f p ie r s , b r e a k w a te r s , and re v e tm e n ts m a in ta in e d .
E n g in e e r s , U . S. A r m y .
B y D u lu th D is t r ic t C o r p s o f

AMERICAN NATIONAL BANK
OF DULUTH, MINNESOTA
Member Federal Deposit Insurance Co rp o ratio n

N o r t h w e s t e r n B a n ke r, J u n e , 1947


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

51

\t

'ô

r

u

m

for us to
g et together
aga in
a t th e
J

u

n

e

c

o

n

v

z

n

n

o

n

s

CONVENTION SCHEDULE

With the June Bankers’ Conventions just
around the corner, we at the First in Saint
Paul are looking forward to seeing you

Minnesota Bankers Association

St. Paul - June 11-12

soon.

Nortli

Dakota

Bankers Association

Ilismarck - June 16-17

June promises to be a mighty important

South Dakota Bankers Association

month for all Ninth District hankers . . .

Sioux Falls - June 20-21

offering many chances to renew old friend­

Wisconsin

Bankers

Association

Milwaukee - June 23-25

ships and to discuss current hanking prob­

Montana

Bankers

Association

Great Falls - June 27-28

lems and recent banking developments.
Our Department of Banks and Bankers
will be taking an active part in all
Ninth

District

state

D E P A R T M E N T o f BAN K S and BAN K E R S
•
W A L L A C E L. B O S S , V i c e P r e s i d e n t

conventions.

ELM E R M. V O L K E N A N T ,

Look for ns there . . . we ll he looking

LEE A SAUER,

for you. It’s always good to see old

LLOYD
DONALD

friends.

L. L E I D E R ,

C h a ir m a n , B o a r d o i D i r e c t o r s

J U L IA N

P H I L I P L. R A Y ,

B. B A IR D ,

C h a ir m a n , E x e c u t i v e

FEDERAL

D E PO SIT

P r e sid e n t

C a sh ie r

R e p r e se n ta tiv e

R ep r e se n ta tiv e

C o m m itte e

P r e sid e n t

T h e FIRST N A T I O N A L B A N K
o f Saint ¡ ’fin I
M EM BER

V ic e

C a sh ie r

A ssista n t

W , BUCKM AN,

D O N A L D L. S M IT H ,

R IC H A R D C. L I L L Y ,


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Federal Reserve Bank of St. Louis

A ssista n t

A ssista n t

IN SU R A N C E

NO OTH ER CORRESPONDENT
CAN DO MORE FOR YOU

C O R P O R A T IO N

N o r t h w e s t e r n B a n ke r, J u n e , 1947

52

Minnesota News

Open House at Dawson
Open house to the general public
was held by the Northwestern State
Bank, Dawson, Minnesota, last month,
marking completion and formal open­
ing of enlarged and modernized bank­
ing quarters.
Officers, directors a n d employes
greeted visitors and showed them
through the new offices. Interior ar­
rangements have been changed con­
siderably and as soon as they are avail­
able, 112 additional safe deposit boxes
will be added.
Officers of the Northwestern State
Bank are C. M. Johnson, chairman of
the board and president; O. S. Knud-

sen, executive vice president; Glenn
E. Blomquist, cashier, and Henry Globstad, assistant cashier.

THE MINNESOTA
CONVENTION
(Continued from page 26)
of St. Paul; Joseph Cavitzel, vice presi­
dent, American National Bank of St.
Paul; John Kane, vice president, Em­
pire National Bank & Trust Company
of St. Paul; Charles Ritt, vice presi­
dent, Midway National Bank of St.
Paul.

Golf
Lee A. Sauer, chairman, assistant
cashier, First National Bank of St.

Paul; Merlin A. Ahlberg, comptroller,
American National Bank of St. Paul;
Stephen Kane, assistant trust officer,
American National Bank of St. Paul:
Arthur Warn, assistant vice president,
Empire National Bank & Trust Com­
pany of St. Paul.

Women's
Mrs. Elizabeth Mork, chairman,
American National Bank of St. Paul;
Mrs. Frances Bush, First National
Bank of St. Paul; Mrs. Lillian Falk,
American National Bank of St. Paul;
Miss Valaria Hecht, Empire National
Bank & Trust Company of St. Paul;
Miss Helen Schneider, First National
Bank of St. Paul; Miss Jennie Wil­
liams, Empire National Bank & Trust
Company of St. Paul.

Resolutions
Guy S. Bacon, chairman, Empire
State Bank, Cottonwood; C. H. Berge,
Citizens State Bank, Brainerd; S. J.
Kryzsko, Winona National and Sav­
ings Bank, Winona; C. C. Rieger, Mar­
quette National Bank, Minneapolis;
Leo Scherf, Lakeside State Bank, Isle.
—The End.

BUDGET SERVICE
(Continued from page 23)

The bank that understands your
livestock problems and is anxious
to help you with them.
Participation in overlines, the
earliest possible presentation of
collection items, and a close fol­
low-up service on all large live­
stock items, are but a few of the
advantages an account with us
affords.

The Stock

Yards National Bank
South Saint Paul, Minn.

MEMBER

FEDERAL

N o r t h w e s t e r n B a n ke r, J u n e , 1947


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Federal Reserve Bank of St. Louis

D E P O S IT

IN S U R A N C E

C O R P O R A T IO N

tion featured her at a luncheon meet­
ing and turned out a record crowd of
250. She addressed a capacity house
of 600 at the regular monthly meeting
of our Home Institute Club. Mrs. Sta­
pleton also .counseled with veterans’
groups at the University of Minnesota
with attendant campus and press pub­
licity, appeared on two women’s radio
programs, and found time to work out
several specific budgets in collabora­
tion with Miss Mattson. The eager­
ness with which the press and radio
espoused Mrs. Stapleton confirmed our
belief that interest in budgeting is at
a very high level at the present time.
On January 15th Miss Mattson
opened her newly decorated and fur­
nished office in our Home Institute
and since that time has been consist­
ently busy taking care of the many
people who have come to her for help.
Between the dates of January 15 and
March 31, 1947, she has interviewed
249 people and has appeared before
nine audiences totaling some 773 peo­
ple. She had an additional six talks
booked for the month of April.
The general reception of the service
by the public left very little doubt in
our minds that it is as much appre­
ciated as it is badly needed. We be­
lieve that, through budget counseling,
we shall make many new friends and
shall render to the community a more
complete financial service.—The End.

Minnesota News

53

DEAR EDITOR
(Continued from page 15)
would then give our competitors and all the
different governmental agencies a better op­
portunity to take over— where the banks
left off.
“ As I view our duty, we are a service
organization and as such obligated to serve
our customers. When we cease to give this
service the customer will naturally go else­
where, and until such time as a majority of
the business houses close for a five-day week,
I think the banks are obligated to remain
open the same as now; whenever 51 per
cent or better o f the business houses change
to a five-day work week, then and only then
should the banks consider a five-day work
week.”
A. J. Hill, Vice President,
The First National Bank,
Newell, Iowa.
Editor’ s Note: The remarks, or “ quota­
tions,” to which Mr. Hill refers in the sec­
ond paragraph o f his letter, were taken at
random from among those cards that were
distinctly marked “ Yes, I am in favor of
legislation authorizing banks to close one
day a week.” We felt that this comment,
as well as similar comment from those who
voted “ No,” would prove interesting to our
readers.
The percentages of 58 per cent for and
42 per cent against this legislation were
arrived at by counting only those several
hundred replies which were distinctly
marked “ Yes” or “ No” on the proposition.
In other words, if we felt that any reply
was “ straddling the fence,” it was elimi­
nated from any consideration.
One thing to remember, and this is im­
portant, is that the survey question con­
cerned “ legislation authorizing” banks to
close one day a week,” not legislation com­
pelling every bank to close one day a week.
Many of those favoring this legislation feel
they would not take advantagè o f such legis­
lation, at least not right now.
And thanks to you, Mr. Hill, for suggest­
ing that we Clarify our results on this most
important survey question.

"Straight from the Shoulder"
“ I always enjoy the various articles under
the heading, ‘Across the Desk from the Pub­
lisher’ in the N o r t h w e s t e r n B a n k e r and
especially did I get a real kick out of the
one in the last issue addressed to our very
dear friend Henry Wallace. That is one
thing I like about you, Cliff—-you always
talk straight from the shoulder and are in
a position to back up your views.”
George A Malcolm, Presi­
dent, D r o v e r s National
Bank, Chicago, III.

"Makes My Mouth Water"
“ I do want to thank you most sincerely
for the May issue of the N o r t h w e s t e r n
B a n k e r . When I look at the photograph
o f the four of us digging into the steaks
at Barney’s, it really makes my mouth
water. I only wish I had the chance of
biting into one today.
“ I do want to thank you very much for


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2550 PILLSBU RY AVEN UE
M IN N EA PO LIS 4, M IN N ESO TA

N o r t h w e s t e r n B a n k e r, J u n e , 1947

54

Minnesota News
"The Beefeaters"

giving us four Bozoes the chance to appear
in ‘PERSON’ in your N o r t h w e s t e r n
B a n k e r . Thanks a million.”
Barney J. Ghiglieri, Presi­
dent,
Citizens
National
Bank, Toluca, Illinois; Past
President Illinois Bankers
Association.

"They Hit the Nail"
“ I think your editorials in the N o r t h ­
w e s t e r n B a n k e r hit the nail squarely on
the head.”
A. J. Heimerman, Cashier,
Stacyville Savings Bank,
Stacyville, Ioiua.

C A R L L. F R E D R IC K S E N
President
M A R K A. W I L S O N
V ic e President
W I L L I A M G. N E L S O N
V ic e President
W I L L I A M C. S C H E N K
A sst. V ic e Pres, and Cashier

"Takes Exception"
(Editor’s Note: The following is a copy
o f a letter written by Lehman Plummer,
vice president, The Central National Bank

Speedy Service
When this bank handles your Sioux
City grain, hay, or live stock items,
speed is simply taken for granted.

your account on the day of the sale.

J O H N S. H A V E R
A sst. Cashier

The principal reason for this is our

J A M E S L. S M IT H
Asst. Cashier and A uditor
K I N L E Y W . S M IT H
A sst. Cashier

ground floor location in the stock yards
district. W e invite you, too, to benefit
from our strategic location.

iv e

S

Na t i o n a l
OF

A

live stock shipment can be credited to

C L I F F O R D L. A D A M S
A sst. V ic e President

L

“ Thanks for the May issue of the N o r t h ­
w e s t e r n B a n k e r which carries a picture
of the ‘beefeaters’ taken the night we all
had dinner at Barney’s in Chicago.
“ The occasion of our visit in Chicago was
a most pleasant one and I hope also, that
there wdll be a time soon when I shall have
the pleasure o f visiting with you again.”
B. N. Downie, President,
Fidelity State Bank, Garden
City, Kansas; Past Presi­
dent, Kansas Bankers Asso­
ciation.

SIOUX

t o c k

Bank

CITY.

