The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
ARCH
1944
S.
VICTORY
SLOAN
buys
COLT,
a W ar
p r e s id e n t
B on d
fro m
of
th e
JAM ES
B a n kers
T rust
C om pany,
C A G N E Y , p o p u la r m o v ie
N ew
Y ork,
star
BUY
U N IT E D
STATES
WAR
BONDS
AND
STAMPS
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
How Banks W ill M eet a Shrink in Deposits
P age
14
f~ -<r
-4c
^
^
? » >> >>
■
> >> S
Winning and Keeping Friends
When you choose this bank as your correspondent you
receive friendly service which not only wins friends but keeps
them.
We welcome the account of any bank that needs a strong,
conservative, and independent correspondent to help meet
present day banking problems.
A CEDAR RAPIDS BANK
CEDAR
RAR 10 S
SERVICING ALL IOWA
M ERCH ANTS
NATIONAL BANK
OFFICERS
James E. Ham ilton , C h airm a n
S. E . C0 Qu i llette, P resid en t
H . N . B oyson , V ic e P r e sid e n t
Roy C. F olsom , V ic e P r e sid e n t
M ark J. M yers, V . P re s. & C a sh ier
George F. M iller, V . P re s. & T r . O fficer
M arvin R. Selden , V ic e P r e sid e n t
F red W . S m it h , V ic e P r e sid e n t
John T . H amilton II, V ic e P re sid e n t
R. W . M an att , A s s t. C a sh ier
L. W . B roulik , A s s t. C a sh ier
Peter B ailey , A s s t. C a sh ier
R . D . Brown , A s s t. C a sh ier
O. A. K earney , A s s t. C a sh ier
Stanley J. M ohrbacher, A s s t. C a sh ier
E . B. Zban ek , B u ild in g M a n a g e r
Cedar Rapids
Iowa
Member Federal Deposit Insurance Corporation
N o rth w e s te r n B a n k er, p u b lish e d m o n th ly b y th e D e P u y P u b lis h in g C o m p a n y , at 527 S e v e n th S t., D es M o in e s, Io w a . S u b s cr ip tio n , 35c p e r c o p y , $3.00 p er year.
E n tered as S e co n d C lass M a tte r J a n u a r y 1, 1895. at th e P o s t O ffice at D es M o in e s, Iowa, u n d e r A c t o f March 3. 1879.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
nnua
“ W e r e Grateful
for this
V
AW A RDT
Advertising Club of Des Moines, Incorporated
*
r
P r e s id e n t. W E S S L I N G
S E R V IC E S
^ i/ U e^ ^ L u a
<¿>1c t v L c e i
Ûo
Sani
! « i
<P
£ [
C
a
t
3 > < t yfil o i ft e i , j
1*
Y O U ' L L
OF
A
The Wessling Trust Program which
L I K E
- S I NG L E
THE
M A I N
,
wa
I D E A
P O I N T
w hen f e a t u r i n g t h e a d v a n ta g e s
o f a co rp o ra te e x ecu tor
won the SW EEPSTAKES A W A R D
in the 1944 Annual Direct-By-Mail
H ere i s an o u t l i n e o f s u b j e c t s c o v e r i n g d i f f e r e n t p o i n t s
on e x e c u t o r s h i p , t w e l v e i n a l l , w i t h t h e p u r p o s e o f
s t r e s s i n g a s i n g l e m ain p o i n t i n e a c h m e ssa g e:
1 — E sta te s
2 --
Contest sponsored by the A d
T e c h n ic a litie s
3 - - Economy
4 — Perm anen cy o f - c o r p o r a t e e x e c u t o r
vertising Club of Des Moines is
5 — D u biou s c o m p lim e n t i n nam ing a f r i e n d
6 —
described at the right.
«
Is
it
fa ir to
a frie n d ?
7 — S u c c e s s o f p l a n depen ds on e x e c u t o r
8 —
O vercom in g d r e a d o f m aking W i ll
9 --
G r e a te r c o m p l e x i t y o f law s and t a x e s
10 — M o d e r n iz in g y o u r W i l l
11 - -
i
12
Naming w i f e
as e x e c u t r i x
- - Make a "W ill now
Th ere i s some c o n v e r s a t i o n a l c o p y — and y o u w i l l n o t i c e
a number o f v a r i a t i o n s i n t h e l a y o u t .
Y o u 'l l l i k e t h e s e
v a r ia t io n s .
Y ou rs v e r y t r u l y .
r
y-
W
essling
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S
ervices
D es
M
oines
, Iowa
4
Property Protection in Wartime
A s the time draws near when our armed forces face their supreme test in the mightiest invasion" of history, any wartime effort on the home front seems small by comparison.
Nevertheless, the task of America’ s fighting men and her Allies is of such magnitude that every ounce
o f strength of mind and hand that we in this country can muster to their support in whatever way we can
is necessary and imperative.
This is why the fire insurance industry has been and is now
geared to war; why it is alert through its inspection and engi
neering facilities in protecting the nation’ s industrial plants
which have amazed the world with their productive power.
STATEMENT
December 31, 1943
ADMITTED
ASSETS
Cash in Office, Banks and Trust Com
panies
..............................
United States Government Bonds
All Other Bonds and Stocks . .
First Mortgage Loans . . . .
Real E s t a t e ....................................
Agents’ Balances, less than 90 days due
Reinsurance
Recoverable on Paid Losses .
Other Admitted A s se ts.........................
20,681,229.69
27,406,591.91
69,192,158.38
376,083.48
3,825,040.10
9,265,751.61
1,286,831.00
73,214.65
.S132,106,900.82
Total Admitted Assets
LIABILITIES
.$ 49,199,317.00
Reserve for Unearned Premiums
Reserve for L o s s e s ................................ 13,486,728.00
5,130,000.00
Reserve for T a x e s ..............................
1,005,540.16
Reserve for Miscellaneous Accounts .
38,176.37
Funds Held Under Reinsurance Treaties
Total Liabilities Except Capital $ 68,859,761.53
Capital . . . .
15,000,000.00
Surplus . . . .
48,247,139.29
Surplus as Regards Policyholders
63,247 ,13 9.29
T o t a l ............................................. $132,106,900.82
Through this vigilance, many disastrous fire losses have
been prevented— losses which in wartime, when manpower and
materials are so vital, would have been as damaging as enemy
victories. Thus, in a real sense, watchfulness in fire prevention
has meant a participation in the winning of the war by the
“ industry which protects other industries.”
Meanwhile, the agents and brokers of the capital stock fire
insurance business, as part of the Citizen Army, are a source of
strength throughout the nation. By seeing to it that property
is adequately insured, national morale is promoted, permitting
greater concentration on the war effort.
Dollars for fire insurance premiums today are going in large
part into U. S. Government Bonds, thus helping to bear the
cost of war. This Company, for example, invested all of its new
premium dollars during the last nine months of 1943 in War
Bonds, in addition to its regular purchases of these securities.
☆
☆
☆
In submitting herewith our annual statement we take pride
in stating that more than 5 0 % of the male employees of The
Home Insurance Company are now with the armed forces.
Note: Bonds carried at $3,528,921.20 amortized value
and cash $50,000.00 in the above statement are
deposited as required by law. All securities
have been valued in accordance with the re
quirements of the National Association of
Insurance Commissioners. On the basis of act
ual December 31st market values, total Admitted
Assets would be increased to $135,422,810.53
and Surplus to Policyholders would be in
creased to $66,563,049.00.
D IR E C T O R S
L ewis L. C larke
W illiam S. G ray
W illiam L. D eB ost
E dwin A. B ayles
R obert G oelet
*T H E H O M E *
G ordon S. R entschler
c< yn y
H erbert P. H owell
F rank E. P arkhurst
G uy C ary
C harles G . M eyer
W ilfred K urth
H arold V. S mith
G eorge M c A neny
N E W
H arvey D. G ibson
Y O R K
F rederick B. A dams
FIRE
AUTOMOBILE
MARINE
THE HOME. THROUCH ITS AGENTS AND BROKERS, IS AMERICA’S LEADING INSURANCE PROTECTOR OF AMERICAN HOMES AND THE HOMES OF AMERICAN INDUSTRY
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
-V*
'
III
111;-'r"! ii lIS P
■ ■■
¡si
%
lp |
^VICTORY
BUY
UNITED
STATES
.WAR
pO N D S
l STAMPS
L E T ’ S A LL B A C K TH E A T T A C K
Let your purchase of War Bonds be not only a
aggression. American Banks, at their own ex
sign of your faith in America's future, let it also
pense, have already performed the gigantic
be an expression of your appreciation of those
and patriotic task of selling 85% of all War Bonds
principles of democracy and idealism on which
—and this is but one of their many important
your Government w as founded, and a decla
contributions to the war effort. » » Consult your
ration of your will to back to the limit the fight
banker as to the type of War Bonds you should
against the forces of bad faith, intolerance and
buy and arrange with him for their safekeeping.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
For S a m p les of La M on te S a fety P aper s e e you r Lithographer or Printer — or w rite to us direct.
GEORGE LA MONTE & SON, Nutley, N. J.
T h e w a v y lin e s a r e a
La M ° n fe t ra d e - m a rk
6
Call
M ftfO U G H S
you « e
io t Vo “ ’ ‘^5 representa-
l e g i o n O '*
accounting P
tive’ *
cb,n
Burr°
applications an
P
b\ edge of ® a‘
irem ents.
L t Pyour changing
you meet
^
y,est source to.
l ^ ^
c
»
»
Burroughs is V « « hes of
»
»
»
a
-
*>“* f givTbes« results.
you to o r d e “ L th u s assuring
ret*'ÄÖ**'
rg H
l l ^
1 3
i i i ,M i
nante i s e s p e c . a U Y ^ e
Today, « hen® M” providing e* C1“ £ore. if
rant. Burroughs
[han eve
ct
to more cu
done s • P
«iod ic
you have “ 0 ! ct inesb y arranging
men—
N orden Bombsights
Burroughs is m anufacturing an d
d elive rin g the
t at a
&
Information service . . . supply service . . . mechanical
service—in war as in peace, you can depend on
Burroughs to provide the best. For prompt, efficient
service, call your local Burroughs office, or write
Burroughs Adding Machine Company, Detroit, Mich.
fam ous N orden bom bsight—-one o f the most d e li
c a te and p recise mechanisms e v e r d e v ise d .
N ew figuring and accounting m achines a re also
being produced b y Burroughs for the A rm y, N a v y ,
U. S. G o vernm ent and others whose n eed s are
a p p ro v e d b y the W a r Production B o a rd .
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March 19^i
Burroughs
ADDING, CALCULATING, ACCOUNTING, BILLING AND STATISTICAL MACHINES
NATIONWIDE MAINTENANCE SERVICE • BUSINESS MACHINE SUPPLIES
7
"Would Appreciate a Copy"
“ In the last issue o f the N orthwestern
B anker appeared the picture of Edgar
Scheips, assistant cashier of the First Na
tional Bank o f Fairbury, Nebraska, now
with the armed forces in the Pacific. His
parents here at Pierce, Nebraska, Bev. M.
F. Schieps and wife, would appreciate a
copy o f this issue. Will you please mail
one of them ? ’ ’
F red M aas , President, Cones
State Panic, Pierce, Nebras
ka.
"Real Service"
“ You folks have the unusual and happy
faculty o f performing many real services
for out-of-state banks. As far as the Chase
crowd is concerned, we can truthfully say
that we can rely upon you and your asso
ciates to a high degree. The N orthwest
ern B anker is not only a monthly banking
publication but an institution o f service.”
The folloiving letters w ere received from N orthw estern Banker
readers. Your views and opinions on any su bject will be gladly
published on this page.
"Brings Family Home"
i ‘ On a recent trip East I attended the
Financial Advertisers Association Extension
meeting in New York, after which I went
to Washington to pack up my wife and
children and bring them home. They had
been delayed for three weeks by scarlet
fever. ’ ’
J ohn D eL aittre, Treasurer,
The Farmers and Mechanics
Savings Bank, Minneapolis,
Minnesota.
"An Invaluable Contribution"
‘ ‘ Thank you very much for your cooper
ative letter and for the copy of the N orth
western B anker , which shows your use of
Fourth War Loan advertising.
“ Your generous assistance is an inval
uable contribution to our campaign, and
let us assure you we are genuinely grateful. ’ ’
E liiiu E. H arris, Advertis
ing Section, War Finance
Division, Treasury Depart
ment, Washington, D. C.
any time i t ’s 30 beloAv or more. We have
canned “ C ” rations and “ K ” rations
(boxes). Some fun. Boy, I ’ d just as soon
skip that sleeping out as Ave only have shel
ters in base camp. All problems are of two
or three days’ duration and Ave sleep on the
ground.
“ I expect to get a deer first day I ’m up
there as they are really thick around here
and more so up there.
‘ ‘ Had three shots yesterday in our over
seas check-up. The one for typhoid gave
me a fever last night. Man, i t ’s rough to
get all three o f them at once, two in the
back muscles and one in the arm. They use
a neAv system, it looks like, with a fourinch needle to get in deeper or some such
excuse.
“ I expect after this winter Ave’ll get in
some regular maneuvers before going any
place, but can ’t tell.”
L t . N orman A. M iller,
Somewhere in the North
Woods, -JJ. S. A., formerly
with
the N orthwestern
B anker .
"Only 39 Below"
“ Just have a few minutes to write my
last letter for a few weeks or months. To
morrow I leave for the North Woods. Eight
noAV we have five feet of snow and i t ’ s 39
below. Nice, eh 1
“ I have my pack all set,
i t ; will wear one set avooI
one avooI suit, one battle suit,
jacket and parka and then
guess.
44 pounds of
long handles,
one pile lined
just pray, I
“ I have a new roommate here, a medical
officer who goes Avith us and he gave me a
lot o f advice. Big thing is keeping my
feet and cheeks warm, and shaving is a big
problem.
"Lot of Good Reading"
“ I read the editorial entitled ‘ Business
Forecast for ’4 4 ” and was very much im
pressed Avith the information contained
therein. The N orthwestern B anker alAvays has a lot of good reading matter in
it and ‘ yours truly’ looks forward each
month to receiving it and peruses it very
carefully.
‘ ‘ It was also very kind of you to send
me one o f your new 1944 calendars, Avhich
I can use to good advantage.”
Geo. A. M alcolm, Vice Pres
ident and Cashier, Drovers
National Bank, Chicago, Illi
nois.
“ We will build shelters and can have fire
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
P oland C. I rvine, Vice Pres
ident, Chase National Bank,
New York City.
"Enjoyed the Captions"
‘ ‘ Thank you for sending me a copy of the
article which appeared in the N orthwest
ern B anker regarding our acquisition of
the Allen Wales Adding Machine Corpora
tion.
‘ ‘ I appreciate your interest in running the
story in the N orthwestern B anker , and
especially enjoyed the captions under the
two pictures, ‘ He Bought ’— ‘ He Sold. ’ ’ ’
S. C. A llyn , President, Na
tional Cash Begister Com
pany, Dayton, Ohio.
"Splendid Cooperation"
“ We greatly appreciate the splendid co
operation you are extending in publishing
War Bond advertising in the N orthwest
ern B anker and the U nderwriters R e
view . It is through this kind of patriotic
effort, by all types of advertising media,
that we have been able to obtain such a
tremendous record o f War Bond sales
throughout America.
“ Your continued enthusiastic support and
cooperation will be most graciously ac
cepted. ’ ’
T homas II. L ane, Director,
Advertising, Press and Ba
dia, War Finance Division,
Treasury Department, Wash
ington, D. C.
"Thank You"
‘ ‘ Personally, and on behalf of our com
mission, may I thank you for the article
in your January publication of the N orth AA7ESTERN BANKER.”
K. J . M c D o n a l d , Chairman,
American Bankers Associa
tion, Esther ville, Iowa.
Northwestern Banker
March 1911/.
8
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March Í944
M A R C H
NOTOWESTERN
1944
F O R T Y - N IN T H Y E A R
N U M B ER 680
O ldest Financial Journal West of the Mississippi River
IN T H IS IS S U E
C L IF F O R D DE PU Y
Publisher
R A LPH W. M O O R H EA D
Associate Publisher
Editorials
A c r o s s th e D esk fr o m th e P u b lis h e r .............................................. ..........................................
H EN RY H. H A Y N ES
Editor
JO
Feature Articles
RUTH K IL L E N
Associate Editor
D e a r E d ito r — L e tte rs f r o m O u r R e a d e r s .............................................................................
M A R G U E R IT E B R O W N
Office Supervisor
F r o n t is p a g e
.........................................................................................................................................
H o w B a n k s W ill M eet a S h rin k in D e p o s its .................... ........-..Henry
E L IZ A B E T H C O L E
Advertising Assistant
BETTY M IL L E R
Circulation Department
527 Seventh Street,
Des Moines 9, Iowa
Telephone 4-8163
H. Haynes
7
13
14
H o w to G et th e F a r m e r ’ s B u sin e s s.........................................................................................
16
O u r E ig h t T ests f o r M a k in g G ood L o a n s ....................................... ........... J.
17
E. Roche
W h a t D o Y o u T h in k ? ............................................................... .....................................................
jg
N ew s and V ie w s o f the B a n k in g W o r ld .............................................. Clifford
20
De Puy
O pens F a c ility a t A ir B a s e .........................................................................................................
22
F in a n c e and th e P o s tw a r P e r io d ....................................................... .......... Ray
R. Ridge
29
W. A. Rutledge
32
Insurance
W h en th e H a il S torm H its.
N EW Y O R K O F F IC E
Frank P. Syms
V ice President
505 Fifth A v e .
Suite 1 806
Telephone MUrray Hill 2-0326
State Banking News
M in n esota N ew s .................................... ........
S ou th
N o rth
A p r il 16-19, A B A E X E C U T I V E
C O U N C I L S p r in g M e e t in g , S te v e n s
H o t e l, C h ic a g o
15-17, M I S S O U R I , K a n s a s C ity
M a y 24-26, I L L I N O I S , P a lm e r H o u s e ,
C h ic a g o
Jun e 6-8, A M E R I C A N I N S T I T U T E
O F B A N K I N G , S ta tle r H o te l, St.
L o u is
Ju n e 8-9, W I S C O N S I N , P fis t e r H o te l,
M ilw a u k e e
Ju n e 12-13, N O R T H
D a k ota
N e w s ...................................................................................................
S io u x F a lls N e w s .......................... ..........................................................................................
CONVENTIONS
M ay
37
T w in C ity N e w s ..................................................................................................................
D a k ota N e w s .................................................. •..........................................
N e b ra sk a
N e w s ....... ................................. ..... ........
39
43
43
45
47
O m ah a C lea rin g s ................................... ......... .............................
49
L in co ln
51
L oca ls
................ ....................................................................................
Io w a N ew s ........ ................................ ........... .........................................................
On the S cen e a t S iou x C ity ..................................................... Ralph
W. Moorhead
On the B ea m at B u r lin g to n ..........................................................................................
53
57
59
D A K O T A , F a rg o
Ju n e 13-14. M I N N E S O T A ,
H o t e l, St. P a u l
St.
Paul
S ep t. 3-4, I O W A , F o r t D e s M o in e s H o
te l, D e s M o in e s
S ept. 24-27, A M E R I C A N B A N K E R S
A S S O C I A T I O N , C h ic a g o
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The D ¡rectors* Room
A F e w S h ort S tories to M a k e Y o u L a u g h
66
10
Across the Desk
From the Publisher
jbea^i A lh esi W . iianJzleif:
Now that you and President Roosevelt have
both spoken your minds about the recent tax
bill, may we ask you one question?
Why don’t you make a speech on reducing ex
penses instead of increasing taxes?
We have yet to hear from anyone, either Re
publican or Democrat, a real speech on how to
reduce expenses before we increase our taxes.
If Congress will reduce expenses even $1 or
$1,000,000,000, that will help.
The last constructive analysis on this subject
which we have seen was published by the Brook
ings Institution, December, 1941, and at that time,
over two years ago, it showed how we could re
duce non-defense expenditures by over 2 billion
dollars and certainly now they could be reduced
even more than that.
In this report, the Brookings Institution said:
“ A drastic curtailment of all non-essential ex
penditures is of the utmost importance from the
standpoint of the war program, as well as from
the fiscal point of view. Government expendi
tures for non-essential activities should not he
allowed to compete with the government’s war
program any more than private expenditures for
non-essential purposes should be allowed to com
pete with war requirements. The government
can set an example for the people in this critical
hour by practicing the rigid economies which the
national situation imperatively requires.”
So, while we hail you, Senator Barkley, as a
man who spoke his mind, we would still like to
have you use your energies to reduce both de
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March
fense and non-defense expenditures before taxes
are increased again.
Wendell L. Willkie said he favored increasing
taxes 16 billion dollars, but how much smarter it
would have been if he had proposed a plan to
reduce expenses 6 billion or 10 billion dollars,
and then increase taxes to make up the balance
—you know government expenses can be reduced,
but no one in or out of Washington seems to give
the subject much thought.
It is always increase, increase, increase taxes
but never reduce expenses.
Why don’t you try it, Senator Barkley—try
reducing government expenses—you have been in
Congress 31 years and you should know how and
where to start reducing expenses and saving
money for the taxpayers of the United States.
Just try it— and become the most popular man
in America.
Go ahead, and you will hear the cheers of thou
sands of taxpayers from coast to coast.
2)eab A lf M . Jla n d a n :
You certainly stepped on a lot of toes when
you advocated a lower tariff in order to increase
our foreign trade when the war is over, but
nevertheless you spoke the truth.
We must make it easy for other countries to
trade with us and our tariff laws must be lowered
if we expect to maintain prosperity in this coun
try.
As you put it, “ W e cannot sell if we do not
buy except when we subsidize. And when we
subsidize, sooner or later, we lose our shirts.
11
" I f we do not buy, we force European states
into the Russian orbit, force the British to debase
their currency, probably force the future devalu
ation of our own dollar, risk the loss of every
thing for which we are fighting this war, and in
sure nothing but the emergence of a national so
cialist state.”
Our re-employment problem, our need for a
greater national income and almost every other
problem depends on increasing our business in
the markets of the world, and a lower tariff will
be necessary to accomplish this purpose— because
if we sell we must also buy.
2 e a t /?. M . SoonA,:
As a member of the Board of Governors of the
Federal Reserve System, we are glad that you
continue to take such a keen interest in the agri
cultural situation and quite agree with your
statement that “ Farm prosperity in the postwar
period will depend on our ability to maintain a
high national income with full employment.
‘ ‘ A national income of 130 billion dollars a year
will be necessary to employ 55 million persons
after the war, six million less than are employed
in civil or military roles now. ’ ’
If, however, Mr. Evans, we are to keep these
55 million persons employed after the war, three
things must take place as we see it. One is to
give business an opportunity and a chance to em
ploy these men in private industry and, second,
we must develop our world markets and, third,
there must be less interference with business on
the part of government in Washington.
2) e a t /Zet+tatd B a titcU :
Your blueprint designed to give the nation a
plan for changing over from war to peace is most
encouraging and we hope your prediction that
“ There is no need for a postwar depression” is
correct, and we believe, if properly handled,
there should be none.
Certainly the demand for all of the things the
civilians will need when the war is over are very
great, and these you have mentioned when you
say “ In the reconversion and readjustment will
come improvements in our standards of life—
better houses, better clothes, better food, better
safeguards for children, better health protection
and wider educational opportunities. These bring
hope for the future instead of fear; they give se
curity instead of unrest.”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
It is also encouraging, Mr. Baruch, to have a
man of your standing and prestige say a favorable
word for private business and against govern
ment competition, when you remark, “ I don’t
think the government ought to get into business
except in time of war, and then ought to get out
as quickly as it can.”
The government has not been getting out of
business very quickly during the past 12 years
and we sincerely hope that when the war is over
it will quickly abandon its many government bu
reaus and agencies which are now competing
with business.
As a matter of fact, the government will have
to do so if it expects business to re-employ the
returning soldiers and all those who must be em
ployed if our economy is to be on a firm founda
tion and prevent a postwar depression.
3) e a t V . 'll/. jjo-lwAan:
As far as we know, you and your associates
have created the first permanent “ W ar Bond
Sales Organization” of any of the state bankers
associations, and as president of the Iowa Asso
ciation, you are to be congratulated on your ac
complishment.
To get the acceptance of 160 bankers to com
pose your permanent statewide sales organization
is a real task and reflects great credit upon your
self and your various committees.
When the history of World War II is finally
written, we are confident that the politicians and
the returning soldiers themselves will know that
the bankers of the Hawkeye state, and of all
other states as well, have really “ Backed the At
tack” and did a superb job. Again, congratula
tions.
2 e at S it cU a to ld /?. J l. Q. /¡laoxauiet:
As we understand it, the Germans have recent
ly bombed an Allied hospital ship off the Italian
invasion coast and now the Germans are saying
that, “ The British General had not the slightest
right to speak of Germans as Huns. Germany’s
conduct of warfare has at all times been marked
by the greatest chivalry toward her opponents.”
Hereafter, General Alexander, will you please
refrain from making the dear, kind Germans feel
bad by calling them Huns— and besides you must
know some worse names than that.
Northwestern Banker
March 19 kb
12
. <c,
QUALIFIED
in every respect
Re s o ur c es , Expe r i enc e, Physi cal
Facilities, Trained Personnel
and F r i e n d l i n e s s . . .
to serve as your Des
Moines correspondent.
“ I O W A ’ S
F R I E N D L Y
B A N K ’ ’
CENTRAL NATIONAL BANK
Ji. TRUST CIIMPANY . lies Mniims, Iowa
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M E M B E R
March Í944
F E D E R A L
D E P O S I T
I N S U R A N C E
C O R P O R A T I O N
13
^ I we v e f r e e ^
fru m a n D r iv er !
I f you would like extra copies o f this picture we will be glad to send them to you with our compliments.— The Northwestern Banker.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker
March Î9M
14
How Banks W ill M eet a Shrink
in Deposits
A Northwestern Banker Survey
HAT plans are you making in
your bank to solve problems
arising from the coming shrink
in deposit volume, whenever that
shrink sets in?
This is a condition many banks will
have to face some of these days, and
right now is none too early to be think
ing about it. To help you arrive at a
solution, the N orthw estern B anker
has just completed an exhaustive sur
vey on the subject among bankers in
Iowa, Minnesota, Nebraska, North Da
kota and South Dakota, replies to
which, charted on this and the oppo
site page, disclose information which
should permit you to solve the prob
lem.
Bankers were asked to reply to six
questions, and you will note the ques
tions appear in connection with each
chart analyzing the answers. -While
W
By Henry H. Haynes
Editor
the charts are more or less self-explan
atory, there were a number of com
ments made on the returned question
naires, and data which the work-sheets
revealed, that could not be charted, so
we are making reference to several of
the charts in more detail.
Chart No. One
This chart reveals some interesting
information on the ratio of govern
ments in the banks, compared to de
posits, and cash on hand. In Minne
sota, for instance, banks have invested
in government securities an amount
equal to 60 per cent of their deposits,
and invested in the same security 200
per cent as compared to cash on hand.
In other words, for every $100,000 of
deposits, the banks in Minnesota have
$60,000 invested in U. S. governments,
and for every $100,000 of cash on hand,
they have $200,000 invested in govern
ments.
Considerable fluctuation appeared on
the work sheets before the percentage
averages were taken. Low for “Ratio
of Governments to Deposits” was 10
per cent, and low for “Ratio of Gov
ernments to Cash on Hand” was 9 per
cent—a most undesirable ratio, if we
may be permitted to comment. High
for “Ratio of Governments to Depos
its” was 90 per cent, while high for
“Ratio of Governments to Cash on
Hand” was 500 per cent. Such “lows”
and “highs” were, of course, excep
tions, as the percentage averages on
the chart indicate.
CHART NO. ONE
W hat is your present investm ent p olicy on U. S. G overnm ent securities with respect
to Ratio of Governm ents to Deposits, and Ratio o f Governm ents to Cash on H and?
MINNESOTA
IOW A
To Dep.
To Cash
To Dep.
To Cash
NEBRASKA
To Dep.
To Cash
NORTH DAKOTA
To Dep.
To Cash
SOUTH DAKOTA
To Dep.
To Cash
200 %
137%
120%
7 6%
A LL
STATES
1 2 7 % — Ratio of Governments to Cash on Hand
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March 7944
15
Chart No. Two
In connection with Chart No. Two,
another question was asked, in addi
tion to the one analyzed. This question
was, “If your program is different, in
what manner, and why?” Practically
all banks reported that their U. S.
government securities investment pro
gram was different, in that they are
now making increased purchases of
governments, and that these purchases
are of short term character.
