The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Nineteenth Year Des Moines, Iowa, March, 1914 Total Number 319 The Fourth National B ank of the City of N e w Y ork Perfect Equipment JA M E S G. CANNON, President 2s Hanover National Bank Complete Service U. S. DEPOSITORY Citizens National Bank The National City Bank OF THE CITY OF NEW YORK OF CHICAGO Nassau and Pine Streets U. S . D e p o s ito ry JAMES M. DONALD WILLIAM WOODWARD E. HAYWARD FERRY HENRY R. CARSE . . SAMUEL WOOLVERTON ELMER E. WHITTAKER WM. I. LIGHTHIPE . -ALEX. D. CAMBELL CHAS. H. HAMPTON . J. NIEMANN . . . . WILLIAM DONALD . , GEORGE E. LEWIS . , Chairman of Board . President . . . V.-Pres. . . . V.-Pres. . . . V.-Pres. . . . Cashier . . Asst. Cashier . . Asst. Cashier . Asst. Cashier . Asst. Cashier . Asst. Cashier Asst. Cashier Established 1851 Capital Surplus and Profits $3,000,000 14,000,000 DES MOINES, IOWA C a p it a l.................................$ 2,000,000.00 Surplus and Profits . . . 750,000.00 O FFICERS D avid R. F o rg an , P resid en t A lfred L. B aker, V ice-P resident H. E. Otte, V ice-P resident F. A. C randall, v ice-P resid en t W a lk e r G. McLaury, C ashier W. T. P erk in s, Ass’t C ashier W. D. Dickey, A ss’t C ashier H enry Meyer, A ss’t C ashier A. W. Morton, Ass’t C ashier Wm. N. Ja rn a g in ,'A s s’t C ashier George L. W ire, A tto rn ey R. U. L ansing, V ice-P resident and M anager Bond D epartm ent M. K. B aker, Asst. M anager Bond Dept. J. G. R O U N D S............................President S. A. MERRILL . . . . . Vice-President GEO. E. P E A R S A L L ....................Cashier W. W. MAISH . . . . . Asst. Cashier Solicits Your Business ACCOUNTS SOLICITED Capital Surplus First N ational Bank in the United States Superior S ervice Liberal Treatm ent are offered by The First National Bank Davenport, Iowa We are equipped to handle efficiently and satisfac torily all business in this territory and we cordially invite correspondence from Banks and Bankers. RESOURCES OVER $3,000,000.00 L. J. YAGGY, Cashier https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A. F. DAWSON, President $300,000 100,000 THE First National Bank ST. JOSEPH, MISSOURI CAPITAL, SURPLUS, R. $500,000.00 $300,000.00 T. FORBES, Pres. THOS. W. EVANS, Chairman R. S. BRITTAIN, Asst. Cashier W. S. McLUCAS, Vice-President JAS. E. COMBS, Cashier MAX ANDRIANO, Asst. Cashier R. N. RIDGE, Asst. Cashier TH E 2- NORTHWESTERN March, 1914. BANKER VALLEY NATIONAL BANK DES MOMS? IOWA Capital and Surplus $500 ,000.00 n VALLEY NATIONAL BANK <&A n n n n o n A n Deposits VALLEY SAVINGS BANK $ 4 * 0 0 0 , U U U .U U Under Same Management Second National Bank and Dubuque Savings Bank Dubuque, Iowa OFFICERS AND DIRECTORS R. A . C R A W F O R D , President C. T . C O L E , J R ., Vice-President D . S. C H A M B E R L A I N , Vice-President W . E . B A R R E T T , Cashier Tlios. F. Stevenson, Attorney W. E. Tone, Treas. Tone Bros. Wholesale Coflees, Teas and Spices W. C. Harbaeh, Sec. & Treas. T,. Harbach’s Sons Co. E. W. Stanton. Vice-Pres. Union Nat. Bank, Ames, la. H. M. Rollins, Pros. Des Moines Hosiery Mills C. W, Mon nig, Pres. Monnis-Slater Co. Vinegar & Pickle Works Alfred Hammer, Pres. Alfred Hammer & Co., Druggists We invite Your Des Moines Account, promising Careful, Efficient and Satisfactory Service. Stock Yards National Bank of South Omaha UNITED STATES DEPOSITARY Combined Capital, Surplus and Profits $600 ,000.00 J . K . D e m in g H . B . G lo v e r j. t O F F IC E R S * A N D D I R E C T O R S W . H. D a y H e rm E s c h e n Jas. M . B u rc h F ra n k B e ll C h a s . H . B r a d le y G e o . W . K ie s e l . C arr Organized 1876 1 y Roshek GREAT WESTERN ACCIDENT ASSOCIATION o f D e s M o in e s , I o w a If you want the best possible serv ice in connection with any busi ness you have at the South Omaha Stock Yards, send it to us. Our location and facilities equalled. Reserve Agents for National Banks. are un Capital and Surplus $1,125,000.00 H O M E O F F IC E E N T IR E T O P F L O O R O F N E W H U B B E L L B U IL D IN G We Keep The Great Western on Top H OM E EN D O RSEM EN T Over Eighteen Thousand M em bers in Iow a S O L ID B U S IN E S S Over Forty M illions of In su ran ce in Force E M E R G E N C Y FUND Over One Hundred Thousand D ollars Over One H undred Thousand D ollars In farm mortgages deposited with the Insurance Department of Iowa as an extra protection to all policy holders. HEADS THE LIST H. C. BOSTWICK, President F. W. CLARKE, Vice-Pres. H. C. MILLER, Asst. Cashier J. C. FRENCH, Cashier EPES CORY, Asst. Cashier J. S. KING, Asst, to Pres. J. B. OWEN, Asst. Cashier https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T h e G r e a t W e s te r n h a s m o re m e m b e rs in U s h o m e s ta te th a n a n y e x c lu s iv e H e a lth an d A c c id e n t C o m p a n y , lo c a l or fo r e ig n . It a ls o le a d s in S e c u r it ie s on d e p o s it w ith th e Io w a D e p a r tm e n t, in fa c t LEADS IN EVERY IMPORTANT PARTICULAR C o lle c tio n s a r e m a d e th ro u g h b a n k s . E n d o rs e d b y b a n k s a n d b a n k e r s g e n e r a lly . AN A G E N T O R H E L P E R W A N T E D IN E V E R Y B A N K . F o r lite r a tu r e or o th e r in fo rm a tio n a d d r e s s , H. B. HAWLEY, President, Des Moines. Iowa March, 1914. TH E NORTHWESTERN *1 BANKER SPRING MEETING OF THE EXECUTIVE COUNCIL AMERICAN BANKERS ASSOCIA TION. Fred E. Farnsworth, general secretary of the A. B. A., in a recent bulletin stated that the administrative committee, to which was referred by the Executive Council the matter of selection of time and place for the spring meeting of that body, has selected The Homestead Hotel, Hot Springs, Va., and the date of April 30th and May 1st and 2d. The Executive Council met at Hot Springs in 1907; many improvements have been made since that time and .the Homestead Hotel has been enlarged. Hot Springs is now noted as one of the most famous of the Virginia Resorts and May 1st as a delightful sea son of the year. SECURITY NATIONAL BANK OF SIOUX CITY, IOWA, COMPLETES THIRTY YEARS OF SUCCESSFUL BANKING. The Security National Bank of Sioux City, Iowa, recently completed thirty years of very successful S c a n d ia St a t e B a n k , F e rg u s F a l l s , M i n n . ¿ M o o r m a n B u i l t B a n in s a r e - — F irst:— Planned and designed by men of recognized architectural ability, understand ing the needs and requirements of banks. Second: — Construction work is carried on by builders of experience and integrity. Third:— They are equipped by an organiz ation without a peer,leaders for many years. In a word, M o o rm a n -B u ilt banks are planned, designed, built and equipped by an organization of experts, developed through experience, and sp ecia lizin g on this one thing. Why experiment With untried de signers, builders and equipment makers ? We have published a new book of bank building designs which will be mailedfree to bankers upon request banking. In. a letter which the bank sent out it show ed that on March 7, 1884; the deposits were $30,618, and that on February 9, 1914, they had grown to $3,630,514. The letter which was sent out by the bank is as follows: “On this, the Thirtieth Anniversary of the founding of this bank, we call attention to the fact that its management has never changed— neither has its policy, which has been the corner stone of its foundation and continued success. “From the net earnings a surplus fund of $250,000 has been set aside, and $376,750 has been paid to stockholders in dividends. “The thirty years now closing have been eventful years in the financial history of this country— there have been panics, not a few, and times of depression. Nevertheless the doors of this bank have always been open; it has always paid one hundred cents on the dollar and no legitimate demand from customers has been denied. We feel, therefore, that a real service has been rendered the community. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A . M o o r m a n S? C o m p a n y S t . P a u l , M i n n . “With the gathered experience of years and with capital and surplus of A H A L F M ILLIO N D O LLAR S this bank is better equipped than ever to render effi cient service in every department of banking. “We, therefore, invite the consideration of those not now our customers, and take this opportunity to thank our many friends, in and out of town, who have been willing contributors to our success, and whose interests and ours will always be identical. Very respectfully yours, W. P. Manley, president; T. A. Black, vice-president; C. W. Britton, cashier; C. G. Cummins, assistant cashier.” 4 TH E NORTHWESTERN BANKER March, 1914. What They Are Saying From their ads appearing in home papers we clip the fol lowing arguments put forth by local banks in different states Special Banking Service Bankers who issue their own foreign drafts through us or handle K. N. & K. Letters of Credit and Travelers’ Checks, will find it ad vantageous to open an account on our books. Such an account is subject to check, and on daily balances of more than $1,000, interest is allowed at current rates. Knattth NacboD & Kühne IN T E R N A T IO N A L B A N K E R S New York * Leipzig TMFidelity and Casualty Company of New York 92 Liberty St., New York, N. Y. Semi-Annual Statem ent, June 30,1913 Assets - - - - - - $10,824,349.81 Liabilities - - - - 7,903,328.86 Capital - - - 7 - - - 1,000,000.00 Surplus Over all Liabilities - 1,921.020.95 Losses Paid to June 30, 1913 42,907,985.38 This Company Issues Contracts as Follows: F idelity Bonds, Surety Bonds, Accident, H ealth and D is ability Insurance; Burglary, Larceny and T heft Insurance; P late Glass Insurance; L iability Insurance— Employers, Public, Team s (Personal Injury and Property D am age), Au tom obile (Personal Injury, Property D am age and Collision), Physicians, Druggists, Owners and Landlords, Elevator, W orkmen’s Compensation— Steam Boiler Insurance; F ly wheel Insurance. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BISM A R C K BANK, Bismarck, N. D.—The man who likes to hear money jingle in his pocket sometimes pays dearly for that sort of music. F A R M ER S SAVING S BANK, Emmetsburg, Iowa.—There is a tide in the affairs of men which taken at the flood, leads on to fortune, The tide is at the flood with us when we. start the habit of saving a certain part of our earnings which will lead on to fortune. There is a time for deliberation. But now is the time for action. A T L A N T IC N A T IO N A L BANK, Atlantic, Iowa.—Health is easily the most important condition of happiness. A little money in the bank comes next. The two together almost guarantee happiness. C IT IZ E N S S T A T E BANK, Panora, Iowa.—The accumulation of a fortune cannot be attributed to luck, but rather to the calm judgment that accompanies a level head. A person try ing to be a success in business without a bank account would be an anomaly. F IR S T N A T IO N A L BANK, Toledo, Iowa.—Spending money is a great responsibility and it is unfair to the young person of today to expect him to know the value of money later on, if he has not learned what it means to write his check for his small necessities. A wise parent will see that each child at an early age starts a checking account. H A R L IN C O U N T Y N A T IO N A L BANK, Eldora, Iowa.— The thrifty person is he who places a greater value upon what he saves than what he earns. Men with sufficient determination to save money rarely fail in business. T H E A G ENC Y SA VIN G S BANK, Agency, Iowa.— It has been aptly said that “Dollars Have Wings.” It must be true, they get away so easily that it’s hard to keep them with us long. The very best cage for the flighty dollars is a good reliable bank, where they may be safely housed and are subject to release only on your personal check. It’s the safe, modern, successful way. BA NK OF E S T H E R V IL L E , Estherville, Iowa.—A wise man learns how to save his money while he is learning how to make it. The saving habit is as easy to form as the spending habit. Why not form the habit that will do you some good? S T A T E SA VIN G S BANK, Ortley, S. D.— Stepping stones to wealth are the steps leading to the savings bank. Every man, woman and child ought to travel up these steps. It spells success and independence in the future. Thrift in youth means wealth in old age. H O M E N A T IO N A L BANK, Dell Rapids, S. D.—“Procrastina tion is the thief of time.” Don’t you put off banking your money. Make a start—begin now. F IR S T N A T IO N A L BANK, Lake Park, Minn.—Not alone do we owe it to ourselves, but we owe it to our dependents to provide for them in every way, and to truly provide is to have a substantial bank account. F A R M E R S N A T IO N A L BANK, Bridgewater, S. D.—Thinking is the prerogative of man. Animals are endowed with instinct, but can’t think. It’s wisdom to cogitate in your mind, ali about banking. When you are done'thinking, open that con templated account. Years after you’ll see the wisdom of your wise act. F IR S T N A T IO N A L BANK, Howard, S. D.—Every facility known to the banking business is accorded the smallest cus tomer as well as the largest in this institution for savings. PEO PLES S T A T E BANK, Canova, S. D.—The result of a small deposit in a savings bank in youth, and thrift and sav ing while youth and vigor were fresh, has been the making of. many a man’s fortune. The prodigal son isn’t the man who secures peace and competence for his future, but the man who places his savings in the bank. S T A T E BANK OF P E R H A M , Minn.—A hand-to-mouth ex istence is well enough while skies are bright and the wind tempered, but rainy days and stormy periods are sure to TH E March, 1914, NORTHWESTERN BANKER come when the outlook will he dark if there is not some part of the daily earnings laid away as a buffer against just such assaults of fortune. F IR S T N A T IO N A L BANK, Chisholm, Minn.— Teach the children that saving is a duty they owe to themselves. Old age comes to all, but it’s often hard to make youth realize it. Early formed habits are the lasting ones. The child taught to realize the full value of a dollar is better equipped than the one whose head is stuffed with knowledge of a dozen languages. C IT IZ E N S S T A T E BANK, Monticello, Minn.— The world al ways has been divided into two classes—those who have saved, those who have spent—the thrifty and the extravagant. It is the savers who have built the houses, the mills, the bridges, the railroads, the ships and all the other great works which stand for man’s advancement and happiness. The spenders are slaves to the savers. It is the law of nature. We want you to be a saver—to open an account and be in dependent. F IR S T N A T IO N A L BANK, Duluth, Minn.—When you have some money saved up and on deposit in the bank, you do not need to lose opportunities and “take a back seat,” generally by not having just a little more cash than is necessary to live decently. G O TH EN B U R G N A T IO N A L BANK, Gothenburg, Neb.— Brightness comes from a feeling of satisfaction of ability and the knowledge that there is something to fall back on. It is the establishment of a firm position that enables us to advance. F IR S T N A T IO N A L BANK, Pender,, Neb.—“Getting something for nothing.” Edison says it can’t be done. Live men do not attempt it. Lazy men and criminals attempt it and fail. F IR S T N A T IO N A L BANK, Lynch, Neb.—You cannot do bet ter than to follow in the footsteps of people who bank with us. F IR S T N A T IO N A L BA NK, Pender, Neb.—Stick-To-Itiveness. One of Peter Cooper’s strongest characteristics, as it is of all successful men. Resolve to save a part of your income each week and then keep everlastingly at it. Open an account, however small—add to it regularly. F IR S T N A T IO N A L BANK, University Place, Neb.—Start on the road to prosperity today. The first milestone is a bank account. It is a check against extravagance. Read the auto biography of any of our great captains of industry and finance. Invariably, close to the opening paragraph, he will tell of his first bank account. It was the first milestone in his road to success. BANK OF CASS C O U N TY , Plattsmouth, Neb.—A dollar bank ed is a dollar saved until you need it. A chance of a lifetime presents itself. All that is needed is a little cash. It is the man who has banked his savings who can take the immediate advantage. W O O D B IN E SAVING S BANK, Woodbine, Iowa.—A growing bank account has a real and tangible value over and above the amount of actual money deposited. It creates greater confidence, a better standing and an increased prestige in the community for the depositor. F IR S T N A T IO N A L BANK, Coin, Iowa.—Your best friend in time of trouble and adversity is Mr. Dollar. Business troubles are bound to come to all merchants, and then is found the wisdom of a good bank account, for with money you are sure to have an established credit. F IR S T N A T IO N A L BANK, Cherokee, Iowa.—Don’t miss your business opportunity. Frequently someone who has saved a little money is stepping into a business of his own while the man without a bank account sees his opportunity pass. Be ready when this opportunity comes. IO W A S T A T E BANK, Hull, Iowa.—The acquisition of wealth. Savings, slowly and laboriously gathered, are the silent but sure means by which thousands of men have arisen from humble positions to places of power and affluence. Fortunate are the people who profit by this knowledge and begin a course of saving. G EN EVA S T A T E BANK, Geneva, Neb.—A bank account seems to be a magnet; when once started it draws more. You will help make it grow. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F R A N K H . A R M ST R O N G , V ice-President Reid, M urdoch & Com pany. E N O S M. BA U TO N , Chairm an Board o f Directors W estern E le c tric Com pany. C L A R E N C E A. B U R L E Y , A ttorn ey and Capitalist. H E N R Y P. C R O W E L L , President Quaker Oats Com pany. W IL L IA M A . G A R D N E R , President Chicago <fc N orthw estern R ailw ay C om pany. E L B E R T H . G A R Y , Chairm an Board o f Directors U nited States Steel Corporation E D M U N D D. H U L B E R T , Vice-President. C H A U N C E Y .K E E P , Trustee Marshall F ield Estate. C Y R U S H . M cC O R M IC K ; President International H arvester Com pany. S E Y M O U R M O R R IS, Trustee L. Z. Leiter Estate. JO H N S. R U N N E I.i.S , President P u llm an C om pany. E D W A R D L. R Y E R S O N , Chairm an Board o f Directors Joseph T. Ryerson & Son. JO H N G. S H E D D , President Marshall F ie ld <fe Com pany. O RSON S M IT H , President. A L B E R T A. S P R A G U E I I ., V ice-President Sprague, W arner & Com pany. M O SES J. W E N T W O R T H , Capitalist. ALL BRANCHES OF BA N K IN G Does YOUR Bank Issue A ABACheq ues* (American Bankers Associaiion) “Travel Money” for Your Trip D on’t let the enjoyment o f yo u r trip .abroad be m arred b y w o rry o ver the safety o f yo u r travel funds and difficulties with foreign currencies. T r a v e l on "A .B .A .” Cheques. .T h e y will m ake yo ur m oney m atters easy and safe, w h erever yo u go. ‘A .B .A ’ ¿ p E Cheques signature is required to make them good, issued by banks under authority oPthe and because they may be replaced if great American Bankers Association. Fac-simile of full-page advertise ment published in leading maga zines to increase the demand for A s s o c ia tio n Cheques at issuing Banks. .S THE 6 NORTHWESTERN BANKER March, 1914. THE CORN EXCHANGE NATIONAL BANK of CHICAGO i ! • l • CAPITAL • • SURPLUS UNDIVIDED PROFITS « DEPOSITS • • • • • • • « * : « • • • $ 3 ,0 0 0 ,0 0 0 5 ,0 0 0 ,0 0 0 1 ,0 0 0 ,0 0 0 6 0 ,0 0 0 ,0 0 0 OFFICERS ERNEST A. HAMILL, President CHARLES L. HUTCHINSON, Vice-President OHAUNCEY J. BLAIR, Vice-President D. A. MOULTON, Vice-President B. C. SAMMONS, Vice-President FRANK W. SMITH, Secretary J. EDWARD MAASS, Cashier JAMES 6. WAKEFIELD, Assistant Cashier LEWIS E. GARY, Assistant Cashier EDWARD F. SCHOENECK, Assistant Cashier DIRECTORS Charles H. Wacker Edward B. Butler Charles H. Hulburd Benjamin Carpenter Watson F. Blair Charles L. Hutchinson Frederick W. Crosby Foreign Exchange Martin A. Ryerson Chauncey J. Blair Clarence Buckingham Clyde M. Carr Edwin G. Foreman Edward A. Shedd Ernest A. Hamill Letters of Credit A Service based on the facilities and experience gained during half a cen tury is extended to Banks and Bankers by the First National Bank of Chicago. Correspondence is invited by this old, strong and conservative bank. Cable Transfers Our facilities for handling the accounts of Northwestern Bankers are unexcelled. LITHOGRAPHING ESTABLISHED 1 8 5 6 Iowa Lithographing Co-5 Pes M o in es, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B ank and C o m m e rc ia l S ta tio n e ry of Q uality. la. THE BANK OF NORTH AMERICA NATIONAL BANK PHILADELPHIA, PENNSYLVANIA The Oldest Bank in the United States, Chartered, 1781 Banks and bankers in all parts of the country will find the service rendered by this old established bank efficient and satisfactory in every respect Capital, $1,000,000 Surplus and Undivided Profits, $2,718,000.00 Deposits $15,200,000.00 H. G. MICHENER, Pres. SAMUEL D. JORDAN. Cash. Wm, J. MURPHY, Ass’t Cash. RICHARD S. McKINLEY, Ass’t Cash. CHAS. M. PRINCE, Ass’t Cash. T h e N o rthwestern Banker $2.00 Per Annum DES MOINES, IO W A, MARCH, 1914 20 cts. Per Copy A Banker’s View of Reserve Act By G. E. Stebbins, Cashier, First National Bank, La Porte City, Iowa Ever since the currency bill was first discussed the law makers have considered with interest the views and opinions which the country bankers have expressed concerning the measure. Now that the Federal Reserve Act is a reality this article by Mr. Stebbins is interesting because it comes from a banker representing that class which is the founda tion and backbone of our financial system— the country banker. The “Currency Measure” so called, has been conced ed to be one of the most constructive pieces of legis lation enacted in recent years, as well as one of the most important. For many years the bankers of the country, as well as others interested in the financial affairs of the nation, have felt the need of a re-adjust ment of our Currency System, this important factor of national progress not having kept pace with the rapid development of the country along other lines. There has long been a demand for a more “elastic” currency, or in other words, some provision whereby there might be more money available at times when most needed, this currency to be more or less auto matically retired when the immediate need for same had passed. It will be readily seen that a measure of this kind would from the very nature of things have to be under control of the government, and the most effective and logical way, if not the only way, to carry out a financial policy of the nation would be through banks or other financial agencies created or controlled by the government— national banks— if you please, the government having no control or jurisdic tion over banks organized under state laws. The first draft of the proposed “Currency Measure” was such that no self-respecting banker (not over looking the fact that the majority of them are loyal and alive to the best interests of the country) would have submitted without a vigorous protest. In fact, this protest was registered most emphatically, and was productive of good. Several weeks and months were devoted by our law-making body to hearings and to discussions, and it is only fair to say, that as a result of the agitation and discussions, not only the general public has been made more familiar with the plan and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis purpose of the measure, but the measure itself has been modified to such an extent that it is conceded to be a fairly good workable measure, though yet con taining some features not entirely as the bankers themselves might have incorporated had they had the making of the measure. A law of such importance to be of any value must of necessity be enforced, and to be enforced must provide a penalty for neglect or failure to comply with same. It has been suggested, or at least implied, that few, if any national banks would have applied for member ship in the Federal Reserve Banks had it not been obligatory upon them to do so. While this is not saying very much for the patriotism of bankers in general, it is admitting indirectly at least that the law has been framed for the benefit and the protection of the patrons of the banks rather than for the direct benefit of the banks themselves. It is . true that the compulsory feature has been retained in the enacted law, but it is not entirely fair to say that all national banks have been forced, driven, coerced, compelled to join or else go out of business. Admitting that a national bank would have to cease to do business as a national bank, there is nothing in the law to prevent them from re-organizing as a state, savings or other bank under state laws. Comptroller of the Currency Williams is quoted as having made the statement on February 6, 1914, that out of some 7,500 national banks, applications for membership had been received from 6,314 national banks, these applications consti tuting 90 per cent of the capital stock of all the na tional banks in the United States. February 22, 1914, was the time limit given for national banks to file ap plications, and the expectation that practically all the THE 8 NORTHWESTERN BANKER GEORGE S. PARKER, President F. L. EATON, Vice-President J. L. MITCHELL, Vice-President March, 19*4. C. D. VAN DYKE, Cashier A. W. SMITH, Asst. Cashier L IV E S T O C K N A T IO N A L B A N K Capital $100,000.00 Sioux City, Iowa LOCATED A T THE STOCK YARDS Deposits $2,500,000.00 Surplus $100,000.00 The GREAT NORTHWEST being the feeding ground of the Live Stock Industry, by virtue of our location at the MARKET PLACE of this territory, we can offer unsurpassed RESERVE facilities for Country Bankers. national banks would be in by that time has held true. This indicates to the fair minded man one of several things. 1. That the term “National Bank” signifies much that the bankers do not wish to give up by becoming state banks or otherwise. 2. That the national bankers of the country are as a rule patriotic citizens and alive to the best inter ests of the country, and are willing to abide by the law of the land even though it may not be framed for the express purpose of benefiting the banks. . 