M E M B E B

W "

F. D .Í .C .

IOWA

and Trust Company, Des Moines, to Charles
Harmon, assistant vice president, Northwest­
ern National Bank, Minneapolis.)
Mr. Charles Harmon, Ass’t Vice President
Northwestern National Bank
Minneapolis, Minnesota
Dear Mr. Harmon:
I have just seen a copy of your very in­
teresting and instructive address delivered
before the South Dakota group meeting. This
address was published in the May issue of
T h e N o r t h w e s t e r n B a n k e r , on page 26.
You made one statement in this address
to which I would like to take exception. This
statement was to the effect that “ The Amer­
ican Bankers Association has failed to keep
pace with major financing companies in e f­
fecting arrangements whereby motor vehicles
are financed at the factory and prior to
shipment for the benefit and convenience of
dealer and lien holder simultaneously.”
The writer is a member of the Consumer
Credit Committee of the American Bankers
Association and as such I have worked on
this specific problem with other members of
the committee for the past year and a half.
Together with Mr. Carl Flora, I have made
personal calls on the treasurers o f the major
factories in Detroit. It is true that they
will make arrangements for releasing auto­
mobiles through banks, but these arrange­
ments must meet factory specifications and
require in substance a guarantee by the bank
covering unlimited shipments with remit­
tance to be made at Detroit. The Comp­
troller’s office and most of the state exam­
ining authorities do not allow banks to give
unlimited guarantees without in some way
showing them on their financial statements.
Also, most banks do not have Detroit cor­
respondents through whom immediate remit­
tance could be made on drive-aways, trans­
port or boat shipments.
As you undoubtedly know, each factory is
willing to work with individual banks or in­
dividual dealers, and your good institution
undoubtedly has arrangements with several
factories on specified dealers at this time.
However, it is not a procedure that will lend
itself to a general broadcast for all banks.
Financing companies are more flexible in
their operations and are not under restric­
tions encountered by state and national ex­
amining authorities and can consequently
meet the requirements with less difficulty. I
might add also, that with one exception, the
factories are more responsive to finance com­
pany operations, and that they do not make
any effort to make it easy for banks to solve
this problem.
The Consumer Credit Committee of the
American Bankers Association is devoting a
great deal o f time and effort to the solving
of this problem and right now we are work­
ing on a Letter o f Credit arrangement that
may solve the problem, because it may be
that the final draft will be such that the fa c­
tories cannot refuse to accept it. In the
meantime, the American Bankers Associa­
tion stands ready to advise any member bank
of the necessary arrangements to handle
each individual make of automobile, and this
information has been available and distrib­
uted for the past one and one-half years.
Lehman Plummer, Vice Pres­
ident, The Central National
Bank and Trust Company,
Des Moines, Iowa

N o r t h w e s t e r n B a n ke r, Ju n e , 1947


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Federal Reserve Bank of St. Louis

55

S o u th

D akota

N EW S
L. C. FOREMAN
President
Elkton

A i 'ir

GEORGE M. STARRING
Secretary
Huron

G r o u p

C O M P L E T E list of officers
Group 4 at Aberdeen— President, E.
elected at the seven group meet­ Schouweiler, cashier, Bank of Veblen;
ings of the South Dakota Bankersvice president, Clayton Walker, vice
Association follow below. These an­ president, Aberdeen National Bank,
nual group meetings were held last and secretary-treasurer, E. (). Ander­
month and the site chosen for next son, vice president, Farmers & Mer­
year’s meeting also is included:
chants Bank, Watertown. Next meet­
ing at Watertown.
Group 1 at Vermillion— President,
H. P. Stedronsky, cashier, Commercial
Group 5 at Huron— President, Rex
State Bank, Wagner; vice president,
Terry, cashier, Ft. Pierre National
Merritt Young, cashier, Commercial
Bank, Ft. Pierre; vice president, O. E.
Bank, Geddes, and secretary-treasur­ Fristad, assistant manager, Huron
er, Robert H. Frei, Commercial State Branch, National Bank of South Da­
Bank, Wagner. Next meeting at Wag­ kota, and secretary-treasurer, L. H.
ner. B. R. Laird, cashier, Security Cornell, assistant manager, Huron
Branch, North West Security Na­
State Bank, Tyndall, was nominated
member of the executive council for a tional Bank. Next meeting at Huron.
three-year term to succeed E. A. Ey- M. J. Twiss, cashier, Security State
stad of Wakonda, whose term expires Bank, Doland, was nominated mem­
after adjournment of the 1947 conven- ber of the executive council for a
vention.
two-year term to succeed Russell Bard
of Miller, whose term expires after
Group 2 at Sioux Falls— President,
W . E. Perrenoud, cashier, First Na­ adjournment of the 1947 convention.
Group (i at Mobridge—President,
tional Bank & Trust Company, Sioux
Falls; vice president, AV. M. AATi]ly, J- F. Holdhusen, cashier, Ipswich
State Bank; vice president, R. \4T.
president, Security Bank & Trust
Company, Madison, and secretary- Douglass, president, Farmers State
Bank, Dupres, and secretary-treas­
treasurer, E. .1. Pearson, president,
Brandon Savings B a n k , Brandon. urer, J. 1). Lesher, cashier, Citizens
Next meeting at Sioux Falls. T. S. Bank of Mobridge. Next meeting at
Mobridge. Chas. W . Christen, presi­
Harkison, president, National Bank of
South Dakota, Sioux Falls, was nomi­ dent, First State Bank, Roscoe, was
nated member of the executive coun­ nominated member of the executive
cil for a three-year term to succeed C. council for a one-year term to suc­
A. Lovre of Brookings, whose term ceed himself (present term expires
expires after adjournment of the 1947 after adjournment of the 1947 con­
vention).
convention.
Group 3 at Mitchell— President, J.
Group 7 at Rapid City— President,
N. Shelby, cashier, Mitchell National C. O. Fogelberg, vice president and
Bank; vice president, H. T. Gerhard, manager, Newell Branch, First Na­
president, Farmers & Merchants State tional Bank of the Black Hills, New­
Bank, Plankinton, and secretary- ell; vice president, G. Q. Runkel,
treasurer, G. \AT. Toft, assistant cash­ cashier, Bank of Belle Fourche, and
ier, Commercial Trust and Savings secretary-treasurer, S c o t t Lovald,
Bank, Mitchell. Next meeting at cashier, First National Bank, Philip.
Mitchell. P. V. O l s o n, manager, Next meeting place to be decided upon
Chamberlain Branch, Northwest Se­ by group officers.
curity National Bank of Sioux Falls,
Starring Given Award
Chamberlain, was nominated member
of the executive council for a twoAt the annual banquet of the Uni­
year term to succeed A. F. Litz, Del- versity of South Dakota School of
mont, whose term expires after ad­ Business Administration held recently,
journment of the 1947 convention.
distinguished service awards were

A


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Federal Reserve Bank of St. Louis

made to three outstanding business
leaders, George A. Starring, Richard
Baily and Dean Elmore Petersen.
Awarded to George A. Starring,
Huron, was the citation which will be
made each year to a South Dakotan
who has distinguished himself in the
business world.
Mr. Starring was one of the organiz­
ers of the Greater South Dakota Asso­
ciation and served as manager from its
inception in 1936 until the spring of
1947. At the present time he is treas­
urer and chairman of the board of
directors.
He has served as assistant manager
of the Agricultural Publishers Associa­
tion, executive secretary of the South
Dakota Farm Bureau Federation, and
executive manager of the South Da­
kota Bankers Association.
Mr. Starring spent active years as a
member of the South Dakota Press
Association. He is a 32nd degree Ma­
son, a member of the Shrine, Elks Club
and Rotary Club.

New Bank at Tabor
Superintendent of Banks Verne W.
Abeel announced the opening last
month of the Farmers State Bank of
Tabor, South Dakota, to replace the
branch office of the Farmers and Mer­
chants State Bank of Scotland, which
formerly served Tabor.
Officers of the new institution are
K. L. Szymanski, president; Joseph J.
Rezac, vice president, and C. J. Blasak,
cashier. The bank has capital of $25,000, surplus of $5,000, and undivided
profits of $2,500.
Mr. Abeel also announced that the
Dakota State Bank of Colman had
opened a branch at Chester, with L. S.
Lillibridge as managing officer.

W. H. Jdrmuth Retires
W. H. Jarmuth recently retired from
the banking business at Vermillion,
South Dakota, where he was vice presi­
dent and manager of the National
Bank.
Mr. Jarmuth left Fairmont, Minne­
sota, in 1907 for Heron Lake, where
he became cashier of a bank. He be­
came president of the Heron Lake
Bank in 1926. Five years later he
moved to Vermillion.

Elect Two Officers
At a recent meeting of the board
of directors of the Livestock State
Bank, Artesian, South Dakota, O. E.
Adams was advanced to the office of
executive vice president and James L.
Deam of Dows, Iowa, was named cash­
ier.
Mr. Deams comes to this position
with 12 years of experience, having
been associated with his father in the
N o r t h w e s t e r n B a n k e r, J u n e , 1947

56

South Dakota News
Farmers State Bank of Dows. Mr.
Adams will remain with the bank this
summer but plans to take an extensive
vacation next fall.

your Headquarters for

Pay Final Dividend

Stationery

Office Supplies

Printing

Office Furniture

M id w e st B e a c h C o m p a n y
222 South Phillips Avenue

Sioux Falls, South Dakota

STATEMENT OF CONDITION

N O R T H W ES T SECU RITY
N A T IO N A L BANK

Soil Contest Again

of S i o u x F a i l s , S ou t h D a k o t a

South Dakota's Leading Hank
D E CE M BER 3 1 , 1 9 4 6
RESOURCES
Cash on Hand, in Federal R eserve Bank, and Due from Banks
and Bankers .........................................................................................•$ 9,932,953.88
U. S. Governm ent O b lig a tio n s ............................................................... 24,629,976.72
State and M u n icip al B o n d s ......................................................................
865,974.43
O ther B onds and S ecu rities................................................................. ..
799,124.56
Stock in Federal R eserve Bank in M in n ea p olis.............................................................
O verdrafts
..........................................................................................
Loans and D is co u n ts ......................................................................................
B anking H ouses ................................................................. ............................... ; .......................
I n c lu d e s B a n k in g H o u s e s at S io u x F alls, B r o o k in g s , C h am berlain ,
R a p id s . G reg ory , H u r o n a n d M a d iso n , all cle a r o f e n c u m b r a n c e .

$36,228,029.59
39,000.00
2,084.69
5,987,169.73
262,500.00

D e ll

Interest Earned but N ot C o lle c te d .......................................................................................
TOTAL

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

137,267.93
$42,656,051,94

L IA B IL IT IE S
Capital Stock— Comm on ..........................................................................
Surplus
..............................................................................................................
U ndivided Profits and General R eserv es ................................................

$40.729,392.35
.............................. a ................................................................................................$42,656,051.94

BRANCHES AT

BR O O K IN G S, C H A M B E R L A IN , D E LL R A P ID S,
GR EGO RY, H U RON, M A D ISO N

A ffiliated with

N orth w est B ancorporation

M em b e r Federal D ep o sit Insurance Corporation


N o r t h w e s t e r n B a n k e r. J u n e , 1947
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

South Dakota will have a soil con­
servation contest again this year.
Announcement of the second annual
program has been made by the spon­
sors, the Greater South Dakota Asso­
ciation, South Dakota State Bankers
Association, South Dakota Press Asso­
ciation, South Dakota State College
and the State Soil Conservation Com­
mittee.
One thousand dollars in prize money
will be distributed to the state’s five
outstanding districts. The districts
also will receive plaques and the three
outstanding conservation farmers in
winning districts will receive certifi­
cates of merit.

S io u x i n Us N ew s

500,000.00
900,000.00
376,019.47

$1,776,019.47
Reserve for Interest, T axes, and Other E x p en ses.......................................................
132,155.04
Interest C ollected but N ot E arn ed .....................................................................................
18,485.08
D e p o s its :
T im e
.............................................................................................................. 6,624,585.08
Dem and .......................................... -.............................................................. 33,041,649.30
U. S. W a r L o a n ..............
1,063,157.97

TOTAL

The board of trustees in charge of
the liquidation of the First State Bank
of Stratford, South Dakota, is paying
out a final dividend of $5,453.39 to the
depositors and creditors of the bank.
This pays the depositors 21.9 per cent
of their original claim and makes a
total of 35.9 per cent dividend paid
since the bank closed. The distribu­
tion involves sending out 193 checks
ranging in amount from one cent to
$822.18 and extends to addresses in 10
different states. The final account and
report was heard and approved by Van
Buren Perry of the circuit court in
Aberdeen.
The board was composed of C. J.
Tollefson, chairman; Otto Dunker,
George A. Stange, John A. Robinson,
and F. H. Erdmann. Secretary-Treas­
urer Alfred U. Erdmann handled the
book work for the trustees.

EPOSITORS of the Security Bank
and Trust Company at Madison
who need to put their money in safe­
keeping after banking hours are able
to avail themselves of a new service.
The bank has installed a night depos­
itory. A steel vault, set in reinforced
concrete, was put in under the side­
walk. A small metal door on the west
side of the bank affords access to the
depository. Also being added are
additional storage shelves and closets
for records, built out under the side­
walk to the south of the building.
Recently installed were a water
softener and automatic water heater.
The bank’s furnace now carries com­
plete air conditioning equipment in
addition to heating facilities.

D

A 31 per cent gain for 1947 over
1946 at the end of April was shown

57

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P A R T I A L L I S T O F B A N K U S E R S IN S O U T H D A K O T A
F IR S T

N A T IO N A L

N A T IO N A L

BANK

NORTHW EST
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F IR S T
F IR S T

BRANDON

DAK.
NATL.

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F a lls

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FARMERS

BANK
BANK

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BANK

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H uron

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OF

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S E C U R IT Y

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BANK

H uron

DAK.

C O M M U N IT Y S T A T E B A N K

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B o w d le

H ig h m o r e

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A b erdeen

BANK

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STATE

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A b erdeen

BANK

BANK

STATE

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S io u x
BANK

BANK

N A T IO N A L

BOW DLE

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Lennox
BANK
M a d is o n

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B urke

F IR S T

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S E C U R IT Y

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B r o o k in g s

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NORTHW EST

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STATE BANK

C O M M E R C IA L
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»

N o r t h w e s t e r n B a n ke r. J u n e , 1947

58

South Dakota News

in a bank debit index of South Da­
kota business activity made by the
Ninth Federal Reserve District. Debits
for the four-month period this year
totalled $674,832,000 as compared with
$514,795,000 for the same period last
year. Percentage increases for the
17 cities included in the report in­
cluded: Dell Rapids, 63; Chamberlain,
46; Aberdeen, 40; Mobridge, 38; Mitch­
ell and Pierre, 32; Watertown, 30;
Rapid City, 29; Milbank, 26; Belle
Fourche, 20; Sioux Falls, 22; Huron,
19; Deadwood, 18; Yankton, 13; Lead,
12; Milbank and Brookings, 4.