One bank in South Dakota said its
program was different, in that its total
of investments of all kinds had in
creased, while one bank in North Da
kota took the position that there was
not enough income from government
issues, which statement we suppose is
making a difference in its investment
program.
to get across to them how important
it is to give more attention to putting
to work the largest possible percentage
of their idle funds by investing them
in governments, following a well-con
sidered program of spaced maturities.
Chart No. Four
Here again bankers expressed con
siderable difference of opinion as to the
per cent of shrink expected in their
deposit volume. The “low” percentage
of shrinkage came from a banker in
Iowa and one in North Dakota, who
thought their deposits would only go
down 10 per cent. The “high” percent
age, 75 per cent, again came from Iowa,
and on one report from Nebraska.
Chart No. Five
The averages here, as noted on the
chart, say that 75 per cent of the bank-
ers are preparing for a deposit shrink,
while 25 per cent say deposits will
stay up, and perhaps go higher. Should,
or should not, this latter per cent of
bankers who feel deposits will stay up,
be considered as too optimistic? Which
of the two classes of banks charted
here, all conditions being equal, can be
expected to meet any shrink in deposit
volume with the least potential diffi
culty?
(To next page)
C H A R T N O . F IV E
Should every bank Board o f D irec
tors begin N O W to think about how to
m eet the com ing shrink in deposit
volum e, OR, do you believe the pres
ent-day deposit volum e will stay up
w here it is, and perhaps go higher?
Chart No. Three
As you will note, Chart No. Three
deals with bank earnings, and is di
vided into three questions. Most of
the banks say earnings have increased
for the past three years, but in the
second question. 68 per cent do not
expect them to continue to increase.
In this same question, however, 32 per
cent of the banks do expect earnings
to continue to increase, and it is this
32 per cent which give the sources
noted in the third question.
A high government official in Wash
ington, in a recent off-the-record state
ment commented upon the fact that
many small rural banks were carrying
an excess of idle funds with their large
city correspondents. This official asks
this question, “Why is it more rural
banks are not buying governments
with their idle funds, and thereby re
taining the resultant increased earn
ings for themselves?” One of the pur
poses of the N orthw estern B anker in
going into this subject, one which is
so vital to the rural banks, is to try
Prepare
for Shrink
C H A R T NO. TH REE
Have your earnings increased for
the past three years?
Dep. Will
Stay Up
75%
25%
64%
Yes
36%
Do you ex p ect them to continue to
increase ?
Yes
■ ■ ■ ■ i 32 °/o
No
68%
If earnings will continue to increase,
from what sources?
Loans
Int. on
Bonds
45%
C H A R T N O . S IX
Service
C h arg e s
I f your bank has a plan for m eeting
any anticipated shrink in deposit vol
ume, what is your plan?
C H A R T NO. FOUR
What do you estim ate may be the
C H AR T NO. TW O
Is you r p resen t U. S. Governm ent
securities investm ent program differ
ent today than it was?
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Percent of Shrink in Y o u r
Deposit
V olu m e by the tim e tve reach postwar,
reasonably normal, peace tim es— say
within on e to two years follow ing the
close o f the conflict?
Average ■
Buy
Short Term
Governments
Keep
Adequate
C a sh Reserves
7 2%
■ 38 ° o
Northwestern Banker
March 1944
16
Chart No. Six
In many of the replies to this ques
tion, a first and second choice was indi
cated. Those mentioning short term
governments as first choice, in most
cases mentioned an adequate cash re
serve as second choice, and vice versa.
The percentage on this chart was fig
ured taking such choice into consid
eration.
Scattered replies suggested keeping
a close watch on loans, treasury bills
and notes, liquidity, etc.
The editorial policy of the N orth
B anker endeavors to promote
sound, practical and profitable banking.
We publish many articles on bank
management written by bankers who
have found certain methods or prac
tices to be successful, and present sur
veys, like this one, which indicate how
the majority of bankers are thinking
on specific subjects. From this edi
torial material we trust bankers will
draw their own conclusions, and act
accordingly for the best interests of
their bank and their community.
w estern
How to G e t the Farmer’s Business
In C o m p e titio n W ith the P C A
WHAT DOES THE FARMER WANT WHEN HE BORROWS?
Emmons, president, First State Bank,
Gallup, New Mexico; Howard Hambleton, vice president, Citizens National
Bank, Waxahachie, Texas; B. M. Har
ris, president, Yellowstone Bank, Co
lumbus, Montana; Clyde 1). Harris,
president, First National Bank, Cape
Girardeau, Missouri: C. C. Neumann,
executive vice president, Farmers and
Merchants National Bank, Oakland,
Nebraska; Claude F. Pack, president,
Home State Bank, Kansas City, Kan
sas; Eddie Pacot, executive vice presi
dent, Stockmen’s Bank, Gillette, W y
oming; William C. Rempfer, cashier.
First National Bank, Parkston, South
Dakota; S. N. Schafer, president, First
National Bank, Fort Atkinson, Wis
consin; John B. Sloan, president, The
County Bank, Greenwood, South Caro
lina; R. B. Stewart, president, The
Miami Deposit Bank, Yellow Springs,
Ohio; C. 1). Tedrow, president, Citizens
First National Bank, Princeton, Illi
nois; John Wetzel, comptroller, Bayside National Bank, Bayside, New
York, and J. E. Drew, deputy manager,
American Bankers Association, New
York City, secretary.
A . I. B. in St. Louis, June 6-8
4,242
BANK- BORROWING FARMERS
made by farmers.
These were carefully tabulated and
th e r e s u lt s are
shown in terms of
2, 009
P C A -B 0R R 0W I HG FARMERS
r e la t i v e im p o r t a n c e
to each group.
Bank borrowers like prompt service— PCA borrowers are interested first in
low rates. What the farmer prefers when he borrows is clearly shown in
one of the many charts illustrating the new A.B.A. manual which is a joint
effort on the part o f the Commission of Country Bank Operations, its A gri
cultural Commission and its advertising department.
|N AN effort to regiment all country
banks into an organized fr o n t
against government control, the Com
mission on Country Bank Operations
of the American Bankers Association
is circulating a manual, “The Home
Front,” to all such banks over the
country. The manual has been pre
pared from the results of a survey in
which 30,000 farmers were asked their
opinion on bank and PCA service and
from a field study among banks to
gather practical ideas and successful
methods employed for holding present
farmer customers and for getting new
customers.
The handbook contains an analysis
of PCA methods, what the borrower
expects from bank and PCA credit, the
farmer survey, banking services and
merchandising and public relations
suggestions.
In speaking of opening the home
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March 1944
front against government competition,
A.B.A. President A. L. M. Wiggins
says, “Now is the time to merchandise
our services aggressively. We should
sell credit over the fence instead of
over the counter. We should apply
modern merchandising and public re
lations methods to our problem, and
if we do, we can lick much of this gov
ernment competition right at the
source.”
Members of the Commission on
Country Bank Operations of the A.B.A.
which sponsored the manual, are: K. J.
McDonald, president, Iowa Trust and
Savings Bank, Estherville, Iowa, chair
man; R. A. Bezoier, vice president and
cashier, First National Bank, Roches
ter, Minnesota; T. E. Burch, president,
Security State Bank, Wewoka, Okla
homa; R. R. Eberhardt, executive vice
president, Stockton Savings and Loan
Bank, Stockton, California; Glenn R.
The American Institute of Banking
will hold a two and a half day wartime
conference in St. Louis next June, it
is announced by David L. Colby, na
tional president of the Institute, who
is assistant vice president of The Boat
men’s National Bank, St. Louis, Mis
souri. This conference, to be held
June 6-8, will be the 42nd annual meet
ing of the Institute.
In making the announcement, Mr.
Colby stated that the conference will
be a streamlined meeting held to trans
act essential business of the Institute,
elect officers, and discuss wartime
bank personnel training problems. A
similar meeting was held last June in
Chicago, following a precedent estab
lished by the A.I.B. during the First
World War, when its annual conven
tion was shortened to a brief confer
ence held in Chicago.
The arrangements for this meeting
are in the hands of the program com
mittee consisting of William C. Way,
Central National Bank of Cleveland,
Cleveland, Ohio, who is the vice presi
dent of the American Institute of
Banking, chairman; James P. Hickok,
chairman of the local conference com
mittee, who is the president of the
Manufacturers Bank & Trust Company
of St. Louis, St. Louis, Missouri, and
Floyd W. Larson, national secretary
of the American Institute of Banking,
22 East 40th Street, New York, N. Y.
Headquarters for the St. Louis meet
ing will be the Statler Hotel.
\
17
O ur 8 Tests for Making
Good Loans
These loaning policies have proven profitable.
The credit for their
success is due to sound banking principles which aim pri
marily to be of service to custom ers and earn
an ad eq uate return for stockholders.
ECAUSE the Milwaukee County
Bank, West Allis, Wisconsin, is
one of the larger progressive banks
and the methods of operation and pro
gram of cooperation with the govern
ment in its conduct of the war is prob
ably indicative of what many other
banks are working toward, the N orth
w estern B anker is using portions from
“ A Bank’s Wartime Report to Its Com
munity” to give its readers a general
picture of what one bank is doing with
reference to a war economy. J. E.
Roche, executive vice president, who
prepared the report, feels that in con
centrating on the job of today and to
morrow it is necessary to repeatedly
refer to the war and its effects on poli
cies and operations. These changing
conditions have forced banks to make
certain revisions in the different de
partments. However, Mr. Roche says,
“ There can be but one course—to sup
port our government to the utmost.”
This West Allis institution has in
creased its deposits during the past
year to $8,212,446, which includes $1,104,580 in United States municipal de
posits. It reports a surplus account of
$125,000, with $62,266 in undivided prof
its and reserves and a capital stock of
$150,000. According to the latest state
ment, the bank has United States se
curities amounting to $3,904,516.
B
Loan and Investment Policies
Speaking of the loan and investment
policies of his bank, Mr. Roche says:
“At the Milwaukee County Bank
every applicant for a loan receives
q u ick and friendly consideration.
Every type of loan that can be made
properly with bank funds is executed
at this bank. Each succeeding month
a greater number of individuals are
benefiting by intelligent methods of
handling loans. This growth is ex
plained by the public’s realization that
a broad and varied service, always ad
justed to the customer’s needs and
ability to repay, makes borrowing at
the Milwaukee County Bank especially
advantageous.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
“Policy also deals with the sound
and intelligent administration of these
earning assets. Sound administrative
policy involves safeguarding the prin
cipal of each asset, thereby assuring
the liquidity of the bank, maintaining
a strong balance sheet position and se
curing the highest possible income
yield consistent with safety and liquid
ity.
“That management must always give
careful study to and follow well defined
loan and investment policies if it
wishes to protect its depositors, earn
an adequate return for its stockholders
and promote the best interests of the
community is well recognized.
“The following can be summarized
into these distinct policies followed
by this bank:
“1. Diversify loans and investments
to avoid undue concentration of loans
to borrowers of any one type or secu
rity of any one type.
“2. Definitely determine the capacity
of the borrower to pay at maturity,
or according to program.
“3. Base secured loans on adequate
collateral of sound investment quality.
“4. Require both accurate and ade
quate financial and operating state
ments on all unsecured loans.
“5. Base granting and extension of
all loans not secured hy ample invest
ment collateral upon liquidity of finan
cial position and favorable managerial
and economic factors.
“6. A v o i d continuous unsecured
loans.
7. Scrutinize most carefully loans
where social, personal, or other than
business factors enter.
“8. Promote an employe understand
ing of our bank’s practices and policies.
(Turn to next page, please)
Here is how the lobby o f the Milwaukee County Bank looks during a rush hour.
More than one hundred customers were in the lobby when this picture was taken.
Northwestern Banker
March Î94-4-
18
the war. It is going to be hard to get
either increased taxes or forced sav
ings, however, during an election
year.”
J. R. Cornell, vice president and
cashier, First National Bank in Spirit
Lake, Spirit Lake, Iowa:
“ From the political angle, Mr. Will
kie has struck a very unpopular note.
However, his reasoning that higher
taxes now with lower taxes during the
postwar period seems to be absolutely
sound. The tax burden will have to be
lightened after the war to permit capi
tal to readjust itself to peacetime in
dustry. Taxes cannot be lowered if
the public debt is permitted to climb
as it now is through staggering treas
ury deficits.”
I. C. Gardner, cashier, Security State
Bank, Ansley, Nebraska:
(Turn to page 35, please)
Our 8 Tests for Loans
(Continued from page 17)
Question : What do you think
about Mr. Willkie’s idea that taxes
should be D OUBLED now , to pre
vent financial chaos after the war?
14. A. Holland, vice president, Wash
ington State Bank, Washington, Iowa:
“ The idea of doubling taxes or of
making great increases is of course not
new. At the same time it is rather
surprising that Mr. Willkie would
make such a statement at a time when
he is giving his time and attention to
his political aspirations. It certainly
will meet with criticism from more
people than any suggestion he might
make.
“ I am very willing to admit that
taxes are going to be high and perhaps
higher than they are now. At the
same time I realize that we must ex
pect a regular increase in our public
debt during the war no matter what
taxes are levied now, for the cost will
far exceed our ability to pay as we go.
Therefore, it is reasonable to expect
that we must amortize the debt over
a long period of time and adopt a pro
gram of economy which will include
governmental operations. Purchases
of bonds and payment of taxes will of
course tend to hold down inflation but
I believe that the matter of preventing
financial chaos involves many more
things than I would care to discuss
now if I were able.”
Guy Cook, cashier, Foster County
State Bank, Carrington, North Dakota:
“ I have always been in favor of
heavier taxes to drain off the surplus
and help prevent inflation. Then, too,
it seems to me that our boys who are
in service should not be required to
take on the heavy taxes that must be
levied to pay off the war debt. How
ever, there are too many evading
taxes at the present time and, while
it may not be entirely equitable, some
thing along the line of a sales tax
should be applied. It is also my opin
ion that forced savings should be
adopted with securities so purchased
not to be cashed in or transferred un
til some time after the conclusion of
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March 19b4
Our Staff
“Our management conducts opera
tions on the premise that its relation
ship with the staff shall be one of
mutual confidence. We believe that
each employe is truly interested in the
welfare of the bank and fully appre
ciates that the bank is equally inter
ested in his or her welfare.
“We continue to follow the policy of
developing and training an organiza
tion that bespeaks of our bank ‘safety
and confidence for customers,’ and
‘friendly, efficient service for custom
ers.’ We believe in a plan which em
phasizes the treatment of all members
of our organization as fellow human
beings in one corporate family and as
liberally as possible, commensurate
with their willingness and ability to
perform.
“During the last six years we have
developed numerous plans that con
tribute to the general welfare of our
whole staff:
“ 1. We pay a large part of the cost
of group hospitalization plan.
“2. A savings and profit sharing plan
was inaugurated January 2, 1939. Un
der this plan the employes put in 2%
per cent of their income, and the bank
makes contributions in proportion to
the earnings. During 1943 approxi
mately 10 per cent of net operating
earnings (before income taxes) was ap
propriated to this fund, and cash
bonuses were also distributed, as in
recent years. The profit sharing fund
now has nearly $20,000 of assets, in
cluding 45 shares of the bank’s com
mon stock, $800 of the bank’s capital
debentures, $6,500 of U. S. Bonds and
$3,000 cash.
“3. Up until 1943 the bank had al
ways paid a part of the lunch expense
for the employes. During 1943 we
were forced to make it compulsory for
all employes to eat their lunch at the
bank, because of the need for special
help from the employes at lunch time,
when unforeseen crowds come in.
With this plan the employes are al
ways available to help out in their own
departments or to answer telephone
calls for their own departments.
“4. We pay the cost of and encour
age as much as possible the pursuit of
outside courses of study which would
in any way increase the value of the
staff members by so doing.
“5. Liberal vacations and sick leave.
“6. Security of employment.
“7. Annual outings and parties.
“8. Group discussions are held as
often as conditions will permit in order
to encourage friendly relations and bet
ter understanding on the part of all
staff members, of the bank, its opera
tions, and policies.”
Banking in Wartime
“ In common with other banks
throughout the nation, our officers and
employes are purchasing United States
government securities through month
ly voluntary payroll deductions. We
are convinced that it is to our personal
advantage as well as our patriotic
duty, that an increasingly larger pro
portion of current income be invested
in this manner. We regard such a pro
gram to be an essential part of the
drive to reduce the effects of inflation.
“By purchasing more and more gov
ernment securities and continually
urging others to do so; by financing
our customers’ war contracts; by serv
ing in civilian defense activities, as
many of our officers and employes are
doing; and by cheerfully complying
with the drastic wartime regulations
and procedures, we at the Milwaukee
County Bank are trying to do our full
share of what is implied by ‘banking
in wartime.’
“ In 1943 we sold $3,734,705 of War
Bonds to customers, at no cost to the
customers or the government, as com
pared to $1,066,000 in 1942.
“During this year, too, we saw the
advent of ‘ration banking,’ and we now
have 403 such accounts, through which
millions of coupons are being handled.
“Our supply of safe deposit boxes
was exhausted in 1943 and we were
forced to install a War Bond safekeep
ing department, which has had a good
reception by the public.”
19
M EMBER
FEDERAL
D E P O S IT
IN S U R A N C E
C O R P O R A T IO N
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The Omaha
National Bank
Northwestern Banker
March 19W
20
N ew s
and
OF
B A N K IN G
THE
V iew s
W ORLD
By Clifford DePuy
R
EG. W. REYNOLDS, who is in the
insurance business at Fremont, Ne
braska, has announced his candidacy
for Congress on the Democratic ticket,
and he has written a 16 point platform
under the slogan of '‘The New I-Deal”
and eight of these points are as fol
lows:
“1. Will promise everything and do
nothing. Will recommend and appoint
for all positions, political and other
wise, those who oppose me, thereby
giving my constituents and friends
that ‘Old Run Around.’
“2. Will vote to increase my own
salary.
“3. Shall introduce a hill in Congress
to investigate the cause of ‘What
Makes the Wild-Cat Wild?”
“4. Will support any additional crazy
ideas, which would further confuse our
income tax laws.
“5. AYill try and help our AAA Com
munities. These ‘Fortune-Tellers’ now
have nothing to do.
“6. AYill introduce a bill in Congress
demanding that the hens of our coun
try lay more eggs and the small busi
ness man pay more taxes!
“7. After my election, T shall devote
most of time to selling insurance, ALE
LTNES, in Fremont, Nebraska, taking
out only a feAv weeks each year to fish
and hunt, and if elected, wall fly to
Washington regularly to collect travel
pay and salary.
“8. Won’t answer the phone, but Avill
pass the buck in acknoAAledging all
letters of protest or otheiwise.”
We will watch the election results
with interest.
With the Fourth War Loan over the
top, we have now sold War Bonds
amounting to 51 billion dollars and
more, because each war loan has been
oversubscribed.
First War Loan— 1942
$ 9,000,000,000
Second War Loan—1943 13,000,000,000
Third War Loan— 1943 15,000,000,000
Fourth War Loan—1944 14,000,000,000
Total
$51,000,000,000
Paul E. Bartlett, president of the
Hart-Bartlett - Sturtevant Grain Com
pany of Kansas City, and Roland B.
Caywood, president of the H. D. Lee
Company, have both been elected di
rectors of the City National Bank and
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March
Trust Company of Kansas City, Mis
souri.
Mr. Bartlett is also on the board of
directors of the Employers Reinsur
ance Corporation and Mr. Caywood is
president of the National-American
Wholesale Grocers Association
The house banking committee ap
proved 16 to 5, a bill to prevent the
Federal Reserve System from enforc
ing a regulation designed to check ab
sorption of exchange charges by mem
ber banks.
The Federal Reserve System had
argued that absorption of the ex
changes by member banks on items
handled for correspondent banks was
in effect the payment of interest on
demand deposits, which is not per
mitted by law.
The bill, introduced by Representa
tive BroAvn (Dem., Ga.) had the sup
port of the Federal Deposit Insurance
Corporation.
Secretary of Labor Frances Perkins
into the Constitution, Avas arrogantly
flouted to secure a third term to satiate
the greed of an ambitious man for
more power. And noAAr his appetite
having grown hy Avhat it fed on, Ave
are being led, through sophistry, into
the danger of a fourth term and dic
tatorship that can never be dislodged
short of reAolt.
“Is there any justification then, or
any reason, for lack of confidence in
the candidate for a fourth term? I
cannot see Iioav any American devoted
to the principles of Thomas Jefferson
can help but hang his head in shame
Avhen the memory of that convention
comes to him.”
Emil E. Placek, president of the
First National Bank of Wahoo, Ne
braska, has resigned as Saunders coun
ty war finance committee chairman,
and sent his letter of resignation to
W. Dale Clark, president of the Omaha
National Bank, and state war finance
committee chairman.
Mr. Placek says, “My views do not
appear to harmonize AA’itli the policy
of the Treasury Department and I
therefore send in my resignation.”
Mr. Placek believed that people
should be forced to buy War Bonds,
since our boys are drafted to fight for
us. Mr. Placek is a Spanish-American
War veteran and has a soldier son in
the present war.
Sending in his resignation, he said,
has reported there were 3,750 strikes
in 1943, involving 1,900,000 workers,
which resulted in 13,500,300 idle mandays—the second largest number of
work stop pages since the European
war began.
The record for preceding years was
2,968 strikes in 1942, 4,288 in 1941, 2,508
in 1940, and 2,613 in 1939. In 1942 a
total of 839,961 workers struck.
“You can take a man of draft age from
his family, from his occupation, and
compel him to fight and die for his
country, but you cannot force another
man to help finance the purchase of
food, clothing and Avar equipment for
the fighting man Avhile he is in service.
Compulsory for one, voluntary for an
other, what a traA'esty on justice and
equality.”
Ten years ago there were 16,000
banks in the United States, with de
posits of 42 billion dollars, but today
there are 14,550 banks with deposits of
of 120 billion dollars.
Leo H. Scherf, cashier of the Bank of
Elk River, Minnesota, showed deposits
for his institution at the last call of
$742,553. In September, 1943, he as
sumed his present position of cashier,
and previous to that time he was as
sistant cashier of the First State Bank
of Ada, Minnesota, with which institu
tion he was connected for a period of
24 years.
Thus, with 1,450 fewer banks than
we had 10 years ago, we have an in
crease in deposits of 78 billion dollars,
or 185 per cent.
Senator E. H. Moore of Oklahoma
does not exactly favor a fourth term
for the present incumbent of the White
House, and in a recent speech in the
United States Senate gave forth the
following oratory:
“When memory is on her knees,
there returns the nightmare of that
tragic mockery as played at the Chi
cago convention, AAhere a precedent,
as strong in the minds and hearts of
the people as if it had been Avritten
Leo T. Crowley, head of the Federal
Deposit Insurance Corporation and the
Foreign Economic Administration, has
been “taken to task” by T. F. Stone of
PM because he draws $75,000 a year
salary from Standard Gas & Electric
while still holding two government
jobs (he is resigning as Alien Property
Custodian) when the Federal statute
passed in 1918 prohibits a government
official from receiving a salary from
21
Another leading bank using
Hammermill Safety
THE FIRST NATIONAL BAN K
of PHILADELPHIA
O n e of the oldest b anks in the
country, The First N ational
Bank of Philadelphia, is the pos
sessor of Charter No. 1 of the
National Banking System. It is
gratifying to us that checks of
this historic institution are on
Hammermill Safety.
The check shown at the right
is on chainline H am m erm ill
Safety paper in pink, with the
surface seal of The First National
Bank of Philadelphia.
The new M ain Office of
The First N ational Bank of Philadelphia
a
at 15th and W alnut Streets,
f
Philadelphia
T h e F iK S T jS iy ifiïà , ' U 'J
UOIAA*« I
MANUFACTURED
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BY H A M M E R M I L L
PAPER
COMPANY,
ERIE,
P A. ,
FOUNDED
Northwestern Banker
1898
March 19bb
22
any source except the government.
His F.D.I.C. salary is $10,000.
According to I. F. Stone, in his arti
cle, “The salaries of Leo T. Crowley
rose from $23,225 in 1939 to $89,690 in
1942.
“His private salary as chairman and
president of Standard Gas & Electric,
a job he still holds, rose from an initial
$50,000 a year at the time of his ap
pointment in December, 1939, to $65,625 in 1941, and then to $75,000 in 1942.
“At the same time, his private in
debtedness has risen sharply. His state
income tax returns, on file at Madison,
Wisconsin, show that his annual pay
ments of interest on his borrowings
rose from $11,296.78 in 1939 to $19,436.40
in 1942. At 4 per cent, the latter sum
is enough to carry loans of almost
$500,000.”
Music with your money is something
new in banking by the Emigrant In
dustrial Savings Bank of New York
which now furnishes continuous soft
music during business hours and in de
scribing this innovation, “Trends”
says, “The music is piped in by a firm
which distributes melody by wire to
traffic terminals and restaurants. The
repertoire includes classics, ballads and
folk tunes—no vocals. The music was
ordered by the directors after they had
studied reports on the use of music in
war factories to soothe the nerves of
workers. Some employes are enthusi
astic, hailing music as the greatest
thing to hit the banking business since
the invention of the adding machine.”
What, no movies for the customers
while waiting to get checks cashed and
deposits entered?
O pens ^Facility77 at A ir Base
ment that the boys at the Sioux Falls
Army Air Field have done a marvelous
job in individual bond buying. While
most of them are on an allotment pur
chase basis, he says that a great many
of the boys are constantly buying more
bonds over and above their allotment.
He cited one case where one boy pur
chased $35,000 of bonds. Individual
bonds at the rate of $1,000 up to $5,000
during a day will be handled over the
counter. During January, a total of
561 bonds, amounting to $46,450, was
purchased by the service men.
As an example of activities at an
“army facility” such as this, officers of
the Northwest Security National Bank
says a typical pay day will see them
cashing p o s s ib ly 300 government
checks on their civilian pay roll. Offi
cers also are paid by check, but the
enlisted men are paid in cash, which is
supplied by the “ facility” to the army
finance officer.
Three employes take care of the
work at the “facility.” G. Oliver Nordby is manager of the “facility.”
Also, to show just about what hap
pens on a monthly basis at such a “fa
cility,” during December they cashed
2,900 checks. In October they sold 264
travelers checks and 194 drafts.
F A A G r o u p M e e tin g s
Ralph Watson, right, president o f the Northwest Security National Bank, Sioux
Falls, is an interested observer as his bank opens the Banking Facility at the
South Dakota Army Air Field.
NE of the interesting new devel
opments in wartime banking is
O
the establishment of what the army
calls “Banking Facilities” at the vari
ous army bases throughout the United
States. One such “ Facility” which has
been in operation for almost a year is
the “ Facility” at the Sioux Falls, South
Dakota, Army Air Field, formerly
called the Army Technical School,
which was established by the North
west Security National Bank of that
city.
President Ralph M. Watson of the
bank says that while the “facility” has
cashed literally thousands of individ
ual checks for the boys who are located
there, not one single check has ever
bounced back, which is certainly a rec
ord not equaled by any similar group
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March 194-4
of civilian bank patrons. President
Watson also says that they have made
hundreds of loans to service men, all
the way from privates to high ranking
officers, and that their record of re
payment on loans is almost 100 per
cent to date. Among the officers, the
loans are usually for not more than a
month’s pay. Among the enlisted men,
these loans run all the way from $10
up to possibly $100', and they are usu
ally promptly met on the following pay
day. It seems that most loans are for
married men at the camp who want to
bring their wives to Sioux Falls and
to buy furniture and equipment for
setting up housekeeping. Some ad
vances have been made for furloughs
and for general expenses until pay day.
President Watson makes the com-
Four group meetings were held by
officers of the FAA between February
21st and 26th, in four cities located in
areas where membership of the asso
ciation is numerically strong. These
group conferences followed the suc
cessful pattern of 1943, when officers of
the Financial Advertisers Association
conducted a series of one-day meetings
in eastern cities.
First meeting of this year was held
in New York City on the afternoon and
evening of February 21st, preceding
the mid-winter board of directors’ and
senior advisory council meeting on
February 22nd and 23rd.
On February 24th the officers moved
to Syracuse where a similar meeting
was held. Last two of the four confer
ences were held in Detroit on February
25th and in Columbus, Ohio, on Feb
ruary 26th.
M o re Than a Billion
A War Bond drive initiated by the
statewide staff of the Bank of America,
which opened August 2nd last, and
closed February 15th, yielded a total
of $616,297,756 in War Bond sales to
the public, according to announcement
by A. P. Giannini, chairman of the
board.
Quota for the campaign was $300,000, 000.
It was revealed at the same time that
23
"
l l i e i f . J l i
"A n excellent directory."
First State Bank, Belmond, low a
"W e substitute your excellent direc
tory for the large directory."