3. That the national bankers are willing to give the measure a fair, honest trial, believing it to be at least eighty-five per cent good and a long move in the right direction, and believing that if defects are found to exist that they will be remedied later, or the law amended as may be necessary. As to the benefits to be derived from the new law, it may be said in general that any law which benefits the country at large will certainly benefit the smaller Merchants National Bank BURLINGTON, IOWA C a p ita l, $ 1 0 0 ,0 0 0 S u r p lu s an d P r o fits, $ 1 3 0 ,0 0 0 OFFICERS J. L. EDWARDS W . E. BLAKE President Vice-President JAMES MOIR ALEX. MOIR Vice-President Vice-President H. J. HUNGERFORD Cashier F. L. HOUKE C. L. FULTON Ass’t Cashier Ass't Cashier DIRECTORS W . E. BLAKE, Chairman H. A. BROWN JAMES MOIR W. C. TUBBS T .W . BARHYDT W . W. COPELAND ALEX MOIR J. L. EDWARDS J. L. WAITE Your Southeastern https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Iow a Business Invited towns and cities in proportion. The measure has fea tures which will be of benefit to the banks in smaller towns as well as those in larger or reserve cities. To mention briefly two of the main objects or purposes of the new law, it may be said that one of them has been to prevent the concentration of the bank reserves of the country in New York City to be manipulated at will by Wall Street, the other that of providing some means of relieving the country in times of finan cial stringency, and in so doing to prevent the reoc currence of panics, such as our country has experienc ed. Arthur Reynolds, president of the American Bank ers Association, is quoted as saying that in his opin ion panics will be impossible under the new Currency Law. As to the “red tape” necessary for a member bank to obtain funds from a Reserve Bank, no one has yet had an opportunity of testing that feature. Suffice it to say that the requirements will no doubt be such that in prosperous times a member bank might ex perience some difficulty in obtaining funds for specu lative purposes, but it is reasonable to suppose that a measure created to relieve distress in times of other wise financial stringency will not be so cumbersome in details or red tape as to defeat the very purpose for which framed. It is anticipated that most member banks will retain their present correspondents for sev eral years at least, in addition to their Reserve Bank correspondent, and thus be especially well equipped. It is a logical conclusion, however, that in times of great financial stringency as in 1893 or 1907 that cor respondent banks are in the same relative position financially as .are local banks, and are to a large ex tent powerless to aid. It is to prevent such a condition of affairs, and in fact to prevent the tightness of money which is experienced in different portions of the coun try each year, at crop moving times for instance, that the law is framed. Only the past fall a banker in a neighboring reserve city in discussing general condi tions at that time, told the writer that they had re ceived so many applications for loans from their coun try correspondents that they were about to the point of refusing any further loans. If that condition exists in fairly prosperous times, it is evident that a bank’s correspondents cannot always be relied upon to fur nish help when most needed. As to whether the new law will be of benefit to the national banks located in smaller towns, we would again quote from Arthur Reynolds, president of the Des Moines National Bank and also of the American Bankers Association . “I March, 19I4. TH Ë N O R tH WÈS'tÈRM 56 YEARS of EXPERIENCE makes for efficiency that is “worth while” in the hand ling of Cash Items and collections TRY US! THE § C apital $500,000.00 S urplu s, Earned, $1,000,000.00 F i r s t N a t i o n a l 1 B a n k o f O m a h a --------- —----------- i'N 1^ I JtV. / V -------------- ------------------ DIRECT SERVICE BANK believe the country banker will be greatly benefited by the new system. A smaller reserve is required of these banks, a better chance at liquidation is offered, and there is the added prestige of having what amounts to government backing and great resources for a small institution. I am inclined to believe that all smal ler national banks will come in as members of the new Regional Bank system, and that there will be state banks which will be glad to also join the national bank chain.” Taking a concrete illustration as to the reserve re quirements, under the new law the First National Bank of this city will have practically $20,000.00 more money to loan than it has under the present legal re serve requirements, figuring on a basis of its present deposits. From this $20,000.00 can be taken the amount which the bank will invest in stock o f the Federal Reserve Bank in this district, this stock re turning the bank six per cent on the investment, the balance can be loaned locally. This would seem to be an advantage both to the bank and also to its patrons. National banks, except in reserve or central cities, will also be permitted to make loans on real estate out of their own funds to a certain limit. As to the amount of capital stock to which each member bank must sub scribe, it may be said that while the subscription must be for an amount equal to six per cent of the capital and-surplus of the subscribing bank, this six per cent is not to be paid in all at once. One per cent is payable on call, one per cent payable within three months, and one per cent payable within six months. The other three per cent payable upon call as needed, and it is very probable that this three per cent will never be called for. This subscription is therefore not such as to create any hardship upon local banks, nor render them less able to protect the interests of their patrons. State banks, where the laws of the state permit, may also become members of. the Federal Reserve System upon complying with the same rules and regu lations required of national banks as to examinations and other requirements. The president of one of the largest trust companies in Chicago recommended to his board over a month ago that they join the system at once. There being no time limit however, for state banks and trust companies to file their applications, the need for prompt action is not so apparent as with national banks. Secretary McAdo'o said while in Chi cago, that he believed that a large part of the state banks would find it necessary to join later on, in view of the prestige and strength which the national banks would have under the new system. In Iowa, the laws, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANÎCËR O r g a n iz e d in 1857 a s KOUNTZE BROTHERS regulating state banks will have to be amended before these banks will be allowed to subscribe to the stock of the Federal Banks and thus become members. State Auditor Bleakly has had applications from state bank ers for permission to purchase stock, and says: “We cannot grant the permission until the legislature changes the Iowa laws. Under our law, state banks have no right to hold stock in other banks. Our state bankers believe that the new reserve bank stock will be very desirable as an investment. The stock earns six per cent.” We are informed on good «authority that an unusual number of state banks have applied to be converted into national banks. This would seem to indicate that the state bankers as well as the national bankers believe the measure to be a good one. We have not attempted in this article to go into a technical discussion of the measure. Neither have we attempted to defend nor criticise the same. We have tried to express in a few plain terms our impression of the measure as it may be expected to affect the counttry at large, and also local conditions. CHARLES FLETCHER, Jr., President and Treasurer HENRY GEBHARD, Vice-President ORVILLE R. JONES, Secretary Denver Cattle Loan Co. CAPITAL and SURPLUS $ 2 0 0 ,0 0 0 Denver, Colorado H igh-G rade Cattle Paper H andled at R easonable R ates TH E IO NORTHWESTERN March, 1914. BANKER Fort Dearborn National Bank ‘SrnjMaa v CHICAGO, ILLINOIS CAPITAL $2,000,000 SURPLUS AND PROFITS $1,000,000 DEPOSITS $32,000,000 WILLIAM A. TILDEN, P resid en t F e b ru a ry 14, 1908..................... ? 9,887,954.84 NELSON N. LAM PERT THOS. E. NEWCOMER F e b ru a ry 5, 1909........................ 11,617,691.24 V ice-P resid en t A ssista n t C ashier M arch 29, 1 9 1 0 ........................ 15,041,357.21 J. FL ET C H E R FA R R E LL WM. W. LeGROS ijSIHSSPPgfgf/’r # M arch 7, 1 9 1 1 ........................... 21,574,956.79 V ice-P resid en t A ssista n t C ashier # December 5, 1911...................... 25,445,199.89 HENRY R. KENT CHARLES L. BOYE 28,433,836.35 V ice-P resid en t A ssista n t C ashier Ju n e 14, 1912..................... ... Novem ber 26, 1912..................... 30,272,432.93 GEORGE H. WILSON WM. L. McKEE A pril 4, 1913 . . / . ..................... 30,497,943.26 C ashier . A ssista n t C ashier A u gust 9, 1913 ........................... 31,746,750.94 CHARLES FERNALD HARRY LAWTON October 21, 1913 ....................... 32,225,932.28 A ssista n t C ashier M anager F o reig n Dept. United States Depositary We particularly desire the accounts of banks. Our officer in charge is personally acquainted with conditions in your section. We know your wants and wish to serve you. Comparative Showing; of Deposits iiiiiiiiiiimmi Z 111111111111 ii iiiih u h iiiiiiiiiiiii 111111111■1111111111111111■111■11111111 111111111111111111 1111111111111 111 ■ il ■ ■■1111111111111111111111111111111111111111111 111111111111111111111111111111111111111111111 imiiiiiiiiiiiiiMiiiiiiiiiimiiiiimiiiii Personal Paragraphs 'tiHiiiiiiiiiiiiiiiiiiHiiiiiiiiiimimiiiiiiiiiiiiiiiiiniii iimimiiiiiiiiimiiiimiiimMiimiimiimimmiMini C. W. Britton, cashier of the Security National Bank,in a trolley car, and never pushed a button for light, Sioux City, Iowa, delivered a very interesting and in never heard of an aeroplane, never listened to a phono structive address, on the Federal Reserve Act, before graph and never posed for a motion picture, and yet the Sioux City Association of Credit Men, at a recent Abraham Lincoln died only forty-seven years ago.” $ $ $ meeting. Mr. Britton stated that while the bill had Secretary McAdoo, after returning to Washington met with more or less opposition, it was finally passed in such form, as to be satisfactory to all commercial from his “swing around the circle” during which time interests including banks. He explained that the pur the hearings for the location for the Federal Reserve pose of the bill was to supplement, rather than sup Banks were taken up, said: “In a few instances the plant The National Banking Act, which had been in question was asked if the new federal reserve banks reasonably successful operation for fifty years. The would be organized in time to take care of the crop ultimate success of the whole plan, he stated, would moving contingencies next fall. It is hoped that the depend largely on the administration by the Federal system may be established before that time, but if it Reserve Board and assuming successful administra should not be, the resources of the United States treas tion the whole banking system of the United States ury will be placed again at the disposal of, and be used for the protection of the legitimate business interests would eventually be unified and strengthened. of the country. The treasury resources are believed • $------- $— ----$ William H. Dunwoody, whose recent death in Min to be adequate for the purpose, but if they should not neapolis, came as a distinct shock to the northwest, prove to be, then it should be remembered that the had been a director of the Northwestern National Aldrich-Vreeland act has been extended until June Bank of Minneapolis since 1876, and since that time 30, 1915, and the tax upon circulation taken out under always active in the bank’s management, having held this measure has been reduced to the point where the offices at various times of vice-president, president bankers may resort to it with advantage in case ne cessity should arise. The financial situation is there and chairman of the board. fore sound and satisfactory and there is every reason $------- $--------$ Ralph Bradford, of Chicago, gave a very interesting why business should proceed normally and with con lecture before Group n of the Iowa Bankers Associa fidence and courage.” tion at Burlington on “The Dawn of Plenty,” in which $----- :— $------- $ The Holstein Savings Bank, Holstein, Iowa, decided he said, “Only eighty years ago, there was no Califor nia, no Minnesota, no Texas, no Kansas or Nebraska, to furnish the people of their city a “good time” piece no newspaper in Wisconsin and no house.in Iowa. In so they have installed a large chime clock which is a 1831 San Francisco was a little fort guarding the gol beauty and will prove of much convenience to the den gate, and Chicago was a village of twelve families people of Holstein. You can always count on C. J. in a great prairie swamp. We live in the greatest Wohlenberg when it comes to anything new and uphour of the greatest day, and in the greatest country to-date in the banking line. $ _ ----- $------- $ the world has ever seen, made possible by the progress E. L. Johnson, vice-president of the Levitt & John ive American farmer. The most important business in the world is farming, no matter what a man may son Trust Co., and the Waterloo Savings Bank, Water wish to do for the happiness of himself or brother, his loo, Iowa, is being strongly urged by many of his first necessity is food. Every sunset sçes the wide friends to become a candidate for a member on the and fertile field of America bring forth harvests worth board of the Federal Reserve Bank, to which Iowa may $24,000,000. Abraham Lincoln never said, “Hello, Cen be subject. It would be hard to make a better selec tral,” never dodged an automobile, never held a strap tion. The main thing, which the bankers of Iowa https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis March, 1914. TH E NORTHWESTERN should consider at this time, if they desire representa tion on the board is to concentrate on one man and do everything- possible to get him elected, as there will probably be three or four other states included in this reserve district and they, of course, will be working for someone from their section. There will be three directors appointed by the Federal Reserve Board and six to be elected by the member banks, three of whom will be bankers and three non-bankers. $--------$--------$ J. C. Purnell, president of the Winona Savings Bank, Winona, Miss., sent out the following notice to the depositors of his institution recently: “We wish to close up the Winona Savings Bank before the legisla ture puts us all in the penitentiary, therefore we wish all depositors to come and draw their money. We al so wish all parties owing us to come forward and pay us immediately. The reason for this notice according to Mr. Purnell, was the fact that the Mississippi legis lature has under consideration a banking bill, one of the features of which is to guarantee deposits. His word he said heretofore was all that was necessary to insure confidence in the bank and that he would quit business before submitting to the proposed law. $-------- $--------$ J. A. Cavanagh, president of the German Savings Bank, Des Moines, in referring to the new Currency Law, said: “Easier money is a natural result of the measure. Banking will also rest on a better founda tion. The regional reserve will stimulate borrowing. The banks also will expect the highest class, of securi ties in order that they may in turn find it easier to rediscount securities and get more money to loan. I believe the rediscount system will give an opportunity to more than make up what they lose in country de posits. They will not carry as large a percentage of the country deposits it is true, but they will be able under the rediscount to readily get money for loaning purposes and this money under the conditions of the regional system will prove as profitable to the bank as under the old system. Banks will be able to loan under conditions which formerly forced them to curtail their operations.” BANKER il The F armers and Mechanics National Bank of P h i l a d e l p h i a , P e n n s y l v a n i a 427 Chestnut Street $ 2 ,000,000.00 CAPITAL SU R P L U S AND N E T P R O FIT S. 1,468,000.00 D E P O S IT S ........................................................ 15,397,000.00 Organized January 17, 1807 D IV ID E N D S PAID, - . - »13,337.000.00 United States, State and City Depository O FF IC E R S HOWARD W. LEWIS, President HENRY B. BARTOW, Cashier EDW ARD STOTESBURY LEWIS, Asst, Cashier G. H. MILLETT, Asst. Cashier JOHN SCHLAGLE, Asst. Cashier OSCAR E. WEISS, Asst. Cashier Accounts of Banks and Bankers Solicited ;; The Chase National Bank O f th e C ity o f N ew Y o rk UNITED STATES DEPOSITORY J. H. Ingwersen, president of the Peoples Trust & Savings Bank, Clinton, Iowa, and J. L. Edwards, presi dent of the Merchants National Bank, Burlington, are both candidates for president of the Iowa Bankers Association this year. However, it looks like a case of “You first, my dear Alphonse,” as J. H. will not make an active fight for the office and neither will J. L., because of his friendship for Joe Ingwersen, al though Group 11 at Burlington gave their indorse ment to Mr. Edwards. Either one of them would make a mighty fine official and conduct the office in a manner entirely satisfactory to the bankers of the state. John T. Hamilton, president of the Merchants Na tional Bank, Cedar Rapids, Iowa, will be a candidate for governor on the democratic ticket. Mr. Hamilton has been prominent in Iowa democratic circles for many years. He was elected to congress from the Fifth district in 1890. He was a member of the state board of control for several years, and has been one of the leading business men of Cedar Rapids for near ly half a century. Secretary Houston in discussing some of the objects of the Currency Reform said: “We must let our im- https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis CAPITAL .................................. $ 5,000,000.00 SURPLUS AND PROFITS EARNED .. 9,819,290.00 DEPOSITS ................................... 127,949,853.00 Officers u a r iu n n ep ou rn , v in c ili n ie lli Albert H. W iggln, President H. Miller, Vice-Pres. Charles C. Slade, Ass’t Cash. Edw. R. Tinker, Jr., V-Pres. Edwin A. Lee, Ass’t Cashier Henry M. Conkey, Cashier William E. Purdy, Ass’t Cash Alfred C. Andrews, Ass’t Cashier uirectors HENRY W. CANNON JAMES J. H ILL GRANT B. SCHLEY A. BARTON HEPBURN JOHN JOHN I. W ATERBURY ALBERT H. WIGGIN GEORGE F. BAKER, J R . FRANCIS L. H INE MITCHELL THE 12 NORTHWESTERN March, 1914. BANKER A SPECIAL INCOME T A X RECORD The Baker-Vawter Standard Stock Form COUPON RECORD is designed with the view to creating a complete segregated record of all coupons handled. Provision is made for correcting entries where the tax was deducted, when it should not have been—or where the tax was not deducted, when it should have been. Adapted for use in all Banks and Trust Companies handling coupons. B A K E R -V A W T E R COMPANY Bank Accounting Systems BENTON HARBOR, MICHIGAN Steel Filing Sections HOLYOKE, MASS. OFFICES IN ALL PRINCIPAL CITIES—SALESMEN EVERYWHERE aginations play a little when we think of what this reserve bank system is going to be. Anyone of the possible banks, even with the national banks alone represented in it, will be no puny affair. Take the state banks, a few of them already in, and its size in creases. Consider those that will come in later and the size becomes more inspiring. Now remember what has been accomplished in the last fifteen years. Remember how our bank deposits have increased, how our export and our’import trade has grown, how our production has grown, and you will see that we can not think only of today. We must look forward and plan for the growth that is not far ahead.” ----$------- $ E. H. Furrow, cashier of the Merchants National Bank,Cedar Rapids,Iowa, wasindorsed for treasurer of the Iowa Bankers Association at the meetings of Groups 10 and 11 which convened in Oskaloosa and Burlington last month. Mr. Furrow is very popular among the bankers of the state and looks like a sure winner for the office. $------- $---------$ The Chamber of Commerce, of the United States, held its second annual meeting in Washington, D. C., recently, and many subjects of interests were discuss ed, including anti-trust legislation, the Currency Bill, the maintenance of resale prices and many others. The corporations of the United States represent more than 300,000 business enterprises with over $61,000,000,000 worth of stocks .and over $34,000,000,000 worth of bonded and other obligations and touch every phase of the developmental activity of the nation. $------ -$--------$ Dr. F. W. Powers, president of the Black Hawk Na tional Bank, Waterloo, Iowa, distinguished himself recently by being a most delightful host at a Wash ington dinner party given at his home to the directors arid officers of the bank and their wives. At the con clusion of the dinner, Miss Gladys Powers, who has become an accomplished reader and singer, rendered selections that were very pleasing, being accompanied on the piano by Miss Evangeline Powers. Dr. Powers presented each of the guests with a beautiful portrait of the bank, officers and directors. $--------$ -------$. The Bank of North America, Philadelphia, in their recent trade letter said: “The two principal perplexi ties of the month, the tariff and the Currency Act, be come less mysterious; new uncertainties come to take their place, but none of these are of equal magnitude. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The president’s plan for further anti-trust legislation is now the political problem of immediate moment, but the business world is refusing to become quite so much alarmed over this as it seemed likely to be a few months back. The heads of our larger industrial and railroad corporations appear to have anticipated what the president will demand of them and have been putting themselves into harmony with his desires even before he voices his purpose. The major change in law which he is expected to insist upon is a prohibi tion of interlocking directorates, but long before that prohibition will be made effective, these directorates will for thè most part have been voluntarily terminat ed, whether for good or ill only time can determine.” $— — $----H. B. Craddick, of Minneapolis, was in Des Moines recently after having visited a number of banks in the state, which have become thorough believers in the “ Craddick Service,” which is being used with ex cellent results by bankers in increasing their deposits. $------ r $--------- $ H. M. Carpenter, president of the Monticello State Bank, Monticello, Iowa, has been featuring in his ad vertisements the excellent service which their insti tution can render, as administrator, executor, trustee, guardian, assignee and in a trust capacity generally. This excellent institution has more than $2,000,000 of assets and has enjoyed more than forty years of suc cessful banking. $--------$------- $ P. W. Hall, secretary of the Iowa Bankers Associa tion and Frank Epperson, vice-president of the State Association, attended the meeting in Minneapolis recently, at which the state secretaries and presidents of the middle western states were present. Matters of interest to State Associations were discussed and a two days’ program furnished much food for thought for every one present. Mr. Hall is recognized as one of the best and most capable secretaries of any of the state associations, and is always one of the first to adopt any new plan or method, which will benefit the bankers of his state. . $--------$— ---- $ The National City Bank, Chicago, in referring to the necessary changes under the new currency bill said : “ It must be remembered also that the banks o f the United States have an extremely interesting problem to deal with in connection with the shifting of reserve balances from individual banks in the large cities to the new federal reserve banks. It may take six months THE March, 1914. NORTHWESTERN or more to install the system, for the machinery is necessarily complicated and must be well organized before the change can be effected. During this period, whatever it is, the banks must carry large cash re serves and keep their investments as liquid as possible, for the situation is such that no one can tell precisely what the requirements of various localities will be. It will be seen, therefore, that these demands must be reckoned with in considering the money market out look of the future. Besides this, the requirements of state banks and trust companies of the interior must also be considered, for while the law sets no time limit in which those institutions must declare their inten tions about entering the new system, it is evident that a good many will join as soon as the machinery is installed. For these reasons no forecast of the money market can be attempted without due regard for the uncertainties of a situation which is unlike anything with which the banks of the United States have been previously called upon to deal. There is every reason to believe that the transition from one banking system to another will be effected without serious disturbance and that within a relatively short period the banks will become fully accustomed to the new order of things. But considering the probable gold export de mand, and the burden of heavy financing confronting the banks, the first half of 1914 will present some diffi culties for the banking institutions of the United States to overcome.” $---------$---------$ The Iowa Blue Sky Daw was recently declared in valid, the court said: “That the law is unconstitution BANKER 13 al for the reason that it deprives individuals and in corporated companies of their property and liberty without due process of law. He further held that it is not within the police power of the state, because it not only undertakes to prevent fraud, but prohibits the legitimate transaction of business, the buying and selling of property, without due process of law. $--------- $--------- $. The Waterloo Loan & Trust Company, Waterloo, Iowa, has issued a very attractive folder regarding 5°/0 mortgage bank savings bonds as the proper in vestments for national banks. The announcement states that “We are advised by the Treasury Depart ment that the solicitor of the treasury has rendered an opinion that bonds which are the direct obligation of the company issuing them and are secured by mort gages on real estate, do not come within the inhibi tion of the law with regard to real estate loans.” This clearly includes our bonds as legal investments for national banks. These bonds are the direct obligation of this bank. They run for a period of ten years, have coupons attached paying semi-annual interest and are secured by first mortgages deposited with trustees. The officers of the company are: Ben J. Howrey, president; F. J. Eighmey, vice-president; J. W. Arbuckle, vice-president; R. A. Dunkelberg, treasurer; E. H. Wyant, cashier; C. A. Barber, assistant secre tary. $--------$--------$ Champ Clark, speaker of the House of Representa tives, in a recent address referred to the new Currency Law by saying that the bill was debated until every- 1868 SURPLUS $500,000 IN R E A D J U S T I N G YOUR CONNECTIONS UNDER THE FEDERAL RESERVE ACT DO NOT OVERLOOK THAT IMPORTANT FACTOR— YOUR LIVE STOCK BUSINESS AND OUR SPECIAL SERVICE THEREON WHICH WILL REMAIN UNCHANGED. The Live Stock Exchange National Bank https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OF CHICAGO 14 TH E NORTHWESTERN BANKER March, 1914. BANKERS Appreciate an Association with us 1. Because the company is old line and CLEAN and officered by men of prominence in the business world. 2. Because our policy is not duplicated in Iowa, and FULLY protects the insured. 3. Because we are a bankers Company. W rite for agency now. Western Life Insurance Co. 4th Floor Hubbell Bldg. SENATOR JAS. H. JAMISON President and General Manager Home Office, Des Moines, Iowa body in the house was worn to a frazzle. The new law furnishes a substitute for one of the worst cur rency systems in the world. It provides a working scheme for increasing the currency, when the increase is needed for contracting it, when the public good de mands it. In addition to this it prevents as far as human wisdom extends a gambling in stocks and bonds; it prevents the assembling of all the money in the country in one big city and leaves it at home where it properly belongs; it authorizes the national banks to loan money on good farm lands and it is be lieved and hoped that it will, to a very large extent, prevent panic.” $------- $------- $ R. T. Forbes,presidentof The First National Bank, St. Joseph, Mo., in a recent letter says: “We have been authorized by the Treasury Department tö drop the words ‘Buchanan County’ from our title. This is merely a technical change* and in all your further dealings with us, we would thank you to omit the words ‘Buchanan County.’ ” $--------$------- $ Geo. D. Bartlett, secretary of the Wisconsin Bank ers Association, announces that the 1914 convention of their association will be held at Milwaukee on July 15 and 16,1914. I ------- 1---------$ Knauth, Nachod & Kühne, New York, have put out an attractive booklet entitled “The Passport to Com fortable Travel,” describing their system for supply ing convenient funds for travelers. K. N. & K. letters of credit and travelers’ checks are well known throughout the world, having been in use for several decades. A copy of this booklet will be sent to you by applying to Knauth, Nachod & Kühne, 15 William Street, New York. $------- $-------- $ C. J. Weiser,president of th£ Winneshiek County State Bank, Decorah, Iowa, is now in the west with his family and expects to spend the month of March in Phoenix, Arizona and Los Angeles, Cal. - . $--------$--------$ W. D. Vincent, vice-president of the Old National Bank, Spokane, Wash., says: “I haven’t heard of a single national bank, which has declined to join the Federal Reserve System, I have not been notified, of course, that all have joined, but I have not talked to one national banker, whose institution was opposed to joining the new system.