H. O. Engen, vice president and
cashier of the Union Savings Bank,
is a new member of the Sioux Falls
board of health. The wedding of his
son, Don, to Miss Lynn Murray took
place last month in Los Angeles. Mr.
and Mrs. Engen and another son,
Robert, were present at the wedding.
The newlyweds are living in Los
Angeles. The groom, who served as
a captain in the Army Air Corps, is at­
tending the University of Southern
California.
O. A . Bray, assistant cashier of the

f i I t E E T I JV« N from
THE B L A C K HILLS
When writing this area we will be glad to put
the services of this bank at your disposal.

F irst National B ank

of the

B lack Hills

RAPID CITY, LEAD, DEADWOOD, HOT SPRINGS
BELLE FOURCHE, STURGIS, SPEARFISH,
NEWELL, SOUTH DAKOTA
A ffilia te d
M em ber

w ith

Federal

N o r th w e st
D e p o s it

B a n c o rp o ra tio n

In su r a n ce

Northwest Security National Bank,
Sioux Falls, was installed as recorder
of Cyrene Commandery No. 2, K. T.
W. E. Perrenoud, cashier of the
First National Bank and Trust Com­
pany in Sioux Falls, was elected
president of Group No. 2, South Da­
kota Bankers Association. Tom S.
Harkinson, president of the National
Bank of South Dakota, Sioux Falls,
retiring group president, was named
member of the executive council.
The bankers chose Sioux Falls as
site for their autumn, 1947, meeting.
Their annual conventions are usually
held in the fall but the 1946 hunting
congestion forced a spring meet in
Sioux Falls this year.
The association named W. M. Wil­
ley, Madison, Security Bank and Trust
Company, vice president, and E. .1.
Pearson, Brandon, Brandon Savings
Bank, secretary-treasurer.
Principal address was delivered by
Charles W . Harmon, assistant vice
president of the Northwestern Na­
tional Bank in Minneapolis, who
spoke on “ Current Trends in Install­
ment Banking.”
Banquet speaker was Tom Collins,
Kansas City humorist, philosopher
and publicity director for the City
National Bank & Trust Company
there, his topic being “Mental Recon­
version.”
Eighty-seven men from 41 banks in
Group 2 were registered. Out-of-state
guests were entertained at the ban­
quet.—The End.

C o r p o r a tio n

New Officer
Edward R. Bradley has been ap­
pointed assistant trust officer in the
trust department of the MercantileCommerce Bank & Trust Company,
St. Louis, Missouri.

(Dub beit wObeA,. . .
to all South Dakota Bankers
for a successful convention
W e invite you to visit our plant
while in Sioux Falls
TO URS 9:30 A.M. AND 1:00 P.M. EXCEPT
SATURDAY AT 9:30 A.M. ON LY

Jo h n M

orrell

Established in England in 1827

N o r t h w e s t e r n B a n k e r, Ju n e , 1947

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Federal Reserve Bank of St. Louis

SIOUX

• •

& Co.

In America since 1865

F A L L S , S . D.

FORTY-TWO YEARS
OF UNEXCELLED SERVICE

QUEEN CITY FIRE
INSURANCE CO.
DENNY P. LEMEN. President
C. L. NELSON, Secretary
H. L. STAN LEY, State Agent

59

N o rlli D a k o ta

N EW S
C. w . BURGES
President
Edgeley

State Resources Up
Total resources of state banks and
trust companies in North Dakota in­
creased $44,654,402 between March 30,
1946, and the same date this year, State
Examiner John Graham reported.
The resources, totaling $334,402,714,
were more than $30,000,000 above those
of December 31, 1946.
Greatest increase was in United
States government issues, which were
up more than $26,000,000 from a year
ago. The report covered 109 state
banks, one trust company and the
Bank of North Dakota.

C. C. W ATTAM
Secretary
Fargo

permission to amend its articles of
incorporation to provide for change of
its corporate title to The Union Bank
and change of its corporate headquar­
ters from Dunn Center, North Dakota,
to Halliday, North Dakota, was ap­
proved by the state banking board.

Open House in Fargo

The Bank of Rhame, North Dakota,
has been sold by Clarence Hestekin
to Herb Clarkson of Buffalo, South
Dakota. Mr. Hestekin had worked in
the bank for 23 years and had ac­
quired owership of the institution.
His plans for the future are not defi­
nite, but he will run the business for
the new owner for the time being.
Mr. Clarkson was originally a large
rancher of Buffalo and now owns sev­
eral banks, besides his ranch and other
holdings. Included in his property
are banks at Buffalo, Camp Crook,
Hettinger and Miles City.

The marble-gleaming lobby of the
First National Bank and Trust Com­
pany, Fargo, North Dakota, measures
no bigger today than it did a month
or a year ago, but it looks much larger,
the effect of cleaning, renovation and
removal of old tellers’ cages. The
bank had open house last month.
“We bought what we thought was
the very latest word in banking house
fixtures when we moved into this
building in 1926,” explains Gordon H.
Nesbit, president.
But the changes of two decades
dated the bank’s interior. The high
cages now are gone and lighting fix­
tures have been modernized. Walls,
ceilings and columns were scoured and
redecorated.
In the past six months, Mr. Nesbit
said, six former G. I.’s have been
added, making the bank staff exceed
50 persons.

Assistant Cashier Resigns

Remodeling Bank

Sells Rhame Bank

Lewis E. Johnston, who for the past
15 months has been assistant cashier
in the Foster County State Bank, Car­
rington, North Dakota, has resigned
his position, and has left for Forest
River, Wash county, where he will
operate a farm which he owns.
Mr. Johnston has been secretary of
the park board, and has resigned that
position also.

Renew Two Charters
There were no liquidations, consoli­
dations or closings of state banks dur­
ing the month of April, according to
R. S. See, chief deputy examiner.
The application of the Security State
Bank of Robinson, North Dakota, for
renewal of corporate existence for a
period of twenty-five years from May
16, 1947. was approved by the state
banking board.
The application of the Union Bank
of Dunn Center, North Dakota, for

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Federal Reserve Bank of St. Louis

Moving from their present location
on the corner of Fourth Street and
Fourth Avenue, which is now being
remodeled, the First National Bank of
Devils Lake, North Dakota, opened
for business last month in temporary
quarters in the Locke block, it was
announced by R. C. Collinson, bank
president. The bank will occupy the
office space formerly occupied by the
W. H. Wilson Insurance Agency until
the remodeling work is completed.

Income Up
The real income of wage earners
is outrunning the income of other
groups in America, the latest consum­
ers’ study made by Investors Syndi­
cate reveals. “ Real income” is the
relationship of revenue to living costs.
Wages of the average hourly rated
worker are up 35 per cent over a year
ago, while salaried workers’ income

has increased 25 per cent, investment
income is up only 7 per cent, and other
income—principally that of farmers—
is up 11 per cent.
Since average living costs have in­
creased 22 per cent during the same
period, the wage earner has 13 per
cent more real income than he had last
year, Investors Syndicate points out.
The salaried worker is 3 per cent bet­
ter off, while families depending upon
other forms of income have suffered
decreases in real income.
The average family had $1.24 in
March for every dollar earned a year
ago, but expenses were $1.22 for every
dollar, leaving an increase of only 2
cents in real income, the Investors
Syndicate survey revealed.

New Bank
A new bank is in process of organi­
zation under the name of the Grand
Avenue Bank of Kansas City, and will
be located in the quarters now occu­
pied by City National Bank and Trust
Company at Eighteenth and Grand,
Kansas City, Missouri.
The new bank is expected to start
the same day City National moves to
its new quarters in the R. A. Long
Building at Tenth Street and Grand
Avenue.
R. Crosby Kemper, president of City
National, said it would take several
weeks to complete the work at the
downtown quarters. Remodeling cur­
rently is suspended by the construc­
tion workers’ strike.
Financial arrangements and capitali­
zation of the new bank have been
completed. The institution will have
an initial capitalization of $625,000,
consisting of $250,000 in capital, $250,000 in paid-up surplus, and $125,000 in
paid-up undivided profits.
The management of the new bank
will include R. V. Aycock, a director
of City National the last 25 years, as
president; John C. House, assistant
cashier of City National, as vice presi­
dent, and M. H. Ely, chief bookkeeper
of City National, as cashier. The board
of directors will be named later.

Evening Music
The orchestra and choral club of the
First National Bank, Chicago, Illinois,
last month presented an “Evening of
Music” in Orchestra Hall to an audi­
ence of about 3,000, consisting of offi­
cers and employes of the bank and
their friends.
Love of music was the incentive
which prompted the organization of
the bank’s choral group and orchestra
in 1929 and 1931 respectively. Each
group practices one evening a week on
their own time, and sing and play
purely for their own enjoyment. Many
of the members have been with the
organizations since they were founded.
N o r t h w e s t e r n B a n k e r , J u n e , 1947

FOR 91 YEARS
SOUND BANKING SERVICE

U N IT E D STATES
f a n on al B AN K of Omaha
J
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

^

N o r t h w e s t e r n B a n ke r, J u n e , 1947


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Federal Reserve Bank of St. Louis

__________

I

61

Heads Omaha Chamber

N eb ra sk a

N EW S
GLEN T. GIBSON
President
Gibbon

Running Ad Series
The Stephens National Bank, Fre­
mont, Nebraska, recently announced a
series of advertisements, “Fremont
Facts,” which were to be prepared for
publication each Tuesday for several
weeks. The series, according to Presi­
dent William N. Mitten, is designed to
help Fremonters’ “know more about
their home town.”
The series contains basic facts con­
cerning the founding of the city, pres­
ent population, assessed valuation,
area, trade territory and other impor­
tant data. A list of all city officials
is planned, information concerning
leading industries, parks, schools and
other institutions whose history and
operations will prove interesting and
informative reading.

Attend Banking School
Nine Nebraska bankers were sched­
uled to attend the June 2nd-14th class
in the School of Banking at the Uni­
versity of Wisconsin. Those attending
were registered as the class of 1949.
The list of those Nebraska bankers
who were registered to attend this ses­
sion includes:
Milo C. Blazek, Omaha Branch, Fed­
eral Reserve Bank of Kansas City;
Charles W. Gorr, Omaha National
Bank, Omaha; W. Britton Knight,
comptroller. Omaha National; John
Lauritzen. assistant cashier, The First
National Bank of Omaha; Carl F. Mostrom, cashier, Farmers and Merchants
Bank, Ceresco; H. E. Swedburg, cash­
ier, The Commercial State Bank, Clay
Center; George W. Taylor, cashier,
McDonald State Bank, North Platte;
Thomas H. Wake, president, Jones Na­
tional Bank, Seward, and Burnham
Yates, vice president, The First Na­
tional Bank of Lincoln.

Murals on Bank Wall
Patrons of the Fremont National
Bank, of Fremont, Nebraska, were
greeted last month by two photo-mu­
rals of resort-like scenes on state lakes
west of the city. The photos were
selected from numerous lake pictures
taken by Fremont photographers and
the enlargement and coloring work
was done by a Chicago firm.
The five-by-six foot photos, placed
on the north wall of the bank’s lobby,

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Federal Reserve Bank of St. Louis

CARL G. SWANSON
Secretary
Omaha

were the first in a group which the
bank plans to use for decorative pur­
poses.
“We hope to encourage people of
Fremont and vicinity to be more ap­
preciative of the vast beauty and re­
sources we have right here in our
midst,” President J. D. Milliken said.

Ray R. Ridge, senior vice president
of the Omaha National Bank in
Omaha, is the new president of the
Omaha Chamber of Commerce. Mr.
Ridge will take office July 1st. Dur­
ing the past year he has served as
vice president of the chamber and
chairman of the executive committee.
Included among new directors for
three year terms are Arthur L. Coad,
president of the Packers National
Bank, and Kenneth G. Harvey, presi­
dent of the Douglas County Bank of
Omaha.
Mr. Ridge is the third executive of
the Omaha National to head the
Omaha Chamber of Commerce. The

Assistant Cashier Resigns
Officials of the McDonald State Bank,
North Platte, Nebraska, announced the
resignation of Assistant Cashier V. E.
Graham, who left to accept the position
of credit manager of the O’Connor
Department Store. J. Y. Castle, execu­
tive vice president of the McDonald
State Bank, stated, “We very much
regret losing Mr. Graham, who has
been a most valued member of our
personnel since 1925. We are, how­
ever, very proud of his advancement
and wish him success in his new
duties.”