Stat e Bank of Liberty, Nebraska.
"It's the best directory published and
just the right size so one can carry it
in the pocket daily."
Bennett St at e Bank, Bennett, lowa.
"Your bank directory is a very handy
and complete book."
Lexington Stat e Bank, Lexington, Nebraska.
I T 'S A L M O S T R E A D Y
The new 1944 edition of the lo w a-N e b raska Bank D ire ctory will be
read y soon. In it y o u ’ll find the m ost com plete and latest inform a
tion on lowa and N e b ra ska banks,
including
personnel,
capital,
surplus, deposits, loans and discounts, bond holdings, c o rre sp o n d
ent banks and other valuable data.
ORDER NOW YOUR
1 944 lowa-Nebraska
Bank Directory
Use the handy coupon at the right
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
*------------------------------------------------------------------------------------------ "I
lowa-Nebraska Bank D ir e c t o r y ----------------------------------------------- 1944
527 Seventh Street
Des M oines, Iowa
G entlem en:
Please send____________copies of your 1944 lowa-Nebraska Bank
D irectory to us, and we w ill remit at the rate o f $2 per copy
upon receipt of your Directory.
j
.
Bank__________________________________________________________________
Officer________________________________________________________________
J
City_________________________________ State------------------------------------------
I
Northwestern Banker
March 19b'+
24
since the sale of U. S. War Bonds was
inaugurated in 1941, the total of pur
chases made by Californians through
the Bank of America is in excess of
$1,150,000,000.
M iller M o o r e Prom oted
Miller Moore, who represents the
Commercial National Bank and Trust
Company, New York City, in middle-
western territory, has been promoted
from assistant vice president to vice
president of the bank.
Mr. Moore is a native of Kansas City,
Missouri, graduated from the Wharton
School of Finance in 1928, and imme
diately became associated with the
Federal Intermediate Credit Bank
Consolidated Debentures Offer . . .
Liquidity
T h e y always have a ready market. W hen their
maturity is six months or less they may be purchased
by Federal Reserve Banks and are acceptable as
collateral for fifteen-day loans to member banks.
The debentures are legal investment for trust funds,
insurance companies and savings banks in N ew York
and other states. They are eligible to secure fiduciary,
trust and public funds controlled by officers of
the United States. These joint and several obligations
M IL L E R M O O R E
N o w V i c e P r e s id e n t
Commercial National Bank. He was
elected assistant cashier in 1936, and
assistant vice president in 1941. He
resides in Montclair, New Jersey.
o f the twelve Federal Intermediate Credit Banks
The O rigin al " J e e p "
are issued under authority of the Federal Farm Loan
Current national publicity has ob
scured the fact that the first war ma
chine named “Jeep” was born at Minneapolis-Moline and christened at
Camp Ripley, Minnesota (with apolo
gies to Ripley—“Believe it or not” ).
Back in 1938 Minneapolis-Moline en
gineers were already experimenting
with the conversion of a farm tractor
to an artillery prime mover; and in
1940, collaborating with Adjutant Gen
eral E. A. Walsh, Commander of the
Minnesota National Guard, models
were tested in maneuvers at Camp
Ripley.
This new MM army vehicle was not
a crawler tractor, truck nor tank, and
Act, as amended. Maturities from three to twelve
months are offered regularly for subscription.
THE FEDERAL INTERMEDIATE CREDIT BANKS
Information regarding the Consolidated Debentures,
issued by these Banks, may be obtained from
C H A R L E S R . D U N N , F isca l A g e n t
31 N assau Street , N ew Y ork 5, N . Y.
S carborough ^(¡Company
First National Bank Building, Chicago
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March 1944
Horace A . Smith, Iowa Representative
Des Moines, Iowa
25
yet it could do almost anything and it
knew all the answers. Because of this,
it brought to mind the Popeye cartoon
figure called “Jeep,” which was neither
fowl nor beast, but knew all the an
swers and could do most anything. The
National Guardsmen therefore named
the MM vehicle the “Jeep.” The “Jeep”
name therefore is not a contraction of
the term General Purpose (GP), and
if it really had been, no doubt “Jeep”
would have been spelled “Geep.”
Since the original MM Jeep, Minneapolis-Moline has designed several ad
ditional models of military tractors in
cooperation with Army and Navy offi
cials. Several models of MM Jeeps are
now being produced in quantity for
the Armed Forces of the United Na
tions, and in use throughout the world.
W a r Bond D isp lay
Pictured here is the War Bond dis
play on the main banking floor of The
First National Bank of Saint Paul,
Minnesota. The entire display is illu
minated with red and blue flood lights,
the revolving eagle is likewise lighted
by hidden red and blue spotlights.
Red, white and blue rayon twill dra-
T II li A MI P L A N
lifiiiiivfs All Elements ill llisk
F H A in s u r e d Manaus P iu s
F x tr u Suieiiu u rds a t P u r
Under the A M I Plan, F H A Insured Loans are delivered —
AT PAR
together with the m any extra safeguards pioneered
and developed by A m ortized Mortgages, Inc., to supplem ent the
government guarantee of principal.
These safeguards — plus delivery at par — elim inate all ele
ments
of loss,
out-of-pocket
assure
you
both
of
expense, or technical risk,
a com plete
return
of
principal
and
and
a
substantial net yield regardless of whether you h old the loans
for one day, six m onths, or to m aturity.
This is true even
though a default, or, a prepaym ent of the fu ll principal amount,
should occur.
In addition, if the occasion should arise, the prosecution
and handling of a foreclosure action and the subsequent con
veyance of the property to the F H A w ould require no work
or effort on your part or on that of your attorney or legal
department.
This is not a trick plan, but one which merits thorough
investigation and your most thoughtful consideration.
I f you are genuinely interested, we w ill, in spite of travel
difficulties, he pleased to have one of our representatives call
on yon, at your convenience and w ithout obligation, to thor
oughly
and properly
present the “ plan.”
We
are sure you
w ill like it.
MORTIZED MORTGAGES, I
NEW D ISPLA Y
peries give the display an overall
height of 21 feet. Width is 15 feet. The
display is strikingly visible from either
end of the banking floor.
$7,000,000 on H o m e s
In its annual report the Twin City
Federal Savings and Loan Association
of Minneapolis and St. Paul reveals
that despite lack of new construction
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
753 Urlìi Water Street
Milwaukee, Wisconsin
Trained field men in sixteen states and the
District of Columbia
Northwestern Banker
March 19bk
26
Banks Sold or Bought!
quietly, quickly and in a personal manner
JAY A. W ELCH
BANK BROKER
Haddam, Kansas
“35 Years Practical Banking Experience”
T he
N ew Y ork T rust
Com pany
in 1943, its real estate loans for the
year totaled more than $7,000,000. Ap
proximately 2,400 individual loans
were made. The net increase in its
mortgages for the year was more than
$2,500,000, making a total of $18,600,000
now held by the association.
During the same period, War Bond
holdings of the association were in
creased by $4,500,000 and nearly $150,000 were added to reserves, after pay
ing over $600,0000 in dividends to mem
bers. Total reserves of the association
now total more than $825,000.
With resources of $26,500,000, the
Twin City Federal is the fourth largest
Federal Savings and Loan Association
in America.
banking career in 1911 as a messenger.
Nine years later, in 1920, he became
associated with Guy Cooke in the ad
vertising department. In the mean
time Mr. Duntemann had served with
the First Illinois Cavalry on the Mexi-
Capital Funds . $45,000,000
100 Per C e n t M e m b e rsh ip
IO O
BROADWAY
M A D IS O N AVENUE
AND 40T H STREET
TEN
ROCKEFELLER
PLAZA
★
Colorado and North Dakota have
been added to the list of states having
100 per cent membership in the Amer
ican Bankers Association, it is an
nounced by Robert L. Dominick, chair
man of the association’s organization
committee, who is vice president of
the Traders Gate City National Bank
of Kansas City, Missouri.
With the addition of Colorado and
North Dakota, the 100 per cent mem
bership list now includes nine states
and the District of Columbia. The
other states are Nevada, Utah, Louisi
ana, Idaho, Oregon, Arizona and New
Mexico.
BUY
H a rry G . Duntem ann
Prom oted
W AR
BONDS
M em ber o f the Federal Deposit Insurance Corporation
Harry G. Duntemann, recently ap
pointed assistant cashier of the First
National Bank of Chicago, began his
B O N D S
H A R R Y G. D U N T E M A N N
N a m e d A s s is t a n t C a sh ier
can border and later was a member of
the 122nd Field Artillery in World
War I, with one year overseas duty.
As a member of the bank he was al
ways interested in the A.I.B. and
served as the Chicago chapter’s presi
dent during 1934. The new business
department, which for a number of
years has been headed by Louis H.
Northrop, assistant vice president, and
the advertising department have been
merged. “Lou and I,” says Mr. Dunte
mann, “feel that this is a logical setup,
and we are going to do our utmost to
keep this bank of ours ‘growing with
Chicago and the nation’.”
A . B. A . in C h ic a g o
The announcement was made recent
ly by A. L. M. Wiggins, president of
the American Bankers Association,
that the association will hold its sec
ond war service meeting in Chicago
next September at the invitation of the
Chicago banks. The dates are Septem
ber 24th-27th.
This will be the second war time
meeting of the association. Its annual
meeting was omitted in 1942, but was
held in 1943 in New York City.
Public Utility
Industrial
Railroad
M unicipal
A .C .A L L Y N andcom pany
Incorporated
100 W e s t M o n ro e S tre e t. C h ic a g o
N ew Y ork
R e p r e s e n ta t iv e s :
W a te r lo o
M ilw a u k e e
M in n e a p o lis
B o s to n
M olin e
II_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March 1944
•
A w a rd Bestow ed
Mexico’s highest award, the order of
the Aztec Eagle, was bestowed recent
ly on W. L. Hemingway, president of
the Mercantile-Commerce Bank and
Trust Company, St. Louis, by Rafael
27
de la Colina, Minister Plenipotentiary
and Counselor of the Mexican Embas
sy in Washington. The award took
place in St. Louis, before some 400
members of the St. Louis Chamber of
Commerce, the St. Louis Committee of
the Pan-American Society, and the
Inter-Ocean Center of St. Louis. Mr.
Hemingway is chairman of the St.
Louis Pan-American Society and presi
dent of the Inter-American Center.
“Reconversion”
is not entirely
in the future
H as New Job
Leo D. Kelly, vice president of the
Mercantile-Commerce Bank & Trust
Company, St. Louis, was recently
named head of the bank’s correspond
ent division, where he becomes succes
sor to the late Wood Netherland.
A member of the bank’s correspond
ent division for a number of years, Mr.
Kelly was named assistant cashier of
“ Reconversion” crops up with increas
ing fre q u e n c y in d is c u s s io n s of the
fu tu r e of c o m m e r c e and in d u stry .
But reconversion from war production
to peacetime activities is no longer
a rem ote possibility in m any divisions
of industry.
Already curtailm ent of
war orders has brought the problem
of reconversion into sharp focus for
some m anufacturers.
This bank m ade a m ajor contribution
to pu tting m any m anufacturers on a
war footing. It is already planning to
perform an equally im portant service
to Am erican business when “ recon
version” applies in general instead of
to occasional cases.
W hen, with victory won, the task of
reco n v ersio n
H eads
Everything
Farmer: You can’t go wrong on this
mare, sir. She’s sound, gentle, a good
worker and a fine saddle horse.
City Slicker: What I want to know,
is she tender?
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
th e
m a jo r
problem of Am erican business . . . The
L E O D. K E L L Y
C o r r e s p o n d e n t D iv is io n
the National Bank of Commerce in
1920, and in 1924 was elected a vice
president of the institution. It will be
remembered that the National Bank of
Commerce in 1929 merged with the
Mercantile Trust Company to form the
present bank.
Mr. Kelly was one of the first to
advocate a complete and all-inclusive
method of banks charging for their
services, and 12,000 banks requested
copies of a booklet he wrote on the
subject of service charges.
b e co m es
Philadelphia N ational
Bank
will
be
prepared . . . as it has always been pre
pared during its 140 years of service to
th e b a n k in g n eed s of th is c o u n try .
THE
PHILADELPHIA
NATIONAL B A N K
O RG AN IZED 1803 • P H ILAD ELPH IA, PA.
RESOURCES OVER $750,000,000
M E M B E R O F F E D E R A L D E P O S IT I N S U R A N C E C O R P O R A T IO N
Northwestern Banker
March Í944
28
N A T IO N A L S U R E T Y
C O R P O R A T IO N
V IN C E N T
C U L L E N , P resid en t
F IN A N C IA L STA TE M E N T
December 31st, 1943
ASSETS
Cash in Banks .
$ 2,425,489.47
Investments:
Bonds o f U.S. Government and its Agencies
$9,226,672.21
Other B o n d s ....................................................
1,852,735.52
Preferred S t o c k s ............................................
5,285,084.70
Common S t o c k s ............................................
9,231,655.85
25,596,148.28
Premiums in Course o f Collection,
N o t over 90 Days Due
.
.
.
.
.
.
.
.
.
1,108,727.47
Capital stock o f National Surety Marine Insurance Corporation,
a wholly owned s u b s id ia r y .............................................................
1,714,302.11
Accrued I n t e r e s t .......................................................................................
46,326.56
Reinsurance and Other Accounts R e c e iv a b le ...................................
71,272.99
Hom e Office B u i ld i n g ...............................................................................
T O T A L A D M I T T E D ASSETS
500,000.00
$31,462,266.88
LIABILITIES
Reserve for Losses and Loss Adjustment Expenses .
$ 4,572,562.36
Reserve for Unearned P r e m i u m s .....................................................
5,761,721.47
Reserve for Commissions, Expenses and Taxes
2,547,413.14
.
.
.
.
Reserve for future changes in prices o f securities
1,161,907.23
C a p i t a l ...................................................................... $ 2,500,000.00
S u r p l u s ......................................................................
Total Capital and Surplus
TOTAL
.
14,918,662.68
.....................................................
.
17,418,662.68
$31,462,266.88
In v estm en ts are carried o n the basis p r e scr ib e d b y th e N e w Y o r k Insurance D e p a rtm e n t—
b o n d s b e in g carried at a m o rtize d o r in v e stm e n t values an d sto ck s at values ba sed o n rates
p r o m u lg a te d b y the N a tio n a l A s s o c ia tio n o f In su rance C o m m is s io n e r s. I f securities w ere
carried at th e D e c e m b e r 31st, 1943 m ark et q u o ta tio n s, reserve fo r future ch anges in p rices
o f securities o f $ 1 ,1 6 1 ,9 0 7 .2 3 w o u ld b e in creased to $ 1 ,6 9 7 ,3 9 4 .8 5 .
B o n d s carried at $ 1 ,0 9 4 ,9 2 6 .1 3 are d e p o s ite d fo r p u rp o se s req u ired by law and b o n d s carried
at $ 3 0 ,0 0 0 .0 0 are d e p o s ite d as colla tera l o n surety b o n d s req u ired in c o u rt p r o ce e d in g s .
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March i9^i'i
29
Finance and the Postwar Period
OSTWAR financing, in common
with present and pre-war financing
will be divided into three general
classifications.
These three classifications are:
P
By Ray R. Ridge
Vi ce P r e s i de n t
The O m a h a Nat i onal Bank
O ma h a , N e b r a s k a
1.
Government and Public Financ
ing, which not only includes financing
the federal government, but also the on demand. Therefore, it stands to
financing of states, counties, cities, reason that it is not logical to tie up
towns, school districts, and other po these funds in long-term investments.
litical subdivisions.
Accordingly, this is a type of financ
2.
Capital and Bong-term Invest ing which must be done by the in
ment Financing, this classification
vesting public by the purchase of
covering the issue and sale of stocks, stocks, bonds, and debentures in the
bonds, debentures, and other long firms and industries to be financed.
term capital investments in private
Commercial and investment bankers
business and industry.
3. Bank Financing, covering short
term and medium-term credit exten
sion by banks to all types of private
business and individuals.
First, under Government Financing,
comes the financing of the federal gov
ernment with which all of you are
more or less familiar. Even so, I
would like to make a few comments re
garding our national debt as it is hav
ing, and will continue to have, perhaps
through our lifetime, a very definite
influence on all other credit as. in a
measure, government debt controls
the abundance or shortage of bank
credit available for municipalities, in
dustries, and individuals, as well as
the interest rates on these borrowings.
The national debt now stands at ap
proximately 170 billion dollars, and
since the fourth war bond drive, the
debt is approximately 185 billion dol
R A Y R. R I D G E
lars. After the next war bond drive,
“ Y e s , th ere w il l b e e n o u g h
ban k c r e d it ”
which has already been set for next
May, the total will reach 200 billion
dollars by June 30, 1944, which is the are trying to work out some solution
to provide “risk” or “venture” capi
end of the government’s fiscal year.
At the end of the government’s tal as we all feel that if private bank
fiscal year on .Tune 30, 1945, the debt ing does not find the solution, we will
will undoubtedly go to 250 billion and, perhaps have federal legislation on
depending on the progress of the war, the subject, which, although it may
partially solve the problem, will prob
it may possibly go up to 300 billion
dollars, especially if the war with ably not do the jub in an entirely sat
isfactory manner.
Japan proves to he a long-drawn-out
All in all. the outlook for capital
affair.
and long term financing in the post
war period is rather hazy.
Capital Financing
Considerable capital will be required
by industry for long term investment
in the process of modernization, re
equipment, and adjustment which the
postwar situation will call for.
Commercial banks are not permitted
to buy stocks in corporations or to loan
their funds for long-term investment
or capital purposes as bank deposits
are for the most part made up of funds
which the depositors may withdraw
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Bank Financing
In discussing postwar bank financ
ing there are several features in which
you would be particularly interested.
1. AVill adequate bank credit be
available in the postwar period?
2. How will money be loaned in the
postwar period?
3. What about interest rates in the
postwar period?
4.
What about the attitude of banks
—will they lend freely or will they
he inclined to withhold credit?
AVe are frequently asked by busi
ness men whether there will be enough
bank credit after the war to finance
deserving private business, farming,
the livestock industry, and individuals
generally, especially if this country
experiences a postwar boom.
AVe feel that the answer is a definite
“yes” as the tremendous increase in
bank deposits since the war began is
responsible in turn for a great increase
in available bank credit, as after all,
bank deposits is the stuff that bank
credit is made of.
The primary reason for this great
increase in bank deposits is the financ
ing of the government deficit by issu
ing new government bonds, and then
selling these bonds, or a great part
of them, to banks.
Government interest rates have re
mained stable during the wartime pe
riod and confidence in the continuation
of this stability has been and is well
justified and has caused investors to
subscribe to new issues of gevernment
securities without any sign of holding
back in anticipation of higher rates,
which in themselves would cause se
rious deterioration in the prices of all
outstanding government bonds of com
parable maturities.
During this same period rates on
bank loans have tended downward,
due both to sympathy with the gov
ernment bond rates and perhaps main
ly to the working of the law of supply
and demand occasioned by steadily in
creasing bank deposits and steadily
declining volume of bank loans.
Since the Treasury Department is
definitely committed to finance this
war at continuing low interest rates
and since we feel that the money mar
ket will continue to be dominated by
the government debt and the rates
thereon, we do not look for any par
ticular increase in either government
or commercial interest rates imme
diately after the war.
In fact, since bank deposits are now
at an all-time high—and increasing—
and bank loans are at their lowest
level for years—and decreasing—we
feel that low interest rates, both gov
ernment and commercial, will prob
ably prevail for a long time after the
war in spite of the many uncertainties
that lie ahead in the postwar period.
But so far we have had only a lim
ited amount of inflation because the
velocity of spending has gotten out of
Northwestern Ranker
March 194b
30
bounds. This velocity will probably
not get out of bounds unless the peo
ple generally become afraid of the
money and the credit of the U. S.
Government and prefer to own goods
or something tangible rather than
money.
When and if that situation should
develop and money should become
“wild”, we could have runaway infla
tion such as overtook Germany after
the last war, which made it necessary
in the final stages to pay $25,000 to
$50,000 under the old standards for
even a single meal. Of course, we all
feel that runaway inflation is some
thing that “can’t happen here” , but
nevertheless so many things that
“can’t happen here” have already hap
pened, that we must continually be
on guard against runaway inflation
as, of course, that would be disastrous
and nothing we are talking about
would really matter.
To summarize and in conclusion, I
believe:
1. That in the immediate postwar
period, with bank deposits at all-time
highs, there will be an abundance of
bank credit available for all eligible
borrowers.
2. That bank loans will continue to
be made on the old orthodox basis of
character, capacity and capital—that
is, the moral risk of the borrower
must be good, the borrower must have
the necessary capital and ability, and
the borrower must have sufficient
capital or investment on which to base
a bank loan.
3.
That interest rates will remain at
low levels for the duration of the war
and perhaps several years after.
AND FINALLY, that while there
will be exceptions here and there,
banks generally will be “able, ready,
and willing,” and, yes—even anxious
—to fully meet the postwar bank credit
needs of government, business and in
dividuals.
A sse ts Increase
SAFETY
Assets of the Allied Mutual Casualty
Company of Des Moines reached a to
tal of $1,501,885 as of December 31, 1943,
and this was an increase of $286,000
over the preceding year. The com
pany’s surplus is now $547,402. This
was a gain last year in excess of
$133,000.
At the annual meeting of the Allied
Mutual Casualty Company officers
were re-elected as follows: B. Rees
SERVICE
SAVINGS
Let us explain our program of
Complete Insurance Protection
for
D W ELLIN G S
A U TO M O BILES
and M E R C A N T I L E RIS KS
WESTERN MUTUAL
FIRE INSURANCE COMPANY
NINTH & G R A N D
DES MOINES, IO W A
" O v e r a Thi rd of a C e n t u r y of S a f e f y and S e r v i c e wi th S av i n gs '
Banker
Digitized forNorthwestern
FRASER
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March 19M
H A R O L D S. E V A N S
P r e s id e n t
Jones, chairman of board; Harold S.
Evans, president and general manager;
William Treimer, vice president; Rob
ert B. Goode, secretary; H. F. Gross,
treasurer, and Rex H. Fowler, general
counsel.
Directors include John Evans, Rex
H. Fowler, H. F. Gross, Harry L. Gross,
B. Rees Jones, Fred Lautenbach, O. A.
McKinney, Harold S. Evans, Robert
B. Goode, Lester T. Jones and William
Treimer.
The Allied Mutual Casualty Com
pany, which was originally an automo
bile writing company, is now writing
31
general casualty lines, including Work
men’s Compensation, general liability,
full coverage, automobile, plate glass
and burglary.
C it y Loan Branch
The American Mutual Life Insur
ance Company of Des Moines plans to
enter the field of city loans, effective
immediately, and is opening a city
loan branch of its investment depart
ment, Dr. E. B. Mountain, president
of the company, announced recently.
Oscar A. Brandt of Des Moines, who
has been engaged in the real estate
Financial Statement
of
I O W A ’ S LAU G EST
C A S U A L T Y IN SU R A N C E A N D
BO N D IN G C O M P A N Y
Statement as of D ecem ber 31, 1943
O F F I C E R S
J. W . G u n n
P r e s id e n t-T r e a s u r e r
John
F. H ynes
V ic e P r e s .-S e c r e ta r y
D I R E C T O R S
D r. D. E. B a u g h m a n
P r e s ., F o r t D o d g e
S eru m Co.
F o r t D o d g e , Iow a
W . H . B re n to n
P r e s ., B re n to n B ro s .
D es M oin es
A n s e lm F r a n k e l
P r e s .. F ra n k el
C lo th in g Co.
D e s M o in e s
O SC A R A. B R A N D T
T o M a n a g e L o a n D e p a r tm e n t
H. L.
H je rm sta d
P r e s ., C itiz e n s F und
F ir e I n su ra n ce Co.
R ed W in g , M inn.
D r. L. E . K e lle y
loan business in Des Moines for the
past twenty-two years, was named to
head the new department. Mr. Brandt
recently served as manager of the clos
ing section of the wholesale depart
ment of HOLC, was formerly chief un
derwriter for FHA, and was also Iowa
state director of FHA.
President Mountain said that the
company will continue in the farm loan
field, with J. H. Zigrang continuing in
charge of this phase of the company’s
investment program.
P h y s icia n & S u rg eon
D e s M o in e s
F ra n k K o h rs
P r e s ., K o h rs P a ck in g
C om p a n y
D a v e n p o rt, Io w a
O. B . M c K i n n e y
G en eral A g e n t
D e n v e r, C o lo ra d o
G eo. E . P atte rso n
S p e c . R e p re se n ta tiv e
D es M oin es
Total admitted assets of $2,129,128
are shown in the December 31, 1943
financial statement of the State Auto
mobile Insurance Association of Des
Moines. The surplus is $540,484 which
is an increase of $137,695 over the cor
responding figure for 1942.
Total admitted assets the past year
increased $345,905 according to Treas
urer Mark C. Waterman.
The total premium writings of the
Association for 1943 were $2,039,233.
This is an increase of $174,771 over the
premium writings for 1942.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
TOTAL ADM ITTED ASSETS --------- $6,807,588.87
R E S E R V E S
Reserves for C la im s-------------------------------$2,888,047.60
Reserve for Unearned Premiums — -— 1,766,634.30
Reserve for Taxes—- -— — — -------------150,000.00
Other R e s e r v e s -------- - —- — -—• — —
302,906.97
W . Z. P r o c to r
A tto rn e y -a t-L a w
D e s M oin es
TOTAL LIABILITIES--------------------- — $5,107,588.87
H. W . R e ad
S e c y .. I o w a V a lv e Co.
O sk a loosa , Io w a
R. W . W e it z
C on tra ctor
D es M o in e s
Reserve for Contingencies — -----------200,000.00
SURPLUS over ALL Liabilities------------ 1,500,000.00
M . J. W ilk in s o n
$6,807,588.87
S upt. o f A g e n ts
D es M oin es
D r. R . W . W o o d
State A u to m o b ile Figures
A S S E T S
United States Government Bonds* --------- $3,207,751.38
Other State and Municipal Bonds and
W a r ra n ts* ------------------ —- — -——- — 1,016,860.27
Real Estate— Home Office Building--------------------------- 126,831.42
Real Estate Mortgages— F H A —- -—- -—- 303,298.10
Cash in B an ks------------------------------------ — 1,412,017.40
S t o c k s ---------— ------------------- -----------------19,670.00
Premiums Receivable— not past due -—
688,458.68
Federal Savings Certificates----------------10,000.00
Interest Accrued — — — —- -—- -------22,701.62
P h y s ic ia n & S u rg eon
N e w to n , Iow a
^ A m o r tiz e d valu es. If v alu ed at a c tu a l m a rk et
th ese item s w o u ld be in cre a se d b y 879,927.27.
E m p lo y e r s M u tu a l
C asualty C om pauy
lies Moines
Automobile, Plate
Glass, Public Liability
and Burglary Insur
ance
Fidelity and Surety
Bonds, Workmen’s
Compensation In
surance
Northwestern Banker
March 1944
32
A feature of the State Automobile
financial statement is the fact that all
reserves are computed on the maxi
mum basis required of any type of
casualty insurance company.
The State Automobile Insurance As
sociation writes full coverage, auto
mobile, including live stock transit,
financial liability, general property
damage, accident and health, and
fidelity and surety.
The Association is licensed to do
business in nine states.
W hen the Hail Storm Hits
By W . A . Rutledge
Secretary
F a r m e r s Mut ual Hal l I n s u r a n c e C o m p a n y , Des Moi nes
Like Peas
C.P.O.: The enemy are as thick as
peas, sir. What shall we do?
C.O.D.: Shell them, man, shell them!
Yes, Sir
A sergeant in Ordnance Mainten
ance very carefully placed a block of
wood against a metal frame in order
to straighten it. Calling a yarclbird
over, the sarge told him to pick up a
nearby sledge hammer. The yardbird obliged.
“Now,” said the three striper when
he had the block placed to his satis
faction, “when I nod my head you
hit it.”
He hit it.
Here is what one field o f corn looked like after a severe hailstorm. Loss to grow
ing crops by hail is many times greater than the loss to other farm property
by fire, lightning, tornado and windstorm.
HE peculiarities of the storms of
the past year, their effect upon
the farmer, and the outlook for the
present year, it occurs to me that it
goes without saying that in many re
spects 1943 was a remarkable year and
that the storms which left their mark
on the farmer were not such as we
might from past experience have ex
pected. The electrical storms result
ing in tornadoes, while very severe,
were of quite normal character and
resulted in the destruction of many
farm buildings. However, they were
almost universally insured and aside
from the fact that it was almost im
possible to get either material or
workmen to replace the buildings, the
loss through this insurance was so
well distributed that it fell very lightly
on any one individual.
