Full text of The Northwestern Banker : March 1945, Fiftieth Year, Number 692

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MARCH
1945
OUR 5 0 th YEAR

VERN E W. ABEEL
R e ce n tly n am ed S u p e rin te n d e n t of B a n k s fo r S o u th D a k o ta

BUY
UNITED
STATES

WAR
BONDS
AND

STAM PS


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Federal Reserve Bank of St. Louis

Should G . I. Loans Be Processed Through A Central Office
Page 16

In Peace Time and War Time
In p e a c e time an d in w ar time, for 64 y ea rs the M erchants
N ational Bank h a s provided ev ery ban k in g facility required
by industrial, agricultural an d correspondent accou nts.
Its facilities
u n ex celled .

for servin g

as

your

correspondent

are

A CEDAR RAPIDS BANK

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SERVICING ALL IOWA.

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MERCHANTS
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OFFI CERS
J a m e s E . H a m i l t o n , Chairman
S . E . C o q u il l e t t e , President
H . N . B o y s o n , Vice President
R oy C. F o l s o m , Vice President
M a r k J . M y e r s , V. Pres. & Cashier
G eorge F . M il l e r , V. Pres. & Tr. Officer
M a r v in R. S e l d e n , Vice President
F red W. S m i t h , Vice President
J o h n T . H a m il t o n II, Vice President
R. W. M a n a t t , Asst, Cashier
L. W. B r o u l ik , Asst. Cashier
P e t e r B a i l e y , Asst. Cashier
R. D. B r o w n , Asst. Cashier
O. A. K e a r n e y , Asst. Cashier
S t a n l e y J. M o h r b a c h e r , Asst. Cashier
E . B . Z b a n e k , Building Manager

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NATIONAL BANK

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Cedar Rapids
Member Federal

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Iowa

Insurance Corporation

Northwestern Banker publish«! monthly by the De Puy Publishing Company, at 527 Seventh St.. Des Moines. Iowa. Subscription, 35c per copy S3 00 per year
Entered as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, under Act of March 3 1879.


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Federal Reserve Bank of St. Louis

3

For SAFETY'S Sake
E ven th ou gh w e h a v e far few er autom obiles
on the road tod ay, w e cannot relax in our
efforts to protect the pedestrian. S afety Zones
m ust still b e kept p ainted. Traffic Police must
s till b e o n d u ty a t d a n g e r p o in ts. A n y s u g ­
g e s t io n th a t w e s h o u ld s a v e o n p r o t e c t i o n
b e c a u se statistics in d icate a le ssen ed hazard,
w o u ld b e b ran d ed a s folly. » » And w hile
the num ber of ch eck s in u se h a s in c re ase d
g r e a t ly d u r in g th e p a s t fe w d e c a d e s , th e
effectiven ess of S afety Paper in preventing
fraudulent alterations h a s resulted in a far

g r e a te r d e c r e a s e in th e a c tiv ity
VICTORY
of check criminals. )> )) But that
BUY
UNITED
WAR
d o es not m ea n that the n eed for
JONDS
Safety Paper is lessen ed . On the
contrary. B u sin ess a n d B anking
Now As Never
A m e r ic a w a s n e v e r m ore a liv e
Before We
Most
M
is t Not F a ilillI
to its im p o r ta n c e . A n d n e v e r in
the h istory of th is co m p a n y h a s th ere b e e n
su ch a w id e sp r e a d d em a n d for LA MONTE
S a fe ty P ap ers — the a c c e p te d S tan d ard of
Safety in check protection for nearly three
quarters of a century.

For Sam ples of LaM onte Safety Paper see your
Lithographer or Printer —or write us direct.

LA MONTE
GEORGE LAMONTE & SON

l h * W avy Lines a re a L a M o n te Trade M ark

OUR 50th YEAR


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Federal Reserve Bank of St. Louis

PAPER

NUTLEY, NEW JERSEY
We supply many banks and business organizations
with their own in d iv id u a l l y id e n t if ie d Safety Paper.
The issuing organization's Trade-Mark is in the
paper itself and appears on both the front and back
of the check. Such in d iv id u a l iz e d paper provides
maximum protection against counterfeiting —saves
Banks sorting time —helps prevent errors.

N orthw estern B anker

March 1945

tR V l d S

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WHY WE RE CALLED A BANKER’S BANK
Banking for bankers has always been a dominant characteristic o f
Bankers Trust Company. Services to banks, such as those listed above,
are handled by specialized departments, and the entire Correspondent
relationship is personally supervised by officers assigned to cover your
s’ection of the country. This explains why more and more banks are
making active use of Bankers Trust Company Correspondent services.
Inquiry is invited on any problem in which it is felt we can be of help.

Bankers Trust C ompany

M ember Federal Deposit Insurance Corporation


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Federal Reserve Bank of St. Louis

WHATK A IE HASMil TOWARDIIITIIIIV
TTAODAY, every business and industry must be judged by a new
-*■ standard— its contribution, direct or indirect, toward the winning

STA T EM E N T

o f the war.

D ecem ber 31, 1944

The men and resources of the fire insurance industry have been
utilized to the full in the mobilization of our nation’s might. A large
proportion of the male employees are serving with the armed forces.
Many others have been, and are, devoting a large part of their time
and energies to unpaid civilian war activities. Further, a large propor­
tion of the income of the industry is converted directly into War Bonds.
In all these ways, fire insurance has aided the general war effort of

ADMITTED

21.220.339.31
34.764.718.31
76,426,404.54
368,005.60
3,772,527.58
8,637,873.31

Reinsurance
Recoverable on Paid Losses . .
Other Adm itted A s s e ts ..........................

1,697,960.88
157,610.37

the United States. Added to this is the immeasurable and vastly im­

Total Adm itted Assets .

portant overall support rendered by the whole "industry which
protects other industries” in its never-ceasing war on man’s ancient,
indefatigable enemy—fire.
Through the vigilance, skill and protective work of its inspection
and engineering facilities, the fire insurance industry has not only

ASSETS

Cash in Office, Banks and Trust Companies
....................................
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

.$147,045,439.90

LIABILITIES
Reserve for Unearned Prem ium s . . $ 56,900,611.00
Reserve for L o s s e s ............................... 17,391,935.00
Reserve for Taxes .
..........................
2,870,000.00
Reserve for M iscellaneous Accounts .
913,950.86
Funds H eld Under Reinsurance Treaties
58,461.60

helped prevent many disastrous fires—it has presented the country

Total Liabilities Except Capital $ 78,134,958.46
C apital . . . . .
1 5 ,0 0 0 ,0 0 0 .0 0
S u rp lu s . . . .
5 3 ,9 1 0 ,4 8 1 .4 4

with the equivalent of hard-won production victories. Toward this end,

S u rp lu s as R eg ard s P o licy h o ld ers

we intensified our efforts in 1944. Yet, it is unfortunately true that in
spite of all efforts, there was an increase in the number of fires in 1944,
the result of the accelerated wartime production tempo. Consequently
we plan to redouble our preventive activities in the critical year ahead
. . . a contribution to the America our men are fighting for.

T o t a l ..............................................$147,045,439,90
N ote: Bonds carried at $3,645,555.62 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
quirem ents of the National Association of In­
surance Commissioners. On the basis of actual
December 31st m arket values, total Admitted
Assets would be increased to $148,631,517.64
and Surplus to Policyholders would be in­
creased to $70,496,559.18. Surplus adjusted to
reflect Canadian Assets and Liabilities on
United States D ollar basis.

* THE HOME *

IDcreefo-14
L e w is L . C l a r k e

6 8 ,9 1 0 ,4 8 1 .4 4

G eo r g e M cA n en y

C harles G . M ey er

G uy C ary

W il l ia m L . D e B o s t

H arold

W il f r e d K u r t h

H a r v e y D . G ib s o n

V.

S m it h

E d w in A . B a y l e s

F r e d e r ic k B . A d a m s

G ordon S . R entschler

R o b e r t W . D o w l in g

R obert G oelet

G eorge G und

N EW
FIRE

Y O R K

AUTOM OBILE

MARI NE

H ar o ld H . H elm

THE HOME, THROUGH ITS AGENTS AND BROKERS, IS AMERICA’S LEADINC INSURANCE
PROTECTOR OF AMERICAN HOMES AND THE HOMES OF AMERICAN INDUSTRY


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Federal Reserve Bank of St. Louis

FIELD WAREHOUSING!

The Modern Method of Inventory Financing
Some of your present customers . . . as well as others whose
business you would like to have . . . may find their working
capital insufficient for their needs.
Many have inventories that offer sound opportunities to you
for Warehouse Receipts Loans.
Our Field Warehousing
Service enables you to make those loans against inventories
stored right on the borrower’s own premises.
Warehouse Receipts make it possible for you to lend in ex­
cess of open-line credit limits, safely and profitably.
We are specialists in Field Warehousing.

Our experience

is long . . . our responsibility recognized.

Without obligation, our representative will call on
request and explain how our Field Warehousing serv­
ice provides collateral on inventories on the owner's
location . . .

ê>t. $aul terminal Wareljouôe Co.
ST. PAUL, MINN.
— Iowa Office —

— Other Offices —

515 Iow a-D es M oines N ational Bank Building
DES MOINES
TELEPHONE 2-1208

MINNEAPOLIS
MILWAUKEE
INDIANAPOLIS
DETROIT
CHICAGO
NEW YORK
BOSTON
PHILADELPHIA
PITTSBURGH
SYRACUSE
MEMPHIS ATLANTA CHARLOTTE ALBANY. GA.

T. C. CANNON, DISTRICT MANAGER

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

N orthw estern B anker

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Federal Reserve Bank of St. Louis

March Î945

OUR 50th YEAR

7

FIFTIETH Y E A R

_______________________________________________________N U M B ER 692

O ldest Financial Journal West of the Mississippi River

Question: Do you think the
United States should have
compulsory military train­
ing?
Oscar Bauer, vice presid en t, F a rm e rs
S tate Bank, R ising City, N ebraska:
“W e do n o t need com pulsory m ili­
ta ry train in g . T he U nited States has
alw ays got along w ith o u t it and I th in k
she w ill tak e care of h erself in th e
fu tu re .”
George E. A llbee, president, Peoples
Savings B ank, W aterloo, Iow a:
“I th in k th a t com pulsory m ilitary
tra in in g should be adopted and p ra c ­
ticed b y th e U nited States. Such tra in ­
ing, I am sure, w ill prove m ost ben e­
ficial to th e y oung m en receiving th e
train in g , and since th e U nited States,
w ith all its resources an d pow er, is n o t
a m ilitaristic nation, a p ro g ram of com ­
pu lso ry m ilita ry tra in in g is needed to
au g m en t h e r u su ally sm all stan d in g
arm y.
“In th is sh ru n k e n w orld w e m u st
p articip ate in in te rn a tio n a l affairs
w h e th e r w e like it or not, and I fear
fu tu re a d m in istratio n s and sta te de­
p a rtm e n ts w ill need m ore th a n diplo­
m acy to su p p o rt o u r policies. A p ro ­
gram of com pulsory m ilita ry train in g ,
w hile n o t m ak in g a g reat display of
m ilita ry force, would, nevertheless,
ren d e r th a t support. H ad such a p ro ­
g ram been adopted te n y ears ago, the
p re se n t conflict m ight have been
averted.

C. W. H arrington, president, D akota
S tate B ank, Colman, South D akota:
“W hile I am not in favor of com pul­
sory m ilita ry train in g , I do th in k th at
th is c o u n try should m ain tain a strong,
w ell equipped arm y, n av y and air
force a t all tim es. T his can be accom ­
plished by offering adequate p ay and
o p p o rtu n ities for advan cem en t in th e
arm ed forces.”
A sa Thom as, vice p resid en t and
cashier, N ational B an k of Toledo, To­
ledo, Iow a:
(T u rn to page 70, please)
OUR 50th YEAR


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Federal Reserve Bank of St. Louis

IN THIS M ARCH, 1945, ISSUE
Editorials
A c ro s s th e D e sk f r o m t h e P u b l i s h e r ................................................................................. .

10

Feature Articles
S h o u ld W e H a v e C o m p u ls o ry M ilita r y T r a i n i n g ? — W h a t Do Y o u T h in k ?

7

Dear Editor .......................................................................
9
Frontispage ............................................................................................................... 13
Bank Profit from Green Pastures...................................................F. L. O’Hair 14
How to Clerk a Farm Sale.......................................................C. W. Fishbaugh 15
Should G. I. Loans Be Processed Through a Central Office?........................... 16
How Country Banks Are Advertising................................................................... 18
News and Views of the Banking World................................... Clifford De Puy 19
Who Is Liable for Taxes—Legal Department................................................... 20
First Bank Stock Corporation Changes............................................................... 22

Bonds and Investments
Field Warehouse Receipts Loans Good as Gold?.......................T. S. Jackson

33

Insurance
Good Adjusting Is Good Business............... ....................J. H. Burlingame, Jr.
Why the Farmer Needs Hail Insurance................................ Carl P. Rutledge

39
41

State Banking News
Minnesota News ..................................
45
Twin City News.................................................................E. W. Kieckhefer 47
South Dakota News.................................................................................................. 51
Sioux Falls News...................
52
North Dakota News........................
54
Fargo News .................................................................
55
Nebraska News ...................................................................................................... 57
Junior Banker News .............................................................John Lauritzen 57
Omaha Clearings ..................... ................................2........ ........... .................. 59
Lincoln Locals ................................................................................................... 61
Iowa News ..........................
63
Iowa Investment Bankers Elect....................................................................... 68

The Directors' Room
A Few Short Stories to Make You Laugh.....................................................

74

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

HENRY H. HAYNES
Editor
MARGUERITE BROWN
Office Supervisor

RUTH KILLEN
Associate Editor
SADIE E. WAY
Circulation Department

NEW YORK OFFICE
Frank P. Syms, V ice President, 505 Fifth A v e ., Suite 1806

Telephone MUrray H ill 2-0326

N orthw estern B anker

March 194-5

Three Questions on post-war
foreign trade opportunities
. . . and the answers ___ ___________________
E arly i n 1944, Irving T ru st Comp an y e s ta b lis h e d a F o reig n T ra d e
Inform ation D epartm ent to gather in ­
formation on post-w ar opportunities
in foreign trade. T his new depart­
m ent has presented the following
three questions to leading bankers in
num erous foreign countries:

1

Is there any great shortage of goods
in your markets at present and, if so,
in what lines?
For what kinds of goods will there be
a post-war demand?

3

Has local industrialization created a
change in the over-all demand for im­
ported goods as compared with the
demand before the war?

T he answers reveal acute shortages in
all kinds of goods. T his condition,
together with the rising standard of
living which is anticipated, indicates
vast markets for American products.
Check below the countries in which
you are interested and we shall be
pleased to send you w ithout obliga­
tion the reports thus far gathered.

I rving T rust C ompany
O N E W ALL S T R E E T • NEW Y O R K 15, N. Y.
Member Federal Deposit Insurance Corporation

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REPORTS ARE
IMMEDIATELY AVAILABLE ON
THE FOLLOWING COUNTRIES:

FOREIGN TRADE INFORMATION DEPT. 8
IRVING TRUST COMPANY
One Wall Street, New York 15, N. Y.

!

Algeria
Argentina
Australia
Bolivia
Brazil
Chile
China
Colombia
Costa Rica
Dominican Republic
Honduras
India
Iran (Persia)
Ireland

Please send me, without cost or obligation, reports on
the countries I have checked. Other countries in which
I am interested are--------------------------------------------

i

Name----------------------------------------------------------------

*i


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Federal Reserve Bank of St. Louis

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Mexico
Morocco
New Zealand
Nicaragua
Palestine
Paraguay
Peru
Portugal
Salvador
Spain
Syria
Sweden
Turkey
Venezuela

i

i
i

Company-------------------------------------------------------------i

i
Address_________________________________ _________
I

9

T h e follow in g le tte rs w ere received
from N orth w estern B an ker readers.
Your view s and opin ion s on any sub­
je c t tvill be g la d ly p u b lish ed in this
colum n.

"G. I. Loans Are an Issue"

i

“ F o r som e tim e i t has been m y p lea s­
u re to re ad th e N o r t h w e s t e r n B a n k e r ,
a g re e an d d isa g ree w ith its e d ito rials and
policies w hich in a m a jo rity o f cases were
a n d a re e n lig h ten in g to b a n k ers an d b a n k ­
in g executive staffs.
The N o r t h w e s t e r n
B a n k e r has been a cham pion o f b an k in g
procedures a n d ju s tly so, Cliff, b u t I ’m
w ondering a b o u t som ething th a t to m e is
a n im p o rta n t issue— good w ill in th e p o st­
w a r e ra to w ard banks an d b a n k in g ?
‘ ‘ So m uch discussion is flo atin g a bout
in re g a rd to p o stw ar p lan n in g , b uilding,
jobs, etc., b u t w h a t a b o u t good w ill tow ard
th e banks a n d b an k ers?
“ M edical associations a re su b tly ru n ­
n in g fu ll page ad v ertisem en ts te llin g th e
public w h at a g ra n d jo b doctors a n d nurses
a re doing. H ow old ‘Doc W h o sis’ came
out o f re tire m e n t w hile young Doc goes
to w ar. F o u n d rie s are ad v isin g th e public
a b o u t iro n a n d steel sh o rtag es b eing due
to th e dem ands of w ar— tire a n d ru b b e r
in d u strie s are c o n stan tly b efo re th e public
re m in d in g them of th e b ig jo b th ey do fo r
th e w ar— why p ro d u c ts a re n o t av ailable or
why prod u ctio n is c u rta ile d . B u t is any
o rg a n iz atio n or association p ro m o tin g the
b an k s ?
“ D oes anyone c o n sta n tly rem ind the
p ublic th a t b a n k s a re doing a m a jo r job
o f financing th is w ar?
H e a d in g bond
com m ittees, lead in g bond rallies, advising
custom ers to b u y bonds— in v estin g in those
sam e bonds w ith th e ir own surplus c ap ital,
se ttin g an exam ple as it were, fo r th e public
to follow ?
‘ ‘ B anks a re h a n d lin g ra tio n accounts
due e n tirely to w artim e conditions. U sing
help th a t would otherw ise be a v ailab le to
serve th e custom er. T ak in g valuable tim e
aw ay fro m th e prom otion o f th e ir own
businesses to prom ote a n d assure a speedier
victory. B u t does anyone tell th e public
these th in g s? I h a v e n ’t seen it.
“ Does the p ublic know th a t in a num ber
o f cases it is these e x tra jo b s th a t cause
th e tim e elem ent to creep in an d force the
b an k s to close a t a n early hour a n d open a t
a la te one?
“ You h e ar people g rip e an d com plain
a b o u t b a n k e rs ’ hours b u t does an y one o r­
g a n iz atio n tell these people why it is nec­
e ssary ? E x p la in th e reason fo r it?
“ Now, G. I. loans a re becom ing a n issue.
T hese boys come home firm ly believing they
can secure a loan because th e governm ent
w ill sta n d back of it. These boys a re not

OUR 50th YEAR

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

advised as to how difficult th is loan will
be to get. Only how easy. H e applies a t
his b a n k an d in m any cases it i s n ’t a p ­
p ro v e d — w ho does he b lam e ? H is b a n k e r.
T he fishy ey ed g u y w ith th e m oney—
M oney B ag s is a sk in flin t. H e w a n ts th e
so ld ier to beg fo r it, etc.— such is th e im ­
p re ssio n . I n m a n y cases he i s n ’t w o rth y
b u t w ith th e in fo rm a tio n th e s e so ld iers
h a v e th e y fe e l th e y a re. W ith enough r e ­
fu sa ls th e re is a p o s s ib ility t h a t g o v e rn ­
m e n t ag en c ie s w ill ta k e o v er th e se b o r­
derline cases, once a g a in ta k in g aw ay fro m
b a n k s b u sin e ss th e y a re rig h tf u lly e n ­
title d to b u t c a n ’t g e t b ecau se th e re w as
n o t p u b lic ity in th e b e g in n in g to p a v e
th e w ay.
“ H a d th e re b e en p u b lic ity — no g o v e rn ­
m en t a g e n c y w o u ld h a v e been o p e ra tin g
on fa rm , b a rn y a rd or F H A loans. B a n k s
w ere a n d a re e q u ip p e d to h a n d le them , if
g o v e rn m e n t is g o in g to sponsor th e m a n d
a b so rb th e losses. H ow can w e g e t th e
b a n k e r ’s s to ry b e fo re th e p u b lic a n d p r e ­
v e n t th e n a tu r a l te n d e n c y to w a rd g o v ­
e rn m e n t c o n tro l w illin g ly b eca u se th e
public feels th a t? W h a t th e heck! B ankswon ’t - ta k e - care - of - me a ttitu d e .
I s n ’t
th e re some w a y to p ro m o te th e b a n k e r ’s
cause? H e ’s do in g a b ig jo b a n d doing
it w illin g ly . H e w a n ts to do m ore a n d
w ill to it g la d ly b u t som ebody is g oing
to h a v e to in fo rm th e p u b lic c o n tin u a lly
or th e y w o n ’t be in th e m ood to be r e ­
c e p tiv e a f te r i t ’s too la te . W h en i t ’s too
la te th e re w ill be no ‘ good w ill to w a rd
b a n k s in th e p o s tw a r e r a . ’ W h a t do you
th in k , C liff? ”
W. F . J o h n s o n , U nited
S ta te s Check B ook C om pany,
Omaha, N ebraska.
E d ito r ’s N o te : — W e q u ite agree w ith M r.
Johnson, and a lthough the p restig e o f h a n k ­
ers because o f th eir tear w ork is higher
th a n it has been fo r m a n y years, it m u st not
be lost in the p o stw a r period. M aybe the
“ good w ill’ ’ build in g w ith the public should
be a m a jo r o b jec tiv e w ith all sta te bankers
associations.

"A Treat to Renew Old
Acquaintances"
“ I t is w ith m uch pleasure th a t I acknow l­
edge m y indebtedness to you fo r a copy
o f your splendid pu b licatio n , the N o r t h ­
w estern B a n k er.
Y ou deserve unlim ited
p ra ise fo r its success as well as fo r t h a t of
your own an d I am su re your host of frien d s
feel ju s t as I do. K eep up th e good work
a n d I am su re you will.
“ I t w as a g re a t tre a t to be p e rm itte d
th ro u g h you to renew m y c o n tact w ith so
m any old tim e acq u ain tan ces an d frien d s
of the b a n k in g fr a te r n ity fo r I have never
lost in te re s t in them an d never will. I am
c e rta in th ey en jo y the N o r t h w e s t e r n
B a n k e r as m uch as I do. ’ ’
W a l t er H . R h o d e s , 313 So.
51st A ve ., Omaha, N ebraska.

"Is Ample Compensation"
“ Y our tele g ra m received an d is very m uch
a p p rec ia ted .
‘ ‘ M y frien d s, as well as m any w ith whom
I have no p erso n al acquaintance, have been
generous in th e ir expressions o f confidence

in m y public service. T h a t confidence a n d
a p p rec ia tio n is am ple com pensation fo r th e
effort th a t I have m ade on b e h a lf of our
G overnm ent these th irte e n fa te fu l years. ’ ’
J e s s e J o n e s , The Secreta ry
o f Commerce, W ashington,
T). C.

"Awarded First Prize"
“ I am enclosing copies o f a n a d v e rtisin g
c am p aig n p re p are d by our copy d e p artm e n t
which is b ein g published fo r th e TootleL acy N a tio n a l B an k o f S t. Joseph.
‘ ‘ T his c am paign w as used by our new s­
p a p ers an d radio sta tio n K F E Q in tra d e
p a p e r a d v ertisin g , p u blicizing th e S t. Joseph,
M issouri, m ark et.
“ M ilton Tootle, I I I , vice p re sid en t of th e

B R E A D , S U ;F F IC i E N T F O R O N E

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T ootle-Lacy N a tio n a l B ank, bou g h t th e en­
tire series.
“ A t a m eeting in K a n sa s C ity th is cam ­
p a ig n w as aw arded first p rize as th e best
a d v ertisin g idea su b m itte d a t the m eeting.
T he M idw est A d v e rtisin g M anagers A sso­
ciation is composed of th ir ty new spapers in
the m iddlew est. ’ ’
K n o w l t o n P a r k e r , B u s i­
ness M anager, S t. Jo sep h
N ew s-P ress, S t. Jo sep h Ga­
ze tte , S t. Joseph, M issouri.
E d ito ria l N o te : C ongratulations to you,
K n o w lto n P arker, on w inning first p rise

(T u rn to page 53, please)
N orthw estern Banker

March 1945

10

Across the Desk
them , and they become an g ry w hen th eir ban k er
has to tu rn them down.
C ertainly you m ust know th a t your b an k er is
anxious, ready and w illing to help you—to coun­
sel w ith you— and to loan m oney to you if he feels
th a t you can m ake a success of the enterprise you
have in m ind and if you can pay the m oney back to
the bank according to the regulations of the G.I.
Bill.

3 h e a A Q - 0 . [ jo e ,:

Welcome home!
No, not “ welcome hom e” to all of you, b u t to
the 1,500,000 who are already discharged and to
the 1,000 veterans who are re tu rn in g home each
day we say we are glad you are back.
You have helped us in the fighting of two w ars
— the G erm an and the Japanese.
Now you will help us in the w inning of the
Peace.
You will help us in solving our problems and
perhaps we can help you in solving your problems
in the p o stw ar period which will soon be upon us.
Y our voice and your vote will be the most
pow erful—the m ost p otent— and the most listened
to and sought a fte r of any in the U nited States.
One piece of legislation—-the so-called “ G.I.
Bill of Rights” —has already been passed w ith the
idea of helping you w ith your financing if you
wish to purchase a hom e; m ake re p a irs; purchase
a building, supplies or equipm ent to be used in a
gainful occupation.
In general, loans m ay be m ade up to $2,000 for
not over 20 years at an in tere st ra te n o t in excess
of 4%.
A lready th ere seems to be a g reat deal of m is­
u n d erstan d in g about this new Bill.
Some of your re tu rn in g associates have already
w alked into banks and said, “ When can I get my

$2,000 which the Government has promised me?”
You m ust rem em ber th a t this law did n o t g ra n t
you a bonus.
Others have the feeling th a t w hether they are
en titled to a loan or not, it should be g ran ted to

N orth w estern Banker


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Federal Reserve Bank of St. Louis

March 1945

You surely do not w an t som ething for nothing,
nor do you expect your b an k er to give you other
peoples’ money, which he has on deposit, unless
you can eventually repay the m oney out of the
income from your business or from some other
source.
As a m a tte r of fact, m any bankers feel th a t no
legislation was necessary in order to have them
care for any and all of your legitim ate financial
needs.
W. R andolph Burgess, president of the A m eri­
can B ankers Association, believes th at, “ Most

veterans will need information and cohnsel more
than credit. And, in many cases the best service
a bank can perform for the veterans is to dissuade
him from buying an abandoned farm or from
buying a business until he knows how to operate
it”
W ith this we are sure you agree.
B ankers w an t to be helpful—bankers w an t to
m ake loans. A nd above all, they w ant to keep
your good will because you rep resen t th eir g re a t­
est p o ten tial reservoir of fu tu re new custom ers.

We are not going into the technicalities of this
Bill with you now, but we do want to impress
upon your mind that your local banker—your
home town banker—is your friend ahd not your
enemy.
M any of these bankers feel th a t the Bill is too
com plicated—has too much red tape, and th a t
they will be trem endously criticized if they do not
m ake every loan for w hich you m ake an applica­
tion. W e hope this is not the case, and we are
sure th a t you are sm art enough and in tellig en t
enough not to ask fo r a loan unless you feel th a t
it can be repaid.
R egarding the red tape in connection w ith this
Bill, one b an k er w rote us, “ In fact, we feel th a t as
the law now stands, p ractically every business
loan which a bank would be w illing to m ake w ith
a G.T. g u arantee it would be w illing to m ake w ith ­
out the g u a ra n te e .”

So again we say, welcome home—and espe­
cially do we say, welcome home on behalf of the
banker in your home town. Have a visit with him.
OUR 50th YEAR

11

From the Publisher
Talk your problems over with him because he is
sympathetic to your needs and requirements. His
boy too may have been in the service and certainly
many of his employes have been or may still be
fighting1 to win the same war in which you have
taken such a fine and active part.
^ b e a /i S e y r n o m

S .

As chairm an of the Econom ists Com mittee on
the B retto n W oods program , we w ere interested
in read in g th a t in a recent survey to the ex-presi­
dents of the A m erican Econom ic Association th a t
16 out of 18 approved the com plete program ,
w hich contem plates the establishing of an Inter­

national Bank for Reconstruction and Develop­
ment and an International Monetary Fund.
S enator R obert W agner, chairm an of the Senate
B an k in g Committee, said the plan had received

“ the endorsement of 200 economists for the Ad­
ministration Bretton Woods Monetary Agree­
ments” .
B u t the endorsem ent of 16 ex-presidents of the
A m erican Econom ic A ssociation doesn’t sound
like 200 to us.
In y o u r re p o rt, Mr. H arris, you emphasize the
desirab ility of the B retto n W oods plan fo r the
follow ing reasons:—

1. “ Under the Monetary Fund, barring out­
right repudiation of debts by some debtor
agreement, the risk of financial loss is very
small.
2. “ The good will acquired by accepting the
agreement . . . will be of great advantage in
the settlement of other international issues.
3. “ It is a matter of urgent necessity that full
support be given to the agreement by all
United Nations.”
In answ ering item No. 1, Mr. H arris, you will
perhaps rem em ber th a t a fte r the A rm istice in
1918 our G overnm ent len t other nations over 3
billion dollars—p a rtly for m uch needed relief,
p a rtly to pay fo r goods already ordered, and for
oth er purposes. A ll of this, to g eth er w ith U. S.
purchases fo r its arm y abroad, failed to prevent
a precipitous decline in E uropean currency values
an d m ost of these loans have never been repaid.
You no doubt have re ad the re p o rt of the
A m erican B ankers A ssociation, the Association of
Reserve City B ankers, and the B ankers Associa­
tion fo r F oreign Trade, in which th ey recom m end
th a t the plan fo r the In tern atio n al B ank be
adopted w ith m inor changes b u t th a t the plan for

as it “ embodies lending m ethods th a t are u n ­
proved and im p rac tica l.”
O ther objections m ade by these three b an king
and financial organizations were th e s e :—

1. The Bretton Woods program for the grant­
ing of credits is huge and complicated and
the United States would supply a large por­
tion of the money.
2. The two institutions initially would have a
combined capital of about $18 billion in gold
and miscellaneous currencies. Of the total
the United States would make a commitment
for nearly $6 billion—about a third of the
over-all total but more than half of the gold
or currencies exchangeable into gold. Even
this $6 billion might not be all that the United
States would be expected to supply, since
the Fund has the right to borrow scarce cur­
rencies and quotas may by agreement be
increased.
3. The plan for the Monetary Fund introduces
a method of lending which is novel and con­
trary to accepted credit principles.
4. Borrowing from the Monetary Fund would
be subject to certain limitations but with no
stipulation that the loans should be good
loans or that the loans should be based on
prior consideration of the economic condi­
tion and the prospects of the borrowing
country.
5. The Monetary Fund also, in its effort to meet
the situation of countries now in uncertain
financial position, goes far beyond the prin­
ciples heretofore accepted by the United
States in recognizing and approving changes
in currency values and maintenance of ex­
change controls.
6. There seem to be few advantages in having
two separate organizations, a Bank and a
Fund, and with such a division of effort
there are many probable difficulties.
Our point is th a t unless our financing to other
countries, both now and a fte r the w ar, is based
on sound business principles we will lose both our
money and our good will abroad.
The only program we seem to have adopted in
this country is to borrow and spend—borrow and
spend, and if we s ta rt in to use this same W PA
m ethod in furnishing money to the other nations
of the w orld the results m ay be as disastrous as
they were in W orld W a r I.

the International Monetary Fund be not adopted,

OUR 50th YEAR

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

N orthw estern B anker

March 19^5

12

OFFICERS
W. J. GOODWIN
Chairman, Board of Directors
E. F. BUCKLEY
President
FRANK R. WARDEN
Vice-President
A. T. DONHOW E
Vice-President

OUR

LEHMAN PLUMMER
Vice-President
J. R. CAPPS
Vice-President and Cashier
FRED H. Q UINER
Vice-President

H

U

M

B

L

E

THANKS!
Whatever success we may have attained
during the first fifty years of our existence
— we gladly credit, in large measure, to
the loyalty and good w ill of our highly
valued Correspondent Customers.

EMMETT E. JOHNS
Vice-President
NOEL T. ROBINSON
Vice-President and Trust Officer
I. L. WRIGHT
Trust Officer
ALBERT C. ROBERTS
Assistant Trust Officer
GEORGE L. NISSLY
Assistant Trust Officer
*IRW IN ABRAM
Assistant Cashier
G. W. BARTMESS, JR.
Assistant Cashier
J. E. Q UINER
Assistant Cashier
*D. R. W ITHINGTON
Assistant Cashier
W. G. KANE
Assistant Cashier

And, to whatever size our eventual growth
may swell— you can be very sure that our

C. M. LARSEN
Assistant Cashier
G. R. PARKER
Assistant Cashier
* 0 n le a v e

o f a b se n c e se rv in g
In U . S . A rm e d Fo rces

heads never will.

MEMBER F.D.I.C.

50 YEARS of
FRIENDLY

A P I Oi N A L
TRUST
DES
N orthw estern B anker


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Federal Reserve Bank of St. Louis

SERVICE

COMPANY

M O IN ES,

March 1945

BANK
IO W A

OUR 50th YEAR

OUR 50th YEAR

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Federal Reserve Bank of St. Louis

N orthw estern B anker

March 19b5

14

Bank Profit from G reen Pastures
From a "Profit From Pasture" Program Sponsored by This Bank Has
Com e Not Only an Enviable Reputation Among Their Farm
Friends But Has Attracted Nationwide Attention
H E “Profit from P a s tu re ” pro g ram
w as conceived som e five y ears ago
p rim a rily for th e p urpose of m eet­
ing com petition of g o v ern m en t lending
agencies by im p ressin g local citizens
w ith th e p ersonal in te re st of th is in ­
stitu tio n in th e ir w elfare. F o r two
generations it has been our policy to
encourage b y v ario u s m eans im proved
ag ric u ltu ra l m ethods. F o r exam ple,
a gen eratio n ago w e sp en t several
y ears in encouraging th e developm ent
of th e d airy in g in d u stry th ro u g h o u t
th is locality.

T

I t has alw ays been our desire to
avoid com petitive contests, although
of course on a few ra re occasions we
have, as a cou rtesy to v ario u s o rg an ­
izations, sponsored such affairs. The
land in our com m unity v aries from
heav y clay soil in som e h illy sections
to black soil in others. A pproxim ately
one-half of th e land of P u tn a m county
is reg ard ed b y m odern stan d ard s as
u n su ite d to row crop cultiv atio n due
to te rra in . D uring W orld W ar I we
saw a rolling n a tu ra l blue g rass p u t
u n d e r cultiv atio n because of th e
h ig h e r prices of g rain products. E co­
nom ic conditions follow ing th e W ar
w ere such th a t th is rolling land w as
n ot resto red to grass crops b u t w as
allow ed to deteriorate. E v e r since
th a t tim e w e have encouraged th ro u g h
our contact w ith custom ers th e grow ­
ing of live stock and grass crops w hich
finally developed in to th e pro g ram
m entioned above.
W e delib erately took th e title “Profit
from P a s tu re ” as su itable for an in ­
definite ty p e of publicity p ro g ram de­
signed to in te re s t as m an y people as
possible to adopt su itable land m an ­
agem ent p ractices in th e ir ow n w ay
and to such ex ten t as th e y could be
induced to follow. It is a propag an d a
cam paign. Follow ing such a concept,
therefore, w e have used a m ethod of
m ass m eetings; one in th e m iddle of
th e w in te r and d u rin g o th er tim es of
th e y e a r various field m eetings w hen
circum stances w arran ted .