Reward to Heroine
For their part in helping capture a
bank robber within 20 minutes after
he had held up the First National Bank
in Beatrice, Nebraska, recently, Minnie
.Johnson was rewarded with $350 in
U. S. Savings Bonds and 16-year-old
Gene Manes was given a $25 bond by
presidents of the three banks in Beat­
rice.
Miss Johnson was acclaimed the
actual heroine of the affair, for she
snatched her keys from the cab she
was driving and jumped out, forcing
the bank robber to flee on foot. How­
ever, young Manes spotted him hid­
ing between two cars, notified police
who were searching for the bandit, and
an officer made the arrest a minute
later.

Bank Changes Hands
Earl H. Wilkins and Carl E.
Schneider are now president and vice
president respectively of the Farmers
State Bank at Fairmont, Nebraska.
Francis F. Putlitz, associated with
the Farmers State Bank since 1903,
has retired from active business. Mr.
Putlitz disposed of his stock in the
banks to the two new officers.
Charles F. Tous retains his position
as cashier and E. M. Rose remains as
assistant cashier of the bank.

R A Y R. R ID G E
President, Omaha Chamber of Com m erce

others were W. Dale Clark, president,
and Walter Head.
In his annual report to the general
membership, Mr. Ridge pointed out
that membership stood at an all-time
high of over 2,900 members, of which
over 1,500 had participated actively
in some committee work during the
year.

George Holmes Nominated
The board of directors of Beatrice
Foods Company nominated for direc­
torships to be voted on at the annual
stockholders m e e t i n g June 2nd,
George W. Holmes, president of the
First National Bank of Lincoln, and
vice president and director of the
U. S. Chamber of Commerce, Wash­
ington, D. C., and William G. Karnes,
vice president and assistant to the
president of Beatrice Foods Company.
Mr. Holmes is also a director of
the First Trust Company, Lincoln,
and of the Omaha branch of the Fed­
eral Reserve Bank of Kansas City,
Missouri. He was educated at the
Universities of Nebraska and Notre
Dame.
N o r t h w e s t e r n B a n k e r . J u n e , 1947

62

Nebraska N ew s

FIFTY-POUR city bankers and Association officials were regular passengers on the
Nebraska Bankers Group Special Train this year. A number o f these ‘ ‘ regulars ’ ’ appear
above in two pictures taken on the train.

The X ebrasliit 1*rtmp
By HENRY H. HAYNES
Editor
The N orth w e ste rn Banker

ETWEEN 1,200 and 1,300 bankers,
their wives, and employes, partici­
pated in six Group Meetings held
last month by the Nebraska Bankers
Association. Group One meeting in
Lincoln, and Group Three in Norfolk,
headed the attendance with around
300 at each meeting; Group Two at
Columbus had about 250 registered.
Group Six at Alliance had good at­
tendance for a territory in which
banks are widely scattered, with the
Group Four and Five meetings at
McCook and Kearney, respectively,
showing the smallest registration. At­
tendance figures are based on the num­
ber of banquet tickets sold, and of
course many bankers’ wives, and em-

B

A

t

th e

N

ployes of local and nearby banks, are
included in the totals, as well as the
54 bankers from the larger cities who
made up the passengers on the Group
Meeting Special Train.
The oldest organized Group in Ne­
braska is Group Three, comprising
counties in the northeastern section of
Nebraska. The meeting held this year
in Norfolk was the 48th annual meet­
ing of Group Three. Group Two, made
up of 12 counties in the east central
area of Nebraska, is the second oldest
Group, holding its 47th annual meet­
ing last month.
New officers of the several Ne­
braska Groups were elected as follows:

e b r a s k a

t ì r a a p

NEBRASKA BANKERS and representatives from the large
city banks pictured on the opposite page were among those
attending the 1947 Nebraska Bankers Association Group Meet­
ings. Reading from left to right, those pictured are:
1— The line-up at the registration desk in Norfolk for the
meeting o f Group Three.
2— H. D. Wells, vice president First State Bank, Scottsbluff;
Marius Christensen, cashier American National Bank, Sidney,
and the new vice president o f Group Six; Don W. Jorgenson,
vice president American National Bank, Sidney.
3— The Group Meeting Train Travelers at breakfast at the
Wayside Country Club in Columbus, where they were guests
o f the Central National Bank.
4— J. L. Witters, vice president Scottsbluff National Bank;
J. V. Webster, vice president and cashier First National Bank,
Chadron; and A. A. Hulse, cashier Scottsbluff National Bank.
5— A group in the lounge car— around the circle they are:
James H. Clarke, vice president American National Bank,
Chicago; LeRoy Abbott, vice president Guardian State Bank,
Alliance; James Johnson, Continental Illinois National Bank,
Chicago; John Davis, vice president First National Bank,
Omaha; Mrs. LeRoy Abbott; Glen Gibson, president Exchange
Bank, Gibbon, and president of the Nebraska Bankers Asso­
ciation; C. A. “ Pete” Jeffrey, vice president Packers National
Bank, Omaha; and L. M. “ Shorty” McCague, vice president
The National Company, Omaha.
6— J. F. McLain, Nebraska director o f banking, Lincoln;
and Mrs. McLain.
N o r t h w e s t e r n B a n k e r , J u n e , 1947


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Federal Reserve Bank of St. Louis

Group One—President, Ivan W.
Hedge, cashier Filley Bank, Filley;
vice president, George Froehlieh, ex­
ecutive vice president First National
Bank, Falls City; and secretary-treas­
urer, Fred Aldrich, vice president
Continental National Bank, Lincoln.
Group Two—President, Charles No­
vak, president Bank of Brainard;
vice president, J. L. Kudrna, vice
president First National Bank. Wahoo;
and secretary-treasurer, C. J. Bauer,
cashier Platte Valley Bank. North
Bend.
Group Three—President, E. .1. Shellpeper, cashier, Cones State Bank,
Pierce; vice president, H. L. Gerhardt,
(Turn to page 67, please)

J iie e t in f js

. >

7— H. S. Kinsey, president Arcadia State Bank; C. L. Cooper,,
president Farmers State Bank, W allace; T. T. Varney, vice
president Broken Bow State Bank, Broken Bow ; E. J. Craw­
ford, president Farmers & Merchants State Bank, Comstock;
and C. H. Rowan, president Nebraska State Bank, Broken Bow.
8— Glen Gibson (center) witnesses the agreement between
LeRoy Abbott, left, and Jim Johnson, that because they look
so much alike either w ill respond to the other’ s name, letting
the chips fall where they may.
9— Verne Bartling, assistant vice president First National
Bank, Chicago; and G. S. Lyon, cashier Richardson County
Bank, Falls City.
10— P. M. LaVelle, vice president Farmers State Bank,
W allace; Richard Mallory, vice president United States Na­
tional Bank, Omaha; Walter Conrey, general passenger agent
Union Pacific Railroad, Omaha; and Austin Vickery, assistant
vice president United States National Bank, Omaha.
11— New officers o f Group One— Ivan W. Hedge, president,
cashier Filley Bank, Filley; Fred Aldrich, secretary and treas­
urer, vice president Continental National Bank, Lincoln; and
G. R. Froehlieh, vice president o f the Group, executive vice
president First National Bank, Falls City.
12— New officers o f Group Two— J. L. Kudrna, Group vice
president, vice president First National Bank, W ahoo; Charles
Novak, president o f the Group, president Bank of Brainard;
and Clinton J. Bauer, secretary-treasurer, cashier Platte Valley
Bank, North Bend.


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Federal Reserve Bank of St. Louis

WBÊ
ifs

.

1r i

64

Nebraska N ew s

Sixty members of the 20 Year Club
of the Omaha National Bank were
congratulated by Dale Clark, presi­
dent of the bank, at a dinner in the
Blackstone Hotel. E. K. Holst pre­
sided.
Mrs. Harold T. Landeryou has been
named worthy grand matron of the
Nebraska Order of Eastern Star. Her
husband is an Omaha investment
banker. She was elected at the an­
nual convention in Fremont.

R

AY F. CORDES of the First Na­

tional Bank of Omaha was elected
president of the Omaha Chapter,
American Institute of Banking, at the
annual meeting. Other new officers
are Fester Souba, vice president; Miss
Marie Talbott, secretary; Byron Call,
treasurer.
The Chapter made plans to send a
delegation to the national convention
in Detroit June 2 to 6.
»

James T. Wachob, veteran Omaha

investment banker who died last July,
left an estate of $205,898.
Largest bequests go to three of Mr.
Wachob’s sisters, Mrs. Nathan Chace,
Long Beach, California; Mrs. John
Follansbee, Sharpsburg, Pennsylvania,
and Mrs. Oliver K. Eaton, Ventnor,
New Jersey. Each gets $34,468. An­
other sister, Mrs. G. C. Higbie, Bev­
erly Hills, California, receives $15,402.
Mrs. Henry C. Karpf, wife of the
president of the Live Stock National
Bank of Omaha, planned to leave New
York May 24 by plane for Europe to
visit her son, Charles, stationed at
Wiesbaden, Germany. Mr. and Mrs.
Karpf recently talked to their son by
phone to discuss details of Mrs.
Karpf’s trip. Her son was to meet her
in Brussels.

The total of clearings in the cities,
however, was 1.8 per cent less than
for the same week in 1946.
In another recent week, Omaha also
led the 24 cities with a gain of 39.8
per cent. Omaha’s total for that week
was $114,347,000. Clearings for April
were $463,274,001. Omaha bank debits
in April, $406,201,624, were up 28.8 per
cent over April, 1946.
Mr. and Mrs. Ray Ridge have re­
turned from a 10-day trip by air to the
East. They were in New York and
Washington. The cherry blossoms
were at the height of their beauty
when they were in Washington. Mr.
Ridge is vice president of the Omaha
National Bank.
Mrs. J. T. Stewart, III, whose hus­
band is vice president of the First Na­
tional Bank of Omaha, will serve as
chairman of the women’s committee
for the Ak-Sar-Ben coronation ball
next fall. Other members include
Mrs. J. F. McDermott, whose husband
is also vice president of the First Na­
tional Bank, and Mrs. W. B. Millard,
Jr., whose husband is vice president
of the Omaha National Bank and vice
president of the Knights of Ak-SarBen.

Mayburn H. Daykin, 32, chief clerk
Bank clearings in 24 leading cities
for the week ending April 16 increased at the Live Stock National Bank of
sharply over the preceding week and
Omaha, was among three persons
Omaha led, with an advance of 25.9 killed in a recent auto-rail crash at a
crossing near Omaha.
per cent.

N o rth w e ste rn Banker, Ju n e,

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Federal Reserve Bank of St. Louis

A. J. Rhodes, public relations officer
of the Omaha National Bank, spoke
on Radio Station KOWH’s weekly
“When I Retire” program on “ Social
Security as Seen by a Banker.” He
was interviewed by E. H. Dunaway,
Omaha manager of the Federal Se­
curity Administration.
Mr. and Mrs. John Lauritzen are
parents of a daughter, Ann Davis,
born at Immanuel Hospital in Omaha
recently. They also have a son, Bruce.
Mr. Lauritzen is assistant cashier of
the First National Bank of Omaha. His
wife is the daughter of T. L. Davis,
president of the First National Bank.
Clifford R. Rahel has become associ­
ated with the Omaha office of the New
York Stock Exchange firm of Cruttenden & Company.
Mr. Rahel formerly was with the
company in Chicago.
John H. Bexten, 88, retired Omaha
banker, was the oldest member in at­
tendance at the Nebraska Knights of
Pythias convention at Scottsbluff re­
cently. He has been attending Grand
Lodge sessions since 1895 and will
have been a member of the Knights
of Pythias for 61 years June 30.
jerry Hassett of the Stock Yards
National Bank of Omaha and Regina
Nagle, Douglas County Bank of
Omaha, were elected board members
of the Omaha Chapter, American In-

r^TOOTLE-LACY
Tootle-Lacy National Bank cooperates actively and constructively with
other banks in providing facilities for the present and future needs of
both themselves and their customers.

1947

Nebraska News
stitute of Banking, at the annual ban­
quet recently at the Blackstone Hotel
in Omaha. They were named for a
3-year term.
Navy Captain Rob Roy McGregor
spoke on
“ Submarine Warfare.”
George E. Lockwood, president of the
chapter, presided.
Thomas A. Maxwell, Jr., was named
treasurer and chief accountant of the
Federal Land Bank of Omaha at a
recent meeting. He succeeds the late
George M. Fuller.
H. W. Frerichs, Jr., was advanced
from acting treasurer to treasurer and
Louis L. O’Donnell was named as­
sistant treasurer of the Production
Credit Corporation.
The Farm Credit Board of Omaha
renamed Nelson G. Kraschel, former
Governor of Iowa, as general agent,
and Lewis W. Bicknell as general
counsel. Other officers of the Land
Bank, Federal Intermediate Credit
Bank of Omaha, Production Credit
Corporation and Bank for Co-opera­
tives were re-elected.
L. V. Pulliam, South Omaha banker,
was elected president of the Stockyards 400 Club at a meeting of the
board. He was one of the organizers
of the club.

fia n k s

a n d

65

H a n k e r s will find this

institution especially well equipped to handle
their Chicago accounts. Our complete facilities
are at the disposal of all in need of this service.