The hailstorms were, however, very
unusual. First, there were no large
widespread storms crossing a whole
T
C o ffe e FROM BARRANQUILLA
or
Chemicals
to bombay
Our world-wide facilities for foreign trade financing
have been supplemented by a Foreign Trade Infor
mation Department, designed to bring together mer
chants here and abroad, to furnish credit reports, and
in general to help traders develop contacts with over
seas markets.
The opportunity to assist you or your customers
will be welcome.
I r v i n g T r u s t Co m p a n y
ONE WALL STREET, NEW YORK 15, N. Y.
M e m b e r F ed era l D e p o s i t In s u r a n c e C o r p o r a t io n
S carborough ^ C ompany
¿57
First National Bank Building, Chicago
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March
J&
U
k£
M
C
Û uh m Ù i S t c rP u M -k i
Horace A . Smith, Iowa Representative
Des Moines, Iowa
33
or two or three states as often occur,
but there were many storms covering
only a small area in which in the most
damaged part of that area the destruc
tion to the crops was so severe and
complete as to astonish those who had
spent many years in the business of
examining hail-damaged crops. Some
times these excessively damaged areas
extended only a few miles in any di
rection, but one storm followed another
in such quick succession that often
there were only three or four days
between storms.
In addition to the storms, many
fields of corn were severely affected
by dry rot, and it is our observation
that the hybrids were more generally
affected by the dry rot than were the
old open-pollinated varieties. So far
we have been unable to account for
this, but no doubt the cause will be
determined and eliminated.
One thing my years of experience
have definitely proved—and this is
based on unquestionable records—is
that the loss to growing crops by hail
in Iowa on an average of over a pe
riod of years is ten times greater than
the loss to other farm property by
fire, lightning, tornado, and windstorm.
In states east of Iowa it is about seven
times greater, and as one goes west
from Iowa, it increases.
Now a man who could truly prophe
sy what to expect this year would
indeed be one to listen to, but even if
he could, he would not be able to con
vince anyone, and his prophecy would
fall on empty space. Surely a man
would be very foolish to try to proph
esy. For more than eighty summers
I have seen the spring develop and
the fall close down, and the only thing
I have learned about the weather is,
“ The rain falleth on the just and the
unjust.” Let man do his part—put
in his crop as best he knows how, put
every safeguard around it to prevent
failure or disaster—and then trust
God to do his part.
G
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A
eneral
m e r ic a n
IN S U R A N C E
L if e
C O M P A N Y
W ALTER W . H EA D , President
St. Louis, Missouri
Financial Statement
D e c e m b e r 31, 1943
A SS ET S
C A S H O N H A N D A N D I N B A N K S ...................................... $ 1 0 ,225 ,14 0.13
( U . S . G o v e r n m e n t ......................................................................
®
1 O th er B o n d s ..................................................................................
6 ,7 2 1 ,8 7 9 .4 8
lq 4
F I R S T M O R T G A G E L O A N S O N R E A L E S T A T E ...................................
47,3 9 2 ,6 2 6 .3 7
H O M E O F F I C E B U I L D I N G ....................................................................................
.n
000 .00
O T H E R R E A L E S T A T E .............................................................................................
1 0 ’ oV t Ì o q i o
R E A L E S T A T E S A L E S C O N T R A C T S ...............................................................
. 314 ,4 2 9 .1 0
o t o PK C ì
1 ,6 5 8.755.00
O T H E R A D M I T T E D A S S E T S . '. '. '.’
............ ¿ - l o ó m r a n U O m
119,264 .95
IN T E R E S T A N D R E N T S O N IN V E S T M E N T S A C C R U E D B U T
NOT YET DUE
b 4 o ,o i/./o
I N T E R E S T A N D R E N T S ' D U E ' O N I N V E S T M E N T S (N o n e o f
i non qoq vn
w h ic h is p a s t d u e m o r e th a n 9 0 d a y s ) ........... ..................................................
N E T P R E M I U M S I N C O U R S E O F C O L L E C T I O N ..................................
1 ,9 0 9,303.70
© B A L A N C E O F I N I T I A L P O L I C Y L I E N S ...................................................
3-0 2 5 ,3 9 4 .0 0
L O A N S T O P O L I C Y H O L D E R S ..............................................................................
2 1 ,178,467 .13
© T O T A L A S S E T S ............................................................................................................$ 13 4,7 0 5 ,4 8 6 .1 3
L I A R I L I T I E S
/?iP n T t c v
$ 1 2 5,33 5,9 16.4 5
P R E M I U M S A N D I N T E R E S T P A I D I N A D V A N C E ..............................
7 4 9 ,0 5 5 .2 8
R E S E R V E F O R T A X E S ...............................................................................••••■•
834 ,3 0 9 .4 9
E S C R O W F U N D S (D e p o s it e d b y m o rtg a g o rs f o r p a y m e n t o f ta x es
oT-ir] pYnPiriPsj
^ 9 b ,o lo .Z o
R E S E R V E F O R A C C O U N T S N O T Y E T D U E ...........................................
4 9 4 ,7 3 2 .6 6
P O L I C Y H O L D E R S ’ D I V I D E N D S ........................................................................
1,604,233.76
TOTAL
$ 1 2 9,31 4,5 60.9 2
P O R T I O N O F C U R R E N T Y E A R ’S E A R N I N G S A V A I L A B L E F O R
F U T U R E D IV ID E N D D E C L A R A T IO N T O P A R T IC IP A T IN G
P O L I C Y H O L D E R S ..................................................................................................
5 66 ,183 .00
C O N T I N G E N C Y R E S E R V E ....................................................... ■ • 2,5 1 5 ,8 3 6 .9 8
U n d e r P u rch a se A g r e e m e n t .......................................................
F o r G ro u p I n s u r a n c e .....................................................................
7 9 6 ,021 .00
O th er
........................................................
85U,UUU.UU
C A P I T A L S T Ò C K A N D G U A R A N T Y F U N D ...............................................
SU RPLU S
.........................................................................................................................
1.8Uo,9U5.2o
© T O T A L L I A B I L I T I E S ...............................................................................................$ 1 3 4,70 5,4 86.1 3
©Actual Market Value of Bonds is more than $ 1 ,3 7 0 ,0 0 0 in excess of the amounts shown above.
©Does not include liens totaling $ 5 2 2 ,7 6 8 which have been discharged by payments in cash or credit by
policyholders, nor $7 5 ,8 9 9 .0 4 liens on dividends on deposit, both of which items will share tn future hen
©Indudes' assets in “ Old Company Account” established under Purchase Agreement dated September 7 ,
1 9 3 3 , on file with the Superintendent of the Insurance Department of the State of Missouri, (copy of which
agreement may be obtained from him or the company), against which the Superintendent reserved a lien to
protect certain liabilities therein described and fully included among the liabilities in this statement. Status
of Old Company Account on file with the Superintendent and with the company.
(j)Full net legal reserves on policies issued by General American Life are secured by deposit of approved se-
" C a u t io n " Folder
More than four thousand banks have
cooperated with the United States Se
cret Service “Know Your Endorser—
Require Identification” campaign by
distributing a folder, “7 Cautions on
Cashing Checks,” to their commercial
customers.
This folder, which is furnished free
with the bank’s imprint by the Hammermill Paper Company, lists a sevenpoint warning to all merchants and
businessmen who are called upon to
cash checks for strangers. The folder
is arranged so that it can be hung near
the cash register for quick and ready
reference by the storekeeper and his
clerks.
The “7 Cautions” folder is still avail
able to banks which wish to place it in
the hands of their business customers.
It may be had free in quantity, im
printed with the bank’s name and ad
dress, from check suppliers, or direct,
on request, from the Safety Paper
Division, Hammermill Paper Company,
Erie, Pennsylvania.
Some banks have had their tellers
give out the folders to business cus
tomers. Others have enclosed them
with statements sent to these accounts.
Hammermill reports that scores of
these banks have expressed their ap
proval of the folder and the way it
helps prevent losses from forged
checks and endorsements.
curities with the Superintendent of the Insurance Department of the State of Missouri. The capital stoc
guaranty fund, and surplus are additional protection to all policyholders.
*
*
*
M U L T IP L E L IN E S : P a rticip a tin g • N o n -P a r tic ip a tin g • Salary S a y in gs • Ju ven ile
S ub-S tandard . A n n u itie s « C o m m e r c ia l A c c id e n t a n d H ea lth a n d H o s p ita liz a tio n
G r o u p L ife • W h o le s a le In su ra n ce • G r o u p A c c id e n t an d S ick n e s s • G r o u p A c c i
d e n ta l D ea th an d D is m e m b e r m e n t • E m p lo y e e a n d D e p e n d e n ts G r o u p H o s p ita liz a tio n
w ith S u rg ica l P r o c e d u r e benefits.
_ _ _
p*TsJ rTO X
D
IN
U VJ
_
-
X 0/0
—. ^
TO
Jt rd m
4- Xr /% 0 -1
Trusts, State Bank Investm ents, State
Building and Loan, Public Funds, Insurance £ egal in Iowa and Other States.
Federally Insured Savings and Loan Certificates
FINANCIAL D E V E L O P M E N T COMPANY
W rite lor lists
of Selected Associations,
with complete service— Gratis
(Not Incorporated)
105 S. LaSalle
Chicago 3
Northwestern Banker
March 194b
34
Ja p Sn ip e r's G u n
Increases Bond Sales
A boy’s touching and youthful faith
was revealed during the Fourth War
Loan in St. Joseph. The story is told
by Milton Tootle, III, vice president,
Tootle-Lacy National Bank, St. Joseph,
and group chairman number two for
the statewide organization and tireless
planner and worker during the entire
period.
The story begins with the purchase
of a large War Bond by a sailor home
on furlough from over two years in
the Pacific and the purchase of a small
bond by his younger brother, who was
bursting with pride over his sailor
brother.
The sailor told Mr. Tootle that he
had brought his younger brother a Jap
sniper’s gun, which he had acquired
during his months in the South Pacific,
and that the little brother wanted to
give it to the bond committee to be
sold in the auction which the commit
tee was having to further the sale of
bonds.
What the young brother did not sus
pect, and did not learn until after the
auction, was that his gun was to be
returned to him after it had played a
M IL T O N T O O T L E . I ll
W a r B o n d S a le sm a n
big part in the War Bond drive. The
committee arranged for a member of
the group to top any bid made for the
gun and to return the gift to the sail
or’s brother.
A irp la n e Financing
As one phase of its postwar planning,
Mississippi Valley Trust Company, St.
Louis, has made arrangements for the
T H IS B A N K H A S
S E R V IC E W H IC H SH O U LD IN T E R E S T Y O U
★ Today one-half the people in the 11 western states reside in Cali
fornia. The post-war potentialities of this rich, concentrated market
occupy a high place in the thinking of men who are looking to the
future.
At Bank of America, which serves this market through branches
in more than 300 cities and tov.ns, planning for tomorrow is second
only to the task of meeting the vital banking and financial needs
of today. Bankers and other business executives throughout the
country are finding the services of this bank invaluable, whether
their interests lie in the field of agriculture or industry, in reaching
a vast consumer market here, or in approaching future foreign
markets beyond the Pacific. Your inquiries are cordially invited.
CAPITAL FUNDS . . $ 166,384,994.51
DEPOSITS . . . .
3,498,153,209.87
RESOURCES
. . .
3,697,912,674.78
CAs of December 31, 1943 )
►
x tf A m e r i c a
N A T IO N A L
s a v i n g 's
A S S O C IA T IO N
M E M B E R . . . F FD E R A L RESERVE SYSTEM — F E D E R A L DEP O SIT I N S U R A N C E C O R P O R A T I O N
M ERCHANTS
MUTUAL
B O N D IN G
C O M P A N Y
Incorporated 1933
H u m e O ffic e
V A L L E Y B A N K B U IL D IN G
De? Moines, Iowa
e
e
This is Iowa’s oldest surety company.
A progressive company with experi
enced, conservative management. W e
are proud of our hundred and fifty
bank agents in Iowa.
To be the exclusive representative of
this company is an asset to vour hank.
Complete Banking Facilities - Commercial - Savings - Trust - Safe Deposit
Main offices in two reserve cities of California . . . San Francisco - Los Angeles
W r i t e to
E. H. W A R N E R
S e c r e ta r y and M a n a g er
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March 1944
financing of private airplanes. The
loans will be made through the install
ment loan department of the bank, as
are present-day automobile loans.
Actual functioning of the plan, of
course, depends upon when the planes
will be available, but this bank is
ready to step in when that time arrives.
Elects O ffice rs
The following men were elected offi
cers of Twin City Federal Savings and
Loan Association of Minneapolis and
St. Paul, it was announced by Roy W.
Larsen, president: Charles I. Welch,
Harry E. Myers and Russell M. John
son, assistant secretaries; Martin L.
Jordan, assistant treasurer, and Walter
W. Erbes, cashier.
Other officials of the organization
and their offices are: A. M. Blaisdell,
chairman of the board; Roy W. Larsen,
president; Henry Rines, vice president,
and B. N. Bell, secretary-treasurer.
W HAT
DO
YOU
his interest in their future welfare,
any more than they appreciated Presi
dent Hoover’s interest in their wel
fare twelve years ago. The present
means more to them than the future.”
" -A
llie d
u
tu
a
l P
c u
Allied Mutual Agents are in the enviable position of supplying more
and more ol each client’s needs throught one dependable source.
Investigate these Allied Mutual lines backed up by Allied Mutual’s
proven loss payment service.
F u ll C o v e ra g e A u to m o b ile • W o r k m e n ’s C o m p e n sa tio n
• O w n e rs, L a n d lo rd s anil T e n a n ts P u b lic L ia b ility
M a n u fa c tu r e r s
P u b lic
L ia b ility
•
C o n tra c to rs
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
P u b lic
In a b ility • E le v a t o r P u b lic L ia b ility • C o m p r e h e n siv e
P e rs o n a l L ia b ility
O u tsid e T h e ft
• F arm
L ia b ility
• R e sid e n c e and
• S tore K e e p e r B u r g la r y and R o b b e r y
A ll Policies N o n -asse ssa b le
ALLIED MUTUAL CASUALTY CUMPANY
Harold S. Evans, President
Hubbell Building
Des Moines, Iow a
Central Surety & Insurance Corporation
Licensed in All Slates
F IN A N C IA L STATEM EN T, DECEM BER 31, 1943
A D M IT T E D A S S E T S
Cash (in B a n k s an d O ff ic e ) ....................................................................................................................$
B on ds:
U . S. G o v ’ t (D ir e c t o r G u a r a n t e e d )........................................................... 84,777,013.86
S ta te and M u n icip a l ........................................................................................ 4,833,081.73
R a ilr o a d ..................................................................................................................
49,738.34
F e d e ra l In te r m e d ia te C re d it
B a n k s ........................................................................................
939
329.13
45,000.00 8,904.833.93
T o ta l C ash and B o n d s ...................................................................................................................... $ 9,844,163.06
C e n tra l S u r e ty F ir e C o r p o r a tio n S t o c k ..........................................................................................
583,187.69
R e a l E s ta te O w n e d ....................................................................................................................................
30,000.00
R eal E sta te S o ld U n d e r C o n t r a c t ......................................................................................................
21,881.36
M o r tg a g e L o a n s on R e a l E s t a t e ........................................................................................................
36,819.80
1.013Ì490.88
P r e m iu m s in C o u rse o f C o lle c tio n (n o t o v e r 90 d a y s ) ............................................................
A c c r u e d In te re s t on I n v e s t m e n t s ......................................................................................................
70,747.07
O th er A d m itte d A s s e t s ...................................................................
10,703.60
T o ta l A d m itte d
A s s e t s ....................................................................................................................811,610,993.46
L IA B IL IT IE S
R e s e rv e f o r C la im s ....................................................................................................84,594,890.70
R e s e rv e f o r U n e a rn e d P r e m iu m s ........................................................................ 2,154,659.11
T o ta l C laim an d P re m iu m R e se rv e s ......................................................................................$ 6,749,549.81
R e s e r v e f o r C o m m issio n s, T a x e s and O th er L ia b ilit ie s ..........................................................
749^824.11
V o lu n t a r y C o n tin g e n c y R e s e r v e ........................................................................................................
100,009.00
T o ta l R e se rv e s .................................................................................................................................... $ 7,599,373.92
C a p ita l
S u rp lu s
................................................................................................................... 81,000,000.00
................................................................................................................... 3,011,619.54
S u rp lu s to P o lic y h o ld e r s ..........................................................................................................................
Y E S ! W e H av e S a fe D ep o sit B o x es
All makes, all sizes, 100 per cent recon
ditioned. Complete with customer boxes,
guard key and customer’ s key. I f you
need safe deposit boxes check your needs
with us. Over 6,000 boxes to choose from.
W e have sold boxes to banks in nearly
one-third of the states in the entire coun
try and we w ill gladly give you the names
o f these banks as references. Phone, wire
or write J. E. Murphy, 1800 Dyer, St. Louis
County, Missouri. Phone CHestnut 9000.
fi”
Investigate an a g e n c y connection
T H IN K ?
(Continued from page 18)
“ I do not think much of Mr. Willkie’s idea to double taxes now to pre
vent financial chaos after the war. I
think it would be a better plan to cut
some of the spending by eliminating
some of the Federal agencies that
serve no purpose, especially where
there is a diversion of tax money to
finance.”
Elmer Hallstrom, cashier, Farmers
State Bank, Avoca, Nebraska:
“ There is no question but what high
er taxes will drain off a lot of excess
purchasing power which now exists
and in which there is a lot of real
economic dynamite. If such taxes are
increased and increased justly then no
complaint could or should be made.
The American taxpayer does not mind
the payment of taxes if he knows that
his money is not being wasted but be
ing used for the specific purpose for
which it was levied. But he certainly
does balk at some of the thing that go
on in the spending agencies.”
J. J. Matthews, vice president, Union
Bank and Trust Company, Strawberry
Point, Iowa:
“ Mr. Willkie’s idea about increasing
taxes substantially now, is sound.
However, I am of the opinion that the
majority of voters will not appreciate
M
P. C. Heard, cashier, State Bank of
Anoka, Anoka, Minnesota:
“ I believe we should reduce unnec
essary expenses and raise taxes some
but they should not be doubled.”
T o ta l
L ia b ilitie s .
4,011,619.54
.......................................................................................................................... 811,610,993.46
S e c u r it ie s c a r r ie d at $615,440.43 in th e a b o v e s ta te m e n t are d e p o s it e d fo r p u r p o s e s re
q u ir e d b y law .
B o n d s are c a r r ie d on a m o r t iz e d b a s is . M a r k e t v a lu e o f b o n d s e x c e e d e d th e ir b o o k v a lu e ,
a t D e c e m b e r 31, 1943, b y $204,040.61. N o b o n d s w e re in d e fa u lt e ith e r as to p r in c ip a l o r in
te r e s t at D e c e m b e r 31, 1943.
M a r k e t v a lu e o f in v e s te d a s s e ts o f C e n tra l S u r e ty F ir e C o r p o r a t io n e x c e e d e d th e ir b o o k
v a lu e , at D e c e m b e r 31, 1943, b y $21,441.76.
HOME OFFICE KANSAS CITY, MISSOURI
R. E. McGINNIS, President
SAN FRANCISCO
•
CH ICAGO
•
NEW YORK
Northwestern Banker
March 19H
36
R. A. Sweet, vice president and cash
ier, Story County State Bank, Story
City, Iowa:
“The time to raise tax money is
when incomes are high. It is hard to
visualize the national income much
higher in the future than it is at the
present time. I, therefore, think that
Mr. Willkie’s suggestion that taxes
should be doubled now is sound.
“ I think it might be added that in
order to double the tax income, the
taxing base should be much broad
ened, perhaps by a manufacturer’s or
national sales tax.”
W essling W in s Sweepstakes A w ard
ESSLING SERVICES, counsel on
bank public relations, which has
its home office in Des Moines, was
nally honored last month in the annual
Direct-By-Mail-Contest staged by the
Des Moines Advertising Club. Wess
ling Services won the most important
award, the SWEEPSTAKES PRIZE
AWARD, in competition with all the
various Des Moines firms which en
tered this yearly contest.
The series of direct mail letters
W
UNIQUE statewide coverage: This bank maintains cor
respondent contacts with more than 85 per cent of all
the banks in Wisconsin!
Result: Prompt, efficient, economical
collection of Wisconsin checks and drafts — an important service
to other banks throughout neighboring states.
B A N K S and B A N K E R S D IV IS IO N : George T . C a m p b e ll. . . Vice-President
R ic h a r d J. L a w le ss, D o n a ld A . H a r p e r . . . Assistant Vice-Presidents
FIRST WISCONSIN
NATIONAL BANK
M em b er o f th e
F ed era l D e p o s it
In s u r a n c e C o r p o r a tio n ’ '
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
OF
March
M ILW AUKEE
which won the Sweepstakes Award
was a trust program. Wessling Serv
ices also include newspaper advertis
sig
ing copy and direct-by-mail programs
for commercial departments and gen
eral business promotion fitted, how
ever, to the individual bank.
Wessling Services are the outgrowth
of one man’s dream. That man is D.
R. Wessling, who was for years a
country banker at Lytton, Iowa. In
1922 he organized Wessling Services as
a type of public relations which would
be first and last a “human” type of pub-
licity and advertising. Throughout the
22 years of his firm’s existence, Mr.
Wessling has not deviated whatever
from that basic idea.
Simplicity is also a cardinal feature
of Wessling Services. The whole pro
gram is aimed at both immediate and
future benefits. It looks ahead as far
as ten years and actually anticipates
trends in business.
A feature of Wessling Services is its
high percentage of renewal orders.
President Wessling, who moved his
firm from Lytton to Des Moines many
years ago, travels almost all the time,
and he travels everywhere throughout
the United States.
Probably he has personal contacts
with as many individual bankers
throughout the country as any man in
the United States.
F at
First: Who would you say lives off
the fat of the land?
Second—The girdle maker.
37
turned to the stockholders a sub
stantial amount of the assessment
paid in 1933 and paid a moderate divi
dend. The current statement shows
the ratio of capital to deposits to be
about 1 to 8. President J. H. C.
Schuldt was reelected for the 30th
year. He has been it’s president since
its organization 30 years ago, and is
77 years of age himself.
M IN N E S O T A
NEW S
H. R. K U R TH
P r e s id e n t
H u tc h in s o n
Conger
W I L L I A M D U N C A N , Jr.
S e c r e ta r y
M in n e a p o lis
The State Bank of Conger, Conger,
Minnesota, has enjoyed a good busi
ness during the past year. Deposit
liabilities have greatly increased and
loans and discounts have materially
decreased, but even under adverse
conditions the bank’s net profits are
well above the average for the past
years. At the annual meeting the
following directors and officers were
elected: Charles Sprenger, president;
J. O. Peterson, vice president; H. C.
Hanson, cashier; E. W. Heine and
Carl Behrends, all directors, and
Thomas Ellingson and Marie Spren
ger, assistant cashiers.
Red Lake Falls
W e lls
At the annual meeting of the stock
holders of the Red Lake County State
Bank, Red Lake Falls, Minnesota, the
board of directors was chosen for an
other year. They are Jacob L. Pete,
Ely; A. W. Havela, Duluth; John J.
Asiala, Duluth, Walter Johnson, E. G.
Robertson, Jos. F. Skala and George
W. Christie of Red Lake Falls. At the
directors meeting which immediately
followed the stockholders’ meeting the
bank’s officers were re-elected. The
bank in its called report showed de
posits of $1,264,476 and total footings
of $1,737,481. The capital structure
totals $80,004.
The Peoples State Bank of Wells,
Minnesota, is now in the million-dollar
class in total resources, having passed
that mark shortly before the close of
the year with over a 30 per cent gain
in deposits.
At the annual meeting recently, Dr.
W. H. Barr retired from the presi
dency, and was elected chairman of
the board. M. E. Uggen was advanced
from executive vice president to presi
dent.
This bank is a leap year institution,
having opened for business on Febru
ary 29, 1934. On February 29th, this
year, it celebrated its “Fifth Birthday.”
Blue Earth C a sh ie r Dies
Lewiston
W. E. C. Ross, 91, cashier of the City
Bank, Blue Earth, Minnesota, since
1872, died there recently. He is sur
vived by his widow, Stella, two sons
in the armed forces and another, Guy,
instructor at St. Thomas College. St.
Paul.
The Security State Bank of Lewis
ton, Minnesota, has announced the reelection of all directors and officers at
their annual meeting.
The past year has been a very busy
one but also a good year for the State
Bank of Mound at Mound, Minnesota.
Profits were good, a dividend was paid
and $5,000 added to surplus. The de
posits showed an increase of $210,000
during the year with loans remaining
about the same as the year before.
Government bonds reached $225,000,
Vice President H. C. Laumann an
nounced. All officers and directors
were re-elected.
Isanti
A d ria n
The First State Bank of Isanti, Min
nesota, has had a good year, deposits
have gained $88,000 since a year ago,
loans now are $8,000 more than a year
ago. The bank has been remodeled by
building a storage vault and a new
directors’ room onto it. They are
looking for 1944 to be a good year.
Nineteen hundred forty-four makes
it 60 years since the Adrian State Bank
in Adrian, Minnesota, started as a priv
ate bank, known then as Mylius Bros.
& Co. Four years later, 1888, it was
incorporated under its present name.
At the year-end meeting the sur
plus was increased by $10,000, which
gave the bank $30,000 capital, $30,000 surplus and $21,000 undivided prof
its. Deposits have reached $775,000, ac
cording to Edwin Brickson, president.
Becom es State Bank
The First National Bank of Twin
Valley, Minnesota, of which Walter
Johnson of Red Lake Falls was presi
dent and J. E. Draeger was cashier,
surrendered its charter and became the
Twin Valley State Bank, following the
example set by the owners when they
took over the First National Bank of
Halstad three years ago and changed
it to the Red River State Bank. Mem
bership is continued in the Federal
Deposit Insurance Corporation.
W in o n a Banks
At the Merchants Bank meetings,
Winona, Minnesota, one new officer
was named and a director added to the
board. Joseph E. Krier was elected
assistant cashier and J. A. Henderson
is the new director. Mr. Henderson
is president of the United Construc
tion Company.
At the meetings of the Winona Na
tional and Saving Bank, and First
National Bank all officers and directors
were re-elected.
W a n a m in g o
The personnel of the bank force of
the Security State Bank of Wanamin
go, Minnesota, for the ensuing year
is comprised of the following: E. E.
Sevareid, active vice president; C. D.
Olson, cashier; O. E. Naeseth, assist
ant cashier; Lorraine Friese and Ruth
Grove, bookkeepers.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C lark s G r o v e
Deposits have reached $700,000 in
the State Bank of Clarks Grove, Minne
sota, which will be under the ad
ministration of J. C. Johnson, presi
dent, Andrew Hanson, vice president,
A. J. Lageson, cashier, R. B. Johnson,
assistant cashier and Isabelle Roorda,
teller, and Mr. Hanson, Mr. Johnson,
J. O. Peterson and P. C. Sorenson,
directors, who were all elected at the
annual stockholders meeting held re
cently.
W h ite Bear Lake
Francis J. Taylor, cashier of the
First State Bank of White Bear Lake,
Minnesota, recently celebrated his
25th year with the bank which was
organized in 1905. Bank now has de
posits totalling nearly a million dol
lars.
M e rid e n
During the past year the First State
Bank of Meriden, Minnesota, com
pleted liquidation of the trust fund,
paying depositors in full, the bank re
M ound
Le R o y
The annual meeting of the First Na
tion Bank at Le Roy was held recently
with the following elected:
President, J. F. Hale; vice president,
W. G. Prosser; vice president, M. E.
Lappin; cashier, C. O. Strom; assist
ant cashier, Almo Dowd; teller, Lorrie
Volkart; directors, C. B. Hall, M. E.
Lappin, Dr. A. E. Henslin. J. F. Hale,
W. G. Prosser, John Miller, Charles
Sumnicht, C. O. Strom and Stuart
Hale.
C a lu m e t
Calumet State Bank, Calumet, Min
nesota, is now 25 years of age, having
been organized in 1919. W. C. Holt,
president of the bank, came to Calu
met as cashier in 1921. Closing the
past year’s books the bank showed
$10,000 capital, $20,000 surplus, $11,249 undivided profit and $627,118 in
deposits.
Northwestern Banker
March L944
38
•
Duluth
Addition of one new director each
to the boards of the Northwestern
State Bank and Duluth National Bank,
the naming of an auditor at the Minne
sota National Bank, and re-election of
all other officers and directors in the
three banks, brought to completion the
1944 elections in these three Duluth
banking institutions.