Sponsors
T he idea w hich we hav e followed
generally is to rem ain in th e position
of sponsors, h av in g designated o u r
local co u n ty ag en t as d irecto r of th e
N orthw estern B anker


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

March 1945

By F. L. O 'H air
President
C e ntral National Bank
G re e n castle, Indiana

we have found th a t w e can keep th e
people a t th e m eeting from about 10
a. m. u n til 3 p. m. N atu rally various
m eans are used at these m eetings to
m ake them in teresting. Suitable and
a ttractiv e film from Soil C onservation
Service, dem onstrations and exhibits
from available sources, p rincipally
P u rd u e U niversity, and headline
speakers have attra c te d good crowds.
W e have m ade it a point to in vite
pro m in en t officials of ag ricu ltu ral
agencies as w ell as o ther p ro m in en t
figures. A t one such m eeting Jim
Poole, radio com m entator on ag ricul­
tu ra l subjects, w as th e p rincipal a t­
traction.

Demonstration Projects

F. L. O’HAIR
Meets Government Competition

p rogram .
T his m ethod ap p aren tly
avoids any feeling of com petition
am ong o th er ban k in g in stitu tio n s and
ostensibly places th e program u n d er
th e direction of th e E x ten sio n De­
p a rtm e n t of P u rd u e U niversity. E ven
tho u g h th e U n iversity officials have
been extrem ely generous in th e ir co­
o peration it is our opinion th a t th e
p ersonal in te re st th a t th ey feel in th is
pro g ram could n ot have been de­
veloped to th e p re se n t e x ten t w ith o u t
some approach sim ilar to th a t w hich
has been used. W e try to m ake it
clear th a t th e b a n k ’s p a rt is to fu rn ish
th e publicity and th e cooperation
needed to prom ote public relatio n s
pro g ram s acceptable to th e U n iversity
and to th e A g ricu ltu ral C onservation
A d m inistration (form erly AAA).
T he featu res of th e m id-w inter m eet­
ings w e have held have been a buffet
luncheon open to th e public and by a
m orning and an afternoon program

T he field m eetings are usually held
at th e In d ian a S tate F arm , a penal
in stitu tio n n e a r G reencastle.
The
p re se n t m anagem ent of th is farm is
progressive and vitally in terested in
b e tte r a g ricu ltu ral practices. Cooperat­
ing w ith P u rd u e U n iv ersity th e farm
su p erin ten d en t, Floyd H em m er, has
installed in v arious types of soil on th e
farm , d em o n stratio n projects show ing
th e resu lts of v arious types of seed
and p a stu re fertilization treatm en ts.
F ro m all sources available and at fre ­
q u en t in terv als it has been our p rac­
tice to give am ple publicity to th e eco­
nom ic phase of live stock feeding
by grasses and legum es (as d istin ­
guished from g rain s), erosion control,
diversion drainage and o th er featu res
of pro p er land m anagem ent. A lthough
we have for m an y y ears seen th e need
of some educational cam paigns in th e
m a tte r of erosion control and soil
conservation th e subjects have only
m oderately a ttra c te d th e in te re st of
th e general public and from p re se n t
indications th is in te re st is grow ing
rap id ly all over the country. You
m ay already know th a t beginning
w ith th e y ear 1944 th e A g ricu ltu ral
C onservation
A d m inistration
now
confines in th e m ain its benefit p ay­
m ents to such practices, a t least
th ro u g h th is p a rt of th e country. Al­
though paym ents have been m ade for
some tim e on th e application of lim e
stone last y ear and doubtless for some
tim e to come paym ents w ill be m ade
for such practices as p a stu re ferti(T u rn to page 38, please)
OUR 50th YEAR

15

E v e ry b a n k e r w ho e v e r c le rk e d a fa rm sale p ro b a b ly w ish es th e y w e re a ll h e ld in th e
su m m ertim e , w hen i t ’s w arm , as p ic tu re d ab o v e. B u t fe w of th em a re , a n d c le rk in g
a sale on a cold d a y c a n be a p r e tt y ro u g h job.

How to Clerk a Farm Sale
Clerking a Sale Can Be a Cold Job But Interesting and

Often Amusing
ESTOONS of b rig h tly colored farm
sale h andbills line th e w alls of
banks, re s ta u ra n ts and pool halls.
T he bill m ay read: “F a rm sale, liqui­
d ation sale, public sale, land sale, clos­
ing out sale, ex ecu to r’s sale, p a rtn e r­
ship sale or dissolution sale.” H ow ­
ev er th e y read, th e y all m ean th e sam e
thing, i.e., a cold day and ro u g h job
for th e sale clerk. The old ru le th a t
every article has a b u y er is w o rk in g
out correctly. E v en a p ictu re of A u n t
F a n n y w ill sell.

F

I clerked m y first farm sale a n u m ­
b er of y ears ago. My in stru ctio n s w ere
sim ple, get th e nam es or th e money. I
got some m oney, som e nam es and some
w ritin g I couldn’t read. H ow ever, the
auctio n eer said: “Son, y o u ’re th e best
farm clerk I ever h ad .” T h at w as th at;
I w as a hit, I m ight even raise to head
sale clerk. T his d ream w as q u ite all
rig h t u n til I atten d ed a m eeting w here
th e re w ere a n u m b er of o th er clerks.
I found th a t th is auctio n eer w as telling
all th e clerks th a t each w as th e best.
F ro m th a t tim e on m y in te re st in clerk ­
ing lagged, th e fact th a t cold w eath er
w as in full sw ing m ig h t have influ­
enced m y decision.
W om en at sales have alw ays been a
d istin ct problem ; th e y ’re eith e r too shy
or too bold. T h ey ’re afraid you w o n ’t
know th e ir nam es or scared you will.
The fo rm er alw ays yells out, “I got
it, I got it, Mrs. Jo h n Sm ith, don’t fo r­
get I got it for 25 cents.” She m ay
even grab th e clerk ’s arm . The la tte r
OUR 50th YEAR

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

By C . W . Fishbaugh
Assistant C ash ie r
Security Trust & Savings Bank
Shenandoah, Iowa

w ill m ake a bid and h astily in te rm in ­
gle w ith th e crowd. T he auctioneer
doesn’t know th e nam e, I h ard ly saw
her, so I m ark down: “W om an in red
h a t.” I hope she doesn’t change hats.
One sale follow er th a t attended every
sale and alw ays purchased th e cream
of th e useless articles had a stock say­
ing: “Heh, heh, I don’t know w h at I
bought th a t for, w h a t w ill I do w ith
it? ” At one sale I finally agreed w ith
her: “M adam ,” I said, “I don’t either,
b u t it’s yo u r baby.” She w as horrified,
b u t w h at could she expect after she,
a spinster, had topped th e bidding on
a high chair?
Fast Selling
One auctioneer alw ays sold as fast
as he could, w hich w as som ew hat
fa ster th a n I could clerk. He said he
w anted to keep th in g s m oving, as he
had a sale booked for every day for a
m onth. T he idea w as sound b u t th e
reasoning faulty. H e k ep t me m oving
and added to th e chaos by n ev er di­
vulging a b id d er’s nam e. A nother
auctioneer w ould s ta rt an article at
two dollars and ru n it up to ten dol­
lars w ith q u a rte r jum ps. I can still

h ear him singing: “T w enty go two, go
two, go tw o,” and th e n tak in g th e bid
a t tw en ty twenty-five. H e w as th e
original low pressu re auctioneer, b u t
he had good sales. He had color and
action and it w as alw ays a tre a t to
see him cry a sale and ju st as excit­
ing to clerk it.
W hen I clerked m y first sale I w as
often am azed a t th e w ay bids w ere
made. Some nodded th e ir heads, plain­
ly indicating th e ir intentions, others
blasted out in a loud voice. T hen
th ere w ere th e m ore secretive th a t ju st
w inked th e ir eye. One of th e oddest
bidders w as an old fellow th a t ac­
know ledged his bid by ejecting a sp u rt
of tobacco juice directly a t th e object
on w hich he w as bidding. F o rtu n a te ly
he only bid on cattle. One clerk w ith
a little m ore courage used to yell:
“Call out yo u r nam es, or are you
asham ed of th em ?” T hey m u st have
been, because it had little effect, b u t it
did m ake him feel better.
W eekly stock sales are now as com­
m on as dollar bills. Two local m en
saw th e success of th e com m unity
stock sale and th o u g h t th e y w ould do
th e sam e w ith a com m unity household
sale. Things rolled along nicely u n til
th ey arriv ed a t a point w here they
decided th a t all th e profit w as b e tte r
th a n 10 p er cent. T hey started to buy
th e goods before th e sale and th e n all
th e proceeds of the auction w as theirs.
T hey soon ra n into difficulties. The
(T u rn to page 70, please)
N orthw estern Banker

March 19^5

R. R. RIDGE

J. B. FORGAN

SHIRLEY S. FORD

W. L. HEMINGW AY

Should G . I Loans Be
Processed Through a Central O ffice?
Som e bankers favor a central office
in th eir city w here veterans are
sent to have th eir applications for
loans processed before going to
any particu lar bank to com plete
the loan. O ther bankers are o p ­
posed to this m eth od and so the
N orthw estern B anker m ade a su r­
vey on this su bject to see w h at the
consensus of opinion m ight be.

M

ANY cities have established
V eterans
F in an ce
B ureaus
w h ere re tu rn in g soldiers are
requested to go first to have th e ir
“applications for loans processed.”
These b u reau s act as clearing or sifting
h ead q u a rte rs to ascertain w h eth er
v eteran s are en titled to credit. If
th ey are, th e re tu rn in g soldier is at
lib erty to go to an y local b an k he
w ishes to have his loan com pleted if
the local b an k still feels th a t he is
en titled to th e loan.
W. R andolph B urgess, p resid en t of
th e A m erican B an k ers A ssociation, in
a recen t sta te m e n t said:

to have veteran s com e direct to your
bank?”

Most of the b ankers w ho replied to
th e above question w ere opposed to a
cen tral office in th e ir city and prefer

PERCy J. EBBOTT
Vice President
C h ase National Bank
New York C ity

“W e have set up a G. I. loan divi­
sion and all officers and b ran ch m an ­
agers have been in stru cted on th e G. I.
Bill of R ights and regulations and are
prepared to give sym pathetic and in ­
terested a tten tio n to all applications.
We believe th is m ethod presupposes a
m ore stabilized service to th e v eteran
th an m ight be anticipated th ro u g h
a central loaning agency.”

“B anks in som e cities have already
estab lish ed veteran loan centers w here
applications are received and proc­
essed through one central office.”

In o rd er to find out w h e th e r such a
plan w as favored in la rg e r cities th e
N o r t h w e s t e r n B a n k e r asked several
bankers th is question:
“Do you favor a bank sponsored
G. T. Loan Center in you r city w here
applications can be processed through
one central office or w ould you prefer

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Federal Reserve Bank of St. Louis

to have th e re tu rn in g veteran s come
direct to th e b ank to m ake applications
for th e ir loans.
Replies to th e N o r t h w e s t e r n B a n k er
question about G. I. loans are as fol­
lows:

J. R. LEAVELL
President
Continental Illinois National
Bank and Trust Co.
C hicago

PERCY J. EBBO TT

“Our p resen t feeling is th a t it is
preferable to have v eteran s come di­
rect to our b ank.”

J. R. LEAVELL

FRED H. Q UINER

SHIRLEY S. FORD

R. R. RIDGE

President
Nort hwest ern National Bank of
Minneapolis

“W e do not favor a b an k sponsored
G. I. loan cen ter in th is city. W e
m uch p re fe r to have v eteran s come
direct to th is b an k w here w e w ill give
them in terested and sym p ath etic serv ­
ice.”

F. S. BAER
Vice Chairman
Bank of Am erica
San Fra ncisco

“Our reactio n is as follows: Due to
o u r b ra n c h b an k coverage e n tire state
of California, we believe v eteran s w ill
be b est serv ed u n d e r G. I. Bill by
com ing direct to b ran ch in his p a rtic u ­
la r locality.”

F. H. DELANEY
Vice President
The First National Bank of St. Paul

“T his b a n k has opened a special de­
p a rtm e n t for v e te ra n s’ loans.”

W. D. W YARD


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

w ould be w illing to m ake w ith o u t th e
guarantee.

Vice President
The Omaha National Bank
Omaha

“W hile w e have been giving consid­
erable and continuing th o u g h t to es­
tab lishing a cen tral agency for this
purpose, w e have n ot as y et reached
o u r final conclusions as we feel that,
w hile th e re are m any advantages in a
cen tral agency, th ere are also some dis­
advantages.
“In th e m eantim e, we are try in g to
get th e ‘feel’ of these loans by giving
full and careful consideration to every
application w hich we receive. So far
we have received a relativ ely sm all
n u m ber of applications and in each in ­
stance we have been able to m ake the
loan requested on a reg u lar b an k credit
basis w ith o u t placing it u n d er a G. I.
g uarantee. In fact, we feel th a t as the
law now stands, practically every busi­
ness loan w hich a b ank w ould be w ill­
ing to m ake w ith a G. I. guarantee, it

ALV IN E. JOHNSON

T. B. STRAIN

L. E. W AKEFIELD

“We feel th a t the G. I. law in its
presen t form is so com plicated and so
surro u n d ed by technicalities in the
form of regulations by the V eterans
B ureau, th a t it will n ot w ork out eith er
as Congress anticipated or as th e v et­
erans expect.
“U nder th e circum stances, w'e have
w ritte n our Senator, u rging th a t th e
loan sections of th e bill, and especially
the business loan section, be re w ritte n
in m ore simple, practical and w orkable
form .”

HENRY P. TURNBULL
Vice President
C e ntral Hanover Bank and Trust Com pany
New York C it y

“We p refer direct contact for p resen t
as basis for later decision.”

W. W. SMITH

(T u rn to page 24, please)

JAMES W. H UBBELL

18

How Country Banks A re Advertising
Below are examples of local newspaper advertising selected by the Northwestern
Banker and being used by banks in towns of population from 500 to 10,500.

WHAT FARMERS WANT WHEN THEY BORROW
R ig h t / t h e V
GIVE S E R V IC E ,
AMO THATS
W HAT
COUNTS.'

BAUX LOAMS A R E ] f
CHEAPEST IM
THE LONG
RUM/

LOW COST

H

ERE’S th e se n sib le w ay t o lo o k a t lo a n co st.

You borrow to make a profit. The cost of the
loan is meaningless unless you consider how suc­
cessful the farm operation for which you borrowed
turned out. Promptness in getting the money, free­
dom from red tape, absence of special fees and
charges, no stock purchase required, helpful service
and cooperation right down the line — those are the
factors that make bank credit cheapest in the long
Try it yourself and see.
Bank Credit is the best Farm Credit

VICTOR STATE BANK
ira i D eposit Insura
Member F ederal
Insurance C orporation
lum In surance
$5000 M aximum
su ran ce Jfor
ot Each D epositor

VICTOR, IMA

cJV1*

°Cfo

%

\ X N V V

■Ci*

v v
*0/

N orthw estern B anker

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

March 1945

OUR 50th YEAR

19

News and V iews
OF THE BANKING WORLD

so lely by the length of m ilitary service.
The on ly academ ic criterion for contim
u in g is satisfactory standing in the in ­
stitu tio n to w h ich the veteran has been
adm itted. H e m ay apply w here he w ill
and th e college is under no legal com ­
pulsion to enroll him .”

By Clifford DePuy

T

H E drift tow ard w ar in du stries

an d inductions into th e arm ed
forces has re su lte d in a decrease
in th e civilian p opulation living on
farm s from 30,500,000 in 1940 to 26,000,000 in 1944, th e Census B u reau and
th e B u reau of A g ricu ltu ral Econom ics
has reported.
A lthough to tal farm p opulation fell
15 p er cent, th e n u m b er of farm fam i­
lies fell only 9 p er cent, w ith a to tal of
6,500,000 in 1944.
John W . K enn ed y has been p ro ­
m oted from a ssista n t vice p resid en t to
vice p resid en t of th e F irs t N ational
B ank of K ansas City.
Jo h n know s h u n d red s of b an k ers
th ro u g h o u t th e m iddlew est as he
trav eled th is area extensively for th e
G eneral M otors A cceptance C orpora­
tion and in 1943 joined th e staff of th e
F irs t N ational B ank.
Tom S. H arkison, p resid en t of th e

able theory to the effect that peace is
not b u llish is b ein g p roven w ron g as
average prices of secu rities record n ew
high lev els. The p ressure of idle funds
available for in v estm en t in secu rities
is a p ow erfu l force th a t m ust be con ­
tended w ith by those w ho exp ect to
m ake th eir p urch ases on a reaction in
prices th at m ay n ev er com e.”
Jam es B ryan t Conant, presid en t of
H a rv ard College, in his an n u al rep o rt
to th e Board of Overseers, says, “The
G. I. B ill of R igh ts, thou gh a step in the
right direction, lea v es m uch to be de­
sired. In several im portant resp ects it
differs from th e proposals w hich m any
college p residents advocated a year
ago. The bill as finally enacted has no
selectiv e feature, the length of educa­
tion beyond one year is determ ined

The n ation al debt lim it w ill soon be
boosted to $300 billion. At th e presen t
tim e it stands at $234 billion and a
m onth before P earl H arb o r it w as $55
billion.
Captain

Edw ard

V. R ickenbacker

does not like th e R ussian C om m unist
Ideology, b u t in a recen t speech said,
“L et the R ussians have th eir id eology
and let them let us have ours. If R us­
sia k eep s goin g to the right, sh e w ill
w ind up as the greatest dem ocracy in
the w orld. On the other hand, if the
U nited States k eep s goin g to the left
w e w ill w ind up w here the R u ssian s
w ere tw en ty years ago.”
Brigadier G eneral Leonard P. A yres,

vice p resident of th e Cleveland T ru st
(T u rn to page 26, please)

Food and Finance

N ational B ank of South D akota, of
Sioux Falls, show s deposits for his in ­
stitu tio n of over $10,314,000, w ith a
capital stock of $250,000 and su rp lu s
an d undivided profits of $337,000.
As a slogan for his bank, Tom uses
th is clever statem en t, “If you have
a problem b orrow in g w ill solve, w e ’d
like to help you .”
O ther officers of th e b an k are F rank
J. C inkle, vice p resid en t and cashier;
W. J. Corcoran and R oss E. H unt,

assista n t cashiers.
A ccording to S ecretary of th e T reas­
u ry H en ry M orgenthau, d u rin g 1944
th e arm ed forces overseas b o ught
about $1 billion of w a r bonds.
A ccording to figures com piled by R.
B. R athbun of H arris, U pham & Com­
pany, M inneapolis, as of D ecem ber 30,
1944, th e F irst B ank Stock Corporation
h ad a book v alue p er share, a fte r in ­
cluding reserv es an d non-ledger a sse ts,
of $25.12, and th e N orth w est Bancorporation had a book value p e r sh are of
$37.19.
George B arnes, vice p resid en t of
W ayne H u m m er and Com pany of Chi­
cago, in discussing m a rk e t conditions,
says, “P eace is b ullish. The end of
w ar in E urope w as n ever so su rely in
sig h t as it is today and the u nconscion ­
OUR 50th YEAR

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

D IN IN G W IT H D IRECTO RS is a m o n th ly custom in a u g u ra te d b y th e N o rth ­
w e st S e c u rity N a tio n a l B a n k o f S ioux F a lls, S o u th D a k o ta , th e officers in v itin g
g u e sts a n d frie n d s o f th e irs to a tte n d th ese lunch eo n s w ith th e ir d ire c to rs a n d
th e p la n h a s c e rta in ly p ro v e n an e x c e lle n t m ean s of ‘ ‘ m a k in g frie n d s a n d in flu ­
e n c in g people. ’ ’
A t th ese luncheons, no speeches a re m ade a n d ju s t c o n v e rsa tio n a n d good f e l­
low ship ta k e s p lace a n d th e n a f te r th e luncheon, th e d ire c to rs go b a c k to th e
b a n k fo r th e ir re g u la r b u sin e ss session.
T he officers o f th e b a n k sa y th e id e a h a s b e en v e ry h e lp fu l to th em in p ro ­
m o tin g a b e tte r u n d e rs ta n d in g of, a n d good w ill fo r, th e N o rth w e st S e c u rity
N a tio n a l B a n k w hich now h a s d e p o sits of $28,538,000.
T hose a tte n d in g th is lu n ch eo n a t th e H o te l-C a rp e n te r, S ioux F a lls, w ere, F r o n t
Row, le f t to r ig h t— M. A. Brown, d ire c to r; H . A. Hurd, d ire c to r; D. J. S lattery,
m an a g er, M a d iso n b ra n c h , N o rth w e st S e c u rity N a tio n a l B a n k of Sioux F a lls ;
A. M. Eberle, d ire c to r; M. I. Orms, a s s is ta n t c a s h ie r; Dr. W. R. Laird, d ire c to r.
B a c k Row , le f t to r ig h t— Clifford Do P uy, p u b lish e r, N o r t h w e s t e r n B a n k e r ,
D es M oines, g u e s t; Carl B atzer, n a tio n a l b a n k ex am in er, g u e st; F ran cis
R egan, R e g a n In s u ra n c e A gency, g u e st; H arold W ray, c h ie f n a tio n a l b a n k
e x am in er, g u e s t; P ierce H. M cD ow all, v ice p re s id e n t; J. V irg il Lowe, vice
p re sid e n t, a n d A. F. Larson, d ire c to r.
Officers a n d d ire c to rs w ho w e re a b s e n t in clu d e d F. H. H ollister, c h a irm a n of
th e b o a rd ; R. M. W atson, p re s id e n t; John Barton, v ice p re sid e n t, a n d H enry
Carlson, H. G. Ross, H. F. V eenker, C. A. Golden, H. E. M cK ee, a n d G eorge W.
F ullinw eider, a ll d ire c to rs .

N orthw estern B anker

March 19'i5

Who

IsLiable for Taxes

on

A n Installment Purchase Contract?
BRADLEY, an Iow a ban k er, sold
. certain personal p ro p e rty in th a t
Q
state to N u th all on a conditional sales
co n tract w hich provided th a t N u th all
w ould pay B radley for th e p ro p erty
in installm ents. W as N u th all liable
for the taxes levied on th e p ro p e rty so
long as it rem ained in his possession?
A. Yes. A conditional sale is not dif­
feren t from an absolute unconditional
sale excep t for reten tion of title for
secu rity purposes. U nd er a conditional
sale th e b u yer and not th e seller is lia­
ble for any tax again st the ch attel be­
fore repossession by th e seller.

This and Other Timely Legal
Questions Are Answered
By the
LEG A L DEPARTM ENT

of the rig h t to deductions for deprecia­
tion, in clu d in g ob solescen ce, allow ed
by th e R evenu e A ct in com p utin g h is
incom e tax of his le sse e ’s coven an t to
keep the property in good repair and
to replace all or any part th ereof w h en ­
In s tru ­ ever n ecessary.

Q.
U nder th e N egotiable
m ents Law, w h ere th e nam e of a payee
or indorsee is w rongfully designated
or m isspelled, he m ay indorse th e in ­
stru m e n t as th e re in described, adding,
if he th in k s fit, his p ro p er signature.
W ellsville received in M innesota a
check payable to W ellvale, w hich w as
nev er inten d ed to be payable to him .
Could W ellsville v alidly endorse th e
in stru m e n t as provided in th e N egoti­
able In stru m e n ts Law?
A. No. In a recent decision in v o lv ­
in g facts sim ilar to those outlined in
th e q uestion, th e M innesota Suprem e
Court held that the p ayee of a check
w h ose nam e is w ron gly design ated or
m issp elled has th e right to indorse it
under the N egotiable In stru m en ts L aw
on ly w here he is th e payee to w hom
the draw er intended it should be p ay­
able, and not otherw ise.

N orth w estern B anker

March 19b5

successor

A. No. K now ledge on the part of a
receiver of an in so lv en t n ation al bank
of a con cealm en t of the ex isten ce of
assets by a stock holder in n eg o tia tin g
a com prom ise of the stock holder’s lia­
b ility for an assessm en t is not im pu t­
able to the Com ptroller of the Cur­
rency so as to preclude recovery in an
action by the receiv er’s su ccessor for
dam ages occasioned by the fraud.

Q. A savings and loan association
held a real estate m ortgage w hich w en t
into default. In lieu of foreclosing, th e
association accepted a conveyance of
th e p ro p erty subject to th e m ortgage
Q.
The sons of a South D akota farm ­ and released th e m ortgagor from liabil­
er executed in his favor an an n u ity
ity for th e m ortgage debt. Should the
co n tract w hich provided th a t, in con­ F ed eral stam p ta x on th e conveyance
sideration of th e conveyance to them
be com puted upon th e basis of th e bal­
of certain property, th ey w ould pay to ance of principal and accrued in te re st
him $100 each m o n th du rin g his life due on th e m ortgage?
tim e. T he farm er becam e indebted to
a bank. T he indebtedness w as not
A. Yes. The basis for d eterm in in g
paid and th e b an k sought to subject the am ount of the F ederal stam p tax
th e a n n u ity agreem ent to levy and sale upon a con veyan ce of m ortgaged prop­
u n d e r execution. Could it do so?
erty by the m ortgagor to th e m ortga­
A. Yes. In a case in v o lv in g facts
sim ilar to., th ose outlined in the q ues­
tion the South D akota Suprem e Court
recen tly held that an in debted ness rep­
resented by an an n u ity note or con­
tract w hereby the m akers agreed to
m ake m onthly p aym ents during the
life of the payee w as su bject to le v y
and sale under execu tion.

Q.
Cooper leased a d e p a rtm e n t store Q. M orelle com prom ised an assess­
to M axw ell for 99 years. As a p a rt of m en t levied upon him and o th er stock­
th e tra n sa c tio n M axw ell agreed to keep holders of a defunct n ational bank. As
th e p ro p e rty in good re p a ir and to re ­ an incident to th e com prom ise, he con­
place all or an y p a rt th ereo f w h en ev er cealed certain assets from th e Comp­
such replacem ent becam e necessary. tro lle r of th e Currency. T he receiver
Cooper, in com puting his F ed eral in ­ of th e ban k knew about th e concealed
assets b u t th e C om ptroller did not.
come ta x for 1938 to 1940, took certain
deductions for depreciation and obso­ Subsequently, th e receiver w as dis­
lescence on th e pro p erty . Could he do charged and a n o th er receiver ap­
so in view of th e lease ag reem en t by pointed. Upon th e discovery of th e
concealm ent, th e la tte r sued M orelle
Maxwell?
for an am o u n t equivalent to th e b al­
ance of th e full assessm ent. Did th e
A. Y es. A lessor in a 99 year lease
fact th a t th e first receiver knew of th e
on a d epartm ent store is n ot deprived

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Federal Reserve Bank of St. Louis

concealm ent p rev en t his
from effecting a recovery?

gee in lieu of foreclosure in clu d es the
principal and accrued in terest due on
the m ortgage w here, althou gh the deed
taken recites that th e p rem ises are con­
vey ed su bject to the m ortgage, the
m ortgagor is discharged from liab ility
for the m ortgage debt. The U nited
States Circuit Court of A ppeals so held
in a recent decision.

Q. Cloud w as em ployed by a N ebras­
ka b an k for one year. Before th e y ear
expired he w as w rongfully discharged.
W as it his d u ty to m ake reasonable
efforts to secure o th er em ploym ent and
th ereb y m itigate any dam ages he
m ight claim ag ain st th e b an k for
breach of his em ploym ent contract?
A. Yes. It is th e duty of a Avrongfu lly discharged em ploye to m ake rea­
sonable efforts to secure other em p loy­
m ent and thereby m itigate any dam ­
ages he m ight claim again st h is form er
em ployer. The N ebraska Suprem e
Court so held in a recen t decision.
O U R 5 0 th Y E A R


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Federal Reserve Bank of St. Louis

22

First Bank Stock Corporation Changes

RICHARD S. BANFIELD
From Aberdeen to Minneapolis

L. H. ICKLER, JR.
From Jamestown to Aberdeen

F. L. DURAND
From Minneapolis to Jamestown

O

F F IC IA L changes affecting th re e
b anks affiliated w ith F irs t B ank
Stock C orporation w ere set in m otion
w hen it w as announced th a t R ichard
S. Banfield, p resid e n t and d irector
since 1939 of th e A berdeen N ational
B ank of A berdeen, South D akota, has
been elected a vice p resid en t of F irs t
N ational B ank of M inneapolis.
W hen Mr. Banfield assum ed his new

d uties in M inneapolis on M arch 1st, he
w as succeeded a t A berdeen by L. H.
Ickler, Jr., w ho has been elected presi­
d en t and d irector of th e A berdeen N a­
tional. Since 1938 Ick ler has been p res­
id en t and director of The N ational
B ank of Jam estow n, N orth Dakota.
H is place th ere w ill be filled in tu rn by
F. L. D urand, w ho w ill proceed to
Jam estow n from M inneapolis w here

for fifteen y ears he has been m anager
of th e credit d ep artm en t of F irs t Serv­
ice C orporation, operating affiliate of
F irs t B ank Stock C orporation.
C layton W alker, cashier of th e A ber­
deen N ational since 1939, has been
nam ed vice p resid en t of th a t bank.
K ent Baird, a ssistan t cashier since
1940, succeeds him as cashier.

Q. G ran t conveyed an autom obile to
D uncan u n d e r a conditional sales con­
tra c t w hich provided for p ay m en t for
th e car in installm en ts. Subsequently,
G ran t im p ro p erly repossessed th e ve­
hicle as a re su lt of an inn o cen t m istak e
in connection w ith th e collection of
pay m en ts from D uncan. G ran t acted
in good fa ith in repossessing th e car
and w as not w ilful, w anton, reckless
or g u ilty of fra u d in doing so. Subse­
quently, D uncan sought to req u ire
G ran t to pay p u n itiv e dam ages as a
re su lt of th e repossession. Could he
do so?

D ecision s to th is effect m ay he found
in Iow a, M innesota, Illin o is, Oklahoma,
T exas and oth er states.

an a d m in istrato r w as appointed, G ram ­
a ta n retracted his ren u n ciatio n and
sought th e appointm ent. A ssum ing
th e re w as no reason for th e co u rt in
th e exercise of its discretion to decline
to accept his retraction, should G ram a­
ta n be appointed ad m inistrator?

A. No. P u n itiv e or exem plary dam ­
ages for the w ron gfu l seizu re or repos­
sessio n of property by th e holder of a
ch attel m ortgage or conditional sales
contract can be recovered on ly w here
there w a s a w ilfu l, w anton, reck less or
fraudulent disregard by th e h older of
a ch attel m ortgage or con d itional sales
contract of the righ ts of th e ch attel
m ortgagor or conditional purchaser.

N orthw estern B anker

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

March 1945

Q. A N o rth D akota b an k er died leav­
ing, by will, his p ro p erty to his wife.
He included in th e w ill a statem en t
th a t in doing so he felt th a t she w ould
do th e rig h t th in g by th e ir children.
Did such statem en t place a lim itation
upon his w ife’s title to th e property?
A. No. In a recent decision the
N orth D akota Suprem e Court held in
a case in v o lv in g su b stan tially sim ilar
facts th a t the testa to r’s sta tem en t in
th e w ill that he left h is property to his
w ife, fee lin g th at sh e w ould do the
right th in g by th eir children, w as not
a lim itation upon h is w ife’s rig h t to
treat w ith the property as hers abso­
lu tely.

Q. G ram atan w as en titled to be ap­
pointed a d m in istrato r of an estate. He
renounced his rig h t th ereto but, before

A. Yes. The fact th a t one en titled to
letters testam en tary or letters o f ad­
m inistration has renounced h is right
th ereto ordinarily w ill n ot p revent the
issuan ce of letters to him , provided he
retracts h is renunciation prior to the
grant of letters to another. D ecision s
to th is effect m ay he found in K ansas,
K entucky, M ississipp i and other states.

Too
George B ernard Shaw, upon receipt
of a card announcing “L ady Sybil w ill
be at hom e T uesday betw een th e h o urs
of tw o and five in th e afternoon,” re ­
tu rn e d it w ith th e inscription, “George
B ernard Shaw likew ise.”
OUR 50th YEAR

The money your depositors re­

the day o f receipt.

ceive from the sale of live stock

All you have to do is ask your

in Chicago is speedily trans­

shippers to instruct their com ­

ferred to their credit in your

m ission firms to route the pro­

Bank if routed through us. The

ceeds o f their live stock sales

Stock Yards post office is just

through this Bank. We shall be

across the street and the advice

glad to supply you with instruc­

of credit is mailed to you on

tion cards for this purpose.

fT ïie

LIVE STOCK
BANK

v / K( o / r e a f / o

ESTABLISHED 1868

UNION STOCK YARDS
D A V I D H. R E I M E R S , P r e s i d e n t
Member Federal Deposit Insurance Corporation


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

24

Should G . I. Loans Be

* HAMMERMILL
C O L U M N
Banks began losing their trained per­
sonnel within a few months after Pearl
Harbor. By the summer of 1942 the
steadily mounting turnover was sweep­
ing throughout the industry with all the
force of a Kansas twister.
★

★

★

Recent surveys indicate that things seem
to be settling down somewhat now, but the
storm left some odd changes in its wake.

Processed Through a Central O ffice?
(C ontinued from page 17)

F. L. FORD

J. B. FORGAN

President
First National Bank
St. Joseph

Vice Chairman of the Board
The First National Bank of C h icag o

“It is th e feeling of our officers th a t
w e p refer to process our own G. I.
loans.”

“W e a t th e p resen t tim e do not favor
a b an k sponsored G. I. loan cen ter in
Chicago.
“Chicago is fo rtu n ate in h av in g the
V eteran s’ In fo rm atio n C enter spon­
sored an d financed by th e C om m unity
and W ar F u n d of Chicago, w here v e te r­
ans m ay go to secure inform ation and
obtain help no m a tte r w h at th e ir prob­
lem m ay be. We believe th is in s titu ­
tion can handle applications for loans
and steer th e applicant to th e b an k in
th e section of th e city w here th e v e t­
eran lives and th u s take a large b u r­
den off th e larg er banks located in the
loop.
“W e have given th e m a tte r consider­
able th o u g h t here in our ow n in stitu ­
tion and have a d ep artm en t for th e
purpose of discussing w ith re tu rn e d
veteran s th e ir applications for loans,
b u t th u s far w e have n o t had m any
applicants. Upon th e te rm in atio n of
th e w ar in E urope th e re undoubtedly
w ill be an increased dem and, and if at
th a t tim e it seem s necessary, th e banks
here could give consideration to a loan
cen ter.”

CARL M. FLORA

W. W. SMITH

“Our b ank p refers v eteran s to come
d irect to bank for loans. O rganization
is large enough to have tw o officers
available for each division, city, farm
and business loans.”