City Na t io n a l B an k
A N D T i l l ST C O M P A N Y of Chicago
208

SOUTH

(M E M B E R

LASALLE

FED ER AL

D E P O S IT

STREET

IN S U R A N C E

C O R P .)

Complete

Dale Clark, president of the Omaha

National Bank, was elected a director
of the Union Pacific Railroad at the
annual meeting of stockholders in Salt
Lake City recently.
Robert H. Hall, executive officer of
the North Side Bank of Omaha and
president of the Children’s Memorial
Hospital of Omaha, recently was pre­
sented with a check for the hospital
in the amount of $1,500 from the
Omaha Downtown Kiwanis Club. The
money represented proceeds from 400
gum machines installed by the club
to aid its welfare work. Richard Mal­
lory, vice president of the United
States National Bank of Omaha, is
Kiwanis Club vice president.

Banking Service
NATIONAL BANK of COMMERCE
LINCOLN, NEBRASKA
M em ber

F ed era l

D e p o s it

N A T IO N A L BANK
MILTON TOOTLE

FRED T. BURRI

P R E S ID E N T

C A S H IE R

GRAHAM G. LACY

E. H. SCHOPP

CH.

OF TH E

BOARD


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Federal Reserve Bank of St. Louis

ASST.

C A S H IE R

R. E. WALES
V IC E

P R E S ID E N T

In su r a n ce

C o r p o r a tio n

S T . JOSEPH, MO.
M em ber

F ed era l

In su ra n ce

D e p o s it

C o r p o r a tio n

E. L. CRUME
ASST.

C A S H IE R

N o r t h w e s t e r n B a n ke r, J u n e , 1947

6 (i

Nebraska News

President Rowland Haynes’ admin­
istration at the University of Omaha
was praised by Dale Clark at the an­
nual President’s dinner. Mr. Clark,
former president of the Board of
Regents of the University of Omaha,
is president of the Omaha National
Bank. He commended Mr. Haynes
for keeping the University out of debt.
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

F. E. DAVENPORT & CO.

Dr. Haynes has been president since
1935.
The First National Bank of Omaha
has a Copenhagen bank as a customer.
The financial link is used by Danish
communities in the Omaha area. Busi­
ness, brisk before the war, is picking
up again. The Omaha bank also had
a pre-war account with a firm on For­
mosa, the former Japanese island in
the China Sea. The Formosan firm
sold wiping rags in Omaha and bought
Omaha blotting paper.

OM AHA

FOREIGN REMITTANCES

Í

W e specialize in forwarding
of funds abroad for our
banking friends with or
w ithout Foreign D epart­
ments. Our remittance serv­
ices include com m ercial,
benevolent and living ex­
pense payments abroad by
cable, mail or airmail.
Experience developed
over the years, and close
friendly relationships with
w orldw ide correspondent
banks are available to assist
domestic banks to
establish orextend
their own remit­
tance service. W e
welcome your in­
quiries.

C T & e

Public National
BANK AND
COMPANY

OF

TRUST
NEW YORK

Main Office: 37 Broad Street
M e m b e r F ed era l R e s e n e S ys te m
N e w Y o r k C le a r in g H o u s e A ss o c ia tio n
F ed era l D e p o s i t In su ra n ce C o r p o r a tio n

II. . : ..... :. ..:

f

bankers, on banking conditions and
problems, which will also be em­
phasized at one or more open forums.
Assisting Mr. Huwaldt on the ar­
rangements committee are J. R. Ken­
ner, president of the Thayer County
Bank, Hebron, who is vice president;
C. A. Phillips, president of the Cam­
bridge State Bank, Cambridge; H. L.
Gearhart, president of the First Na­
tional Bank, Newman Grove; William
E. Mitten, president of the Stephens
National Bank, Fremont; Joe V. John­
son, president of the Johnson County
Bank, Tecumseh; Edward M. Knight,
vice president of the Alliance Na­
tional Bank; and Carl G. Swanson,
Omaha, secretary of the association.
Two meetings have been held by
the committee, both in Lincoln. The
second was attended by a group of
state officers, including Glen T. Gib­
son, of Gibbon, association president;
J. O. Peck, Columbus, vice president,
and Secretary Swanson.
Burt rise Aldrich, 72, retired Fair­
mont, Nebraska, banker, died early
in May at a Lincoln hospital. A na­
tive of Illinois, he had lived in Ne­
braska many years. Besides his
widow, Hannah, two daughters living
in Fairmont, and a brother in Los
Angeles, California, survive.

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

of t h e

Ne­

Rbraska Bankers Association have
about completed arrangements for a

state bankers’ clinic which is to be
held at Doane College in Crete, July
8th, 9th and 10th. Open to all men
and women associated with Nebraska
banks, at least 250 are expected to
be present, according to Edward Huwaldt, vice president of the Com­
mercial National Bank of Grand Is­
land, chairman of the arrangements
committee.
Improvement of service to the pub­
lic, and studies of opportunities and
responsibilities of bankers will high­
light the program. There will also
be addresses by several prominent

Bernard G. Clark, president of the
First National Bank of Havelock,
Lincoln suburb, has been elected vice
president of the Lincoln Traffic Com­
mission, recently created by the city
council. Clarence Hinds, treasurer of
the First Trust Company, is secretary.
Ray Becker, vice president of the
First National Bank, has been elected
president of the Lincoln Association
of Credit Men. Walker Battey, vice
president of the Continental National
Bank, was elected as a member of the
board of directors. They were intro­
duced to the membership at a ladies’
night banquet at the Cornhusker
Hotel.

irst National
Bank of Omaha

N o r t h w e s t e r n B a n k e r, J u n e , 1947

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

Oldest National Bank From Omaha West
Member Federal Depusit Insurance Corporation

Nebraska News
The presidents of three Lincoln
banks have become identified with
the solicitation of funds for the relief
of China, having been appointed mem­
bers of the state committee for
United Service to China. They are
George W. Holmes, First National
Bank; Byron Dunn, National Bank
of Commerce; and T. B. Strain, Con­
tinental National Bank. The latter
is state treasurer for the drive, the
goal for which is $82,950.
Nebraska’s attorney general has
ruled that tangible personal property
of banks should be listed and taxed
separately and in addition to real
estate and intangible property of a
bank. The opinion was prepared at
the request of Robert Armstrong,
state tax commissioner.
Except for short term and open
market loans, the “highly effective”
controls over interest rates will be
continued “for some time,” Karl
Arndt, professor of economics at the
University o f Nebraska, predicted
here recently during the course of an
address at a civic club luncheon. Con­
tinuation of the controls seems to be
in “high favor,” he declared, adding
that “the former practice of using
interest rates to discipline the econ­
omy was wholly ineffectual.”—The
End.

NEBRASKA MEETINGS
(Continued from page 62)
president, First National Bank, New­
man Grove; secretary, O. W. Gladem,
assistant cashier, D e L a y National
Bank, Norfolk; and treasurer, H . F .
Brase, assistant cashier, First National
Bank, Norfolk.
Group Four — President, Holland
Barman, president, F i r s t National
Bank, McCook; vice president, A. C.
Hove, cashier, Minden Exchange Na­
tional Bank; and secretary-treasurer,
Vern Manalian, assistant cashier, City
National Bank, Hastings.
Group Five—President, O. W . John­
son, vice president, Bank of Burwell;
vice president, J. Y. Castle, executive
vice president, McDonald State Bank,
North Platte; and secretary-treasurer,
J. YV. Poynter, assistant vice president,
Ft. Kearney National Bank, Kearney.
Group Six—President, Frank Tuloss, cashier, First National Bank, Hay
Springs; vice president, Marius Chris­
tensen, cashier, American National
Bank, Sidney.

BANKS

Glen T. Gibson, president of The
Exchange Bank, Gibbon, and presi­
dent of the Nebraska Bankers Asso­
ciation, urged as many Nebraska bank­
ers as possible to attend the three-day
Bank Clinic sponsored by the associa­
tion at Doane College in Crete. The
dates are July 8th-10th. The total ex­
pense for the three days should be not

67

more than $15 per person, Mr. Gibson
said.
Mentioning Gibson of Gibbon re­
minds us that on the Group Trip Glen
was called by the name of his town
about as often as his own name of
“Gibson.” He tried to correct it for
a time, but finally gave up and re­
sponded to either name.

CONTACT
Direct contact with the livestock industry
enables us to give correspondents the very
best service in the handling of your livestock
remittances.
Let us handle these remittances for you.

F i r s t S t . * lo s e |» li

STOCK YARDS BANK
South St. Joseph, Mo.
O FFICERS
J. A. Greenfield, President
Thos. J. M cC u llou gh , V ic e President and Cashier
M . E. B lanchard, A sst. Cashier
L ou is J. K om er, A sst. Cashier

“ ONLY BANK IN THE YARDS”
Member Federal Deposit Insurance C orporation

T

J L HE Continental, "Nebraska's friendly bank,"
cordially invites you to draw upon any or all of its
many banking facilities for handling your corre­
spondent business. Noted for its prompt, courteous
and efficient service and its staff of well-gualified
experts, the Continental National Bank stands ready
and eager to serve you in Lincoln.

lought and Sold j

Confidentially and with becoming dignity

BANK EM P LO Y EES PLA C ED .
42 Y e a rs S a tis fa c to ry S e rv ice

THE CHARLES E. WALTERS CO,
OM AHA,


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

Member Federal Deposit Insurance Corporation

NEBRASKA

N o r t h w e s t e r n B a n ke r, J u n e , 1947

68

ACH oflicer oi The Bank of Friendly 24-hour Service
is a specialist in his field— a specialization
gained by years of experience and training in a par­
ticular branch of banking. It's a specialization
well-grounded in the fundamental principles of sound
banking service.

E

All of these specialists working as a team is the reason—
and a good one— why Live Stock National is able
to provide correspondent banks with complete corre­
spondent facilities— including 24-hour transit service that
saves as much as a day's time on most transactions.
These specialists assure you knowledge of your needs
and ability to offer you assistance. That's why the
next time you need correspondent service, think of these
specialists at Live Stock National:

ALL SPECIALISTS and ALL
TEAMED TO BRING YOU
COMPLETE CORRESPONDENT
SERVICE

N o rth w e ste rn Banker,

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

OFFICERS
HENRY C . KARPF
P resid e n t

R. H. KRO EG ER
Vice P r e s i d e n t

W ADE R. MARTIN
V ice

P resid e nt

PAUL HANSEN
V ice

W. DEAN V O G EL

P resid e nt

V ice

H. H. EC H TER M EYER

C.

P resid e nt

G . PEARSON

V ice P r e s id e n t

C a sh ie r

L. V. PULLIAM

ALBERT R. S T ELLIN G

Asst. C a s h ie r

Asst. C a s h ie r

ELMER E. O LSO N

>issf.

C a sh ie r

THE

BANKOF

FRIENDLY

24 h o u r

LIVE STOCK NATIONAL BANK
OMAHA, NEBRASKA
M em ber

June,

1947

F ed era l

R eserve

Bank

and

F ed era l

D e p o s it

In su r a n ce

C o r p o r a tio n

SERVICE

69

New Bank at Clarion

H

a n k e r s

T r u s t

l 'r o n i o t ì o n s

T THE regular board meeting of
the Bankers Trust Company of
A
Des Moines, B. F. Kauffman was made
chairman of the board, J. W. Hubbell
was elected president and S. C. Pidgeon became executive vice president.
Mr. Kauffman, who founded the
Bankers Trust Company 30 years ago
this month, will continue in active
management of the institution. He
has seen the company grow from
§604,000 in deposits in 1917 to over
$58,697,000 at the present time. To­
day the capital is $1,000,000, surplus
and undivided profits are $2,000,000
and there is a reserve fund of $962,000.