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A. D. STRUTHERS Secretary and Treasurer D. P. Hogan, president of the Farmers Savings Bank, Massena, Iowa, was recently elected president of the Iowa Farm Mortgage Bank Association, which was organized for the purpose of securing better con ditions for borrowing money; for farm development and lower, rates of interest on farm loans. William Larrabee, Jr., of Clearmont, and J. L. Waite, of Bur lington, are vice-presidents; John Austin, of Burling ton, is secretary and Ed E. Egan, of Burlington, is treasurer. The organization will conduct an educa tional campaign during the coming year with the ob ject of improving conditions under which farm loans are made. Legislation, both national and state, will be sought to bring about the' ends desired. John Aus tin, secretary of the organization formed, declares that the society will give its attention toward the present ing of mortgages in an attractive way, so that they will command the respect of bankers. They will seek to do away with the many annoyances which now sur round the system through which a farmer must go to secure money to conduct his farm or to make im provements. $--------$------- 4 E. B. Wilson, manager of the Advertising Depart ment of the Bankers Trust Co., of New York, has sent out to country banks one of the most complete book lets concerning the A. B. A. checks, which that com pany has issued in a long time. A number of full paee advertisements which will be published in na tional magazines are shown in the front part of the book and the balance contains order blanks, which can be used by banks in sending in for advertising matter including postcards, newspaper cuts, booklets, signs and hangers, street car cards and lantern slides. A more complete service than this would be hard to find and with such a careful plan for co-operation the sale of A. B. A. checks will undoubtedly increase in large numbers during the present year. $--------- $--------- $ The McHenry Banks, of Iowa, which are the First National Bank of Denison; The Traders Bank of V a il; and the Bank of Dow City show a fine picture of the McHenry Park farm on the front page of the premium list which contains the rules and announcements for the. Crawford County Ames Short Course, which was held at Denison, Iowa, recently. Under the picture, which js entitled “The McHenry Cattle,” is the follow ing: “The farmer who breeds Aberdeen Angus cattle is the farmer who puts money in the bank. We have the cattle and we have the bank. Get busy. Yours TH E March, 1914. □ NORTHWESTERN BANKER 15 --------------------------------------------------------------------------------------------------------------------------------- LJ Continental and Commercial National Bank of CHICAGO Capital, Surplus and Undivided Profits, $32,000,000 O FF IC E R S George M. R ey n o ld s...........P resid en t Geo. B. S m ith .................................. Ass’t C ashier R alph V an Y echten. .V ice-P resid en t W ilber H a tte ry .............Ass’t C ashier Aiex. R o b ertso n .......... V ice-P resident C ashier N athaniel B. B osch................. H. E rsk in e S m ith ...........Ass’t C ashier Herman- W aldeck. . .V ice-P resident John R. W a sh b u rn .........Ass’t C ashier W ilson W. L a m p e r t.. . .A ss’t C ashier John C. C ra ft........ . .V ice-P resid en t H arvey C. V ern o n .........Ass’t C ashier Dan Norman ...................Ass’t C ashier Jam es R. Chapm an . .V ice-P resid en t Geo. A. Ja c k s o n .............................. A ss’t C ashier Wm. T. B ru ck n e r. .V ice-P resid en t E dw ard S. L acey ...................................................... C hairm an of A dvisory C om m ittee Accounts of Banks, Bankers, Manufacturers, Merchants and Individuals Invited Continental and Commercial Trust and Savings Bank Capital, Surplus and Undivided Profits, $5,000,000 Trust, Savings and Bond Departments O FF IC E R S John Ja y A b b o tt....... V ice-P resident Geo. B. C aldw ell........V ice-P resident George M. Reynolds, P resident. . . . . .C ashier C harles C. W illson F ra n k H. J o n e s ...................Secretary Wm,. P. K o p f............ Ass’t S ecretary H en ry C. O lc o tt... .Mgr. Bond Dept. The Capital Stock o f this bank and the Capital S tock of the Hibernian Banking Association ($2,000,000) are owned by the Stockholders o f the Continental and Commercial National Bank of Chicago. for loans, deposits or other accommodations, The Mc Henry Banks.” $--------$-------- $ Charles Lawrence, cashier of the Citizens Savings Bank, Union, Iowa, took over the counter recently, a two-dollar bill that attracted attention because of its odd appearance. Upon examining it, he found it to have been issued by The First National Bank of Marshalltown, January 2, 1865. The First National Bank, of Marshalltown bought the bill at a premium of $3.00 and will preserve it as a relic. The bill is signed by the late G. M. Woodbury, the first president and Chas. W. Fracker, now of Des Moines, the first cashier of the bank. $------ r $--------$ Ernest R, Moore, president of the American Trust & Savings Bank, Cedar Rapids, Iowa, in referring to their elegant new building said: “That the building is of steel and concrete construction, is thoroughly fireproof, heated with steam and there will be both hot and cold water in all rooms. The water supply will come’from a deep well and will be iced, being available for drinking water on all floors through bubbling fountains. The bank is to occupy the major portion of the first floor. The fixtures will be of bronze and botticino marble, with all cases and desks of metal, making the room absolutely fireproof in every way. The vaults will be steel lined, the equip ment being furnished by the Diebold people.” $--------$--------$ John Burke, United States treasurer and former governor of North Dakota, was in Des Moines recent ly and in addressing the local bankers said: “ It is said that bankers charge a high rate sometimes in a pioneer country, but if they do, it must be remembered that they are taking great risks, for it is not an easy matter to conquer a new country. It requires courage to live through and triumph over the hardships of pioneer life. It is the banker who is depended on to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis furnish the money to develop the new country. He helps the farmers to buy and equip his farm and he is the advisor, assistant and helper when there are in vestments to be made. The investor has confidence in the banker’s judgment because he knows the bank er’s judgment is good on financial matters.” $— $---------$ The Income Tax is expected to reach a total of $60,000,o'oo^ according to estimates by government of ficials. This sum they think will be paid into the United States treasury by 400,000 income tax payers. $--------$--------- $ Millard F. LeRoy, president of the First National Bank, Manchester, Iowa, and member of the Iowa legislature, died recently at the Hinsdale, 111., sani tarium from erysipelas. Mr. LeRoy was born in Man chester, Ind., January 16, 1850, and in- 1867, came to Iowa, where he has resided ever since. He was elect ed from Delaware county to the state legislature in 1912 for the first time as a republican. He resigned the office of mayor of Manchester when elected to the legislature, and was prominent for years in civic af fairs. The greater part of his time, has been devoted to the banking business, although he practiced law for about ten years after obtaining his degree at the State University in 1870. Mr. LeRoy’s son, A. R. LeRoy; two daughters, Alma and Dora, and Mrs. LeRoy are at present touring Europe and are now in Spain. $------ -$— ----$ . G. M. Titus, of Muscatine, Iowa, was recently elect ed president of an Iowa Farm Mortgage Association, which was organized for the purpose of bringing to gether more closely those whose business is the mak ing of loans on farms and to maintain the already high standing and credit of Iowa farm mortgages. The other officers are: E. L. Johnson, of Waterloo, vicepresident; H. S. Merrick, of Ottumwa, secretary, and H. L. Beyer, of Grinnell, treasurer. r ît> TH E NORTHWESTERN BANKER March, 1914. Modern Method of Bank Advertising Frank B. Yetter, Cashier of the Iowa National Bank, Davenport, Iowa, has increased the deposits of his institution very largely by the use of slides in the moving picture theatres of his city, and the following article describes the manner in which he conducted this campaign. Probably the two most startling developments in designate our different departments. We have made the commercial world during the last ten years have the wording as short as possible, feeling that in this been the wonderful increase in the sale of automobiles, way people get the full benefit of the entire slide. I and the rapidity with which the moving picture busi consider this one of our best advertising ‘stunts.’ ” ness has advanced. These theatres to lure your Inasmuch as practically every town has a moving nickels and dimes are to be found in practically every picture theatre, this plan which has been carried out town and village, and on doz so well by Mr. Yetter, can ens of corners in the big cities. easily be adopted by bankers Estimates of how many peo in the smaller towns. ple attend the moving picture Bankers more and more are theatres every day have been realizing that they should use made, and the figures are so every legitimate method to in large as to make you stop and duce prospective customers to think. do business with their institu The fact that these theatres tion and a great deal of credit presented a good opportunity is due the bankers in small for telling hundreds of people communities for the progress every day about the advantages ive and up-to-date methods of doing business at the Iowa which they have adopted. National Bank of Davenport, Advertising is nothing more appealed to the advertising in or less than telling the people stinct of Frank B. Yetter, of your community in a clear, cashier of that institution, and concise, interesting manner the so he started a campaign which reason why they should do has resulted in much good and business with your bank. Peo the starting of many new ac ple do business where they are counts. invited, and if the kind of copy The plan which he has used you put into your local news is to have from twenty-five or paper advertisements, into your thirty slides prepared featuring letters, into your circulars, into the trade mark of their institu your calendars, or whatever tion and using one or two very method you m a y employ, catchy lines underneath this, makes the individuals, who in order that it may be read at read it, feel that you are extend a glance. “We aim to change ing to them a friendly hand our slides each night,” said shake and that a we l c ome Mr. Yetter, “having on hand awaits them at your institution, about twenty-five or thirty it will not be a hard matter FRANK B. YETTER slides and in this way keep to increase your deposits in Cashier Iowa National Bank, Davenport, them practically new before the large numbers. Iowa. public, at all times. I have been The four a d v e r t i s e me nt s personally writing most of our shown on the opposite page are advertising and giving instruc reproductions of slides which tions as to its arrangement; also featuring our trade have been used by the bank and indicate the simple, mark of the state of Iowa, and using some interesting clear and forceful manner in which they are prepared. heading to attract attention. “We do considerable advertising along different SAVINGS BANK IDEA STARTED BY A CLER lines and through our combined efforts, which have GYMAN. IN SCOTLAND 103 YEARS included not only the theatre advertising, but the get AGO. ting out of desk blotters, both large and small, and The following-article in a recent issue of the Fra, using the newspaper and magazine advertising and gives some interesting ideas on banking: personal solicitation, our deposits during the past two It is popularly accepted that the savings bank or and a half years have increased over $750,000. fund idea first came to a Scotchman, that Scotland “Referring again to our slides as shown 'in the il gave birth to monetary thrift as the term is under lustrations the catchy lines which we have used, such stood today. as ‘You work for your money; make it work for you/ Tradition has it that in the village of Ruthwell, ‘Ask those who bank with us about our bank service,’ .Scotland, one hundred-three years ago a clergyman, ‘Make up your mind now/ ‘Get started to saving sys Henry Duncan, was inspired with the thought of help tematically.’ Following this line we have run our ing his parishioners money-wise. He concluded that cut and below ‘We pay 4% on Savings,’ or ‘Com the way to aid working people in their temporal con mercial and Savings Departments/ or some line to cerns was by offering them every encouragement https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis March, 1914. TH E NORTHWESTERN toward thrift. He believed that even in the poorest families there are odds and ends of income which may be preserved. Not the least of his difficulties was to overcome suspicions and prejudice, where money was concerned. He therefore had a chest pro vided with three different locks, which could only be opened in the presence of three persons. It is related that the minister arid each elder had the key of a lock, and that the chest was lettered on Y ou w orked fo r y ou r money. S la k e it w o rk fo r y o u . BANKER 17 us who have some memory of the Bible know that a Hebrew anticipated even a Scotchman; which, in the second thought, was inevitable, not only historically, but astutely. In the Twelfth Chapter of Second Kings, beginning with the ninth verse, it is recorded: “Jehoiada the priest, took a chest and bored a hole in the lid of it arid set it beside the altar on the right side as one cometh into the house of the Lord, and the priests that kept the door put therein all the money that was brought into the house of the Lord. And it was so, when they saw that there was much money in the -Ask those who bank with us about our Banking Service. IO W A NATIONAL - We p a y 4 % on S avin gs. BANK--* Chas Shuler, President. P B Y etter ; Cashier. Wm H. Gehrmann, V Prest L ouis GBe in .Asst Cash. We p a y 4 % on S avin gs. the outside, “Ruthwell Parish Bank.” The total de posits at the end of the first twelve months were seven hundred-fifty dollars. This is assumed to have been the origin of the billions of cash savings which are today the lifeblood of finance and commerce; of the six billion, five hundred million dollars owned by the eighteen million depositors in Amercia alone; of the five hundred 'million dollars which France saves annually. Perhaps it was inevitable that a hurried and harried generation like ours should take the popular report of a 3 he sure and straight road to success is saving moneg and the only one. Chas Shuler, President. P B . Yetter Cashier. Wm H. Gehrmann .V Prest. L ouis G B ein,Asst Cash. chest, that the king’s scribe and the high priest came up, and they put up in bags, and told the money that was found in the house of the Lord. “And they gave the money, being told, into the hands of them that did the. work, that had the over sight of the house of the' Lord, and they laid it out to the carpenters and builders, that wrought upon the house of the Lord; and to masons and hewers of stone, and to buy timber and hewed stone to repair the breaches of the house of the Lord, and for all that was laid out for the house to repair it. Jftake up your mirad Now. Cet started to savircg systematically. IO W A NATIONAL We p a y 4 % on S a vin g s. Chas Shuler,President. P B Y etter, Cashier. Wm H . Gehrmann, VPrest. L ouis G B ein Asst.Cash big economic fact for granted; inevitable that the credit should go to Scotland, the mother of so many financial geniuses and the land of shrewd traders. But the ancient Arab who found there was nothing new under the sun made a rediscovery which dates from the morn of humanity and. must remain eternally true. Possibly prehistoric man hoarded precious stones and shining shells. We do not know. But some of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B A N K ^ C o m m ercia l á S ayin gs D e p a rtm e n ts Chas Shuler, President. P B .Y d ter. Cashier. Wm H . Gehrmann, VPrest. L ou is GBe in. Asst Cash. “But they gave that to the workmen, and repaired therewith the house of the Lord. Moreover, they reckoned not with the men into whose hand they de livered the money to be bestowed on workmen, for they dealt faithfully.” THE i8 NORTHWESTERN BANKER March, 1914. CENTRAL TRUST COMPANY O F ILLINOIS CHICAGO Capital, Surplus and Profits, $ 5 ,0 0 0 , 0 0 0 Deposits 3 5 ,0 0 0 ,0 0 0 - Accounts of banks and bankers received upon favorable terms Thoroughly equipped to handle all business pertaining to banking, and invites the ac counts of banks, corporations, firms and individuals. JOHN R. WASHBURN, ASSISTANT CASHIER CONTINENTAL AND COMMERCIAL NA TIONAL BANK, CHICAGO. Merit usually receives its,reward, and when John R. Washburn was made first assistant cashier of the Continental and Commercial National Bank recently, his ability as a live, progressive and efficient officer was well rewarded. He has always been a hustler, and hard worker— a combination hard to beat— and his many friends have been more than glad to see him advancing so rapidly. CEDAR RAPIDS, IOWA, BANK INCREASES CAPITAL. The Iowa State Savings Bank of Cedar Rapids, Iowa, have filed amendments to their articles of incorpora https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tion, increasing the capital stock from $50,000 to $100,000. MEETING OF GROUP TEN, AT OSKALOOSA, IOWA. Ben P. Brown of the Ottumwa Savings Bank, was elected chairman of Group Ten, Iowa Bankers Asso ciation in the annual meeting of the group held in Oskaloosa, recently. Resolutions commending the federal reserve law, favoring Chicago as the location of the federal reserve bank for Iowa bankers, endors ing Edwin H. Furrow of Cedar Rapids, for treasurer of the I. B. A., and instructing the members of Group Ten to support his candidacy at the state convention, and endorsing Frank Epperson as a member of the executive council of the American Bankers Associa tion in 1915, were adopted. The new officers elected were : Ben P. Brown, chairman, Ottumwa; Chas. S. Howard, secretary, Os kaloosa. Executive committee— Ben P. Brown for Wapello county, Ottumwa; Chas. S. Howard for Mahaska county, Oskaloosa; W. B. Caldwell for Davis county, Drakesville ; George A. Singley for Appanoose, Moul ton ; J. R. Mackey for Keokuk county, Sigourney ; R. L. Schlotter for Van Buren county, Selma. The following resolutions were adopted : Recognizing that the new federal reserve law is a long step in the right direction towards supplying the country with an elastic currency, and that it is the patriotic duty of bankers to co-operate with the fed eral government to make the new law a success; Resolved ; That Group 10 of Iowa Bankers Associa tion hereby heartily endorses the new law, and real izing the advantage to all the communities of our state, to have their banks connected with the reserve association, we hereby petition the auditor of state and the attorney general to take as broad a view as possible of our present state laws, and to allow our state and savings banks to become members of the federal reserve system without waiting for the legisla ture to amend our banking law, so that the banks of Iowa will be in as good a position to do business as the banks of Illinois and Missouri. Resolved further, that Group 10 hereby requests the Iowa Bankers Association to have a bill prepared for submission to the next general assembly, providing that state and savings banks who are members of the federal reserve association shall be subject to the TH E March, 1914. ANCHOR NORTHWESTERN' BANKER FIRE DES INSURANCE MOINES, 19 CO. IOWA The o n ly hom e stock Fire In su ran ce Com pany in D es M oines 25 y ea r s in the field Here to sta y Capital $200,000.00 same reserve requirements as is provided in the fed eral law. Resolved by Group 10 Iowa Bankers Association in convention assembled at Oskaloosa that it is deem ed to the best interests of the financial and commercial development of Iowa that the entire state be aligned with the federal reserve bank to be located in Chicago, thus carrying out the provisions of the act which pro vides that districts shall be apportioned with due re gard to the convenience and customary course of business; qnd be it further Resolved, That a copy hereof be forwarded to the reserve bank organization committee at Washington, D. C. Resolved, That Group 10 I. B. A. that we hereby heartily endorse Edwin H. Furrow of Cedar Rapids, for treasurer of Iowa Bankers Association and hereby instruct members of this group in attendance at the state convention at Clinton in June to support his candidacy. Resolved by Group 10, I. B. A. that we endorse and recommend Frank Epperson as a member of the executive council of the American Bankers Association in 1915. DAVENPORT CLEARING HOUSE ELECTS OFFICERS. At the annual meeting of the Davenport Clearing House Association, Davenport, Iowa, held recently the following officers were elected; Ed Kaufmann, IOWA BANKERS WILL CONVENE AT CLIN TON, IOWA, JUNE 4TH-5TH. Dates for the annual convention of the Iowa Bank ers Association have been definitely fixed for June 4th and 5th, at Clinton. John Burke, United States treasurer and former governor of North Dakota, will be the principal speaker unless the new regional bank matters interfere at that time. CHARLES KUBIAS NOW MANAGER OF THE SAVINGS DEPARTMENT OF THE CEDAR RAPIDS NATIONAL BANK, IN CEDAR RAPIDS, IOWA. Charles Kubias has been named to manage the savings department of the Cedar Rapids National Bank and has already taken charge of his work. Mr. Kubias is well known in banking circles. For twelve years he was with the Peoples’ Savings Bank as tel ler. Two years ago he quit the banking business to form a partnership with his brother in the hardware business which he was in until recently when he took charge of his present work. Mr. Kubias is also first lieutenant in Company C, I. N. G. and a popular military man. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis President; Julius Hassler, Vice-President, and L. J. Yaggy, Manager. With such officers the successful management of the association this year is certainly assured. At the annual meetings of the three banks of Gil man, Iowa, officers and directors for the new year were re-elected. Each bank has made a good showing for the year just closed, despite the prediction made by some that three banks were too many for a town of the size of Gilman. THE 20 NORTHWESTERN March, 1914. BANKER JOHN J. LARGE, Vice-Pres. W. L. MONTGOMERY, Vice-Pres. H. G. WEARE, Vice-Pres. F. A. McCORNACK, Vice-Pres. JOHN McHUGH, President H. A. GOOCH, Cashier O. D. PETTIT, Ass’t Cash. FRITZ FRITZSON, Ass’t Cash. First National Bank S IO U X C IT Y , IO W A Combined Resources Over $6,500,000.00 W e offer unexcelled facilities for the prompt and careful handling of all business entrusted to us. W. L. McKEE, ASSISTANT CASHIER FT. DEAR BORN NATIONAL BANK, CHICAGO, ILL. When W. L. McKee was elected as an assistant cashier of the Ft. Dearborn National Bank of Chicago, recently, a just reward was bestowed for “ Mac,” as he is familiarly known to his friends, has been an en thusiastic and ardent worker for his' institution as special representative. Mr. McKee, who is now forty welcome guest at group, state and national bank meet ings, where he knows about every one present and can call most of them by their first name. All of his many friends will wish for him continued success in his new position. MECHANICS AND METALS NATIONAL BANK OF NEW YORK CITY IN FINE CONDITION. According to their statement of January 13, 1914, the Mechanics and Metals National Bank of New York was in excellent condition with cash resources of $32,758,313.10; total resources of $87,911,584.27. The capital stock is $6,000,000.00 and surplus and un divided profits amount to $8,724,202.71 with deposits of $70,085,251.52. H. C. SEEDS, ASSISTANT CASHIER OF DELA WARE COUNTY STATE BANK, MANCHES TER, IOWA, FURNISHES COMBINED STATEMENT OF D E L A W A R E COUNTY BANKS. Combined resources and combined liabilities of the banks of Delaware county, Iowa, at the close of busi ness, January 28, 1914, are as follows: Combined Resources. Bills Receivable, Stocks and Bonds......... $3,160,397.88 The National Bank of the R E P U B L IC of Chicago W. L. M’KEE, Assistant Cashier Fort Dearborn National Bank, Chicago. years of age, came to this country from Ireland at an early age. For some time he was located in New York, but in 1907 came to Chicago and entered the employ of the Ft. Dearborn National Bank. A large part of his time has been spent in traveling extensive ly all over the United States. He has always been a https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis continues to offer banks and bankers the advantages of its facilities, developed and perfected by nearly twenty-five years of close personal relations with a constantly growing list of correspondents through out the world. OFFICERS JOHN A. LYNCH, President R. M. McKINNEY, Cashier JAMES M. HURST, Ass’t Cash. THOS. D. ALLIN, Ass’t Cash. W. T. FENTON, Vice-President O. H. SWAN, Ass’t Cashier WM. B. LAVINIA, Ass’t Cash. LOUIS J. MEAHL, Ass’t Cash. March, 1914. THE NORTHWESTERN BANKER 21 G O IN G T O BUILD? You will need the services of a good reliable construction company. We make the plans and erect the new bank complete. We have erected 41 banks in this territory. Ten of them in 1913. We are now working on the new $20,000.00 building for the Spirit Lake National Bank, Spirit Lake, Iowa. Send for circulars and references. THE LYTLE CONSTRUCTION CO. BANK SPECIALISTS, Sioux City, Iowa Cash and Exchange.................................... Real Estate and Personal Property......... Overdrafts ................................................... 499,728.22 “The loss in deposits occasioned by the hog cholera 93>772-57. is noticeable in almost every statement. Nine out o;f 25,268.54 the fourteen banks in the county have either rè-dis Grand Total ........................................ $3,725,167.21 count or bills payable; much of which, could have been avoided if the Iowa hog hadn’t taken so much to Combined Liabilities. Capital Stock ............................................. $ 463,000.00 the cholera. Surplus......................................................... 113,000.00 “ Five state, one national and eight savings banks Undivided Profits ..... 77,334.14 are included in the above statement. In them there Rediscounts, Bills Payable....................... 128,986.01 is approximately $1,950,000.00 of time money and Circulation (1 National)...................... 40,000.00 $950,000.00 of sight money. All being country banks, Deposits . ................................................... 2,902,847.06 under the new Federal Reserve Act, the minimum re serve they could carry would be $211,000.00, whereas Grand Total ........... ...........................