L. E. WAKEFIELD
President
First National Bank
Minneapolis

William Powers of ABA estimates that
today fully one-half of the personnel in
the nation’s banks are women.
★

★

★

M any banks lost more than 60% of their
tra ined men. Losses in some cases were 90 %.
One bank showed a turnover of 320%!
★

★

★

Despite the enormous wartime re­
sponsibilities shouldered by the banks,
they do not generally employ many more
people today than they did in 1941. But
they are different people.
★

★

★

To meet the crisis, to keep the financial
machinery manned and operated, bankers
drew help from everywhere. They hired
Navy wives, A rm y wives, people from
dime, department, chain and shoe stores,
from offices of brokers, architects, insur­
ance companies. A nd they did keep the
financial machinery going.
★

★

★

These newcomers on the whole have
proved efficient and reliable. But they
naturally lack banking background and
experience. And the turnover among
them is still far above normal.
★

★

★

A ll this places an extra burden on the
seasoned staff members, and on the officers
of nearly every bank in the country.
★

★

★

With time so precious for most bank
executives, any suggestion to save time
may be helpful. So we’re going to men­
tion a little idea-book that Hammermill
has distributed among thousands of
businessmen in many fields.

“W e reg ard our d u ty u n d er th e G. I.
loan bill as an im p o rtan t responsibility
w hich th is b ank should take. W e w an t
to do a good job and in ten d to handle
our p a rt in th is b an k and n ot th ro u g h
a loan cen ter or cen tral office in this
city.”

T. L. DAVIS
President
First National Bank of Omaha

“W e w ould p refer to have the v e te r­
ans come direct to us.”

T. B. STRAIN
President
Continental National Bank in Lincoln

Vice President
First Wisconsin National Bank
Milwaukee

“On basis of experience and stu d y to
date, we do n ot favor G. I. loan center
in M ilwaukee. H ow ever, we have not
given th is problem sufficient considera­
tio n y et to reach final decision.”

W. D. WYARD
President
First and American National Bank
Duluth

“On p resen t inform ation and outlook,
our preference is for v eteran s to have
direct contact w ith b ank.”

ALVIN E. JOHNSON
President
Live St ock National Bank
Omaha

Called “How to Harness a Conference,”
it tells how to plan business meetings so
that they will not waste time, how to keep
them on the beam, free of pointless oratory,
how to get results clearly down on paper so
that the meeting can be followed by action.
★

★

★

W e b e lie v e yo u ’ll find this book useful and
tim ely rig h t n o w . If yo u ’d lik e a co p y , le t us
h e a r from y o u . No obligation o f co u rse . No
salesm a n w ill ca ll. P le a se m ention this m a g a ­
zin e . Ham m erm ill P a p e r Co m pan y, 1 5 2 4
East L a k e R o a d , Erie, P a .

N orthw estern B anker

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

March Î9b5

“W e believe we could provide m uch
b e tte r service to v eteran s by having
th em deal directly w ith bank. How ­
ever, w e feel th a t a cen tral office for
providing inform ation only w ould be
practical.”

W. L. HEMINGWAY
President
M ercanti le -Com m erce Bank and Trust Co.
St. Louis

“It appears th a t the local banks are
n o t in terested in form ing a loan center
for G. I. loans a t th is tim e.”

President
First National Bank in St. Louis

“W e w ill favor each b ank handling
G. I. loans d irect.”

FRED H. QUINER
Vice President
Central National Bank and Trust Co.
Des Moines

“W e do favor establishing such an
office, as we feel it w ould save a g reat
deal of tim e for our officers w ho o th er­
w ise w ould be giving a tten tio n to the
lim itless detail associated w ith these
G. I. loans.
“Also, th e banks w ould be relieved of
possible criticism and h a rd feelings
w hich m ight accrue in case circum ­
stances appeared to req u ire a refusal
of th e application, or advice against
sta rtin g on an unw ise venture.
“T he cen tral office should p rep are
th e C ertification of Eligibility, neces­
sary application papers, and th e p ro ­
posed loan closing statem en t in a w ay
in w hich th ey m ight be p resented to
th e V eterans A dm inistration, b u t w ith
th e nam e of th e lending in stitu tio n
blank. All papers should th e n be
handed to th e v eteran and he should
be left to contact a lending in stitu tio n
of his ow n choosing. T he b an k could
th en sign papers already p rep ared and
O U R 5 0 th Y E A R

• The National Bank of Detroit
occupies the first six floors of
this imposing 25-story office
building in downtown Detroit.

A no th er lea d in g b an k using H am m erm ill Safety
The National Bank of Detroit, situated in one

W e take pride in the fact that Hammermill Safety

of the busiest "arsenals of democracy" in the

paperis used by this great bank. The check shown

land, is playing a leading part in financing

below is on Straightline Hammermill Safety, with

America's vast war machine.

the bank's seal as part of the surface design.

SAFETY
MANUFACTURED

OUR 50th YEAR

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

BY H A M M E R M I L L

PAPER

COMPANY,

ERIE,

PA. ,

FOUNDED

1898

N orthw estern B anker

March 1945

I

26

Sponsor Anti-Inflation Posters

Recommended
Reading

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ice , w ith no f ix e d b a la n ce,
b o o st YOUR b a nk's ea rn in g s?

The easiest way to find out is to
use the convenient check list in the
Todd booklet “No-Minimum-Bal­
ance Checking Accounts.” It will
help you analyze the subject thor­
oughly on your home grounds...
suggest ways to build earnings and
conserve personnel.
The increasing popularity of
checking accounts with war-busy
men and women affords a striking
opportunity to increase the sale of
checking services.
This booklet is free, of course,
to anyone who requests a copy.
Mail the coupon today for yours!

"J o c ld
C O M PANY, IN C .
■
ROCHESTER
Sa les

OFFICES IN

NEW YORK
PRINCIPAL CITIES

DISTRIBUTORS THROUGHOUT THE WORLD
THE TODD COMPANY, INC.,
ROCHESTER 3, NEW YORK

Please send me your booklet on No-Mini­
mum-Balance Accounts, with suggestions
for analyzing our own situation. Without
cost or obligation, of course.
Name________________________________
Title_________________________________
Bank Name__________________________
Address______________________________
City__________________ State___________
NB - 3 - 45

N orthw estern B anker


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

March T9'f5

T he F i r s t N a tio n a l B a n k o f C hicago is s u p p o rtin g th e “ P la n n e d S p e n d in g a n d
S a v in g ” p ro g ra m sp o n so red b y th e Office of E conom ic S ta b iliz a tio n a n d th e
T re a su ry D e p a rtm e n t th ro u g h th e use o f 24-sheet p o ste rs, one o f w h ich is illu s ­
t r a t e d above. C u rre n tly th e b a n k is d e v o tin g o n e -h alf o f its d isp la y to a n t i ­
in fla tio n p o ste rs, o n e -fo u rth to W a r B ond p o ste rs, a n d o n e -fo u rth to its own
sa v in g s a d v e rtis in g . T he p la te s fo r th e a n ti-in fla tio n p o s te r h a v e b e en m ad e
a v a ila b le b y th e F i r s t N a tio n a l B a n k to th e b a n k e rs o f th e c o u n try th ro u g h th e
W a r A d v e rtis in g C ouncil, In c ., 11 W . 42nd S tre e t, N ew Y o rk 18.

p re se n t them d irect to th e V eterans
A dm inistration.
“T his procedure w ould relieve the
banks of m uch of th e detail and still
w ould not leave th e cen tral office w ith
th e job of assigning applications to
different lending institutions.
“The v eteran s could be b e tte r served
because m ore com plete inform ation
could be k ep t available for his use
th a n could be offered by any one b an k .”

JAMES W. HUBBELL
Vice President
Bankers Trust Com pany
Des Moines

“W e v ery definitely oppose the es­
tab lish m en t of a b ank sponsored G. I.
loan cen ter in Des Moines.
“W e m uch p refer to deal w ith the
v e te ran direct and feel th a t in so do­
ing we can ren d er a g re a te r service to
th e v eteran. By com ing directly to th e
b an k th e v eteran w ill be in a position
to establish him self for o th er b ank
credit and services w hich w ould n ot
be available to him if he w ere dealing
w ith a cen tral office sponsored by the
clearing house.”
T here is still m uch confusion about
th e en tire “G. I. Bill of R ig h ts” and
V an V echten Shaffer, president, G uar­
a n ty B ank and T ru st Com pany of Ce­
d ar Rapids, in w ritin g to Senator
B ourke B. H ickenlooper, p u t it this
way:
“Congress is going to come in for
some aw ful lam basting w hen these v et­
eran s find out th a t th e y cannot get

m oney u n d er these loan provisions,
and the bankers, I th ink, are ju st going
to be plain ru n out of tow n. To me it is
a gross in justice to have passed a
m ajor piece of v eteran relief legislation
and th en to see th e re su lt be em ascu­
lated by so m uch red tap e as to m ake
th e th in g unw orkable. E ith e r th e Con­
gress w an ts th e governm ent to really
be helpful on th is th in g and sincerely
asks th e b an k s’ active cooperation, or
we ought to honestly say th a t w e don’t
w ant to do it. B ut to say on th e one
hand th a t we do w an t to do it and th en
to practically m ake it e ith er im possible
or so difficult th a t nobody know s w h at
th ey are doing is ju st sheer trickery,
and I for one don’t relish being a p a rty
to it.”

N EW S A N D VIEW S
(C ontinued from page 19)
Company, believes th a t “V ictory in
E urope is com ing soon. No one can
know w h eth er it is com ing only rela­
tively soon, or v ery soon indeed, b ut
each day it becom es increasingly clear
th a t th e w ar in E urope is approaching
th e end. W hen th e end is reached
th a t event w ill co n stitu te th e m ost im ­
p o rta n t piece of business new s since
w ar broke out in E urope in 1939. De­
spite th e fact th a t we shall still have
an o th er g reat w ar to c a rry th ro u g h to
victory, th e ending of th e w ar in E u ­
rope w ill u sh er in th e beginning of th e
period of re ad ju stm en t th a t w ill finally
lead us back into a civilian econom y.”
N orm an D. Shaffer, vice president,
OUR 50th YEAR

27

m i

œ /ÿ 9

^ M ia n c M iy

T he Philadelphia N ational Bank has b een a ctive for m any
years in financing foreign trade, n o t o n ly in the area it
im m ed iately serves, b u t elsew h ere as w ell. T od ay, w ith
restriction s creatin g severe

difficulties, w e con tin u e to

w ork c lo sely w ith exporters, im porters and others, and
in ad d ition have activ ely co o p e ra te d w ith our G overn m en t
;■

in nu m erou s activities.
I -

;

W e gladly co o p e ra te w ith o th er banks th rou gh ou t the
country, in handling this profitable and prom ising business.

jj|i
lip

’
I

OUR 50th YEAR

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

N orthw estern B anker

March 1945

28
and A rthur J. Lusk, special re p re se n ta ­
tive of th e C ontinental Illinois N ation­
al B ank and T ru st Com panay, of Chi­
cago, celebrated V alen tin e’s Day in
Sioux City and enjoyed a fine d in n er
at “C harlie’s S teak H ouse.”
P revious to going to Sioux City, N or­
m an had visited his fa th e r and m o th er
at Altoona, Iowa.

of $500,000 and su rp lu s and undivided
profits of $366,000. O ther officers are:
B. M. W heelock, vice president; A lbert
C. E ckert, vice president; R. E arl
Brow n, cashier; D aniel B. Severson,
a ssistan t cashier; F ran k H. Abel, a ssist­
a n t cashier; A lv in G. N elson, a ssistan t
cashier, and Robert W. L ew is, assist­
a n t cashier.

Charles R. G ossett, p resid en t of the
S ecurity N ational B ank of Sioux City,
has been m aking excellent progress
w ith h is v e ry fine in stitu tio n w hich
had deposits a t th e last call of $18,979,000, com pared w ith $16,576,000 on De­
cem ber 30, 1943.
T he Security N ational has a capital

H erbert W oodward, vice president,
Columbia H eights S tate Bank, M inne­
apolis, M innesota, in a le tte r to the
N orthw estern Banker, told us of the
election of H orace G. P arker as assist­
a n t cashier of th e ir bank. Mr. P a rk e r
has been teller and bookkeeper at the
b ank since last sum m er. H is fa th e r is

C. A. Parker, the popular and wellknow n vice presid en t of th e F irs t N a­
tional B ank of M ason City.
H orace P ark er, before com ing to th e
Columbia H eights S tate Bank, w as as­
sistan t exam iner in th e Iow a B anking
D epartm ent and previous to th a t had
seven y e a rs’ experience in banks a t
T h o rn to n and Clear Lake, Iowa.
T he b ank has a capital of $40,000,
su rp lu s and undivided profits of $12,000, and to tal deposits of $1,095,000.
A rthur L. Gluek is presid en t and C. T.
Olsen, cashier.
G overnor Robert D. Blue has re a p ­
AV. E llis as ban k in g su-

pointed M elvin

M. W. ELLIS
To Serve Another 4 Years

SW O R D S IMTO PLO U GH SH ARES
n p H E great Middle Western area, which has contributed so
*** importantly toward building our war machine, can logically
anticipate a leading part in rebuilding for peace. As a businessm inded batik, we have helped many companies in converting
to war production. W hen the time for reconversion comes and
business and industry face similar problems, we believe that our
policy o f cooperation and assistance will be equally valuable.
Correspondent banks will find the American National well
prepared to assist them in meeting the changing requirements
o f their customers during the reconstruction period.

A M E R IC A N NATIONAL BANK
AND TRUST COM PANY
OF CHICAGO
__________________________L A S A L L E S T R E E T J j

AT W A S H I N G T O N

Member Federal Deposit ~s£l H

Insurance Corporation

W
°

u

R

B U S I N E S S

N orth w estern B anker

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

I S

March 1945

T O

H E L P

B U S I N E S S

p e rin ten d en t of Iow a to continue for a
four-year term at a salary of $6,000 p e r
year.
W ilbur B ritton of C. W. B ritto n and
Company, Sioux City, is an excellent
handball player, b u t w as going a ro u n d
on crutches last m onth because of an
in ju ry to his foot, w hich he su stain ed
in a handball game.
Carl L. F redricksen, p resident of th e
Live Stock N ational B ank of Sioux
City, nev er has to stop at th e b ak ery
to b rin g cookies hom e to his fam ily,
because Mrs. F red rick sen can m ake
the finest and m ost artistic cookies th a t
you have ever seen or eaten. She h as
a d raw er full of all sizes, shapes an d
v arieties of cookie c u tters for all occa­
sions and holidays th ro u g h o u t th e year.
Carl, .Jr., w ho is now 7% y ears of
age, received 31 V alentines on th a t im ­
p o rta n t day, w hich indicates th a t he is
going to grow up and be as p o pular as
his dad.
And, incidentally, th e Live Stock N a­
tional Bank, five y ears ago on DecemO U R 5 0 th Y E A R

29

fJLor prompt, careful attention to the
day-by-day service you expect from
your New York correspondent . . .

f

X o r cooperation on your investment

portfolio . . .

f

X o r out-of-the-ordinary attention to

out-of-the-ordinary problems . . .

CENTRAL HANOVER
BANK AND TRUST COMPANY
NEW

YORK

M ember Federal Deposit Insurance Corporation

OUR 50th YEAR


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

N orthw estern B anker

March 19b5

30
b er 31, 1939, had deposits of $5,688,000,
and on D ecem ber 30, 1944, h ad deposits
of $19,847,000.
In addition to Carl, th e o th e r officers

of th e b ank are: Mark A. Wilson, vice
president; W illiam G. Nelson, assistan t
vice president; William C. Schenk,
cashier; Henry C. Linduski, assistan t
cashier and m anager, A ir Base F acil­
ity; Clifford I j . Adams and John S.
Haver, a ssistan t cashiers, and James L.
Smith, auditor.

The

Tom N. Hayter, vice p resid en t of th e
F irs t N ational B ank an d T ru st Com­
pany, Sioux Falls, South D akota, car­
ries th e line on his b an k statem ent,
“The largest independent bank in the
Dakotas,” and show s deposits of $16,596,000. Tom is rig h tly proud of th e
fine g ro w th and developm ent of his
hom e tow n and took us for a “sig h t­
seeing to u r” aro u n d th e city.
In addition to his o th er duties, Tom
w as A.B.A. W ar L oan C hairm an in
South D akota for th e Sixth W ar Loan
and his final re p o rt show ed th a t the
b anks of South D akota purchased $21,684,000 of bonds, w hich w as 10 per cent
of th e ir to tal deposits of $219,000,000.
The n u m b er of bonds b ought w as 95,547 and th e average bond sale w as
appro x im ately $250.
T he o th er officers of th e b an k are:
W. W. Baker, president; W. E. Perrenoud, cashier; H. L. Jones and E. T.
Edwards, a ssistan t cashiers; R. A. Pankow, tru s t officer, and L. T. Shoop, as­
sista n t tru s t officer.

N ew York T rust
Company
C apital Funds Over $50,000,000

IO O BROADW AY
M A D ISO N AVENUE
A N D 4 0 T H STREET
TEN
ROCKEFELLER
PLAZA

A. G. Sam, p resid en t of th e F irst
N ational B ank in Sioux City, gave
us some in terestin g figures w hen we

Member of the Federal Deposit Insurance Corporation

THEY GET THERE

......... '

...F IR ST ’ " "
•

# The clear red, white and blue border
is your guarantee that Tension A ir
M ail Envelopes will receive first
consideration by the postoffice.
Airmail arrives first, is opened first,
is answered first.

Te n s io n E n v e l o p e C orp .
B E R K O W IT Z E N V E L O P E C O .

w ere visiting w ith him the o th er day,
and th e y are as follows:
T otal deposits in Sioux C ity’s five
larg est banks on D ecem ber 31, 1941,
w ere $40,660,121. T otal deposits on
D ecem ber 30, 1944, w ere $81,156,129, or
an increase of 9914 per cent. F o r the
F irst N ational B ank some in terestin g
increases w ere these: T otal deposits
D ecem ber 31, 1941, $7,476,323; on De­
cem ber 30, 1944, $14,199,660—increase
90 per cent. Total com m ercial deposits
on Decem ber 31, 1941, $3,528,362, as
com pared w ith $7,506,174 on D ecem ber
30, 1944—increase 112.7 per cent. Total
savings deposits on Decem ber 31, 1941,
$1,810,962; $3,467,176 on D ecem ber 30,
1944, or an increase of 91.4 per cent.
In addition to his m any o th er civic
activities, Mr. Sam is tre a su re r of th e
Sioux City C ountry Club and a m em ber
of th e board of directors of th e Sioux
City T ran sit Company.
Walter G. Kimball, presid en t of The
Com m ercial N ational B ank and T ru st
Com pany of New York, announces th a t
M. Scovell Martin has been elected vice
presid en t and tru s t officer of th e bank,
to be head of th e personal loan d e p a rt­
m ent. Mr. M artin w as form erly tru s t
officer of th e City B ank F a rm e rs T ru st
Com pany of New York.
Frank Warner, secretary of the Iow a
B ankers A ssociation, has sent a bulle­
tin to both of th e senators from Iowa
and all of th e rep resen tativ es, suggest­
ing th a t th e G. I. Bill of R ights be sim ­
plified because of “the im m ensity and
com plexity of rules and regulations
that face every lending agency that
intends to operate and wants to oper­
ate under the G. T. Bill.” Mr. W a rn e r
also pointed out th at, “The more that
the rules and regulations can be sim pli­
fied and shortened, and this includes
forms that m ust he used, the sooner
w ill those lending agencies, w hether
they he banks, insurance companies, or
others, become familiar w ith the regu­
lations and forms and be ready to ex­
tend the greatest possible service to
the returning service people.”
The ch airm an of th e subcom m ittee
on “Service for W ar V eterans u n d er
th e G. I. Bill” is W. H. Brenton of Des
Moines.

1912 Grand A ve., Phone 4-412B, D es M oines 14, Iowa

S carborough ¿¿Company
First National Bank Building. Chicago

N orthw estern B anker


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Federal Reserve Bank of St. Louis

March 1945

Horace A. Smith, Iowa Representative
Des Moines, Iowa
OUR 50th YEAR

31

C o n t in e n t a l I l l in o is
N a t io n a l B a n k
a n d Tr u st C om pany
o f C h ic a g o

C O M M E R C IA L B A N K I N G
C O R P O R A T E A N D PE R S O N A L . T R U ST S E R V IC E S
F O R E IG N B A N K IN G F A C IL IT IE S
U N IT E D S T A T E S G O V E R N M E N T A N D
M U N IC IP A L S E C U R IT IE S
S A V IN G S D E P A R T M E N T

MEMBER FEDERAL DEPO SIT IN SU R A N C E CORPORATION

O U R 5 0 th Y E A R


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Federal Reserve Bank of St. Louis

N orthw estern Banker

March 19^5

32

Assistant Treasurer
N. B axter Jackson, first vice p re si­
den t of th e Chem ical B ank & T ru st
Company, New York, announced th a t
W. Donald Jo rd an w as appointed as­
sista n t treasu rer.
Mr. Jo rd a n g rad u ated from th e Co­
lum bia U n iv ersity School of B usiness
in th e class of 1922 and joined th e staff
of th e b an k in 1930.

A m erican N ational B ank & T ru st Com­
pany, Chicago, plans w ere laid for a
p e rm an en t organization of th e Tw in
C ity F in ancial A dvertisers Association.
Ben S. W oodw orth, ad v ertisin g m an ­
ager of F irs t N ational Bank, M inneap­
olis, w as nam ed president, and V ern C.
Soash, a ssistan t tre a su re r of M inne­
sota Federal, St. Paul, w as elected sec­
retary.

With William Blair & C o .

Twin City F. A . A .
A t a recen t m eeting in M inneapolis,
atten d ed by P resto n Reed, executive
vice p resid en t of th e F in an cial A dver­
tisers A ssociation, and R obert L ind­
quist, assista n t vice p resid en t of th e

L. H. Ryan, w ho for th e p ast th irte e n
years has conducted his ow n in v est­
m en t firm in O ttum w a, Iowa, dealing
in g eneral m ark et securities, has re ­
cently becom e associated w ith W illiam
H. B lair & Company, Chicago in vest­

AM
uch
Savings Bond
Record
Available for
Free Distribution
to Patrons of
Your Bank
wo needs are increasingly evident as ow nership of
U nited S tates Savings Bonds broadens: (1) a careful
record by holders enabling them to trace and establish
ow nership in case of loss or th e ft (2) inform ation on the
ad v an tag e of retaining ra th e r th an redeem ing such bonds
prior to m a tu rity . B oth needs are well m et in the Record
and D ata Form above illu strated which we have p re­
pared for the protection and inform ation of holders of
Savings Bonds.

T

To serve their largest usefulness, we are p u ttin g these
forms at the disposal of banks for free d istribution to
interested patro n s. A lready 1,000 banks have taken ad­
v an tag e o f our offer. I f an officer of your bank will
indicate the q u an tities you can use to adv an tag e, we
shall gladly supply, w ith o u t charge, the num ber specified.

H A L S E Y , S T U A R T & C O . I nc .
CH IC A G O 90, 123 S. LA SALLE STREET • NEW Y O R K 5, 35 WALL STREET
AND OTHER PRINCIPAL CITIE S

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Federal Reserve Bank of St. Louis

m ent house, and w ill have th e states of
Iowa and South D akota as his te r r i­
tory.
B eginning in December, 1942, Mr.
R yan w as one of two a ssistan t regional
m anagers of th e U. S. T re a su ry Vic­
to ry F u n d Com m ittee in Iowa, devot­
ing his full tim e to th is project. At th a t

March 19b5

L. H. RYAN
With Blair & Company

tim e the com m ittee w as u n d er the jo in t
sponsorship of th e U. S. T reasu ry and
the F ed eral R eserve Bank. A y ear
later th e p roject w as m erged w ith th e
activities of th e W ar F inance Com m it­
tee, and Mr. R yan w as nam ed a d eputy
m anager.
B lair & Com pany are m em bers of th e
New Y ork and Chicago Stock E x ­
changes and have been o perating for
m any years.

On Special Committee
I.
A. Long, vice p resid en t of th e M er­
cantile-Com m erce B ank and T ru st
Company, St. Louis, has been ap ­
pointed by the m ayor of St. Louis to
serve on th e special com m ittee on m ass
tran sp o rtatio n .
This com m ittee w ill plan p o stw ar
changes in th e St. Louis stre e t car and
bus service and consider th e possibility
of constru ctin g subw ays or elevated
lines. W hile th e new program w ill n ot
be p u t into effect u n til after th e w ar,
th e m ayor has asked for im m ediate
consideration of plans, and a p relim i­
n a ry re p o rt w ill be m ade by M arch 15.

N ot Enough
T hey sat on h e r porch at m idnight,
B ut his love w as n ot to h e r taste.
H is reach w as 36 inches
A nd she had a 44 w aist.
OUR 50th YEAR

33

Field W arehouse Receipts
Loans G ood as G o ld ? ?
By T. S. Jackson

A FIVE-FOLD TEST:
1.
2.
3.
4.
5.

M anager Field Warehouse Division
St. Paul Terminal Warehouse Co.

Know your Borrower.
K now liis Business.
Know his Produets.
K now his Outlet.
Know the operating
W arehouse Company.

QUESTION w h e th e r any w arehouse
operator, and p a rtic u la rly one who
specializes in field w arehousing, even
in one of his m ost en th u siastic m o­
m ents, w ould m ake th e sta te m e n t th a t
his w areh o u se receip ts are “as good as
gold.” H ow ever, I w ill say a t th e o u t­
set th a t th e recognized op erato rs of
field w arehouses go to every possible
len g th to place th e ir w arehouse r e ­
ceipts on a “top ru n g ” plane. W h e th e r
th e re is any likeness to gold in a w are­
house receip ts loan is depen d en t upon
th e p a rtic u la r b o rro w er involved, th e
goods, th e lending bank, and upon th e
w arehouse com pany h an d lin g th e oper­
ation. One m u st alw ays b ear in m ind
“All th a t g litters is not gold.”

Field Warehousing
Field w arehouse com panies have u n ­
d e rta k e n extensive ad v ertisin g p ro ­
gram s for several years, and n u m erous
articles have been w ritte n by b an k ers
on th e subject, b u t n o t a v ery large
percen tag e of b an k ers th ro u g h o u t th e
co u n try are actu ally fam iliar w ith field
w areh o u sin g a nd its perform ance. T his
possibly can be w ell understood,
though, as m ost people visualize w a re ­
housin g as being th e storage of goods
in fireproof buildings located a t cen tral
locations, and a b a n k e r can w ell ask
w hy he should be in terested in it.
H ow ever, th e su b ject of th is article
concerns a different technique of w a re ­
housing w hich is th e th em e of a d v er­
tisem en ts of certain w arehouse com pa­
nies ap p earin g in so m any b an k in g
publications and th e topic of circu lar
le tte rs and ad v ertisin g m aterial reach ­
ing b a n k ers from w arehouse com pa­
nies. T he nam e of th is specialized
form of w areh o u sin g is “field w are­
housing,” and it is p a rt and parcel of
banking, and a b rief explan atio n of it
m ight not be am iss.
F ield w areh o u sin g gen erally takes
place actu ally on th e prem ises of th e
ow ner of th e goods. Briefly, th e wareO U R 5 0 th Y E A R


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Federal Reserve Bank of St. Louis

T. S. JACKSON

“ . . . th e p u rp o se o f F ie ld W a re ­
h o u sin g . . . to f u rn is h a h a n k , or
o th e r le n d in g ag en c y , w ith se c u rity
c o v erin g goods or a c o n c e rn ’s in v e n ­
to ry . . . on its p re s e n t lo c a tio n . ’ ’

house com pany takes its facilities to
th e location of th e goods instead of the
goods being tran sp o rted to th e cen tral
locations of w arehouse com panies.

Its Purpose
W h at is th e purpose of “field w are­
housing?” N othing m ore or less th a n
to fu rn ish a bank, or o th er lending
agency, w ith secu rity covering goods,
or a concern’s inventory, irrespective
of its kind, a t its p resen t location. In
o th er w ords, th ro u g h th e m edium of
w arehouse receipts a borrow ing con­
ce rn ’s in v en to ry is placed in a collat­
eral form against w hich a b an k can
readily lend. Storage does not en ter
into th e picture, and th e procedure is
en tirely one for financing purposes.
The w arehouse com pany provides
th ird p a rty b ailm ent and acts as cus­
todian of th e b o rro w er’s in v en to ry u n ­
til th e b an k authorizes delivery.
T here is no m y stery to field w are­
housing. H ow ever, it is a highly tech ­
nical operation, and th is w ill explain
w h y th ere are so few w arehouse com­
panies th ro u g h o u t th e co u n try engaged
in it—possibly a dozen recognized com­
panies a t th e most. Long experience
in com plying w ith th e legal require-

m ents for p roper custodianship, segre­
gation and identification of th e pledged
goods, or inventory, is the first req u i­
site of a field w arehouse com pany.
T horough know ledge by th e w are­
house com pany in h an dling th e thousand-and-one kinds of in v en to ry to be
encountered is vital. F in ancial resp o n ­
sibility of th e w arehouse com pany is
highly im portant, and th a t responsibil­
ity should be backed up by sub stan tial
perform ance bond or legal liability cov­
erage. Coverage of th is n atu re, and
p articu larly in adequate am ount, is not
readily obtainable and is usually re ­
served by in su ran ce u n d erw riters for
w arehouse com panies w ho have proved
th e ir m ettle in field w arehousing. Since
a b an k m ust rely upon a w arehouse
com pany for its security, th en it should,
above all things, be assured th a t the
w arehouse com pany w hose receipts it
w ill handle, m eets exacting tests as to
experience, responsibility and th e ex­
te n t of its legal liability in su ran ce cov­
erage. It should be rem em bered by a
b an k er th a t a w arehouse com pany
m ust be able to produce th e pledged
goods, or inventory, w h enever a de­
m and is m ade upon it, or else pay.
W arehouse receipts issued by th e ow n­
er of th e goods, or by any subsidiary
or agency identified w ith th e ow ner,
have no place in a b a n k ’s vaults, and
th a t is w hy I say a t th e beginning of
this article, “All th a t g litters is not
gold.”

Loan Receipts
T he principles of lending m oney
m ust now en ter th e p icture in ro u n d ­
ing out a field w arehouse receipts loan,
and this is th e b a n k e r’s problem . I t is
well understood th a t th e in teg rity of
th e borrow ing concern and a w o rth y
purpose form th e basic foundation of
any loan—secured or otherw ise. T hen
in order comes th e source of rep ay ­
m ent of th e loan. In th e case of a field
w arehouse receipts loan, th e source of
rep ay m en t is th e pledged inventory.
T herefore, one of th e prim e consider­
ations of th e loan m ust be w h eth er
th ere is a m a rk e t for th e security and
at a know n price. W ithout an avenue
for disposal, an y security is a question­
able item . If th e b an k er has satisfied
N orthw estern B anker

March 1945

34

FINANCIAL
PROBLEMS
AHEAD?
Here are four problems that
involve financing and which
may confront your business
at any time:
1. R eco n versio n
2. C o n so lid a tio n
3. N e w p ro d u c t a n d n ew
m a r k e t d e velo p m en t

4. M o d e r n iz a tio n

Here are eight ways in which
our Underwriting Depart­
ment may help you:
1. D is c u s s a n d develop
p la n s f o r fin a n c in g

2. U n d e rw r ite b o n d s , p re ­
fe r r e d
sto cks

and

com m on

3. A s s i s t p r e p a r a tio n o f
r e g istra tio n sta te m e n ts

4. A r r a n g e p r i v a t e o r
p u b lic sa le o f se c u r itie s

5. A p p r a i s e s e c u ritie s
6 N eg o tia te co n solidations
7. P r e p a re p la n s f o r re­
c a p ita liz a tio n

8. A i d i n l is tin g s e c u ritie s
on sto ck exc h a n g es

These are only the more
important functions of our
Underwriting Department.
We invite you to inquire of
a Partner at the nearest
Hornblower & Weeks office.
Inquiries confidential and
without obligation.

him self th a t th e secu rity has an outlet,
he m u st consider w h a t m argin of se­
c u rity he should have. T his m argin
should be determ ined to provide for all
contingencies in th e event th a t th e
b an k finds it necessary to realize upon
th e inventory. On th e whole, I have
seen v ery few cases w here th e la tte r
has been resorted to, b u t still th a t con­
tin g en cy m u st alw ays be borne in
m ind. A b an k er w ould not lend th e
sam e am ount of m oney against th e se­
c u rity of a scrub cow th a t he w ould
ag ain st a purebred. Sim ilarly, he
should pro tect him self in his m argin
ag ain st inventories held as security
w hich m ay be off-grade or “off-color.”
The w arehouse com pany can be ex­
pected only to provide th e collateral,
and a b ank cannot look to th e w are­
house com pany to in su re th e m a rk e t­
ing of th e pledged inventory. In sub­
stance, th e b an k er m u st know th e bor­
ro w er he is doing business w ith and be
fam iliar w ith his product. If a borrow ­
ing concern is a well established one
and has a firm m ark et for its goods, the
b a n k e r’s problem is a v ery sm ooth
sailing one.
The last th in g any good operator of
field w arehousing w an ts is to see a
b an k er in difficulties w ith a w arehouse
receipts loan or to have any reflections
cast upon his w arehouse receipts. He
tak es pride in th e stan d in g of his w are­
house receipts. T hrough his long expe­
rience in field w arehousing th e opera­
to r has possibly encountered every pos­
sible contingency th a t m ight be ex­
pected. T herefore, in establishing a
field w arehouse receipts loan, the co­
operative efforts of th e ban k and w are­
house com pany will go a long w ay
tow ards placing th e loan on a sound
and p ro p er basis. Field w arehousing
is a service for th e benefit of banks,
and th e recognized operator w ill be
fra n k in expressing his view s con­
cern in g th e desirability of a loan, irre-

spective of w h eth er it m eans a loss of
rev enue to th e operator in doing so.

Is Proved Security
F ield w arehousing has proved itself
through acid tests to be th e b est de­
vice for conveying to a b an k secu rity
on a bo rro w er’s in v en to ry at location.
Not only is it a protective m easure,
b u t im portantly, it develops loans. The
la tte r m ay sound strange, b u t n ev er­
theless it is tru e. T he in v en to ry of a
m an u factu rer, processor, producer, or
dealer is in v ariab ly an o u tstan d in g and
sizable asset in th e balance sheet. It
is th e life blood of th e business. In
lending m oney is it n o t a sense of w ell­
being to have secu rity on th a t in v en ­
tory? F u rth erm o re, w ith th e source
of rep ay m en t soundly collateralized, is
th ere not an avenue for increased lend­
ing business? It is n ot w ith o u t reason
th a t m ost states, and natio n al b an k in g
regulations, p erm it increased lending
lim its by a b an k to an individual bor­
row er w here w arehouse receipts secu­
rity is held ag ain st readily m arketable
goods.
W here com m on sense tests have
been applied, and found in order, th ere
m ay be at least a glin t of gold in field
w arehouse receipts loans. But, Mr.
B anker, know yo u r borrow er, his b u si­
ness, his products, his ou tlet and, im ­
p o rtan tly , th e o perating w arehouse
com pany.

American Express Field
Warehousing Annual Meeting
T he grow ing use of loans against
field w arehousing receipts is clearly
indicated by th e volum e of business
contracted for by A m erican E x p ress
Field W arehousing C orporation since
this new, w holly-owned su b sid iary of
A m erican E xpress Com pany opened
for business last Septem ber, R alph T.
Reed, presid en t of both com panies, rer

HORNBLOWER
& WEEKS
40 Wall Street
New York 5, N. Y.
Since 1888—Financial Service
Adapted to Your Requirements

Offices:
New York; Boston; Chicago;
Cleveland ; Philadelphia; Detroit;
Portland, Me.; Providence;
Baltimore; Bangor.