Mr. Hubbell, newly elected presi­
dent of the bank, has been a director
of the institution for the past 21 years
and prior to his becoming an active
vice president in 1944, he had an ex­
tensive business experience with nu­
merous commercial enterprises.
Scott C. Pidgeon, executive vice
president, started with the Bankers
Trust when it was founded 30 years
ago, and has been vice president of
the bank since 1932.
These changes in the executive staff
of the bank were made necessary in

B. F. K A U F F M A N
Chairman of the Board


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Federal Reserve Bank of St. Louis

order to give additional service to the
rapidly increasing number of depos­
itors and customers who are making
use of the bank’s facilities. Enlarged
banking quarters also are being made
available on the west side of the build­
ing and a further expansion program
will take place as the demand for
more space is required.
The official staff of the Bankers
Trust Company with the promotions
mentioned above is as follows: B. F.
Kauffman, chairman of the board; J.
W. Hubbell, president; S. C. Pidgeon,
executive vice president; F. C. Atkins,
vice president and cashier; C. W. Mesmer and L. Nevin Lee, vice presidents;
William Ellison and G. A. Moeckly,
assistant vice presidents; A. F. Erick­
son and J. B. Monahan, assistant cash­
iers; F. S. Lockwood, secretary and
trust officer, and S. G. Barnard, assist­
ant secretary.
Directors include Paul Beer, Thos.
A. Burcham, J. W. Hubbell, F. W.
Hubbell, Russell Reel, John D. Shuler,
B. F. Kauffman, S. C. Pidgeon, R. R.
Rollins, Shirley Percival, E. T. Mere­
dith, Jr., E. J. Lindhardt, S. F. Mc­
Ginn and Joseph F. Rosenfield.

J.

W. H U BBELL
President

The Wright County State Bank com­
menced operations last month in Clar­
ion, Iowa, with total capital funds of
$85,000, $50,000 of which is basic capi­
tal in the form of common stock.
Officers of the most recent state bank
chartered in Iowa are: G. C. Kelley,
president; C. S. Johnson, vice presi­
dent; William Zunkel, vice president,
and Thomas O. Cooper, cashier. Mr.
Cooper, who will be managing officer
of the institution, moved to Clarion
from Indianola where he was cashier
of the Warren County Bank and Trust
Company.
He has been actively engaged in
banking business since 1935, his first
experience being with the Northwest
Bancorporation. In 1941 he moved to
Jefferson as assistant cashier of the
Jefferson State Bank and after three
years of Navy service, returned to
banking work and was subsequently
elected to the cashiership at Indianola.
Assisting him in the bank will be
Miss Naomi Koltvet as secretary and
teller and C. J. “Chuck” Austin as
bookkeeper and teller. Miss Koltvet
served in the same position for a year
and half in the Williams Savings Bank.
Mr. Austin has been deputy county
treasurer for the past year.

Sioux County Election
At the annual meeting of the Sioux
County Bankers Association in Boyden, Iowa, recently, officers elected for
the ensuing year were: President, C.
A. Slife, cashier, Farmers State Bank,
Hawarden; vice president, Jas. L. Huy­
gens, cashier, Hospers Savings Bank,
Hospers, and secretary-treasurer, E.
V. Slife, assistant cashier, Farmers
State Bank, Hawarden.
Retiring president is S. G. Vanden
Brink, vice president and cashier,
Farmers Savings Bank, Boyden.

S. C.
E xecu tiv e

P ID G E O N
V ice President

N o r t h w e s t e r n B a n ke r, J u n e , 1947

70

Iowa News

Guest speaker was Dean R. F. Pat­
terson of the University of South Da­
kota, school of commerce.

IOWA
GROUP MEETINGS
A complete report, with
pictures, of the eight Iowa
Group Meetings held in
May, will be published in
the July issue of The
Northwestern Banker.

90 Years in Pella
The 90th anniversary of the found­
ing of Pella, Iowa’s, oldest business
house, the Pella National Bank, was
celebrated last month during the first
postwar revival of the famous Pella
Tulip Festival.
Commemorating the founding, the
hank issued an attractive booklet with
tulips in color on the cover, which was
mailed to friends of the bank.
Inside the booklet were two histori­
cal sketches, one of “Pella—City of
Refuge” and the other of the Pella
National Bank. In the center of the
folder was a statement of the bank’s
condition showing total resources of

$5,703,535, of which $4,919,254 was in
cash and marketable bonds, the high­
est totals in history. Deposits were
$5,479,300. The bank is the largest
in Marion county.
On other pages of the booklet were
listed the names of the bank’s officers
and directors and employes, a direc­
tory of things to see at the Tulip Fes­
tival and the names of the members of
the general committee for Tulip Time,
altogether an interesting and timely
booklet.
Officers of the bank are C. F. Dykstra, president; J. R. Drake, executive
vice president, who conceived the idea
of the booklet and compiled the mate­
rial; J. G. Boat, vice president; C.
Smorenberg, cashier, and Will Baer
and C. Vander Linden, assistant cash­
iers.

With Security National
Howard L. Johnson is now nicely
installed in his duties as trust officer
of the Security National Bank of Sioux
City, to which job he was elected re­
cently.
Mr. Johnson is a native of Sioux
City, graduating from Central High

Vibration m ay be goo d fo r
figu res, but it's not goo d
fo r figuring
NOISE VIBRATION
CO STLY— it destroys
ciency, invites errors,
pairs employee health
morale and increases
by absenteeism.

IS
effi­
im­
and
loss

Quick to sense the impor­
tance of noise reduction,
business e v e r y w h e r e is
s o l v i n g t hi s i mp o r t a n t
problem by installations of
Sprayed LIMPET A SBES­
TOS.

R ED U C E N O IS E E F F E C T IV E L Y
The Permanent Economical W ay
Applied to ceilings (and) walls. Sprayed Limpet Asbestos
provides a natural sound cushion which absorbs the
overtones of distracting noise. It's as easy to apply
as plaster, provides extra insulation, is fire resistant and
requires no extra maintenance costs.
For efficient
acoustical correction and effective noise reduction,
specify Sprayed Limpet Asbestos in your new construc­
tion and in modernization.

S u rvey
and
e stim a te s
p r o v id e d b y ou r e x p e r i­
e n c e d e n g in e e r s.
A p p li­
c a tio n
m ade
to
str ict
s p e c ific a tio n s b y ou r fa c ­
to ry
tr a in e d
e x p erts.

TELEPHONE
3-4241

OR WRITE

H. B. BUCKHAM & CO.
Specialists in Acoustical Engineering
410-20 SIXTEENTH STREET
N o r t h w e s t e r n B a n k e r, J u n e , 1947

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

DES MOINES, IO W A

H O W A R D L. J O H N S O N
T rust Officer at S ecurity N ational

School there. He took accounting and
finance at Iowa State College and after
graduating there he taught accounting
for one year and obtained his Master’s
Degree. He did accounting work in
Des Moines for seven years, then ob­
tained a law degree at the University
of Iowa and was associated with the
Business Administration office of the
University before going to Sioux City
and specializing in taxes and probate
work prior to becoming associated
with the Security National Bank.
President Charles R. Gossett of the
Security National Bank says, “ Our


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Federal Reserve Bank of St. Louis

71

Your
Government Bonds

AS an aid in handling portfolios o f United States Governj lj L

ment securities, we send our correspondent banks a

weekly quotation sheet, buy and sell government securities
as agent without fee and if requested hold the securities in
safe keeping without charge.
This is one o f many facilities we have developed from
an experience of more than three-quarters o f a century as
Chicago correspondent for hundreds o f Middle West banks.
W e shall be pleased to explain these facilities in full detail.

tJ / e

LIVE STOCK
BANK

z A a fim ia /

ESTABLISHED 1868

U N IO N

STO C K YARDS

M em ber Federal Deposit Insurance Corporation
N o r t h w e s t e r n B a n ke r, J u n e , 1947

72

Iowa News

trust department has grown to such
proportion that it was necessary to
obtain additional personnel and we
feel fortunate in being able to obtain
the services of Mr. Johnson, who is
well qualified to fill this position.”

With Sioux City Bank
The Live Stock National Bank of
Sioux City announces the appoint­
ment of William (Bill) L. Temple as

Heads Chariton Bank
George Garton, former head of the
Citizens State Bank at Humeston,
Iowa, has taken over new duties as
executive president of the First State
Bank at Chariton. Mr. Garton, to­
gether with others, bought a block of
stock in the Chariton institution. He
disposed of his Humeston bank inter­
ests several months ago.

De s Moines

★

★

★

★

★

TODAY, AS EVER—
W I L L I A M ( B I L L ) L. T E M P L E
F ield R epresentative Sioux C ity L ivestock
N ational

HEADQUARTERS
FOR YO U R
N O R T H E A S T E R N IO W A

field representative. Mr. Temple will
work in the correspondent bank divi­
sion and livestock loan department.
For the past fifteen years Mr.
Temple has owned control and man-

B U S IN E S S
M ERCHANTS
M U T U A L

BONDING
COMPANY
Incorporated 1933

H om e Office
SO U TH ER N S U R E T Y B U ILD IN G

Des Moines, Iowa
•

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

W ATERLOO

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.

•

Member— Federo! Reserve System
Federa! Deposit Insurance C o rp o ratio n

W rite to

E. H. WARNER

★

★

N o r t h w e s t e r n B a n k e r. J u n e , 1947


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

★

★

★

Secretary and M anager

Iowa News

aged the Ute State Bank of Ute, Iowa.
Prior to that, he had had banking
experience in South Dakota dating
back to 1920. Mr. Temple has a nice,
pleasing personality and will attempt
to be of service to the many friends
of The Live Stock National Bank.

Vincent Banker injured
Mr. and Mrs. Art Swasand of Vin­
cent, Iowa, their sons, Tommie and
Roger, were in a car accident near
Iowa Falls last month. Mr. and Mrs.
Swasand and Roger were quite seri­
ously injured and were taken to an
Eldora hospital.
Mr. Swasand is cashier of the Farm­
ers Savings Bank in Vincent.

nois, spoke on trust funds and invest­
ment policies at a luncheon meeting.
Afternoon speakers were Howard S.
Noble, dean of the college of business
administration, University of Cali­
fornia; and Earl J. Miller, professor
of economics at the same university.
Professor Robert J. Samson, Simp­
son College, led a panel discussion of
public relations work in banking.

73

Speakers were William Buxton, III,
president, Peoples Trust & Savings
Bank, Indianola; C. S. Johnson, execu­
tive vice president, First National
Bank, Perry; Harold P. Klein, vice
president, Iowa-Des Moines National
Bank, Des Moines, and Charles D.
McCoy, executive vice president, War­
ren County Bank & Trust Company,
Indianola.

WHY WE CAN SERVE YOU

Mow at Belie Piaine

The First National Bank in Sioux City is equipped to
serve you because—

Carleton Groszkruger has b e e n
elected assistant cashier of the Citi­
zens State Bank at Belle Piaine, Iowa.
He has been assistant cashier of the
Exchange State Bank at Collins, Iowa.
Mr. Groszkruger is a graduate of the
University of Iowa and served three
years in the army.

1. It has adequate resources.
2. It has a w ealth of experience through close association
with country bankers for many years.
3. It has "frien d ly" officers and an efficient personnel to give
you prompt and a c cu ra te service on all your correspond­
ent items.

M ay we serve you in Sioux City?

Joins Eldon Bank
Miss Anna Myers is the new book­
keeper at the First National Bank,
Eldon, Iowa. She takes the position
left vacant by the resignation of Doro­
thea A. Plank who is now with the
Midwestern Air Lines School in Kan­
sas City.

A. G. Sam, President
Fritz Fritzson, Vice Pres, and Cashier
E. A. Johnson, Assistant Cashier
J. T. Grant, Vice President
H. H. Strifert, Assistant Cashier
J. R. Graning, Assistant Cashier
R. E. Gleeson, Assistant Cashier
J. Ford Wheeler, Auditor

Melvin F. Johnson

MEMBER FEDERAL RESERVE SYSTEM
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION

Melvin F. Johnson, widely known
Webster City, Iowa, banking official,
died last month at the Veterans Hos­
pital in Des Moines, where he had
been a patient for the past five years.

South Central Meeting
The Business Administration Club
of Simpson College in Indianola, Iowa,
was host to members of the Iowa
Bankers Association from central and
southern Iowa at the Masonic Temple
recently.
Robert G. Collins, vice president of
the First National Bank, Chicago, Illi­
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS

*

*

*

*

S / o u x *

/ / /

F. E. DAVENPORT & CO.
OM AHA

Did you know that your Banker’s Blanket Bond
does not protect your Cash Letter while it is in
transit by mail or express? Ask about our
Cash Letter Policy, whiph fills the gap.
STR ST N A T I O N A L


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Federal Reserve Bank of St. Louis

BANK

B U I L D IN G

•

C H IC A G O

Scarborough & Company
Insurance Counselors
3, IL L IN O IS

STATE

to Banks

4325

N o r t h w e s t e r n B a n ke r, J u n e , 1947

*

*

74

Iowa News

Farm Relations Officer
The Manly State Bank, Manly, Iowa,
has added a farm relations officer to
its personnel. He is E. F. Bowers of

IOWA BANKS WANTED
to Buy: Controlling interest
in Iowa Banks. All inquiries will be
treated with strictest confidence. Write
G.H.5, the Northwestern Banker, 527
7th St., Des Moines, Iowa.
W anted

KLIPTO

LOOSE
LEAF
CO.