Richard W. Northup, was elected as
a new member of the Northwestern
State Bank’s board of directors.
Added to the directorate of Duluth
National Bank was Matt W. Konecznv.
Clarence A. Eng, associated with the
Minnesota National Bank for 19 years,
was named auditor of the bank when
directors conducted their annual meet
ing.
M I N N E S O iT A
N E W S *
Addition of Dr. A. J. Bianco, GaryNew Duluth physician, to the board
of directors of the Central State Bank
was announced by Lester Johnson,
vice president and cashier of the
Gary-New Duluth Bank. The direc
torate now consists of Dr. Bianco, Mr.
Johnson, Ray S. Huey and Fred C.
Lewis. The bank’s annual election
will be held next July under provi
sions of its charter, when a president
will be chosen as successor to the late
Douglas H. Lewis, who died in Oc
tober.
Three new directors were added to
the board of 17 directors of the Pioneer
National Bank of West Duluth at a
meeting of stockholders. They are
William Petrolle, chairman of the
board, Ornamental Iron and Steel Co.;
o th e farm er falls th e r e sp o n sib ility fo r supjly in g f o o d in e ve r-in cre a sin g a b u n d a n c e . N o
j o b is m ore im p o rta n t. B u t in a d d itio n he m u st
1
ca re fu lly p reserve th e w e a lth o f th e s_ ° 'L e n I M
tru ste d t o h im so as t o leave it richer an d m ore
p r o d u c t iv e fo r su cce e d in g g en eration s.
T o a ch ie v e his goals th e fa rm er d e p e n d s o n
m o d e rn fa rm m a ch in e ry . It is this
d e p e n d a b le p o w e r th a t en ab les him
t o d o th e w o rk o f m a n y m e n , a v ita l
f|l| |h
fo rc e n o w w h en e n o u g h m a n p o w e r is
n o t a vailable.
B u t greater p r o d u c tio n m eans th at the
Tjjgg
farm er has a tre m e n d o u s jo b . I t is th e suIk
prem e ch allen ge o f his tim e , b u t w h en he
sh ou ld ers th e b u rd e n w ith all its w o rld w ide
j
sign ifican ce h e w ill sa y re s o lu te ly t o him self,
“ F O R T H IS I A M H E R E ” .
In th e tasks th a t w ill c o n fro n t th e F a rm er o f
th e F u tu re , w e o f M in n e a p o lis -M o lin e w ill be
eager t o h elp. A fte r th is V ic t o r y w e w ill b e able
t o m a n u fa ctu re n ew and b e tte r farm m a ch in e ry
o f all k in d s in v a s tly greater q u a n titie s t o aid
th e farm ers o f th e w o rld raise m o re an d m ore
fo o d , fiber, an d oils a t lo w e r c o s t. In this w ay
w e w ill h e lp ex te n d th e b e n e h ts o f greater
farm p r o d u c tio n t o all th e pe o p le s o f the
w o rld . . . . A real c o n tr ib u tio n to w a rd a
William C. Hanson, president, Na
tional Iron Co., and Dr. C. D. East.
M a n k a to
At the election of officers for 1944,
held by the First National Bank of
Mankato, Minnesota, William Burk
hart was named to fill the office of
president, vacant because of the death
of John George Bauch recently. Other
officers are H. M. Mackenzie, vice
president, B. W. Rough, cashier, and
F. G. Walser, assistant cashier.
At the annual meeting of the di
rectors of the National Bank of Com
merce T. J. McGovern, Frank A. Landkamer, T. M. Coughlan, H. W. Schmidt,
Otto Lamm and F. A. Buscher were
renamed to the board of directors.
Buscher was returned as president,
and Lamm as vice president. A. C.
Stallman is cashier while D. C. Stockman and Clara Borgmeier were named
assistant cashiers.
The American State Bank in the
annual meeting selected a new em
ploye as cashier when a former man
left for the armed services. Directors
re-elected were John Butzer, Sr., F.
W. Darsow, Dr. J. A. Hielscher, F. J.
Mahowald, H. C. Henline and Charles
O. Steiner. Butzer was re-elected presi
dent and Hielscher vice president with
Edward Langes cashier and R. 0.
Schweim, assistant cashier.
At the National Citizens Bank’s an
nual directors meeting no changes
were made. The directors are S. B.
Wilson, F. G. Thomas, S. A. Erickson,
P. M. Ferguson, P. R. Kenefick and H.
V. Bull, with Bull as president and
Kenefick, vice president. G. A. Hudy
was selected cashier with Elmer
Philipson, W. R. Miller and Glen Knut
son assistant cashiers. Knutson is ab
sent on leave; he is in the armed
services.
m n r p n p r m a n P f l t flP a C C .
J a m ie s o n
&
Com pany
Members
New York Stock Exchange
and Other Principal Exchanges
★
STOCKS
BONDS
COMMODITIES
MINNEAPOLIS
ST. PAUL
DULUTH
FARGO
GRAND FORKS
SIOUX FALLS
PRIVATE WIRES
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March Í9b'i
39
Tw in C ity News
E
O. JENKINS, Great Falls, Mon. tana, and E. H. Sexauer, Brook
ings, South Dakota, were elected
rectors of First Bank Stock Corpora
tion at the annual meeting of stock
holders in Minneapolis.
Since 1936 Jenkins has been presi
dent of the First National Bank of
Great Falls, one of First Bank’s Mon
tana affiliates. Mr. Sexauer heads a
large grain and feed business in Brook
ings and is a director of the National
Bank of South Dakota and affiliate,
with headquarters in Sioux Falls and
branches in Huron and Vermillion.
All other directors of the corporation
were re-elected, except W. H. Hoover
of Butte, Montana, who resigned be
cause of pressure of other duties.
Directors of the corporation declared
a dividend of 35 cents per share, pay
able March 10th to stockholders of rec
ord February 21st. In each of the past
four years First Bank has declared
dividends of 30 cents each per share
April 1st and October 1st. The in
crease in the present dividend is the
result of improved earnings during
1943.
All officers were re-elected for the
coming year. They include Clive T.
Jaffray, chairman of the board; Augus
tus H. Kennedy, president; Richard C.
Lilly and Lyman E. Wakefield, vice
presidents; Hugh W . Martin, treasurer;
Lawrence B. Hogue, secretary; Leon
ard O. Fredell, assistant secretary, and
Andrew R. Moorhead, assistant treas
urer.
J. Cameron Thomson, president of
Northwest Bancorporation, has been
appointed chairman of the committee
on economic policy of the United
States Chamber of Commerce by Eric
Johnston, president. The committee
was created two years ago to study
economic policies with respect to post
war planning.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
By Jam es M. Sutherland
di
Sp ecia l
Correspondent
Two Minneapolis b a n k ers were
elected officers of the Minneapolis Club
at the annual meeting. They are Shir
ley S. Ford, president of Northwestern
National Bank, named vice president,
and Aruulf Celami, president of Mid
land National Bank & Trust Company,
elected treasurer.
west Daily Press Association at their
twenty-fifth annual convention in Min
neapolis.
“ Indications are that we will go into
the postwar period with bank deposits
at an all-time high, banks will be eager
to lend money to finance production
and distribution of civilian goods,” he
said. “They will need courage and a
revival of the pioneering spirit to meet
the needs of business on the mammoth
scale that will be required.
“ They will have a glorious oppor
tunity to prove that the financial insti-
Eighteenth annual meeting of the
Covered Wagon Club, organization of
officers and employes of Northwestern
National Bank, Minneapolis, and affili
ates having 20 years or more of serv
ice, was held recently.
Elected “driver” for the coming year
was J. Joseph Fehr. Paul S. Brorby
was made chief scout; Leonard P. Gisvold, keeper of the branding irons.
Initiated into the organization were 24
“tenderfeet.”
George W. Brum has been elected a
director of First National Bank of Hop
kins, a Minneapolis suburb. He suc
ceeds the late William Perbix. Mrs.
Dorothy Bergman was named assistant
cashier.
At Security National Bank, Hopkins,
Phyllis Gardner was elected assistant
cashier.
Fidelity State Bank, Minneapolis,
has increased its capital stock from
$100,000 to $125,000.
Banks of the country are prepared
to meet the increased demand for in
dustrial and commercial loans that will
come upon termination of the war,
William E. Brockman, vice president
of Midland National Bank & Trust
Company, told members of the North
W . E. B R O C K M A N
S a y s B a n k s A r e P r e p a re d
tutions of the country are adequate
without the need of government aid.
The greatest need will be an attitude
of the government with respect to its
fiscal policy that will give business and
the banks the confidence they need to
put their capital to work.”
The speed with which goods can be
placed on the market,” Mr. Brockman
told the newspaper men. “will depend
upon the rapidity with which industry
Northwestern Banker
March
40
• M I N N
E S O T A
NEWS
A $5,000.00 Accident Policy Paid Up in Full to the
15th of Next June for Only $2.00
Write for Application and Literature Describ
ing this Insurance Bargain for Select Risks
Application
and Literature Upon Request
MINNESOTA COMMERCIAL MEN'S ASSOCIATION
Paul Clement, Secretary, 2500 Pillsbury Ave.
MINNEAPOLIS 4. MINN.
N
a
C
t i o
o
n
n
t a
- w
i d
e
c t s
Built up over a period of 80 years
of service to correspondent banks,
the nation-wide contacts of The
First National of Chicago assure
prompt efficient handling of all
bank-to-bank services.
Your account is invited.
The First National Bank
of Chicago
B uilding w ith C h icago since 1863
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March iit'i't
•
can convert from war to civilian pro
duction—and this will, of course, de
pend upon prompt settlement of war
contracts and the availability of credit
for production of consumer goods. The
attitude of the government with re
spect to postwar reserves is a vital fac
tor, and up to the present time has not
been too encouraging.”
Clarence E. Kinney, Superior, Wis
consin, was advanced from vice presi
dent to president of Group One, Wis
consin Bankers Association, at the
forty-first annual meeting in St. Paul.
Other officers of the organization of
northwestern Wisconsin b a n k e r s
named were Fred Goetz, Cadott, Wis
consin, formerly secretary-treasurer,
elected vice president, and James A.
Musil, Neillsville, secretary-treasurer.
Delegates adopted a resolution prais
ing the leadership of the American
Bankers Association for its efforts to
remove “unfair competition of certain
government agencies in the field of
agriculture credit by seeking with
drawal of government subsidies.”
Bankers must “get down to earth
and consider banking as a business
operated for a profit,” Harry E. Hausman, Chicago, secretary of the Illinois
Bankers Association, told delegates.
“The public has to be straightened
out on its misunderstanding of the
banking business,” he declared. “ It
must get over the idea that money in
the bank is the banker’s money and
that banks can do everything for every
body.”
Asserting that agriculture “ will con
tinue to be the nation’s leading indus
try,” Howard J. Gramlich, general
agricultural agent of the Chicago and
North Western Railroad, said that
while “conservatism is to be com
mended, with it you must continue to
give encouragement to the man who
sees ahead and is on the alert to try
something new.”
x
George D. Prentice, retiring presi
dent of Group One, observed that “If
postwar planning is to be successful
the leadership must be able, conscien
tious and unselfish. It will be up to
banking to contribute a full share of
this leadership and every banker
should accept this responsibility in his
own community.”
Combined net operating earnings of
77 banks and branches affiliated with
First Bank Stock Corporation in 1943
were equivalent to $1.45 per share on
2,837,638 shares of stock outstanding,
the fifteenth annual report discloses.
Book value of the stock, based on
underlying book values of affiliates,
41
• M I N N
was $18.87 per share at the year’s end.
Comparable figures for 1942 were $1.15
per share earnings and $17.25 per share
book value.
Combined net earnings of affiliated
banks totaled $4,352,924 in 1943. Of
this amount, First National Bank of
Minneapolis and four Minneapolis af
filiates earned $1,777,579; First Na
tional Bank of St. Paul, First Trust
Company and four other banks there,
$1,278,222; and 63 affiliated banks and
branches outside the Twin Cities, $1 ,297.123.
The portion of combined net earn
ings applicable to First Bank, to
gether with earnings of the corpora
tion and other active affiliates, was
$4,126,981. This represents an increase,
after expenses, of $906,275 over 1942.
All affiliated banks continued to op
erate at a profit during 1943. During
the year the combined capital, sur
plus and undivided profits of bank
affiliates increased $4,062,185. Hold
ings of United States government ob
ligations rose $165,430,407 to $504,510,730. Combined deposits at the year
end totaled $817,512,910, of which $85,200,631 represented war loan deposits
of the federal government.
During 1943 the corporation paid
dividends to stockholders totaling $1,707.124, equivalent to 60 cents a share.
Bloom ing Prairie
C. T. Farr, R. A. Peterson, J. E.
Price, Ray Herron and A. L. Fosteson
were elected directors of the First Na
tional Bank of Blooming Prairie, Min
nesota, at the annual meeting of the
E S O T A
N E W S *
stockholders. The reports showed a
prosperous year with over a half mil
lion dollars increase in deposits.
Afterward the board of directors
elected the following officers: C. T.
Farr, president; R. A. Peterson, vice
president; Ray Herron, cashier and
A. L. Fosteson, executive vice presi
dent.
W in d o m
Mrs. M. L. Fisch, chairman of the
board of the Windom National Bank,
Windom, Minnesota, has been ill for
a number of months, caused by a
fractured hip. She is now gaining
and it is hoped will be able to be out
soon.
Stockholders of the First National
Bank of Windom, held recently, elected
three new directors to the board. They
are H. J. Granum, Ray L. Hanson and
Wm. L. Palm.
The bank’s earnings were reported
as satisfactory, considering the re
stricted demand for local loans due
to the war. However, the demand
from the government for funds has
been very good and the bank has kept
its surplus funds loaned to the govern
ment at all times during the year.
of Owatonna, Minnesota, for the year
were Mark H. Alexander, Major John
A. Buxton, Dan C. Gainey, Henry W.
Hartle, R. A. Kaplan, Thomas R.
Kelly, Paul H. Evans, Robert K. Evans,
vice president and A. A. Endres,
cashier.
Norman L. Wicklow and Russell S.
Hagge of the bank staff are on leave
of absence with the United States
Armed Forces.
R ochester
Each Rochester bank added officers
at annual meetings of stockholders
and directors.
C o n g r a t u la t io n s on y o u r a d v e r
tise m e n t
in
T im e
M a g a z in e
of
Jan. 10, at la s t an e ffo r t is b e in g
m a d e t o s ell a L if e In su ra n c e C o m
p a n y to th e p u b lic an d n o t ju st a
L ife In su ra n ce P o li c y . It is q u it e
h e a r te n in g to
see s o m e o n e p r o u d
St. Paul Federal
o f th e ir a b i l i t y
Assets of the St. Paul Federal Sav
ings and Loan Association exceeded
$2,500,000 in the Association’s year
end financial statement. The figure
is $2,535,862. First mortgage loans
total $1,610,132, according to Executive
Secretary Axel A. Olson.
Officers of the Association include
Louis Peterson, president; Frank
Pampusch, vice president; Axel A.
Olson, secretary-treasurer, and Gustav
Axelrod, attorney.
m a n a g e m e n t c o s t s and in cre a se th e
m a r g in
of
to w h ittle d o w n
s a fe ty
fo r
us p o l i c y
h o ld e r s .
T h e r e is a g r e a t n eed f o r y o u
In su ra n ce C o m p a n ie s t o g e t d o w n
t o e a r th and tell
us p e o p le w h a t
y o u are t r y in g to d o f o r us a n d to
b r a g a lit t le a b o u t y o u r su cce sse s
w h e n th e y o c c u r . T o o m a n y o f us
lo o k
u pon you
O w an to n n a
th a t
ta k e s
Directors elected at the annual meet
ing of the Security Bank and Trust
h o m e s , and a lm o s t o u r v e r y liv e s
w hen
over
d e p r e s s io n
as
th e
ou r
“ T h in g ”
fa r m s ,
ou r
c o m e s o v e r th e
la n d .
W i l l y o u p le a s e h a v e a c o p y o f
y o u r la s t F in a n c ia l S ta te m e n t sent
LAST APRIL
to m e a t th e b e l o w add ress?
F --------------- P----------------, Jr.
Fu
. . . we
celebrated
our 20th birthday
Va.
is the service offered by this association.
Quoted above is one of hundreds
of letters received by N WN L , com
menting on its 59th Annual Finan
cial Statement which appeared as
usual on the first day o f the year.
This letter is from a member of the
U . S. armed forces.
TWIN CITY FEDERAL
SAVINGS AND LOAN ASSOCIATION
No r th w estern
N a t i o n a l L if e
with the slogan "20 million in 20 years!"
Today
dollars.
our
resources
top
27
Such growth is unusual, but so
M IN N EA P O LIS - ST. PAUL
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
million
Resources $27,000,000
Established 1923
INSURANCE
COMPANY
O. J. A r n o l d ,
M in n eap olis,
P r es i d en t
M in n esota
Northwestern Banker
March Í 9 4 4
42
• M I N N E S O T A
Bank of Delano was held at its bank
ing rooms. Besides transacting other
business the following officers were
elected: Bert Gilmer, president; O. L.
Leiter, vice president; Harry Kuka,
cashier; Gertrude M. Stoltz, assistant
cashier.
Directors from out of town present
at the meeting were Gustave Bach
man and George Schaust of Minne
apolis and D. N. Carlson and C. W.
Wagner of Litchfield.
R. W. Chadwick, a director, was
elevated to vice president of the Un
ion National Bank, and two assistant
cashiers Were added to the list of
officers of the First National Bank
and Olmsted County Bank and Trust
Company.
F. Avery Tews, mayor of Stewartville, was elected an assistant cashier
of the Olmsted County Bank, and K.
W. Hagaman was named an assistant
cashier of the First National Bank.
All directors and officers of the three
institutions were re-elected by stock
holders and directors.
Frost
The annual meeting of the stock
holders of the State Bank of Frost,
Frost, Minnesota, was held recently.
All officers and directors were re
Delano
The annual meeting of the State
V
ik ‘ . . . . . . . . . . . . . . . . . . . .
* v
NEWS
................. ............................................................................
y
--------- ............... ......................... j
V
..............
,
.
i t
/ ;
' 'r l W
3 .
¿ „ « J r
i1
•
elected. T. H. Gullord, president; J. J.
Nelson, vice president; Clifford Kittlesen, cashier, A. J. Brandsoy and Carl
Erdahl, assistant cashiers; and I. B.
Satre, director along with the first
four already mentioned. The usual
dividend was paid to stockholders at
the end of the year.
It was expressed that the sentiment
among the farmers in that locality
seemed to be to cut down on the num
ber of pigs to be raised this season
because less than half of the pig crop
has been marketed with some hogs
now getting too heavy for tops caused
by the slow outlet to market.
Post in Bank
A. C. Hauck, who has been in the
oil business for the last ten years, has
accepted a position as assistant
cashier in the State Bank of Madison,
Minnesota.
:
\ \
A n A ssista n t C a sh ie r
Food—Our “Secret Weapon”
C. L . F R E D R I C K S E N
P r e s id e n t
The lack of food cost us Corregidor— but
it won for us both Africa and Italy.
M . A. W IL S O N
V i c e P r e s id e n t
Food
will be our "secret w eap on " at the peace
W . G. N E L S O N
A s s is t a n t V i c e P r e s id e n t
table.
W . C. S C H E N K
C a s h ie r
In the Sioux City trade area, we all think
H . C. L I N D U S K I
A s s is t a n t C a s h ie r
in terms of food, cattle, hogs, sheep and
C. L . A D A M S
A s s is t a n t C a s h ie r
grain.
J. S. H A V E R
At this bank, we also know how to
N e w Bank D irector
F. W. Danielson was elected to the
board of directors of the Farmers Na
tional Bank at Alexandria, Minnesota.
Re-elected to the board were R. W.
Putnam, A. C. Schneiderhan, H. E.
Kiger and O. E. Tessner.
Herb Tonneson, assistant cashier at
the Farmers National for the past
several years, has resigned. He has
handled the firm’s insurance business.
dent service on all your Sioux City items.
T
H
E
L i v e St
OF
n al
SIO U X
'7 / t e
Northwestern Banker
o c k
B a n k
C IT Y .
M E M B E ß
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The Farmers and Merchants State
Bank of Springfield, Minnesota, met
for its annual election recently. All
members of the board of directors
were re-elected and F. J. Sheffield was
elected as a member of the board to
succeed Fred Thole, who is in Cali
fornia. Luverne Zieghagen has been
employed by the bank.
of food production.
Here you will find complete correspon
N a t io
A d d e d to Staff
go behind the scenes and finance all types
A s s is t a n t C a s h ie r
JA M E S L. S M IT H
A u d it o r
Mr. and Mrs. Earl Spauldie, Pequot
Lakes, Minnesota, are moving to Fair
fax, Minnesota, where Mr. Spauldie be
comes assistant cashier in the bank
there.
E. D .Ì .C .
" t / íe
March iO'i'f
IO W A
'T S & y tt/ s
Reorganized
In the reorganization of the Sherburn National Bank, Sherburn, Minne
sota, recently the bank’s officials are:
President, Henry Schwager; vice presi
dent, C. M. Landin; cashier, Leo
Howard. Directors, Henry Schwager,
Elmer B. Myers, Leo J. Seifert, Fred
Krahmer, C. M. Landin.
Directors Krahmer and Seifert, both
Fairmont attorneys, are new stock
holders.
Sioux Falls News
SOUTH
DAKOTA
NEWS
T. N. H A Y T E R
P r e s id e n t
S io u x Falls
A c t in g S e c r e ta r y
XUS j . h a l v o r s e n
G E O R G E M. S T A R R IN G
S e c r e ta r y -T r e a s u r e r
H u ron
( I n the S ervice)
N e w C a sh ie r Elected
officers and personnel, its modern
equipment and building make a most
attractive as well as interesting state
ment of condition.
Eureka State Bank, Eureka, South
Dakota, recently re-elected the follow
ing officers: Mrs. Irene Trieck, presi
dent; Eugene Herrboldt, vice president,
and Eugene Liedle, assistant cashier.
Andrew Stoebner was elected cashier,
a position formerly held by Eugene
Herrboldt. Mrs. F. K. Mehlhaff and
the above named group of officers com
pose the board of directors.
After eleven years the affairs of the
defunct Avon State Bank, Lake Andes,
South Dakota, can be finally liquidated,
as the last piece of land was sold. It
was purchased by Paul Ramsdell.
A Slsseton Teller
N o M o re
Ralph Anderson, Roberts county au
ditor the past three years, resigned
last month to accept a position as teller
at the Roberts County National Bank,
Sisseton, South Dakota. The county
board has named Catherine Minnehan,
former deputy, as auditor.
Erling Haugo, superintendent of
banks of the state of South Dakota,
announces the change in the name of
the Farmers and Merchants State Bank
of Presho, South Dakota, to Farmers
and Merchants Bank.
O p e n C o lo m e Bank
Citizens Bank of Colome, South Da
kota, opened last month with Roy
Woolhiser, president, and A. C. Stenson, vice president and cashier.
Besides the executives named above,
Joseph R. Dvorak, formerly of Louis
Park, Minnesota, is assistant cashier
and Gae Deahn, clerk.
Becom es a D irector
The Citizens Bank, Mobridge, South
Dakota, at a recent meeting re-elected
all officers for 1944. They are: W. P.
Jones, president; B. M. Batteen, vice
president, and J. D. Lesher, cashier.
Walter D. Brown, Aberdeen, was re
elected a member of the board of direc
tors, and William S. Morrison of Mo
bridge was elected as a new member
of the board, succeeding D. L. Bratmoe.
O rc h id s
To the Rapid City National Bank at
Rapid City, South Dakota, for the very
fine year-end report. Soon to reach
their tenth year of service to the com
munity, the bank traces its financial
growth over that period and the bank
ing services it has maintained and has
added during this time for its custom
ers’ convenience. Views on the bank’s
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Lake A n d e s Bank
Busy
L. C. Foreman, president of the Corn
Exchange Bank of Elkton, South Da
kota, writes that as most banks, his
bank has had a tremendous increase
in deposits, $500,000 to $800,000, with
government bond holdings increasing
a like amount. The loan volume of the
bank is being held up by real estate
loans, which have increased from $154,000 to $177,000. War Bond sales ex
ceeded the $38,000 quota by reaching
$45,000 to date, mostly in E Bonds.
And he says, “Four of us are trying to
carry on with the routine of the bank,
but it’s almost getting out of control,
with bonds and income tax and the
other activities we are called upon to
do.”
Short H a n d e d
Despite the fact that the Security
State Bank of McIntosh, South Dakota,
operates with only two men, R. H.
Jackson, president, finds that the past
year was very good, with deposits up
$140,000 over the previous year and
that bank earnings were showing up
well. Farmers are liquidating their
seed and feed loans, chattel mortgages
and real estate loans and are buying
land. Every War Bond drive has been
over subscribed by that county.
I MPROVEMENT of livestock and soil
I conservation head a list of projects
on a program adopted by the agri
cultural committee of the South Da
kota Bankers association, according to
T. N. Hayter, association president
and vice president of the First National
Bank and Trust Company in Sioux
Falls.
Containing 12 projects in all, the
proposed program for 1944 carries the
recommendation of the food for free
dom committee of the American
Bankers Association.
In addition to livestock improve
ment and soil conservation, the pro
gram contemplates support of boys’
and girls’ clubs, introduction of new
crops to meet war needs, better utiliza
tion of farm labor and machinery, im
proving farm records and accounts,
income tax service, improving farm
management practices, farm chemurgy,
poultry and turkey improvement, co
operation with county agents and
county war boards in the food-for-freedom program, and encouraging farm
ers to build financial reserves with
war bonds.
The program was worked out in co
operation with officials from South
Dakota State College at a meeting held
in Brookings. Bankers attending, in
addition to Hayter, were A. G. Berger,
Clear Lake, chairman of the SDBA
committee on agriculture; John N.
Thomson, Centerville, chairman of
the sub-committee on lending agencies;
Carl J. Odegard, Huron, chairman of
the sub-committee on farm chemurgy;
E. A. Eystad, Wakonda, member of
Group I; C. A. Lovre, Brookings, mem
ber of Group II; R. A. Johnson, Kim
ball, member of Group III; A. Koppernd, Watertown, member of Group
IV; Theodore H. Meyer, DeSmet, memof Group V; Fred Tj . Lewis, Lemmon,
member of Group VI; and G. Q. Runkel,
Belle Fourche, member of Group VII;
H. T. Gerhard, Plankinton, county key
banker, and A. E. Diefendorf, Irene.
Resignation of Mildred Starring as
acting secretary of the South Dakota
Bankers Association was announced
at a recent meeting of the executive
council. She plans to go to Seattle,
Washington, to be with her husband,
George M. Starring, association secre
tary, who is in the service. The ex
ecutive council approved the ap
pointment of Mrs. Lois J. Halvorsen,
who has been working in the associa
tion office at Huron, as acting secre
tary. Preliminary plans were also
discussed for the annual convention
of the association, which will be held
Northwestern Banker
March 19^rf
44
•
SO UTH
at Aberdeen during the early part of
June, the dates to depend on when
hotel facilities are available.
Attending the council meeting were
T. N. Hayter, Sioux Falls, president;
H. R. Kibbee, Jr., Mitchell, vice presi
dent; Mildred T. Starring, Huron, act
ing secretary-treasurer; and E. L. Lillibridge, Burke; R. C. Foreman, Elkton;
J. M. Patton, Mitchell; L. L. Branch,
Pierre; Charles W . Christen, Roscoe;
C. J. Poshusta, New Underwood, and
H. N. Thomson, Presho, all members
of the executive council.
D A K O T A
NEWS
Sioux Falls bankers who attended a
meeting of Group I of the Iowa Bank
ers Association, held at Sioux City on
February 12th, were T. S. Harkison,
president of the National Bank of
South Dakota; Frank J. Cinkle, cashier
of the National Bank of South Dakota;
T. N. Hayter, vice president of the
First National Bank and Trust Com
pany; W . E. Perrenoud, cashier of the
First National Bank and Trust Com
pany; and Ralph Watson, president of
the Northwest Security National
Bank.
•
J. Cameron Thompson, Minneapolis,
president of the Northwest Bancorporation, has accepted an invitation to
be the principal speaker at a banquet,
to be held at Mitchell, March 10th, in
connection with the annual convention
of the South Dakota Press Association.
Charles H. J. Mitchell, publisher of the
Brookings Register, is president of
the Press Association.
At the annual business meeting of
the Sioux Falls Clearinghouse Associ
ation, T. S. Harkison, president of the
National Bank of South Dakota, was
elected president, succeeding C. A.