N orthw estern B anker

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Federal Reserve Bank of St. Louis

March 19b5

f

Prospectus on request fro m Principal Underwriter

INVESTORS SYNDICATE
M IN N E A P O L IS , M IN N E SO TA

O U R 5 0 th Y E A R

35
ported at th e an n u al m eeting last
m onth.
The new subsidiary w as form ed by
A m erican E x p ress a fte r a p relim in ary
stu d y indicated th e expanding need for
field w areh o u sin g facilities d u rin g war-

principles w hich apply to dom estic
field w arehousing are equally applica­
ble to th e foreign field. In eith er case,
w arehouse costs are held to a m ini­
m um ; easier access to th e goods is p ro ­
vided, and inventories m ay rem ain on
th e prem ises of th e borrow er.
The factors w hich prom pted A m eri­
can E xpress Com pany to en ter the field
include experience of n early a cen tu ry
in th e handling of m erchandise and
com m odities, to g eth er w ith fifty y ears
in th e foreign freig h t forw arding bu si­
ness and as custom s bro k ers in the
principal countries of th e w orld. Also,
th e arran g em en t of m arine and w ar

risk insurance and the w arehousing of
goods in m any p a rts of th e w orld.
M oreover, the fact th a t a high p ercen t­
age of field w arehousing accounts origi­
nate w ith banks has p u t A m erican E x ­
press in a favorable position to develop
its field w arehousing activity as the
com pany, th ro u g h its tra v e le r’s cheque
and foreign rem ittan ce business, has
been in close association w ith financial
in stitu tio n s th ro u g h o u t the w orld since
1891. A ctually, the new activ ity has
developed into an additional service
w hich th e com pany can offer to banks
w ho are discovering an increasing need
and in terest on th e p a rt of m anufactur-

iy!!ii!!iiiiiii!i!i!iiiiiiiiiiniu!iiiiiiiiiii!iiii!iiiiiii!iiiii!iiiiiiiiiiiiiiiii!i!niiiiii>i>iiinniiiiiii!iiiiiiiiiiiii!i!iiiiiininnii!ii!iiniii!iiiiii!iiiiiiiiii!iiiii!iiiiiiiiiiiiiiiiiii!iiii!nninii!iiiiiii!iiiiiiiiiiiiiiniiiiii!niniii!ii!iiiiiiii|

The Survey o f the Year
RALPH T. REED
Makes Annual Report

tim e and also in th e postw ar period.
The Field W areh o u sin g C orporation is
now acting as custodian for goods
pledged as loan collateral and stored
on th e b o rro w er’s ow n prem ises. T here
is good reason to believe, according to
Mr. Reed, th a t field w arehousing will
also play an im p o rtan t p a rt in th e
postw ar foreign trad e p ictu re as th e

No Market Losses
IF
you invest your
m o n e y from . . .

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G eo rg e E. V ir d e n , S e c re ta ry

—

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Offices in 87 C ities

The Russell County Building & Loan Association
R U SSELL, KANSAS
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OUR 30th YEAR

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Federal Reserve Bank of St. Louis

N orthw estern B anker

March 1945

3G
ers and d istrib u to rs for loans against
field w arehouse receipts.
T he board of d irectors and th e exec­
utiv e com m ittee include th e ch airm an
of the board of A m erican E x p ress
Company, R. L. Clarkson; its vice ch a ir­
m an, L ynde Selden; th e ch airm an of
the executive com m ittee, F. P. Small,
and th e president, Mr. Reed. H. A.

THOMSON &
McK in n o n
STOCKS • BONDS
COMMODITIES

216-218 Empire Bldg.
U E S M OINES

P hone 4 -2 1 2 7
11 W a l l S t r e e t , N e w Y o r k
231 S. L a S a l l e St. , C h i c a g o
B r a n c h e s i n 34 C i t i e s

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

W IR E

Laverne M. Barlow
M anager

M em b ers N ew Y o rk S to ck E x c h a n g e
and o th e r principal ex ch an g es

Sm ith, executive vice president; J. K.
L ivingston, secretary; Olaf R avndal,
tre a su rer; and D. L. H arm on and M. M.
Noon, vice presidents of th e A m erican
E x p ress Company, are also officers of
the field w arehousing corporation. C.
R. M errill, assistan t vice presid en t of
th e p a re n t com pany, is a vice presid en t
of th e new corporation and is in direct
charge of its developm ent and opera­
tion. In addition, the com pany early
secured th e services of experienced
field w arehousem en outside its ow n or­
ganization, including U. T. Thom pson
and Clyde B. Owens, w ho have been
vice p residents of th e A m erican E x ­
p ress Field W arehousing Corporation
since its inception. Mr. Thom pson is
in charge of prom otion and sales in
New York, and Mr. Owens holds th e
sam e post in Chicago. L. E. B anford
is su p ervising inspector of th e o p erat­
ing d ep artm en t in New York and
George Ganzer, in Chicago.

such a high position in any large K an­
sas City bank.
Since Miss H all entered th e employm en of th e com pany in 1912, she has
become an au th o rity on governm ent
bonds. She w as m ade assistan t cashier
in 1922. Miss H all has specialized in
the field of governm ent bonds since
1916, although she has devoted h e r a t­
ten tio n to th e securities dep artm en t
ever since she joined th e b ank staff.
Recognized as the c ity ’s leading b u si­
ness w om an in th e banking field, Miss
H all’s prom otion by the b a n k ’s board
of directors did not come as a su rp rise
to h e r associates or to em ployes of
o th er banks in th e city. She is know n

Advanced to
Assistant Vice President
A few days after th e th irty -th ird an ­
n iv e rsary of h e r s ta rt w ith th e Com­
m erce T ru st Company, K ansas City,
Miss E m m a H all w as elected an assist­
a n t vice presid en t of th e b an king firm.
She is th e first w om an ever to occupy

H ave ALL the facts, without cost, about
your F ed erally Insured S a v in g s & Loan
A ssociation s w hich issu e
FEDERALLY INSURED CERTIFICATES
There is NEVER a fee of a n y kind and
NEVER a brokerage to b e paid b y an
Investor! You w ill obtain:
F inancial Statem ents;
OPERATING STATEMENTS;
ANALYSES OF LOAN PORT­
FOLIOS;
HISTORY AND DIVIDEND
RECORDS;
E ssential Service;
A CONTINUING SERVICE.
We offer approxim ately 400 A ssociations.
Some are paying 3'/2% , while others are on
a 3 % basis.

you W ill In jo y:

(1)
(2)
(3)
(4)

Unquestioned Safety of Principal;
Cash Position;
Complete Freedom from Market Losses;
Income yield to 3V2%.

May we send you an O F F ER IN G of a group of SE L EC T E D A sso cia tio n s?
A LLISO N W A U G H

Financial Development Company
CNOT INCORPORATED)

105 South L a S a lle Stre e t

N orthw estern B anker

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

March 19)5

C h icag o 3, Illinois

EMMA HALL
Occupies high position in Kansas City Bank

th ro u g h o u t th e co u n try for h e r know l­
edge of governm ent securities. Billions
of dollars have been invested th ro u g h
her, it is said. H er duties w ill not
change, nor w ill h er desk at th e b ank
be moved, it w as explained.

Declare Dividend
The board of directors of B ankers
T ru st Company, New York, have de­
clared a dividend of 314 per cent on th e
capital stock, payable A pril 2, 1945, to
stockholders of record at the close of
business M arch 1, 1945.

Credit Extension
L ast m onth at th e head office of The
Chase N ational Bank, New York, an
agreem ent w as signed betw een The
Royal N etherlands G overnm ent and a
group of New Y ork banks providing
for the extension of credit to T he Royal
N etherlands G overnm ent up to an ag­
gregate am ount of $100,000,000. The
banks p articip atin g in th e credit are
T he Chase N ational B ank of th e City
OUR 50th YEAR

37
of New York, w hich w ill act as m an ­
ager; The N ational City B ank of New
York, G u aran ty T ru s t C om pany of
New York, B ankers T ru st Com pany,
C entral H anover B ank and T ru st Com­
pany, Chem ical B ank & T ru s t Com­
pany, T he F irs t N ational B ank of
the City of New York, M an u factu r­
ers T ru st Com pany, Irv in g T ru st Com­
pany, B ank of th e M an h attan Com­
pany, J. P. M organ & Com pany, In co r­
porated, The New Y ork T ru st Com­
pany, B ank of New York, and B row n
B ro th ers H a rrim a n & Com pany.
T his credit is for approxim ately th re e
y ears and carries an in te re st ra te of
1V2 p er cent p er an n u m on all sum s
advanced.

Mr. S hillerston form erly had been
h an dling th e custom er service in th is
d ep artm ent. He is a law yer and ob­
tained his degree at th e U niversity of
K ansas. He has had 18 y ears of b an k ­
ing experience in G reater K ansas City.

Council Meeting Canceled
The an n u al sp rin g m eeting of the
executive council of th e A m erican
B ankers A ssociation, to be held in New
York on A pril 15th, 16th and 17th, has
been canceled, W. R andolph Burgess,
p resid en t of th e association and vice
ch airm an of th e board of The N ational
City B ank of New York, announced.
T his action was tak en to com ply w ith

th e req u est of W ar M obilization D irec­
to r Jam es F. B yrnes th a t conventions
and larg er business gatherings be
called off. T he executive council of
the association, w hich totals 124, w ith
rep resen tativ es from every state in the
Union, is th e governing body of the
association.
In order th a t th e necessary business
of th e association m ay be carried on,
P resid en t B urgess has called a m eeting
of th e ad m in istrativ e com m ittee of the
association, to be held in New York,
A pril 15th and 16th. T here are 16
m em bers of this com m ittee w hich has
interim pow ers betw een m eetings of
th e executive council.

Heads Foreign Department
E. C hester G ersten, p resid en t of The
Public N ational B ank and T ru s t Com­
p an y of N ew York, announces th e elec­
tion of H. A. H ay w ard as vice p resid en t
in charge of th e F oreig n D epartm ent.

BONDS
Public Utility
Industrial
R a ilro a d
M unicipal

a .c . a l l y n

^ dc o m p a n y
Incorporated

100 W e s t M onroe S tr e e t, C h ica g o
N ew Y ork
R e p r e s e n t a t iv e s :

M ilw a u k e e

W a te r lo o

B o sto n

M in n e a p o lis

H. A. HAYWARD
Vice President

WE ARE PLEASED TO ANNOUNCE THE APPOINTMENT OF

Mr. H ay w ard ’s experience includes
18 y ears w ith th e F oreign D ep artm en t
of the Chase N ational Bank, New York,
active association w ith foreign trad e in
C leveland as m anager of th e F oreign
D ep artm en t of the Cleveland T ru st
Com pany, and two y ears as executive
assistan t in th e office of th e Co-ordinato r of Inter-A m erican Affairs, W ash ­
ington, D. C. Mr. H ayw ard comes to
th e Public N ational from th e U nion
T ru st C om pany of M aryland, B alti­
m ore, M aryland, w h ere he headed the
Foreign D epartm ent.

MR. L. H. RYAN

Moline.

AS OUR IOWA REPRESENTATIVE WITH HEADQUARTERS AT
UNION BANK AND TRUST COMPANY BUILDING
OTTUMWA, IOWA
TELEPHONE OTTUMWA 139

WILLIAM BLAIR & COMPANY
MEMBERS NEW YORK AND CHICAGO STOCK EXCHANGES
135 SOUTH LA SALLE STREET
CHICAGO 3

Assistant Trust Officer

FRANKLIN 4151

Dewey S hillerston has been elected
a ssista n t tr u s t officer of the City N a­
tional B ank and T ru s t Com pany of
K ansas City, M issouri.
O U R 5 0 th Y E A R


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

'Northwestern B anker

March 1945

38

BANK PROFIT FROM
GREEN PASTURES

Financial Statement
of

IO W A ’S L A R G E S T
C A S U A L T Y IN S U R A N C E A N D
■BONDING C O M P A N Y
S ta te m e n t as o f D ecem ber 31, 1944
ASSETS

OFFICERS
J. W .

U n ite d S t a t e s G o v e r n m e n t B o n d s* —
$4,276,391.29
O th e r S t a t e a n d M u n ic ip a l B o n d s* — 1,307,686.56
N o B o n d s o w n e d b y th e C o m p a n y
h a v e e v e r b e e n in d e f a u l t e it h e r a s
to i n t e r e s t o r p r in c ip a l
R e a l E s t a t e — H o m e O ffice B uilding- —- 123,956.42
C a s h in B a n k s ------------------------------------ 1,026,818.25
R e a l E s t a t e M o r tg a g e s — F H A
--------251,900.16
S to c k s a n d F e d e r a l S a v in g s C e r tif ic a te s
29,670.00
P r e m iu m s R e c e iv a b le — N o t p a s t d u e —
781,236.89
C u r r e n t B a la n c e s d u e f r o m A g e n ts
a n d P o lic y h o ld e rs
I n t e r e s t A c c r u e d --------------------- ------------28,300.22

Gunn

P r e sid e n t-T re a su r e r

John

V ic e

F.

Hynes

P r e s .- S e c r e t a r y

DIRECTORS
Dp. D . E . B a u g h m a n
P r e s ., F o r t D odge
S e r u m Co.
F o r t D o d g e , Io w a

W . H. B re n ton

P r e s ., B re n to n B ro s.
D e s M o in e s

H. L . H je rm sta d

P r e s . , C it iz e n s F u n d
F i r e I n s u r a n c e C o.
R e d W in g , M in n .

T O T A L A D M IT T E D A S S E T S

D p . L. E . K e lle y

P h y s ic ia n & Su rgeo n
D e s M o in e s

Fra n k

$7,825,959.79

RESERVES

K oh rs

P r e s . , K o h r s P a c k in g
C om pany
D a ven p o rt, Io w a

R e s e rv e f o r C l a i m s -------------- ---------------- $3,327,316.50
F u n d s s e t a s id e to f u lly p a y a ll in ­
c u r re d a n d e x p e c te d lo s s e s
R e s e rv e f o r U n e a r n e d P r e m iu m s -------- 1,930,381.98
F u n d s s e t a s id e to r e t u r n to e v e r y
p o lic y h o ld e r th e u n e a r n e d p r e m iu m
in e v e n t o f c a n c e lla tio n
R e s e rv e f o r T a x e s — S t a t e a n d F e d e r a l
141,196.79
A ll O th e r R e s e r v e s ------------------- - --------- - 473,193.42
In c lu d e d in t h is R e s e rv e is a s u ffic ie n t
a m o u n t to p a y 1945 d iv id e n d s on a ll
p a r t i c i p a t i n g p o lic ie s

O. B . M c K i n n e y

G en e ra l A ge n t
D e n v e r , C o lo r a d o

Geo. E . P a tte r s o n

S p e c . R e p r e s e n t a t iv e
D e s M o in e s

W . Z. P ro c to r

A tto rn e y -a t-L a w
D e s M o in e s

H. W . Read

S e c y ., I o w a V a lv e C o.
O s k a lo o s a , I o w a

R. W . W e it z
C o n tr a c to r
D e s M o in e s

TOTAL

M . J. W ilk in s o n
S u p t. o f A g e n ts
D e s M o in e s

L I A B I L I T I E S -------------- — $5,872,088.69

Reserve for Contingencies — — — — 300,000.00
SURPLUS over ALL Liabilities — — 1,653,871.10

D r. R . W . W o o d

P h y sic ia n & S u rgeo n
N e w to n , Io w a

$7,825,959.79
*Amortized Values.

E n i|» lo y < » i* *

> 1

h

Iu à I

C a su a lty C am |»auy
i »i :s
Automobile, Plate
Glass, Public Liability
and Burglary Insur­
ance
N orthw estern B anker


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

March 1945

M OINES
Fidelity and Surety
Bonds, Workmen’s
Compensation In­
surance

(C ontinued from page 14)
lization and seeding, for contour cu lti­
vation, for diversion drainage control,
for sod w aterw ays and gully control,
for th e building of sm all dam s and
ponds, and a few o th er sim ilar p rac­
tices. N atu rally such a policy on th e
p a rt of th e ACA could be expected to
stim u late in te re st in b e tte r land use.

Results
As far as specific resu lts go we have
found th a t th is p rogram has attra c te d
to us a large n um ber of farm ers and
land ow ners w ho have been v ery com­
p lim en tary in th e ir expression of ap ­
preciation for such educational efforts.
F rom th e business stan d point w e have
observed for m any y ears th a t a large
n um ber of such people have th e feel­
ing th a t the ban k is v itally in terested
in th e ir w elfare and u n d erstan d in g
th eir problem s. N atu rally w e have
m ade it a point to know th e ir business
and th e program has been effective in
a ttra c tin g new people to us. We have
endeavored in every possible w ay to
d em onstrate our fam iliarity w ith ag ri­
cu ltu re and we believe by th is m ethod
we have conveyed to th e public the
fact th a t p riv ate enterp rise as re p re ­
sented by th is b an k is in a position
to do quite as m uch for farm ers financ­
ing as are th e v arious governm ent
lending agencies and, in addition, able
to have a closer and m ore personal
relationship w ith them in th e ir busi­
ness transactions. A dm ittedly, such a
program cannot be expected to p ro ­
duce im m ediate and sta rtlin g results,
b u t we believe it should be a longrange effort. W ithout question one of
the best efforts has been th e feeling
of personal in te re st w hich it has en ­
gendered am ong those people who
otherw ise have not been acquainted
w ith banks generally, or at least w ith
this institu tio n , and consequently it
has a ttracted to us a su b stan tial n u m ­
ber of people w ho w ould norm ally be
considered out of our territo ry . The
program appears to have attracted con­
siderable atten tio n th ro u g h o u t th e
country, judging from the nu m b er of
inquiries we have received from banks
in all p a rts of the U nited States. Some
tim e ago, as a re su lt of th is general
in te re st in the subject of soil conserva­
tion and m anagem ent, we w ere asked
by P u rd u e U n iversity officials to be
host to a m eeting of ag ricu ltu ral agents
and ban k ers of sixteen counties of
w estern Indiana. As a re su lt of th is
m eeting steps w ere tak en to arran g e
a m ore am bitious and expansive p ro ­
gram over th is te rrito ry designed to
b ring into closer relationship banks,
ag ricu ltu ral agents and farm ers.
OUR 50th YEAR

G oo d Adjusting Is

Good Business
The Insurance Buyer Is Entitled to Fair and Intelligent
Treatment— Both When He Buys His Policy
and When He Has a Claim for a Loss
By J . H. Burlingame, Jr.

S om etim es in su fficien t c o v erag e is h a rd to ex.
p la in a f te r th e loss. T he d ifferen ce b e tw e e n s u f­
ficien t co v era g e a n d t h a t a c tu a lly in fo rc e is f r e ­
q u e n tly th e v e ry life o f th e b u sin e ss. Y our c lie n ts
should be m ade to u n d e rs ta n d th is so t h a t you
m ay be a b le to fu lly a n d p ro p e rly p ro te c t th em .

D OWN th ro u g h th e y ears th e duties
and responsibilities of ad ju sters
have changed b u t little, even
th o u g h th e scope and detail of th e
w ork has altered. As in y o u r own
offices, th ese m en come from all w alks
of life—teachers, bank ers, m echanics,
salesm en, accountants, atto rn ey s, engi­
neers, and farm ers. T h eir educational
background is not alw ays, and for th a t
m a tte r need n o t be, too complete.
R ather, it is desired to find in them
tru stw o rth in e ss, o rd in ary c o m m o n
sense, a w illingness to study, and n a­
tive tact. T hey are not b o rn b u t m u st
learn the h a rd w ay, sta rtin g w ith
sm all, even trivial, losses and slowly
becom e com petent and fit to handle
larg er and m ore im p o rta n t m atters.
T h eir d u ty in each and every case,
sm all or large, is to ascertain th e facts,
check and v erify th e coverage, d e te r­
m ine the title and in te re st of th e in ­
sured, assist and advise the in su red in
th e pro tectio n of salvage or tem p o rary
rep airs, estab lish and agree on a p ro p ­
er figure of value and loss, and then
ren d e r a com plete, und erstan d ab le, and
satisfacto ry re p o rt to th e in su re r so
th a t p ay m en t m ay be p ro m p tly fo rth ­

Assistant General Manager
Western Adjustment Com pany, Chicago

com ing—all th is to be achieved w ith
dispatch and courtesy and full regard
for the several in terests involved.
It m ay in terest you to know th e
m ost trouble in doing th is seem s to
come about because insureds sim ply
do not give enough a tten tio n to th e ir
in su rance to correctly state th e ir title
or in terests. The fact is a recent su r­
vey in a b e tte r th a n average m iddle
w estern city dem onstrated th a t in
m ore th a n 52 per cent of all policies
title and in terest w ere incorrectly
stated.

Serious Problems
P rio r to W orld W ar I, a d ju ste rs’
chores w ere not too difficult, for th en
we encountered fire losses, occasional
lightning, a few w indstorm claims,
once in a w hile an autom obile loss, and
v ery ra re ly a m arine or floater claim.
All this has changed. Now ad ju sters
m ay, and usually do, face in alm ost
every case, and w ith g reater freq u en ­
cy, fire, extended coverage, sp rin k ler
leakage, rents, use and occupancy in
its v arious form s, and m arine losses of
all types. It req u ires care and a tte n ­
tion to detail beyond belief. Those of

us who w ent th ro u g h W orld W ar I
and th e period th e re a fter th o u g h t we
had seen it all, b u t the last five years
have proved quite the co n trary and
fu rnished problem s we never dream ed
of.
A rson and sabotage, unlike in W orld
W ar I, have been alm ost non-existent.
The quiet, steady, u n ad v ertised w ork
of the national board, in cooperation
w ith au thorities, seem s to have kept
both p re tty well blocked down. T here
has been some th o u g h t of sabotage by
w ar prisoners, b u t this, too, so far has
been at a m inm um , if any. W hile
th ere have been arson rings, we have
alw ays th o u g h t th a t m ore often th an
not arson came about th ro u g h th e de­
sire to cover up some o ther crime. I
well recall a case involving an elderly
jew eler’s young wife w hose husband
had prospered and desired to m ove to
a b etter p a rt of tow n. The day the
fam ily m oved into th e new house, it
w as set on fire in five places, and on
investigation by au th o rities it devel­
oped the en trance to the form er hom e
w as such th a t visitors could come in
w ith o u t being seen by th e neighbors,
w hile at the new location th e en trance

S carborough ¿.C ompany
C c u 4 tà e £ c ïà ,jtk y fâ ïittjiA
First National Bank Building, Chicago
OUR 50th YEAR


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

Horace A. Smith, Iowa Representative
Des Moines, Iowa

N orthw estern B anker

March 1945

40
was visible for a block and a half on
eith er side—hence th e fire.
A nother case involved tw o farm ers
in so u th e rn Indiana. One trad ed the
o ther a supposedly pedigreed stallion.
W hen th e pedigree tu rn e d out to be
otherw ise, th e fo rm er o w n er’s b arn
and im plem ents b u rn ed and th e n ext
n ig h t the in ju red m a n ’s b a rn and th e
horse burned.

Not Insured to Value
Viewed from th e practical angle, de­
term in a tio n of value and loss is th e
core of every loss. W hile ceiling prices
have gone a long w ay to keep m atters

Some men win

never w ant
to go in business for themselves.
Perhaps we should have said
men.
There is nothing wrong with
this. Business organizations, large
and small, need able men, and
will pay for them . M any a man
finds a fine and satisfactory ca­
reer on another m an’s payroll.
B ut some men are so sure of
their ability to make their brains
pay them a direct profit— so im ­
patient of the delays and com­
promises involved in working for
somebody else—they cannot rest
until they are managing their own
business.
They save and scrimp to get
the capital they need, and away
they go.

most

America needs these men. They
are the yeast in the national
bread.

in check, n evertheless the past five
y ears have show n a v ery definite in ­
crease in values. V aluation experts
say th is advance is close to 30 p er cent.
E vidence p resented by actual contracts
let in a m idw estern center confirm
th is to a large degree. We are told
by com pany m en th a t all too seldom do
renew al orders take this into account.
The effect in a loss is best illu strated
by th e follow ing exam ples, all taken
from our files in th e last few m onths
for both p ro p erty dam age and use and
occupancy:
On a building, loss w as agreed at
$16,200, b u t insured could collect only
$10,000; a stock loss of $22,000, re ­
covery $12,000; building loss of $91,000, liability of $64,000; use and oc­
cupancy loss $220,000, liability $16,000; stock, rep o rtin g cover loss $74,000, liability $55,000; use and occu­
pancy loss $165,000, recovery $34,000;
stock, rep o rtin g cover loss $320,000,
liability $265,000; use and occupancy
loss $245,000, recovery $152,000; build­
ing and equipm ent loss $287,000, lia­
bility $195,000; business in terru p tio n
loss $64,000, recovery $18,000; use and
occupancy loss $201,000, recovery $86,000.
W e w ell u n d erstan d the reticence of
m an y insureds in such m atters and
th e ir im patience a t w h at th ey th in k
are technicalities, b u t th e difference
betw een sufficient coverage and th a t
actu ally in force is freq u en tly th e very
life of th e business. Som ehow this
should be b ro u g h t to your clients in
such fashion th a t you m ay be able to
fully and properly p rotect them .
T h ere is also th e agony presented
w hen an evil n o n currency unfolds.
T his is not so freq u en t as in th e past,

I t happens that they make
good life insurance agents. It
happens also th a t life insurance
selling, which requires minimum
capital, hut a m aximum of these
im portant personal qualities, is a
fertile field for these
men of independent spirit.
This company is doing, and
will continue to do, everything
in its power to help these men
succeed
as in­
dependent small business men —
in a country which needs inde­
pendent small business men.

com pany

O . J . A r n o ld ,

Minneapolis,,
Minnesota

P r e s id e n t

N orthw estern B anker


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

March 1945

Restoring Damaged Plants
M anufacturers generally continue to
exhibit utm ost ingenuity in the resto ­
ratio n of dam aged plants, as signified
by recen t exam ples.
(T u rn to page 43, please)

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The so-called incom e coverages—use
and occupancy, business in terru p tio n ,
rents, ex tra expense, additional living
expense—have long since earned th e ir
rig h tfu l place. B ut here in addition to
d eterm in atio n of value w hich can be
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sheets (personally believe in th e gross
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Tim e to rebuild, resum ption of opera­
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terials, and a clear u n d erstan d in g of
due diligence and dispatch have all
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tended to “do for th e business w h at it
w ould have done for itself had no fire
occurred,” and th a t due diligence and
dispatch contem plate th e th in g s “a
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tect or reh ab ilitate his business if he
had no in surance and in as sh o rt a
tim e as perm itted by the conditions
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situation w ill alm ost alw ays develop
norm ally. If not, chances are th e in ­
sured m ay not have too m uch to lose.

Insurance Agents—

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Harold S. Evans, President

DIS I

Hubbell Building

Des Moines, Iow a

OUR 50th YEAR

41

W h y the Farm er N e e d s

Hail Insurance
By Carl P. Rutledge
Carl P. R utledge is p residen t of one of the oldest and m ost
unique hail w ritin g com panies in the cou n try, the Farmers
M utual H ail Insurance Com pany, Des M oines, which has been
under the same continuous m anagem ent fo r all of its 52 years.
His father, W . A. R utledge, now 84 years old, has been secretary
for this entire p erio d of tim e.

CARL P. RUTLEDGE
“ One s to rm m ean s mil li ons of dama ge’’

H E y e a r 1944 w as an u n u su al
year in th e hail b u siness in the
m iddle w est. N ebraska, South Da­
kota, M innesota, K ansas, M issouri, Illi­
nois, In d ian a and Ohio, had norm al
hail dam age. T hese p a rtic u la r states
probably h ad a norm al am ount of th e
heav ier and lig h ter storm s w hich,
tak e n together, ra n to an average expe­
rience. W isconsin h ad u n u su ally heavy
sto rm s w ith a few er th a n average
lig h ter losses, b u t ended up w ith an
above average loss ratio. Iow a show ed
few er storm s th a n 1943, b u t p ractically
all of th e storm s o ccurring w ere heavy,
although, of course, as usual, we did
have th e lig h ter edges and a few of the
less dam aging storm s. T h ere w ere
som e storm s occu rrin g in th e early
p a rt of Ju n e, one on Ju n e 3rd, th a t w as
u n u su ally heavy. H ad it been a n o r­
m al year, w h ere th e crops w en t in as
early as u su al our losses at th a t tim e
w ould have been m uch m ore severe
th a n th e y w ere.
W e h ad such a w et sp rin g th a t th e
crops w en t in late and consequently
th e Ju n e 3rd sto rm did n o t do n e a r th e
dam age th a t it com m only would. T his
is tru e of o th er early storm s. H ow ­
ever, by J u ly th e crops w ere up and
in a position to be badly dam aged. On
th e 14th day of J u ly a storm h it in
n o rth w e ste rn Iow a th a t did several
m illion dollars w o rth of dam age. One
p artic u la r stre a k sta rtin g in th e cen­
tra l p a rt of th e so u th e rn tie r of to w n ­
ships in L yon county, going on east

T

O U R 5 0 th Y E A R


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

out of Lyon and across p a rt of Sioux,
and into O’B rien county w as v ery se­
vere. The n o rth w est tow nship in
O’B rien county probably lost 80 per
cent of its en tire crop.
A bout th e sam e tim e we had th ree
different severe streak s in th e n o rth ­
east p a rt of th is state. One started in
the n o rth east corner of H ow ard county,
trav elin g clear across A llam akee and
W inneshiek counties, into W isconsin
and across th e corner of W isconsin and
into Illinois. Also, Cedar and Scott
counties had tw o bad storm s. A udu­
bon, G uthrie, Linn, Black H aw k and
Clinton counties w ere h it hard. So it
w en t th ro u g h o u t the season w ith se­
vere storm s h ittin g several portions of
th e state. T his is tw o years stra ig h t
th a t Iow a had abnorm ally heavy loss
ratios.
As to predictions for th is year I w ill

say only this: T here is no question
b ut w h at th ere is going to be a large
volum e of hail insurance carried.
Prices for crops are good and no farm ­
er can afford to c arry his own risk.
As to w h at th e losses w ill be, I know
of no one th a t can predict th e future.
We surely hope th a t the storm s will
not be too dam aging in Iowa, b u t we
have no assurance th a t th ey w ill not
he even m ore severe th a n th ey have
the p ast tw o years.
The farm ers in the state of Iowa are
to be congratulated upon th e num ber
of good substan tial com panies doing
hail business in th e state. W e have a
group of strong m u tu al com panies and
stro n g stock com panies, both reliable
and needed in th e ir place. I believe
th a t these com panies realize th e need
for cooperation and service to each
other, th a t th e farm er und erstan d s

TH E

CONTMMTAL

BANK & TRUST COMPANY
O F W E IT Y O R K
MEMBER OF TH E FEDERAL DEPOSIT INSURANCE CORPORATION

N orthw estern B anker

March Í945

42
th a t these com panies are try in g to
give th em th e benefit of th e ir service
and experience in ev ery way. The
farm ers are in th e position of choosing
th e ir hail insurance c a rrie r from a
group of su b stan tial and experienced
insu ran ce com panies.

"Even Better in '45"
The M innesota Com m ercial M en’s
Association of M inneapolis p resen ts an
excellent financial sta te m e n t as of De­
cem ber 31, 1944, and also re p o rts a
v ery successful year last year.
The association had a n et increase in
assets of approxim ately $32,000 and

show ed an increase in policies in force
of 580.
P aul Clement, secretary and general
m anager, says, “W hile we had a good
y ear last year, we look forw ard to an
even b etter experience in 1945.”
The M innesota Com m ercial M en’s
A ssociation has been in business for 37
years and has alw ays been p articu larly
popular am ong b an k er policyholders.

Losses Down 8 Per Cent
F ire losses in th e U nited States in
J a n u a ry w ere estim ated at $44,865,000,
an increase of $6,293,000, or 16 per cent
over losses of $38,572,000 in Jan u ary ,

1944, according to estim ates announced
by the N ational B oard of F ire U nder­
w riters. It is no tew o rth y th a t th is fig­
u re is the largest for any Ja n u a ry since
1929, w hen the N ational B oard first re ­
corded estim ated fire losses. The
b o ard’s estim ates are based upon in ­
curred losses rep o rted by its m em ber
com panies, plus an allow ance for u n ­
reported and u n in su red losses.
The Ja n u a ry losses rep resen ted a de­
crease of $3,829,000, or 8 per cent from
losses of $48,694,000 reported in Decem­
ber, 1944. Losses in th e tw elve m onths
period from F e b ru a ry 1, 1944, to J a n u ­
ary 31, 1945, am ounted to $429,831,000.

Top Ranking Agent

DO
1

j

cl

1

0

To Buy Protection
After the firem an h as been called it is too late
to advise your client that he should have h a d in­
surance.

Do not risk your investm ent or that of

your clients.

Protect both by offering your clients

complete insurance coverage at time of investm ent
through

Fire In su ra n ce Co.
Ninth and Grand

N orthw estern B anker

Baxter
The an n u al m eeting of stockholders
of the State Savings Bank, B axter,
Iowa, re-elected M. J. K ettenhofen
p resid en t of the corporation; Jam es
McKenzie, vice president, succeeds
Calvin Noah; W. L. Phillips, R osa­
m ond E ckstein and Noam i K im berley
w ere re-elected cashier, assistan t cash­
ier and bookkeeper, respectively. All
of th e directors w ere re-elected.

Goodell

Western Mutual


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

H arry K. Wolkoff, m em ber of the
W hite & Odell A gency of N orth w estern
N ational Life of M inneapolis, is th e topran k in g agent of th a t com pany for the
year 1944. Mr. Wolkoff, located in St.
Paul, won the distinction of leader of
the com pany’s Big Ten for th e p ast
year as a resu lt of his alm ost perfect
record in four L eadership Clubs w hich
gauge excellence in volume, prem ium s,
persistency, and n et gain of insurance
in force. He placed first in th ree of
these clubs and fifth in the rem aining
one.
O ther m em bers of N w N L’s 1944 Big
Ten are, in order of ranking: H arold
A. Seeler, St. Paul; E llis J. Sherm an
and E. C. H enkel, M inneapolis; F ritz
M ortinson, Glendive, M ontana; R. C.
W eaver, G rand Forks, N orth Dakota;
Gale H. K erns, Chinook, M ontana; E.
N. Ney, Rochester, M innesota; David
W. Ashley, F o rt W orth, and W. R.
W eaver, Cavalier, N orth Dakota.

Des Moines, Iowa

March 1945

A rth u r Chalstrom , president of th e
State Savings Bank, Goodell, Iowa,
sold his in terests in th a t in stitu tio n
to V. E. H arris of M urdock, K ansas.
Mr. C halstrom has rep o rted for arm y
duty.

Burlington
At the N ational B ank of B urlington,
B urlington, Iowa, A. D. R ep p ert w as
elected to th e board of directors, to
fill a vacancy created by th e resig n a­
tion of N orval P rugh.
O U R 5 0 th Y E A R

43
The E v erly S tate B ank, E verly,
Iowa, held th e ir an n u al m eeting re ­
cently.
E lection of seven d irecto rs for th e
ensu in g y e a r w as held, n am in g Carl
C halstrom , J. F. Schoelerm an, R. J.
Schoelerm an, Con W interboer, L. A.
W itter. R. M. C ornw all and C. R. Wall.