$3,725,167.21 they are at present carrying almost a half million.” Northwestern National Bank Minneapolis, Minnesota EDWARD W. DECKER, P resid en t JO SEPH CHAPM AN, V ice-P resid en t JAM ES A. LATTA, V ice -P re sid en t A. V. OSTRO M , C ash ier R . E. M ACGREGOR, A sst. C ash ier H . P. NEWCOMB, A sst. C ash ier W. M . KOON, A sst. C ash ier S. H . PLUM M ER, A sst. C ash ier H . J . RILEY, A sst. C ash ier Affiliated with the Minnesota Loan and Trust Company Combined Resources $40,000,000 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE 22 R. ALGYER, Vice-President A. C. WHALEN, Asst. Cashier NORTHWESTERN BANKER C. J. WEISER, President March, 1914. E. W. D. HOLWAY, Vice-President A. ANFINSON, Cashier THIS BANK WAS NOT BUILT IN A PAY Winneshiek County State Bank C apital, $150,000.00 S u r p lu s a n d U n d iv id e d P r o fits , $75,000.00 E s t a b lis h e d 1855 O r g a n iz e d 1902 DECORAH, IOWA IOWA ............................................................................................................................. iiiiiiimiiiimmiiiiimmuiiimmmiiiiimfl Iowa State Convention, Clinton, June 4th-5th. BLACK HAWK NATIONAL BANK, WATER LOO, IOWA. Whenever you think of the Black Hawk National Bank of Waterloo, Iowa, you also think of “The Bank of Stability and Progress” as it is one of big strong financial institutions of the middle West. Dr. F. W. Powers, who was the prime mover in the organization of the Black Hawk National Bank ten years ago, and who has been the active vice-president and executive officer for the past five years, succeeded naturally to the presidency when F. F. McElhinney severed his connection with this bank by the sale of his stock in the spring of 1913. The banking interests of Waterloo are represented by four national, one state, three savings banks, three loan and trust companies, besides a number of build ing and loan and mortgage companies. The combined bank investment in capital, surplus and profits, is in excess of $2,500,000, while the total deposits are nearing the $10,000,000 mark. The two and a half million of bank investment fur nishes ample protection to the depositors and at the same time there is sufficient deposit to make banking profitable and bank stock a desirable investment. The home of the Black Hawk National is one of the finest eight-story, fireproof construction buildings in the state of Iowa. It is a monument to the enterprise . of the bank officials and a source of pride to every citi zen of Waterloo. There is no more modern, compact, convenient, systematically arranged banking office west of the Mississippi river. In a recent article in The Waterloo Times-Tribune it said: The Black Hawk National Bank is managed and directed by men successful in their chosen fields of endeavor. Dr. Powers, the president, is ably, as sisted by C. W. Knoop, the trustyworthy cashier, who has been with the bank a number of years and is recog nized by every one as the embodiment of strict in tegrity and unfailing duty to every trust. His affable, pleasing and quiet manner inspires confidence and es teem which has grown into the community’s affection, winning for him and his bank an abiding place in their https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis memory for all those attributes which go to make up the great item expressed in “personal worth.” H. E. Rugg, the assistant cashier, is ever on the alert to conserve the needs of every customer with every courtesy in keeping with the bank’s conservative management. Mr. Rugg started in this bank as col lector and has advanced by merit to the enviable and responsible position he now occupies, which duties he so admirably fills. The active management has strong reinforcements in and is ably supervised by the entire Board of Di rectors who are able to count more broad acres of Black Hawk county soil to their credit than any like directorate in the county besides their large interests in various commercial channels. Director A. E. Glenny, who is also vice-president, is a capitalist with large holdings of farm real estate and income city property, as well as a money loaner. His far-seeing eye has added materially to the con servative policy, and staple and progressive movement of the Black Hawk National Bank. Director and Vice-President James Loonan, who is also vice-president of the Hudson Savings Bank and a director of the Hudson Lumber Co., is one of Black Hawk county’s most prosperous and substantial farmers, and breeders of high-grade Percheron horses. He has been a director in this bank since its inception. Plain in speech and manner, and direct and analytical in thought, he brings caution and conservatism and business experience to bear on all bank policies. Director J. E. Williams as counsel adds a mature mind to all matters of banking practice and procedures, as well as personal integrity and financial worth in city and farm real estate. He is a believer in the fu ture destinies of the city in its larger and better sense. He is untiring in his efforts of upbuilding the city, in all its industrial and commercial channels. Director Geo. F. Johnson, who is also a director of the Hudson Lumber Company and for nine years mem ber of the board of supervisors of this city, and who is a late candidate on the Democratic ticket for the House of Representatives, farms one of the largest and best farms in the county. He has high ideals for the up lifting of rural life in the upbuilding and improve ments of schools and highways. He is ever watchful for the bank’s protection, as well as mindful of the city’s and country’s needs, as well as helpful in all of the bank’s transactions with its many customers. Director F. L. Northey, who is president of the American Refrigerator & Manufacturers Association, treasurer of the Waterloo Chamber of Commerce, and TH E March, 1914. BLACK NORTHWESTERN HAWK BANKER NATIONAL 23 BANK WATERLOO, IOWA T o ta l R e s o u r c e s $1,597,000.00 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OFFICERS AND DIRECTORS ' C a p ita l S to c k $200,000.00 THE 24 NORTHWESTERN BANKER ...D IR E C T O R S ... j. H. IN G W E R S E N . President , J- ' C . F. A LD E N . L. LAM B. C . B. MILLS, Vice-Presidents W . W ^COO K. C ashier J. L. BO H N SO N . Asst. Cashier 3 ..,3* C . S. HARRIS. Asst. Cashier C. F. A L D E N LA FA Y E TTE LAMB G. E. L A M B PEO PLES T R U S T S . R. S H AM B A U G H T. M. G O & B B LSAVINGS E BANK D A N IE L LA N G A N CLINTON, IOWA L. C. E A S T M A N C. B. M I L L S Capital - $300,000.00 J. H. I N G W E R S E N Surplus T h e o f f i c e r s o f t h i s b a n k a re n e v e r to o busy to a n s w e r q u e s t i o n s o r to r e p ly to le t te r s . It is t h e i r a i m to m a k e t h e b a n k o f re a l s e rv ic e to its f r i e n d s a n d p a tr o n s . . ri $300,000,00 - 1 An Up-to-date, Conservative,.“Commercial and Savings Bank that Makes ,a-Specialty of Collections and Bank Accounts. v -r ■ ■■■. ■ ■■■■.:■■ :■■■■ ' * ‘ Largest Bank in Clinton . County . g | | •.v IOWA HiiiHmiiiitiiaiiiiiiiimiimiiiiiimiiHiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiHiiiíiiimiimimiiiiiiiiiiiiiiiiiiiiiiiiiiiHiiiiiiiiiiiiiiiiiiiiiitmn Iowa State Convention, Clinton, June 4th-5th. secretary and treasurer of the Northey Mfg. Co., manufacturers of cold storage rooms, battleship, hos pital and butcher equipment, adds a large, successful commercial business experience to the bank’s councils, being in the full vigor of his manhood, yet ripe in ex perience, his advice is always sought in matters of moment for the bank investments and policies. He is closely in touch with the commercial interests of the entire country, which is valuable to the bank in determining its future investments and future busi ness policies. Director James H. Woods of the Woods Furniture Co., wholesale and retail merchants, is the owner of a large amount of city income property. His reputa tion for conservative business policies is common knowledge among his many acquaintances. He brings highest and best business methods and policies and conservative commercial experience to every meeting of the bank’s councils. He has convictions and cour age to do the right thing at the right time in the right way, for the betterment of the bank and its many customers. A bank so fortified by conservative management and council cannot help but have a conservative and successful growth as has had the Black Hawk National Bank. GROUP MEETINGS IN IOWA. Practically all of the towns have been designated for group meetings in Iowa this year,, but only a few dates have been settled. Groups 10 and 11 had their meetings on February 12th, at Oskaloosa and Burlington, respectively. The balance of the meetings will be held in April, and Secretary P. W. Hall is now planning to have a special car which will take many of the bankers to each of the group meetings which it is hoped can be arranged in succession. No towns have yet been selected for Groups 1 and 3. Group 2 will meet at Humboldt; Group 4 at Dubuque; https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis March, 1914. What We Do: A c c e p t b a n k a c c o u n t s an d pay in t e r e s t on a v e r a g e b a la n c e s . P a y 4 p e r c e n t I n t e r e s t on S a v in g s A c c o u n ts , c o m p o u n d e d s e m i-a n n u a lly . M a k e c o lle c t i o n s as e c o n o m i c a l l y as a n y b a n k in I o w a . A c c e p t a c c o u n t s s u b j e c t to c h e q u e . W e w e l c o m e a n o p p o r t u n i t y to s e rv e you in a n y d e p a r t m e n t o f t h e b a n k i n g bus in e s s . Group 5 at Council Blufis; Group 6 at Boone; Group 7, Cedar Rapids; Group 8 at .Davenport; Group 9, Creston. April 15th, has been tentatively taken by Group 7 at Cedar Rapids, but Group 6 at Boone is also figuring on this date so. possibly these will be changed. ELMA STATE SAVINGS BANK, ELMA, IOWA, PROGRESSING RAPIDLY. The Elma State Savings Bank which opened Octo- RICHARD CUNNINGHAM, President Elma State Savings Bank, Elma, Iowa. ber 18, 1913, with Richard Cunningham, President; Colman Foley, Vice-President, and F. E. Silver; TH E March, 1914. FRANCIS B. REEVES, President RICHARD L. AUSTIN Vice President NORTHWESTERN BANKER THEO, E, WEIDERSHEIM, Vice President JOSEPH WAYNE, JR , Vice-Pres. and Cashier 25 CHAS. M. ASHTON, Ass’t Cashier CHAS. F. WIGNALE, Ass’t Cashier The Girard National Bank PHILADELPHIA, PA. Capital, $2,000,000. Surplus and Profits, $5,060,000, Deposits, $43,100,000. ACCOUNTS OF BANKS AND BANKERS SOLICITED “To Satisfactorily Handle Your Business, You Need a Philadelphia Account” DURANT A GOOD TOWN. There is no bigger or better town for its inches in that section of the state, than Durant, Iowa. On Janu ary 31, 1914, the new home of the Durant Savings Bank, was formally opened, and it was estimated that between 1,100 and 1,200 people visited the new build ing during the day. Cigars, flowers and souvenirs and orchestra music made the opening a pleasant occasion for those attending, while the new bank building it self, was declared to be worthy to a town more than twice as big as Durant. The bank and the town of Durant deserve the congratulations both have receiv ed. SECRETARY P. W. HALL SENDS OUT WARN According to their statement on January 28, 1914, ING. the bank had loans and discounts of $662,459.88 and Secretary P. W. Hall of the Iowa Bankers Associa total resources of $787,191.06. The capital stock is tion, sent out a “Warning” recently, on which were $50,000.00, and the surplus and profits are $68,684.67, pictured "five different criminals, who are still at large, thus placing it in the “Honor Roll” class. The deposits and are well known as professional crooks and safe- are $668,506.39. The officers of this energetic institu blowers. Their names are: Harry Lee, Frank Moore, tion are: O. W. Schiele, President; Henry Paulseri, E. J. Blair, George Hodge, John McArthur. Accord Vice-President.; Chas. Diehn, Vice-President; A. H. ing to^ authorities in California, Harry Lee has re Bierkamp, Cashier. cently been arrested and is now confined in prison. The efficient work which Secretary Hall has done FARMERS BANK OF CHESTER, IOWA, MAK along the protective lines has helped very materially ING FINE PROGRESS. ill keeping the bank robberies in Iowa reduced to a The Farmers Bank of Chester, Iowa, is showing a minimum. healthy growth. It has been running three months now during which time the deposits have in creased to $30,000.00. This bank is a private institution associated with the Exchange State Bank at Lime Springs. W. W. Cray; President of the Farmers Bank at Chester, is Vice-President of the Lime Springs Bank, and is a brother to A. J. Cray, President of the Lime Springs Bank. J. B. Cray, the Cashier of the Chester Bank, is the son of the president. Howard county is coming to the front very rapidly, land values are in creasing and the community wealth is growing apace. The new bank at Chester has one of the handsomest banking rooms in a town of its size in the state. The CrayS are very favorably known and a bright future awaits the new institution. The officers are: W. W. Cray, President; W. G. Marshall, Vice-President; J. B. Cray, Cashier. Cashier, shows a notable increase in its business and a healthy grbwth. With a capital of $15,000 and de posits of $6,000 on November 1st, by February 1, 1914, it had increased its deposits to almost $14,000. There are three banks at Elma, which, owing to the railway facilities of Howard county, has a tributary territory of ten miles north, eighteen miles east and twenty miles west. There are more than twenty farmers among the stockholders of this bank. Elma, with a population of less than 1,000 has on deposit more than $600,000 in its three banks. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Durant Savings Bank, Durant, Iowa. L. L. Swenson is the newly elected cash ier of the Peoples’ Savings Bank, Blakesburg, Iowa. TH E 26 NORTHWESTERN MEETING OF GROUP 11, HELD AT BURLING TON, IOWA, INDORSES EDWARDS, FUR ROW AND POLLARD. The program of the joint meeting of the Bankers of Group 11 of the state association and the Crop Im provement Association was one of the best of the kind ever given. It reflected great credit on the local bank ers who were instrumental in boosting the joint ses sion. Mr. Lyman Edwards was one of the leaders of the movement. The quartet of speakers who talked on agricultural subjects probably have never been excell ed in this part óf the country, as all are leaders in their respective departments. M. M. Reno, division passenger agent of the Bur lington Route, gave a short illustrated talk on the Glacier Park in Montana. This treat had not been announced in advance but was one of the most inter esting thirty minutes on the program. In the resolutions adopted by the bankers late in the afternoon as offered by Harry G. Moore of W ell man, J. Lyman Edwards, president of the Merchants National Bank of Burlington was boosted for state president of the association, and E. H. Furrow of Ce dar Rapids, was pledged the support of Group 11 for treasurer of the organization. The resolutions were as follows : “Whereas, The bankers of Group 11 of the Iowa Bankers Association recognize that this association has been perfected and brought to its high standing by hard and thorough work of those who have taken of their valuable time and money without reward. We have one of our number, Mr. J. L. Edwards, president of the Merchants National Bank of Burlington, who BANKER March, 1914. has performed as much of this work as any other man in the state of Iowa for the association. He has not asked any favors or honors; therefore, be it Resolved, That we most urgently recommend that Mr. J. L. Edwards be given the honors due him from the State Association and that this group use all hon orable means to secure his election to the presidency of the Iowa Bankers Association; be it further Resolved, That Group 11 endorse the candidacy of Mr. E. H. Furrow of the Merchants National Bank of Cedar Rapids for the office of treasurer of the Iowa Bankers Association; be it further Resolved, That we endorse and recommend that Group 11 use its influence and support for J. A. Pol lard for member of the executive committee of the American Bankers Association. Resolved, That we extend our thanks and apprecia tion to the committee who have given this day’s pro gram ; also those who have taken a part for the Crop Improvement Association, and to the musicians who have furnished the music and the bankers of Burlingnot as yet been elected. Mr. Edwards thanked the bankers for these resolu tions, but said that his candidacy for president of the state association rested entirely with them, as he had not sought the honor out of deference to Mr. J. H. Ingwersen of Clinton, who is a candidate for the office. Over one hundred and sixty delegates attended the bankers session which was a fine attendance, consider ing the inclement weather. The date had been set for ward from Washington’s birthday so as to meet with the Crop Improvement Association, but will be held on the former date again next year, the city having not as yet been selected. Century Savings Bank D es M oines, Iow a This bank has facilities unsurpassed by any hank in Iowa for the handling of country bank business. Our bank is not so large but that the officers can give personal attention to the needs of its customers and yet is large enough to be of genuine and real service to its patrons in any of their requirements. « ■ We make attractive terms on dormant balances. Let us hear from you L. E. STEVENS, P resid ent --------------------- - - https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis J. M. CALLANDER, V ice-P res. ............ [in m11111 11 1111 nrr 1 B . B. VORSE, C ashier iri 1 n. t t i J. E. MORTON, Asst. C ashier ............... TH E March, 1914. NORTHWESTERN 27 BANKER Mr. Edison Who Invented the First Phonograph, Examining His Wonderful New Diamond Reproducer You Can Bank on its Beautiful Rich Tone Quality If you love music—real music—you can now have it in your home—absolutely perfect reproductions of the best musicians and singers in the world—any kind of music you like best. You Get in the N ew Edison The Actual Living Human Voice In 1878 M r. E dison in v e n ted th e p h on ograp h . H e b ro u g h t it to its fin al p erfect sta g e la st year—h e an d h e o n ly , h as m ad e p o ssib le th is lu xu riou s n e c e ssity o f our age. H is m od ern m e th o d of record ing an d reprodu cin g so u n d h a s raised th e E dison to th e su b lim e st h e ig h ts of m u sic a l p erfectio n , leavin g far b e h in d th e old ca n n ed m u sic ty p e o f ta lk in g m a c h in e s. A ny in s tr u m e n t selec ted , w ill be delivered righ t to you r h o m e. A m a n s e n t to u n p a ck , s e t it u p an d exp lain its o p era tio n . If y o u have o n e o f th e old k in d o f talk ers, we w ill m ak e you an a llo w an ce for it. Y ou r old records, you m a y reta in as th e E dison w ill p lay th e m b etter th a n you ever heard th e m before. U sed , u prigh t, p ia n o s are also so m e tim e s ta k en in p art p a y m e n t. W rite for C atalog, Term s and P rices HARGER & BLISH Inc. W estern D istributors for Mr. E dison R e t a il S a le s r o o m s a t https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Dubuque DES MOINES S iou x City 28 THE NORTHWESTERN The Northwestern Banker The oldest financial journal west of the Mississippi River PUBLISHED MONTHLY AT SUITE 709-10 CROCKER BUILD ING BY The Northwestern Banker Publishing Company DES MOINES, IOWA CLIFFORD DE PUY, Manager „« o A o m ii 'p tc n n u n i r i For $2.00 is all that is required to secure A tA M iiü K a t n h t f i the monthly visits of the Northwestern Banker for an entire year. Each issue contains from 66 to 64 pages of mighty interesting matter pertaining to banks and banking interests in the territory covered by the magazine. , , „ TTT1 nA T,T.Tm nn«TT...vrro,i Every bank in the Northwest is inOUR CORRESPONDENTS vited to a place on this list. Send us items of local interest, tell us about your bank and its growth, prospects, etc., also any other financial news of interest to bankers in your section. We are always glad to hear from our friends. “ cir>Trrr Tv»AT¡vre” We always carry a large “Reserve” of good will n u i n i n iiA ji iB and additional service, and will promptly honor drafts made upon same by any bank. This department is for your special benefit. It may be made of very great benefit to your bank. Do not fail to avail yourself of its privileges. n x n r "PAÚTArp Our columns are a clearing house for all 1% . u i i u u n i ’j our readers. Express your views on any topic of interest to the banking fraternity and submit same for publication. You do not have to agree with us, or with anyone else. We learn things by an interchange of ideas, and people with whom iwe disagree often prove valuable teachers. We shall be glad to hear from you. ,,v n -p-R/vnirarru» Has ever been offered to the statement that the n tU lJ li B I field covered by the Northwestern Banker is the money producing section of the American continent, rich in hogs, cattle, corn, etc., and dotted with thousands of prosperous banks, all doing a goqd business, and the majority of them are readers of ‘The Northwestern.” “SURPLUS AND UNDIVIDED PROFITS” SthThos^ bank? whose advertisements appear regularly in the columns of this magazine! Full information^ as to rates and our special service will be promptly furn ished on application. Your business solicited and appreciated. The “Banker” has been eighteen years in its present field. “SECOND CLASS MATTER” d S g at th T ^ M M n esT stoffice. This is done in order to conform to the postal laws! everything pertaining to the journal, save this entry, being strictly first class. MARCH, 1914 Another View It is always fair in considering any proposition to view it from all sides. The Federal Reserve Act has been given careful study >it is a law, and the optimis tic outlook for this year portends a successful and pros perous twelve months, but many bankers in discussing the bjll from the standpoint of the state and savings banks have not been entirely prone to view it with particular advantage. One prominent banker in a recent communication to TH E N O RTH W ESTERN BANKER, expressed his views by saying : “There is another matter in this par ticular, and that is, the way this bill will affect state and savings banks in Iowa. I doubt if they can enter the system. I doubt if they will want to, except some few in the larger places. I doubt if the benefits of the bill to the member banks will amount to much or if any member bank will find the regional reserve bank as satisfactory a place for their rediscount as its present connections. “I hope, as one result of this bill, that the tendency of Iowa bankers to make investment loans, as distinguish ed from liquid commercial loans, will be checked. The Iowa law in regard to state and savings banks is so liberal that the new federal reserve act is no improve ment on it. No real bank can get along with less cash on hand or due from banks than the state laws require, and with interest paid by the present connections of the Iowa banks and no interest paid by the regional https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANKER March, 1914. reserve bank, there is a distinct disadvantage in going into the system. I also think it is quite important that we should have banks which are not so intimate ly connected with the new regional banks. “There is one feature of these new banks which has not been dwelt on, but which will appear; it is a gigantic trust to be administered by the public through politicians and is a concentration of power and capital, compared with which the present real or imaginary monetary trust is a mere infant. That is another rea son why sound and able men, of long and wide ex perience in the banking business, should be selecte’d on the various boards.” There is not a broadminded far-seeing banker in the country that does not wish for the very best results from the new law, but it ¡should be viewed from the standpoint of conservatism and good sense, looking at it as it really is, and not as a means to easy money, whch a great many bankers think they will find is a fallacy. Not Popular The income tax law has many good features, but it is not entirely popular inasmuch as many people hesitate to make known their personal incomes and financial condition, and from the standpoint of invest ments this has led to the purchase of tax exempt se curities. Referring to this matter in a recent trade letter, Knauth, Nachod and Kuhne said : “Final preparations have been made for complying with the requirements of the much discussed income tax law. Rarely have people been more utterly in the dark as to the mean ing of a federal law, or as to how its provisions should be interpreted. The law seems certain to cause a great deal of confusion, and already several important suits have been started in the effort to secure a court inter pretation of various provisions. It will take the pub lic some time to become accustomed to the tax, and investors to adjust their affairs to the requirements of the new law. Though such a tax may be just, there is no doubt that the public dislikes it because of the necessity of revealing private affairs. Such publicity is, of course, necessary where a tax of the kind is lev ied, but the average man will continue to dislike it until the payment of the tax has become a matter of habit. “This feeling against exposing one’s sources of in come has been very largely a factor in broadening the demand for tax exempt securities which have gained a popularity of late traceable directly to the desire of investors to put their money into securities not taxable under the new law. Considering the saving, through investing one’s funds in tax exempt securities as against securities which are subject to the* tax, the difference is relatively Very small. But much of the buying of tax exempt securities has unquestionably been based upon the desire on the part of large in- March, 1914. THE; N O R T H W E S T E R N BANKER 29 vestors to avoid such publicity as the new law requires Of persons holding taxable securities.” A n Interesting Problem When Henry Ford announced his profit-sharing plan, the entire world of capital and labor sat up and took notice. In fact the plan, was so entirely different that it startled the country into a deep discussion of an important Subject—-capital and labor. In commenting on this ,the Northwestern National Bank Review said : i “ One of the most significant financial happenings Of recent years is the unique profit-sharing plan adopt ed by the Ford Motor Company with reference to its •employes. The details of this plan have been thorough ly exploited in the public press, and the action of the company has been variously characterized as ‘revolu tionary,’ ‘bénéficient,’ ‘socialistic,’ ‘pauperizing,’ spec tacular,’ ‘wise;’ ‘foolish,’ and ‘laudable.’ Amid the pub lic clamor which has attended the Ford Company’s announcemefit one fact remains apparent. Probably the greatest and most original economic experiment affecting , capital and labor is being seriously and sincerely tried out at the Ford Company’s plant, and the' whole world may profitably sit by and await re sults. It is true that the Ford Company is one of the vçry few institutions in the world in a position to try such a remarkable industrial experiment, and judging the Ford Company by its fearless business policy in the past, we feel safe in predicting that this experi ment will be carried to’a logical and instructive conclu sion irrespective of the praise or adverse criticism of the public.” A Concise Digest oi the New Banking and Currency Law T h e new banking and currency law, known as thé Federal Reserve Act, is of vital interest to every American citizen. It is necessarily technical in its nature and therefore hard to understand. W e have prepared a Digest of the law, concise, compact, and so arranged as to en able the busy man to grasp its essential features in a few minutes. A copy of this Digest will be sent to anyone on request. Ask fo r Booklet D-635 Guaranty Trust Company of New York 140 B r o a d w a y Capital and S urplus, Deposits, - - - $ 30,000,000 149,000,000 A Better System As far as the national banks are concerned the new Currency System has met with approval, at least al most every institution of this character has joined, and by so doing have at least signified their desire to give the help and co-operation which the law will need to make it a success. John Burke, treasurer of the United States, express ed his views of the bill in a recent speech by saying: “The Currency Law is a good thing. Under this sys tem there can be no stringency and neither can there be any inflation. It affords what the country has wanted— an elastic currency. If money is needed the banks can issue it under the direction of the Federal Reserve Board. The money will be withdrawn from circulation when the need for it is over and inflation will be prevented. Great judgment and care will have to be exercised, but the secretary of the treasury is a man of great energy and capacity. The comptroller comes from a family of bankers. He is a great busi ness man and banker himself. These men will be exofficio members of the board. No one knows at this time who the other five members of the board will be. You may rest assured, however, that the same care and judgment will be exercised in the sélection of the five as was used in the selection of the secretary and comptroller.