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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, $3.00 p er year. Entered as Second Class M atter January 1, 1895, at the P ost Office at Des Moines, Iow a, under A c t o f M arch 3, 1879. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis mm igmm , W$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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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. https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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. https://fraser.stlouisfed.org 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. https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “ 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 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 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 “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 Advertisement "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. Correspondence is invited. \ 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis This is a discussion of factors affecting your investment port folio. If you have any questions, or if you find yourself in dis agreement with comments here in, your letters, addressed to the NORTHWESTERN BANKER, will be welcome and will be answered here if the subject matter is of general interest. Under no cir cumstances will the editor of this column discuss specific securities. 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 https://fraser.stlouisfed.org 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 N reet ew Y o rk 5, N . Y . & Co m pa n y M em bers New York Stock Exchange and o th e r P r in c i p a l E xchanges ★ 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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, https://fraser.stlouisfed.org 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 O/i/nipuin //{'amit/im 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 https://fraser.stlouisfed.org 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. https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 , https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W h en ev er your custom ers need facts about local or foreign business...markets ...tren d s...call on Continental. Finding dependable ansivers is part o f our effec tive, overall correspondent service. The C O N T J N E N T A L BANK k TRUST C O M PA N 1 of N E W Y O R K 3 0 B r o a d S t r e e t ,N e w Y o r k 1 3 ,N .Y . M EM BER FEDERAL DE PO SIT INSURANCE CORPORATE Select Insurance for Select Risks! Sickness and Accident Policies with Hospital and Surgical Reimbursement for Preferred Occupations OVER 42 YEARS OF SUCCESSFUL SERVICE i Write for Application and Literature to MINNESOTA COMMERCIAL MEN’S ASSOCIATION PAUL CLEM ENT, Secretary 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 2 5 W a y s in W h ic h Simplifies Banking Operations GET YOURFREE COPY OF BOOKLET LISTED BELOW ADDRESSOGRAPH is 10 to 50 times faster than typewriter or hand methods for all repetitive writing work. In EVERY bank— from metropolitan institutions to small town banks— expense can be reduced, time can be saved, errors can be eliminated, and efficiency can be increased by replac ing slow, laborious, hand work with SPEEDY, ERROR-PROOF Addressograph machine methods. 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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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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, https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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. https://fraser.stlouisfed.org 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, https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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 https://fraser.stlouisfed.org 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