Guthrie Center
D irectors nam ed by th e stockholders
of th e G uthrie C ounty State Bank,
G uthrie C enter, Iowa, and th e P anora
b ran ch b an k w ere: C. H. H inton, E.
E. F ran ce, H. E. E llett, M. C. B arn ett,
G. M. B arn ett, W. C. B u rto n and R C.
N orm an.

facilities cen trally located and easily
accessible to each m em ber bank. The
office w ill be located in th e F irs t N a­
tional B ank Building.
D uring the p ast several years the
association has enjoyed a consistent
grow th, w ith th e g reatest increase of
any com parable period com ing in th e
recen t m onths since the last annual
m eeting held late in Septem ber. This
is due in g reat p a rt to a change made
at th a t tim e in the organization com­
m ittee w hich now has a state vice p res­
ident rep resen tin g each state and
U. S. A. possessions.

Credit Committee Meets
M embers of th e A m erican B ankers
A ssociation subcom m ittee on agricul­
tu ra l credit, w hich is p a rt of the asso­
ciation’s com m ittee on F ederal legisla­
tion, m et in W ashington for four days
last m onth for the purpose of review ­
ing th e w hole farm credit situation.
Jo h n N. Thom son, vice p resid en t and
cashier of the B ank of Centerville, Cen­
terville, South Dakota, presided as
chairm an of th e subcom m ittee.
A thorough stu d y w as m ade of th e
latest developm ents in th e farm credit
field.
“ "V

G O O D A D JU STIN G IS
G O O D BUSINESS
(C ontinued from page 40)
A boiler house w as out of action.
The in su red re n te d a railw ay locomo­
tive, hooked it up to th e p la n t h eatin g
system and n ev er stopped.
A m a n u fa c tu rer of bazooka rocket
gun p arts, a fte r a to tal loss, ren ted a
te n t and w as operatin g in four days in
th e dead of w inter. T h at te n t has been
used several tim es elsew here.
A m a n u fa c tu rer of essential electri­
cal equip m en t w as b u rn ed out, p ro m p t­
ly ren ted th re e o th er buildings and
w ith in sixty days w as o p eratin g to ca­
pacity. Seldom h appens th a t way.
T he exam ples recited p re tty w ell re ­
flect conditions on these losses and
probably w ill not change m uch u n til
th e g re a t w ar m achine lets down.
W hat will hap p en th e n we do not
know , and h esitate to guess. U nder­
w ritin g and loss experience gained
“going in ” should be useful “com ing
out.”
Our b u siness has faced these diffi­
cult w ar days w ith u tm o st p articip a­
tion, stu rd y perform ance, and u n ­
afraid. In th e days to come, as in
th e past, th e public w ill dem and and
be en titled to b ro ad er and sim pler con­
tracts. To prep are, explain and sell
these w ill req u ire sound ju d g m en t and
thoro u g h cooperation by com pany
m en, agents, and not in th e least by
ad ju sters, to th e end th a t th e public
m ay get th a t to w hich it is en titled —
fair and in tellig en t tre a tm e n t.

Moving to Chicago
K eeping in step w ith its rap id ly in ­
creasin g m em bership, and in p re p a ra ­
tion for p o stw ar expansion, th e N a­
tional A ssociation of B ank A uditors
and C om ptrollers on M arch 1st estab ­
lished its h e a d q u a rte rs office in Chi­
cago. I t w as tra n sfe rre d from Cleve­
land w h ere it has been located d u rin g
th e p ast five years.
It is believed th e new h e a d q u a rte rs
in Chicago w ill provide natio n al office
OUR 50th YEAR

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

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l y

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IF lUHis. iK ir<vu ^ ii * iA

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'

"Now that you’re traveling 2
"Hotels ana stores, railroads
t
so much, Mrs. Fulton, in con­
• and restaurants generally
nection with your war work, why
all know these cheques and are
don’t you carry American Express glad to accept them. Yet no one
Travelers Cheques instead of cash? but you can spend them.”
They’re spendable like cash and
much safer.”

/

"Sign each cheque now, then
# when you spend each one—
and not before —sign it again.
That’s the way you identify your­
self. No other identification is nec­
essary.”

"Write the cheque numbers
Tr • on the record form now.
And as you spend them, fill in the
dates. This helps speed up the re­
fund if they are lost or stolen.
Carry this record separate from
your wallet.”

that costs the customer little—can
make many lasting friends for your bank. For information
or advertising material, write W. H. Stetser, Vice President,
American Express Co.. 65 Broadway, New York 6. N. Y.
S

er vice like t h is —service

/ Im

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P t E x p / i&

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TRAVELERS CHEQUES
N orthw estern B anker

March 19b5

C o r r esp o n d e n t b a n k s
w r ite to u s a b o u t in v e s tm e n ts . . .

"That was a swell analysis and breakdown you
sent us on our bond account. Reach over and
pat yourself on the back until I can get up there
to pat you myself.’’

"This is the first time in the history of our bank
when we have had a review and breakdown
analysis such as you have given us. I had no
idea when I wrote you for an analysis that
we would receive such a comprehensive and
valuable report.”

"If the number o f hours of work used in getting
out such a job could be made known to the
lucky ones who received it, I am quite sure
they would be properly impressed. Thanks again.

"We are going to comply with all the
suggestions made in this report. We believe
that this is the most comprehensive and detailed
analysis we have ever had.”

These are excerpts from a few letters out of a great file

ings. They do know we are bankers, who, like

f u l l . . . letters from correspondent hankers who asked

themselves . . . like you . . . have an appreciation

us what we thought of their investment portfolios.

of bank investment problems . . . that we put
bank-minded people to work on bank problems.

And we told them . . .

You may face unusual investment problems

. . . in detailed, com plete, straightforward

today. Likely more are in store for all of us. And

reports—written after careful study of conditions

part of our service to correspondent banks is to

affecting banks and bank investments as a whole

face those problems together . . . with as much

. . . and after thorough analysis of individual

practical counsel as we can give.

needs and circumstances.

If you feel we could help you . . . a letter to

These bankers know we have no standard
formula for strengthening their investment hold-

the Bank Advisory Division would start the
wheels in motion.

First National Bank of Minneapolis
Ly m a n

E. W a k e f i e l d , President

Department o f Banks an d Bankers
M . O . G r a n g a a r d , Vice President
C. B. B rom bach , Vice President
W. A. V o l k m a n n , Vice President

J. J. M alo ney , Assistant Cashier
K . T. M a r t in , Assistant Cashier
J. M . D o w n e s , M anager o f Bank Advisory Division

M e m b e r F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a tio n


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

45

Minneapolis A . I. B. Secretary

MINNESOTA
NEWS
WILBUR F. McLEAN
President
Duluth

Hoffman
T he resig n atio n of H. J. Malm,
assista n t cashier of th e F a rm e rs State
B ank of H offm ann, becam e effective
F e b ru a ry 1st.
Mr. M alm ’s successor as assistan t
cashier w as Mrs. LaM ay Olson. Mrs.
Olson w as fo rm erly em ployed at the
bank.

New Bank Head
W alter L. Voigt, w ho has been p resi­
d en t of th e M u rray C ounty S tate B ank,
Slayton, M innesota, for th e p ast year,
leaves to s ta rt his ow n business. In
his place as p resid en t w ill be R obert
P. Howe of Sauk Rapids.

Grand Rapids
T here are tw o changes in th e list
of officers of th e F irs t N ational B ank
of G rand R apids, M innesota. T he top
four are unchanged, w ith F. E. King
president, C. K. A ndrew s vice p re si­
dent, W. G. K ing vice president, and
G. P. M itchell cashier. C. C. Carlson
and A. J. K aatiala w ere nam ed a ssist­
a n t cashiers, a change from last year.

Windom
Those chosen directo rs of th e W in­
dom N ational B ank, W indom , M inne­
sota, are F. S. G raham , J. A. Cassidy,
C. M. H anson, C. D. H ayden and
A lfred P rech t. In th e election of offi­
cers, F. S. G raham w as chosen p resi­
dent; J. A. Cassidy, vice presid en t, and
A lfred P rech t, cashier.

C . A . Johnson
T he d eath of C. A. Jo h n so n of M on­
terey, M innesota, last m o n th m ark ed
th e close of a career th a t covered a
period of over n in e ty years. A t th e
tim e of his passing he w as still serv ­
ing as a d irecto r of th e F a rm e rs State
B ank a t M onterey. T his position he
held for 42 years.

Houston
A t th e an n u al stockh o ld ers’ m eeting
of th e H ouston State B ank, H ouston,
M innesota, W allace McMillan, cashier,
w as nam ed on th e board of directors to
replace th e late A. E. Johnson.

Chandler
A t a m eeting of th e board of di­
recto rs of th e C handler S tate B ank,
C handler, M innesota, J. G. M cGlashen
w as elected p resid en t to fill th e v a ­
cancy caused by th e d eath of R obert
OUR 50th YEAR


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

WILLIAM DUNCAN, Jr.
Secretary
Minneapolis

F itzp atrick. Mr. M cGlashen has been
cashier of th e ban k since 1919.

Madison
A t th e recent an n u al m eeting of the
State B ank of M adison, M adison, M in­
nesota, Olaf T. M ork resigned as cash­
ier of th e bank. Mr. Mork, w ho for
th e p ast six and one-half y ears has
been vice president, cashier and di­
recto r of th e S tate B ank of M adison
since it opened for business in M adi­
son, has sold his banking in terests and
w ill m ake his fu tu re hom e in Califor­
nia.
L aw rence S. Oppegaard, w ho is w ith
the m ilitary forces and on leave from
th e b ank for th e du ratio n of th e w ar,
has been elected cashier to tak e his
place.

Ely
Jam es I. L aing w as elected vice
p resid en t of th e F irs t N ational B ank
of Ely, M innesota, at th e an n u al m eet­
ing. Mr. Laing has served on th e
board of directors since 1935. O ther
officers w ere re-elected.

Brainerd
E lected directors of th e F irs t N a­
tional B ank of B rainerd, M innesota,
w ere C. W. Boteler, C. E. P ark er, Dr.
G. H. Ribbel, T. H. Schaefer and J. E.
V anni.
A t th e m eeting of th e b a n k ’s di­
recto rs th e follow ing officers w ere
elected: C. W. Boteler, president; Dr.
G. H. Ribbel, vice president; R. J.
LaCourse, cashier, and Z. H. Sm ith,
a ssistan t cashier.
Dr. Ribbel has been a d irector since
October 8, 1940. R. J. LaCourse, who
en tered th e em ploy of th e b an k in 1929,
has been a ssistan t cashier since 1941.
E. T. Sletten, form erly vice president
and cashier, resigned.

A lan W. Giles, program consultant
for th e U niversity of M innesota, the
first of this m onth w as to assum e new
duties as executive secretary of M in­
neapolis C hapter, A m erican In stitu te
of B anking, Chris Ries, ch ap ter presi­
dent, has announced.
Mr. Giles, w ho succeeds R obert G.
R utherford, now a ssistan t to th e n a­
tional A. I. B. secretary, has been
interview ing and counseling stu d en ts
th e p ast tw o y ears a t th e u n iv ersity
in program s carried out by some 30
v o lu n tary com m ittees, including those
planned to care for servicem en, of
w hom th ere w ere 4,500 at peak.

Assistant Manager
P aul L. B rick has been elected
a ssistan t m anager of th e Lincoln Office
of N o rth w estern N ational B ank of
M inneapolis, according to announce­
m ent m ade by S hirley S. Ford, p resi­
dent.
Mr. Brick, w ho has been w ith the
N o rth w estern N ational B ank for 33
years, w as form erly m anager of th e
T ran sit D epartm ent at th e m ain office.

Bemidji
D exter D uggan w as elected to the
board of directors of th e N o rth ern N a­
tional Bank, Bem idji, M innesota, at
its an n u al m eeting. Mr. D uggan had
previously been appointed to fill the
unexpired term of W. N. Bow ser w ho
had resigned because of ill health.
W ith this exception, th e en tire board
w as re-elected.
All officers w ere re-elected at th e
F irs t N ational Bank. $10,000 w as add­
ed to th e su rp lu s and $2,000 charged
off on th e ban k building at th e an ­
nual m eeting.

Alpha
F. W. Striem er, w ho has been cash­
ier of th e F a rm e rs & M erchants State
B ank of A lpha, M innesota, ever since
th e ban k opened for business on Sep­
tem ber 5, 1911, w as elected president
a t th e an n u al m eeting of th e in stitu ­
tion.
P. C. Verdick, w ho has also been con­
nected w ith th e bank for m any years,
lately holding th e offices of assistan t
cashier and vice president, w ill succeed
Mr. S triem er as cashier. C. L. Backm ann w as elected vice president.
In addition to th e above officers th e
o th er m em bers of th e board of direc­
to rs are V. O. S triem er, F. J. H assing
and A. D. L arsen, all of Alpha.

Buhl
To th e board of directors of the
F irs t N ational Bank, Buhl, M innesota,
M att Kayfes, G ust Cronberg, A. L.
Egge, C harles W. Moore, and Jo h n I.
A nderson w ere nam ed, w ith A. L.
Egge as chairm an. Officers are: M att
Kayfes, president; G ust Cronberg, vice
p resident; Jo h n I. A nderson, cashier;
and H elen Thom pson, a ssistan t cash­
ier.
As directors of th e B uhl S tate Bank,
W illiam M cKinney, F. M. Malley, F.
S. Malley, J. W. Pasich, and Jo h n F ena
w ere chosen. W illiam M cK inney w as
elected president; F. M. Malley, vice
p resident; F. S. Malley, cashier; and
M ary Lynch, a ssistan t cashier.

Ray W . Barstow
R ay W. B arstow , president, F irst
N ational B ank of Sandstone, M inne­
sota, passed aw ay recently. He in ­
stitu te d th e S tate B ank of Cromwell
and th e S tate B ank of W right. In
1916 he p u rchased th e F irs t N ational
B ank of C arlton and m erged it w ith
th e F a rm e rs’ State Bank. In 1919, he
left C arlton an d bought th e F irs t N a­
tional B ank of B arnum , rem aining
th ere u n til 1923, w hen he purchased
th e F irs t N ational B ank a t Sandstone
and w as its presid en t since th a t tim e.
Neis Lundorff, Sandstone business­
m an, is th e new active president.
N orthw estern B anker

March 1945

46

Klossncr

Heron Lake

T here w as b u t one change m ade in
th e board of directors of th e K lossner
State B ank, K lossner, M innesota, at
th e an n u al m eeting held recently.
A lfred L. W endinger succeeds A lfred
J. Vogel, New Ulm, as a m em ber of the
board.

A t th e an n u al m eeting of th e direc­
to rs of th e H eron Lake, M innesota,
F irs t N ational Bank, tw o new direc­
tors, P aul Benson and Ole A. Olson,
w ere nam ed to succeed W. H. Ja rm u th
and O. J. Nelson.

New Twin C ity Reporter

Hinckley
Some changes w ere m ade in th e
official setu p of th e F a rm e rs and
M erchants State B ank, H inckley, M in­
nesota. A. E. Eddy, R. G. H arte and
J. F. D anger w ere elected directors,
and Mr. E ddy w as elected p resid en t
of th e bank, w ith R. A. Nelson, cashier,
M arjorie Zim brich, a ssista n t cashier,
and D arlene G erdes and M arcella F ritz
as tellers.

M in n e a p o l is M o l in e
; ¿ I f tors' !

New Y ork to become in d u strial editor
of B usiness W eek, a M cGraw-Hill pub­
lication.
A fter atten d in g th e U n iv ersity of
W isconsin, Mr. K ieckhefer w orked for
the M ilwaukee S entinel and th e U nited
Press in M ilwaukee and Chicago, com ­
ing to the M inneapolis Star-Journal in

earm

m a c h in e r y

E. W. K ieckhefer, w ho has been farm
new s editor of th e M inneapolis StarJournal, has been advanced to business
editor of th e new spaper, and w ill also
re p o rt banking and financial new s of
th e Tw in Cities and the n o rth w est for
th e N o r t h w e s t e r n B a n k e r , Des Moines.
Mr. K ieckhefer succeeds Jam es M.
S utherland, who has resigned to go to

cAim

e r ic a

. . .

C o u n tr y

S ty le

E. W. KIECKHEFER
Your Twin City Reporter

1941. He later attended H arv ard U ni­
v ersity for a year, specializing in ag ri­
cu ltu ral economics. He w ill continue
to re p o rt farm new s along w ith his
new assignm ent as business editor.

Buy War Bonds

Millions of rolling acres of productive farm lands cover­
ing the length and breadth of this nation—that’s rural
America! These bountiful acres are a tribute to the in­
dustry and good management of American farmers.
The task of the farmer is not an easy one. One of the
very first lessons he learns is that it takes good manage­
ment to insure a living for himself and his family. De­
pendent upon the elements over which he has no control,
he must be able to get his work done speedily and eco­
nomically to come out on the profit side of the ledger.
That’s where labor-saving machines made by Minneapolis-Moline give the farmer of today a big lift. They
enable him to till his fields and harvest his crops effici­
ently and at low cost. The modern farmer finds that
working his land with MM machines is good manage­
ment. You, as bankers cooperating with your MM Farm
Machinery Dealers, can often help farmers get the MM
machines they need for a prosperous future.

M in n e a p o l is -M o l in e
POW ER IM P L E M E N T CO M PAN Y
M IN N EA PO LIS

orthw estern B anker
Digitized forNFRASER
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Federal Reserve Bank of St. Louis

March i.94.5

1, IVI I N N E S O T A , U . S . A .

J am ieso n
&

C

om pany
Members

N ew York Stock E xchange
and Other Principal Exchanges

★

STOCKS
BONDS
COMMODITIES
MINNEAPOLIS
FARGO
ST. PAUL
GRAND FORKS
DULUTH
SIOUX FALLS
PRIVATE WIRES
OUR 50th YEAR

47

Twin C ity News

N

P. D E L A N D E R , vice p resid en t

of th e F irs t N ational B ank of
• St. Paul, has been elected p resi­
den t of th e St. P aul A thletic Club.
H arry E. Kern, vice p resid en t of the
F irs t N ational B ank of St. Paul, has
been re-elected tre a s u re r of th e St.
Paul A thletic Club.
Selm er L. Jerpbak, com ptroller of
the M arquette N ational B ank of M in­
neapolis, has been elected p resid en t of
the M inneapolis B usiness M en’s Asso­
ciation for 1945. Je rp b a k has been
w ith th e M arquette b an k 15 years.
A lfred M. W ilson, vice p resid en t in

charge of th e aero n au tical division of
M inneapolis-H oneyw ell
Regulator
Com pany, has been appointed a m em ­
ber of th e advisory board of th e N o rth ­
w estern N ational B ank, L ake S treet
office.

By E. W . Kieckhefer
Special C orre spon de nt

Lt. Col. H arrison R. Johnston, p rom ­
in en t in Tw in Cities in v estm en t b an k ­
ing circles since W orld W ar I, has
joined th e M inneapolis office of M errill
Lynch, Pierce, F e n n e r & Beane as ac­
count executive.

WE

the F irs t N ational B ank of M inne­
apolis, has been re-elected tre a s u re r of
th e M innesota State A gricultural So­
ciety w hich o perates th e M innesota
S tate F air.
P hilip L. R ay of St. P aul has been
elected p resid en t of th e tru ste e s of th e
G reat N o rth ern Iro n Ore P rop erties,
succeeding Louis W. H ill w ho re tire d
as p resid en t b u t w ill continue as one
of th e four tru stees. R ay is p resid en t
of th e F irs t T ru st Com pany and vice
presid en t of th e F irs t N ational B ank of
St. P aul and a d irecto r of F irs t B ank
Stock C orporation.
OUR 50th YEAR


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Federal Reserve Bank of St. Louis

HELP

CUSTOMERS'
THE

Elbert L. C arpenter, 82, one of the
pioneers in th e lum ber in d u stry of th e
N orthw est, died recently at his hom e
in M inneapolis. C arpenter, a director

YOU

ANSWER

QUESTIONS

ABOUT

i

INDIES
_ .■»**?*
7*n d i e s ' J

S hirley S. Ford, p resid en t of th e
N o rth w e ste rn N ational B ank of M in­
neapolis, has been elected p resid en t by
th e board of governors of th e M inne­
apolis Club.
M. O. Grangaard, vice p resid en t of

CAN

Paul V. E am es, p resid en t of Shevlin,
C arpenter & Clarke Co., has been
elected a director of th e F irs t B ank
Stock Corporation. D irectors of the
corporation voted a dividend of 35
cents a share, equal to th a t paid in
1944.

Banks with customers interested in the West Indies
as a field for business or trade expansion will find
The Royal Bank of Canada a source of reliable in­
formation. W ith branches in most of the principal
islands, this bank is in a particularly favorable
position to provide information on conditions and
opportunities, and to assist in the establishment of
desirable trade connections.
Inquiries are invited

NEW YORK AGENCY—68 William Street, New York
/»—Cuba, Haiti, Dominican Republic, Puerto Rico, Antigua, Bahamas,
Barbados, Dominica, Grenada, Jamaica, Montserrat, St. Kitts and Trinidad.
B ra n ch es

THE ROYAL BANK OF CANADA
HEAD O FF IC E — M O N TREAL

Over 500 branches in Canada... Assets exceed $1,500,000,000
N orthw estern B anker

March 1945

48
of th e F irst N ational B ank of M inne­
apolis, w as the founder of th e M inne­
apolis Sym phony orch estra and con­
trib u ted liberally in su p p o rt of it.

La Crescent
Officers elected at th e m eeting of the
La C rescent S tate Bank, La Crescent,
M innesota, w ere H en ry Leide, presi­
dent; F ra n k Ormsby, vice president;
L. L. A tkinson, J. A. Lilly, H en ry Bay,
directors; J. A. Lilly, cashier, and
K ath rin e McCaffrey, a ssistan t cashier.

Gaylord
T hree m em bers of th e Gaylord, M in­
nesota, S tate B an k ’s staff w ere given
advancem ents at th e an n u al m eeting.
I.
M. Nelson, for 25 y ears cashier
and m ore recently also vice president,
succeeds S. J. M aurer, p resid en t since
1915, w ho is retirin g . Two a ssistan t
cashiers, Jo h n E stenson and D. W.
Fenske, w ere elected vice presid en t
and cashier, respectively. B oth Mr.
E sten so n and Mr. F enske have been on
th e b a n k ’s staff for approxim ately 20
years.
Elected to th e board of directors
w ere E. P. H oerschgen, H. C. Gildem eister, W. H. D unw ell, A. H. Schue,
Jo h n E sten so n an d I. M. Nelson.

Floodwood
A cting officers w ere re-elected to
serve for th e com ing y ear at a m eet­
ing of th e stockholders an d d irecto rs
of th e F irs t S tate Bank, Floodwood,
M innesota.
One new m em ber, W illiam J. Koskela, w as appointed to serve on th e
board of directors.

Williams
about sources of supply in Wisconsin? . . . credit
inform ation? . . . market data? . . . w ho’s who?
W hatever your requirements — routine bank­
ing service, special information, or off-the-beatenpath assistance — the chances are that the facil­
ities, long experience and statewide contacts of
the First Wisconsin N ational Bank of Milwaukee
can supply the answer.
This bank is the largest in the state . . . 25th in
size among all banks in America . . . and over
85 per cent of the hundreds of banks throughout
W isconsin are First Wisconsin correspondents.
Banks and Bankers Division
G EO R G E T . C A M P B E L L ................................... V ice -P resid en t
R IC H A R D J. LA W L ESS
A ssista n t V ice -P resid en t

N orthw
estern B anker

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Federal Reserve Bank of St. Louis

March 19b5

A nu m b er of changes in th e board of
directors and in th e ro ster of officers
of th e F irs t State B ank of W illiam s,
M innesota, w as announced.
Carl L undsten, presid en t of th e b ank
since 1930, retired from th a t office and
w as nam ed ch airm an of th e board of
directors and vice president. W. R .
Siems, cashier for th e last eighteen
y ears and w ho also held th e title of
executive vice president, w as elected
president. L averne L. Carlson, w ho
came to th e b ank about eight y ears ago
and w ho has been serving as a ssistan t
cashier, w as prom oted to cashier and
w as also elected to th e board of direc­
tors. M argaret M cClernon w as re ­
elected a ssistan t cashier. A. T. L u n d ­
sten, a stockholder for some years, w as
elected to th e board of directors and
w as nam ed vice president.

Albert Lea
D irectors of th e F reeb o rn County
N ational B ank of A lbert Lea, M inne­
sota, elected a new presid en t and di­
recto r of th e bank, E. T. Sletten.
A. C. Chapm an, w ho has been p resi­
dent of th e F reeb o rn County N ational
since Ja n u a ry 1, 1938, w ill h e re a fter
devote his full tim e to his duties as
presid en t and d irector of th e F irs t N a­
tional B ank of O w atonna, a step n e­
cessitated by th e recen t grow th of th e
O w atonna bank.
Jam es C. Nelson, form erly executive
vice president, w as elected ch airm an
O U R 5 0 th Y E A R

49

MINN E S OT A
of th e board of directo rs of th e A lbert
Lea in stitu tio n .
D irectors of th e F reeb o rn C ounty
N ational elected by stockholders for
th e ensuing y e a r are A lfred B erglund,
Jam es C. N elson, L. H. P eterso n , E.
T. S letten and G. S. W injum . Mr.
P eterso n an d Mr. W in ju m w ere re ­
elected vice p resid en t and cashier, re ­
spectively.

Isaac S. Moore
Isaac S. Moore, 74 y ears old, re tire d
presid en t of th e F irs t and A m erican
N ational Bank, D uluth, M innesota, and
w idely know n figure in th e N o rth w est
ban k in g field, died recen tly a t his hom e
a fte r a lin g erin g illness.

Retire Preferred Stock
Stockholders of th e F irs t N ational
Bank, W aseca, M innesota, voted to re ­
tire $25,000 of p re fe rred stock of th e
b an k last m o n th and to pay a dividend

NEWS

payable in com m on stock to th e sh are­
holders of the ban k in a like am ount.
All directors w ere re-elected.

M innesota, for the p ast 20 y ears and
at th e p resen t tim e w as cashier, re ­
signed recently.

Two Harbors

New Assistant Cashier

W. G. P eterson, cashier, w as also
elected vice presid en t of th e F irs t N a­
tional Bank, Two H arbors, M innesota,
to succeed th e late T hom as Owens,
w ho passed aw ay last year.
O ther officers rem ain th e same.

H arold G rim stad is th e new assistan t
cashier a t the F irs t N ational Bank,
Le Center, M innesota, replacing A. F.
M eyer, w ho suffered a h e a rt attack
some w eeks ago and has been ordered
by his physician to take an extended
leave from his w ork.
Mr. G rim stad w as em ployed at th e
S ecurity State B ank at O w atonna for
th e p ast several years.

Stewartville
E. J. Schatz w as elected president
of th e S tew artville N ational Bank,
Stew artville, M innesota, at th e annual
m eeting of th e institution. Theodore
Nelson, vice president, took Mr.
S chatz’ place as all o th er officers w ere
re-elected.

N. F. Johnson

N. F. Johnson, 69, died in Cokato,
M innesota, recently. He w as founder
of Johnson Produce Company, Cokato;
directo r of M innesota V alley C anning
Company, of Le Sueur, M innesota; di­
Cashier Resigns
recto r of M innesota P oultry, B u tter
H.
O. Bolduan, w ho has been w ith and Egg A ssociation, and presid en t of
th e Security State Bank, Maple Lake,
State B ank of Cokato.

THE MINNESOTA COMMERCIAL MEN'S ASSOCIATION h a d a successful y ear
with a net increase of 580 policies in force in spite of the larg e num ber of m em bers
who w ent into the arm ed forces during 1944.
The statem ent of assets below indicates its strong financial position. In addition
to the liberal accident a n d sickness policies p aying from $25.00 to $75.00 a week, there
is a very popular hospital a n d surgical reim bursem ent policy p aying $4.00 a d ay up
to eight w eeks with num erous other expenses, including surgery, also covered. This
policy h a s b een reduced in price to $10.00 a y ear a n d it h a s proven extrem ely popular.
Statem ent, D ecem ber 31, 1944
RESOURCES

LIABILITIES
%

Cash ............................................. 32.1
U. S. Government Bonds............ 24.3
Municipal Bonds ........................ 18.8
Railroad Bonds .......................... 4.7
Stocks ........................... ............... 2.7
Endowments, Cash V alue....... 5.2
Savings and Loan Deposits..... 2.6
First Mortgage Loans.................. 0.4
Real Estate ................................... 5.1
A dvance Payments .................. 2.0
Interest Receivable .................... 0.4
Marke Value Over Book Value
Stocks and Bonds.................... 1.7

$117,774.07
89,260.00
68,362.50
17,212.50
9,895.00
19,349.97
9,587.91
1,500.00
18,700.00
7,445.50
1,460.71

Total ........................................... 100.0

$366,863.96

Disability Claims Pending.................... ....$ 15,800.00
Death Claim Awaiting Proof................ ....
5,000.00
Unearned A ssessm ents ......................... .... 36,056.00
Reserve for Taxes, Bills, Etc................. ....
4,610.00
Reserve for Protection of Members.... .... 305,397.96

6,315.80
Total ...................................................... ....$366,863.96

ff r ite f o r A p p lic a tio n s a n d L ite r a tu r e

MINNESOTA COMMERCIAL MEN’S ASSOCIATION
PAUL CLEMENT, Secretary
2550 PILLSBURY AVENUE

OUR 50th YEAR

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Federal Reserve Bank of St. Louis

MINNEAPOLIS 4, MINNESOTA

N orthw estern B anker

March 19b5

50

---------------------------------- • M I N N E S O T A

NEWS

board of directors of th e St. Cloud
State Bank. She is Iren e W ilson. The
vice p resid en t of th e b an k is also a
w om an, Iren e P a re n t Goedert.
Daniel J. F o u q u ette announced elec­
tion of Jo h n A. Allen, Theodore F.
Neils, Iren e P a re n t Goedert, E. W.
W endt and Iren e W ilson tp th e b an k ’s
board of directors.
A ugust In d erreid en w as elected cash­
ier and M yrtle P aren t, a ssistan t cash­
ier. Mrs. C arrie Sell and A rvilla Hofstead w ere nam ed bookkeepers. Don­
ald N. P a re n t is on an extended leave
of absence, w hile in m ilitary service.
Miss W ilson has been w ith the bank
for tw enty-three y ears and has held
th e position of executive vice presid en t
for m any years.

Cashier to Leave
W oodrow W. Beske announced his
resig n atio n as cashier of th e F a rm e rs
N ational B ank, M innesota Lake, M in­
nesota, to go into business w ith his
fath er, G. A. Beske, of th e Beske Im ­
plem ent.
He has been cashier a t th e b ank
since J a n u a ry 1, 1935, and his resig n a­
tion w ill be effective A pril 1st. H e w ill
be retain ed as one of th e b an k direc­
tors. E. L. K auffm ann w ill becom e
cashier.

St. Cloud
T he first w om an b an k p resid en t in
St. Cloud, M innesota, and p erh ap s th e
state, w as elected a t a m eeting of th e

•
Mankato Assets Up
B ank deposits in M ankato, M inne­
sota, have reached an all-tim e high,
ju m ping by m ore th a n $3,000,000 above
w h at th e y w ere a year ago, a com pari­
son betw een b an k statem en ts for J a n ­
uary, 1944, and Ja n u a ry , 1945, shows.
The increase w as from a to tal of
$17,269,776.33 to $20,398,085.83 for the
four banks. T his rep resen ts a bigger
increase th a n th e $2,730,831.85 hike be­
tw een 1942 and 1943.
The g reatness of th e c u rre n t total
becomes ap p a re n t w hen a com parison
w ith b ank statem en ts for Jan u ary ,
1929, is made. In th a t y ear w hich
m arked the crow n of th e p ro sp erity of
th e gay ’20’s, b ank deposits cam e to
only about one-half as m uch as th e ir
p resen t sum.

Ortonville
Two new directors w ere elected at
th e ann u al m eeting of th e N o rth w est­
ern S tate Bank, O rtonville, M innesota,
W. C. G erh ard t of Big Stone City and
R obert J. H asslen of O rtonville. O ther
directors include C harles Arnold, J.
Roy Geier and O. B. Schneck.
Mr. H asslen replaces th e late E. N.
Schoen, w hile Mr. G erh ard t is a new ­
ly elected m em ber.

E X P E R IE N C E -

C. L. FREDRICKSEN
President

50 Years of It!

M. A. W ILSON
Vice President
W. G. NELSON
Assistant Vice President

Since 1895—fifty years ago—the Live
Stock National Bank of Sioux City has
served banks of the Northwest.

W. C. SCHENK
Cashier
H. C. LINDUSK I
Assistant Cashier
and Manager of
Air Base Facility

As w e approach our 50th Anniver­
sary date, w e sa y ''Thanks” to our hun­
dreds of banker friends who have
helped us grow.

C. L. ADAMS
Assistant Cashier
J. S. HAVER
Assistant Cashier
JAMES L. SMITH
Auditor

We pledge our best service to all of
you and extend greetings to all.

Walnut Grove
All of th e directors and officers of
th e Citizens S tate Bank, W aln u t Grove,
M innesota, w ere reelected at th e an ­
nual m eeting of th e stockholders. A
10 per cent dividend w as paid.
G ary B aum ann of L u v ern e started
w ork as a ssistan t cashier in th e bank.
He form erly w as w ith th e lu iv ern e
N ational B ank and w as associated w ith
th e E llsw orth S tate Bank, E llsw orth,
for five years.

Young Banker Dies
E lm er F. Peterson, 45, vice p resid en t
and cashier of th e F a rm e rs S tate B ank
at M onterey, M innesota, strick en w ith
a stom ach ailm ent, died in a hospital
recently. H is death cam e one day
before he w ould have celebrated the
tw enty-fifth a n n iv ersary of his em ploy­
m ent at th e M onterey bank.

New Ulm

L ive S t o
N

a

t

OF

ì o

n

a

SIOUX

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N orthw estern B anker

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Federal Reserve Bank of St. Louis

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March 19^5

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At th e an n u al m eeting of th e stock­
holders of th e S tate B ank of New Ulm,
M innesota, th e follow ing w ere elected
as directors: H. J. A ufderheide, W il­
liam C. M uesing, P e te r K itzberger,
G ust Stuebe, E dw ard A. Stoll, Carl F.
Crone and Dr. H. A. Vogel. Mr. Crone
is a new m em ber of th e board.
At the organization of th e board Mr.
Stuebe w as elected as presid en t and
cashier.

Death Takes Tracy Banker
W ord has come of the sudden death
of E rn e st Herzog, form er Tracy, Min­
nesota, banker, w ho passed aw ay re ­
cently in Oakland, California.
Mr. H erzog w as affiliated w ith th e
F irst N ational B ank of T racy from
1904 u n til 1930, being cashier for eleven
years, after w hich he w as vice p resi­
dent and later president. He w as also
city tre a su re r for m any years.
OUR 50th YEAR

51

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;

SOUTH
t

' y

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,

DAKOTA

* ^

NEWS
H. R. KIBBEE, JR.
President
Mitchell

Acting Secretary
LOIS J. HALVORSEN

GEORGE M. STARRING
Secretary-Treasurer
Huron
(In

Faith
D irectors and officers for th e F a rm ­
ers State B ank a t F aith , South Da­
kota, w ere chosen a t a recen t m eeting.
The d irecto rs are D avid Miller, Elenor H. Boke, A. L. N aslund, B. D atin,
and E ug en e Kipx. Officers are B.
Datin, presid en t; A. L. N aslund and
E len o r H. Boke, vice p residents; and
David M iller, cashier.