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C O N V E N T IO N D A T E S. Iowa— June 4th, 5th, Clinton. Minnesota— June 16th, 17th, Minneapolis. North Dakota— July 1st, 2d, Williston. South Dakota— June 24th, 25th, Aberdeen. Kansas— May 21st, 22d, Wichita. Missouri— May 19th, 20th, St. Louis. Wisconsin— July 15th, 16th, Milwaukee. THE 30 NORTHWESTERN BANKER March, 1914. The Mechanics and Metals National Bank OF THE CITY OF NEW YORK O FFIC ER S GATES W. McGARRAH, P resid en t ALEXANDER E. ORR, V ice-P resid en t HARRY H. POND, V ice-P resid en t NICHOLAS F. PALMER, V ice-P resident JO SEPH S. HOUSE, C ashier FR ED E R IC W. ALLEN, V ice-P resident ROBERT U. G RAFF, A sst. C ashier FRANK! O. ROE, V ice-P resident JOHN ROBINSON, A ssista n t C ashier W ALTER F. ALBERTSEN, V ice-Pres. CHARLES E. MILLER, A sst. C ashier Capital, Surplus and Undivided Profits, $14,000,000 <iiiiiiiiiiiiiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiii>iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii»iiiiiiiiiiiiiiiMiiiiiiiiiiiiiii2 I M INNESOTA Cllllllllllllllllllllllllllllllllllllilllllllll»»lllllllllilllllllllllllllllllllllllH<lll llll illli lil,l il,ll il,lll llll lilll l,,il,llllllll,li,,ii,liliilll,lllll> lt7 Minnesota State Convention, Minneapolis, June i6th-i7th. NATIONAL CITY BANK OF MINNEAPOLIS, NEW NAME OF COMMERCIAL NATIONAL. Control of the Commercial National Bank of Min neapolis has been purchased by a group of local cap CHARLES B. MILLS Vice-President National City Bank,- Minne apolis, Minnesota. italists. The capital will be at once increased from $200,000 to $500,000 and the surplus from $50,000 to $100,000. At the same time the name of the institu https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tion will be changed to the National City Bank of Minneapolis. The names of H. R. Lyon, George F. Orde, Charles B. Mills, Douglas A. Fiske and George H. Rogers have been added to the directorate. Other prominent men will be added at the next meeting of the directors. S. E. Forrest, S. H. Bowman and S. J. Mealey of Monticello retain their places on the board. The following officers have been elected: President, H. R. L yon; George F. Orde and Charles B. Mills, vicepresidents, and S. E. Forrest, cashier. H. R. Lyon, the new president, is connected with the Russell-Miller Milling Company and has extensive banking and mercantile interests in the northwest He is a banker of wide experience and well known in Minneapolis. George F. Orde, who has been vice-president of the First National Bank for several years, severs his con nection with that institution at once to assume the active vice-presidency of the National City. Charles B. Mills came to Minneapolis a year ago from Clinton, Iowa. He has been for many years vice-president of the People’s Trust and Savings Company of Clinton, and has extensive banking interests in Iowa, South Dakota and Minnesota. George H. Rogers is vicepresident of the Rogers Lumber Company. Douglas A. Fiske is well known as the head of the Civic & Commerce Association. The Commercial National Bank has been in existence a year and a half and in that time has obtained de posits of $600,000. The increased capital, the officers say, will enable them to give better service to the present depositors -and more inducements in the way of business facilities to new ones. They announce that the new bank will provide every facility for the convenience of the banking business, including a special department for women and a well-equipped safety deposit vault. WILLIAM H. DUNWOODY DEAD. William H. Dunwoody, financier, merchant, miller and philanthropist, died at his residence in Minnea polis, recently. He was seventy-two years of age, and for six months had been seriously ill. In the death of Mr. Dunwoody, Minneapolis and the northwest loses one of it's most influential citizens. He was held in the highest esteem by his business associates. ' Mr. Dunwoody was reputed to be one of the wealth iest men in Minneapolis and the northwest. Every March, 1914. TH E NOR T HWE S T E R N 31 BANKER THE DES MOINES NATIONAL BANK DES M O IN E S , IOWA The policy of this bank is to cultivate helpful business relations with its correspondents and_to render at all times the service which their needs demand and which our equipment insures. An experience ex tending over a quarter of a century in catering to such needs has provided a broad understanding of the re quirements in this field. We cordially invite a share of your business. Resources (over) $ 7 , 0 0 0 , 0 0 0 * 0 0 Arthur Reynolds, Pres. John H. Blair, Vice-Pres. commercial venture that had his name attached to it had the backing of every dollar he possessed and his exemplary life was impressed on everything he un dertook. Mr. Dunwoody at the time of his death, was chair man of the board of the Northwestern National Bank of Minneapolis, and connected with many interests of magnitude including banking, railway and elevator enterprises. E. W. Decker, president of the Northwestern Na tional Bank, in referring to Mr. Dunwoody, said: “ My intimate acquaintance with Mr. Dunwoody and long friendship was one of the pleasantest and most important influences of my life. Mr. Dunwoody in variably stood for the cleanest and best things in life. He was always mindful of the little things and gave freely of his time and his means to' everything that appealed to him as having merit. He was a man of strong principles and I never knew him to vary from them. “Considering his character, habits, business ability and generosity he came as near being a perfect man as anyone I have ever known. He will be very greatly missed by all his friends and business associates but his influence for good will go on indeterminately.” C. A. Barr, Cashier, A. J. Zwart, Ass’t Cashier NEW BANK ASSOCIATION ORGANIZED AT ST. PAUL. The Tenth Congressional District group of the Minnesota State Bankers Association was organized at the Commercial Club in St. Paul, recently. The counties represented are: Hennepin, outside of Min neapolis and including, the 3d, 4th and 10th wards of that city; Anoka, Wright, Isanti, Mille Lacs, Kenabec, Chisago and Pine. Officers elected: A. S. Dean, Sand stone, president; E. H. Sherwin, Monticello, vice-presi dent; S. L. Salter, Anoka, secretary-treasurer. Twenty banks were represented. SECRETARIES OF STATE BANKERS ASSOCIA TION IN CENTRAL WEST HOLD CONVEN TION IN MINNEAPOLIS. Secretaries from Indiana, Wisconsin, Michigan, Iowa, Kansas, Nebraska, North and South Dakota and Minnesota held a convention recently at Minneapolis to discuss new and better methods in conducting the affairs of the various associations. The reason for the meeting was well explained by Secretary W. B. Hughes of the Nebraska Association who said: “Some years ago at an American Bankers Associa tion convention, the suggestion was made by the then secretary of the Colorado Bankers Association, that THE UNION NATIONAL BANK, ROCHESTER, the secretaries of the associations in this section of the MINN., NOW OCCUPIES BEAUTIFULLY country ought to get together now and then at some REMODELED BUILDING. central point and compare notes on the work being The Union National Bank, Rochester, Minn., has done in order that each might profit by the knowledge recently moved into elegant quarters of which both and practices of the others in other states. He sug the bank and town may well be proud. ’The interior gested a meeting in Omaha. The idea grew until it of the bank is very commodious and has been planned included the presidents also, and took in many more for the convenience of its patrons. The pretty terrazza states than originally suggested. This made Chicago floor, the marble bases and the extremely pretty in a more central location and the first meeting was held direct lighting system all add a tone to the general there, as was the next. The third was held recently effect that deserves great admiration. The Union Na at Minneapolis. “It is for ‘shop talk’ entirely, and no time is wasted tional is one of the solid financial institutions of that on entertainment. Some new idea can always be section of the state. The officers are: E. A. Knowlton/ president; Chris caught, for never a year goes by that some associa topher Graham, vice-president; John Hall, cashier, tion does not develop some new way of being useful to its membership.” and S. L. Seaman, assistant cashier. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E NORTHWESTERN BANKER March, 1914,. The Seaboard National Bank of the City of New York Capital $1,000,006 - - - Surplus and Profits (earned) $2,500,000 S. G. BAYNE, President 0 . 0 THOMPSON,. B. L. GILL, Vice-President Vice-President W. K. CLEVERLEY, Cashier L. N. DeVAUSNEY, J. O. EMORY, O. M. JEFPERDS, Asst. Cashier Asst. Cashier Asst. Cashier S. G. NELSON, Vice-President A ccou n ts o f Banks and Bankers from the Middle W est E specially Solicited on m ost Favorable T erm s NEBRASKA ItlllllllllllllllllllllllllllllllH IIIIIIIIIIIIIIIIIIIIIIllllllllllllllllllllllllllllllllllllllllllH IIIIH IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII- J. R. CAIN, PRESIDENT NEBRASKA BANKERS ASSOCIATION, BOOMED FOR GOVERNOR. J. R. Cain, Jr., new vice-president of the State Bank of Omaha, has been boomed for nomination for gov ernor by Chancellor Oeschger of Cotner University, in a speech at Peru. Mr. Cain was grand master of the Masonic order in Nebraska last year. He has re moved to Omaha, his family remaining in Stella, their former home, till the close of the school year. NEBRASKA STATE BANKS CANNOT ENTER NEW SYSTEM. A Nebraska law prohibits state banks from holding stock in any corporation. The attorney general and the secretary of thè state banking board hold that this prevents Nebraska state banks from joining the new federal reserve system and subscribing to the capital stock of a regional reserve bank. They believe that Nebraska state banks will have to remain out of the system until the legislature meets and removes the disability. In Kansas, where a similar law exists, the attorney general has given the opinion that it was never meant to apply to the purchase of stock in a national banking and currency system backed by the federal government; he rules, therefore, that state banks in Kansas may join the new system and take stock in the regional bank to be established in that district. The Nebraska attorney general does not seem to have been very liberal in his interpretation of the law. If his opinion holds, state banks in Ne braska will have to remain out of the new system un til the legislature meets. ONLY TWENTY-EIGHT BANKS IN NEBRASKA NOT MEMBERS OF STATE ASSOCIATION. Some idea of the efficient work which Secretary Wm. B. Hughes of the Nebraska Bankers Association, has been doing is understood when it is known that only twenty-eight banks in the state are not now members of the association. Considering the many benefits which every bank in the association receives, it would hardly seem possible that anything more than an invitation would be necessary to get them to join. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis AGRICULTURAL DEVELOPMENT COMMIS SION OF NEBRASKA PLANNING MUCH WORK. The Agricultural Development Commission of Ne braska held a meeting recently at Lincoln, and in out? lining the plans of this-organization, Chairman Carson Hildreth said : “The sole purpose of the commission is to raise funds to be used in helping to establish farm manage ment association on the association’s application, and on the approval of the university farm authorities. The funds of the commission will be paid to the county association, to be used in the farm demonstra tion work, and with no other condition attached. The university farm has nothing to do with the funds of the commission, only to approve the county’s ap plication. The commission has no theories or methods to offer the farmer, but -leaves this all to the experimental stations. The commission simply comprises many business interests willing to contribute private funds to help hasten the time when this great agricultural system may become widely established in the state. Farmers, retailers and others out through the state are not on the commission for the reason that they will be called on by the local county association for subscriptions and we could not expect them to help our fund. The many excellent organizations and as sociations of the state are not represented on the commission for the reason that the one sole purpose of the commission is to raise funds and we could not ask these associations to subscribe or solicit funds for the commission.” Following is a list of the commission as at present constituted. The object of this cofnmission is only one thing— to raise money to assist in placing farm demonstrators in counties that want them. This work will be limited by the number of avail able trained men suitable for the work, which will hardly be more than eight or ten each year. It is not within the commission’s work to try to push any county into using a farm demonstrator. It only helps to provide the means where demonstrators are wanted. Nearly forty counties are preparing to use them. The commission will do all its work through the farm managers of the University of Nebraska, Col lege of Agriculture— not direct in any case. Carson Hilreth, Lincoln, chairman, banker. E. Buckingham, manager Union Stock Yards Com pany, South Omaha. March, 1914. THE NORTHWESTERN BANKER 33 • C. B. Towle, Lincoln, president Nebraska Manufac turers Association. ? A. C. ileflang, Lexington, president Nebraska Mil ler’s Association. W. S. Basinger, Omaha, general passenger agent Union Pacific Railroad. Frank Walters, Omaha, general manager Chicago CHARTERED ACCOUNTANTS. & Northwestern Railroad. CERTIFIED PUBLIC ACCOUNTANTS. D. Clem Deaver, Omaha, immigration agent Bur lington Railroad. J. S. McNally, Omaha, division passenger agent OFFICES:— Rock Island Railroad. ; Geo. K. Andrews, St. Louis, agricultural commis CHICAGO, ILL., McCormick B uilding. sioner Missouri Pacific Railroad. ST. PAUL, MINN., P io n eer B uilding. Dr. P. L.'Hall,'Lincoln, president Central National MINNEAPOLIS, MINN., P ly m outh B uilding. Bank, representing Lincoln Clearing House. DULUTH, MINN., P allad io B uilding. J. A. Ollis, Ord, president Nebraska Live Stock Im DES MOINES, IOWA, H ubbell B uilding. provers Association, SALT LAK E CITY, UTAH, K e arn es Building. Thos. B. McPherson, Omaha, president South Om MEXICO, D. F., Ediflcio L a M utua. aha Live Stock Exchange. HAVANA, CUBA, Ediflcio L a L onja. J. De Forrest Richards, Omaha, cashier Omaha Na LONDON, ENG., 2 G reat W in ch e ster St., E; C. tional Bank, representing Omaha Clearing House. J. T. Trenery, Pawnee City, president Farmers Na tional Bank, former president State Bankers Associa “A SOUND BASIS FOR CREDIT” tion. Geo. F. Gilmore, Omaha, president Conservative A periodical independent audit and certified state Savings & Loan Association, representing Omaha ment of a bank’s financial position is an absolute Commercial Club. guarantee to prospective customers; and a similar D. S. Dalbey, Beatrice, capitalist and stockman, Gage county supervisor. requirement by bankers from prospective borrowers E. S. Westbrook, Omaha, treasurer Trans-Missis should be an essential precedent to the establish sippi Grain Company, representing Omaha Grain Ex ment of a credit basis. This work is one of our change. specialties. Write for fuller particulars. Rates H. E. Gooch, Lincoln, president Gooch Milling & and references on request. Elevator Company, representing Lincoln Grain Ex change. A. E. Wilkenson, Lincoln, general manager Beatrice IOWA OFFICE Creamery Company, representing creamery interests of the state. 822 HUBBELL BUILDING, DES MOINES W. J. Pilant, Omaha, general agent International S. BARTLETT JONES. A. C. A., C. P. A. Harvester Company. Resident Partner. F. J. Farrington, Omaha, secretary and manager ---- ■ ---John Deere Plow Company. F. L. Haller, Omaha, president Lininger Implement Associated w ith:— Company, Regent University of Nebraska. A. F. Stryker, Omaha, secretary Live Stock Ex L. V. ESTES, INCORPORATED. change, South Omaha. J. E. Miller, Lincoln, Miller & Plaine Dry Goods EFFICIENCY ENGINEERS. Company. C. F. McGrew, Omaha, president Live Stock Na tional Bank, South Omaha. W. R. Mellor, Lincoln, president Organized Agri has obtained a large number of new accounts. Ac culture and secretary State Board of Agriculture. cording to Mr. Currier the local paper prints a city J. W. Patterson, Kearney, general implement busi directory each week giving the changes in street ad ness, mayor of Kearney several terms. dress and the new arrivals. Quite a number of the Wm. B. Hughes, Omaha, secretary Nebraska Bank real estate men are friends and customers of the ers Association. bank and this all helps them to get hold of the new Prof. C. W. Pugsley, Lincoln, manager University comer. Farm Extension Work. W. S. Whitten, Lincoln, secretary Lincoln Commer CITIZENS BANK OF STUART, NEBRASKA, cial Club. MAKES GOOD REPORT. The Citizens Bank t>f Stuart, Neb., according to their GOES AFTER NEW ARRIVALS FOR AC statement of February 12, 1914, had loans and dis COUNTS. counts of $287,598.71; cash due from banks and in G. E. Currier, cashier of the First National Bank, vault of $61,896.91. The capital stock is $50,000.00, University Place, Nebraska, gets in touch with every and the surplus and undivided profits amount to $14,new arrival in his community and in this way by 474.60, with deposits of $302,036.18. The motto of this placing the advantages of his institution before them, Continued on page 55. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis QUAIL, PARKER & CO. TH E 34 NORTHWESTERN BANKER March, 1914. $100,000 First M ortgage F ive Y ear 7% Gold Bonds ot the D es M oines Clay Com pany Dated January 1st, 1914; due January 1st, 1919. In coupon form of $1000, $500, and $100 each. semi-annually January and July 1st at the Central Trust Company, Des Moines, Trustee. 1: 2: 3: 4: Interest payable Bonds are secured by mortgage of property worth more than $310,000. Earnings are largely in excess of interest and are rapidly increasing. Proceeds of bonds will pay all indebtedness and improve physical property. Stockholders have purchased over half the issue. Price and descriptive circular upon request B uilding Ernest R. Abram s & Co. N O R TH DAKOTA ïtiiiiim iiiii...... .......................................................11............ ............................................................ . North Dakota State Convention, Williston, July ist-2nd. CITIZENS BANK OF DOUGLAS, N. D., SOLD. The Citizens’ State Bank of Douglas, N. D., the stock of which was owned by D. P. Robinson of Garrison, and a number of eastern parties, has been sold to Nels Rulien of Hoffman, Minn., and Krist Kjelstrup and C. W. Me Gray of Underwood. D. P. Robinson re tains his stock and will continue as president. Some 2,000 acres of land were also purchased as a part of the transaction. SIX NEW BANKS ORGANIZED IN NORTH DA KOTA IN ONE MONTH. Six new banks were recently organized in North Dakota and are as follows :First State Bank of Sap, Mercer county, capital $10,000; incorporators, .N. P. McGregor, Minneapolis.; Clara B. Kees and W. C. .Kees, Beulah, N. D. First State Bank of Wernett, Dunn county, capital $10,000; incorporators, John S. Ferner, F. S. Werner and G. B. Lindell, Dawson, N. D. German State Bank, Fredonia. Logan county, cap ital $10,000; incorporators, Christopher Reid, George Gackle and Peter Billinger, Kuhn, N. D .; Simon Whittmeyer, Fredonia and John H. Wishek, Ashley. First State Bank of Van Hock, Mountrail county, capital $10,000; incorporators, R. W. Akin, Anoka, Minn.; Algust Peterson, and J. J. Reimer, Harvey. N. D. Merchants State Bank, Werner, Dunn county, cap ital $10,000; incorporators, Alfred C. Nelson, Manning; J. G. Wuinlavin and J. E. McClure, Dickinson. Farmers State Bank, Medina, Stutsman county, cap ital $10,000; incorporators, S.' F. Corwin, A. B. DeNault and H. T. Graves, Jamestown. HOOPLE STATE BANK, HOOPLE, N. D., AP PLIES FOR FEDERAL CHARTER. Application for a federal charter has been made by the Hoople State Bank, Hoople, N. D., according to https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Iow a plans made at the annual meeting of the stockholders held recently. All of the former officers of the bank were re-elected for the coming year, James Dinnie of Grand Fork?-, being president and N. C. Olson, of Hoople, cashier. The annual report showed that the bank had done a good business during,the year just past and that all of its affairs were in good shape. Under the Currency Bill recently passed by congress, the bank will become a member of the Currency Re serve Association if it operates under a national char ter as planned. CANDO NATIONAL BANK, CANDO, N. D., RE ELECTS SAME OFFICERS. C. J. Lofgren, of Ada, Minn., president of the Cando National Bank, Cando, N. D., attended the annual stockholders meeting of the bank recently. The same officers were chosen for the ensuing year, and the re ports given showed the affairs of the bank to be in a most excellent condition. SECURITY STATE BANK OPENS AT DEERING, NORTH DAKOTA. The newly organized Security State Bank at Deering, N. D., opened for business recently. Among those interested in this organization are H. W. Palm, George B. Scheifley and O. D. LaGrange, the latter of whom will be in charge of the bank as its cashier. Mr. LaGrange has been identified with the banking business in Deering for the past seven years and the manage ment of the new bank is in capable hands. Owing to its large territory, good land and thrifty farmers, Deer ing has made rapid progress and there is ample room and plenty of business for a second bank in the town. FARGO, NORTH DAKOTA, NATIONAL BANK MAKES SPLENDID GAINS. The stockholders of the First National Bank of Fargo are much pleased at the showing this bank has been making under the management of E. J. Weiser. Mr. Weiser became identified with this bank about eight years ago and during that time it has made a rapid growth, having paid a regular 15% dividend and the capital and surplus has been doubled. The First National Bank of Fargo at its annual meeting decided to increase its capital and surplus to $500,000. This is a splendid showing for the oldest March, 1914- THE NORTHWESTERN BANKER 35 THE MISSISSIPPI VALLEY lon g recognized as the richest agricultural section on earth, through its wonderful natural re sources and the aid of man’s genius, is destined to become THE WORKSHOP OF AMERICA. Situated in the K ey City of the Corn Belt T HE DUBUQUE N A T IO N A l BAN K occupies a commanding position, as a Reserve Center and Collecting Bank, throughout this vast region of Commerce and Industry. bank in Fargo. It is. the more remarkable when it is known that the capital and surplus have been just doubled in the last eight years. In 1906 the capital and surplus was $250,000 and today it has reached the $500,000 mark. The old officers and directors were re-elected as fol lows: President, E. J. Weiser; Vice-President, F. A. Irish; Vice-President, J. S. Watson; Cashier, G. H. Nesbit; Assistant Cashier, L. R. Buxton; Assistant Cashier, E. G. Clapp. BANK DEPOSITS, IN GRAND FORKS, N. D., MAKE BIG INCREASE. Total deposits in Grand Forks, N. D., banks increas ed by over $47,000, between February 4, 1913, and January 13, 1914, and the total resources of the banks of the city increased over $90,000 during the same period. This is shown in the reports made by the institu tions to the comptroller of the currency at Washing ton, D. C., and the state bank examiner at Bismarck. Deposits, Grand Forks Banks. Bank Feb. 4, 1913. Jan. 13, 1914. First National..................... $1,419,270.73 $1,372,443.45 Northern State ................. 876,480.99 808,516.19 .Scandinavian American . . . 897,093.72 951,642.66 Northwestern Trust Com p a n y .................... 126,574.61 137,977-39 Farmers and Mechanics... 33,638.67 129,790.36 Total deposits........... $3,353,058-72 $3,400,569.95 The increase shows that financial conditions in the vicinity are more than keeping pace with the increase in population of the city, and the territory tributary to it. Officers of all of the banks of the city are well pleas ed with the general showing made in the period be tween the two calls. The increase in the deposits and resources, although not remarkable, is regarded as being significant of a healthy financial growth. BELIEVES MINNESOTA S T A T E BANKS SHOULD DELAY ENTERING NEW SYS TEM. State banks in Minnesota were advised by Kelsey S. Chase, state superintendent of banks, to keep out of the federal reserve associations until it is seen how the plans of the government work out. Mr. Chase said the interstate conference of State https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis bank superintendents in Chicago, from which he re turned recently agreed practically unanimously that it would be better for state banks to hpld back. “There were twenty bank superintendents at the meeting,” said Mr. Chase. “They passed a resolution that it would be better for state bankers to wait, as the new law is somewhat experimental and even the wisest bankers are in the dark as to its effects. “In taking this action the bank superintendents all realized the need'for currency reform which has ex isted for some time and regarded the new act as a distinct forward step. They pledged themselves to co-operate with the federal board to obtain the results desired, but they declared that there is still a need of state banks. “I don’t know of any state bank in Minnesota that has applied for membership in the reserve association and doubt if there will be any for some time.” MINNEAPOLIS BANKS MAY OPEN IN CAN ADA. National banks of Minneapolis will be able, under the new Curerncy Law, to establish branches in west ern Canada and enter intimately into the financial life of that territory. In Minneapolis financial circles this" phase of the new law has been discussed. The Na tional City Bank of New York has indicated that it probably would avail itself of the privilege and open branches in Europe and possibly in South America. Several of the big Canadian banks, that have hun dreds of branches in the Dominion, maintain branches in New York, Chicago and Seattle, as they once did in Minneapolis, and some Canadian banks have branches in Mexicó and Cuba. Minneapolis, Detroit and Buffalo are cities of financial importance, closest to the Cana dian banking through the establishment of branches. But the eastern field in Canada is the home of the parent banks and competition is keen. In the eastern part of the Dominion, notwithstanding the numerous branches of Canadian banks and strong competition, there is such rapid development that the field would be more inviting for American banks. E. W. Decker, president of the Northwestern Na tional Bank, is not inclined to think that any Minne apolis banks will give much attention to this phase of the law at this time. That it may come about eventual ly that a Minneapolis traveler in a west Canadian town may find the familiar names Northwestern, First) Security, Metropolitian, Scandinavian-American and Commercial Nation on branch banks in that country, is possible. TH E 36 NORTHWESTERN BANKER March, 1914. The Commercial National Bank WATERLOO, IOWA Capital and Surplus, $500,000 O FF IC E R S W . W . M ILLER, President F . C. PLATT, Vice-President E. W . M ILLER, Vice-President GEO. E. LICHTY, Vice-President llllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllilllllllllllllllllllllllllllM IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIH IIII, SOUTH DAKOTA Hu....................... .......................................... ................ . South Dakota State Convention, Aberdeen, June 24th - 25th. FIRST NATIONAL BANK OF MITCHELL, S. D., HAS FINE REPORT. The First National Bank of Mitchell, S. D., accord ing to their statement of January 13, 1914, has loans and discounts of $504,317.02, total resources ,of $802,080, and deposits of $580,343.12. The First Trust and Savings Bank which is also in the same room and under the same management as the First National Bank has deposits of $109,810.10. The combined de posits are $690,213.22 and combined resources are $938,094.57. The officers are: O. L. Branson, Presi dent; J. S. Daniels, Vice-President; L. J. Welch, VicePresident; Ray L. Branson, Cashier; J. C. Wood, As sistant Cashier; Wm. Koch, Director. F. W. PETRICK, CASHIER FIRST STATE BANK OF WHITE OWL, MARCUS. S. D., MADE FINE INCREASE IN BUSINESS DUR ING PAST YEAR. In a recent communication to the Northwestern Banker, F. W. Petrick, cashier of the First State Bank of White Owl, at Marcus, S. D., said: “We are located about forty miles from opr nearest - railway and have a bank of $100,000 resources. Dur ing 1913 we made 14% on $25,000 capitalization and elected in addition to the present officers, Rees W. Douglass, assistant cashier, formerly of Mason City, Iowa. “ Later on we will send you a monthly paper which we intend getting out. “We like The Northwestern Banker very much and look for it with interest.” In one of their recent ads the subject was “ Private Affairs,” and it emphasized the fact that : “ Bank counsel and service require a frank discussion of per sonal business matters. Private affairs remain private affairs when the officers of the First State Bank of White Owl are taken into your confidence. Do not deprive yourself of the co-operation and help of this bank through a hesitancy on the subject of secrecy. Your private affairs are as safe here as your money.” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H. C. SCH U LTZ, Cashier H. W . W E N T E , Ass’t Cashier E. W. MUNSON PURCHASES LARGE AMOUNT OF STOCK IN COMMERCIAL BANK OF WATERTOWN, S. D. E. W. Munson of Sioux Falls, S. D., for the past six years national bank examiner for the district of South Dakota, has purchased a large block of stock in the Commercial Bank of Watertown, and was elected president to succeed E. A. Syverson, one of the pur chasers three years ago, who retains a large interest in the bank and was chosen vice-president. Mr. Syverson’s retirement as president is said to be due to his other large interests which caused him to desire to retire from active management of the bank. CITIZENS BANK AND TRUST CO. ORGANIZED AT VERMILION, S. D., TO OPEN IN JULY. A project has been on foot for some time for the establishment of another bank in Vermilion, S. D., but it was not until recently that it became known that the new institution was to be a reality, and that it would be in operation as soon as arrangements for quarters could be made. The new banking house will be known as the Citi zens’ Bank & Trust Co., and is incorporated under the. state banking and trust laws. This is done in order to make its business cover a larger field than could be otherwise done. The new bank will make a specialty of farm loans, and, under the trust laws of the state, will handle the estates of minors and deceased per sons. The new institution will also conduct a gen eral banking business. The stockholders of the new banking house are, M. J. Chaney, C. E. Prentis, Carl Gunderson, H. G. Tay lor, W. F. Price, W. R. Cleland, T. O. Ellison, John Frieberg, F. O. Simonson, J. E. Payne, Peter Olson and S. A. Omdahl. The officers of the new corpora tion are: M. J. Chaney, President; Carl Gunderson and C. E. Prentis, Vice-Presidents; W. R. Cleland, Secretary. The capital stock is $25,000. FIRST NATIONAL AND FARMERS BANKS OF GRANT COUNTY, SOUTH DAKOTA, PLAN CONSOLIDATION. A large business transaction wa§ made in Milbank. S. D., recently, when an agreement was entered into between the First National Bank and the Farmers Bank of Milbank to consolidate the interests of the above banks and form one large banking institution. TH E March, 1914. NORTHWESTERN BANKER 37 In All That is Good Iowa Affords the Best LIFE INSURANCE anc) GOOD BANKING Am ong the bankers who are policy holders:— George E. Roberts, Leslie M. Shaw, Ralph Van Vechten and T W O H U N D R E D and F O R T Y O T H E R B A N K E R S in IO W A . Homer A . Miller, President of the Iowa National Bank, Des Moines Iowa, was insured for $2,000 for twenty years, paid in premiums total $1,192, had the option of a cash settlement of $1,596, giving 20 years’ insurance and $404 profit. This Company Makes Results—Not Estimates F R AN K D. JA C K S O N , President SID N E Y A . F O S T E R , S e c re ta r y R oyal Union Mutual Life Insurance Com pany, - - - Des Moines, Iowa Correspondence Solicited The consolidation will take effect March 1st, and a very substantial increase of capital stock will be made. In the consolidation of the new bank, the name and char ter of the First National Bank of Milbank will be re tained, and the building of the Farmers Bank will be occupied. This will provide the city of Milbank with one of the largest financial institutions in that part of the state. The financial responsibility of the stockholders of the new consolidated bank will be over $2,000,000. F. B. Roberts will be president of the new bank and C. E. Mills, cashier. The stockholders of both banks are farmers and business men of this locality and the object of the con solidation is to provide a more efficient method of banking. Both banks have a number of associated banks in that portion of the state, and the move is look ed upon with favor by the people generally. W ESTERN N A T IO N A L BANK, M IT C H E L L , S. D., G I V E S T A L K O N C R E D I T IN A D . Little talks on banking have been published by the Western National Bank of Mitchell, S. D., in their ads and the following is on credit: “Credit is a man’s reputation for ability and willingness to pay his obli gations promptly. Ability to pay, willingness to pay, integrity and promptness all have a part in credit. Besides a man’s personal habits, his vices and his ex cesses, both moral and financial, enter into his credit. “ In another sense, credit is the amount for which a man may be safely trusted. It is commercial credit among merchants and banking credit at the bank. It is the estimate in dollars which the business world puts upon a man’s reputation. “The two senses of credit are, like Siamese twins, in separable; yet the reputation of a man comes first in determining for what amount he may be trusted. “Keep your moral and business character right and your credit will be safe.” C IT IZ E N S S T A T E B A N K O F IR E N E , SO U T H D A K O T A , C O N S T A N T L Y IN C R E A S IN G . The Citizens State Bank of Irene, South Dakota, surely has a splendid record to its credit. This is shown from the fact that on January 1, 1906, their de posits amounted to $19,294.30 as compared with $217,562.16 on January 13, 1914. Their capital stock is $20,000. They have for their motto, “ Make Our Bank Your Bank.” The officers'are : A. O. Saugstad, Presi dent; C. G. Kjeldseth, Vice-President; O. A. Ander https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A gents W anted son, Cashier; Grace Hall, Assistant Cashier; O. W. Mikkelson, Assistant Cashier. B A N K O F D A L L A S , D A L L A S , S. D „ T H R I V I N G . The statement of the condition of the Bank of Dal las, Dallas, S. D., at the close of business, January 13, 1914, shows a splendid condition: Capital stock, $25,000; surplus, $4,700; undivided profits (net), $958.98; deposits, $118,238.49. The officers are: Ernest A. Jackson, President; Graydon B. Jackson, Vice-President; Frank H. Jackson, Vice-President, Louis Visha, Cashier; Walter H. Kupfer, Assistant Cashier. SO U TH 000 D A K O T A S A V I N G S I N C R E A S E $4 ,0 0 0 ,D U R I N G Y E A R IN S T A T E B A N K S . The summary of statements of business of the 522 state banks and trust .companies of the state for the close of business on January 13th, show that there was a material increase in the business of these insti tutions from the date of the call for February 4, 1913, approximately a year. Loans and discounts had in creased from $43,268,978.54, up to $48,930,406.80, an increase of more than five and a half million. In fact every item in the resources show an increase save that of over drafts which had decreased $14,985.37. The liabilities of the banks had increased from $63,644,092.88 up to $70,988,038.64, or a total of $7,756,158.14. Of this increase $6,979,324.72 was in the way of deposits, the heaviest increase being in the check ing deposits and the time certificates. Sioux Falls Savings Bank SIOUX FALLS, S. D. C a p it a l ............................$200,000.00 Total Resources Over - $2,500,000.00 OFFICERS E. G. KENNEDY, Pres. JAS. B. LAMBERTSON, Cash. WILLIAM ONTJES, Vice-Pres. K. B. CRESSEY, Asst. Cash. A Live Com m ercial Bank A c c o u n ts o f B a n k s a n d B a n k e r s S o lic it e d We Handle Gilt Edge Farm Mortgages 38 TH E N O R T H W E S T E R N B A N K E R March, 1914. N ew Ideas that Are Pulling Deposits Personal solicitation ranks high in any line of business, as a method of getting new accounts, or selling more merchandise. But hundreds of new depositors can be secured by advertising, and hundreds more told about the advantages of your institution that would never hear of it otherwise. Besides it would be a physical impossibility, in many cases fo r you to see each one of them personally. The right kind of advertising, however, w ill get these people into your bank, where the pleasant smile, warm handshake, and courteous treatm ent w ill cement the tie that makes them come again. B IL L B O A R D S A N D H O U SE H O L D E X P E N S E B O O K IN C R E A S E D E P O S IT S . J. F. Traer, cashier of the Vinton Savings Bank, Vinton, Iowa, has been using a household expense book which is nicely arranged, and very useful, and by distributing these to a careful list of prospective cus tomers has secured many new accounts. He has also used billboard space with very good results. The picture gives only a small idea of the space which he has been using, and of course, the colors add much to the effect.. The main thing to consider is location, in billboard advertising. Get a place where the most people pass by. One of the banks in a large city that is particularly desirous of securing savings accounts from school children has large billboard ads placed directly across from the school grounds and pictures a metal savings bank which they can secure free by calling at the bank. In referring to his outdoor advertising Mr. Traer “I have also published a consolidated statement of the country banks which perhaps does us some good as we are way up near the top. I have never done anything in specialty advertising save to give out a household expense book. Quite a number of people come back for a second and third book. I have never used calendars. Have no faith in them. “I find it very difficult to determine just what is the proper method of advertising and we are over whelmed with solicitors who have the only true way.” The following ad is one which was used to especial ly emphasize the value of “economy” and the advan tages of keeping a household account of every transac tion. “ Economy no more means saving of money than it means spending money ; it means administration of a house; its stewardship; spending or saving, whether money or time, or anything else, to the best possible advantage. “The. very best way to reduce household expenses is to itemize everything and set it down in black and white, and then cut on each item. This means limit ing one’s outgo in a practical way. It may be un pleasant but, after all, one can be economical and yet respectable and comfortable if it is done with a cheer ful spirit and in a dignified way. “We have a specially prepared book for household accounts which we will be pleased to give to all who wish to use it. Call for one. “We solicit your savings account and will pay you interest.” U SES B O O K said: “I enclose two pictures of sign boards, one of which shows our ad. These boards are owned and operated by Mr. J. B. Goodwin. As you can see by these Mr. Goodwin is an artist of ability. The colors are tastefully selected and as the boards hide vacant lots they are in no sense objectionable, but on thé contrary improve the appearance of the street. The boards are lighted by a flash light. We pay for our space, $25 per year, and have no other expense. Mr. Goodwin has other boards in the town.” Speaking of their general advertising he said : “We have been advertising in the local papers. I have written my own ads and I have bought them. A year ago I bought a service which I considered good stuff. The cuts were fine and the reading matter good and forceful. I ran this for a year and did not have a customer mention it. This is largely true of all advertising. I have one ad that I run at the end of the month, announcing that money deposited in the first five days draws interest from the first. More people mentioned this than all the others together. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O F “ S K IN -N A Y ” C A R T O O N S TO B R I N G IN D E P O S I T S . The Central Trust Company of Illinois, Chicago, is using Briggs’ “Oh, Skin-nay” book of cartoons as a premium for boys and girls who start savings accounts. I he book is presented to youngsters between nine and sixteen years of age who deposit $5.00 or more, earned and saved by themselves. The book is a compilation of cartoons by Briggs, which have appeared in the Chicago Tribune. “Skin-nay” is a boy character who has been a feature of the sporting section of the Tri bune for a number of years, and he has a strong hold on grown-ups as well as the youngsters. M EM O R A N D U M B O O K S A N D S P E C IA L P E N C IL S P R O V E G O O D A D V E R T IS IN G . J. W. Lyder, cashier of The Northern National Bank of Duluth, Minnesota, is a “live wire” in the matter of advertising his institution, and has used newspaper space and other mediums with good re sults. Two souvenirs, however, a pencil and a mem orandum book, which he has distributed through the mails and at special gatherings, have brought possibly the best results. In referring to these he said : ‘As to how we send our pencils, would state that at March, 1914. TH E NORTHWESTERN “ M ade in BANKER 39 Minneapolis“ T h e A m erican Bank P rotection Co. Capital $150,000. Steel Office and Vault Fixtures Omnibuses Steel Filing Devices Vault Doors ELECTRICAL BURGLAR ALARMS T w elv e years’ experience protecting more than 2,000 banks w ithout Indorsed by bankers’ associations and expert vault engineers E very system guaranteed against burglary the State Convention of Bankers, these pencils were distributed as the members entered the meeting. We have also mailed out a number, and have handed them to parties calling at the bank. Of course it is not possible to tell just what returns we received, but it is not always possible to tell where lightning strikes, and as long as we keep the name of the institution before the public in some manner which is bound to stick, and by the continual use of the pencils, one cannot help but have the name of the institution before them. We also use memorandum books which we have found very de sirable, as they invariably are carried for the year, and sometimes longer. We had one party call at the bank recently who had carried one of our memorandum books for three years.” CORN C O N T E S T B R IN G S N E W TO TH E BANK. CU STO M ER S “We. have done more advertising the past year than formerly and we know ‘It pays to advertise’ is the way P. F. Fiene, cashier of the First National Bank, Charter Oak, Iowa, writes concerning what they have done to increase business. Continuing he says : “In looking back and comparing figures with a year ago, we feel as if last year was the best year in the history of the bank; our total deposits a year ago were $202,822.22, and now they are $269,470.69, the demand for money has been strong enough to consume the funds we had, yet we have borrowed very little money. “We have done all kinds of advertising, have writ ten our own ads in the local paper, have put on a corn contest, are giving away three prizes, and we find that people are looking for our ad in thé paper as we have been telling them about the contest, and in this con test we have come in contact with people who other wise would not have come to the bank, and, in show ing people that we are interested in them and their welfare we have reached those we wish to reach. '“We have given away a fine calendar and have dis tributed some pocketbooks. Some time ago we bought a good supply of the booklets ‘Iowa Laws Made Plain,’ and many have been in during the year and received a free copy. “We attribute the success we have had in increasing our deposits, largely besides the known stability of the institution, and the necessary courtesy of the clerical force, to the fact, that we treat all depositors alike, the smallest one receives the same rate as the largest one, and we tell them that they are as good https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis a robbery as the best of our customers and the best are receiving the best rate we are making.” S O U V E N IR S , P E N C IL S A N D P E R S O N A L S O L IC IT A T IO N B R IN G R E S U L T S F O R T H IS B A N K . M. F. Coons, president of the Farmers Savings Bank, Goldfield, Iowa, has made an excellent growth in his institution, and in telling how this has been accomplished, he said: “The Farmers Savings Bank was organized and be gan business on December 1, 1909, with $35,000 in deposits and at the present time our deposits are around $140,000. Our business being four times larger than it was a little over four years ago. We can at tribute this gain to no particular reason except hard work, hustling and courteous treatment. We do a great deal of personal solicitation which we consider has done us the greatest amount of good; some bank ers say this is not businesslike and others say it can be over done, perhaps this latter objection is true, if it is not done right. “We never let a customer go away dissatisfied if it is in our power to adjust matters to his satisfaction, I do not mean by this that we give way to every de mand that is made on us, but in cases of misunder standings, we try to make it right. “We use a small space in our weekly paper and aim to change copy every week, although we don’t always do so. We have used advertising pencils and put out a nice, attractive calendar each year, using something Let Me Furnish an Idea for You Your deposits and surplus of godd will can be increased by the use of novelties coupled w ith the right ideas. Let me suggest an idea to use for your bank. Drop me a card now —samples on request. FRANK C. KIP 822 HUBBELL BUILDING A d v e r t is in g N o v e lt ie s - D e s M o in e s , I o w a TH E 40 N O R T H W E S T ERN BANKER March, 1914. Booklets, Newspaper Advertisements, Form Letters Every plan needful to the building of bank deposits through publici ty; made in Iowa, under the direction of expert advertising men, for Iowa banks and bankers. Other banks using this service are First National Bank, Traer, Iowa Fidelity Savings Bank. Marshalltown, la. Peoples National Bank, Perry, la. First National Bank, Northwood, la. Iowa State Bank, Mason City, la. There are yet others. Names will be supplied on request. Newpaper copy, booklets, drawings, cuts and form letter methods. The price is ridiculously small. Ask for further information on a post card. LEONARD FOWLER, Financial Advertising, different each time. We also use other advertising methods that come up, but never spend any great amount of money on any one particular form of adver tising. We use some ‘ready-made ads/ using one of these one week and writing an ad next week and so on. “ I have been acquainted with many bankers that I thought would do a larger and more profitable busi ness were they a little more pleasant and courteous in the treatment of their customers, and not so hard to approach.” GOOD POINTS TO EMPHASIZE IN ADVERTIS ING FOR SAVINGS ACCOUNTS. A bank which is making an active campaign for savings deposits says: “Two dollars‘ deposited every week in this bank will in forty years yield an income of $8 a week for the balance of one’s life, while leaving an estate of $10,000 for the family at death.” That result comes from regular deposits, which are com pounded every three months at 4 per cent interest. By saving $3 a week, according to the same plan, these results are obtained: In ten years you will have $[,904.44; in twenty years, $4,796.49; in thirty years $8,976.48; and in forty years, $15,123.52. If then, you begin at the age of twenty to save $3 a week, and en trust it to a bank which pays 4 per cent, and com pounds the interest on your deposits quarterly, by the time you are sixty you will have a capital of over $15,000 and a yearly income (supposing you still get only 4 per cent on your money) of over $600 a year— or $12- a week. It pays to save regularly and sys tematically and persistently. SECURING A REAL LIVE MAILING LIST. The assistant cashier of a bank attracted fifteen thou sand visitors to a flower show in his banking room and kept a conspicuous visitors’ book for his mailing list. A Kansas banker got almost a thousand names of per sons who guessed on the number of new pennies dumped in a pile in his show window. The president of a suburban bank took advantage of a home-coming harvest festival in his neighborhood to make his bank the most attractive place in the business section and to interest the -visitors in an inspection of his vaults, '['he guests’ register during the first three nights con tained two thousand five hundred names. Supplement ing special occasions such as these, a New England banker advertises a gift of novelty to attract prospects https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis DES MOINES into the bank, and then has the officers who give out the article obtain the name and address of the recipient. Customers, too, are a good source of new names, and generally they are glad to suggest the .name of some friend who should be interested in banking. To make this easy one banker sends the customer a convenient card when the occasion offers. By friendly service they have won many such good friends among the traveling salesmen, who help constantly in adding new names to their list. OFFERING PRIZES FOR NEW ACCOUNTS. “The belief that people resent being approached and asked to trust their money to a bank, was upset by a bank which based a soliciting campaign on the theory that the public feels that a bank has as much right to solicit new business as any other concern. A four months’ contest among employees of the bank yielded two thousand more accounts varying in size from a few dollars to several thousand dollars. The winner of the contest turned in three hundred and twenty new ac counts, the one next to him two hundred and eightyfive and two others each rounded up about two hun dred and forty. “According to the plan the bank paid these em ployees one dollar for each new account brought in. In addition to this cash payment for accounts, a first prize of fifty dollars, a second prize of twenty-five dollars, and several smaller consolation prizes were awarded. A teller in the savings department won the first prize, by explaining the contest to the regular customers whom he served, and getting them to bring their friends in to start accounts. All of .the prize win ners got their accounts by personal solicitation. “An analysis of the new business showed it to be of a permanent character. The bank directors were sat isfied because the bank did not pay any more, probably not so much, for the new business as it would have had to pay if it were secured under any other plan. Another reason for satisfaction was that the money all went to the bank’s employees, thereby intensifying their loyalty and their interest in the growth of the institution.” E. L. Mantor, who has been the president of the First National Bank of Peterson, Iowa, for some time, has tendered his resignation to take effect soon. Mr. Mantor has been in very poor health for some time, and he is acting under medical advice. TH E March, 1914. NORTHWESTERN BANKER 41 IOW A N A TIO N A L BANK FLEMING BUILDING, DES MOINES, IOWA STATEMENT JANUARY 13, 1914 L IA B IL IT IE S . C apital stock ........................................... . ........$1,000,000.00 Surplus and profits ............ ............................. 464,830.44 240,000.Q0 C irculation ........................................................ R eserve for tax es ................. 8,000.00 D e p o s its ...................... 6,601,890.95 Largest National Bank in Iowa. Makes a special ty of farm loans for its correspondents. Write for rates. Best service. $8,314,721.39 RESO U R CES. Loans ....................... $5,489,743.30 U nited S tates bonds ......................................... 300,000.00 5,000.00 F ix tu re s ........................................................... O verdrafts ..................................... 17,532.55 C ash a n d e x c h a n g e ........... 2,502.445.54 $8,314,721.39 Officers HO M ER A. M IL L E R , P re s. R . L. C H A S E , J R ., A sst. C a sh ie r Classified Advertisem ents FOR SA LE — Bank fixtures, check desk, typewriter stand. Delivery in thirty days. Fixtures made by Stevens-Fisher, 17 ft. long, has two wickets, one for cashier, with marble dealing plate and one wicket for bookkeeper. No plate. Three good sized cab inets under counter fitted with drawers and pigeon holes, a door with Florentine glass, size 2,4'x6,8", also partition five feet, no counter. This fixture, check desk and typewriter stand guaranteed in good condition. Price $250. For particulars apply to F'irst National Bank, Klemme, Iowa. SITU ATIO N W A N TE D — Young married man, with fourteen years banking experience, desires an official working position with a good bank in southern Min nesota or Iowa. At present am located in northern Wisconsin. Can invest in stock. Address “H. C.” Northwestern Banker. W A N TE D — A position as bookkeeper or assistant cashier in a small bank by a capable, responsible young man ; twenty-three years of age ; American nationality ; graduate of high school and commercial college ; can do stenographic work ; have had ex perience in banking, but now employed as bookkeep er by a manufacturing corporation. Best of reasons for changing. References given. Address “J. P.” Northwestern Banker. PO SITION W A N TE D — Assistant cashiership want-ed in small bank with or without investment. Ad dress “A. G.” Northwestern Banker. IOWA NEWS AND NOTES. Mr. O. J. Stephenson, clerk of courts, has been re cently elected to the office of assistant cashier in the First National Bank, Algona, Iowa, to succeed Mr. Earl Vincent, who has resigned. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ¿fi H. S . B U T L E R , V ic e -P re s . C . H. S T E P H E N S O N , A sst. C a sh ie r H. T. B L A C K B U R N , C a s h ie r J A M E S F. H A R T , A sst. C a sh ie r All matters of the First National Bank of Bagley, Iowa, were found to be in excellent condition at its annual meeting held recently.. The Farmers Savings Bank, a new institution has opened for business at Albert City, Iowa, with A. F. Bergling as cashier and active manager. The bank is capitalized at $15,000. Better than 4 T H E United States Steel Corporation, Standard O il Co., Western Electric Co., and leaders in banking and business everywhere are saving many times four r‘e*r cent, on their investment in Peerless Check Writers. < IN > T H îfê ïY FIVE DOLLARS TEN CENTS Reduced Fac-Simile T H E Peerless Check Writer makes the old tried and safe protective imprint exact to the cent, and places it in the amount line of the check. Combines work, and saves time. Saves time, too, by writing a word at a stroke, faster than a typewriter. T H E $65 Peerless is the writer for big checking business. T h e new $35 Peerless Junior has every one of the Peerless ad vantages for the smaller output of checks. W rite fo r f u l l information or, better, a fre e tria l Peerless Check Protecting Co. • Rochester, New York TH E 42 NORTHWESTERN BANKER March, 1914. CONSOLIDATED STATEMENT OF BANKS IN CLAYTON COUNTY, IOWA. A. J. Carpenter, cashier of the First National 1 k, Elkader, Iowa, sent in the following report of banks in Clayton county, according to statements national banks on January 13, 1914, and state banks on January 28, 1914: Name of Bank Deposits Capital Surplus and Total Loans Und. Profits Recources Elkader State Bank, Elkader.....................$ 661,281.78 $ 50,000.00 $ 16,613.89 $ 728,195.67 $ 573*224-88 First National Bank, Elkader................... 512.141.64 50,000.00 623,679.21 423,624.22 39>637.57 Garnavillo Savings Bank, Garnavillo........ 496,651.47 20,000.00 19,650.26 536,301.73 416,724.60 Strawberry Point State Bank, Strawberry P o in t....................................... 472,635.62 50,000.00 18,040.49 429,409.34 540,676,11 Monona State Bank, Monona................... 416,215.39 40,000.00 468,165.53 310,818.50 i T95°-i 4 Guttenberg State Bank, G uttenberg..... 399,657.83 25,000.00 21,978.66 449,636.49 338,520.52 Clayton County State Bank, Guttenberg 386,857.66 25,000.00 11,580.86 356,222.10 423*438.52 First National Bank, McGregor............... 383,606.54 19,929.73 480,729.49 50,000.00 311,548.09 Farmersburg Savings Bank, Farmersburg ............................................... 260,014.52 15,000.00 282,720.97 201,929.00 7*706.45 State Bank of McGregor, McGregor........ 233,438.34 25,000.00. 261,927.31 3*488.97 199,905-75 First National Bank, Strawberry Point. . 223,604.19 25,000.00 5,094.08 260,212.27 166,411.34 St. Olaf Savings Bank, St. Olaf................. 191,830.28 15,000.00 4*457-62 211,287.90 146,414.49 Citizens State Bank, Monona................... 167,225.26 25,006.00 79,005.89 i 93*369-58 M 44-32 Elkport Savings Bank, Elkport......... 147,323.77 10,000.00 161,700.91 134,888.89 4*377-H State Bank-of Edgewood, E dgew ood.... 146,652.82 25,000.00 1,526.83 126,027.01 i 73*445-65 Farmers State Bank, Volga......... ............. 135,262.11 25,000.00 422.69 161,010.80 111,389.35 Luana Savings Bank, Luana. ................... 110,721.46 11,000.00 1,750.16 114,470.77 93,462.50 Littleport Savings Bank, Littleport........ 97,720.61 15,000.00 113,418.07 83,295.76 785-53 10,000.00 Volga Savings Bank, V o lg a .................. 97,530-54 122,037.03 1*307.57 67,39i-i 4 Farmers Savings Bank, Garber.. . . . . . . . 89,917.18 443.72 10,000.00 100,360.90 65,324.42 North McGregor Savings Bank, North McGregor ............................................... 75T96.36 10,000.00 86,758.94 376.58 77,329-59 Farmers Savings Bank, Edgewood.........! 45,345.22 15,000.00 60,847.01 44,168.51 501.79 T o t a l.....................................................