Christopherson, president of the Union
Savings Bank. Ralph Watson, presi
dent of the Northwest Security Na
tional Bank, who served as secretarymanager of the association in 1943,
became vice president, and William
C. Duffy, vice president of the Union
Savings Bank, was named 1944 secre
tary and manager. Association head
quarters were moved to the Union
Savings Bank.
A new employe at the Northwest
Security National Bank is L. H. Hagen,
previously associated with the Andrew
Kuehn Company, wholesale grocers.
The capacity which Hagen will fill
has not yet been determined.
Production Lines are Battle Lines
W A R -T IM E B A N K IN G SERVICE
— adapted to the requirements
of Correspondent Banks
in serving a Nation at war
Ban kers T
ru st
NEW
Com
pany
YORK
M e m b e r o f the F ed era l D e p o s it In su ra n ce C o r p o r a t io n
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March Í944
Business activity in Sioux Falls dur
ing January, as measured by bank
clearings, regained its upward trend
after a substantial slump in Decem
ber. At $13,378,039, January clear
ings were 1.3 per cent ahead of the
corresponding month last year. De
cember clearings, at $12,619,162, had
showed a 9.8 per cent loss compared
with December, 1943.
Throughout South Dakota, business
volume in January as measured by
bank debits stood 22 per cent above
January, 1943. Total debits, repre
senting principally checks against de
positors’ accounts, were $98,340,000,
compared with $80,794,000 in January,
1943.
Cities showing a gain of 40 per cent
or more included Milbank, 58 per
cent; Aberdeen and Madison, 49 per
cent; Brookings, 48 per cent, and
Mitchell, 40 per cent.
Of the 17 cities tabulated in the re
port, all showed gains except Pierre,
which registered a 19 per cent de
crease.
John L. Wood, banker at Hartford,
South Dakota, a village neighboring
Sioux Falls, has announced that he
will be a candidate for the Republican
nomination for state representative
in the May 2nd primary election.
45
East Grand Forks stockholders re
turned all directors to office and all
directors of the Red River National
were re-elected except J. E. MacLean,
who now is a resident of Florida. No
one was named in his place. Officers
and directors of First National Bank,
Grand Forks, were re-elected at the
annual business meeting of the insti
tution.
NORTH
D A K O TA
NEW S
Elected Vice President
H . A . F IS C H E R
P r e s id e n t
W a s h b u rn
Bowbells C a sh ie r
0 . C. W A T T A M
S e c r e ta r y
F a rg o
tors are B. R. Crabtree, B. L. Smith,
Frank G. Suttle, B. F. Crabtree and
Fred Roesch of Aberdeen.
At a meeting of the First National
Bank in Bottineau, North Dakota, held
recently, the following officers were
elected: O. A. Refling, president; G. H.
Long and J. E. Johnson, vice presi
dents, and W. H. Gjerdingen, cashier.
J. E. Johnson, newly-elected vice
president, comes from Drake, North
Dakota.
The present officers and directors of
the First National Bank of Bowbells,
North Dakota, include: L. Skjelset,
president; R. J. Perrin, vice president;
and R. C. Wiper, vice president. Di
rectors: L. Skjelset, R. J. Perrin, R. C.
Wiper. C. Hestekin, Helma Skjelset
were re-elected recently for another
year. The only change in the hank’s
personnel was that of cashier, which
has been taken over by Mrs. Florence
Little, who has been an employe of
the First National Bank for several
months. Previously the position was
held by Mrs. Arlene Ayers, who re
signed.
The directors, all of whom were re
named recently at the Farmers and
Merchants National Bank, Hatton,
North Dakota are: J. O. Anderson, Alb.
O. Bjertness, E. M. Kent, H. M. Nash,
Carl E. Johnson, Elmer Osking and
C. S. Anderson. The same officers
were named by the board of directors,
namely: C. S. Anderson, president;
H. M. Nash, cashier; G. M. Olson, as
sistant cashier, and Mardelle Bjerke,
teller.
Stockholders of the Farmers & Mer
chants State Bank of Dickey, North
Dakota, recently named the following
directors: James Waldie, Erwin Lar
son, Lewis Roscoe, Florence Waldie
and Clarence Taylor. Officers are:
President, James Waldie; vice presi
dent, Erwin Larson; cashier, E. A.
Scea, and assistant cashier, Arleene
Whipple.
N a m e B oard and O fficers
C o n v e n tio n D ates
N a m e O ffice rs
At their regular annual session,
stockholders of the Security National
Bank, Edgeley, North Dakota, selected
A. G. Porter as chairman of the board
of directors. Other members of the
board include: E. G. Bloedow, C. W.
Burges, M. P. Fevold and S. G. Nagel.
Officers of Security National are:
President, E. G. Bloedow; vice presi
dent, M. P. Fevold; cashier, C. W.
Burges, and assistant cashiers, Margie
M. Jolin and LeNora J. Priebe.
President H. A. Fischer announces
that the 1944 annual conference of the
North Dakota Bankers Association will
be held at Fargo on June 12th and the
morning of June 13th. A. L. M. (Lee)
Wiggins, president of the A.B.A., will
be on hand all day Monday, June 12th.
Mr. Wiggins is a “small town banker,”
who has a thorough understanding of
the problems of country banks. He
also knows all of the angles connected
with Federal legislation and will be
able to give a compete story of the
possibilities and impossibiities con
nected therewith.
Re-elected
Joe Runck was re-elected president
of the First State Bank at Casselton,
North Dakota, recently. M. D. Ford
was re-elected vice president. At a
meeting of the Casselton Holding Com
pany and the First National Holding.
Mr. Runck was retained as president
and M. D. Ford, secretary-treasurer.
W ill Serve A g a in
All officers will hold over for another
term at the First National Bank of
Ellendale, North Dakota. B. R. Crab
tree was again elected president; Frank
G. Suttle and B. F. Crabtree were re
named as vice presidents; B. L. Smith,
cashier, and W. S. Boom and Mrs. L.
M. Coleman will continue as assistants.
Serving again on the board of direc
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Renam ed
To San Francisco
Vesta Merrill, assistant cashier at
the State Bank, Kenmore, North Da
kota, resigned her position to leave
for San Francisco. Miss Merrill has
been connected with the bank for three
years.
Phyllis Morten, who has been attend
ing the Minot State Teachers College,
will be employed at the bank.
G ra n d
Forks Banks
All officers of the Red River National
Bank of Grand Forks- and the Minne
sota National Bank of East Grand
Forks, North Dakota, with one excep
tion, were re-elected recently. The
D ickey Personnel
At the First National Bank of Mandan, North Dakota, J. R. Madsen, F. H.
Heath, A. R. Weinhandl, W. T. Cum
mins and T. G. C. Kennelly were
elected directors.
Mr. Madsen was re-elected president
of the institution and other officers
named were: A. R. Weinhandl, vice
president; A. E. Lubke, cashier, and
A. I. Theisen and A. J. Fix, assistant
cashiers.
Dunseith Election
When the annual meeting of the
stockholders of the Security State
Bank, Dunseith, North Dakota, was
held recently, W. E. Hosmer was
elected as president for the coming
year; J. E. Lamoureux, vice president;
W. P. Campbell, cashier, and M. J.
Bengston, assistant cashier.
Named as directors were: Hosmer,
Lamoureux, William Gottbrecht, Sr.,
Charles E. Watkins and J. T. Templeman, who lives at McCune, Kansas.
Portland Bank
The First and Farmers Bank, Port
land, North Dakota, recently an
nounced that its present active per
sonnel is now as follows: P. M. Paul
son, vice president; E. R. Foss, cash
ier. Other employes are R. A. Power
and Philip Paulson.
Northwestern Banker
March 1944-
46
OFFICERS
II. M. RUSHNELL, President
ELLSWORTH MOSER, Executive Vice Pres.
V. B. CALDWELL, Vice President
★ R. H. M ALLORY, Vice President
T. F. M URPHY, Vice President
H. W. YATES, Vice President
H. E. ROGERS, Asst. Vice President
C.
A.
E.
E.
N.
E.
H.
Y. OFFUTT, Trust Officer
L. VICKERY, Cashier
E. LANDSTROM, Assistant Cashier
W. LYM AN, Assistant Cashier
L. SHOLTN, Assistant Cashier
C. M cELIIANEY, Assistant Trust Officer
T. UEHLING, Assistant Trust Officer
DIRECTORS
ARTHUR A. LOW MAN
LIN N P. CAMPBELL, President
B yron R eed C om pany, In c.
EDGAR M. MORSMAN, JR., Attorney
SAMUEL L. COOPER, President
ROY PAGE, Vice President and General Mgr.
Orchard <& Wilhelm Company
N ebraska P o w er Company
EDW IN A. DUFF
EDWARD FLYNN, Executive Vice President
Chicago, B urlington di Quincy Railroad Co.
HENRY W. PIERPONT, President
Standard Oil Company of Nebraska
ABRAHAM L. REED, Chairman o f the Board
RUSSELL J. HOPLEY, President
B yron R eed C om pany, In c.
N orthw estern Bell Telephone Company
HARRY E. REED, President
JOHN W. HUGHES, President
L. G. Doup Company
Guarantee M utual L ife Company
ELLSWORTH MOSER, Executive Vice Pres.
GLENN E. JENNINGS, President
W right di W ilhelm y Company
HERBERT M. BUSHNELL, President
i f l n S ervice of the United States
U N IT E D
Ÿ la tlo tia f
S T A T E S
B jA.W K
M E M B E R
o/*(PmaAa
FDIC
mm
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March
47
R . I. S T O U T
P r e s id e n t
T ekam ah
Junior News
From the Nebraska
Junior Bankers Association
John Lauritzen, Editor
I OUIS MURDOCH, cashier of the
L Washington County Bank of Blair,
Nebraska, has enlisted in the Army.
He is stationed in Texas as the present
time. Mr. Murdoch’s wife and two chil
dren are staying with her family in
Blair, as the Murdochs have sold their
new home up there. They are plan
ning to build a new home in Blair after
the war.
Here is the last address of our Junior
Bankers Association president. If you
have a moment why don’t you drop
him a line? He certainly would like to
hear from any of the old gang. Write
to Lt. (j.g.) Bernard M. De Lay, Sc
U.S.N.R. 2938-29 11th Naval District,
San Diego, California.
When the Crete State Bank took
over the Farmers State Bank of Kra
mer, Ben C. Bilhorn, former cashier
of the Kramer Bank, resigned and
moved out to Phoenix, Arizona, where
he is now living.
WM. B. H U G H E S
S e c r e ta r y
O m aha
Live Stock, O m ah a,
Prom otions
Alvin E. Johnson, president of the
Live Stock National Bank of Omaha,
has announced that at the annual meet
ing of the stockholders and directors,
Paul Hansen was elevated to the posi
tion of vice president and cashier from
that of cashier. AV. Dean Vogel and
Herbert H. Echtermeyer were also
elected vice presidents. They were
both formerly assistant cashiers.
Mr. Hansen began as a clerk in the
bank in 1920. AV. Dean Vogel has been
associated with the bank since Decem
ber, 1942, was for eleven years asso
ciated with the Atlantic State Bank of
Atlantic, Iowa, and for a number of
years owned and operated a finance
company in the same city. Mr. Echter
meyer began as a messenger in the
bank at the age of fifteen.
In addition to the three above-named
vice presidents, the following officers
were re-elected: Alvin E. Johnson, pres
ident; Henry C. Karpf and R. H. Kroeger, vice presidents, and L. V. Pulliam,
C. G. Pearson, Earl R. Cherry and Tom
J. Price, Jr., assistant cashiers.
The following directors were re
elected: W. P. Adkins, H. B. Bergquist,
L. S. Burk, Jas. J. Fitzgerald, T. E.
Gledhill, Alvin E. Johnson, Henry C.
Karpf, Leo T. Murphy, Janies L. Pax
ton, Jr., Herman K. Schafer, Carl A.
Swanson and J. L. Welsh. AAA P. Ad
kins retires as board chairman.
In his annual report to the stock
holders, Mr. Johnson pointed out that
the deposits at the close of business
December 31, 1943, stood at $53,770,049.92, as compared with $37,812,926.86
at the close of business December 31,
1942, and that the bank’s capital, sur
plus and undivided profits, exclusive of
reserves, was $1,696,336.37 as compared
with $1,481,642.39 December 31, 1942.
Mr. Edward Morris, a stockholder of
Chicago, attended the meeting.
Elect N e w D irector
At the annual meeting of the dis
trict Federal Land Bank Association,
held at Pierce, Nebraska, last month,
election of directors took place, with
Max Klug elected to fill the unexpired
term of Emil Andersen for two years.
Walter Schellpeper and Roy Bovee
were elected for two-year terms.
At the directors’ meeting which fol
lowed, Roy Bovee was elected presi
dent; AATeaver Larson, vice president,
and Benson G. Thornton, secretarytreasurer.
Back from Boston
Mr. and Mrs. La Velle Van Horne
returned recently from Boston, Massa
chusetts, to York, Nebraska. For some
time Mr. Van Horne has been stationed
at Boston as an examiner for the Fed
eral Deposit Insurance Corporation,
and left that employment to take an
executive position with the State Bank
of York.
Announce C ha nges
J. A. Stockwell has been elected pres
ident of the First National Bank of
Bayard, Nebraska, it has been an-
Mrs. Alyce Collett, who worked for
the Crete State Bank of Crete, has left
the bank to be with her husband who
is stationed at Lowry Field outside of
Denver. Mrs. Collett has a position
with the First National Bank of Den
ver, where she plans to be until her
husband is transferred.
Ton Aron has just completed a most
successful job as AVar Bond chairman
for Saline County, Nebraska. Nice
work, Tom.
Lee Snell of the First National Bank
of Omaha is reporting for service in the
Army. He is the thirty-seventh man to
leave the First National Bank of Oma
ha for the armed services.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Three promotions at the Live Stock National Bank, Omaha: Paul Hansen, left,
to vice president and cashier; Herbert H. Echtermeyer, center, to vice president;
and W. Dean Atogel, to vice president.
Northwestern Banker
March iV'r'i-
48
•
nounced. Stockholders and directors
named W. H. Ostenberg, jr., of Scottsbluff, chairman of the board.
G o e s to O m a h a
L. P. Struyk, district salesman at
Hartington, Nebraska, the past five
years for the Federal Land Bank of
Omaha, was transferred last month to
Omaha where he has been promoted to
assistant regional manager.
Send
N E B R A S K A
N E WS
Bankers C o n v e n e
About 50 members of the Platte
Valley Regional Clearing House As
sociation, representing 17 banks in
six counties, met in the Gold room,
Hotel Yancey, Grand Island, Nebraska,
for their annual dinner program and
election of officers.
Frank Farr, cashier of the First
National Bank, Aurora, was elected
president of the association for the
YourGrain Drafts
•
Let us collect your grain drafts
OFFICERS
and handle your transit items and
livestock
F R A ZE R L. FORD
P r e s id e n t
J . A . G R E E N F IE L D , JR .
proceeds
on
the
St.
Joseph market.
O n Reception C om m itte e
every requirement of inter-bank
. j . M cC u l l o u g h
A s s is ta n t C a sh ier
relations and alive to the emer-
First St. J o sep h
STOCK YAR D S B A N K
South St. Joseph, Mo.
“Only Bank in the Yards“’
M e m b e r F e d e ra l D e p o sit I n s u r a n c e C o r p o r a tio n
MEMBER FD IC
Northwestern Banker
March
Margaret Beams of Lincoln, Ne
braska, is working at the Curtis State
Bank, Curtis, Nebraska, to assist the
bank force in taking care of the ad
ditional rush of work incident to prep
aration of income tax returns.
Write us today.
R A Y W . SNYDER
C a sh ier
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Incom e Tax A id
gency demands of war.
Our organization is experienced in
•
Returns as C a sh ie r
,Henry Strathman, former Randolph
resident, has returned from the east
to accept a position as cashier in the
First State Bank at Randolph, Ne
braska, succeeding Ralph Bacon, who
resigned last fall to go to Spokane,
Washington.
John T. Edmunds, 57, who was for
merly associated with the Musser
Bank at Rushville, Nebraska, and
when that bank was sold to the Union
Bank became its cashier, died last
month at his work in the Kaiser ship
yards office in Richmond, California.
H A R R Y H. M OH LER
V i c e P r e s id e n t
M. E. B L AN CH AR D
A s s is t a n t C a sh ier
current year and L. J. Hallas, presi
dent of the First State Bank, Shel
ton, was elected vice president. George
W. Monson, cashier of the Overland
National Bank, Grand Island, was re
elected secretary-treasurer.
Form er C a sh ie r Dies
V i c e P r e s id e n t
t
•
John Lauritzen of the First Na
tional Bank of Omaha served on the
reception committee for Irrigation De
velopment and War Food Meeting held
in Omaha. Representatives from all
over the state attended. Many people
were turned away as the main dining
room of the Chamber of Commerce was
more than full. The Hon. Hugh A.
Butler, United States senator, and the
Hon. Dwight Griswold, Governor of
Nebraska, were two of the speakers.
49
named Wayne E. Smith, assistant
secretary since 1933, to succeed him.
Hugh J. O’Donnell, with the bank 10
years, was named assistant secretary.
All other land bank officers, including
E. N. Van Horne, president, were re
elected.
All officers of the other three FCA
units were re-elected. M. E. AVelsli,
Jr,, is president of the Federal Inter
mediate Credit Bank of Omaha. Walter
E. Anderson heads the Production
Credit corporation and J. H. Mason
the Omaha Bank for Co-Operatives.
Lt. Col. Emmett G. Solomon,
ALE MATTHEWS, for seven years
cently in progress. He was also re
cashier of the Packers National elected recently as treasurer of Omaha
Bank of Omaha, was advanced to vice-Catholic Diocesan Charities.
president of the bank at an adjourned
meeting of the board of directors re
Federal estate taxes against the
cently. R. E. Stanley was advanced $760,000 estate of Robert P. Morsman,
from auditor to cashier.
retired Omaha banker, amounted to
$240,000, according to a decree filed
Sgt. Alvin W. Johnson, son of Mr. and
in county court at Omaha.
Mrs. Alvin E. Johnson of Omaha and
State inheritance taxes totaling $17,member of a fighting wing in the 12th 637 were assessed against specific be
AAF air support command, has been quests of $517,000 to relatives and
commended by his wing commanding Omaha charitable institutions.
officer “for personal courage and de
votion to duty” during the initial days
The Farm Credit Administration
of the invasion of Italy.
board of Omaha unanimously con
The action for which Sgt. Johnson firmed the reappointment of former
was commended took place during the Governor Nelson Kraschel of Iowa as
landing and establishment of a bridge FCA district general agent at the an
head in the vicinity of Battapaglia, nual meeting. L. W . Bicknell was re
Italy.
elected general counsel.
The soldier’s father is president of
John Carmody, secretary of the Fed
the Live Stock National Bank of eral Land Bank of Omaha, one of the
Omaha.
FCA affiliates, is retiring. The board
D
T. I . Davis, president of the First
National Bank of Omaha, was elected
president of the Omaha Clearing
House Association at the annual meet
ing. Other officers named: H. M. Bushnell, president of the United States
National Bank of Omaha, association
vice president, and AVilliam B. Hughes,
re-elected manager.
in
civilian life assistant trust officer of
the First National Bank of Omaha,
has been appointed acting territorial
director of selective service in Hawaii.
The appointment is temporary and
took place while Col. Solomon was in
the islands as a member of the staff
of Col. Chauncey G. Parker, Jr., na
tional deputy director of selective
service, in connection with Hawaiian
selective service affairs. His prede
cessor resigned because of age.
Men and women of newspaperdom
were saluted recently on a radio pro
gram over KOWH by the First Na
tional Bank of Omaha. The program
was in recognition of the work done
by newsmen and women under war
time conditions and in furtherance of
the sale of war bonds.
William A. Sawtell, president of the
Stock Yards National Bank of Omaha,
and A. A. Lowman have been elected
directors of the Omaha Loan and Build
ing Association. They fill the va
cancies on the board created by the
resignation of W. H. Schellenberg and
the death of J. H. Kopietz.
j
O
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
o w
n
R
a
n
k
s
c o m p le t e b a n k in g fa c i lit i e s f o r p r o m p t a n d
e c o n o m ic a l h a n d lin g o f accou n ts in C h ic a g o . W e
w o u ld appreciate the o p p ortu n ity o f serv in g you.
Robert H. Hall, executive officer of
the North Side Bank of Omaha, was
“general” of a division in the Omaha
Y. M. C. A. membership drive, re-
F. E. DAVE
NPORT &CO.
OM AHA
t - o f - T
O u t -o f -t o w n ban ks and ban kers w ill find h ere
Al\in E. Johnson addressed the
Omaha Concord Club recently on,
“After the War, What?”
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
u
C
it y
N
a t io n a l
A N I» T l t U S T
2 0 8
S O U T H
C O M P A N Y
H
ank
o f Chicago
L A S A L L E
S T R E E T
{ M e m b e r F e d e r a l D e p o s it I n s u r a n c e C o r p o r a tio n )
Northwestern Banker
March Í944
50
An Intimate,
Personalized
Correspondent
Bank Service
Based on a Policy
of Cooperation
—N ot Competition
Under the direction of officials
with years of service in this field,
assuring a knowledge of require
ments and valuable assistance.
The Burlington railroad announced
that a group of banks, headed by the
First National Bank of Chicago, and
including the Omaha National Bank,
were low bidders to provide $7,900,800
for financing acquisition of 16 new
5,400-horsepower Diesel electric freight
locomotives. The locomotives are be
ing sold to the railroad under a con
ditional sales agreement.
Charles 1). Saunders, vice-president
of the First National Bank of Omaha,
represented the Omaha Chamber of
Commerce, of which he is treasurer,
at a clinic on contract termination in
St. Louis, February 24th.
Experts attending the meeting dis
cussed procedure to obtain “rapid and
fair termination” of war contracts.
C7%e
P u b lic N a tio n a l
BANK AND
COMPANY
OF
TRUST
NEW
E S T A B L I S H E D
|
Main Office :
37
YO RK
1908
Broad Street
Member: New York Clearing House
Association, Federal Deposit Insurance
Corporation
E. F. Folda, 78, former Omaha busi
ness leader and banker, died in Los
Angeles recently, at the home of his
son, W. F. Folda, Jr.
Mr. Folda was at one time president
of the Stock Yards National Bank of
Omaha and before that was vice presi
dent of the Corn Exchange National
Bank of Omaha. At one time he
operated six state banks in central Ne
braska. He was among those who
started legislation for the state bank
guaranty act and was one of the first
Complete facilities for
meeting all correspond
ent requirem ents in
The Saint Joseph Trade
T erritory.
FIRST
NATIONAL
BANK
e
s p h,
Capital and S u rp lu s---$800,000.00
M em b er F ed era l D e p o s it Insu ra nce C orporation
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March 19'i't
Alvin E. Johnson, president of the
Live Stock National Bank of Omaha,
has been elected president of the Ne
braska state normal board succeeding
Everett L. Randall of Kearney.
Mrs. K. F. Mallory has sold the
family home in Omaha and will move
this spring into an apartment. Mr.
Mallory, is on leave from his duties
as vice-president of the United States
National Bank of Omaha, for navy
service.
Best Since 1935
At the annual meeting of the Lewis
ton Cooperative Credit Association,
which takes the place of a bank in
Lewiston, Nebraska, the report of W.
W. Joekel, secretary-treasurer of the
organization, showed the business of
the year 1943 to have been the most
satisfactory since 1935.
All members of the board of di
rectors, consisting of Fred Bockelman,
Dr. J. W. Douglas, Raymond Tegtmeier, C. A. Monzingo and W. W.
Joekel were re-elected.
Officers of the association, chosen
at the same meeting are as follows:
president, Fred Bockelman; vice presi
dent, Raymond Tegtmeier; secretarytreasurer, W. W. Joekel.
W ell-K n o w n Banker Dies
Englebert F. Folda, 78, former
Schuyler banker, died at Los Angeles,
California, recently. He organized the
Banking House of F. Folda, a financial
institution at Schuyler, Nebraska, for
many years.
Mr. Folda was president of the
Banking House of F. Folda and also
president of the Wells-Abbott-Nieman
Company at one time. He also served
as president of the Stock Yards Na
tional Bank in Omaha and the Ne
braska State Bankers Association. He
was associated with the Folda banks
at Linwood, Howells, Clarkson, Rogers
and Snyder as well as with a bank in
Montana.
A ssista n t C a sh ie r
.t Jo
S
presidents of the Nebraska Bankers’
Association.
At the meeting of the directors of
the Roseland State Bank, Roseland,
Nebraska, Mrs. Melba Hesseltine was
elected to the position of assistant
cashier.
.
A Rookie
Father: “ I don’t like to see that
soldier kissing you like that.”
Daughter: “Give him a chance, Fa
ther. He’s just a beginner.”
o
bank. The total deposits were $6,582,951. We regret that this error was
made. It comes to our attention that
since the end of the year total de
posits have increased and at the pres
ent time stand at $7,200,000.
To C o u rt
T THE meeting last month of the 264.40 over December, 1943, when clear
board of directors of the Continen ings stood at $18,552,629.86. January
tal National Bank of Lincoln, C. W.
clearings were far above those of the
Battey was promoted from the position
same month last year, when the figure
of cashier to that of executive vice was $14,953,403.42.
president. Other changes and promo
tions were that of Edward A. Becker
A recent listing of commercial banks
gives the National Bank of Commerce
as the 342d largest bank in the nation,
a gain of 36 places over the year. De
posits increased from $24,022,000 to
$33,434,000, an increase of nearly nine
and a half millions.
A
Pardon M e
In the February issue the N orth
B anker published the bank
statement figures of the Central Na
tional Bank of Columbus, Nebraska,
deposits to be $5,796,861 which actually
was only the demand deposits of the
w estern
William B. Hughes, editor of the Ne
braska Bankers Association Record,
says, “ Some good bankers are going
to be surprised when they learn they
are arbitrers (look it up yourself if
you doubt it) for the American Arbi
tration Association to help settle busi
ness disputes short of courts. They
asked for a “panel” of Nebraska bank
ers and President Stout obliged. They
are:
C. H. Sudman, Alliance; R. C. Boyd,
Auburn; D. AV. Cook, Beatrice; Geo. T.
Hedelund, Blair; Arthur Erickson,
Bridgeport; G. T. Erickson, Broken
Bow; E. D. Crites, Chadron; R. D.
Smith, Chappell; C. C. Sheldon, Co
lumbus; E. C. Plouzek, Crete; Luther
Bonham, Fairbury; G. S. Lyon, Falls
City; .1. D. Milliken, Fremont; I. R.
Alter, Grand Island; H. G. Pratt, Hast
ings; L. J. Titus, Holdrege; B. N.
Saunders, Kearney; AV. M. Rodman,
Kimball; Sim Bonsall, Lexington; Geo.
AV. Holmes, Lincoln; Rolland Larmon,
McCook; G. C. Banning, Madison; J. H.
Catron, Nebraska City; J. J. DeLay,
Norfolk; Kieth Neville, North Platte;
M. D. Keller, Ogallala; F. AV. Thomas,
Omaha; H. A. Schneider, Plattsmouth;
W. J. Stafford, Scottsbluff; A. J. Jorgen
son, Sidney; J. S. Bacon, So. Sioux
City; J. R. McCloud, York.
W e invite your business on the
E D W A R D A. B E C K E R
S e n io r V i c e P r e s id e n t
strength of our ability to serve
you promptly and accurately in
from vice president to senior vice pres
ident, and AV. S . Battey from vice pres
ident to vice president and cashier.
Reflecting the still steadily increas
ing business tempo in Lincoln, bank
clearings in January were reported at
$19,899,394.26, an increase of $1,346,-
BANKS
Bought and Sold
Confidentially and w ith becoming dignity
BANK EM P LO Y E ES PLA C ED .
38 Y e a rs S a tis fa c to ry S e rv ice
Nebraska's capital city.
(
o n t in e n t a l
R
a t io n a l
B 4 .n k
t
L IN C O L N
Member Federal Deposit Insurance Corporation
THE C H A R L E S E. W A L T E R S CO.
OMAHA, N EBRASKA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ATo rthwestern
Banker
March 1944
Send Out-of-Town Items
To Us for Credit
Seasoned
mid-west
experience
banks
in
serving
assures
corre
spondents of prompt, efficient and
economical
handling
of
their
Omaha account.
We are located in the heart of the
livestock feeding territory and are
equipped to take care of your addi
tional requirements on excess loans.
OFFICERS
ALVIN E. JOHNSON
President
R. H. KROEGER
V ice President
HENRY C. KARPF
Vice President
PAUL HANSEN
Vice President and Cashier
H. H. ECHTERMEYER
Vice President
W . DEAN VOGEL
Vice President
L. V. PULLIAM
A sst. Cashier
EARL R. CHERRY
Asst. Cashier
C. G. PEARSON
Asst. Cashier
TOM J. PRICE, JR.