Kimball
The B ank of Kim ball, Kim ball, South
Dakota, elected th e follow ing d irectors
at th e a n n u al m eeting: Lloyd Cronholm and Mrs. Plim Beebe of Ipsw ich,
L. M. L arso n of W essington Springs,
Mrs. J. H. D rips of G ann V alley and
R. A. Jo h n so n of Kim ball. Officers are:
Lloyd C ronholm , p resident; L. M. L a r­
sen, vice presid en t; R. A. Johnson, sec­
reta ry -trea su re r; R. A. Johnson, cash­
ier.

Redfield
A t a m eeting of th e directo rs of the
F irs t N ational B ank of A berdeen,
South D akota, follow ing th e d eath of
M. B. S laughter, vice p resid en t and
m an ag er of th e Redfield b ran ch office,
R. J. C rain w as selected as th e new
m anager, w ith C. C. C rain assisting.

Philip
A t a m eeting of th e board of direc­
to rs of th e F irs t N ational B ank of
Philip, South D akota, T hom as Jones
w as elected presid en t, C. K. M adsen
and E d w ard V. F erguson, vice p re si­
dents; H. B. Lovald, cashier; and May
Lovald, a ssista n t cashier. O ther offi­
cers of th e bank, Scott Lovald and W il­
liam Sw eeney, a ssista n t cashiers, are
on leave of absence serv in g overseas.

Volga
E lection of officers and board of di­
recto rs of th e F irs t N ational Bank,
Volga, South Dakota, w as held as fol­
lows: P resid en t, E. H illestad; vice
president, A. H. Norvold; cashier,
C harles E. Lee; a ssista n t cashier, EdOUR 50th YEAR


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Federal Reserve Bank of St. Louis

th e S e r v ic e )

w ard Lee. Gust L eite w as elected to
th e board of directors.

De Smet
Stockholders of th e Peoples State
Bank, De Smet, South Dakota, elected
as directors for th e com ing year R.
J. Borup, C. J. Noyes, Jo h n Luders,
E. F. R uskell, S. Neal M eyer and Theo­
dore H. Meyer. The only change in
th e titles w as th a t of E. F. Ruskell,
w ho w as elected cashier, a title for­
m erly held by S. Neal Meyer, w ho is
in th e arm ed forces.

Lennox
S tockholders of th e L ennox E x ­
change Bank, Lennox, South Dakota,
re-elected all five m em bers of th e ir
board of directors at th e ir ann u al b u si­
ness m eeting.
T hey are Oscar C.
B urke, president; George B ultena, vice
p resident; Sidney A. Jacobs, cashier;
H arold Bogue and O. D. H anson. New ­
ly elected m em bers of th e official staff
are W. C. S chlueter and M axine L a r­
son, a ssistan t cashiers.

Wilmot
A t th e ann u al m eeting of th e stock­
holders of th e W ilm ot State Bank, W il­
mot, South Dakota, C. M. S trasser w as
elected p resident of th e in stitu tio n in
place of W illiam Cam eron, deceased.
Mr. S trasser has served in th e capacity
of vice presid en t for m any years.
O ther officers elected w ere Jo h n A.
Cam eron, vice president; J. M. Aasland, cashier; E. W. Boehm ke, assistan t
cashier; Jean Cam eron, and M arilyn
M inder, tellers. The follow ing direc­
tors w ere also elected: C. M. Strasser,
Jo h n A. Cam eron, J. M. Aasland, Ray
C. Sam ple and Jam es Cam eron.

Clear Lake
In addition to th e p resen t board of
d irectors of th e Deuel C ounty N ational
Bank, Clear Lake, South Dakota, two
new m em bers w ere added, nam ely, A.
O. Syverud, form er Deuel county
agent, b u t now state seed an aly st at
State College, Brookings, and H arold

F. A nderson, Clear Lake, w ho has been
connected w ith th e in stitu tio n for the
p ast tw elve years as assistan t cashier.
The capital stock of th e b anking in ­
stitu tio n w as increased from $25,000 to
$50,000 upon the recom m endation of
the com ptroller of th e cu rren cy of the
national b anking departm ent.
The directors of Deuel County N a­
tional B ank are as follows: S. E. An­
derson, president; N. A. Dobie, vice
president; A. G. Berger, cashier; H a r­
old A nderson, assista n t cashier, and
Dr. F. F. Jackson, all of Clear Lake;
Ben Solem and A. O. Syverud of Brook­
ings.

Watertown
At th e reg u lar ann u al m eeting of
the m em bers of th e F irs t F ed eral Sav­
ings and Loan A ssociation of W atertow n, South Dakota, tw o directors, A.
R. F erguson and Glen L. Davey, w ere
elected to succeed them selves. The
m em bers also elected J. M. Ruhe, a
form er director and vice presid en t of
th e association, to fill th e vacancy
caused by th e resignation of A. T.
M ortenson.
Scott C richton w as elected president;
M att W. H anten, vice president; E d ith
H. H awley, secretary-treasurer, and
W alter Stover w as re-elected th e asso­
ciation’s counsel.

Parker
C. E. R eddin of M itchell, South Da­
kota, comes to th e P a rk e r State Bank,
P ark er, South D akota, as cashier. He
has had several y ears b an king expe­
rience, b u t w as recen tly w ith th e N a­
tional F a rm L oan office a t R apid City.
Mr. R eddin takes th e place of A. H.
W inter, w ho has been appointed vice
presid en t and a directo r of th e Citizens
B ank at V erm illion.

Big Stone
At th e an n u al m eeting of th e N o rth ­
w estern S tate Bank, Big Stone, South
Dakota, th e follow ing w ere elected:
O. B. Schneck, president; J. Roy Geier,
vice president; R alph Sather, a ssistan t
cashier; R obert C. A ldrich, Georgella
Lieb, R u th M. A nderson, tellers; Mag­
dalene Stolpm an, stenographer, and
G eraldine K videra, bookkeeper.
The follow ing w ere elected to the
board of directors: C harles Arnold, J.
Roy Geier, O. B. Schneck, W. C. Gerh a rd t and R obert J. H asslen.
R obert J. H asslen replaces th e late
E. N. Schoen, and W. C. G erh ard t of
Big Stone City is also a new m em ber.

$50,000 Stock Increase
T he F a rm e rs and M erchants B ank of
W atertow n announces an increase in
its capital stock from $50,000 to $100,000.
N orthw estern B anker

March 19^5

52

SOUTH

DAKOTA

NEWS
B ank of South Dakota, becam e th e
organization’s treasu rer.
H ark iso n
w as also nam ed to th e executive com­
m ittee of th e Sioux F alls C om m unity
Chest, as a rep resen tativ e of th e C ham ­
ber of Commerce, of w hich he is a di­
rector.

contact d ep artm ent, and A. R. E van s,
of th e in v estm en t departm ent, all of
M inneapolis, and R ay Schm allen,
Fargo, N o rth D akota, of th e in stall­
m en t loan departm ent.
Conference sessions here w ere held
a t th e C ataract and C arpenter hotels.
T he conference w as one of a series
w hich took Banco officials to N orth
D akota, M ontana, Iow a and M innesota,
as w ell as South Dakota.

The increase w as voted at th e an n u al
m eeting and has since been approved
by th e F ed eral D eposit In su ran ce Cor­
poratio n and State S u p erin ten d en t of
Banks.
The b an k w as organized in A ugust,
1935, by A ndrew K opperud, S. B. Croth ers, H arm on K opperud of L ake P re s­
ton, an d F re d P hillippi, now of Milbank, South D akota.
D eposits of th e b an k a t th e end of
1944 totaled $3,358,464.

Sioux Falls News
S IOUX FA LLS w as selected as th e
location of th e an n u al late w in te r
m eeting of re p re se n ta tiv es of N orth ­
w e st B ancorporation b an k s in South
Dakota.
W ith officials of th e N o rth w est Se­
c u rity N ational B ank as hosts, b an k ers
w ere h ere from Deadwood, R apid City,
Spearfish, Lead, Sturgis, Newel, Belle
Fourche, H ot Springs, M illbank, B rit­
ton, G roton, G regory, C ham berlain,
Dell R apids, H uron, B rookings, Mobridge, A berdeen, and W atertow n.
D iscussions of p re se n t and postw ar
b an k in g problem s w ere conducted by
J. C. Thom son, N o rth w est B ancorpora­
tion president, Carl E. V oigt of th e

W hen 7,400 Sioux F alls w ar bond
buyers assem bled to h e a r a concert by
th e Royal A ir Force band of London,
E ngland, th e y h eard a trib u te to our
ally paid by C. A. C hristopherson,
ch airm an of th e U nion Savings B an k ’s
board of directors and executive di­
rector of th e state w ar savings staff.

R alph M. W atson, presid en t of th e
N o rth w est Security N ational Bank,
w as unexpectedly called to Edinberg,
Texas, early in F e b ru a ry by th e death
of his m other, Mrs. W. D. N utting.

Nels V. Sw enson, U. S. in tern al
revenue agent, spoke on changes in
th e 1944 revenue act a t a forum and
sem inar m eeting sponsored by th e
Sioux F alls ch ap ter of th e A m erican
In stitu te of Banking.

P. H. M cD ow ell, vice presid en t and

tr u s t officer of th e N o rth w est Security
N ational Bank, recen tly spent several
days in Chicago on business.
G uests at a recen t luncheon m eeting
of directors of th e N o rthw est Security
N ational b ank w ere Clifford De Puy,
p u blisher, and H enry H. H ayn es, ed­
ito r of T h e N o r t h w e s t e r n B a n k e r .

M. I. Grins, South D akota presid en t
of th e N ational A ssociation of B ank
A uditors and C om ptrollers, and assist­
a n t cashier of th e N o rth w est Security
N ational Bank, outlined his organiza­
tio n ’s purposes an d told of plans for
form ing a conference in th e Sioux
Falls area.

W hen new officers of th e Sioux Falls
K iw anis club w ere installed, T. S.
H arkison, presid en t of th e N ational

ALERT BANKERS
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rem oval of present restrictions. In our outstanding work on w ar contracts, m any m ethods
of construction as well as use of new m aterials have been developed w hich will later be in ­
corporated in H erring-H all-M arvin products.
DOING R IG H T THINGS in the right way rem ains fundam ental with this organization.
F or m ore th an 100 years, H erring-H all-M arvin Safe Company and its predecesors have been
uncom prom ising in th eir adherence to the highest standards of quality and w orkm anship.
TH IS ORGANIZATION of the finest engineering and craftsm anship offers its service in
consultation w ith you. We can be of service to you in m odernizing, moving or enlarging
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ern vault. This service entails no obligation. We have a train ed representative in your
district. W rite us at H am ilton, Ohio.
AT PRESEN T WE ARE BU ILD ING A LIM ITED QUANTITY OF SAFE D EPO SIT
BOXES UNDER WAR PRO DU CTIO N BOARD A UTHO RIZA TIO N. W R ITE US FOR
INFORM ATION

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Bank vault doors
Steel vault linings

N orth
w estern B anker

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Federal Reserve Bank of St. Louis

Safe deposit boxes Steel transfer cases
Tellers lockers
B urglary resistive chests

March 19^5

"P oint of Use” system safes
Personal safes
OUR 50th YEAR

53

SOUTH
C hairm an of th e m eeting w as Lorin
I. Shoop, te lle r of th e F irs t N ational
B ank an d T ru s t Com pany. G uests a t­
ten d ed from Sioux F alls b an k s and
from b an k s in Baltic, B randon, Canton,
P a rk e r an d V alley Springs.
A n estate listed as a “probable value
of $150,000” w as left by Mrs. Maude
Sharp an d h as been bequeathed to tw o
d au g h ters and a grandson, according
to a w ill filed in cou n ty court. Mrs.
S harp w as th e w idow of W . Z. Sharp,
pro m in en t in b an k in g circles of South
D akota d u rin g his lifetim e.

(C ontinued from page 9)
w ith y o u r very a ttra c tiv e ad v ertise m e n ts
about the S t. Joe m arket. One o f y o u r ads
th e N o r t h w e s t e r n B a n k e r has reproduced
w ith your letter.
A lso, co ngratulations to M ilto n T ootle I I I ,
on m a k in g use o f th is series fo r his own
very fine in stitu tio n , the T o otle-L acy N a ­
tional B a n k o f S t. Joe.

DAKOTA

NEWS

"They Favor Jesse Jones"
“ A f te r th e c o n fu sio n in W a s h in g to n
w h ic h in v o lv e d Je s s e H . Jo n e s I w ro te
him a le t t e r to le t him k n o w how I f e lt
a b o u t it. I h a d a v e ry nice re p ly w h ich
I p riz e h ig h ly .
“ I h a d i n m in d to w r i t e y o u a t t h e
sa m e t im e to l e a r n i f y o u w e r e g o in g to
w rite one o f y o u r k e e n e d ito r ia l le tte r s
o n t h i s o c c a s io n . I, o f c o u rs e , w a s g r a t i ­
fied on re c e iv in g t h e N o r t h w e s t e r n B a n k ­
e r to fin d t h a t y o u h a d p u t o u t a f a s t
one.

“ I am now w ondering i f you sent Jesse
H . a copy of th e N o r t h w e s t e r n B a n k e r

an d if you h a v e n ’t would you consent to
m y sending him a clipping of th e le tte r?
‘ ‘ I am hav in g q uite a lot of fu n out of
it show ing it to m y frien d s.
W here I
play g o lf I m eet m en fro m all over the
U. „S. A. and p ra ctic a lly R epublicans all,
and it is su rp risin g to find they fav o r Jesse
Jo n e s in th is controversy alm ost u n iv e r­
sally. ’ ’
W . O. R eed (fo rm e rly w ith
D eceiver ship D e p a r t m e n t ,
B F C, W ashington, D. C .),
122 N o rth O range Grove
A venue, P asadena 2, Cali­
fornia.

80 Years’ Experience
in the M arketing
of G overnm ent Issues

"Suffered a Great Loss"
‘ ‘ T h an k s fo r y our nice le tte r a b o u t
R a lp h ’s passing. Iow a an d Iow a banking,
as well as the horde o f m en a b o u t th e
s ta te who knew R alp h B unce as a frie n d ,
have suffered a g re a t loss. To me it is
th e loss o f a p a rtn e r whose counsel an d help
m ean t e v ery th in g in th e successful con­
d u ct of th e d e p artm e n t. N one o f us can
know w h a t it m eans to his fam ily . I t tak e s
a g re a t deal o f courage fo r all of us who
w ere close to him to c a rry on in his a b ­
sence. ’ ’
M e l . W . E l l i s , S u p e rin te n d ­
ent, D ep a rtm e n t o f B a n k in g ,
S ta te o f Iow a.

"Source of General Satisfaction"
‘ ‘ I w a n t to c o n g ra tu la te you upon th e
fiftie th a n n iv e rsa ry o f th e N o r t h w e s t e r n
B a n k e r ,. I t s success h as been a source of
g e n era l sa tis fa c tio n to me as well as your
legion o f frien d s.
“ A s I look a t th e sketch on th e N o r t h ­
w e s t e r n B a n k e r b lo tte r w ith th e ste am ­
b o a t go in g un d er th e b rid g e, I am rem inded
o f one of th e la s t b its o f co n ta ct I h ad
w ith y o u r f a th e r , Emerson De Puy, w h en
I w as g e ttin g in fo rm a tio n fo r h im a n d
h e lp in g him to p la n w h a t w a s to h a v e
b e e n a v a c a tio n tr ip up th e M ississip p i
R iv er. ’ ’
F r a n k B . Y e t t e r , B ureau
o f A n a l y s i s , D avenport,
Io w a (P a st P resid en t, Iow a
B a n ke rs A sso c ia tio n ).

OUR 50th YEAR

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

This bank is connected by direct wire w ith the
principal trading centers in government securi­
ties. This and other facilities enable The First
N ational to achieve prom pt contact w ith buyers
and sellers. Hence, the Bond D epartm ent can
give current quotations and complete trades
promptly and efficiently.
Experience of 80 years in buying and selling
government issues enables The First N ational
Bank to render service of exceptional value to
correspondent banks.
Inquiries by telephone, wire or mail
are invited. Telephone Franklin
6800 (Long Distance 92-93-313).
Teletype CG. 987.

The First National Bank
of Chicago
B u ild in g W ith C h ica g o a n d th e N a tio n Since 1 8 6 3

N orthw estern B anker

March 19^5

54

Linton
The F irs t N ational B ank of L inton,
N orth Dakota, last m onth elected one
new director to th e official board of the
in stitu tio n . H. L. P etrie, L in to n b u si­
nessm an, w as picked to succeed T. H.
Jones as a board m em ber and also as
vice president. Mr. Jones had served
on th e official board for 25 years.

NORTH
DAKOTA
NEWS

A. C. IDSYOOG
President
Grafton

Hazelton
The controlling in te re st in th e B ank
of H azelton, H azelton, N orth Dakota,
has been sold by G. A. L e n h a rt to G. A.
K iefstad, p resid en t of th e S argent
County Bank.
In a reorganization m eeting of th e
bank, F. J. A ppert w as re-elected p resi­
dent; Mr. K iefstad, vice president; and
Mr. L en h art, cashier.

Land Department Manager
A p pointm ent of B. O. T horkelson of
D ickinson as m anager of th e land de­
p artm e n t of th e B ank of N orth D akota
w as announced last m o n th by H. C.
Bowers, b an k m anager.
Mr. T horkelson h as had experience
in banks at R egent and South H eart.

Chamber of Commerce Head
A. G. B jerken, p resid en t of th e Red
R iver N ational B ank, G rand F orks,
N orth Dakota, w as elected p resid en t of
th e G rand F o rk s C ham ber of Com­
m erce w hen th e new board of d irectors
held its organization m eeting.

Mayville
C. G. H anson has been nam ed to fill
th e vacancy on th e board of th e Goose
R iver B ank of M ayville, N orth D akota,
caused by th e d eath of O. A. E astvold
du rin g th e p a st year.
All o th er officers of th e b an k w ere
re-elected a t th e a n n u al m eeting.

Lisbon
At th e an n u al m eeting of th e F a rm ­
ers S tate B ank of Lisbon, N o rth Da­
kota, P. A. R anes w as elected to th e
board of directo rs to succeed Jo h n
Challey w ho died early last fall.
T here w ere only tw o changes in th e
staff, Alice M. R itte r and E d n a Mickelson w ere advanced from th e positions
of teller to a ssista n t cashier.

Stock Raised $15,000
At C arrington, N o rth D akota, th e
F o ste r C ounty State B an k ’s su rp lu s
stock w as raised from $35,000 to $50,000 a t th e an n u al m eeting of th e b an k
N orthw estern B anker

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

March 1945

Langdon
C. C. WATT AM
Secretary
Fargo

held recently. T his change m akes the
capital and su rp lu s stock of th e b ank
equal.

Bank of North Dakota

All officers and directors w ere re ­
elected and Myles Johnson w as ad­
vanced from teller to assistan t cashier
w hen th e stockholders and directors of
th e N orth w estern B ank of Langdon,
N orth Dakota, m et recently.

Jamestown

M em bers of th e board of directors of
H.
C. Bowers took over as m anager th e Jam es R iver N ational Bank, Jam es­
of th e state-ow ned B ank of N orth Da­ tow n, N orth Dakota, chosen recen tly
kota last m onth.
are A. J. L inn and Clifton Johnson, re ­
Mr. Bowers, a resid en t of R egent elected, and H ow ard Strubel, a new
since 1911 and cashier of th e F irs t m em ber.
State B ank of R egent since 1924, suc­
O. W. Fode and R. M. Stoudt are new
ceeds F ra n k A. Vogel as m anager of m em bers of th e board of directors of
th e B ank of N orth Dakota.
the N ational B ank of Jam estow n.
His younger b ro ther, Clifford J.
Bowers, succeeds Mr. Bow ers as cash­ Gra nd Forks
ier of th e F irs t State B ank of Regent.
New directors of th e F irst N ational

Presides Over Association
R. A. H. B ran d t w as elected presid en t
and E. W. U kkelberg vice presid en t of
th e M inot A ssociation of Commerce at
a reo rg anization m eeting of th e board
of directors held recently.
Mr. B randt, w ho is executive vice
p resid en t of th e F irs t N ational Bank,
M inot, n o rth w est regional director of
w ar bond sales and im m ediate p ast
p resid en t of th e N orth D akota Recla­
m ation Association, has been serving as
vice p resid en t of th e civic association.

Westhope
A t th e recen t an n u al m eeting of the
Peoples State B ank of W esthope,
N o rth Dakota, th e follow ing now com­
p rise th e officers and directors of th e
in stitu tio n : D irectors are W. T. M unn,
A. J. H elgerson and W illiam M unn, Jr.
Officers are W. T. M unn, president; A.
J. H elgerson, vice president; W illiam
M unn, Jr., cashier; J. H. M unn, assist­
a n t cashier, on leave w ith U. S. Navy.

Mandan
Only one change w as m ade in the
board of directors for th e F irs t N ation­
al B ank, M andan, N o rth D akota, at the
b a n k ’s an n u al m eeting. P. W. B lank
w as elected to fill th e vacancy caused
by th e resignation of A. R. W ainhand,
w ho now resides in M inneapolis, M in­
nesota.

B ank of G rand F orks, N orth D akota,
are O. H. B ridston, F ra n k C. S m ith and
M. M. Oppegard. O ther directors w ere
renam ed and all officers re-elected.
The board of directors and officers of
th e Red R iver Valley N ational B ank
also w ere re-elected.

Dickinson
L. R. Baird, p ro m inent D ickinson a t­
torney, re tire d b rigadier g eneral from
th e arm y and a m em ber of th e N orth
D akota State P lan n in g Board, w as
elected presid en t of th e F irs t N ational
Bank, D ickinson, N orth Dakota, at th e
recen t ann u al m eeting.
O ther officers are B. F. Bam benek,
executive vice president; T. A. Tollefson, cashier, and M. F. L en h ard t, as­
sistan t cashier.

Lidgerwood
Otto Strege w as nam ed vice p resi­
d en t of the F irs t N ational B ank at
Lidgerw ood, N orth Dakota, and E d
Sellner, director, and Mrs. Rose Thielm an, cashier, it w as announced re ­
cently.

Resigns Bank Post
Olaf M. T horsen, w ho since 1942 has
been a special a ssistan t a tto rn ey gen­
eral and a m em ber of the legal staff of
The B ank of N orth D akota, B ism arck,
has resigned th a t position and w ill go
to G rand F o rk s to engage in law p ra c ­
tice.
OUR 50th YEAR

*

55

•

NORTH

Fargo News
native
of F arg o an d fo rm er p resid en t of
th e F irs t N ational B ank in M oorhead,
M innesota, has been nam ed vice p resi­
d en t an d tre a s u re r of th e N o rth w est
B ancorporation of M inneapolis. He
w ill re ta in his fo rm er position as chief
exam iner.
Mr. H allen b erg g rad u ated from
M oorhead high school and studied law,
b u t decided to e n te r th e b an k in g b u si­
ness. He w as em ployed in a b an k at
Carson, N o rth D akota, and la te r w as
w ith th e N in th F ed eral R eserve B ank
w ith h e a d q u a rte rs in F arg o for several
years. H e joined th e B ancorporation
in 1929 a t th e tim e he w as p resid en t
of th e M oorhead bank, an affiliate.

H

e r b e r t

h a l l e n b e r g

,

J. A. Graham, ch airm an of th e N orth
D akota S tate B anking Board, a n ­
nounces th a t th e follow ing capital in ­
creases w ere approved by th e board:
F arm ers State B ank of M innewaukan, N o rth D akota, $25,000 to $35,000;
P ion eer S tate B ank of T ow ner, N o rth
Dakota, $15,000 to $25,000.
T he board considered and approved
th e application of th e Casselton State
B ank for th e ren ew al of its corporate
existence for a period of 25 y e a rs from
Ja n u a ry 15, 1945.
T h ere w ere no changes in b ank
titles, liquidations, consolidations or
closings d u rin g Ja n u a ry .
Carl A nderson, 48, state tre a s u re r
for N o rth D akota four y ears p rio r to
Ja n u a ry 1, 1945, died at his hom e in
B ism arck of a h e a rt attack.
Mr. A nderson w as elected state tre a s ­
u re r in 1940. B orn in L yons county,
M innesota, in 1897, he cam e to N o rth
D akota w ith his p a re n ts as a boy of 10.
H e resided 18 y ears in G rant county,
late r m oved to Cass county an d a t­
tended th e V alley City S tate T eachers
College. He ta u g h t school six y ears
p rio r to p u rch asin g a farm a t Page.
H is w idow and four step ch ild ren s u r­
vive.

W ar and p o stw ar problem s w ere dis­
cussed by re p re se n ta tiv es of building
and loan associations operatin g in
N o rth D akota, a t a conference held in
B ism arck. Senator J. B. B ridston of
G rand F o rk s presided. S peakers w ere
S enator W. H. Shure of Fargo; A. R.
B ergesen of F argo, sp eak er of th e
house of rep resen tativ es; AV. F. S ch uett
of G rafton and E. A. R u lien of G rand
F orks, w ho rep o rted on a w ar confer­
ence held recen tly at Chicago.

DAKOTA

NEWS

•

closed several m onths by v o lu n tary
liquidation. The b ank has a capital
stock of $25,000. Olaf Sm erud of F a r­
go is presid en t and o th er officers are:
Carl H o w ells of H u n ter, vice president;
G ust Joh nson of H u n ter, director, and
A. H. G ilbertson, cashier. Mr. G ilbert­
son form erly w as m anager of a b ank
a t P ortland, N o rth Dakota, and re ­
cently w as w ith th e F ed eral L and
B ank at St. Paul, M innesota.
B. E. Sm ith, cashier of th e F irs t N a­
tional B ank of Ellendale, N o rth Da­
kota, died in an A berdeen, South Da­
kota, hospital. H e becam e associated
w ith th e ban k in 1934 afte r previous
b an k ing experience at Conde, South
Dakota. F u n eral services w ere held
at E llendale F e b ru a ry 11th and burial
w as at Conde.

T hree directors w ere re-elected at
th e an n u al m eeting of stockholders
an d directors of th e W estern States
Life In su ran ce Company, Fargo. T hey
are A. R. B ergesen of Fargo, F . B.
M cA neney of Des Moines, Iowa, and
L. B. H artz of T hief R iver Falls, M in­
nesota. Mr. H artz w as elected De­
cem ber 6, 1944, to fill th e unexpired
te rm of th e late Lt. Gov. H en ry H olt
of G rand F orks, N o rth Dakota.

An Intimate,
Personalized
Correspondent
Bank Service
B ased on a Policy
of Cooperation
—N o t Competition
U n d e r the d irectio n o f officials
w ith years o f service in this field,
assuring a k n o w le d g e o f req uire­
m en ts and valu ab le assistance.

CTfie

PublicNational
BANK

AND

TRUST

C O M PA N Y OF N E W Y O R K
ESTABLISHED

1908

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

r

COMPETITION
F o r se v e ra l years o u r sales a p ­
proach to banks in connection with
our Personalized Check program
concerned itself entirely w ith w in­
ning acceptance for the idea.
C o n s id e ra b le p ro g re s s has b e en
made and, to be honest about it,
b a n k e rs th e m se lv e s have been
responsible for every prom otional
sales idea w hich we have presented
. . . our job has been sim ply to
develop them and pass them on.
T hat they have clicked is a testi­
m onial to operating m en in banks
w ho knew w hat they wanted.
W e are glad to learn now that sev­
eral good check m anufacturers have
come into this Personalized Check
field on a com petitive basis. T heir

efforts w ill give added im petus to
the program , but, o f course, com ­
petition w ill im pose upon us the
necessity for giving m ore emphasis
to the m erit o f our pro d u ct rather
than sim ply selling the idea.
So, in recognizing this good com ­
petition, we invite com parison. W e
are perfectly w illing to pass out o f
the pioneering phase and strive to
expand o ur services, n o t only by
d e m o n s tra tin g th a t o u r p ackage
meets an existing need, but that it
meets it better.
T he m om entum o f an early start
has carried us o u t in fro n t; we
w ill depend up o n quality and service
to keep us there and neither will
be sacrificed.

M anufacturing Plants a t :
N E W Y O R K , C L E V E L A N D , C H IC A G O , K A N S A S C IT Y , S T . PA U L

T he S ecurity S tate B ank of H u n ter,
N o rth D akota, reopened a fte r being
OUR 50th YEAR

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Federal Reserve Bank of St. Louis

CHECK PRINTERS

c-Pne.
N orthw estern Banker

March 1945

56

OFFICERS
H.

M. B U SH N E L L
President

E LL SW O R T H M OSER
Executive Vice President
V. B. CA LDW ELL
Vice President
★ R. H. M A LLORY
Vice President
T. F. M U R PH Y
Vice President
C. Y. O FFU T T
Vice President
E. W. LY M A N
Asst. Vice President
H. E. ROG ERS
Assi. Vice President
H. T. U E H L IN G
Trust Officer
A. L. V IC K E R Y
Cashier
A. D. AN D ERSO N
Assistant Cashier
J. L. SH IEL D S
Assistant Cashier
N. L. SH O LIN
Assistant Cashier
E. C. M cE LH A N E Y
TsV. Trust Officer
H. B. P IE R P O N T
Asst. Trust Officer

B

N orthw estern B anker

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Federal Reserve Bank of St. Louis

March Î945

A

N

K

IN

G

S

E

R

V

IC

E

OUR 50th YEAR

57
th e death of his fath er, th e late Jo h n
H. A nderson.

Hooper

NEBRASKA
NEWS
EDGAR McBRIDE
President
Blue Hill

Chadron
T he officers an d d irecto rs of th e
F irs t N ational B ank, C hadron, Ne­
brask a, rem ain th e sam e w ith th e ex­
ception of C. F. Coffee III, w ho w as
elected to th e position of vice p resi­
dent. Mr. Coffee is a t p re se n t serving
as a lie u te n a n t (jg) in th e N avy A ir
Force.

St. Paul
D irectors of th e St. P au l N ational
Bank, St. Paul, N ebraska, n am ed P aul
Lukasiew icz of F a rw e ll as a d irecto r
to ta k e th e place of W. S. Paul, de­
ceased. T he p re se n t d irecto rs of th e
b an k a re Mrs. P au lin e P au l A rte rb u rn ,
N. J. Paul, B ry an Jensen, F re d R. Hagg a rt and P au l Lukasiew icz.

Charles Arnot
C harles A rnot, 80, fo rm er Dodge
co u n ty schools su p e rin te n d e n t and
la te r cash ier of th e F ir s t N ational
B ank, Scribner, N ebraska, for 22 years,
died a t his hom e a fte r a len g th y illness.

In New York
Jo h n F. Davis, vice p resid en t of th e
F irs t N ational B ank of Omaha, has
ju s t com pleted a ten day stay in N ew
Y ork a fte r com pleting a trip from
B ristol. Mr. D avis is a lie u te n a n t (jg)
serv in g w ith th e M erchant M arines.

Carroll
T he F a rm e rs S tate B ank, organized
in C arroll, N ebraska, recen tly opened
for bu sin ess to replace th e C arroll CoO perative A ssociation an d w ill be th e
first re g u la r b a n k in C arroll since 1927.
W. R. S cribner is p re sid e n t of th e
new bank, P e rry Johnson, vice p re si­
dent, an d N orm an Clark, now in th e
service, w ill becom e cashier upon his
re tu rn home.
T he b an k h as a capital stock of $17,300, a su rp lu s fu n d of $3,000 an d an
undivided profit account of $1,000.
D irectors are: G. E. Jones, Mr. Jo h n ­
son, Otto W agner, George Owens, J.
M. P eterso n and Mr. Scribner.

Elkhorn
T he board of d irecto rs of th e F a rm ­
ers S tate B an k of E lk h o rn , N ebraska,
recen tly re-elected all of th e p re se n t
officers, and M arg aretta H am ann w as
m ade a ssista n t cashier.

Superior
P au l Hodges, w ho has been in poor
health, has resigned his position as
OUR 50th YEAR

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Federal Reserve Bank of St. Louis

WM. B. HUGHES
Secretary
Omaha

cashier of th e Security N ational Bank,
S uperior, N ebraska.

Cozad
D irectors of th e F irs t N ational Bank,
Cozad, N ebraska, elected th e folow ing
officers for th e com ing year: T. F. S.
R asm ussen, ch airm an of th e board of
directors; W. T. Thom pson, president;
Dr. C. H. Sheets, vice president; T. J.
Brownfield, cashier; George F rew , di­
rector.

T he F irs t N ational B ank, H ooper,
N ebraska, is m aking plans for th e ad­
dition of a 10x23-foot steel and concrete
safety deposit vault.
T he OPA has g ran ted th e building
perm it, m ade necessary by th e b a n k ’s
expanding business and shortage of
v au lt space u n d er ex istin g conditions.
A com plete fireproof and burglarproof stru c tu re is planned.

Cooperates With ODT
C.
D. Saunders, vice p resid en t of th e
F irs t N ational B ank of Om aha and
executive vice president, Omaha
C ham ber of Commerce, states th a t th e
Omaha Cham ber is not only com plying
w ith, b u t actively cooperating w ith,
th e ODT’s requested ban on conven­
tions.
F u rth erm o re, Mr. S aunders
states th a t th e C ham ber rep resen ta­
tive in charge of conventions, Mr.
H aried, is keeping close contact w ith
th e ODT and can supply inform ation
relativ e to conventions to those w ho
are seeking it.

Greeley
Ed. L. K olar w as elected p resid en t
of th e Peoples S tate Bank, Greeley, N e­
braska, a t th e sem i-annual m eeting
held recently. T he m eeting m arked
th e 15th a n n iv e rsa ry of th e re-organiz­
ation of th e b an k u n d er th e p resen t
m anagem ent.

Crete
The stockholders of th e Crete State
B ank, Crete, N ebraska, elected th e fol­
low ing directors for th e incom ing year:
J. E. P allett, B. G. M iller, W. H. Col­
lett, and T hom as J. Aron.
Officers appointed w ere T hom as J.
A ron, p resid en t and W. H. Collett, vice
p resid en t and cashier.

Pawnee C ity
S tockholders of th e F a rm e rs S tate
B ank, P aw nee City, N ebraska, re ­
elected as directors H. C. Van H orne,
E. N. V an H orne, M. K. V an H orne
and A. R. Loch, an d added to th e di­
recto rate C. T. B arton, Dr. A. B yford
A nderson and K enneth Butterfield.
C ounty Clerk B. F. M uscheites p re ­
sen ted his resig n atio n to becom e asso­
ciated w ith th e F a rm e rs S tate B ank as
cashier.

On Charity Board
Jo h n L au ritzen of th e F irs t N ational
B ank of O m aha has recen tly been
elected to th e board of directors of th e
H attie B. M unroe Home, an old tim e
c h a rity in Omaha, for th e benefit of
orthopedic cases.