MASON CITY, IOWA
Bank Supplies

Mason City. Mr. Bowers is the former
owner of the Schemerhorn Dairy of
Mason City, and besides his experience
along this line has done extensive
cattle feeding. He comes to his new
duties well qualified to carry on the
program laid out for this new depart­
ment by President Leonard Simmer
and his associates in the bank.

Denison Promotion
George E. Sievert, assistant cashier
of the Crawford County Trust and
Savings Bank, Denison, Iowa, since
1941, was named vice president and
member of the board of directors at a
recent meeting of bank stockholders.
At the same time Theodore P. Feddersen was appointed cashier; J. Allen

Anderson, assistant cashier, and Carl
Lundeen, local insurance agent, a mem­
ber of the bank’s directorate.
These appointments were made to
fill the vacancies caused by the resig­
nation of Martin Runge, who had been
vice president and cashier of the bank.

Form Investment Group
Ernest Kosek was elected president
of the newly-formed Cedar Rapids In­
vestment Dealers Association. Cedar
Rapids, Iowa, at a dinner meeting re­
cently at the Cedar Rapids Country
Club.
Thomas L. Crabbe was chosen vice
president and Russell F. Knapp, sec­
retary-treasurer.
Mr. Kosek, Lynn Swaney, Mr.
Crabbe and Mr. Knapp were named as
a committee on articles and by-laws.
Sam S. Johnson was in charge of meet­
ing arrangements. The association
voted to invite the Iowa Investment
Bankers Association to hold its Janu­
ary meeting in Cedar Rapids.

Riceville Bank Changes
Two officers of the Riceville State
Bank, Riceville, Iowa, have retired
from active work. They are Charles
Bartlett, who has been president of
the bank for the past 34 years, and
Charlie Potter, who has been cashier
of the bank also for 34 years. The
men will remain on the board of direc­
tors, with Mr. Bartlett as president
and Mr. Potter as vice president.
Dan Mahoney, Jr., of La Porte City,
has purchased an interest in the Rice­
ville bank and will become cashier.
Mrs. Mahoney will assist her husband.

Y O U R C O P Y IS A W A IT IN G
Y O U R R EQ U EST
The 1947 edition of The Northern Trust Com­
pany’s informative book on U. S. Government
Securities is now ready for you. Like previous edi­
tions which have proved useful to banks, this new
book contains charts, tables and complete facts on
all current issues. A request will bring you a copy.
BOND

DEPARTM ENT

THE N O R T H E R N
TRUST COMPANY
50 SOU TH LA S A L L E S T R E E T , C H IC A G O 90, IL L IN O IS
Telephone Franklin 7070
Bell System Teletype CG 368

Bankers:
W e specialize in
writing

Automobile
and

Fire Insurance
★

CENTRAL STATES MUTUAL
INSURANCE ASSOCIATION
Mt. Pleasant, Iow a
E. A. HAYES, President
O. T. WILSON, Secretary
Established 1929

N o r t h w e s t e r n B a n ke r. J u n e , 1947


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Federal Reserve Bank of St. Louis

Iowa News

S io u x C ity N ew s
HE new modern offices of
Bank’s personal loan de­
T
partment and the FHA and G. I. home
The Toy

National

loan department are open on the
second floor of 'The Toy National
Bank Building.
J. D., Shinkle, assistant cashier of
The Toy National Bank, acts as man-

manager. U. H. Bunkers, treasurer
of the Farmers Loan and Trust Com­
pany, who was also recently dis­
charged from the Navy, is manager
of the FHA and G. I. home loan de­
partment, in addition to his super­
visory duties of the insurance depart­
ment of The Farmers Loan and Trust
Company, and city property manager
of all the city properties held in the
trust department.
The offices are air conditioned and
equipped with fluorescent lights, and
have a very modern appearance.
Numerous compliments were received
from this move, as it affords the cus­
tomers private conference rooms and
more privacy than on the first floor.

75

Kenneth Pillar will be in charge of
the new personal loan department of
the Woodbury County Savings Bank

DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION
Oldest in Des Moines
210 6th Ave.

Dial 4-7119

E L M E R E. M IL L E R
Pres, and Sec.

H U BE R T E. JAM ES
Asst. Sec.

F O R Y O U R E N JO Y M E N T . . .
Listen to the
“ W O R L D OF M U SIC ”
K R N T, 1350 KC

1 to 1:30 p.m. Sundays

MANY MIDWESTERN BANKERS,
W H O S E C U ST O M E R S SHIP
L IV E S T O C K TO C H IC A G O ,
RECOGNIZE THE GENUINE
UTILITY OF DROVERS FRIENDLY
SERVICE HERE IN THE ‘YARDS’
AT THE CENTER OF THINGS.

THREE N E W OFFICERS of the Toy
National Bank, Sioux City. Upper, J. D.
Shinkle, personal loan manager; center,
John J. Gordon, personal loan assistant
manager; and lower, U. H. Bunkers, F'HA
and GI home loan department manager.

Members, Federal Deposit Insurance Corporation

ager of the personal loan department.
John J. Gordon, recently discharged
from the Army, and formerly assist­
ant cashier of the First Trust and
Savings Bank of Remsen, is assistant

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Federal Reserve Bank of St. Louis

Nort hwest ern Banker. June, 1947

76

Iowa News

which is opening on the ground floor
of the Badgerow Building. Mr. Pil­
lar’s former experience includes sev­
eral years with the Bank of America.
He is an ex-serviceman who returned
to Sioux City to resume his banking
affiliation.
Miss Mary Doyle, presently in the
loan department of the bank, will be
Mr. Pillar’s secretary in the new de­
partment.
MR. T IR E D B A N K E R — W hy not
use taxable profits to em ploy an assist­
ant executive qualified in general
banking, instalm ent loans, auditing,
reports, tax and accounting services ?
Veteran W ar I.

A. G. Sam recently returned from
Swampscott, Massachusetts, where he
attended a meeting of the Reserve
Bankers at their recent annual event.

mg the first week of his annual va­
cation period at his home at Charter
Oak.

John Scott, Jr. is visiting for two
weeks with his son, Clark Scott, at
Freeport, New York.

Woodbine Bank Host

Don W. Jurgemeyer, r e c e n t l y
elected president of the local A.I.B.,
is scheduled to represent the Sioux
City chapter at the national organiza­
tion meeting at Detroit in the near
future.
C. L. Keim, assistant cashier of
Morningside Savings Bank, is spend-

The First National Bank of Wood­
bine, Iowa, was host to more than one
hundred cattle feeders at a three
course banquet dinner, served by the
Ladies’ Auxiliary at the Legion Hall
in Woodbine last month.
S. R. DeCou, cashier of the bank,
introduced a number of guests from
the Omaha market and then presented
Cullen Wright, fieldman from the Oma­
ha Stockyards Company, who gave the
main address.

ite s M o in e s N ew s
r DWARD P. KAUTZKY, vice presi-

If You Could
Fingerprint Banks...
If you could fingerprint banks, you
would see that they, like their cus­
tomers, are not all alike. Each bank
has its own personality and its own
individuality.

That's

the

w ay

it

should be.
W e like to think of our bank as a
bank with a warm personality . . . an
organization that cuts red tape and is
young in spirit.
We

have

the

facilities

and

are

equipped to efficiently handle your
business.

C E C u R rn z
iW

ilM

of Sioux Cits?
Member Federal Deposit Insurance Corporation

N o r t h w e s t e r n B a n k e r, J u n e , 1947


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Federal Reserve Bank of St. Louis

L. dent, Valley Bank and Trust Com­
pany, and Mrs. Kautzky, attended the
annual meeting of the National Asso­
ciation of Credit Men in New York
City last month.
Mr. Kautzky represented the Cent­
ral Iowa Unit of which he was presi­
dent until his term expired last
month. Members of this unit pre­
sented him with a desk pen set in
honor of his service.
James F. Hart was honored on the
occasion of his fiftieth anniversary
with the Iowa-Des Moines National
Bank and Trust Company. Mr. Hart
is assistant vice president in charge
of the savings and safe deposit de­
partments.
He entered the employ of the Iowa
National Bank as a clerk on May 1,
1897. This bank later was merged
with another bank into the present
institution. Mr. Hart was presented
with a gold pocket watch by bank
officials.
He will continue at his usual work
for he says he is happier that way.
Mr. Hart is married and is the father
of seven sons. One son is a priest in
Panama, Iowa, another an economics
professor at Creighton University,
where two more sons are students,
two are physicians and one is a
farmer.

Officers of the Valley Bank and
Trust Company moved into their new
executive offices last month. This
expansion makes possible more room
on the regular banking floor. Addi­
tional space for the bookkeeping de­
partments is also being provided.
These facilities, installation of a com­
plete air conditioning system, and a
few smaller details are expected to
be completed within a few weeks.

Iowa News
Walter Acuff, assistant auditor of
the Iowa-Des Moines National Bank
and Trust Company, was inaugurated
president of the Des Moines chapter
of the American Institute of Banking
at the annual meeting last month at
Hotel Kirkwood.
Other new officers are John Mona­
han, assistant cashier, Bankers Trust
Company, first vice president; Harold
Wellander, Capital City State Bank,
second vice president; Floyd Madden,
Central National Bank and Trust
Company, treasurer; Esther Bergman,
secretary, and Catherine Caulfield,
chairman of the women’s division,
both of the Iowa-Des Moines National.
Harry Campani, manager of the
collateral department of the Iowa-Des
Moines National Bank and Trust Com­
pany, was awarded a $100 scholarship
prize for making the best grades at
the institute’s banking school held
during the winter.
The election was held at the Central
National Bank and Trust Company.
It was followed by a dinner dance at
the hotel.—The End.

With Oelwein Bank
Volney Palmer assumed his duties
at the Oelwein State Bank, Oelwein,
Iowa, last month. He will work there
until the Aurora office is opened, and
then will become manager of that
bank, which will be known as the
Aurora office of the Oelwein State
Bank.
It is expected that the Aurora office
will be opened within the next month.

of

\ i »y i : iktim : ics

C ity N a tio n a l B a n k an d T r u s t C o m p a n y
— C h ic a g o ............................................................. 65
C o n tin e n ta l B a n k an d T r u s t C o m p a n y . . 53
C o n tin e n ta l N a tio n a l B a n k — L i n c o l n ... 67
C o n tin e n ta l Illio is N a tio n a l B a n k and
T r u s t C o m p a n y .................................................
6
1)
D a v e n p o rt, P. E . an d C o m p a n y ................ 6 6-73
D e L u x e C h eck P rin te rs , In c .......................... 42
D e s M o in e s B u ild in g , L o a n and S a v in g s
A s s o c i a t i o n ........................................................... 75
D o w n e y , C. L. C o m p a n y ..................................... 37
D r o v e r s N a tio n a l B a n k ..................................... 75
F
F a r m e r s M u tu a l H a il In s u ra n c e C o......... 45
F e d e ra l In te r m e d ia te C re d it B a n k s . . . . 41
F ir s t and A m e r ic a n N a tio n a l B a n k —
D u lu th ...........................................................• • ■ • 50
F ir s t N a tio n a l B a n k o f th e B la c k H i lls . 58
F ir s t N a tio n a l B a n k — •Chicago................ 33
F ir s t N a tio n a l B a n k — M in n e a p o lis ...... 46
F ir s t N a tio n a l B a n k — O m a h a .................. 66
F ir s t N a tio n a l B a n k — St. L o u i s .............. 37
F ir s t N a tio n a l B a n k — St. P a u l ................ 51
F ir s t N a tio n a l B a n k — S io u x C i t y ........... 73
F ir s t St. J osep h S to c k Y a r d s B a n k . . . . 67
F ir s t W is c o n s in N a tio n a l B a n k .............. 32
H
H a m m e r m ill P a p e r C o m p a n y ..................... 11
H o ffm a n T a ilo r s ................................................... 77
H o lle y , D a y to n & G e r n o n ............................ 40
5
H o m e In s u ra n c e C o m p a n y ..........................
H o n o r R o ll B a n k s .........................................2 9-30
I
In v e s to r s S y n d i c a t e ........................................ 38
I o w a -D e s M oin es N a tio n a l B a n k and
T r u s t C o m p a n y ............................................. 80
I r v in g T r u s t C o m p a n y ................................... 10
J
J a m ie so n an d C o m p a n y .............................. 41
K
K a lm a n an d C o m p a n y ...................................
K lip t o L o o s e L e a f C o m p a n y .......................
K o c h B r o t h e r s ....................................................

TENSION TIE ENVELOPE
W ILL NOT PULL OUT"

40
74
77

Tension Envelope Corp.