Asst. Cashier
LIVE S T O C K N A T I O N A L
O M A H A ,
N E B R A S K A
M em b er o f F ed era l R ese rv e S ystem and F ed era l D e p o sit Insu rance C orporation
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March 1944
BANK
53
Britt
The annual meeting of the stock
holders of the First State Bank of
Britt was held at the bank where of
ficers were elected as follows:
V.
D. Koons, president; James Kent,
vice president; C. W. Botsford, vice
president; F. D. Reibsamen, cashier;
H. L. Missman. assistant cashier.
Directors are V. D. Koons, James
Kent, C. W. Botsford, George Kolthoff
and F. D. Reibsamen.
IO W A
Y . W . JO H N SO N
P r e s id e n t
FRANK W ARNER
S e c r e ta r y
C ed a r F a lls
Des Moines
Luverne
At the stockholders’ meeting of the
Farmers State Bank, Luverne, Iowa,
the same board of directors was re
elected, but there was a change in the
election of officers. At the board meet
ing J. A. Nelson was elected president;
Lawrence Miller, vice president; D. M.
Lindebak, cashier; and D. M. Swanson,
assistant cashier.
A statement of the bank which was
established and opened for business
April 3, 1940, shows that the deposits
at the end of 1940 were $148,505; at
1941 the deposits were $230,294; 1942
were $375,396, and at the end of 1943
were $596,909. Since the organization
of the bank $2,500 has been added to
surplus and an additional amount of
$8,532 has been added to undivided
profits. The bank has paid two four
per cent dividends which is outstand
ing for this short period.
C o lu m b u s Junction
The annual meeting of the stock
holders of the Columbus Junction
State Bank elected directors as fol
lows: Dale Edmondson, T. N. O’Neill,
J. W. Robertson, H. Lee Huston, C. E.
Nicholson, R. Schlichting, G. W. Web
er.
Following the meeting of the stock
holders the directors met and elected
the following officers:
Mr. Weber,
president; Mr. O’Neill, vice president;
Mr. Huston, cashier; Mr. Keith Rob
ertson, assistant cashier; Arlene Bell,
secretary and teller; Edith Orr, teller;
Lois Schlichting, teller and bookkeep
er; Mary Cassabaum, bookkeeper.
Two former employes, W. D. Shear
er, assistant cashier and LeRoy
Hughes, are now in the service.
Louisa County National Bank, Col
umbus Junction, elected as directors:
J. D. Buser, F. W. Coffin, C. B. Dough
erty, R. E. Dougherty, J. E. Henson,
and J. C. Richie, and the following of
ficers: President, Buser; Vice Presi-
G lid d e n
dent, Richie; Cashier, Henson, and
Assistant Cashier, F. C. Spaethe.
The Glidden, Iowa, First National
Bank’s annual meeting of stockhold
ers was held at the bank recently.
All of the past officers were re-elected
and Merle Moore was elected assistant
cashier.
O ttum w a
Kiron
All four Ottumwa banks held their
annual board meetings and election of
officers recently with the Fidelity
Savings Bank the only one of the four
making a marked change in its of
ficer personnel.
Eugene Wulfekuhler, Sr., w a s
elected president of the Fidelity suc
ceeding Walter Light, who has been
with the bank for the past eight years,
first as vice president and cashier and
later as executive vice president and
president. He has retained an interest
in the bank and was re-elected a di
rector.
Donald M. Rowe, was named a new
director and elected to the office of
vice president.
C. R. Colton, who had held the posi
tion of cashier and trust officer, is now
named cashier and vice president.
W aterville
All members of the board of direc
tors of the Farmers and Merchants
Savings Bank at Waterville were re
elected for the ensuing year at the an
nual stockholders meeting.
At a later meeting of the board of
directors, the following officers were
elected for the year: President, I. I.
Satrang; Vice President, Mark Horan;
Cashier, C. V. Nelson; Assistant Cash
ier, Chas. E. Fleenor.
Officers and directors re-elected at
the Kiron State Bank recently were:
G. A. Norelius, president; j. E. Bak
er, vice president; C. E. Dahl, cashier;
L. J. Paulson, assistant cashier; C. R.
Lundell and G. H. Mattes complete
the directorate.
The surplus fund has been in
creased from $7,000 to $10,000 and a 6
per cent stock dividend was declared
for 1943.
Liverm ore
The Livermore State Bank held its
annual meeting at the bank rooms and
elected the following officers for the
year:
President, W. F. Johnson; Vice
President, R. J. Oltman; Cashier, J. F.
Hamm, and Assistant Cashier, Ethel
Anderson.
The directors are W. F. Johnson,
R. J. Oltman, John Thul, Emil Welter,
H. L. Zigrang and J. F. Hamm.
M o o rh e a d
William T. Hubbard, son of J. Ray
Hubbard, cashier of the Moorhead
State Bank has accepted a position as
teller with the Security National Bank
at Sioux City, Iowa. He recently re
ceived a medical discharge from the
armed forces after two and one-half
years service.
Exira
C h a rito n
The stockholders of the Exchange
State Bank of Exira ;met recently
and elected C. K. Cullings to the office
of president of that institution. Mr.
Cullings has served the bank as execu
tive vice president since February,
1941. Bank deposits have grown from
$474,808 in 1941 to $1,267,687.68 in 1943.
Only one change was made as stock
holders of Chariton banks elected di
rectors for 1944.
C. C. Pickerell was elected to the
board of directors of the National
Bank & Trust Co., succeeding E. L.
Gookin, a Chariton banker for 41
years. He has sold his interest in the
S carborough á,(Company
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
¿ s i i 'S
First National Bank Building, Chicago
a i
Horace A. Smith, Iow a Representative
Des Moines, Iowa
Northwestern Banker
March 1944
54
•
Oldest and Largest in Des Moines
Dial 4-7119
E L M E R E. M I L L E R
P r e s , and S ec.
•
W e llm an
H U B E R T E. J A M E S
A s s t. Sec.
C. A. Rowe, assistant cashier of the
Wellman Savings Bank for the past
seven years, has resigned his position
due to the illness of his son which
makes it necessary to move to a drier
climate. Mr. Rowe has accepted a
position as cashier of the Powder
FO R Y O U R E N JO YM E N T . . .
L is te n t o the
“ W O R L D O F M U S IC ”
K S O , 1460 K C
N E W S
National Bank & Trust Company to
M. J. Grogan.
Mr. Gookin was a vice president and
member of the board of directors.
His retirement brings to a close a
banking career that started with the
old Chariton National Bank, March 14,
1903.
DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION
411 6th Ave.
I O W A
9 :30-10 :00 a. m . S u n days
River County Bank, Broadus, Mon
tana.
Roy Durian, executive vice presi
dent of the bank, announces deposits
of $1,300,000, the largest in the history
of the bank. Officers elected at the
stockholders meeting were: E. E.
Yoder, president; Ross Severt, cashier;
Roy Durian, executive vice president,
and Mrs. Katherine Smith, assistant
cashier.
Ind e p en d e nce
President E. F. Sorg, Farmers State
Savings Bank, Independence, an
nounces the appointment of Victor
White, Buchanan County treasurer.
Mr. White has accepted a position on
the staff of the bank as field man to
take office March 1. Prior to his elec
tion as county treasurer three years
ago, he had been connected with other
banking circles for 19 years.
The Farmers State Savings has in
creased their surplus from $50,000 to
$100,000 and has a capital of $100,000.
The annual stockholders’ meeting of
the Security State Bank at Independ
ence was held in the bank. All officers
and directors were re-elected with the
exception of the appointment of Fost
er Miller to fill the vacancy caused by
the resignation of William Armstrong.
Row ley
The Rowley Savings Bank, Rowley,
Iowa, held its annual stockholders’
meeting and elected as directors P. C.
Thedens, C. C. Clayton, D. H. Dingsley,
L. D. Wallace and John Orr. P. C.
Thedens was elected president, L. D.
Wallace, vice president, D. H. Dings
ley, cashier, Chas. Grover, assistant
cashier and Bessie Dingsley was em
ployed to assist with the bookkeeping.
The bank paid a six per cent dividend
to stockholders and added $5,000 to
surplus, building the surplus up to
$30,000; the bank is capitalized at $20,000. Deposits totalled $788,000.
S a c C ity
H
E R E in C h i c a g o w e s e e a g r e a t a lu m in u m p la n t s p r i n g f r o m
id l e p r a ir ie , a s te e l m i ll e r e c t e d o n f o r m e r s w a m p la n d , a n d
a g ia n t a ir p la n e p la n t c o m e i n t o b e i n g o n th e s ite o f a c o r n fie ld .
E v e r y d a y w e s e e h o w w e l l in d u s t r y h a s m e t th e c h a l l e n g e o f w a r .
B a n k s , t o o , a re d e v o t i n g
a ll t h e ir e f fo r t s t o a s s is t in g g o v e r n
m e n t a n d in d u s t r y in th e n a t io n a l e m e r g e n c y . F o r th is r e a s o n ,
th e A m e r i c a n N a t i o n a l b e lie v e s th a t n o w , m o r e
th a n e v e r , c o r
H. F. Lange was elected president of
the Citizens Savings Bank, Sac City,
Iowa, at the stockholders’ meeting.
He succeeds H. J. Drewy, who passed
away during the year. No vice presi
dent was named, but J. P. Jones was
renamed cashier. Ferd B. Hansen,
who has been assistant cashier since
the bank was organized in 1929, re
signed his position.
Walter R. Wadsley has accepted the
position as assistant cashier.
r e s p o n d e n t b a n k i n g r e la t io n s h ip s s h o u ld g o fa r b e y o n d r o u t in e
tr a n s a c t io n s .
W e
w i l l b e h a p p y t o c o o p e r a t e w it h y o u
in a n y
m a tte r s r e q u ir in g a C h i c a g o r e p r e s e n t a t iv e .
A M ER ICA N
N A TIO N A L BA N K
AN D TRUST COMPANY
OF
C H IC A G O
LA SALLE STREET
M e m b e r F e d e r a l D e p o s it
OUR
BUS
Northwestern Ranker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NESS
I
March 19\'i
AT W AS HI NG TO N
4fel 1 lj^ ;
S
T O
Announcement was made by officials
of the Avoca State Bank that Richard
“ Dick” Coe has been named cashier
of the bank. Coe was elected to the
position at the annual meeting of the
bank stockholders recently. He has
been connected with the institution
for the past three years.
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
I n s u r a n c e C o r p o ra tio n
HELP
Avoca
BUS I NES S
F. E. DAVE
NPORT &CO.
OM AHA
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
55
A L L E Y
A Y IN G
B A N K
• • • OES M O IN E S • • •
Where complete facilities and
service are coupled with the
kind of cooperation
you will like.
Frederick M. Morrison, President; Winfield W. Scott, Vice President; J. R. Astley, Cashier
Edward P. Kautzky, Assistant Vice President; Roy E. Huber, Assistant Vice President
Frank M. Thompson, Assistant Cashier; Ray Thompson, Assistant Cashier
M em ber Federal D eposit Insu ra nce Corp.
Northwestern Banker
March 1944
56
ley; third prize, Helen DeWitt, First
National Bank, Sioux Center, and
fourth prize, Armila Pottebaum, Alton
Savings Bank, Alton, Iowa.
O n the Scene at Sioux City
A n nu al M e e tin g of G r o u p O n e of the Iowa
Bankers A sso c ia tio n
By RA LPH W. M O O R H E A D , Associate Publisher
HE annual meeting of Group I of
The Junior Bankers meeting, pre
the Iowa Bankers Association, Feb sided over by Robert AV. Lewis, assist
ruary 12th at Sioux City, was an outant cashier, the Security National
standing meeting. In spite of the bliz Bank, Sioux City, featured the annual
zard two days prior, and a temperature adding machine contest, with the fol
of 23 below zero on the day of the lowing winners: First prize, Gertrude
meeting, approximately 500 were reg Rozeboom, First National Bank, Sioux
istered. This was nearly the equal of Center; second prize, Leona Vander
the record attendance in 1943.
Meulen, Valley State Bank, Rock Val
T
L it t le T h i n g s C o u n t !
important are the small things of life— an
ounce of powder, a pint of high octane
bombsight!
At this bank, all your items, large or
small, are important to us and we solicit
your account with the guarantee that you'll
like every part of First National Bank
R. A. Schneider, vice president, the
Security State Bank of Sheldon, was
unable to be at the Sioux City meeting
on account of an attack of influenza.
His place in giving the response to the
address of welcome was taken by J. P.
Schutt, president, the Valley State
Bank, Rock Valley.
Mr. Schutt, in speaking of the stur
diness of Group I bankers, mentioned
AA7. S. Short of Orange City, almost 60
years in the banking business, who
braved the arctic temperatures to at
tend the meeting.
cooperation.
* ★
i f f S / O C f X C /f t f
Member F D IC — Member Federal Reserve System
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March
★
National Bank and Trust Company in
Sioux Falls, were at the Sioux City
meeting. Mr. Hayter was in a dual
role, both as a representative of the
First National and as president of the
South Dakota Bankers Association.
A. G. Sam, veteran convention spe
cialist and a member of the executive
committee in charge of the group meet
ing, was on hand, as usual, but was
not jumping about quite as briskly as
usual. A. G. is just recovering from
a minor injury to his back, something
affecting the sacroiliac which he in
jured attempting to do something to
his automobile recently. Airs. Sam
was in charge of the ladies commitee.
gasoline, or that tiny hair-line on a Norden
★
T. N. Hayter, vice president, and
AA5 E. Perrenoud, cashier, the First
Sioux Falls was well represented at
Sioux City. Affable president of the
Northwest Security National Bank,
Ralph AVatson, was on hand to greet
his many friends, as was also Tom
Harkison, newly elected president of
the National Bank of South Dakota.
The war has proved over and over how
★
George E. AA'ilson of Cherokee, chair
man of Group I, did splendidly as pre
siding officer. One of his duties was
to bring the convention to a close
promptly at 4:30 to give ample time for
the “Social Hour” and this was accom
plished within a few minutes, at least,
of the exact time.
* *
C. R. Gossett, president of the Secu
rity National Bank, and this year presi
dent of the Sioux City Clearing House
Association, served as chairman of the
executive committee in charge of the
meeting and also gave the address of
welcome. He had just returned to
Sioux City from a New York trip.
Another Sioux City banker was
about to take an eastern trip at the
57
AT THE IO W A GROUP M EETINGS— L eft, reading
from left to right, Melvin Ellis, Iowa Superintendent
of Banking, Des Moines; and Holger Holm, director
of Federal Housing, with offices in Omaha and Dos
Moines. Right, Frank Warner, secretary, Iowa Bank-
time of the Group meeting. Carl L.
Fredricksen, president of the Live
Stock National Bank and newly elected
president of the Sioux City Chamber
of Commerce, was on a committee of
four from Sioux City going to Wash
ington, D. C., for a Senate hearing on
flood control and improvement of the
Missouri River. In addition to these
honors and duties, Carl and Mrs. Fred
ricksen recently purchased and moved
into a beautiful new residence in Sioux
City. One of its outstanding features
is a basement recreation room, which
could almost take care of a group meet
ing, so far as size and appointments
are concerned.
V. W. Johnson, Association president
from Cedar Falls, received hearty con
gratulations on his oratory at Sioux
City. Vivian devoted most of his re
marks to a tribute to Abraham Lincoln,
since the occasion was Lincoln’s birth
day. He made a splendid talk.
ers Association; Lee Holland, Washington, and K. A.
Coates, Crawfordsville, members of the Group 11 reso
lutions committee; R. J. McCleary, Keokuk, chairman
of Group 11; and Vivian Johnson, Cedar Falls, presi
dent, Iowa Bankers Association.
M. \ \ . Bllis, genial superintendent of
banks for Iowa, was on hand as usual
and just as modest as always. In
variably, M. W. gives all credit for this
smooth functioning of the Iowa Bank
ing Department to his assistant. Ralph
Bunce, and his loyal force of exam
iners.
Mr. Ellis urged all banks to invest
every possible dollar of excess cash in
government bonds in order to make up
for present day loss of loan income.
The resolutions passed by Group I
endorsed the candidacy of Ralph R.
Brubaclier, president of the Toy Na
tional Bank of Sioux City, for the presi
dency of the Iowa Bankers Association
at the 1944 convention. As yet no
other candidate has been announced
for this year, and it looks like a clear
field for Mr. Brubaclier, who will be an
excellent president.
aimed particularly at this form of gov
ernment competition: “The Production
Credit Association subsidized at gov
ernment expense is deplored by bank
ers of Group I as unfair competition to
banks. The chartered and incorpo
rated banks have ample funds to meet
all credit requirements. Therefore, it
is the unanimous opinion of the bank-
IN DAILY USAGE
throughout
THE FINANCIAL WORLD
The resolutions aimed particularly at
the PCA set-up, with this resolution
50th YEAR OF
L I K E
Ç jte h lm tp ON
S I I V M
BANK DIRECTORY SERVICE
PRODUCING BUSINESS
for its
ADVERTISERS
★
Issu e d
T ension Envelope Corp:
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BERKOWITZ ENVELOPE CO.
in
M ARCH
and
SEPT EM BER
R. L. POLK & CO.
PU BLISH E RS
EST A B L ISH ED 1870
431 Howard St., Detroit 31, Mich.
1912 GRAND AVE. - PHONE 4-4126 - DES MOINES 14, IOWA
Nor Iluvest er n Banker
March 1944
58
•
ers of Group I that no sound loan be
made by the Production Credit Asso
ciation or any other government lend
ing agency unless the applicant has a
written statement that he or she has
first attempted to obtain credit at a
bank and the loan was denied. We
urge that the cost free capital of $120,000,000 be returned to the U. S. Treas
ury, or that the Production Credit Sys
tem pay interest thereon at the same
rate charged banks on preferred stock
issued for money loaned by the Recon
struction Finance Corporation. Fur
ther that we are unalterably opposed
IO W A
N E W S
to re-establishment of the former Re
gional Agricultural Credit Corporation.
We recommend that a copy of this
resolution be mailed to each Iowa Sen
ator and Iowa Congressman.”
Speaker after speaker emphasized
the safety of government bonds. H. .T.
Harms, president, the LeMars Savings
Bank, said, “There is absolutely no
question as to the safety of government
bonds, and there is almost no source
of investment now except government
bonds.”
H. E. Qualheim, president, the Craw
Seeing You Less--Serving You More
O ur opportunities for personal
contact with c o r r e s p o n d e n t s
are necessarily limited by w ar
time conditions.
O ur opportunities to serve you,
however,
than
are more numerous
ever now— and
our de
sire to co-operate with you re
mains unchanged.
i:i
ST.
L O U IS
M em ber Federal Deposit
Insurance Corporation
2, M I S S O U R I
M Y ears
of Hanking Experience
U à
ik .
,!
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March i.944
•
ford County Trust and Savings, Deni
son, said, “Without any doubt what
ever, government bonds will be paid
in full. Make no mistake about that.”
A feature of the Sioux City program
was the excellent address by K. .1. Mc
Donald, president, the Iowa Trust and
Savings Bank, Estherville, who is sig
nally honored this year by being chair
man of the committee on country bank
operations of the American Bankers
Association. He gave a fascinating re
port on the work of the committee and
he spoke particularly on the “PCA”
survey which his committee has made
throughout the United States.
P. B. Mouw, assistant cashier, First
National Bank, Sioux Center, who is a
district group chairman for the Iowa
War Finance Committee, made a splen
did plea for bankers to live up to their
responsibilities as key War Bond sales
men in their respective communities.
He was followed by James A. Cummins
of Des Moines, deputy manager of the
war finance committee, who said, “ The
success of all our bond drives directly
depends upon you bankers. You can
not avoid this great responsibility.
The afternoon program was con
cluded wit,h rapid fire remarks by Iowa
Association Secretary Frank Warner,
who can say more in twenty minutes
than the average speaker can in an
hour. Secretary Warner paid special
tribute to the committee on country
bank operations, headed by Chairman
K. J. McDonald of Estherville.
Norman B. Shaffer, vice president of
the Continental Illinois National of
Chicago, missed the Sioux City meeting
on account of some sinus trouble. Vice
President Lester T. Boe took his place
and renewed many an acquaintance,
both with Iowa bankers and among
their accounts in Sioux City.
Frank M. Covert, assistant cashier.
Drovers National Bank of Chicago, left
the Sioux City group meeting with a
brand new hat and a keener knowledge
of the Milwaukee Railroad.
It seems that Frank, after dining on
the “Hiawatha” left his hat in the
diner, which went on to Omaha when
the train split, as usual, at Manilla,
Iowa, one section going to Omaha, the
other to Sioux City. Therefore, Frank
reached Sioux City minus a hat, and
in a below zero climate. As a result,
he purchased a beautiful new Dobbs
creation at Sioux City, but was hopeful
of recovering his other hat, too.
59
The concluding feature of the Group
I meeting were the social hour, under
the supervision of entertainment, A. G.
Sam, and the evening banquet, at
which W. Earl Hall, Mason City pub
lisher, was the principal speaker. Both
of these events were gala affairs.
O v e r the Top A g a in
Iowa has again gone over the top
in the War Bond effort, with incom
plete Fourth War Loan figures show
ing that the state not only made its
total quota, but each of the special
quotas set by the Treasury Depart
ment.
Figures as of March 1st, which do not
include final figures, show that total
sales amounted to $220,400,000 or 124
per cent of the over-all drive quota of
$177,000,000.
The sale of Series E Bonds totals
$74,600,000, or 110 per cent of the $66,000,000 E Bond quota set by the Iowa
War Finance Committee. Total sales
to individuals were $114,800,000, or 111
per cent of the $103,000,000 Iowa War
Finance Committee quota. This figure
of course, includes Series E Bonds.
On per cent of each of the quotas,
Iowa has made a very even record, as
indicated by the figures received to
date. Few states can boast a record
of making each of the quotas set by
the Treasury Department; the Series
E Bond quota, quota for individuals,
quota for corporation purchases and
the over-all total quota.
The State War Finance Committee
announced that only three counties
were on the list which had not made
the total quota and it was expected that
when final figures were in, all might
attain this goal.
Non-banking corporations, exclusive
of Insurance Companies, had pur
chased $64,800,000 worth of Bonds, ac
cording to the War Finance Committee
report. Insurance Company purchases
totaled $35,700,000. These figures were,
of course, expected to change some
what in the final analysis.
“We think the bankers of Iowa
have done an outstanding piece of
work in connection with the Fourth
War Loan Campaign and we feel that
the success of the drive is, in a great
measure, the result of their excellent
cooperation and the wonderful help
given the campaign by themselves and
their employes who, in many cases,
worked overtime to issue bonds and
get out reports to the Federal Reserve
Bank,” V. L. Clark, Executive Manager
of the Iowa War Finance Committee,
said.
She: “Kiss me once more like that
and I’m yours for life.”
GI: “Thanks for the warning.”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O n the Beam at Burlington
Iowa G r o u p Eleven Bankers in A n nu al M e e tin g
HERE was no blizzard in Burling the tea of excellent quality, but it ap
ton, Iowa, nor did the temperature parently carried enough strength to
register 23 below, but the weather man cause a number of outbursts of song
was dumping down generous buckets at the dinner which followed.
Registration figures at the meeting
of rain when bankers of Group Eleven
and their friends assembled the even this year were about 50 ahead of 1943,
ing of Monday, February 21st, at the with 250 wearing the red carnation
Burlington Tea Party, the affair spon with the compliments of the Hannasored by the Burlington banks which Kramer Company of Burlington. Bank
always precedes the annual meeting on er visitors from outside the Group
Washington’s birthday. Not only was came from Council Bluffs, Des Moines,
T
IN D U S T R Y
A N D
A G R IC U L T U R E
Located in the heart of the Union Stock Yards
and Chicago’s great Central Manufacturing
District, this bank has developed facilities
through serving both farmer and manufacturer
for over three-quarters of a century that make
it exceptionally qualified to act as Chicago
correspondent for middle western bankers.
¥//e
L IV E
'A fftr v iiff/
S T O C K
B A N K
,/
( Established 1868)
UNION
—
—
—
STOCK
m
ie u a *
'
*
YARDS
M e m b e r F e d e ra l D e p o sit In su ra n ce C o r p o r a tio n —
Northwestern Banker
—
March
60
— •
Cedar Rapids, Clinton, Davenport, Chi
cago, New York, St. Louis and Kansas
City, not overlooking Cedar Falls,
Iowa, from whence came the president
of the Iowa Bankers Association, Viv
NEWS
The hat of R. O. Byerrum, executive
vice president of the First Trust & Sav
ings Bank, Davenport, a Burlington
visitor, is in the ring for ABA council
man from Iowa, succeeding Byron Mc
Kee, vice president of the Muscatine
Bank & Trust Company, whose threeyear term expires this year. Mr. Byer-
on im ercia
eco un lò
PJfDkem ieLs HP Lj 3
eir
O w n (J3 ootitrupó
Modern business in need of financial advice
or assistance turns naturally to its Bankers.
When you Counselors to Business, in a n a ly z
ing a commercial account, determine the
problem to be lack of working capital — where
marketable inventories are present —the prob
lem can be most efficiently solved by utiliz
ing the assets of the company itself through
a Field W arehouse Collateralized Loan.
Our Warehouse Receipts issued on inventories
have collateralized millions of dollars in bank
loans — without one dollar of loss to the lend
ing agent, our bonding company or ourselves.
W r ite for o u r F re e B ook let, o r req u est
o n e of o u r r e p re se n ta tiv e s to call.
'p ie ic C
----------------------
ST. LOUIS TERMINAL WAREHOUSE CO.
826 Clark Avenue
KANSAS CITY
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
.
MEMPHIS
March
•-
rum was ABA state vice president in
1941, and regional vice president in
1942, and has been most active in ABA
membership solicitation.
R. J. McCleary, vice president and
cashier of the Security State Bank,
Keokuk, and chairman of Group
Eleven, did a masterful job as presid
ing officer at the annual luncheon
which opened the business session.
And speaking of luncheons, in these
days of creamed chicken and macaroni
and cheese, it was a real pleasure to
sink a tooth in the large and delicious
ian Johnson
?[p hjou r
IO W A
Si. Louis 2, Mo.
.
C H IC A G O
.
CINCINNATI
tenderloin steak which Hotel Manager
Pettigrew provided. W h e n those
steaks hit the tables, the o-o-oh’s and
a-a-a-ah’s were prolific and sincere.
Mel Ellis, Iowa superintendent of
banking, after introducing a number
of his handsome and competent exam
iners, called attention to the tremen
dous increase in deposits in Iowa
banks, especially with relation to pur
chase of government bonds, and urged
continued investment in this type of
security.
Iowa Association President Vivian
Johnson cited the many problems fac
ing bankers today, and asked some
pointed questions regarding the pur
chase of government bonds, deposit
shrink, postwar plans, Regulation Q,
government in business, local lending,
and many others. He urged a sound
lending policy for all banks in which
the government would stand by to lend
assistance, if such was necessary, but
decried the government taking the lead
in such banking activities.
James A. Cummins, deputy manager
of the Iowa War Finance Committee,
was a Group One visitor and speaker,
and said that Iowa, through the War
Bond sales efforts of banks and individ
uals, has changed the New Deal slogan
of “spend for prosperity” to a practical
one of “save for thrift.” Iowa bankers,
Mr. Cummins said, have not only done
a grand job in promoting the sale of
War Bonds, but at the same time have
been building their communities into a
financially sound economic unit for the
postwar period.
“War and Its Outlook” was the sub
ject of Dr. Melchior Palyi, who does not
see an early end to the present conflict.
With the tremendous sea and air pow
er which our Navy has massed, the
doctor believes the clean-up on Japan
is now only a matter of months, while
reducing Herr Hitler to a pulp, which
almost everybody thought would be
accomplished in 1944, may be a matter
of years. Dr. Palyi gave voluminous
data and interesting information on
the complete aspect of the war on all
fronts, touching briefly on local eco
nomics to state that while we might
have inflation to a greater degree than
we are now experiencing, he looked
for no financial collapse.
An interesting and rapid fire discus
sion of a number of problems bankers
should be thinking about was con
ducted by Frank Warner, Iowa Asso
ciation secretary. He said that few
bankers in their statements take the
trouble to explain to depositors and the
local public just what that bank means
to its community, thereby losing a
chance to build far-reaching good will.