Stromsburg
B alloting a t th e an n u al m eeting of
th e stockholders of th e F irs t N ational
B ank, Strom sburg, N ebraska, recently
re su lted in th e re-election of F re d A.
A nderson, J. W. A nderson, Rex N elson
and A. V. K jelson as directors, and the
election of R euben F. A nderson to fill
th e vacancy on th e board caused by

Junior N e w s
From th e N ebraska , ,«>
Junior B ankers A ssociation

,

John L au ritzen E ditor

S. R. Florence, president, Peoples
W ebster County Bank, Red Cloud, N e­
braska, has been v isitin g several of his
children w ho are in California.
C. M. Sherwood, cashier, Peoples
W ebster County Bank, tells us th a t his
son, w ho is a p u rsu it ship flier w ith th e
M arines, has been sen t o ut on com bat
duty. Mr. Sherw ood’s son has been in
th e service about tw o years.
Lee Sage, vice president, Security
N ational B ank, Superior, N ebraska, is
now back at th e ban k afte r serving
som e tim e w ith th e U. S. A ir Corps.
P aul H odges, cashier, of th e bank, is
unable to c arry on his full duties a t th e
bank, due to illness.
J. M. McQuillan, president, City N a­
tional Bank, Greeley, N ebraska, has
th ree boys now in th e service. T he
oldest is a lie u ten an t w ho is stationed
in th e P hilippines w ith th e In fan try .
T he n e x t to th e oldest is in B urm a,
and his son, w ho w as form erly w ith
him in th e bank, is in lim ited service
as a postal clerk on th e w est coast. Mr.
M cQuillan’s fo u rth and youngest son
is studying for th e priesthood.
N orthw estern B anker

March 1945

58

N orthw estern B anker


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

March 1945

OUR 50th YEAR

59
Miss M ercedes Caldwell w as guest at
several p arties before she left for New
Y ork City to tak e a position. H er p a r­
ents are Mr. and Mrs. V ictor B. Cald­
w ell, J r. Mr. Caldwell is vice president
of th e U nited States N ational B ank of
Omaha.
A new civic com m ittee on pow er, to
discuss O m aha’s pow er situ atio n from
the stan dpoint of th e public, is com­
posed of E. A. Baird, presid en t of th e
C onservative Savings and L oan Asso­
ciation; D ale Clark, presid en t of the
Om aha N ational Bank; E llsw orth
M oser, executive vice presid en t of th e
U nited States N ational B ank of
Omaha, and K arl E. Vogel, executive
vice presid en t and general m anager of
the Omaha Steel W orks.
M. B U S H N E L L , p resid en t of the
. U nited S tates N ational B ank of
Omaha, w as elected p resid en t of th e
O m aha C learing H ouse A ssociation for
1945. W. A. S aw tell, p resid en t of th e
Stock Y ards N ational B ank of Omaha,
w as nam ed vice president. W illiam B.
H u gh es w as re-elected secretary-m an­
ager. Mr. H ughes has served m any
years.

H

L ieut. Col. and Mrs. W. B. M illard,
Jr., an d Miss N ancy M illard have

m oved from W ashington, D. C., to
Boston, M assachusetts. Colonel Mil­
lar, Ak-Sar-Ben K ing since 1941, w hen
th e last C oronation Ball w as held in
Om aha is liaison officer w ith th e F ed ­
eral R eserve B ank of Boston. He is
on leave from his d uties as vice p resi­
den t of th e Om aha N ational Bank.
In a $250,000 deal, th e nine-story
F a rm C redit B uilding in Omaha, w hich
occupies th e so u th w est co rn er of N ine­
te e n th an d Douglas S treets, is being
purch ased by th e F ederal Land B ank
of Omaha. T he seller is O. F. N eal of
Om aha and N ebraska City. A ction to
buy th e stru c tu re w as ta k e n by L and
B ank directors, of w hich L. E. Laird
is chairm an.
R obert H. H all, executive officer of
the N o rth Side B ank of Omaha, w as
nam ed g en eral ch airm an for th e a n ­
nu al O m aha YMCA m em bership drive.
He p reviously h ad served as dow n­
tow n “g en eral.” L aurence McCague,
in v estm en t ban k er, w as a “colonel” in
th e cam paign.

BANKS

Bought and Sold

Confidentially and with becoming dignity

E rn est C. R obey, 60, retire d Omaha
police officer, w ho has been a g uard at
the Om aha N ational Bank, died re ­
cently. He w as a m em ber of the Scot­
tish Rite.

Dan J. M onen, Omaha N ational
Bank, w as re-elected tre a su re r and
Mrs. C. W. Mead a vice presid en t a t
th e a n n u al m eeting of th e Omaha W el­
fare F ederation and C om m unity Chest.
S. L. Cooper is re tirin g presid en t and
W. O. Sw anson is th e new president.

N.
G. K raschel, form er G overnor of
Iowa, w hose hom e is at H arlan, w as
re-elected general agent of th e F arm
C redit A dm inistration. L. W . B ick nell
w as re-elected general counsel. O thers
of th e four operating units, th e F ederal
L and B ank of Omaha, F ed eral In te r­
m ediate C redit B ank of Omaha, P ro ­
duction Credit C orporation, and Omaha
B ank for Co-Operatives, also w ere re ­
elected.
The southw est corner of T w entieth
and H arn ey S treets has been pur-

T h ro u g h
1 9 4 5 A s A lw a y s
100% C o o p e r a tio n
W ith O u r
C o rre sp o n d e n t B an k s

F IR S T
NATI ONAL BANK
St. J o s e p h , Mo.

BANK EMPLOYEES PLACED.
40 Y e a rs S a tis fa c to ry S e rv ice

Member Federal Deposit Insurance Corporation

THE CHARLES E. WALTERS CO.
OMAHA,

N EBRASKA

OUR 50th YEAR

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Federal Reserve Bank of St. Louis

N orthw estern Banker

March Í9?i5

60

• NEBRASKA
chased from th e F iresto n e T ire and
R ub b er Com pany for $135,000 by th e
F irs t N ational B ank of Omaha, acting
as tru ste e for one of its accounts.
Charles D. Saunders, vice p resid en t of
th e bank, said th e F ire sto n e Com pany
still w ill occupy th e p ro p erty u n d e r a
long-term lease.
Mr. and Mrs. Charles McCumsey,
w ho have lived in O m aha alm ost 20
years, w ill m ake th e ir fu tu re hom e in
Chicago. Mr. M cCumsey for a n u m b er
of y ears w as p resid en t of th e F ed eral
L and B ank of Omaha. T h eir Chicago
residence w ill be n e a r Loyola U ni­
versity.
T rin ity C athedral in Om aha (E pisco­
pal) recen tly elected H. W. Yates as
senior w arden. T. L. Davis, Denman

N E WS

Kountze and Addison W. W ilson w ere
am ong th e v estrym en elected.

the Red Cross in W orld W ar I. Dr.
H arold Gifford of Om aha is a nephew .

N ebraska farm ers and ran ch ers b o r­
row ed nearly $18,500,000 from the
Farm Credit Administration of Omaha
in 1944, a “sub stan tial increase” over
1943 b u t less th a n th e am ount of
m oney paid in on loans outstanding,
N elson G. K raschel, general agent, an ­
nounced. Iow a loans totaled m ore
th a n $34,000,000.
Mr. K raschel a t­
trib u te d the increase to th e acquisition
of farm s by m any form er te n a n ts and
to “heavy use of operating credit in
producing w ar foods.”

Mrs. F ran ces H. M allory, 72, m o th er
of Navy Lieut. Richard H. Mallory, on
leave from his duties as vice p resid en t
of th e U nited States N ational B ank of
Omaha, died at h er hom e in Omaha.
O ther su rvivors include tw o o th er
sons, Dr. M eredith M. M allory, Or­
lando, Florida; B olton M allory, au th o r,
of Mexico City, Mexico, form er h u s­
band of N ancy Carroll, m otion p icture
actress, and one daughter, Mrs.
T hom as Steen, living in U ruguay.
B urial w as at Batavia, Illinois.

Miss H elen M illard, 70, w hose father,
E zra M illard, w as one of th e founders
of th e Omaha National Bank, died at
h e r hom e in Omaha. She w as active in

Mr. and Mrs. Dale Clark’s daughter,
Mrs. Jo h n Schirding, and th e la tte r’s
sm all daughter, Cathie, have re tu rn e d
to P etersb u rg , Illinois, from M anhat­
tan, K ansas, w here L ieu ten an t Schir­
ding w as stationed before going over­
seas w ith th e m echanized cavalry. Mr.
Clark is presid en t of th e Om aha N a­
tional B ank and Mrs. Schirding is th e
form er Jessie Clark.

T o S e rv e Y ou
In F o r e ig n F ie ld s
"City National" announces the formation of
a foreign trade and exchange department under
the direction of Mr. Bror W. Unge, widely known
for 29 years in the import and export fields of
Europe and Latin America. Mr. Unge speaks
6 languages.
The benefit of Mr. Unge's practical experi­
ence in trade with foreign markets is offered to
correspondent banks and their customers as
another evidence of "City National's" alertness
to your business needs of today and the future.
Kansas City’s 131

•

Favorite Bank

CITY NATIONAL BANK U TRUST CO.

Banks Help 4-H Workers
W. A. Saw tell, p resid en t of th e Stock
Y ards N ational B ank of Omaha, and
ch airm an of th e a g ricu ltu ral com m it­
tee of th e N ebraska B ankers Associa­
tion, passes on a suggestion m ade by L.
I. Frisbie, state 4-H Club leader, to fu r­
th e r th e in terests of banks and farm
you n g sters by com plim entary sub­
scriptions for th e N ational 4-H Club
N ew s to local 4-H Club leaders. T here
are not m any of these leaders b u t th e ir
w ork reaches m any youngsters. Mr.
Saw tell says, “T he earlier th ey receive
th e subscription th e m ore th e fu tu re
farm ers of yo u r com m unity w ill bene­
fit.”

In New Home
E. N. Solomon, assistan t cashier,
F irs t N ational B ank of Omaha, has
ju st m oved into his new brick hom e
at 6723 F lorence B oulevard, in Omaha.

18th &Grand

Kansas City, Mo.

f

irst National
ot Omaha

N orthw estern B anker

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Federal Reserve Bank of St. Louis

Oldest National Bank From Omaha West
Member Federal Deposit Insurance Corporation

March 1945

OUR 50th YEAR

61

• NEBRASKA

NEWS •

A nnouncem ent of th is decision w as
m ade recen tly by E dgar M cBride of
Blue Hill, presid en t of th e N ebraska
B an kers A ssociation, in cooperation
w ith th e ODT.
The chief objective of these group
m eetings in th e various sections of the
state w as to have been organization
for th e sale of w ar bonds, m aking
G. I. loans to v eteran s and postw ar
planning. W ork on these projects w ill
not slacken, how ever, because th e sub­
jects w ill be handled at th e reg u lar
regional clearinghouse m eetings to be
held d uring th e first p a rt of th is year
th ro u g h o u t N ebraska.

Lake Nebraska in Canada

I EG ISLA TIV E com m ittee m em bers
of th e N ebraska B ankers Associa­
tio n m et to exam ine bills p e rta in in g to
b an k in g c u rre n tly before th e legisla­
ture. Am ong those p re se n t w ere Otto
K otouc, H um boldt, com m ittee ch a ir­
m an, and V. E. D olpher, D avid City,
vice p resid en t of th e state organiza­
tion.
“No provisions have been m ade for
m aking gifts to v e te ra n s of th is w ar,
no r does th e federal g o v ern m en t agree
to m ake an y d irect loans to re tu rn in g
service m en ,” declared Sam uel W augh,
speaking on th e service m e n ’s read ­
ju stm e n t act of 1944, com m only know n
as th e “G. I. bill of rig h ts,” a t a m eet­
ing of th e L incoln C hapter of th e
A m erican In stitu te of B anking.
Citing th e g en eral a ttitu d e tak en by
the A m erican Legion th a t it w ould be
a disservice to v eteran s to p resen t
them w ith loans w hich th e y w ould
have no reasonable chance of rep ay ­
ing, W augh discussed vario u s pro v i­
sions of th e act, local aid for re tu rn in g
veterans, and general effect of legisla­
tion of th is type.
W augh continued by em phasizing
th e special im portance of tw o pro v i­
sions calling for education and voca­
tional train in g , and for loans for b u si­
nesses, hom es and farm s.
A question period follow ed the ad­
dress. M em bers of th e F irs t T ru st
Com pany and several Lincoln hom e
loan com panies w ere g uests a t th e
m eeting atten d ed by approxim ately
125 persons. Ted Thom pson presided.

L

W. E. Spear, tru s t officer, F irs t N a­
tional B ank of Omaha, and state tre a s­
u re r for th e N ebraska-Saskatchew an
D uck F actory, a project of Ducks, U n­
lim ited, for the financing of Lake N e­
b rask a in Saskatchew an, Canada, states
th a t he is su re th e $12,500 aid in fi­
nancing for th e lake w ill be reached.

Increase Capital and Surplus
An increase in th e capital and su r­
plus of th e F irs t N ational B ank of
G rand Island, N ebraska, from $200,000 to $300,000 w as announced last
m onth by P resid en t E. J. W olbach.
The ban k celebrates its 65th an n iv e r­
sary this m o n th and total invested cap­
ital is now $860,968, w ith deposits of
$11,429,541.

North Side Bank
Also increasing its capital recently
w as th e N orth Side B ank of Omaha.
F ig u res w ere changed from $25,000 to
$50,000.

Bank President Dies
Mrs. Clara W alker Phillips, p resi­
d en t of th e Cam bridge State Bank,
Cam bridge, N ebraska, and a m em ber
of one of N ebraska’s pioneer fam ilies,
died at h e r hom e recently.

Valentine
By action of th e directors of the
F irs t N ational Bank, V alentine, Ne­
braska, C ashier H. L. K uhn now bears
th e title of president. H. L. Campbell,
K ilgore banker, is vice p resident and
Je an n ette Shepherd is acting cashier.

Wilber
A m eeting of stockholders of the
W ilber S tate Bank, W ilber, N ebraska,
w as held recently. D irectors elected
w ere H. V. Jelinek, S. A. Shestak and
E. J. Brabec. Officers are Mr. Jelinek,
president; Mr. Shestak, vice president;
F ra n k Kohel, cashier; Sidney Broz
a ssistan t cashier. The b an k statem en t
show s th e b ank has a capital of $25,000
and $25,000 surplus.
The stockholders of th e Saline State
B ank elected as directors: E. W. Miskell, S. W. H erm an, Joseph Cerny, J.
J. Novak, A. W. F rid ric h and Irv in
Novak. The following officers w ere
elected: Mr. Miskell, president; Mr.
H erm an, first vice president; Joseph
Cerny, second vice president; J. J. No­
vak, cashier; Mr. F rid rich and Mr. No­
vak, a ssistan t cashiers.
The b an k statem en t show s a capital
of $25,000 and $25,000 surplus.

Hooper
The F irst N ational Bank, Hooper,
N ebraska, is now classed as an honor
b ank w ith a capital stock of $50,000, a
$50,000 su rp lu s and $10',000 in u n d i­
vided profits. A 4 p er cent sem i-annual
dividend w as declared.
Elected to serve on th e board of di­
rectors w ere A. M. Tillm an, W ill
Rodgers, Jo h n H avekost, P eter Parkert, Jo h n Shaffer and George Looschen. The b ank personnel includes
Mr. Tillm an as president; Mr. Rodgers,
vice president; George Looschen, cash­
ier; K ath ry n Osterloh, a ssistan t cash­
ier, and B etty Bayer, bookkeeper.

This bank is p rep ared to assist
you in hand lin g any excess
loans or credit dem ands on
which you m ay desire help.

Call Meetings Off
The six an n u al group m eetings of
th e N ebraska B an k ers A ssociation,
scheduled for A pril of th is year, have
been canceled.
Y O U R STATE B A N K ER S A S S O C IA T IO N
O F F IC IA L S A F E , V A U L T A N D
T IM ELO C K EXPERTS

F. E. DAVENPORT & CO.

C o n t in e n t a l R a t i o n a l
B

a n k

t

LINCOLN
Member Federal Deposit Insurance Corporation

OM AHA

OUR 50th YEAR

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Federal Reserve Bank of St. Louis

N orthw estern B anker

March 19U5

62

You A re Invited
To Avail Yourself of
the Facilities of Our

TRUST DEPARTMENT
A ll fid u c ia r y m a tte r s w ill
b e g iv e n p rom p t, c a r e fu l
a n d c o u r te o u s a tte n tio n

L IV E S T O C K N A T IO N A L B A N K
O

M

A

H

A

The Bank of Friendly Service

Member Federal Reserve System and Federal Deposit Insurance Corporation

N orthw estern B anker

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Federal Reserve Bank of St. Louis

March 1945

OUR 50th YEAR

63

IO W A

lantic hospital last m onth. Mr. B reh­
eny had been continuously engaged in
th e b an king business th ere for 44
years, w hen he re tire d D ecem ber 15,
1941. At th e tim e of his re tire m e n t he
resigned as vice presid en t of th e A t­
lantic State Bank, b u t w as prevailed
upon bv b ank officers to continue as a
m em ber of th e board, serving in th a t
capacity u n til his death.

N EW S

Reserve System Member
FRANK WARNER
Secretary
Des Moines

R. R. BRUBACHER
President
Sioux City

Jesup
The F a rm e rs State B ank, Jesup,
Iowa, has elected H. A. Schares, p ro m i­
n e n t fa rm e r in B uch an an county, as a
d irecto r to succeed A. B. L aird w ho
has m oved to C alifornia. Mr. L aird
served as a d irecto r for over fo rty
years. Mr. Schares is se cretary of th e
M em bers M utual Oil Com pany, w hose
activities cover n o rth e a ste rn Iowa, and
is also a d irecto r of th e R.E.A. Corpo­
ratio n of B uch an an county.
T he b a n k h as to tal assets of $1,562,537, as of D ecem ber 30, 1944. W. W.
B lasier is p resid en t and C. E. Stew art,
cashier.

Harcourt
H attie E. E n g q u ist resigned h e r posi­
tion w ith th e H a rc o u rt Savings B ank,
H arcourt, Iowa, as bookkeeper and h er
position is being filled b y Dolores A nd­
erson.
J. W. Ryberg, cashier, fell on th e icy
w alk last m onth, re su ltin g in a m inor
frac tu re of th e sm all bone below his
knee. It is in a cast b u t he h as been
able to get dow n to th e office a few
hou rs each day.

Dubuque
The D ubuque B ank & T ru s t Com­
pany, D ubuque, Iowa, w hich has occu­
pied th e old U nion T ru s t & Savings
B ank B uilding since last July, h as a n ­
nounced th e p u rch ase of th e building
from its ow ner, th e F ed eral D iscount
C orporation.
A fter rem odeling—including in stalla­
tion of low b an k fixtures—in th e D ubu­
que B uilding, w hich it pu rch ased in
1942. th e A m erican T ru st & Savings
B ank has m oved into its new home,
located at th e so u th w est co rn er of
N in th and M ain S treets, across th e
stre e t from its fo rm er location.

Dows
The re su lts of the re c e n t an n u al
m eeting of th e directors of th e F a rm ­
ers S tate B ank, Dows, Iowa, reveal th e
election of W illiam E. D eam as p re si­
den t of th e b an k for th e year; B ert
B ertilson, vice presid en t; Jam es I.
Deam, executive vice presid en t, and
C lara L. Ju ry , cashier.

W . E. Johnson
Services w ere held recen tly for W al­
te r E. Johnson, 73, p ro m in e n t business
m an and b anker, w ho died a t his hom e
in W aterloo. A lifelong re sid e n t of
W aterloo and m em ber of a pioneer
ban k in g fam ily, he form erly w as vice
p resid en t of th e W aterloo Savings
OUR 50th YEAR

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Federal Reserve Bank of St. Louis

The F irs t State B ank of W ebster
Citv, Iowa, is now a m em ber of th e
F ederal R eserve System , hav in g been
form allv adm itted recently.

Riverside
B ank and of th e L eav itt & Johnson
T ru st Company.

Cashier's Son Killed
Lt. R obert W. Kneelancl, 19, son of
W. A. K neeland, cashier of th e Postville S tate Bank, Postville, Iowa, and
Mrs. K neeland, w as killed in action on
B iak Island in th e South Pacific on
D ecem ber 2, 1944, according to a recent
W ar D epartm ent message. L ieu ten an t
K neeland w as serving as navigatorb om bardier in th e “A paches” w ith the
5th A ir Force.

Home on Leave
Ju lian F ro st, vice presid en t of the
D ecatur C ounty State Bank, Leon,
Iowa, now on leave of absence and
serving in th e arm ed services, re tu rn e d
to th e States and has been at hom e on
a 30 day convalescent leave.

Facts About Iowa
The list of 1944 F acts About Iowa,
published on page 61 of th e F e b ru a ry
issue of th e N o r t h w e s t e r n B a n k e r ,
w as com piled by th e Des M oines C ham ­
ber of Com m erce of w hich H arold P.
Klein, vice p resid en t of th e Iowa-Des
Moines N ational B ank & T ru st Com­
pany, is president.

Banking Class Speaker
F ra n k W arner, secretary of the Iow a
B ankers A ssociation, w as a speaker
last m onth before th e classes in Money
and B anking at the U n iv ersity of Iowa,
Iow a City. H e spoke on th e subject,
“The A m erican System of B anking.”
Mr. W arn er for m ore th a n 20 y ears has
been a lectu rer before th e classes in
M oney and B anking at th e university.

Joins Pella Bank
L ouis F. Bousquet, for eight years
M arion county tre a su re r at K noxville,
Iowa, is joining th e staff of the M arion
C ounty State B ank in Pella, Iowa, it
w as announced by K. H. Bean, p resi­
dent.

Indianola Bank Named
The W arren County B ank and T ru st
C om pany is th e nam e by w hich the
new b an k in Indianola, Iowa, w ill be
know n, C harles McCoy, executive vice
p resid en t and cashier, said. The ban k
w ill open for business some tim e about
th e first of April.

T„ P. Breheny
Thom as P eter B rehenv. 65. retired
A tlantic, Iowa, banker, died at th e A t­

The Peoples T ru st and Savings Bank,
R iverside, Iowa, elected Iv an H. Cum ­
m ings presid en t and cashier and
George A. E glin vice presid en t for th e
year.
D irectors besides the officers are:
George F. Havel, H en ry F ran k , R ay I.
M arner, M arion Godlove and R. H.
H eitzm an.
The ban k paid a 10 p er cent dividend
recently. This is th e fo u rth dividend
th a t th e b ank has paid. E arn in g s and
receipts w ere over $8,000 th is year be­
fore taxes w ere deducted.

Tipton
The directors elected to th e board of
the T ipton State Bank, T ipton, Iowa,
are: Amos J. Suchom el, E arl M. J.
Escher, W. J. Donohue, R alph Gaul,
George R. Geller, R. J. Benda, Don C.
A rm strong, A. H. A lbert and J. W.
Edere.
The directors elected th e following
officers: J. W. Edge, president: George
R. Geller, vice president, and A. E.
Rum ble, assistan t cashier.

Stationed at G reat Lakes
W avne S. M athews, a ssistan t cashier,
D anville State Savings Bank, Danville,
Iowa, w as called into the arm ed forces
recentlv. He is now stationed a t th e
G reat L akes N aval Base for initial
training.

Has 26th Birthday
Peoples T ru st & Savings Bank, In ­
dianola, Iowa, w as entitled to have 26
candles on its b irth d ay cake last
m onth.
A t th e end of the first year, th e bank
had m odest deposits of about $300,000,
b u t at th e end of th e 26th year, deposits
had clim bed to the huge to tal of $4,450,000.

Leaves Carroll Bank
George B. W erdel, vice p resid en t of
th e C arroll County State Bank. Carroll,
Iowa, since 1933, has resigned th e office
to leave soon for R ochester, M innesota,
w here he has purchased an in te re st in
th e U nion N ational Bank, w hich he
w ill serve as executive vice president.

Davenport
An increase in deposits of approxi­
m ately $10,000,000 to an all-tim e h igh of
$64.248.854 for th e D avenport B ank &
T ru st Company, D avenport, Iowa, d u r­
ing 1944 w as rep o rted by P resid en t Y.
O. Figge at th e an n u al m eeting of the
bank.
All directors and officers w ere re ­
elected.
N orthw estern Ranker
March 19^5

64

* IOWA
Sioux Center

NEWS

•

T otal capitalization w ill rem ain at

W. S. Short, th e « resid en t of th e
N o rth w estern S tate B ank, Sioux Cen­
ter, Iowa, resigned a t th e b a n k ’s a n ­
n u al m eeting recently. The d irectors
elected Mr. S hort th e ch airm an of the
board and he re ta in s an in te re st in
affairs of th e in stitu tio n . T he officers
elected th is y e a r are H. R ow enhorst,
president; H. C. M oret, executive vice
presid en t and cashier; Mrs. N. Klein,
a ssista n t cashier, and M itchell M oret,
teller.

$

100, 000 .

Des Moines Teller Married
F o rm erly a teller at th e V alley Sav­
ings Bank, Des Moines, before his
e n try into th e service, Staff Sergeant
Louis De Marco w as m arried to M ary
Facciola in Des Moines last m onth.
He is stationed a t Laredo A rm y A ir
Field, Laredo, Texas, w here th e couple
w ill live.

Curtis G . Ouren

B. E. Moore
F u n e ra l services for B. E. Moore, 82,
w ho died at his hom e in P ra irie City,
Iowa, w ere held recently. He w as
p resid en t of th e F irs t N ational B ank
th e re for about 20 years before his re ­
tire m e n t in 1933.

Capita! Stock Shift
A m ended articles of incorporation
for th e Peoples Savings Bank, W a te r­
loo, Iowa, w hich w ill call in all 500
shares of p re fe rred stock and double
com m on stock from 500 to 1,000 shares,
w ere filed recen tly in th e office of the
secretary of sta te at Des Moines, a fte r
approval by th e state b an k in g d e p a rt­
m ent, George E. Allbee, president, a n ­
nounced.

him a leave of absence w hile in the
service.
A rnold W arren w as prom oted to
cashier and I. R. Otto w as elected to
serve as a ssistan t cashier.

Irwin
The F a rm e rs Savings Bank, of
Irw in, Iowa, elected th e follow ing di­
rectors: A sm us Frees, E. H. K ettler,
Jo h n S teenhusen, J. J. Marco and Clara
M. K ettler, P eter Seenhusen, Sr., has
retire d from active service on th e
board. New officers of th e b an k are
E. H. K ettler, president; A sm us Frees,
vice president; J. J. Marco, cashier and
Orval Monson, assistan t cashier.

C urtis G. Ouren, 73, p resid en t of th e
F irs t N ational Bank, Council Bluffs,
Iowa, and th e O uren Seed Company,
died recen tly after a m o n th ’s illness.
George Woods, executive vice p resi­
d ent of th e b an k for ten years, w as
elected president; C. G regory Ouren, a
son of th e late president, a director;
Don B. Stoufer, form erly vice p resi­
dent, w as elected chairm an of th e
board, a post also form erly held by Mr.
Ouren, and Floyd H ughes, Sr., vice
president.

The H edrick Savings Bank, H edrick,
Iowa, re-elected its p resen t officers for
th e com ing year. Only one change w as
m ade in th e board of directors. George
Schw eitzer w as elected as a m em ber to
take th e place of Roy H aw k, w ho had
asked to be relieved of his duties.

Osage

Lake Mills

A t th e Home T ru st & Savings Bank,
Osage, Iowa, board of directors m eet­
ing. the board accepted th e resignation
of L. J. A hrens as cashier. I t th en
elected him a vice p resid en t and gave

A nn oun cin g Our R em oval
. . . F r o m o u r f o r m e r lo c a tio n in th e B a n k an d I n s u r a n c e B ld g .,
n o r th w e st c o r n e r of 9 th an d M a in , to o u r n ew h a n k in g h o m e in
th e 1 2 -sto r y A m e r ic a n T r u st an d S a v in g s B ld g ., g r o u n d flo o r ,
so u th w e st c o r n e r , 9 tli a n d M ain .

W E WI LL B E G LA D T O SEE Y O U
1I\ O U R NEW Q U A R T E R S

Hedrick

The board of directors of th e F a rm ­
ers and M erchants State Bank, Lake
Mills, Iowa, filled th e vacancy in th e
office of presid en t of th e bank, w hich
w as caused by th e death of Dr. P. A.
Helgeson, by electing th e form er vice
president, O. T. Haugo, as its president.
S. R. Torgeson w as elected d irector and
vice president, and Orin K. Groe w as
prom oted to th e position of cashier.
Jo h n M. P aulson w ill now be th e first
assistan t cashier.

Greenfield
W. R. Goodman, 63, w idely know n
Greenfield, Iowa, banker, died a t his
hom e last m onth. He has been asso­
ciated w ith th e A dair C ounty B ank
th ere for th e last 43 years, and w as vice
presid en t of th e bank at th e tim e of
his death.

Clarence

American Trust & Savings Bank
DUBUQUE, IOWA
Organized 1905

Incorporated 1912

C. J. SCHRUP, Chairman of the Board
D. W. ERNST, President
A. L. VOGL, Assistant Cashier and
ROY F. GLAB, Vice President
Trust Officer
C. J. KLEINSCHMIDT, Cashier
M. J. BAUMHOVER, Assistant Cashier
M. B. KURT, Assistant Cashier
Member Federal Reserve System

A t th e m eeting of the board of direc­
tors of th e Clarence Savings Bank,
Clarence, Iowa, th ese changes w ere
m ade in th e officers: E. C. Hasselbusch becam e cashier, succeeding A r­
nold R u ther, w ho w as m ade vice p resi­
dent; Jessie B aum an becam e a ssistan t
cashier; and A lm a E rn stin g , book­
keeper.

Pay Off 100 Per Cent

Member of the Federal Deposit Insurance Corporation

The E lgin State Bank, Elgin, Iowa,
announced recen tly th a t th ey are pay­
ing off 100 p er cent on tru s t funds. A
final pay m en t of 10 p er cent w as m ade

S carborough sC|:ompany
C c m jt& e io ïô ,
First National Bank Building, Chicago

N orthw estern B anker

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Federal Reserve Bank of St. Louis

March 19^5

Horace A. Smith, Iowa Representative
Des Moines, Iowa
OUR 50th YEAR

65

ALLEY
AYING
BANK
DES

E

MOINES

f f ic ie n t

handling, and

our personal attention assures
the finest of service on your
Des Moines transactions.

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

Member Federal Deposit Insurance Corp.

OUR 50th YEAR


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N orthw estern B anker

March 19^5

66

IO W A
w hich w ill b rin g it to th e h u n d red
m ark.

Cashier at Tingley
D. L. McClure of Tingley, Iowa, has
been nam ed by th e board of directors
to serve as cashier of th e Tingley State
Savings Bank. Mr. McClure, w ho as­
sum ed his duties last m onth, fills th e
vacancy caused by th e d eath of J. E.
Fierce.

Ralph B. Dalton
R alph B. Dalton, 68, lifelong resid en t
of LeM ars, Iowa, and w ell know n
b an k er for m any years, died recently.

NEWS

A fter com pleting his education he
en tered th e F irs t N ational B ank of
LeM ars of w hich his father, P. F. Dal­
ton, w as founder and president, and
w as associated w ith th e bank u n til last
year w hen his health failed.

Increases Capital
F irst N ational B ank in S pirit Lake,
Iowa, voted to increase th e com m on
capital stock of th e b ank to $50,000. The
b ank w ill have a capital of $50,000, su r­
plus of $25,000 and reserves and u n d i­
vided profits of $15,000.

G oes to Washington, D. C .
C harles B arclay has resigned his po­
sition as a ssistan t cashier at th e W ash­
ington State Bank, W ashington, Iowa,
h aving been an officer of th e bank
since 1939, and has been em ployed in
th e b ank since 1935.
Mr. B arclay assum ed governm ent
w ork in W ashington, D. C.

F.R.S. Member
The C entral State B ank and T ru st
Com pany of E lkader, Iowa, becam e a
m em ber of th e F ederal R eserve Sys­
tem, according to an an nouncem ent by
R. L. Jipson, cashier and tru s t officer.

New Cashier at Akron
J. R. Shoulberg has accepted th e
position of cashier of th e F irs t N a­
tional B ank of A kron, Iowa, having
been elected by the board as successor
to H. H. W etzeler, w ho resigned. His
father, H. Shoulberg, is p resid en t of
the bank.

Ernest Schluter
E rn e st Schluter, 89, d irector of the
A m erican T ru st & Savings Bank, Lowden, Iowa, since its organization in
1913, and for m any y ears vice p resid en t
of th e bank, died in St. L u k e’s H ospital,
Cedar Rapids, recently.

Opens in April

to the great task remaining before us;
that from these honored dead we take

Changes Hands

evo tio n to
which they gave the last full measure
o f d evotion .”
Abraham Lincoln

•

The Inw ood S tate Bank, Inwood,
Iowa, w ill be officially opened for busi­
ness on A pril 2.
Cliff P ru itt, w ho is now m anager of
the b ran ch b ank in Inwood, w hich has
been operated for several y ears by the
Rock Rapids State Bank, w ill be m an­
ager of th e new in stitu tio n .

;

An agreem ent has been signed to
tra n sfe r th e La P orte City S tate Bank,
La P orte City, Iowa, from th e p resen t
stockholders to a syndicate of ap p roxi­
m ately 50 men. U nder th e new a r­
rangem ent, $25,000 of the su rp lu s will
be assigned to stockholders as a sharefor-share stock dividend. T his w ill
m ake th e capitalization $50,000, the
su rp lu s $15,000, and th e sam e u n d i­
vided profit.

Assistant Cashier
H ow ard B rideson has begun his
duties in th e F a rm e rs State Bank, B ay­
ard, Iowa, as a ssistan t cashier. He w as
form erly associated w ith th e postoffice
there.
IMf I vu nl lr v&n M
l i T1 1f iJu V
Ju

Bank, and
ST. LOUIS 1

COMMERCE
Trust Com pany
MISSOURI

Mrs. Luella Pringle
F u n e ra l services w ere held recently
for Mrs. Luella H oughton Pringle, 66,
w ho died a t th e Red Oak H ospital after
a sh o rt illness. Mrs. P rin g le w as vice
presid en t and one of th e directors of
th e H oughton State B ank of Red Oak.
Iowa.

Awarded Bronze Star

N orthw estern Banker

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Federal Reserve Bank of St. Louis

March 1945

M ajor Irw in T. Shaw, w ho as a civil­
ian w as a m em ber of th e budget loan
d e p artm en t of th e C entral N ational
B ank and T ru st Company, has been
aw arded the bronze sta r m edal in the
Philippines. The m edal w as w on for
action on Moemfoor Island, D utch New
OUR 50th YEAR

67

*
Guinea, from last Ju n e 23rd to A ugust
31st.

James William Currier
Jam es W illiam C urrier, 87, died in
D avenport, Iowa, recently, a fte r an ill­
ness of a week.
In 1886, he and th e late Jam es F.
Toy organized th e b a n k of J. C. C u rrier
& Sons at Salix. A fter th e p a rtn e rsh ip
w as dissolved, Mr. C u rrier m anaged
the b an k for 50 years.

Donnellson
T he an n u al m eeting of th e Citizens
S tate Bank, D onnellson, Iow a, w as
held recen tly w ith th e follow ing
officers elected: W alter T. Robinson,
president: M. G. Addicks and H. A.
T rum p, vice presid en ts; R. L. Schm itt,
cashier; M arv E llen Driscoll, assistan t
cashier, and H elen Paisley, teller. Di­
recto rs include Mr. Robinson, Mr. Ad­
dicks, Mr. Schm itt, Mr. T rum p, Grace
J. R obinson and Carl B entzinger.

IOWA

NEWS

•

elected a t th e ir an n u al m eeting are:
W. T. B arr, Louis H. Judisch, C. G. Lee,
C. F. Cadwell, H. R. M artin, C. F. C ur­
tiss, Geo. Judisch, L. W. M cElyea, N.
L. N elson and A dolph Shane.
Officers are: C hairm an of th e board,
George Judisch,; president, C. F. Cad­
well; vice nresident, N. L. Nelson;
cashier, H. R. M artin; a ssistan t cash­
iers, Geo. R ichardson, R. B. Holmes,
and C halotte E. Bowm an; m anager,
G ilbert Office, J. H. Reynolds.