L
L a M o n te , G e o rg e an d S o n ...................... - . . .
3
L e s s in g A d v e r tis in g C o m p a n y .................. 72
L iv e S to c k N a tio n a l B a n k — •Chicago. . . . 71
L iv e S tock N a tio n a l B a n k — O m a h a ...... 68
L iv e S to c k N a tio n a l B a n k — S io u x C ity . . 54
JI
M a n u fa c tu r e r s T r u s t C o m p a n y ................ 12
M a rq u e tte N a tio n a l B a n k ............................ 77
M e rc h a n ts M u tu a l B o n d in g C o m p a n y . . . 72
M e rc h a n ts N a tio n a l B a n k .........................
2
M id w e st B e a ch C o m p a n y ............................ 56
M in n e s o ta C o m m e rc ia l M e n ’ s A s s n ..... 53
M o rr ell, John and C o m p a n y ..................... 58

77

.

■

.

■' y

MANUFACTURING

:■

■

j

PLANT

DES MOINES 14, IOWA
Phone 4-4126

1912 Grand Ave.
k.

N
N a tio n a l B a n k o f C o m m e r c e .........................
N a tio n a l B a n k o f W a t e r l o o ...........................
N a tio n a l C ash R e g is t e r C o m p a n y ...............
N a tio n a l C ity B a n k o f N e w Y o r k ............
N o rth e rn T r u s t C o m p a n y ................................
N o r th w e s t S e c u rity N a tio n a l B a n k ..........
N o r th w e s te r n N a tio n a l B a n k .........................

65
72
9
8
74
56
48

ö
O m a h a N a tio n a l B a n k .......................................

27

P
P o lic y h o ld e rs N a tio n a l L ife In su ra n c e
C o m p a n y ............................................................... 42
P u b lic N a tio n a l B a n k and T r u s t C o......... 66
Q
Q ueen C ity F ir e In s u ra n c e C o m p a n y . . . 58

JU N E. 1947
A
A d d r e s s o g r a p h S ales A g e n c y ........................... 57
A llie d M u tu a l C a s u a lty C o m p a n y ................. 44
A m e r ic a n N a tio n a l B a n k and T r u s t C o .. 34
B

B a n k e r s T r u s t C o m p a n y — D es M o i n e s .. 79
B a n k e r s T r u s t C o m p a n y — N ew Y o r k . . . .
4
B u c k h a m , H . B. and Co., In c ........................... 70
B u r r o u g h s A d d in g M ach in e C o m p a n y . . . 14
C
C e n tra l N a tio n a l B a n k in C h ic a g o ............ 37
C e n tr a l N a tio n a l B a n k an d T r u s t C o m ­
p a n y — D e s M o in e s ............................................ 18
C e n tra l S ta te s M u tu a l In su ra n c e A s s n .. 74
C h a se N a tio n a l B a n k .............................................
7
C h ic g o , M ilw a u k e e , St. P a u l an d Pacific
R a ilr o a d C o m p a n y ........................................... 45


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Federal Reserve Bank of St. Louis

R
R o llin s , R ic h a rd R ., In c ....................................

41

S
St. L o u is T e r m in a l W a r e h o u s e C o.............. 35
St. P a u l T e r m in a l W a r e h o u s e C o m p a n y . 36
S c a rb o r o u g h an d C o m p a n y ................. 3 4 -4 4 -7 3
S e c u rity N a tio n a l B a n k ..................................... 76
S tock Y a r d s N a tio n a l B a n k — S ou th St.
P a u l ......................................................................... 52
T

T e n sio n E n v e lo p e C o m p a n y ........................... 77
T o o t le -L a c y N a tio n a l B a n k ....................... 6 4-65
TJ
U n ite d S ta te s N a tio n a l B a n k ........................

60

\V
W a lt e r s , C h a rle s E . C o m p a n y ......................
W e s s li n g S e rv ic e s ..............................................
W e s t e r n M u tu a l F ire In s u ra n c e C o.........
W h e e lo c k & C u m m in s .......................................

67
13
44
40

ZIPPERS REPLACED,
REPAIRED
on your night depository bags, brief
cases, traveling bags and luggage, golf
bags. Mail to

HOFFMAN TAILORS
402 Sixth Avenue East
DES M O IN ES 9. IO W A

N o r t h w e s t e r n B a n ke r, J u n e , 1947

78

Not Long

Age Old Wolf

Two-Faced Acting

Bus Driver (to little girl): You’re
only six? When will you be seven?
Little Girl: As soon as I get off the
bus.

“The art of wolfing hasn’t changed
much through the centuries.”
“ No. The Greek maidens used to
sit and listen to a lyre all evening,
too.”

“A girl has to be an excellent ac­
tress.”
“Yep. She’s gotta act insulted if a
man makes a pass at her, and conceal
her disappointment if he doesn’t.”

One of I hose Things
“ I saw your wife today with a black
patch over her eye. What’s wrong
with her?
“Nothing — that’s her new Easter
bonnet.”

A Real Worm
“Man is just a worm in the dust.”
“Yeah. He comes along, wiggles
around awhile and finally some chick
grabs him.”

Dual Control
Judge: Did you have complete con­
trol of yourself at the time of the
accident?
Meek Little Man: No, sir. My wife
was with me.

No Quarantine
Annie: “Come in and see our new
baby.”
Teacher: “Thank you, but I will
wait until your mother is better.”
Annie: “You needn’t be afraid. It’s
not catching, teacher.”

Ingratitude
A worried man walked into the office
of the Rent Control Administrator and
asked if anyone could tell him who his
landlord was.
Clerk: “Your landlord is the man
you pay your rent to.”
Man: “ I don’t pay no rent. You see
’bout nine years ago I found me a
vacant house and moved in. I been
there ever since and I ain’t paid no
rent.”
Clerk: “Well, then, what are you
worried about? You have no com­
plaint.
Man: “Yes, sir, I have, if somebody
don’t fix that roof, I’m gonna move
out.”

Somebody Else's Type
Personnel Manager: Have you any
references?
Applicant: Sure, here’s one: “To
whom it may concern. Mr. Jones
worked for us one week and we’re
satisfied.”
N o r t h w e s t e r n B a n ke r, J u n e , 1947


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Federal Reserve Bank of St. Louis

C O N V E N T IO N S
June 2-14, Central States School of
Banking, University of Wiscon­
sin, Madison.
June 11-12, Annual Convention, Min­
nesota Bankers Assn., St. Paul,
Hotel St. Paul.
June 15-28, Graduate School of Bank­
ing, Rutgers University, New
Brunswick, N. J.
June 16-17, Annual Convention, North
Dakota State Association, Bis­
marck.
June 16-28, Agricultural Credit School,
Ames, Iowa State College.
June 20-21, Annual Convention, South
Dakota State Association, Sioux
Falls.
June 23-25, Annual Convention, Wis­
consin State Association, Milwau­
kee, Hotel Schroeder.
July 8-10, Nebraska Bankers Clinic,
Doane College, Crete, Nebraska.
July 7-19, Agricultural Credit School,
Ames, Iowa State College.
September 26-28, Assn, of Bank
Women, Claridge Hotel, Atlantic
City, N. J.
September 29-October 1, A.B.A., 73rd
Annual Convention, Atlantic City,
New Jersey.
October 6-8, 61st Annual Convention,
Iowa
State
Association,
Des
Moines, Hotel Fort Des Moines.
October 6-9, Annual Convention, Fi­
nancial Advertisers Assn., New
York City, Hotel Waldorf.
October 22-25, National Assn. Bank
Auditors and Comptrollers, Balti­
more, Md.
November 6-7, A.B.A. Mid-Continent
Trust Conference, Chicago, Drake
Hotel.
November 10-11, Annual Convention,
Nebraska Bankers Association,
Omaha, Hotel Paxton.

An Extra “ Ace”
“Yo’ don’t win wid three aces.
wins.”
“What yo’ got?”
“Two eights an’ a razor.”

Ah

All Minced Ep
Store Clerk: How much mincemeat
do you want?
Bride: About half a pound—and
please cut it off a nice, tender mince.

More Changes
Husband: I’ve been thinking it over
and I’ve decided to agree with you.
Wife: That won’t do you any good
—I’ve changed my mind.

And What a Mess, Too
“ In a word, we must change the
status quo.”
“What’s the status quo, Senator?”
“That, son, is Latin for the mess
we’re in.”

Tough
A ship called at a cannibal isle and
the captain was surprised to see the
missionary come out in a canoe.
“ How on earth did you ever keep
them from eating you?”
“ It was easy. You see, I have a cork
leg. As soon as I landed, I pulled off
my trousers, cut off a slice and handed
it to the chief. He decided I wasn’t
worth cooking.”

Salvation
A comely colored girl had just been
baptized in the river. As she came to
the surface, she cried, “Bless de Lawd,
I’se saved! Last night I was in de
ahms of Satan, but tonight I’m in, de
ahms of de Lawd!”
“ Sistuh,” came a baritone voice from
the shore, ‘how is you fixed up for to­
morrow evening?”

r
DIRECTORS
PAUL BEER
P r e s id e n t, T h e F l y n n D a i r y C o .

THOS. A. BURCHAM, M .D .
R a d io lo g ist

F. W. HUBBELL
P r e s ., E q u ita b le L i f e I n s .

C o.

o f Io w a

E. J. LIN D H A RD T
P r e s id e n t,

N a tio n a l B y -P r o d u c t s , I n c .

S. F. M cGINN
V.

P ., T a n g n e y -M c G i n n

H o tels

E. T . M ERED ITH , JR.
V.

P ., M e r e d ith

P u b lish in g

C o.

SHIRLEY PERCIVAL
P r e s ., G r e e n

C o lo n ia l F u r n a c e C o .

RUSSELL REEL
P r e s id e n t,

THIRTY YEARS . . .

Y e llo w

Cab

C o.

R. R. ROLLINS
R ea l

E sta te

and

In v es tm e n ts

J. F. ROSENFIELD
A tto rn ey

$

56, 000,000

JOHN D. SHULER
P r e s id e n t,

S h u le r

C oal C o .

B. F. KAUFFMAN
C h a ir m a n

of

th e

B oard

J. W. HUBBELL

Banking in Des Moines and Iowa has seen a

P r e sid e n t

S. C. PIDGEON

remarkable development since this bank first

V ic e

P r e sid e n t

OTHER OFFICERS

opened its doors— on June 1, 1917.
A t that time, Des Moines had twenty-three
banks.

E x e c u tiv e

Combined resources of all twenty-three

C. W. MESMER
V ic e P r e sid e n t

F. C. ATKINS
V ic e P r e s ,

and C a sh ier

L . NEVIN LEE
V ic e P r e s id e n t

totaled less than $78,000,000.*

F. S. LOCKWOOD

Today, Des Moines has eight banks.

On Janu­

S e c y , a nd T r u s t

O fficer

W M. ELLISON

ary 1, 1947, total resources of those banks were
$295,955,998.51. Of this amount, $56,478,409.86

A s s is ta n t V ic e P r e sid e n t

G. A. MOECKLY
A ssista n t V ic e P r e sid e n t
M g r . P e r so n a l L o a n D e p t .

A. F. ERICKSON
A ssista n t C a sh ie r

were resources of the Bankers Trust.

J. B. MONAHAN

In the thirty years since 1917, as the records

A ssista n t C a sh ier

S. G. BARNARD
A s s is ta n t S ec r e ta r y

prove, the Bankers Trust has gone steadily fo r­
ward to its present position as one of Iowa’s
large banks— widely recognized as “ a good bank­
ing connection in Des Moines.”

B A N K E R S TRUST C O M P A N Y
♦Data from records o f Iow a State B anking D epartm ent and fro m N ational
Bank statements published in the Des M oines Tribune, July 9, 1917.


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

6TH AND LOCUST
Member Fed. Dep. Ins. Corp

DES MOINES
M e m b e r F e d . R e s . S ys te m

• Depository for r e ­
serves.
• Co-ope r a t i o n i n
meeting the credit
needs of your custo­
mers.

■ ■

~

w

J

/

~

~

JT

------------------- --------------------------

Correspondent Connection
W e invite Iowa Banks and Bankers to make

• Fast transit service
for the collection of
checks and drafts.

full use of the personnel, facilities, resources

• The transfer of funds.

correspondent requirements in Des Moines.

• Safe-keeping of se­
curities.

Iowa's Largest Bank offers a flexible, person­

• Credit information.

alized service, based on a background of 71

• Investment service
on government and
municipal bonds.

years' experience and a sincere desire to be

and experience of this Bank to meet your

helpful at all times.


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

ii

• Complete Trust De­
partment services.

jü W

op-

& TRUST C O M P A N
MEMBER

FEDERAL DEPOSIT IN SU RAN CE C O RPO RA TIO N