61
•
Mr. Warner cautioned banks against
making any boastful statements re
garding their earning power, particu
larly when paying little or no interest
for deposits, and perhaps piling on a
few extra service charges. Such tac
tics, in his estimation, just leaves the
gate wide open for further government
supervision. Keep bank capital as
small as possible, he said. Many an
older banker would like to retire, and
turn the place over to a younger man,
but in many cases the bank is capital
ized to the extent no younger man has
enough money to swing the deal. A
big. fat surplus is nice to look at. but
lots of other people are looking at it,
too.
Among resolutions adopted were the
following:
The Production Credit Association
(PCA) was declared unfair competition
for banks in a resolution urging that
the cost-free capital of $120,000,000 be
returned to the Federal Treasury or
that the production credit system nav
interest thereon at the same rate
charged banks on preferred stock is
sued for money loaned by the Recon
struction Finance Corporation.
Protested any effort to federalize the
unemployment compensation acts of
the various states that would “destroy
the principle of merit rating as con
tained in the respective state unem
ployment laws.”
Endorsed the state association’s in
stallment loan bill and recommenderi it
for passage at the next session of the
legislature.
Recommended that the Secretary of
the Treasury urge postal savings de
positors to invest their deposits in
War Bonds and Stamps.
Urged continuance of income tax
schools by the Iowa Bankers Associa
tion and recommended the entire in
come tax structure be simplified.
W.
N. Shellenbarger, cashier of the
Hartwick State Bank, Hartwick, Iowa,
was the speaker at the annual meet
ing of the Poweshiek County Farm
Bureau. He spoke on “Urban and
Rural Relationships,” and pointed out
that a better understanding of each
others problems would help much to
improve relationships.
Poweshiek
county is one of the outstanding coun
ties of the state in Farm Bureau work
and has a membership of nearly 1100
farmers.
Centerville banks have completed
their officer elections.
Officials reported elected at the three
institutions are as follows:
Centerville National: F. L. Sawyers,
president: J. B. Taylor, vice president;
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NEWS
•
Sam Mehrhoff, vice president and
cashier; Thomas McDonald, auditor,
and board of directors as follows: F. L.
Sawyers, A. B. Sawyers, J. B. Taylor,
J. A. Shanks and S. H. Mehrhoff.
First National: W. O. Steel, presi
dent and chairman of the board; Harry
Jennings, vice president; Roy E. Oughton, cashier; Colin F. Senior, assistant
cashier. The board of directors are
as follows:
W. O. Steel, John Young, Harry
Jennings, Roy Oughton and Colin
Senior.
Iowa Trust and Savings Bank: W. O.
Steel, president; D. E. Bishop, vice
president; John Young, cashier; J. C.
Orr, assistant cashier.
Board of directors is as follows:
To Farm Bureau
Centerville
IO W A
W. O. Steel, Harry Jennings, D. E.
Bishop, John K. Valentine and John
Young.
Donahue
William Goettsch was elected vice
president of the Donahue Savings
Bank, Donahue, Iowa, succeeding
George Golinghorst, who is retiring
after serving the bank for the past 35
years. Mr. Goettsch is rounding out
25 years with the institution, since he
was first elected to the board in Janu
ary 1919. In honor of the occasion Mr.
Goettsch acted as host at a six o’clock
dinner at his home in Donahue for the
retiring directors as well as the new
directors, officers and employes of the
HEN midwest livestock is marketed, it moves in swift suc
cession from the farm producer; the transportation com
pany; the commission firm to the packing concerns. In turn,
meat products require refrigerated transportation and varied
distributive services as they move to consumers at home and
abroad.
W
Midwestern banks are an integral part of this process. They sup
ply the loans, make collections and furnish dependable credit in
formation through a far-flung system of cooperation between
banks. Because of its sixty-two years of specialized experience
in every branch of this basic industry—the Drovers National
Bank renders an unexcelled service to banks whose customers
ship livestock to the Chicago market.
Your inquiry, concerning the advantages
of
Drovers Service,
is invited
DROVERS NATIONAL BANK
DROVERS TRUST & SAVINGS BANK
U "N I O N
STOCK
YARDS,
CHI CAGO
Xorlhwestern Banker
11
March Vdhb
62
•
IO W A
NEWS
•
bank. At that time, Walter E. Paustian, the cashier of the bank, presented
him with a plaque in appreciation of
his quarter century of service. In ad
dition to his banking and farming in
terests, Mr. Goettsch is at present serv
ing his first term as a member of the
Scott County Board of Supervisors.
At the first meeting of the board
which immediately followed the stock
holders’ meeting, F. C. Moeller was
re-elected president; B. J. Price and
L. L. Pfaff, vice presidents; E. H. Zuerrer, cashier, and W. H. Weiss, assist
ant cashier.
Fort D o d g e
R id ge w a y
At the annual meeting of the stock
holders of the Fort Dodge National
Bank, six directors were re-elected
and one, Floyd M. Rankin, elected.
Mr. Rankin, Fort Dodge auto dealer,
succeeds W. E. Cadwell, who resigned
when he moved to Houston, Texas,
within the past year.
The stockholders of the Farmers
State Bank, Ridgeway, Iowa, held
their annual meeting recently and
re-elected the former members of the
board of directors. The business of
the institution has reached a total of
more than $800,000 and the manage
ment has found it necessary to add a
★
IN THE PURCHASE AND SALE OF
U. S. GOVERNMENT SECURITIES
K
Y
Boone
★
COMPLETE SERVICE
new bookkeeper, Grace Knutson, to
their staff.
Directors are I. G. McQueen, R. G.
Baker. W. F. Soukup, C. T. Trytten.
Joseph Vopava. Sr., Theo. Kvale and
O. G. Hovden. Mr. McQueen was re
elected president and M. 0. Rue re
appointed cashier.
The Citizens National Bank of
Boone, Iowa, held their annual stock
holders’ meeting recently at which
time the same directors and officers
were elected, namely:
John H. Goeppinger, chairman; R.
H. Barber, president; J. H. Abbott, vice
president; E. E. Wiemer, cashier; J. E.
Carlson, assistant cashier; H. R. Eaton,
assistant cashier; Arthur C. Herman,
assistant cashier, now in service; C. D
Clausen, assistant cashier; R. T. Duck
worth, director; F. L. Mackey, di
rector, and C. C. Quinn, director.
The bank had a successful year,
adding $10,000 to surplus account, $6,000 to undivided profits and paying a
five per cent dividend. During the
past year there has been a substan
tial increase in all departments of the
bank.
All officers and directors of the
Boone State Bank and Trust Com
pany were re-elected at the annual
meetings of the stockholders and di
rectors.
A newcomer on the staff is J. P.
Christiansen, of Shenandoah, execu
tive vice president and cashier. Chris
tiansen, for the past 10 years, has
been vice president of thé City Na
tional bank.
%
/
r
K
C o lfa x
USTOMERS of The Northern Trust Com
C
pany appreciate the completeness o f the
modern service rendered here in connection
The annual meeting of the First Na
tional Bank at Colfax, was held at the
bank offices, with all of the officers
and directors being re-elected.
The statement of the bank shows
that its capital has been increased
from $25,000 to $50,000.
A-
with United States Government securities. The
Bond Department is staffed with men o f long
experience and training in handling these issues.
They have ready access to current information
on all Government obligations.
Inquiries are
invited concerning the purchase or sale o f
United States Government securities. Orders
are executed with dispatch.
Write for a copy of Quotation Record Form
for your U. S. Government Securities
THE NORTHERN
TRUST COMPANY
50 S O U T H L A SALLE S T R E E T , C H I C A G O SO
M em ber Federal Deposit Insurance Corporation
★
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March
Hayesville
Directors of the Hayesville Savings
Bank were all re-elected at stockhold
ers’ meeting.
J. E. Ray, who has just passed his
80th birthday, and who has been cash
ier of the bank since 1921, resigned.
C. J. Mertz, former assistant cashier,
takes his place. Mr. Mertz joined the
bank in 1935.
Resources of the bank now exceed
million. Earnings for 1943 were
higher than in previous years.
V ictory
A Jap general rode forward: “ I
have the honor, Your Imperial High
ness, to announce a great victory.”
“Well, don’t stand there—go and
congratulate your troops.”
“ So solly—there are none left.”
W Ming
He told her he would go through
hell for her. So he married her—and
he’s going through hell.
4
<
63
•
W a t e rlo o
Arthur A. Roeder, president and
treasurer of the Waterloo Metal &
Manufacturing Company, and Alfred
Olson, president of the A. Olson Con
struction Company, were named di
rectors of the People’s Savings Bank.
Waterloo, Iowa, at a quarterly meeting
to mark the only changes in either
officers or directors at any of Water
loo’s three banks.
All former directors and officers of
the Waterloo Savings Bank were re
elected at the annual meeting when
H. G. Northey, president, presented
1943 reports.
A report of activities during 1943
was presented at the annual meeting
of the National Bank of Waterloo,
followed by re-election of the six of
ficers and 11 directors active during
the past year.
IO W A
N E W S
•
retary to assistant vice president, and
the promotions of Louis R. Engel, for
merly auditor, and C. L. Moore, for
merly assistant auditor, to comptroller
and assistant comptroller, respectively.
Paine. Webber, Jackson & Curtis; sec
retary, O. M. Bergman, Allison-Williams Company, and treasurer. Jack
Talbot, Northwestern National Bank.
George V. Jackish is national commit
teeman, representing Harris-Upham &
Company.
A Director
Walter Jenkins, secretary-treasurer
of the Kimball Elevator Company,
Council Bluffs, was elected a director
of The City National Bank. Council
Bluffs, Iowa, to fill the vacancy caused
by the death of Olaf Nelson.
O fficial C h a n g e s
Recent changes and promotions at
the Mississippi Valley Trust Company,
St. Louis, include the advancement of
Jules F. Schneider from assistant sec-
State C e n te r
Central State Bank at State Center
re-elected all officers and directors at
the annual meeting recently. F. B.
Gilbert is chairman of the board, and
active officers are W. L. Haesemeyer,
president, and E. S. Pitman, cashier.
The bank’s surplus increased $20,000
and a 6 per cent dividend was declared.
C;1
Lam ont Bank
M a n a g e r Dies
E. C. Hesner, Lamont banker, died
very suddenly of a heart attack at the
farm of his brother-in-law near La
mont. Since opening of the branch
bank in Lamont by the Farmers State
Savings Bank, Independence, Iowa,
in November 1937, Mr. Hesner has of
ficiated there as manager, and has
built a nice banking business.
Sibley
At the annual meeting of the stock
holders of the Sibley State Bank. Sib
ley, Iowa. R. M. Yappen. Harold E.
Scott, Phillip Odens, O. J. Ditto and
George E. Gill were elected directors
for the ensuing year.
The organization meeting of the
board was held immediately after
the stockholders’ meeting with the
following officers elected: R. M. Yap
pen, president; Harold E. Scott, vice
president; Phillip Odens, cashier; and
E. C. Yappen, assistant cashier.
Mr. Yappen, vice president of the
Ashton State Bank, has purchased an
interest in the Sibley State Bank and
will divide his time between the two
institutions.
A n n u al Dinner
The annual mid-winter dinner of the
Twin City Bond Traders Club was held
early last month in Minneapolis, with
an entertainment committee consisting
of Charles J. Rieger, Jamieson & Com
pany, Minneapolis; Robert M. Rice, R.
M. Rice, Minneapolis, and Robert McNaghten. Williams - McNaghten Com
pany, Minneapolis.
Officers of the club are: President,
Maynard W. Rue, J. M. Dain & Com
pany; vice president, Paul Matsche,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
'N o
man
ma n
c an
suffer
can
fall
too
i f he f a l l
and
in
the
too
soon,
defense
constitution
of
much,
if
he
of
and
suffer
no
or
t he l i b e r t i e s
h is
eountry ”
D aniel ¡Veli ster
COMMERCE
MERCANTILE
Trust Company
Bank, and
SAINT
M i M B B ft
FEDBBAL
LOUIS
DB P O S I T
I N S U R A N C E
C Q f f>O R A r I O N
Northwestern Banker
March 1h'i'i
64
•
O ff to the N a v y
Dwain Loyd, assistant cashier of the
State Savings Bank, Hornick, Iowa, left
last month for service with the U. S.
Navy.
Also Julian Frost, executive vice
president of the Decatur County State
Bank, Leon, Iowa, reported at Far-
IO W A
NEWS
•
ragut, Idaho, last month to begin
training for the U. S. Navy.
Nam ed H ead
At the annual meeting of the Deni
son Chamber of Commerce, T. C.
Aarestad was elected president of the
organization for 1944. He is cashier
of the First National Bank, Denison,
Iowa, and came from Grafton, North
Dakota, in 1941. He was assistant
cashier in the Grafton National Bank.
In the Service
Soren Westly, Jr., manager of the
Salix office of Morningside Savings
Bank of Sioux City, left Salix to move
'A
STORE!
EVERYTHING
FORtheOFFICE
ESTA BLISH ED V*- ----- >
STATIONERS V 1889 S BOOKBINDERS
OFFICEOUTFITTERS^--^_-^BUSINESSMACHINES
G rand A v e .
at
Fo u r t h
Des M
o in e s , Ia
The board of directors for the com
ing year remains the same at the
Commercial State Bank, Afton, Iowa,
excepting Kenneth Seeley was chosen
to fill the vacancy caused by the death
of P. A. Donahue. All officers were
re-elected.
O n Bank Staff
Officers of the First National Bank,
Clarion, Iowa, elected for the year
1944 are C. J. Birdsall, president; R. L.
Davison, vice president and cashier;
Ruth Bunn, assistant cashier; D. J.
Jerde, assistant cashier. Directors are
M. F. Birdsall, C. H. Crowe, Dr. E. D.
Tompkins, Wm. K. Roosevelt and C. J.
Birdsall.
The Farmers Savings Bank, Grundy
Center, Iowa, has completely re
modeled the walls and ceilings of their
banking rooms with “Nu-wood,” which
makes an attractive modern looking
bank along with the marble fixtures
installed a few years ago.
1
, 5 P R IN T E R S
Fills V a c a n c y
Rem odeled
K och B rother s
0
his family to Kensett, Iowa, prior to
entering the armed forces last month.
Westly has worked for the past eleven
years in banks at Manly, Des Moines,
Carlisle, Bronson, and Salix, Iowa.
.
List O fficials
Ivan H. Cummings, president of the
Peoples Trust and Savings Bank,
Riverside, Iowa, announces changes
in officers and directors of the bank
made at the meeting held recently.
Officers are Mr. Cummings, president;
George A. Eglin, vice president; and
N. C. Crawford, cashier. Bank di
rectors include the officers and Marion
Godlove, R. I. Marner, R. H. Heitzman
and Henry Frank.
y
V/
V/
V/
V
V/
Enjoy every resort activity while you breathe
deeply of the fresh exhilarating air.
Health
on the home front means VICTORY on the
fighting fron t. . Arrange to spend a few resting
and relaxing days in the valley of Vitality,
where you may fortify yourself with invinci
b le health. Drink the waters. Take the baths.
V . All four kinds of the world’s most efficacious
W Mineral Waters. Scientific baths and miracle
I / massages.
JAN . 2 to MAR. 15— AM ERICAN PLAN
y
V/
y
v/
v/
v/
S/
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A W EE K
SINGLE
FROM
J
I
J
aw eek
FR O M % #
DOUBLE
INCLUDING ALL MEALS
DAILY FROM *5.25 SINGLE
WRITE FOR
March 19Ü
LITERATURE
A n n iv e rsa ry
y
V/
V/
V/
Y/
Y/
Y/
V/
V/
V/
V/
V/
y
Indianola’s Peoples Trust and Sav
ings Bank celebi’ated its 25th anni
versary last month. President William
Buxton, Jr., who has been in the hos
pital with the flu. is convalescing at
his home.
C lo se s H o u r Earlier
The Iowa State Bank. Hamburg,
Iowa, announced a change in banking
hours. The bank will close each aft
ernoon at 3 o’clock instead of 4, which
has been the closing hour for many
years. This change has been made
necessary by the shortage of help and
the local bank is the last one in this
section to close an hour early.
65
- •
Elected to the Board
At the annual stockholders meeting
of the Corydon State Bank, at Cory don,
Iowa, A. O. Hunter was elected a mem
ber of the board of directors. He fills
the vacancy left by the death of Dr.
Ben S. Walker. All other board mem
bers were re-elected.
Bids tor Treasurer
Edgar Jorgensen, assistant cashier
of the City National Bank, Clinton,
Iowa, has announced his candidacy
for treasurer of the Clinton school
board.
IO W A
N EW S
•-
Ayr, filling the vacancy caused by the
resignation of Dorothy Mahan. Miss
Mahan had been an employe of the
bank for the past three years.
Adds Service
Valley State Bank, Rock Valley,
Iowa, is offering the free use of the
Doane Agricultural Service to those
who may wish to take advantage of it.
The service gives data on the agri
cultural outlook from time to time.
Farming and business; crops; livestock;
dairying and poultry; farm values and
improvements; income, expenses and
taxes; farm management; hazards;
loans and credits, and many other sub
jects are covered by the service.
Hold Office
At the State Savings Bank, Baxter,
Iowa, directors for 1944 were elected
as follows: M. J. Keltenhofen, Dr.
James McKenzie. George Geise, Calvin
Noah. Otto Sanderman and W. L. Phil
lips.
After the stockholders meeting the
directors elected M. J. Keltenhofen,
president; Calvin Noah, vice president;
W. L. Phillips, cashier; Rosamond Eck
stein, assistant cashier; and Mrs. Pohl,
bookkeeper.
Live Stock National
Carl L. Fredricksen. president of
the Live Stock National Bank of Sioux
City, announces that his institution is
opening an office at the army air base
in Sioux City. This will be known as
the “Air Base Facility” since the word
“Facility” is the army name for such
banking service.
H. C. Linduski, assistant cashier of
the Live Stock National Bank, will be
in charge of the “Air Base Facility” .
Deposits of the Live Stock National
Bank were $19,660,209, which was the
largest deposit total they have ever
reported in response to a comptroller’s
call, although they have exceeded this
figure considerably several times be
tween call dates.
On Bank Board
John D. Adams, secretary of the Des
Moines Chamber of Commerce, has
been appointed a public interest di
rector of the Federal Home Loan Bank
of Des Moines, James Twohy, gov
ernor of the Federal Home Loan Bank
system, announced last month in
Washington, D. C.
Adams will fill an unexpired term
ending December 31, 1944.
Andex Qo ¿Advertisers
A
.1
Allied M utual Casualty C o m p a n y
A. C. A l l y n and C o m p a n y ...........................
A m e r i c a n N a t i o n a l B a n k and
Trust
C o m p a n y ...............................................................
A m o r t i z e d M o r t g a g e s , I n c .............................
35
26
James Claye of Webster City, Iowa,
has affiliated with the Commercial
Trust & Savings Bank, Storm Lake,
Iowa, as assistant cashier.
Fills Vacancy
New Employe
1)
D a v e n p o r t , F . E. and C o m p a n y ..............49-54
D e s M oi n e s B u il d i n g , L o a n and S a v i n g s
A s s o c i a t i o n ........................................................... 54
D r o v e r s N a t i o n a l B a n k ..................................... 61
E
E l m s H o t e l . . .............................................................
E m p loyers M utual Casualty C o m p a n y.
64
31
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
F e d e r a l I n t e r m e d i a t e Cre dit B a n k s . . . .
F i n a n c i a l D e v e l o p m e n t C o m p a n y ............
F i r s t N a t i o n a l B a n k , C h i c a g o ......................
F i r s t N a t i o n a l B a n k , O m a h a ......................
F i r s t N a t i o n a l B a n k , St. J o s e p h .................
F i r s t N a ti o n a l B a n k , S io u x C i t y .................
F i r s t St. Jose ph S to c k Y a r d s B a n k . . . .
F i r s t W i s c o n s i n N a t i o n a l B a n k .................
March 19'i 'j
64
G e o r g e L a M o n t e and S o n ................................
L e s s i n g A d v e r t i s i n g C o m p a n y ....................
L iv e S to c k N a t i o n a l B a n k , C h i c a g o . . . .
L iv e St oc k N a t i o n a l B a n k , O m a h a . . . .
L iv e S to c k N a t i o n a l B a n k , S io u x C i t y . .
5
64
59
52
42
38
40
58
34
X
N a t i o n a l S u r et y C o r p o r a t i o n ......................... 28
N e w Y o r k T r u s t C o m p a n y ............................. 26
N o r th e rn T r u s t C o m p a n y ................................ 62
N o r t h w e s t e r n N a t i o n a l L i f e In s u r a n c e
C o m p a n y ............................................................... 41
O m a h a N a t i o n a l B a n k ...............................
19
P
P h i la d e lp h ia N a t i o n a l B a n k ................ 27
Po lk , R. L. an d C o m p a n y ....................... 57
Pu b li c N a t i o n a l B a n k and T r u s t
C o m p a n y ...............................................................
50
S
II
I o w a - D e s M o in e s N a t i o n a l B a n k ............
I o w a - N e b r a s k a B a n k D i r e c t o r y .................
I r v i n g T r u s t C o m p a n y .......................................
63
34
2
St. L o u i s T e r m i n a l W a r e h o u s e C o m p a n y 60
S c a r b o r o u g h and C o m p a n y ............... 2 4 - 3 2 - 5 3
G e n e r a l A m e r i c a n L if e In s u r a n c e
C o m p a n y ...................................................
H a m m e r m i l l P a p e r C o m p a n y ......................
H o m e In s u r a n c e C o m p a n y .............................
>1
M e rc a n ti le C o m m e r c e B a n k and T r u s t
C o m p a n y .........................................
Merchants Mutual B onding C o m p a n y ..
M e r c h a n t s N a t i o n a l B a n k ................................
M in n e a p o li s M o li n e P o w e r I m p l e m e n t
C o m p a n y ...............................................................
M in n e s o t a C o m m e r c i a l M e n ’s
A s s o c i a t i o n ..........................................................
M is s i s s ip p i V a l l e y T r u s t C o m p a n y ..........
M u r p h e y , J. E ..........................................................
O
24
33
40
48
50
56
48
36
21
4
I
Bettv Nichols began work last month
at the Security State Bank in Mount
B r o t h e r s ........................................................
C
C e n t ra l N a t i o n a l B a n k an d T r u s t
C o m p a n y ........................................................... 12
C e n t ra l S u r et y and In s u r a n c e
C o r p o r a ti o n ........................................................ 35
C i ty N a t i o n a l B a n k and T r u s t
C o m p a n y , C h i c a g o ............................................ 49
C o n ti n e n ta l Il li n o is N a t i o n a l B a n k
8
and T r u s t C o m p a n y .......................................
C o n t in e n t a l N a t i o n a l B a n k , L i n c o l n . . . . 51
G
Dr. McMicken Hanchett has been
chosen as the director of the First Na
tional Bank, Council Bluffs, Iowa, to
succeed the late H. E. Groneweg.
Koch
L
34
67
44
6
F
Is Assistant Cashier
38
K
54
25
It
B a n k of A m e r i c a ...................................................
Bankers Trust Company, Des M o in e s ..
B a nkers Trust Company, N ew Y o r k . . .
B u r r o u g h s A d d i n g M a c h in e C o m p a n y . .
J a m ie s o n and C o m p a n y ....................................
68
23
32
T
T e n s io n E n v e l o p e C o m p a n y .
...............
T w i n Ci ty F e d e r a l S a v i n g s and L o a n
A s s o c i a t i o n ..........................................................
IT
57
41
'
United S ta t es N a t i o n a l B a n k , O m a h a . .
46
( il i
IN THE DIRECTORS' ROOM
Be Scientific
Pvt: Doc, tell me what’s wrong with
me.
Doc: There’s nothing wrong with
you; you’re just plain lazy.
Pvt: I know, Doc, but give me the
scientific name for it so 1 can impress
my P.T. instructor.
Explain
Smith: Well, I must go home and
explain things to my wife.
Brown: What things?
Smith: How do I know?
Too Much
Bridget: “That was a fine sermon his
riverince gave us on marriage.”
Maggie: “ It was indeed—and I wish
I knew as little about the subject as
he does.”
No Fun
Buck Private: “ I’m afraid we can’t
have much fun tonight. All I have
left of my pay is some small change.”
Sweet Young Thing: “Well, how
much do you think it takes to send
my kid brother to the movies—a five
dollar hill?”
Here
Low: “What is it a sign of when
your nose itches?”
Brow: “Going to have company.”
Low: “And what if your head
itches?”
Brow: “They’ve arrived.”
Advice to a Pfc
When arguing with your first
sergeant be sure you are right—then
let the matter drop.
No Lights
“ I told him he mustn’t see me any
more.”
“What did he do?”
“Turned out the lights.”
Good Business
“How come your uncle says he
would rather do business with Japs
than Americans?”
“He’s a funeral director.”
Old Scar
Barber: “Haven’t I shaved you
somewhere before?”
Sgt.: “Nope, I got that scar at Pearl
Harbor.”
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
March 19'r'i
What’s Victory Made O f?
Why, Victory’s made of blood and
guts,
Of dragging trucks through muddy
ruts
Of gaping wounds and searing pain
Of counter attacks in a driving rain.
Victory’s made of shot and shell
Of a tin can rolling in a swell,
Of Radar pointing like a finger of
fate
And gunners firing their tubes of
hate.
Victory’s made of men and steel
Of women alone at home, who feel
That battles are fought and won by
boys
While politicians make the noise.
That’s what Victory’s made of!
Momentarily
An American screen star was a(>plying for a passport.
“Unmarried?” questioned the clerk.
“Occasionally,” replied the actress.
Stuffing
K.P.: “What do you do with dough
nut holes?”
Cookie: “We use them to stuff mac
aroni.”
Mere Million
Nap: Why do they say money
doesn’t always bring happiness?
Sap: ’Cause the man with ten mil
lion dollars is no happier than the guy
with nine million.
No Chance
Two sergeant gunners of a Flying
Fortress decided to relax with an eve
ning in town after participating in a
fierce air battle over Germany.
Their only transportation was one
bicycle. They both climbed on it, one
riding the handlebars. As they en
tered the local village, an MP stopped
them.
“Hey you—you’ll have to get down
off the handlebars and walk,” said the
MP.
“W hy?” asked the two aerial gun
ners.
“Too dangerous,” replied the MP.
Fareivell
A rookie, picked to practice-drill his
unit, was nonplussed when the men
marched toward a bushy area. The
rookie knew he should do something
but his mind was a blank. He could
n’t think of the command to turn them
around, turn them to the right or left,
or even stop them.
“Well, Private,” said the sergeant,
resignedly, “if you can’t stop them,
at least tell the boys good-bye.”
Master Sergeant
He: “ I see your husband has been
promoted to a master sergeant. I
suppose he’s brilliant and knows
everything.”
She: “ Don’t fool yourself. He doesn’t
suspect a thing.”
Doesn’t Count
While filling out an application for
dependents’ aid, a colored soldier an
swered “no” to the question as to
whether he had any dependents.
“You’re married, aren’t you?” an
officer asked.
“Yessir,” the soldier replied, “but
she ain’t dependable.”
Be Gay
Captain: “Private, it gives me great
pleasure to give you these two stripes.”
Private: “Why not give me three,
Sir, and really enjoy yourself?”
Society
“ I’m stepping out in society. To
night I’m having dinner with the up
per set.”
“The steak may be tough—better
take the lowers, too.”
Tip$ to $ailor$
Dear Pop$:
Gue$$ what I need mo$t? That’S
right. Plea$e Send it a$ Soon a$ po$Sible. Be$t wi$he$.
Your Sailor Son, $am.
Not Now, Willie
Teacher: Willie, give the definition
of “home” .
Willie: Home is where part of the
family waits until the others are
through with the car.
Affecting
A ll Iowa
To Iowa Bankers, Des Moines is far more than a place to clear items,
or hold conventions.
As Iowa’s capital, Des Moines is a natural center of activities that
affect business and banking interests throughout the state.
Regardless of size or location, any Iowa bank has much to gain
by having an account with the Bankers Trust, in Des Moines.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANKERS TRUST
C O M P A N Y î t i DES MOINES
FORVICTORY
i
.owa Banks and Bankers again have earned
a citation for distinguished service.
Their whole-hearted effort and cooperation
played a most important part in helping our
State to oversubscribe its $177,000,000 quota in
the 4th War Loan campaign.
Iowa will benefit in countless ways as a result
of this additional investment in War Bonds to
Back the Attack.
By assisting in the task of meeting today's vital
financial needs, Banks again have proved that
they recognize their responsibility to further
the War effort in every way possible . . . and
their increased opportunities to aid their cus
tomers in making sound investments.
I owa -D es M oines N ational B ank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
& TRUST COMPANY
M e m b e r Fe d er a l Deposit Insurance Corporation
i.
@FedFRASER