$5,750,830.59 $546,000.00 $I93.575-°5 $6,554*390-86 $4,747,035-89 THE CEDAR RAPIDS NATIONAL BANK CEDAR RAPIDS, IOWA United States Depositary Established As a Private Bank, 1877 As a National! Bank, 1887 36 years of Continuous, Conservative and Successful Banking. S T A T E M E N T OF C O N D IT IO N . C lose of Business Feb. 4,1913 C o m p tro lle r’s C all RESOURCES L IA B IL IT IE S Loans and Discounts______________ $2,981,336.13 Overdrafts ________________________ 1,724.48 United StatesBonds, at par________________ 245,000.00 Other Bonds _______________ 249,832.50 Real Estate —-____—___________________ 160,000.00 Cash due from Banks and U. S. T re a s u re r__ 2,182,951.86 C apital-------------------- ------------------------ ___$ 300,000.00 Surplus and Undivided Profits, net_________ 114,684.99 Circulating N o tes_____________ 147,700.00 Deposits -----------------------5,258,459.98 $5,820,844.97 $5,820,844.97 OFFICERS RALPH VAN VECHTEN, P resident GEO. B. DOUGLAS, V ice-President KENT C. FERMAN, Cashier ED. H. SMITH, V ice-President MARTIN NEWCOMER, Asst. Cashier GLENN M. AVERILL, V ice-President ANNA R. SMOUSE, A uditor https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis We invite accounts from Iowa Banks and Bankers. Reserve Agent for National Banks. March, 1914. TH E NORTHWESTERN BANKER 43 OFFICERS & C H AS. SH U L E R , President Capital Stock $150,000.00 Surplus 150,000.00 Undivided Profits 83,000.00 W . H. GEHRM ANN. Vice-President Deposits O ver $2,500,000.00 FRANK B . Y ETTE R , Cashier LO UIS G. BEIN , Assistant Cashier Charles C. Trine, for twenty-eight years an employe of the Marshalltown State Bank, Marshalltown, Iowa, and since 1898 assistant cashier, recently was elected cashier to succeed the late Phineas S. Balch, who died last month. Mr. Trine entered the bank as a boy of eighteen, as collector and janitor. Jam£s W. De Buhr, for two years cashier of the Legrand Savings Bank, Legrand, Iowa, sold his holdings to D. N. Ferguson, E. L. Condon and C. I. Twedt. Mr. Ferguson was elected president of the bank and Con don cashier. The Bank of Luverne, Iowa, a private institution, was visited recently by robbers, who escaped with $300 in cash and $300 worth of stamps. The robbers failed to blow open- the vault and hence their haul was not large. The Arthur Savings Bank, Arthur, Iowa, has again increased its capital stock' by a transfer from its sur plus fund, this time increasing the total to $40,000. This bank was incorporated seven years ago with a capital stock of $15,000 and deposits of about $60,000. It now has $40,000 capital and deposits of nearly $200,000, which is a fine record for seven years growth. G. E. Clifford is president, G. M. Cressey vice-president and Fred J. Whinery cashier with C. G. Fredell, assistant cashier. At the annual meeting of the Farmers National Bank, Henderson, Iowa, all the officers and directors were re-elected for the new year as follows: A. S'. Paul, president; C. E. Irwin, vice-president; J. G. Lov ing, cashier; C. E. Irwin, T. R. Stewart, A. S. Paul, R. S. Stewart and Dr. W. D. Craig, directors. Mr. Walcott, who is a teller at the Woodbury County Savings Bank, has been appointed manager of the Sioux City Clearing House Association for this year. The stockholders of the Andrew Savings Bank, An drew, Iowa, held a business meeting recently and elected the following officers for the coming year: President, j. L. K inley; vice-president, J. H. Daudle ; cashier, O. Sampson; assistant cashier, Miss E. Fowler. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis We In viteJfou r Business The German American Bank, Dedham, Iowa, expect to erect a new building in the near future. D. C. Bradley of Centerville has sold all his holdings of stock in the Fairfield National Bank, Fairfield, Iowa, and resigned the presidency. R. B. Louden, Sr., has *" been chosen president of the institution and Ellsworth Turney vice-president. Mrs. Henrietta Anderson, widow of Abel Anderson, president of the Northwestern National Bank, Sioux City, Iowa, was married recently to Olaf Nelson, a banker of Mitchell, S. D. THE City National Bank OF CLINTO N, IOWA Capital, Surplus and Profits Deposits . . . . $ 250,000.00 2,468,000.00 O FF IC E R S A. G. Smith, President G. M. Curtis, Vice-President A. C. Sm ith, Cashier Accounts o f Banks and Bankers received on most favorable terms. Correspondence Invited. Peoples Savings Bank DES MOINES, IO W A ESTABLISHED 1890 C A P I T A L (Paid in) $50,000.00 C A P I T A L (Earned) 50,000.00 $ 100,000.00 S U R P L U S and P R O F I T S (Earned) 160,000.00 D E P O S IT S . . over 2,700,000.00 C. H. MARTIN. President FRANK P. FLYNN E. A. SLININGER Vice-President Cashier GEO. V. HARRITT CARL W. MESMER Ass’t Cashier Ass’t Cashier Accounts of Banks and Bankers Solicited TH E 44 NORTHWESTERN BANKER March, 1914. JOHN T. HAMILTON, President P. C. FRICK, Vice-President U , H. N. BOYSON, Asst. Cashier JAMES E. HAMILTON, Vice-President ROY C. FOLSOM, Asst. Cashier EDWIN H. FURROW, Cashier MARK J. MYERS, Asst. Cashier THE MERCHANTS NATIONAL BANK of Cedar R apids, Iow a A live commercial institution offering superior equip ment and facilities for the handling of bank accounts R esou rces $7,000,000 IOWA NEWS AND NOTES The First National Bank of Indianola, Iowa, held its annual meeting recently. A few changes were made incident to the purchase by Edgar C. Lane and sons of a majority of the stock owned or controlled by Mr. J. F. Samson. Will A. Lane was elected to succeed him as cashier. The following were elected directors: J. M. Harlan, J. F. Samson, Edgar C. Lane, Will A. Lane and Ray Lane. The officers elected were- as follows: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis President, J. M. Harlan; vice-presidents, Edgar C. Lane and A. F. Schimelfenig; cashier, Will A. Lane; assistant cashier, F. H. McClure. At the annual meeting of the stockholders of the National Bank, McGregor, Iowa, W. F. Daubenberger was elected president to succeed William R. Kinnaird, who died recently in Idaho. Other officers chosen were: First vice-president, C. J. Weiser, president of the Winneshiek County State Bank of Decorah; sec ond vice-president, H. Reeves; cashier, F. S. Richards. Mrs. J. J. McCrory of Dawson, Iowa, wife of a for mer banker there died recently after an illness of three weeks.. TH È March, 1914. NORTHWESTERN BANKER 45 GERMAN SAVINGS BANK DES MOINES, IOWA Capital $100,000.00 Surplus and Undivided Profits $25,000.00 Deposits $1,500,000.00 DIRECTORS L. H. K U R T Z , P r e s id e n t, L . H . K u r t z Co. H. B. H A W L E Y , ■ P res.. G r e a t W e s te r n A c c ’t A s s ’n. • C H A S. H. W E IT Z , P r e s . C e n tu r y L u m b e r Co. JOHN A. CAVANAGH, President JER R Y B . S U L L IV A N , Law yer. JO H N H. H O G A N , C a sh ier. JO H N A . C A V A N A G H , P r e s id e n t. W M . II. W I L C O X E N , Law yer. L . C. K U R T Z . S e c .-T r e a s. L . H . K u r tz Co. L. C. KURTZ, Vice-President CHAS. H. WEITZ, Vice-President JOHN H. HOGAN, Cashier viewed the business of a good year and re-elected the officers and directors with the exception of D. N. Dun lap, who is succeeded as director by his son Lee. The Commercial National Bank, Essex, Iowa, is now near completion and the bank when finished will be strictly up-to-date. H. H. Pattee, president of the First National Bank, At the annual meeting of the Farmers State Bank of Perry, Iowa, is in possession of a ten dollar bill which he prizes very highly, and which was received by F. B. Dows, Iowa, G. H. Jameson was elected president, W. Hoeye at the post office a short time ago. It is a bank P. Mendell vice-president, L. L. Beinhauer cashier. note issued by the First National Bank about fifteen The rate of dividend was increased 5 per cent over pre years ago and bore the signatures of D. J. Pattee as ceding years, and G. W. Finn, G. H. Jameson, W. P. Mendell, J. A. Iverson, C. O. Evans, F. B. sheldon and president and H. J. Holmes as cashier. Hal Smith were elected directors. Leo. E. Stevens, president of the Century Savings Election of officers of the Peoples Savings Bank of Bank, Des Moines, Iowa, president of the Chamber of Commerce and head of the Des Moines Clearing House, Delmar, Iowa, was held recently and the following has been honored with a picture, accompanied by a officers elected: John McGinn, president; vice-presi short sketch in the current issue of Leslie’s weekly. dent, Dr. E. C. McMeel; cashier, F. P. Goodjohn. The sketch says that Mr. Stevens is popular among George E. Pennell of Atlantic, Iowa, has become the bankers of Iowa, and that he takes an active inter head of the state banking department in the office of est in the affairs of. the state and national associations. Auditor of State Bleakly to succeed A. C. Wolever, At the annual meeting of the First National Bank, resigned to become connected with the Citizens Bank Iowa Falls, Iowa, W. H. Woods was chosen president; at Colfax, Iowa. E. O. Ellsworth, vice-president; C. H. Burlingame, Tom Daugherty recently was chosen cashier of the cashier; Thomas E. Bell, assistant cashier; Charles E. Cromwell State Savings Bank, Cromwell, Iowa. Foote, bookkeeper, and Ralph Gohring, assistant. The annual meeting of the Iowa State Savings Bank, The stockholders of the State Savings Bank, Fonta- Creston, Iowa, was held recently and the old officers' nelle, Iowa, held their annual meeting recently, re and directors were all re-elected. 1[0WA >JEWS AND Ï10TES S E C U R IT Y NATIONAL BANK C. H. EIGHMEY, President B. F. BLOCKLINGER, Cashier C. J. COLLIER, Vice-President H. A. KOESTER, Ass’t Cashier Capital, - - - $200,000 Surplus & Profits, $161,000 Capital and Surplus $500,000 First National Bank DUBUQUE, IOWA W. P. MANLEY, President C. W . BRITTON, Cashier Accounts of Bankers Solicited. S IO U X C ITY , IOWA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis T. A. BLACK Vice-President C. G. CUMMINS, Ass’t Cashier Write Us for Terms 46 TH E NORTHWESTERN SO M E D E P O S IT S A S S H O W N B Y T H E T IO N A L B A N K C A L L O F JA N U A R Y 1914, A N D S T A T E B A N K C A L L O F J A N U A R Y 28, 19 14 . Bank Town First National, Alta, Iowa........................ $ First National, Dyersville, Iowa........... Guthrie County National, Panora, Iowa. . Farmers National, Osage, Iowa............. Deposits 285,853.34 376,134.42 395*39i-°2 480,007.7° A la Mode The Custom of the Country is to have the apparel in unison with the weather condi tions. Just now Spring Overcoatings of various weight and styles help to solve the problem of the varying changes of the weather. The love of good clothes is born in every one of us, and naturally we like to please ourselves and our friends in the social and business world by appearing well dressed whether on business or pleasure bent. The hurrying stream of life claims most of the time of the busy man, but a little time spent in obtaining an introduction to our fabrics is bound to put new joy into your busy day, for there is a certain and enduring pleasure in making the acquaint ance of our new and up-to-the-minute Spring, and Summer fabrics. NICOXX The Tailor • W - Jerrems’ Sons • https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NA 13, BANKER March, 1914. Savings Bank, Salem, Iowa....................... 292,402.40 Lovell State, Monticello, Iowa................. 893,409.52 Algona State, Algona, Iowa..................... 366,970.44 German Savings, Berlin, Iowa................. 176,148.48 Cushing Savings Cushing, Iowa............... 147,174.12 Mt. Auburn Savings, Mt. Auburn, Iowa. . 151,564.32 Maple Valley Savings, Battle Creek, Iowa 321,048.73 Selma Savings, Selma, I o w a .................. 68,103.33 State Bank of Central City, Central City, Iowa ......................................................... 400,976.33 Mitchell Savings, Mitchell, Iowa............. 118,537.47 Franklin County State, Hampton, Iowa. . 659,483.72 Ralston Savings, Ralston, Iowa............... 102,404.89 Farmers Savings, Ruthven, Iowa........... 120,444.49 Peoples Savings, Cedar Rapids, Iowa. . . . 910,328.79 Monticello State, Monticello, Iowa........ 1,737,969.61 Calhoun County State, Manson, Iowa.. 317,645.46 Dysart Savings, Dysart, Iowa............... 393*699.94 Farmers & Merchants State, Coin, Io w a .. 111,946.59 Citizens Savings, Letts, Iowa................... 230,401.37 Farmers Savings, Runnells, Iowa........... 52,048.09 Delaware County State, Manchester, Iowa 611,436.61 Farmers State, Dyersville, Iowa............. 959,554.24 Alta State, Alta, Iowa.............................. 307,848.02 American Savings, Maquoketa, Io w a .... 992,360.14 Hillsboro Savings, Hillsboro, Iowa........ 162,709.48 The Hopkinton State, Hopkinton, Iowa. . 310,931.97 Peoples State, Guthrie Center, Io w a.. . . 251,644.37 Strawberry Point State, Strawberry Point Iowa ................ 472,635.62 German Savings, Odebolt, Iowa.......... 158,418.76 Exchange State, Collins, Iowa................... 152,844.36 New Sharon State, New Sharon, Io w a ... 156,727.64 Manning & Epperson State, Eddyville, Iowa ............. 416,631.83 Dinsdale Savings, Dinsdale, Iowa.......... 37,299.12 The Garnavillo Savings, Garnavillo, Iowa 496,751.47 Iowa State Savings, Lyons, Iowa........... 587,634.22 Security Savings, Little Rock, Iowa.......... 195,389.34 Mitchell County Savings, Osage, Io w a ... 265,505.67 The Eddyville Savings, Eddyville, Io w a .. . 180,737.93 Iowa State, Hull, Iowa........................ 214,340.97 Waterloo Loan & Trust Co., Waterloo, Iowa ......................................................... 263,277.53 TH E March, 1914. T H E NORTHWESTERN G ER M AN BANKER 47 S A V IN G S B A N K O F I»A V E N F O R T , I O W A With adequate equipment and exceptional facilities for handling business in every depart ment of banking. The German Savings Bank is in a position to give its patrons the best service. If you contemplate making a change in your banking connections, or think of opening a new account, we would be pleased to confer with you in person or by letter. Capital Stoek - - $ 600,000.00 Surplus - - 500,000.00 - Undivided P rofits Deposits O ver 338,000.00 11,000,000.00 Commercial Accounts Savings Deposits OFFICERS CHAS. N. VOSS, Pres. H. O. SEIFFERT, Vice-Pres. ED. KAUFMANN, Cashier OFFICERS F. C. XROEGER, Ass’t Cashier OTTO RIECHE, Ass’t Cashier IOWA NEWS AND NOTES A t a meeting of the directors of the Farmers Na tional Bank, Vinton, Iowa, held recently a resolution was passed authorizing the cashier to make application to membership in the federal banking reserve system. This bank is one of the strongest financial institutions of the county. Hon. William H. Freeman, prominent banker and politician, died recently at Oakland,. Iowa. He was president of the Oakland State Bank and a prominent Pottawattamie county politician. Authority has been granted by the auditor of state to a company of Manchester, Iowa, capitalists to organize a fourth bank in Manchester. The incorporators of the new bank are: W. H.-Norris and A. W. Stearns of Manchester, Mrs. Gertrude Cole and Mr. Frank B. W il son of Greeley, W. B. Robinson of Robinson, Charles Roberts of Strawberry Point and Judge F. W. Craig of Des Moines. William C. Penick, founder of the Chariton National Bank, Chariton, Iowa, and prominent southern Iowa merchant and financier for the last thirty years, died recently. The Iowa Trust and Savings Bank, with a preliminary capital stock of $50,000 is the new depository promised for the city of Muscatine, Iowa. The following wellknown men are known to be the prime movers in the project: J. A. Bartemeier, P. J. Barry, Charles Mosqua, Dr. E. B. Fulliam, Thomas S. Ryan, D. J. Dwyer, John F. Daily, George M. Wittich, Wg V. Daut, Dr. A. J. Wever, D. F. Sullivan, James W. Healey, Thomas Fahey, Dr. J. L. Klein, James Ryan, James M. Healey, F. H. Bartemeyer and L. A. Mergen. F. H. Bartemeyer is president of the Union Savings Bank of Dav enport, Iowa, and L. A. Mergen cashier of the German National Bank of Beloit, Kansas. A fire occurred recently at Imogene, Iowa, totally destroying the bank and a store room adjoining. This bank has a record of disasters. Twice it failed, three times it was burned out and once it was looted by mid night robbers. The annual meeting of the First National Bank, Everly, Iowa, resulted in the election of the following: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Peter Ketelsen, president; L. Scharnberg and John Lorenzen, vice-presidents; A. P. Cronk, cashier; G. D. Cronk and H. Frydenborg, assistant cashiers. H. C. Chambers, cashier of the Iowa National and Iowa Savings banks, at Ottumwa, Iowa, died suddenly at his home, shortly after his arrival from Des Moines, where he had been called to attend the funeral of Mrs. James Lee, the mother of Mrs. Chambers. Made in sections, many sized boxes in the same sized case; Yale locks, three plans of locking, heavy doors, continuous* hinge pin; heavy number plate, japanned tin bond box. 30 days’ free trial. INVINCIBLE M ETAL FURNITURE COMPANY MONROE, WISCONSIN C. A. Mast, Public Accountant and Auditor Banks and Corporations Audited Davenport, Iowa. BANKSEINRDAVKNPORT H otel Cum berland NEW YORK Mb. Broadway at Fifty-fourth Street fill f l d i i t l i l i F l Kept b y a Form er B anker NEW AND FIREPROOF Best Hotel Accomodations in New York at Reasonable Rates. $2.50 W ITH BATH AND UP Ten minutes walk to thirty theatres H eadquarters for Bankers i i p p Send for Booklet HARRY P. STIMSON, formerly Pres. Am. Nat. Bank.of Kansas City Only New York Hotel window screened throughout. T H fe NO R T H W E S T E R N B A N K E R 48 Packers National Bank Union Stock Yards South Omaha J. F. COAD, President WM. J. COAD, Vice-President H. C. NICHOLSON, Cashier T. J. SHANAHAN, Asst. Cashier Established 1891 Capital and Surplus $300,000.00 The same day your shippers live stock is sold, we collect the returns and report to you. NEBRASKA NEWS AND NOTES Ira H. Hatfield, cashier of the Lincoln State Bank, Lincoln, Neb., died recently, after suffering from an attack of pneumonia which developed a short time ago. The Wausa banks, Wausa, Neb., according to their late official statements, have $414,207.75 on deposit. This town has only 800 inhabitants. Felix L. Gallagher has sold an interest in the Rosalie State Bank, Rosalie, Neb., to De Roy Austin and J. W. Peters of Omaha. Mr. Gallagher will stay in the bank, having been elected president instead of cashier. The new set of officers are as follows: F. L. Gallagher, president; Bert Gunderson, vice-president, G. G. Grif fin, cashier, and J. W. Peters, assistant cashier. T. Hermanson, formerly of Kearney, Neb., but now vice-president of the Bankers Mortgage Loan Co. and secretary of the City Trust Company at Omaha, Neb., has recently purchased stock in the Citizens State and the Citizens Savings banks at Blair, Neb., and has been elected president of the same. The stockholders of the Cairo State Bank, Cairo, Neb., held their annual meeting recently. The follow ing officers were elected: S. N. Wolbach, president; J. E. Cox, vice-president; George W. Wingert, cashier, and Elliott Harrison, assistant cashier. At the semi-annual meeting of the stockholders of the Blue Springs State Bank, Blue Springs, Neb., the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis March, 1914. following officers were elected: President, W. W. Black; cashier, R. B. Clemens; assistant cashier, Floyd J. Patton. At the regular annual meeting of the stockholders of the First National Bank, Butte, Neb., the following officers were elected: E. E. Boynton, president; H. A. Olerich, vice-president; M. L. Honke, cashier. At the annual meeting of the stockholders of the First National Bank of Bradshaw, Neb., held recently the old officers and directors- were re-elected. The usual dividend was declared and $1,000 added to the surplus. Julius Reusch was elected president of the GermanAmerican State Bank, Lincoln, Neb., at a meeting of the stockholders recently. Nicholas Ress was elected vice-president and William Seelenfreund cashier. The shareholders of the First State Bank, Dannebrog, Neb., held their annual meeting recently. Every thing was reported as found in good order and all the officers were re-elected. Lewis Pierce has resigned as a teacher in the public schools at Central City, Neb., to accept a position with a bank at Lodgepole, Neb. At the election of officers of the First State Bank of Holstein, Neb., for 1914'C. L. Stanley, cashier, was promoted to the vice-presidency and W. B. Hargleroad, Jr., was elected cashier. The stockholders of the Union Bank, Rushville, Neb., held a business meeting recently and re-elected the fol lowing officers: Lewis Oberwetter, president; W. E. Strotheide, vice-president; J. E. Edmonds, cashier; Carl C. Lockmon, assistant cashier. R. F. Stuckey and Archer Hoover have disposed of their interests in the State Bank of Omaha, Neb., and handed in their resignations as directors. The First National Bank of Bridgeport, Neb., at its annual meeting held recently, re-elected its old board of directors. H. K. Burkett was re-elected as president and G. H. Watkins as cashier. W. E. Shepard, formerly cashier of the Nebraska National Bank, will take charge of the new business department of the Omaha National Bank, Omaha, Neb. The place was recently made vacant by the resignation of J. T. Wachob, who retired on account of ill health. The First National and the Tilden National banks of Tilden, Neb., have each re-elected their old officers and voted to enter the new national reserve system. C. E. Burnham, Norfolk, Neb., is mentioned for a place on the board of directors for the new regional bank. The People’s State Bank of Apselmo, Neb., has ob tained a charter from the state banking board. The paid up capital stock is $15,000. The board of directors comprise Henry Kelly, C. E. Ross, Claude L. Wills, W. L. McCandless and Emilan Knoll. The vault of the First National Bank of Greenwood, Neb., was subjected to great heat when the building burned recently. None of the papers in the vault had been discolored or in any way damaged by the heat. The officers of the Farmers & Merchants Bank, He bron, Neb., were all re-elected at the annual meeting held recently and the report showed a very satisfactory condition of affairs. jMarcH, 1914. TH E N O R T H WES'TER M B AN K E R 49 T h e Omaha National Bank Omaha, Nebraska Established in 1866 Capital $1,000,000.00 Surplus and Profits $800,000.00 Iowa Bank Accounts Invited OFFICERS J. H. MILLARD, President WM. WALLACE, Vice-President W. H. BUCHOLZ, Vice-President WARD M. BURGESS, Vice-President J. DeF. RICHARDS, Cashier FRANK BOYD, Assistant Cashier B. A. WILCOX, Assistant Cashier EZRA MILLARD, Assistant Cashier following officers: S. A. Merrill, president; F. M. Kimball, vice-president; H. S'. Collins, cashier; Victor E. Larson and Ruth McMaster assistant cashiers. The annual meeting of the stockholders of The First National Bank, ScottsblufT, Neb., was held recently. k^hom as Burke has taken charge of the Grafton State The officers are: S. K. Warrick, president; A. L. Bowen and Geo.VE.G'Fbfdy vice-presidents; H. T. Baffle, Grafton, Neb. Bowen, cashier, and H. S. Stark, assistant cashier. The annual meeting of stockholders of the First Na The three national banks of Hastings, Neb., have tional Bank, Gering, Neb., resulted in the re-election of all the present officers as follows: John Stewart, pres made application to become members of the new fed ident; H. M. Thornton, vice-president ; Ed J. Whipple, eral regional bank. cashier; H. C. Barton, assistant cashier. J. H. Donnelly of Plattsmouth, Neb., has been ap pointed by Governor Morehead to the vacant position The German-American Bank . of Deshler, Neb., started business recently. H. E. Hemenover is cashier. of bank examiner, succeeding E. E. Emmett, who re signed. C. F. Patrick has handed in his resignation as assist At the third annual meeting of the Farmers State ant cashier of the Aurora National Bank, Aurora, Neb. Bank at Mason City, Neb., the following officers were A deal was closed recently whereby Jeo Dudeck, H. elected: C. B. Lauridsen, president; G. Hiser, viceH. Grosbach and John W. Green each became the president; John T. Wood, cashier; L. W. Runyan, as owner of a block of the capital stock of the Wauneta sistant cashier. Falls Bank, Wauneta, Neb. The Security State Bank, a new institution at South G. G. Hout of Burr Oak has accepted a position asOmaha, Neb., will open its doors about March 1st. bookkeeper at the Citizens State Bank, Superior, Neb. J. L. Svoboda of Omaha, is president of the bank. The The Citizens State Bank, Superior, Neb., opened for capital stock will be $100,000. business recently with a capital of $50,000. Should At a meeting of the stockholders and directors of the increased business warrant it the capital will be First National Bank, Benedict, Neb., held recently, J. doubled. The Superior National Bank has increased R. McCloud, cashier of the First National Bank, York, its surplus to $25,000 and has made application for ad Neb., was elected president. E. J. Wightman, who mission to the regional banking.system. moved to California, was president. The Bank of Cass County, Plattsmouth, Neb., one of H. W. Crandall, who for the past four years has been the leading banks of that part of the state, has just re the efficient county treasurer of Knox County, has been cently held their annual election of officers for the en elected cashier of the First State Bank of Winnetoon, suing year, and the present efficient officers were all Neb. re-elected to the positions they have held with such The officers elected for 1914 of the First National marked ability. The officers are: President, Charles Bank, University Place, Neb., are as follows: G. E. C. Parmele; vice-president, Jacob Tritsch ; cashier, T. Currier, cashier; B. H. Schaberg, president; E. D. M. Patterson, assistant cashier, R. F. Patterson. Currier, vice-president. Ray Hitchman has resigned his position as book At the annual meeting of the stockholders of the keeper at the First National Bank, Weeping Water, Farmers and Merchants Bank, Ulysses, Neb., held Neb. recently all the directors were re-elected with Henry Otto Thoene has accepted a position in the First Na Diers as president; William H. Modlin-, cashier, and tional Bank, Utica, Neb. D. W. Patrick, assistant cashier. A six per cent The National Bank of North Bend, Neb., has plans dividend was declared and $500 added to the surplus. and specifications drawn for a new bank building. R. K. Hancock has changed position from the Farm The First National Bank, Wayne, Neb., held its ers Bank to the Burt County State Bank, Takamaha, annual stockholders meeting recently and elected the Neb. NEBRASKA NEWS AND NOTES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE NORTHWESTERN BANKER March, 1914. \ The M erchants N ational Bank of . - ................... ............................ — OMAHA, 2775 Luther Drake President F. P Hamilton, Cashier ACCOUNTS SOLICITED Frank T. Hamilton, Vice-Pres. B. H Meile, Assistant Cashier U. S. DEPOSITORY MINNESOTA NEWS AND NOTES The annual meeting of the Northfield National Bank, Northfield, Minn., was held recently and the following officers were re-elected : President, J. G. Schmidt ; vice-president, H. A. Scriver; cashier, F. W. Shandorf, assistant cashier, C. E. Hoppin. The annual meeting of the Citizens State Bank, Mahnomen, Minn., was held recently. The old offi cers were re-elected with the exception of C. W. Heimann, who takes the place of J. C. Jackson, as presi dent. The other officers are, J. Ml Hardy, vice-presi dent; Jos. F. Lovin, second vice-president; H. S. Fra zer, cashier. The stockholders of the State Bank of Florence, Minn., held their annual meeting recently. The only change in officers for the ensuing year was the election of H. H. Benson. National banks of Minneapolis, Minn., will be able under the new currency law to establish branches in western Canada and enter intimately into the financial life of that territory. More than a thousand people visited the new First National Bank, Mankato, Minn., recently when it was opened to the public for the first time. Plans were perfected recently for the establishment of a new state bank at Darwin with a capital of $10,000 and surplus of $2,000. The new institution will be ready for the transaction of business in the early spring, or as soon as a new building is constructed to house the new institution. The annual meeting of the stockholders of the Citi zens State Bank of Fairfax, Minn., was held recently and the following officers were elected: Peter Manderfeld, president; G. A. Biebl, vice-president; C. W. Heimann, cashier and H. E. Grasmon, assistant cashier. The greatest record ever known, showing Minne sota’s prosperity is shown in deposits of $142,655,968.68 in the 823 state banks, $18,668,530.71 more than eleven months ago. John W. Koepsell has been elected president of the Security Bank at Lewiston, Minn., to succeed O. W. Hunt, deceased. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis NEBR ASK A ------------------------------------------------------------------------------------------------------------------------------------ Capital Surplus Undivided Prolits Deposits ¡$500,(XX) 1500,000 - $193,351.03 $7,163,320.09 F. A. Donahower, of St. Peter, Minn., resigned the presidency of the First National Bank of that city recently, after over sixty yeats in the banking business in Minnesota, fifty-seven years with the bank from which he resigned. D. S. Culver, president of the Merchants National Bank, St. Paul, Minn., left recently for Hawaii, where he will spend several months’ vacation, most of the time in Honolulu. John Grove and W. J. Stewart have disposed of their holdings in the Morris National Bank, Morris, Neb. The State Bank of Kimball, Minn., has increased its capital stock from $10,000 to $15,000. Albert Rhoda, who for the past several months has been employed as deputy treasurer, has accepted a po sition as assistant cashier of the First National Bank of Long Prairie, Minn. The marriage of T. E. McClure, president of the Bank of Litchfield, Minn., and Miss Martha Fullerton took place recently. Peter E. Hanson of Litchfield, Minn., former secre tary of state of Minnesota, died recently. His sudden death was due to a stroke of paralysis. At a meeting held recently in St. Paul of the tenth district of the Minnesota Bankers’ Association, the following officers were elected: President, A. S. Dean, cashier, First National Bank, Sandstone; vice-presi dent, E. H. Sherman, vice-president State Bank of Monticello; secretary-treasurer, F. L. Salter, cashier State Bank of Anoka. A deal was made recently whereby J. A. Duffy dis posed of his interests in the First State Bank of Oklee, Minn., to A. P. Toupin and Sylvester Peterson of Crookston, Minn. Mr. Peterson will move to Oklee and have charge of the bank. John Johnson of Halstad, Minn., has accepted the position in the First National Bank, Roseau, Minn., made vacant by the resignation of John Gunderson. E. L. Terry, who has been assistant cashier at the State Bank of Lamberton, Minn., for the past few years, has recently been elected vice-president of the National Bank of Balaton, Minn. A bank has been organized at Chanhassen, Minn., by N. C. Smith and Roy Quimby, with a capital of $10,000 and a surplus of $2,000. March, 1914. TH E NORTHWESTERN BANKER 51 1 SECURITY NATIONAL BANK MINNEAPOLIS CAPITAL AND SURPLUS, $3,500,000 MINNESOTA NEWS AND NOTES Mr. M. Z. Daily, formerly assistant cashier of the First State Bank of Bovey, Minn., has been promoted to the cashiership in the place of W. W. Carley. C. T. Larson of International Falls, has accepted the position as assistant cashier of the First State Bank of Northome, Minn. Gilbert Utz, who has been teller in the First National Bank, Fergus Falls, Minn., has accepted a similar posi tion in the First National Bank of Rochester, Minn. The Commercial National Bank, Minneapolis, has been taken over by a group of Minneapolis capitalists, who have increased the capital stock from $200,000 to $500,000 and the surplus from $50,000 to $100,000. It will be known as the National City Bank of Minneapo lis. The following officers have been elected: Presi dent, H. R. L yon; George F. Orde and Charles B. Mills, vice-presidents, and S. E. Forrest, cashier. The State Bank of Bruno, Minn., held their annual meeting of stockholders recently. The condition of the bank is in fine shape and it is destined to be one of the foremost banks of the country in a short time in spite of the fact that it is one of the youngest banks in the country. Good management and up-to-date methods such as are employed in this institution, spell success. Charles W. Quandt was elected president of the State Bank of Winth.rop, Minn., to succeed C. A. Ben son, who resigned. The Security State Bank of St. Cloud, Minn., has in creased capital to $75,000. Ed Ryan of Minneapolis is interested in a plan to establish a bank at Kettle River, Minn. A bank for women to be located in Minneapolis, is planned by C. B. Mill, treasurer of the Lafayette Lamb Company of Minneapolis. Arthur K. Finseth has resigned as cashier of the Citizens State Bank at Hayfield, Minn. At the annual meeting of the stockholders of The First National Bank, Chaska, Minn., the following officers were elected: President, Charles H. K lein; vice-president, C. P. Klein; cashier, Charles Degen. A new bank has been organized at Upsala, Minn., https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OFFICERS F. A. C H A M B E R L A IN ........... President F. G. W IN S T O N .... .........Vice-President P E R R Y H A R R IS O N ..... Vice-President J. S. PO M E R O Y ...... .......Vice-President FR E D S P A F F O R D ......................Cashier GEORGE L A W T H E R ..... Asst. Cashier S T A N L E Y H. BEZO IER .Asst. Cash. W A L T E R A. ME AC HAM....Asst. Cash. JO HN G. M A C L E A N ....... Asst. Cashier recently. J. W. Faulk of Little Falls, Minn., will prob ably be president of the bank and Gus Lindgren, at present teller at the First National Bank of Little Falls, will be cashier. A late model protectograph and check writing ma chine was installed by the First National Bank, Verndale, Minn. August Larson, who has been cashier at the First State Bank, Swanville, Minn., has resigned. Fred Halls, who has been cashier of the State Bank at Harris, Minn., for some years has tendered his resig nation to the bank officers and Gottfred Stolberg will take his place. Cyrus P. Brown, banker of Providence, R. I., has accepted the vice-presidency of the First National Bank, St. Paul, Minn. The offer was tendered him some time ago by the board of directors. The stockholders of the State Bank of Mora, Minn., held their annual meeting recently. The old officers were re-elected as follows: President, C. E. W illiams; vice-president, Andrew Larson; cashier, C. O. Peter son. The First State Bank of Finlayson, Minn., reports an increase of business the past year. The following officers were elected: C. M. Erickson, president; Fred Jesmer,. vice-president; H. E. Shafer, cashier; W. C. Holmquist, assistant. The directors of the National Bank of Kasson, Minn., met recently and elected Mr. Jacob Leuthold, Jr., as president and J. L. Curtis of Mantonville as vice-presi dent of their institution. Frank Renning was elected a director to fill the vacancy caused by the death of Mr. T. S'. Slingerland, for many years president of the National Bank. Fred Brophy, cashier of the Sabin State Bank, Sabin, Minn., has tendered his resignation. It is probable that L. E. Follette of Fargo, will succeed Mr. Brophy. The Scandia State Bank, Scandia, Minn., was burg larized recently. The burglars were only able to blow off the outer door of the vault, the inner door, however, resisted their efforts and nothing was taken except a few dollars worth of pennies. The bank was broken into last December but nothing of any great value was taken. National Bank of Commerce, St. Louis, Mo., has been approved as reserve agent for the National Bank of Commerce, St. Paul, Minn. 52 TH E NORTHWESTERN BANKER March, 1914. vice-president; W. G. Watts, cashier. The Merchants State Bank of Werner, N. D., has The stockholders of the Bank of Donnybrook, N. D., been incorporated with a capital of $10,000. Alfred O. held their annual meeting recently and the same offi Nelson of Manning, William A. McClure, Dickinson, cers were elected, who are as follows: A. W. Gray, are interested. president; E. B. Goss, vice-president; Oscar Wilson, Walter Gjerdingen, Halstad, Minn., has accepted a cashier; H. E. Johnson, assistant cashier: position in the bank at Berwick, N. D. Statistics compiled by the Grand Forks Clearing The German-American Bank of Medina, N. D., has House Association show that North Dakota is making substantial gains in her wealth, as indicated by her been converted into a national bank. bank deposits. The total bank deposits in both Na A charter has been issued to the First State Bank of tional and State banks has now reached the enormous Zap, N. D., in one of the new towns on the extension west. sum of over one hundred million dollars, The First National Bank of New England, N. D., is The Commercial State Bank, Carrington, N. D., held now doing business in its handsome new building. its annual meeting recently. All the officers and direc With nearly the entire capital stock already sub tors were re-elected. scribed for in lots of not over $1,000 each, the new or A transaction involving the transfer of over $50,000 ganization known as the Farmers and Merchants State in assets was consummated recently, when the business Bank of North Dakota will soon be doing business and of the Citizens State Bank and the Regent State Bank, the people of Minot, will have a new banking house in Regent, N. D., were consolidated. The business will which to do business. be continued under the name of the Regent State Bank The directors of the First National Bank, Kenmare, with L. H. Merryfield as cashier. Several of the stock N. D., met recently and elected the same officers for holders of the Citizens State Bank have taken stock the coming year, who are: Chas. J. Weiser, president; in the new organization and all the old stcokholders of F. W. Fris, vice-president, David Clark, Jr.,-cashier, the Regent State Bank will still be connected with it. The combined business makes one of the strongest in and G. A. Trzcinski, assistant cashier. the county. R. E. Barron, who recently was elected president of At no little expense-the Union National Bank, Minot, the Second National Bank at Minot, N. D., was for N. D., has installed a large public chimes clock on its thirteen years employed by the National German Amer ican Bank of St. Paul, Minn. He came to Minot twelve building. years ago as cashier of the old Great Northern bank. The banks in New England, N. D., held their annual He later became cashier of the Second National Bank. meetings recently, declared dividends and elected offi Mr. Barron is forty years old. cers for 1914. There are no changes in the bank A new bank at Medina, N. D., will open for business officers. March 1st. It will be known as the Farmers State The Security State Bank of Derring, N. D., which Bank and the incorporators are S. F. Corwin, A. B. De was recently organized is opened for business. Nault and H. T. Graves. The First National Bank of New Salem, N. D., The Security State Bank of Derring, N. D., has elected Ernest Bacon, president; W. A. Lanterman, been organized with a capital of $10,000 by O. D. La vice-president; Chas. F. Kellogg, cashier, and J. H. Grange, H. W. Palm. Kling, assistant. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis March, 1914. TH E NORTHWESTERN BANKER 53 Direct Service in the Collection of Your Minnesota Items is assured if y o u em p loy the M erch an ts N a tio n a l Bank o f St. Paul, w h o se central location and large list o f correspondents enable it to perform this w o r k for ou tsid e banks and bankers in a d irect m anner and at a m inim um cost. W e h ave an u n u su ally large par list. T h e final test o f e ffic ie n c y is results, and th is bank is w illin g to base its claim for y o u r business on its record o f service in th is respect. The M ERCH ANTS N A T IO N A L B A N K ESTABLISHED 1872 Capital $2,000,000 SAINT PAUL Surplus and Profits $2,500,000 - SO. DAK. NEWS AND NOTES MINNESOTA E. R. Kenefick, cashier of the Home National Bank, Dell Rapids, S. D., died recently, after an illness of nearly three months. The First National Bank of Wessington, S. D., will erect a modern brick building the coming season. At a meeting of the stockholders of the First State • Bank of White Owl, at Marcus, S'. D., held recently a divident of 10 per cent was declared and 4 per cent on a capitalization of $25,000 was carried to the surplus account. Officers were elected as follows.: F. F. f^eich, president; J. F. Braddock, vice-président; F. W. Petrie, cashier, and R. W. Douglass, assistant cashier. The Bank of Bruce, S. D., is to be incorporated as a state bank. The German-American Bank of Burke, S. D., owned by the Slaughter Bros., has been sold recently to W. A. Zutz and C. D. Haskell, both of Gregory. W. A. Zutz has taken charge. The stockholders of the Stockmen’s State Bank, Capa, S. D., held a meeting recently. M. C. Sherwood was re-elected president; J. E. Thorne, vice-president, and II. G. Williams, cashier. The stockholders of the Citizens National Bank, Woonsocket. S. D., held their annual meeting recently, The stockholders and directors meeting of the bank and after reviewing the business of the year past, which was found very satisfactory in every way, the follow of New Effington, S. D., was held recently and thé fol ing officers were elected; N. Noble, president; K. O. lowing officers were elected: president, W. H. Cox; vice-president, Thore Bredvik; cashier, A. G. Johnson. Stakke, vice-president, and R. C. Noble, cashier. The Security Bank, Faulkton, S. D., has been reor The regular annual meeting of the stockholders of the First State Bank of Murdo, S. D., was held recently ganized. The officers of the institution are : F. B. Gan and the following officers were elected: W. T. Mc non, president of the First National Bank of Aberdeen, Connell, president; F. M. Kratz, vice-president; C. E. as president; Alice H. Morse, vice-president, and Otis H. Christian, cashier. Lange, cashier. The First National Bank, Brookings, S. D., met re The Farmers State Bank of Lowry, S. D., closed recently, but the institution is so small, carrying less cently and elected the old officers for another year. than $5,000 of deposits, that its closing will have little These are: President, Horace Fishback; vice-presi dent, Aylmer Cole; cashier, H. F. Haroldson; assistant effect in that district. cashier, Van D. Fishback. E. W. Munson of Sioux Falls, S'. D., national bank Ernest R. Geiger of Huron has recently purchased examiner for the state of South Dakota for a number of years and well known all over the state, has resigned to stock in the Commercial State Bank of Salem, S'. D., take the presidency of the Commercial Bank of Water- and will be the cashier. town, S. 1)., capitalized at $50,000, with $225,000 A meeting of the board oh directors of the City Na deposits. tional Bank, Huron, S. D., was held recently, at which The Morristown State Bank, Morristown, S. D., has time the decision was definitely reached to build a new been sold recently to W. H. Batzer, formerly assistant business block on the site of the old bank building, cashier of the Bank of Hazleton, N. D. The new offi destroyed by fire some time ago. cers of the Morristown State Bank being: President, The Live Stock National Bank, Sioux City, Iowa, has E. J. Craig; vice-president, Sam Parks; cashier, W. h ! been approved as reserve agent for the First National Batzer; assistant cashier, Ralph Pfeifer. Bank, Hecla, S. D. T. C. Bager, cashier of the Bonilla State Bank, The Merchants National Bank, St. Paul, Minn., has Bonilla, S'. D., sold his stock recently to F. B. Mc- been approved as reserve agent for the First National Kichan, and at the bank meeting Mr. McKichan was Bank, Lemmon, S. D. elected cashier. At the forty-second annual meeting of the First The regular, annual meeting pf the Bear Butte Valley National Bank, Yankton, S. D., held recently F. L. Bank, Sturgis, S. D., was held recently and the follow Van Tassel was re-elected president; D. M. Finnegan, ing officers were elected: N. E. Franklin, president; vice-president; W. E. Heaton, cashier; E. R. Heaton J. T. Craig, vice-president; J. A. Poznansky, cashier. and Hoyle Gilreath, assistant cashiers. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis TH E 54 NORTHWESTERN March, 1914. BANKER Representative Iowa Banks These banks have special facilities for handling collections and any other business entrusted to them INDEPENDENCE— Commer. S tate Bk. NEWTON—Jasper County Savings Bk. A D E L — A del S tate B ank. C apital, $100,000. Surplus and Profits, C apital, $100,000. Surplus, $20,000. C apital $50,000. Undivided Profits, $38,000. D eposits. $725,000. Undivided Profits, $29,845. Deposits, $18,000. Deposits, $380,000. j. M. W oodrow, P res., F. M. W oodrow, $43o,000. S. M. L tach, Pres., Robt. Leach, Cash. V ice-Pres.. A- E. Hindorff, Cash. O. M. G illett, Pres., J. E. Cook, VicePres., M. O. Fouts. Cash. ALBIA— Peoples N ational B ank. C apital, $75,000. Surplus $15,000. Profits, $5,000. Deposits, $325,000. D. M. Anderson. Pres., E. E. E lder, V ice-Pres., J. A. Canning, Cash. ALGONA— County Savings Bank. C apital, $50,000. Undivided Profits. KLEMME— S tate Savings B ank. C apital. $15,000. • Surplus, $15,000. U ndivided Profits, $5,000. D eposits, $190,000. W. R. Bloom, Pres., D. D. Ross and Wm. K a tte r, Vice-Pres., P. M. G riesemer. Cash., A. M. G riesem er, Ass’t Cash. PANOR'A—Guthrie County Nat’I Bank. C apital, $50,000. Surplus, $10,000. U n divided Profits, $7,740. D eposits, $395,- 000. M. M. R eynolds, Pres., H. L. Moore. V ice-Pres., W ade Spurgin, Cash., T. R. Swanson, Ass’t Cash. $21,000. D eposits, $850,000. E. J. M urtagh, Pres., C. B. H utchins. MASON CITY — F irs t N ational B ank. V ice-Pres., C. B. M urtagh, Cash., W. H. C apital, $250,000. Surplus, $285,000. PANORA—Citizens State Bank. Bailey, A ss’t Cash. Deposits, $2,800,000. C apital, $25,000. D eposits, $115,000. C. H. McNider, Pres., F. E. K eller, S. C. C ulbertson. Pres., M. M. Head, V ice-Pres.. W. G. C. B agley, Cash., C. ALGONA— F irs t N ational B ank. Vice-Pres., H. M. C ulbertson, Cash., G. A. P a rk e r and R. P. Smith, Asst. Cash. C apital, $50,000. Surplus and Undi A. Goetzman, Ass’t Cash. vided Profits, $13,400. D eposits, $525,- .VIARSHA LLTOWN—M arshalltow n S tate. C apital, $100,000. S urplus and Profits, Wm. K. Ferguson, Pres., E. V. Swet$90,000. D eposits, $1.450,000. ROCKFORD—Rockford State Bank. ting, V ice-Pres., E. E. Connor, Cash. A. F. Balch, Pres., G. A. T urner, ViceC apital, $30,000. Surplus, $10,000. U n Pres.. P. S. Balch, Cash., C. C. Trine, divided Profits, $20,000. D eposits, $390,CARROLL— G erm an A m erican Bank. Ass’t Cash. R. R. B radbury, Ass’t. 000. F. C. Johnson, Pres., B urton CarCash. • C hristine A rts. Pres., J. C. A rts, Vicero tt. V ice-Pres., B. A. W allace, Cash., Pres.. F. H. A rts, Cash. A. Jenkinson. Ass’t Cash. CHURDAN— F a rm e rs & M erchants Bk. MONTICELLO— T he M onticello St. Bk. C apital, $200,000. Surplus and Profits, SIOUX CITY—Live Stock National Bk. $155,000. D eposits, $1,600,000. Located a t Sioux City Stock Yards. H. M. C arpenter, Pres., Wm. Stuhler, C apital, $100,000. Surplus, $100,000 V ice-Pres., H. S. R ichardson, Cash., F. Geo S. P a rk e r, Pres., F. L. E aton, F. Becker, Ass’t Cash. V ice-Pres., C. D. V an Dyke, Cash., A. W. Sm ith, Ass’t Cash. MARENGO— F irs t Nat. Bank & T he Iowa CH ERO K EE — F ir s t N ational Bank. Co. L. & Sav. Bank. C apital, $50,000. Surplus, $50,000. U n Combined C apital and Surplus, $100,- SIGOURNEY—Citizens Savings Bank. divided Profits, $40,000. D eposits, $900,000. Combined D eposits, $630,000. C apital, $25,000. Surplus, $22,500. 000. F ra n k Cook, Pres., Thos. Stapleton, D eposits, $330,000. W. A. Sanford, Pres., R. H. Scribner, V ice-Pres., J. H. Lewis, V ice-Pres., C. C. A. O. Schipfer, Pres., L. H. H inkley, Cash., C. Sullivan, A ss’t Cash. Clem ents, Cash., F. W. G oldthw aite, V ice-Pres., S. W. R ichardson, Cash., F. Ass’t Cash. C. Schipfer, Asst. Cash. CLARION — B ank of Clarion. C apital, $50,000. MADRID — F a rm e rs Savings B ank. Geo. W. Young, Pres., E. A. A lexan C apital, $15,000. Undivided Profits, TOLEDO1 — Toledo Savings Bank. der, Cash., W. H, T row bridge, A ss’t $700. D eposits, $98,000. C apital, $50,000. Surplus, $25,000. D e Cash. Jo h n Van Zandt, Pres., S. A. B engposits, $350,000. ston, V ice-Pres., F. H. Graves, Cash., W. C. W alters, Pres., C. A. Blossom. G. C. Carlson. Ass’t Cash. V ice-Pres., M. J. K rezek, Cash., R. W. CLARINDA — C larinda T ru st & Sav. Bk. A dair, Ass’t Cash. C apital, $75,000, Surplus, $15,000. De MADRID — M adrid S tate B ank. posits, $420,000. C apital, $25,000. Surplus, $25,000. D e Wm. Orr. Pres.. H. R. Spry, ViceWASHINGTON—National Bank. posits, $300,000. Pres., A. F. G allow ay, Cash. O scar O akleaf, Pres., P e te r Cassel, C apital, $100,000. Surplus, $100,000. V ice-Pres. Undivided Profits, $15,000. D eposits, COIN — F a r m e r s & M e rc h a n ts S ta te B k. $1,050,000. C apital, $'25,000. Surplus, $1,500. D e A. H. W allace, Pres., Wm. A. Cook, MUSCATINE — H ershey S tate B ank. posits, $69,000. V ice-Pres., W. F. W ilson, Cash., S. H. C apital, $150,000. D eposits, $1,200,Chas. H art, Pres.. J. F. W hitm ore, W hite, Asst. Cash. 000. Vice-Pres., G. F. M itchell, Cash., F. E. P. W. F ran cis, Pres., H enry Jayne, Rubey, Ass’t Cash. V ice-Pres., L. C. Day, Cash. C apital, $10,000. Surplus, $4,000. Un divided Profits, $3,000. D eposits, $125.000. M. M. Head, Pres., R. C. Head, VicePres., M. B. W estervelt, Cash., B ernard W estervelt, Ass’t Cash. ELDORA— F ir s t N ational Bank. S tate Bank. C apital, $50,000. S urplhs and Profits, M’CALLSBURG— C apital, $25,000. U ndivided Profits, $60,000. D eposits, $500,000. $5,100. D eposits, $100,000. W. J. M urray, Pres., W. E. R athbone, S. O. H eglund, Pres., S. H. Twedt, V ice-Pres., A. W. Crossan, Cash., O. M. V ice-Pres., T hor O. H eglund, Cash., G. B arnes, Ass’t Cash. U. S. D epository. W. P hillips, Ass’t Cash. WAVERLY—State Bank. C apital, $50,000. U ndivided Profits, $825,000. Surplus, $50,000. $13,000. D eposits, G. A. Grossman, Pres., N at P. E llis and E. J. K aufm an. V ice-Pres., G. O. Van D erveer, Cash., H. E. Moehling, Ass’t Cash. GLADBROOK— F ir s t N ational B ank. P eoples Savings B ank. Capital, $50,000. Surplus, $25,000. U n NEVADA— 1 C apital, $50,000. Surplus, $3,000. D e WAUKEE—Waukee Savings Bank. divided Profits, $20,000. D eposits, $375,posits, $175,000. 000. M artin Mee., Pres.. M. H. R ehder, V ice-Pres., E. W. B ranch, Cash., F ra n k K elley, Ass’t Cash. R. A. F razier. Pres., F. S. Smith, VicePres., D. R. Spieker. Cash., W. D. Child, Ass’t Cash. W. G. H arvison, Pres., Robt. Steven son, V ice-Pres., A. A. Leachy, Cash. C apital, $10,000. D eposits, $60,000. GRIN NELL— M erchants N at’I Bank NEVADA— F ir s t N ational B ank. HARTLEY—German Savings Bank. NEWTON—F irst Nat. & Newton Sav. WINTHROP—Winthrop State Bank. C apital, $25,000. Surplus, $15,000. Bank. C apital, $100,000. Surplus, $50,000. Undivided Profits, $40,000. Deposits, $750,000. G. H. H am lin, Pres., S. A. C raveth, Vice-Pres., Scott M acEachron, Ass’t Cash., H allie C. Burd, Ass’t Cash. C apital, $20,000. Surplus and U ndi vided Profits, $15,666. D eposits, $315,- 0 00 . J. T. Conn.. Pres., Wm. T. Voss. VicePres., G. E. K naack, Cash., H. P. Mousel, ,Asst. Cash. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C apital, $75,000. Surplus, $40,000. U n WEBSTER CITY—F irst National Bank. C apital, $100,000. Surplus, $60,000. divided Profits, $10,000. D eposits, $475,W. J. Covil, Pres., E. F. K ing, Vice000. Pres., W. C. Pyle, Cash., E. E. Mason, J. A. F itc h p a tric k , Pres., W. P. ZwillH. O. C utler. Ass’t Cashiers. ing, V ice-Pres., E. A. F aw cett, Cash., G. A. Klove. Ass’t Chsh. C apital, Surplus and Profits, $148,000. Combined D eposits, $700,000. W. C. B ergm an, Pres.. H. B. A llfree Vice-Pres., O. F. E cklund, Cash., L. A. R ussell, Ass’t Cash. Undivided $ 210 , 000 . Profits, $5,000. D eposits, Geo. E llio tt, Pres., Geo. Spangler, V ice-Pres., E. B rin tn all, Cash., H. E, B rintall. Ass’t Cash. TH E March, 1914. NORTHWESTERN BANKER 55 “Roll of Honor” Banks in Iowa The banks listed under this heading have “SURPLUS AND PRO FITS” accounts equal to, or exceeding 50 per cent of th eir capital stock. They have special facilities for m aking collections and may be relied upon to give prom pt and careful attention to all business received. Correspondence invited. Bank Town Capital Surplus & Profits B r e d a ................ B R E D A S A V I N G S . . . . 3 0 ,0 0 0 1 5 ,0 7 8 . 7 4 C h e ro k e e ......... F I R S T N A T I O N A L . . . 5 0 ,0 0 0 1 0 0 ,0 0 0 .0 0 H e n d e r s o n ,. . F A R M E R S N A T I O N A L 1 2 5 ,0 0 0 2 5 ,0 0 0 .0 0 6 0 ,0 0 0 6 0 ,0 0 0 .0 0 ......... 2 5 ,0 0 0 1 7 ,0 0 0 .0 0 ................ 1100,000 9 0 ,0 0 0 .0 0 H o ls te in ......... H O L S T E IN S A V IN G S M à d rid ............. M A D R I D S T A T E M arsh a llto w n . S T A T E B A N K C IT IZ E N S B A N K O F S T U A R T , N E B R A S K A , M AKES GOOD REPORT. Continued from page 33. progressive institution is “A good bank for good peo ple.” Every deposit in the bank is protected by the Nebraska Guaranty Law. The bank also pays 5% on time deposits. The officers are: Michael W. Flannigan, President; John M. Flannigan, Cashier; James C. Flannigan, Assistant Cashier. Som e D eposits in N ebraska. First Bank, Miller, Neb. . .......................... Nebraska State Savings, Wahoo, Neb. .. . Wallace & Co., Bankers, Exeter, N eb ... . Scottsbluff National, Scottsbluff, N eb.. 89,995.25 181,049.64 257,065.14 310,445.63 SU G G ESTS A COUNTY O R G A N IZ A T IO N E V E R Y C O U N T Y IN N E B R A S K A . Secretary W. B. Hughes of the Nebraska Bankers Association made the following suggestion recently: “ Why should not the banks of every county in Ne braska have a county organization ? Several counties now have such associations, and in each instance they are enthusiastic about them. Better acquaintance with those near you in the same business is enough excuse for such work, but many other opportunities are at once available when the organization is per fected. If one or several bankers in each county would take an interest in pushing the matter, enough counties would be organized to firmly establish the custom, after which we feel sure the others would fall in line gradually.” F I R S T N A T I O N A L B A N K , O ’N E I L L , N E B ., T O E N L A R G E T H E IR B A N K IN G R O O M . The First National Bank of O ’Neill, Neb., has en gaged the Lytle Construction Co., of Sioux City, Iowa, to completely remodel their banking quarters. The business of this bank has entirely outgrown their present room and the plans call for about three times as much space as they now have. An extra vault will be built and new counter installed. A new. stairway will be put in to take care of the tenants on the second floor and modern copper store fronts will be installed in the store rooms which adjoin the bank. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Our Special Service B anking is our business. Our service in th is line in th is p a rt of th e sta te is unexcelled. T ry us and be con vinced. Send Cherokee item s d irect to th is bank. P rom pt re tu rn s— low rates. W e handle collections prom ptly and have excellent facilities fo r any business in th e b an k in g line. The success of th is b ank is due to its continuous m an ag e m en t by th e sam e officers fo r tw en ty -six years on con-, servative, o bliging business principles. Send us y our collections fo r prom pt and careful a tten tio n N. C. N E L S O N , A S S I S T A N T C A S H I E R , M A S KELL STATE BAN K, N EBRASKA, RE PO R TS E X C E L L E N T PRO G RESS FO R H IS I N S T I T U T I O N . N. C. Nelson, assistant cashier of the Masked State Bank, Masked, Nebraska, shows the fine progress his institution has made in the last six years in a recent letter in which he says: ' “The Masked State Bank of Masked, Nebraska, opened its doors for business six years ago, and has met with a satisfactory growth. This institution had a bank call for the 12th of February, and am sending you the comparative statement of deposits since we opened for business. February 12, 1909........................................... $ 36,445.43 February 12, 1910........... '............................... 59,488.9} February 12, 1911 ........................................... 91,699.90 February 12, 1912........................................;. 114,062.37 February 12, 1913........................................... 134,464.89 February 12, 1914................................ 160,381.49 “We feel very proud of this growth, and it has built up its business by careful banking methods and cour teous treatment, rendering to its customers accommo dations consistent with conservative banking. “ I take great interest in T h e N o rth w estern B a n k er and believe that it is the best paper published in the northwest, and will recommend it to anybody, who is desirous of keeping up with the banking interests of this section of the country.” E. H. F U R R O W , C A S H IE R M E R C H A N T S N A T IO N A L B A N K , C E D A R R A P ID S , IO W A , I N D O R S E D F O R T R E A S U R E R I. B . A . Edwin H. Furrow, the popular cashier of the Mer chants National Bank, Cedar Rapids, Iowa, has al ready been indorsed by the meetings of Groups 10 and i i which were held recently as Oskaloosa and Bur lington for treasurer of the Iowa Bankers Association. Undoubtedly the balance of the groups will also give Mr. Furrow their Support when the meetings are held in April. Mr. Furrow is well known among the bankers of the state, is a live wire, and a progressive banker who has accomplished things and the association will make no mistake in electing so capable a man to the treâsurership. TH E 56 NORTHWESTERN BANKER ÑRMpF .... >'viro- * March, 1914. Privacy Predominates In Bringing Together m Bank Buyers and Sellers f i , NO D E A L TOO LA R G E —NO CONDITIONS TOO C O M P LIC A TED Remember this Trade Mark THE CHARLES E. WALTERS COMPANY COUNCIL BLUFFS, IOWA K an sas City, Mo. P ortland, Ore. Drovers National Bank OF CHICAGO Capital and Surplus, $1,000,000 Has for thirty years rendered quick and efficient service to its correspondents Resources, E leven Million Dollars Officers JOHN FLETCHER, President M. W. TILDEN, Vice-President GEO. M. BENEDICT, Cashier M. PALENSKE, Asst. Cashier F. N. MERCER, Asst. Cashier H. P. GATES, Asst. Cashier W. F. ROWE, Asst. Cashier https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D irectors WM. A. TILDEN L. B. PATTERSON AVERILL TILDEN JOHN FLETCHER WM. C. CUMMINGS GEO. M. BENEDICT BRYAN G. TIGHE M. W. TILDEN
@FedFRASER