Morning Sun
A t th e an n u al m eeting of th e stock­
holders of th e Iow a S tate Bank, M orn­
ing Sun, Iowa, officers and em ployes
w ere elected as follows:

D.
R. Cum m ings, president; M. H.
McDonald, vice presid en t and cashier;
Chas. H. Beck, a ssistan t cashier; Max­
ine B aird and Susan Sm ith, tellers and
bookkeepers, and W. E. B uchanan,
m anager of M ount U nion office.

Ottumwa
T he U nion B ank and T ru st Com­
pany, O ttum w a, Iowa, w as th e only
one of four O ttum w a b anks to m ake a
change in officers for 1945, as it elected
C larence G lenn as cashier and chose
th ree new directors. New board m em ­
bers include H. L. Poling, T. J. Mad­
den and S. S. B arker.

“PRO M PT” Means "NOW” !

Keokuk
A t th e a n n u a l m eeting of th e sh a re ­
holders and d irecto rs of th e S ecurity
S tate Bank, K eokuk, Iowa, L. A. Rovane, p resid en t of th e H u b in g er Com­
pany, w as m ade a directo r and Joseph
H. G ronstal w as elected vice p resid en t
and auditor.
Mr. G ronstal comes to K eokuk from
F o rt Dodge w h ere he has been an ex­
am in er for th e state b an k in g d e p a rt­
m ent.
D irectors of th e S tate C entral Sav­
ings B ank, K eokuk, in th e ir re g u la r
m o n th ly m eeting au th o rized th e tra n s ­
fer of $100,000 from undivided profits
to th e certified su rp lu s of th e bank.
T his tra n sfe r in creased th e su rp lu s
account to $200,000 and still leaves
m ore th a n $150,000 in undivided profits
and reserves.

In these u n u su al tim es w hen history is m ad e in
day s, hours or even m inutes—prom pt correspondent
service is m ore im portant than ever.
At the ''FIRST” here in Sioux City, the word
"prom pt” m ean s "right now ”.

W e invite your a c ­

count a n d can g u a ra n te e im m ediate an d careful
han d lin g of all your Sioux City items.

Anamosa

A. G. Sam, President
J. P. Hainer, Vice President
J. R. Graning, Assistant Cashier
Fritz Fritzson, Vice Pres, and Cashier
E. A. Johnson, Assistant Cashier
J. T. Grant, Assistant Cashier
W. F. Cook, Auditor

All m em bers of th e board of direc­
tors of th e Citizens Savings B ank of
A nam osa, Iow a, w ere re-elected at th e
annual m eeting, w ith th e exception of
D. A. Downing, w ho resigned. H e is
succeeded by his son, L. A. Downing.
O ther d irecto rs are H. J. M ayberry,
C. L. Niles, B. E. R h in eh art, A. R.
Thom as, Leo J. W egm an and E. L.
W egm an.

Lowden
The d irecto rs of th e A m erican T ru st
and Savings B ank, Low den, Iowa,
nam ed a t th e ir a n n u a l m eeting are:
A ugust F reu n d , W. H. W hite, C. E.
K roem er, M attheissen Pauls, Conrad
Rowald. F re d C onrad and A. L. Mensing, w ho succeeds E rn e s t Schluter.

Eldridge
Otto E em egreen w as nam ed vice
presid en t of th e C entral T ru s t and
Savings B ank of E ldridge, Iowa, a t
th e a n n u al m eeting, succeeding R. A.
K uhl, resigned. Mr. K u h l’s son, E lm er
J. K uhl, w as nam ed his successor on
th e board of directors.

Ames
D irectors of th e U nion S tory T ru st
and Savings Bank, Ames, Iowa,
OUR 50th YEAR

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Federal Reserve Bank of St. Louis

*

*

*

★

///

S / o u x C /flf *

*

*

Member FDIC— Member Federal Reserve System

N orthw estern B anker

March Î9b5

68

IOWA

NEWS

Iowa Investment Bankers Elect

H E Iow a In v e stm e n t B an k ers Asso­
ciation last m onth elected as p resi­
dent, Roy W. L eriche, vice p resid en t
of W heelock, Cum m ins & C om pany of
Des Moines, succeeding Jam es C. Shaw
of Shaw M cD erm ott Com pany, Des
Moines.
O ther new officers elected are: Carleton D. Beh, p resid en t of th e C arleton
D. Beh Com pany, Des Moines, as first
vice president; H en ry G undling, p resi­
den t of K napp & Com pany, Cedar
Rapids, as second vice p resident; and
Sherm an W. Fow ler, a ssista n t vice

T

p resid en t of the Iowa-Des Moines Na­
tional B ank & T ru st Company, as secre­
ta ry and treasu rer.
F o u r new m em bers of th e board of
governors elected are: H arold L. Allen
of H arold L. A llen In v estm en t Com­
pany, Des Moines; George Bell, Des
Moines rep resen tativ e of Jo h n N uveen
& Company, of Chicago; L. H. Ryan, of
O ttum w a, Iow a re p resen tativ e of W il­
liam B lair & Company, of Chicago; and
Carl Stutz, secretary of W hite-Phillips
& Company, Inc., of D avenport.
P ictu red above, from left to right,

Now. . . and After Victory
T oday the Security N ation al is p le a se d
to serve w h e n e v e r n e e d e d , the custom ers
of correspondents w h o transact b u sin ess
in the Sioux City area.
After the w ar h a s b e e n w on, w e w ill
seek to be e q u a lly u sefu l in the period
of conversion to p ea cetim e operations—
an d far b ey o n d it.

fE C U R m r
U P of Sioux Cits? A
N orthw estern B anker

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Federal Reserve Bank of St. Louis

March 1945

are P resid en t Roy Leriche, F irs t Vice
P resid en t C arleton Beh, and SecretaryT reasu rer S herm an Fow ler.
Those atten d in g th e an n u al m eeting
in Des Moines w ere H arold L. Allen
and Clarence Sm ith, H arold L. A llen &
Company, Des Moines; Roy Leriche,
Ira Allen, and Jam es Cum m ins,
W heelock & Cum m ins, Des Moines;
F ra n k W arden, C entral N ational Bank,
Des Moines; Carl Stutz, W hite-Phillips
C orporation, D avenport; W alter Vieth,
Vieth, D uncan & Wood, D avenport;
R obert M cCrary and Tom L andstorfer,
M urdoch, D earth & W hite, Des Moines;
Jam es C. Shaw and Owen M cDerm ott,
Shaw, M cD erm ott & Company, Des
Moines; L averne Barlow, Thom son &
M cKinnon, Des Moines; S herm an W.
F ow ler and H a rry L. W estphal, IowaDes Moines N ational Bank, Des
Moines; Jam es Kelly, Sincere & Com­
pany, Des Moines; H en ry Gundling,
K napp & Company, Cedar Rapids;
George Bell, Jo h n N uveen & Company,
Des Moines; E d g ar Grim m , K idder,
Peabody & Company, Chicago; T. C.
H enderson, T. C. H enderson & Com­
pany, Des Moines; Max W ittenstein,
Max W itten stein & Company, Des
Moines; Carl M esm er and F ran cis C.
Lockwood, B ankers T ru st Company,
Des Moines; L. H. Ryan, W illiam B lair

OFFICERS
Charles R. Gossett, President
B. M. Wheelock, Vice President
Albert C. Eckert, Vice President
R. Earl Brown, Cashier
Daniel B. Severson, Asst. Cashier
Frank H. Abel, Asst. Cashier
Alvin G. Nelson, Asst. Cashier
Robert W. Lewis, Asst. Cashier

★

DIRECTORS
Paul Bekins
George L. Booth
Charles R. Gossett
Harold A. Jacobsen
Wm. W. Macfarlane
Geo. C. Pechstein
Otis P. Garrison
Harry P. Pratt
Edward C. Palmer

OUR 50th YEAR

69

• IOWA
& Com pany, Chicago; C arleton Beh, Vie
Becker, M arshall Barlow, and Jack
Sparks, C arleton D. Beh Com pany, Des
Moines; and J. H. R uhl, Quail & Com­
pany, D avenport.

Newton
R obert E. Vance, an a ssista n t cash­
ier, has been elected as vice p resid en t
of th e Ja sp e r C ounty Savings B ank,
N ew ton, Iowa, as th e only officer
change for th e com ing year, F re d M ay­
tag, board chairm an, announced.

Manly
Stockholders of th e M anly State
Bank, Manly, Iowa, have elected L eon­
ard Sim m er as new president, to suc­
ceed Oswald S trand, p resid en t for th e
last six years, w ho recen tly p urchased
a 25,000-acre ra n c h in M ontana and
expects to devote m ost of his tim e to
its operation. H. D. B ackhaus is board
chairm an.

NEWS

*

Sinks U Boat
T orpedom an R obert Temple, son of
W. L. Tem ple, cashier of The Ute State
Bank, Ute, Iowa, serving on a U. S.
D estroyer in th e M editerranean, had
th e privilege of assisting in th e sinking
of a G erm an U-boat, his ship receiving
th e official credit.

Princeton
The following officers and directors
w ere elected at th e an n u al m eeting of
th e F a rm e rs Savings Bank, P rinceton,
Iow a: Z. G. Suiter, president; Em il
K roeger, vice president; C. C. Brown,
m anager of LeClaire office; M airy J.
W ill, teller; and B etty Clemons, book­
keeper.
D irectors elected w ere: R. A. Brown,

E m il K roeger, F. H. McConnell, W. C.
Schmalz, H. D. Shaff, Z. G. S uiter and
J. F. W ilson.

Emmetsburg
C harles J. Spies w as re-elected p resi­
dent of th e Iow a T ru st and Savings
Bank, E m m etsburg, Iowa, a t th e an ­
nual m eeting. Adolph A. Spies of
G raettinger succeeds th e late Judge
George A. H eald of Spencer as vice
p resid en t and o th er directors are: T.
F. K erw ick, P. C. Jackm an, E dw ard
D. Kelly, C harles Papadakes and Dr.
H. R. Pow ers.
Cpl. K enneth A. Reeves, w ho is on
leave of absence serving in th e arm y,
w as re-elected cashier and Casper Nel­
son w as retain ed as a ssistan t cashier.

Greene
W. K. B ram w ell w as elected p re si­
d en t of th e F irs t S tate B ank, Greene,
Iowa. A reo rg anizatio n of th e b an k
w as b ro u g h t about by th e d eath last
fall of P resid en t O. C. P errin , th e re ­
tire m e n t of C. V. Cave, cashier and di­
rector. and th e re tire m e n t of C harles
H. W illiam s, director.
O ther officers are: D. H. Ellis, vice
p resid e n t and cashier, and A rth u r Angell and Jan e Davis, a ssista n t cashiers.
D irectors are: W. K., G. C. and D. D.
Bram w ell, Jo h n M cW hirter and D. H.
Ellis.

Farmersburg
J. H. B uckm an w as elected p resid en t
of th e F a rm e rsb u rg Savings Bank,
F arm ersb u rg , Iow a, at th e an n u al elec­
tion.
O ther officers are: Gottlieb
Z urcher, vice p resident; C arroll H.
Oelke, cashier, and R eynolds Hedem an, a ssista n t cashier. T he b oard of
directo rs includes the officers w ith F.
A. M oser, Otto F uelling, G rover M iller
and F a rle y H enkes.

Waterville
N ew ly elected officers of th e F a rm e rs
and M erchants Savings B ank, W a te r­
ville, Iowa, are: I. I. Satrang, p re si­
dent; M ark H oran, vice p resident; C.
V. Nelson, cashier, and Jam es L arkin,
a ssista n t cashier. T he board consists
of Mr. Satrang, Mr. H oran, Nr. Nelson,
Dan G oettel and H e n ry Fossum .

New Hampton
The S ecurity S tate B ank, New H am p ­
ton, Iowa, held its a n n u al stockholders’
m eeting and declared a $4 dividend.
J. P. R igler, A. J. F orkenbrock, W il­
liam J. Mielke, A. C. T heil and E. P.
D onohue w ere elected to th e board of
directors. Officers elected were: Mr.
R igler, p resident; Mr. F o rk en b ro ck
and Mr. Mielke, vice presid en ts; Mr.
Theil, cashier, and Glyde Rouse and
W illiam J. T iernan, a ssista n t cashiers.
T he b an k com pletes a v e ry good
year, h av in g increased its capital from
$25,000 to $50,000 d u rin g th e y e a r and
now h as deposits over $1,700,000.

AND N O W ...It’s a New Kind of Chickens
BRED ALONG THE SAME GENERAL PLAN AS HYBRID CORN
Yes, actually! A new kind of chickens has been developed by
crossing highly inbred families—following the same general
principles that are used to produce hybrid corn. These new
chickens are called Hy-Lines. They appear to be somewhat
like W hite Leghorns but larger. Examination into the way
they are reproduced proves they are considerably different.
Hy-Lines are good meat birds, we are informed. Reports on
Hy-Line egg production are startling. A number of farm flocks
have averaged 190 to 229 eggs per bird in one year.

OUR 50th YEAR

Hy-Line Poultry
Farms
J ohnston, Iowa
and

Corn Belt Hatcheries,
Inc., Joliet, Illinois

There are still many questions about Hy-Lines that only
the future can answer. Here are two: W ill Hy-Line Chicks
be produced in sufficient volume ten years from now to be an
important factor in the hatchery field? Do Hy-Lines represent
a threat or a promise to the present chick hatchery industry?

This advertisement is based
on material supplied by these
two organizations.

Meanwhile, it would seem advisable for bankers who
are interested in the hatchery industry to keep informed
on this new development.
Members, Federal Deposit Insurance Corporation

V_____ _

DROVERS NATIONAL DANK ;. V vH8
DROVERS TRUST 0 SAVINGS BANK
U N I O N
.


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Federal Reserve Bank of St. Louis

W e p u b lish this in fo rm a ­
tio n th ro u g h the courtesy
of:

S T O C K
. ,

-,

Y A R D S ,
. . . i n - . ” ,,...;...

C H I C A G O
I 1 ..

N orthw estern Banker

March 19 h5

70

W H A T DO Y O U TH IN K?
(C ontinued from page 7)
“I have five grow n boys in m y fam ­
ily. T hree of th e m are in th e arm y,
one w ith th e K ansas S tate C onserva­
tio n Commission, and th e o th er a civil
engineer.
“I th in k a y e a r’s com pulsory m ili­
ta ry tra in in g of th e rig h t ch aracter and
a t th e rig h t tim e in a boy’s life w ould
be h ighly beneficial to him from th e
stan d p o in t of h ealth, education and
general developm ent of ch a ra c ter.”
H. C. Mielke, cashier, N o rth ro p Peo­
ples S tate B ank, N orthrop, M innesota:
“I th in k th a t it w ill be th e p ro p er

w ay of safeguarding our nation. We
are p ast th e tim e w hen w e can depend
on th e oceans keeping us safe from ag­
gression. T he planes and o th er fast
m eans of com m unication have m ade
th is a sm aller w orld. If w e could stop
o th er nations from having m ilitary
tra in in g and building for w ar, it m ight
be o.k., b u t in o rder to do th a t v ery
th in g we m ust be p rep ared so th a t we
w ill be respected.
“It seem s th a t these changes force
us to become m ilitaristic, b u t in order
to m ake o th er n ations believe our ob­
jects, w e m u st practice th e m otto of
live and let live. One people living in
lu x u ry at th e expense and m isery of

★

o th er peoples w ill n ever give us a last­
ing peace.”
Paul L. James, cashier, F irs t State
Bank, T hornton, Iowa:
“Yes, by all m eans let us have com­
pulsory m ilitary training. U n d e r
changed w orld conditions and m odern
w eapons and m eans of tran sp o rtatio n ,
w e w ould n o t have tim e to tra in an
arm ed force in case of fu tu re aggres­
sion, if we w aited u n til after th e aggres­
sion began or threatened.
“L et us also keep th e tra in in g cam p
influence clean and wholesom e, lest the
corru p ted m orals of service m en m ore
th a n offset th e good derived from th e
train in g .”

★

Thomas J. Vlasak, vice president,
B ank of P rague, Prague, N ebraska:
“I th in k th a t to p rotect our co u n try
against foreign invasion and to p re ­
serve w orld peace we should have
com pulsory m ilitary tra in in g .”

DEALERS A N D

S P E C IA L IS T S

IN

U. S. G O V E R N M E N T S E C U R IT IE S

om plete

C

and efficient is th e service rendered

by this bank in th e purchase and sale o f U nited

States G overnm ent securities. T he B ond departm ent,
staffed w ith m en o f experience, can serve your
needs p rom ptly and w ith care. A t their disposal . . .
and yours . . . is u p -to -th e-m in u te inform ation on all
G o vernm ent issues. Y our inquiries concerning U nited
States G overnm ent securities are cordially invited.
Send fo r our Quotation Record Form
on U. S. Government securities
BOND DEPARTMENT

THE N O R TH ER N
TRUST COMPANY
50 SO U TH LA SALLE STREET, CHICA GO 90, ILLINOIS
M em ber F ederal D eposit Insurance Corporation
TELEPHONE: FRANKLIN 7070

★
N orthw estern B anker


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Federal Reserve Bank of St. Louis

March 1945

TELETYPE: CG 368

H O W TO CLERK A
FARM SA LE
(C ontinued from page 15)
auctioneer w as quite a ch aracter and
gu aran teed everything. He w ould say:
“These boys are o.k., th ey stan d behind
ev ery th in g th ey sell.” T h at w as like
saying th a t chrom ium plate w as ste r­
ling silver. The boys w ere n ev er o u t­
done, w hen th ey saw an article going
below cost th e y w ould bid it in; it
got so th a t at some sales th ey w ere
alm ost bidding against each other.

Offenders
Am ong th e w o rst offenders of th e
farm sale are th e 18 ca ra t chiselers.
T hese m ay be th e leading folks in th e
com m unity, b u t th e old larceny creeps
through.
T he clerk w ill list th e
articles and say: “Tools $3.25.” T hen
comes th e old reply: “Oh, I only bid
$3.” T here is a chance th a t th e clerk
is m istaken and th ere is a chance th a t
the bidder is honestly m istaken, b ut
w hen th e sam e p a rty does it a t every
sale, th e percentage th a t th ey are on
th e square dim inishes. I tried to stop
this sm all tim e larceny by sp otting th e
top chiselers and yelling: “Sold to
Jo h n C herryoats for $5, rig h t? ” The
effect of th is plan w as nil. I often
adm ire th e sale clerk th a t finally b u rst
out at a chronic offender: “E v ery
blank sale I clerk you do th e sam e
th ink, you blank, blank. I don’t w an t
you bidding anym ore, and by b lank
don’t come to any m ore sales I clerk.”
T h at w as th e best lesson ever shouted
and it tu rn e d th a t gentlem an into a
decent law abiding sale man.
OUR 50th YEAR

71
An au ctio n eer m u st be a fa st th in k e r
an d a fa st talk er, b oth are necessary
b u t th e y should be som ew hat sy n ch ro ­
nized. One au ctio n eer often let his
p a tte r get o u t of line w ith th e actual
facts. A t one sale th e object for sale
w as a gallon crock. He told how h ard
it w as to b u y crocks d u rin g w a r tim es.
One h eck ler shouted: “W hy.” Tom
cam e back w ith : “T h ey ’re m aking a ir­
planes out of th em .” F a s t b u t ra th e r
in accurate. A n o th er tim e he offered a
ja r of b ro w n ish pow der as m alted m ilk
pow der. One lady exam ined it closely
w hile th e bidding w as in progress:
“T h at isn ’t m alted m ilk, it’s corn
m eal.”
Tom n ev er h esitated b u t
added: “Sam e thing, you can use
e ith e r one.”
Sales, like every business, have felt
th e effect of th e w ar. It used to be th e
h ig h est bid d er th a t m ade th e buy, b u t
now it’s th e luckiest. The OPA has
a ceiling on m an y articles and w here
sev eral folks are w illing to pay th e
ceiling price lady luck m u st be th e
judge.
The com m onest m ethod is
alm ost a modified bingo, th ey d raw
lots and th e lucky one w ins. S trangely
th is h as helped th e sale business.
M any folks are bidding on articles
th a t oth erw ise th e y w ould n o t con­
sider buying. T hey feel th a t if several
folks are w illing to p ay th e top price
th e article m u st be a bargain. As one
fa rm e r rem ark ed : “T hey p u t a ceiling
on tra c to rs and took th e floor out from
u n d e r th e h ig h est bidder.”

Fourscore and Ten
90 Years of Banking Experience

Indianola
Two new officers w ere added to th e
list at th e a n n u a l m eeting of th e stock­
holders of th e Peoples T ru s t & Savings
B ank, Indianola, Iowa, J. K. B row ne
and L. V. V an Syoc, w ho have been
tellers, w ere elected a ssista n t cashiers.
O ther officers w ere re-elected. O ther
directors elected w ere: C. W. Connoran, V inton C. W atson and R ay­
m ond Sayre.

Member Federal Deposit
Insurance Corporation

1945 marks our 90th year o f serving banks
and bankers the country over. Yet it is not
the years in themselves of which we are proud.
It is, rather, the experience we have acquired
through these years which we consider worthy
of mention and attention.
This accumulation of experience is yours to
share with us, as all banks face the problems
of today and tomorrow.

M I S S I S S I P P I V AL L E Y TRUST COMPANY

• ST. LOUI S, MO.

Mr. danker:
D o y o u k n o w th at r e c e n tly , in th is te r r ito r y a lo n e , o v e r 1 0 0 h a n k s h a v e su b sc r ib e d to th e

D .A .S . AGRICULTURAL DIGEST
T h e r e is n o o th e r a g r ic u ltu r a l in fo r m a t io n se r v ic e ju st lik e it.
F o r sa m p le r e le a s e s a n d fu r th e r in fo r m a t io n w rite to

Doane Agricultural Service, Inc.
Box 302, 205 Plymouth Bldg.
D e s M o in e s 9 , Io w a

OUR 50th YEAR


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

N orthw estern Banker

March 1945

72

Banks Sold or Bought!
quietly, quickly and in

a personal

Customers W atch Quotation Board

manner

JAY A. WELCH
BAN K BROKER
Haddam. Kansas

‘'36 Years Practical Banking Experience”

DES MOINES BUILDING-LOAN i
SAVINGS ASSOCIATION

O ld est In D es M o in es
411 6th Ave.

D ial 4-7119

ELMER E. MILLER
Pres, and Sec.

HUBERT E. JAMES
Asst. Sec.

FOR YOUR ENJOYMENT . . .
Listen to the
“WORLD OF MUSIC”
KRNT, 1350 KC
10:30-11 a. rn. Sundays

C u sto m ers in th e n ew ly-opened D es M oines office o f T hom son & M c K in n o n are
w a tc h in g N ew Y o rk S to c k E x c h a n g e q u o ta tio n s on th e b ig b o a rd c o v e rin g one
end o f th e room . I n th e rig h t b a c k g ro u n d L a v e rn e B arlow , m a n a g e r o f th e D es
M oines b ra n c h , p o in ts out a re c e n t q u o ta tio n to F r a n k N o la n , his a s s is ta n t.
T hom son & M cK in n o n , m em bers of a ll p rin c ip a l e x ch a n g es in th e c o u n try , h a v e
m a in offices in b o th N e w Y o rk a n d C hicago.

M ERCHANTS
MUTUAL

BONDING
COMPANY

C ed ar Falls
Roger L eav itt w as elected vice presi­
den t of th e Cedar Falls T ru st and Sav­
ings B ank, Cedar Falls, Iowa, at the
an n u al m eeting of th e stockholders, to
fill th e vacancy caused by the death of
W. H. M erner.
All o th er officers w ere re-elected.
At th e an n u al stockholder’s m eeting
of th e F irst N ational Bank, Cedar
Falls, W alter E. Brow n, cashier, w as
elected to th e board of directors to fill

Incorporated 1933

Home Office
SOUTHERN SURETY BUILDING

th e vacancy occasioned by th e death of
H. B. H ansen. All of th e previous di­
rectors w ere re-elected.

Muscatine

W e are p ro u d o f o u r h u n d red and
fifty b an k a g en ts in Iow a.

F re d Beach w as re-elected as p resi­
d en t of th e C entral S tate Bank, M usca­
tine, Iowa, at a recen t an n u al m eeting,
w ith C. A. Edm onds renam ed as execu­
tive vice president. Glen D ow ning
w as advanced from cashier to vice
president; Leon D. K rueger, from as­
sistan t cashier and tru s t officer to vicepresid en t and tru s t officer; L eonora G.
E itm an to th e position of a ssistan t
cashier; L eland J. H o rst from a ssistan t
cashier to cashier; H G oetzm an to as­
sistan t cashier, and E rw in R. P eterson
as auditor.

To be the exclusive representative of
this company is an asset to your bank.

Eldora

Des M oines, Iowa

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

Tom W. Jones w as elected a vice
presid en t of th e H ardin County Sav­
ings Bank, E ldora, Iowa, recently. F o r
15 y ears he w as connected w ith th e
F irs t N ational B ank of Cherokee and
for tw o y ears w ith Illinois M erchants
B ank and T ru st Com pany of Chicago.
He served w ith th e n ational b anking
d ep artm en t for th ree years, th e n w as
an executive officer of S ecurity S tate
B ank a t H ubbard for five years.

Write to

E. H. W ARNER
Secretary and Manager

Plan to use an a d v e rtisin g program of
w e ll w orded m essa g es cre a te d by
W e sslin g S e r v ic e s, D e s M oin es, Iow a

lÁJeóófincf S e ru ic e ó
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i o n s

D . R . W E S S L I N G , P R E S ID E N T

^hei Wioines
N orthw estern B anker


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

March 1945

9,

J^ouua

Council Bluffs
E.
H. Lougee and Roy A. Scofield
w ere added to th e board of directors of
th e Council Bluffs Savings Bank, Coun­
cil Bluffs, Iowa.
O ther directors w ere re-elected.
L. W. Ross, new ly elected presid en t
of th e Citizens State Bank, Oakland,
O U R

5 0 th Y E A R

73
Iow a, w as elected as a new d irecto r at
th e F irs t N ational B ank, Council
Bluffs, a t th e a n n u al m eeting. O ther
directo rs w ere re-elected.

th e form er Com m ercial Savings Bank,
ten d ered his resignation recen tly to
accept a sim ilar position w ith th e Jef­
ferson State B ank at Jefferson, Iowa.

Lohrvillc Banks Merge

W averly

L ohrville, Iowa, now has only one
bank. The L ohrville Savings B ank
has p u rch ased th e Com m ercial B ank
assets and assum ed th e deposit liabili­
ties of th a t bank, th u s m erging th e
business of th e two. The new officers
of th e b an k show personnel from both
of th e fo rm er b an k in g in stitu tio n s. O.
E. V an H o rn is presid en t, and F re d S.
Buffham cashier. G. W. E vans, w ho
has o perated th e Com m ercial Savings
B ank for m an y years, has now re tire d
from th e b an k in g business. T his new
b an k is located in th e fo rm er Com­
m ercial B ank Building.
F ra n k L. Sm ith, a ssista n t cashier of

FOR SALE—ONE MOSLER MANGA­
NESE STEEL CANNONBALL BANK
SAFE, TIMELOCK, FIREPROOF CAS­
ING, IN VERY GOOD CONDITION.
WRITE BOX 779 AT MASON CITY,
IOWA.

G.
O. V anD erveer w as elected p resi­ YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
d en t of th e State B ank of W averly,
TIMELOCK EXPERTS
Iowa, as th e board of directors o rgan­
ized for th e com ing year. He suc­
F. E. DAVENPORT & CO.
ceeds F. P. H agem ann w ho becomes ____________________ O M A H A __________________
ch airm an of th e board.
O ther new officers are: C. E. Moehling, w ho w as nam ed cashier after h av ­
ing been assistan t cashier, and C. J.
A good beginning and a good ending
Iserm an, who w as prom oted from
m ake a good speech if th ey come close
bookkeeper to a ssistan t cashier.
enough together.
All oth ers w ere re-elected.

Out- of-Town Ba nks
O ut-of-tow n banks and bankers w ill find here
com plete banking fa cilities for prom pt and
economical handling of accounts in Chicago. We

EVERYTHING
FORmOFFlO!

would appreciate the opportunity of serving you.

C

K och B rother s
(V

, >P R I N T E R S

H ESTABLISHED
S T A T IO N E R S V
1889 S

'

2 0 8

BOOK BINDERS
OFFICE OUTFITTERSX ' ' ^ ^ ^ ^ / BUSINESS MACHINES

Grand Ave .

at

Fourth

it y

N

a t io n a l

B

ank

AN II TRUST C O M P A N Y of C h i c a g o

----------- d

S O U T H

L A S A L L E

S T R E E T

(M em b er F ederal D eposit In su ra n c e Corporation)

De s Mo in es , 1a .

Index To Advertisers
A

A llie d M u tu a l C a s u a lt y C o m p a n y ............. 40
A lly n , A . C. a n d C o m p a n y ....................... 37
A m e r ic a n E x p r e s s C o m p a n y ..................... 43
A m e r ic a n N a t io n a l B a n k a n d T r u s t C o. 28
A m e r ic a n T r u s t a n d S a v i n g s B a n k — D u ­
b u q u e ......................................................................... 64

B

B a n k e r s T r u s t C o m p a n y — D e s M o i n e s . . 75
B a n k e r s T ru st C om pan y— N ew Y o r k ...
4
B la ir , W il l i a m a n d C o m p a n y .................... 37
C
C e n t r a l H a n o v e r B a n k a n d T r u s t C o .. . 29
C e n t r a l N a t io n a l B a n k a n d T r u s t C o .. . 12
C it y N a t io n a l B a n k a n d T r u s t C o m p a n y
— C h ic a g o ............................................................... 73
C it y N a t io n a l B a n k a n d T r u s t C o m p a n y
— K a n s a s C it y ..................................................... 60
C o n t i n e n t a l B a n k a n d T r u s t C o.— N e w
Y o r k ............................................................................ 41
C o n t i n e n t a l I l l i n o i s N a t io n a l B a n k a n d
T r u s t C o ................................................................ 31
C o n t i n e n t a l N a t io n a l B a n k — L i n c o l n . . . 61
D
D a v e n p o r t , P . E . a n d C o m p a n y .......... 6 1-73
D e L u x e C h e c k P r in t e r s , I n c ................... 55
D e s M o in e s B u i l d i n g L o a n a n d S a v in g s
A s s o c i a t i o n ....................................................... 72
D o a n e A g r i c u l t u r a l S e r v i c e ...................... 71
D r o v e r s N a t io n a l B a n k ................................ 69
E

E m p lo y e r s M u tu a l C a s u a lt y C o m p a n y . . 38
E

F i n a n c i a l D e v e lo p m e n t C o m p a n y ....... 36

OUR 50th YEAR

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

F ir s t
F ir s t
F ir s t
F ir s t
F ir s t
F ir s t

N a t io n a l B a n k — C h ic a g o ..................
N a t i o n a l B a n k — M in n e a p o lis . . . .
N a t io n a l B a n k — O m a h a ....................
N a t io n a l B a n k .— S t. J o s e p h .............
N a t io n a l B a n k — S io u x C it y ..........
W i s c o n s i n N a t io n a l B a n k ..................

53
44
60
59
67
48

II
H a l s e y S t u a r t a n d C o m p a n y , I n c ............... 32
H a m m e r m i ll P a p e r C o m p a n y ................... 24 -2 5
H e r r in g H a ll M a r v in S a f e C o m p a n y . . . 52
H o m e I n s u r a n c e C o m p a n y ..............................
5
H o r n b l o w e r & W e e k s ........................................ 34
I

I n v e s t o r s S y n d ic a t e C o m p a n y .................... 34
I o w a - D e s M o in e s N a t io n a l B a n k a n d
T r u s t C o m p a n y .................................................. 76
I r v i n g T r u s t C o m p a n y ......................
8
J a m ie s o n

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

K och B ro th ers

K

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

L

L a M o n te , G e o r g e a n d 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 t o c k N a t i o n a l B a n k — C h ic a g o . .
L iv e S t o c k N a t i o n a l B a n k — O m a h a . . .
L iv e S t o c k N a t io n a l B a n k — S io u x C it y

46
73

N

N e w Y o r k T r u s t C o m p a n y .............................. 30
N o r t h e r n T r u s t C o m p a n y .............................. 70
N o r t h w e s t e r n N a t io n a l L if e I n s u r a n c e
C o m p a n y ...........................
40
O m aha

N a t io n a l

O

B a n k ...................................... 21
P
P h i l a d e l p h i a N a t io n a l B a n k ......................... 27
P u b lic N a t io n a l B a n k a n d T r u s t C o . . . . 55
II

R o y a l B a n k o f C a n a d a ...................................... 47
R u s s e ll C o u n ty B u ild in g
and
L oan
A s s o c ia tio n
.......................................................... 35
S

S t. P a u l T e r m in a l W a r e h o u s e C o m p a n y
6
S c a r b o r o u g h a n d C o m p a n y ................ 3 0 -3 9 -6 4
S e c u r it y N a t io n a l B a n k — S io u x C i t y . . . 68
S t o c k Y a r d s N a t io n a l B a n k — O m a h a . . . 58
T

3
72
23
62
50

T e n s io n E n v e lo p e C o r p o r a t i o n . . . . ..........
T h o m s o n & M c K in n o n ........................................
T o d d C o m p a n y ......................

66
72
2
35

V a l l e y S a v in g s B a n k ........................................... 65

M

M e r c a n t i le C o m m e r c e B a n k a n d T r u s t
C o m p a n y ..................................................................
M e r c h a n t s M u tu a l B o n d in g 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 e r r ill, L y n c h , P i e r c e , F e n n e r & B e a n e
M in n e a p o lis M o lin e P o w e r I m p le m e n t
C om pany
...............................................................

M in n e s o t a C o m m e r c ia l M e n ’s A s s n .......... 49
M is s is s ip p i V a l l e y T r u s t C o m p a n y .......... 71

30
36
26

IT

U n it e d S t a t e s N a t io n a l B a n k ....................... 56
V

46

W

W a lt e r s , C h a r le s E . C o m p a n y ....................
W e lc h , J a y A ..............................................................
W e s s l i n g S e r v ic e s ................................................
W e s t e r n M u tu a l F i r e I n s u r a n c e C o . . . .

N orthw estern B anker

59
72
72
42

March 1945

74

In

th e

DIRECTORS' R o o m

Effective

M en

A sad-looking m an w en t into a d ru g ­
g ist’s shop.
“Can you give m e,” he asked, “som e­
th in g th a t w ill d rive from m y m ind th e
th o u g h t of sorrow and b itte r recollec­
tion ?”
The d ru g g ist nodded. He p u t him
up a dose of quinine, and w orm w ood,
and rh u b arb , and E psom salts, w ith a
dash of castor oil, and gave it to him .
A nd for a w eek th e m an could th in k
of n o th in g in th e w orld except new
schem es for g ettin g th e ta ste out of
his m outh.

W hy is it th a t if you tell a m an th ere
are 276,679,874,638 stars in th e u n i­
verse, h e’ll believe you, b u t if a sign
says “F re sh P a in t,” he has to m ake a
personal investigation?

The Test
Jack: How can you tell if a w om an
really loves you?
Jim : If she really loves you, you
can m ake h e r do a n y th in g she w an ts
to.

She A greed
A p re tty young n u rse w as selling
poppies.
C hris told h e r th a t he w ould give h er
a $5 bill for a poppy provided she
would prom ise to n u rse him if he ever
w en t to h e r hospital. She p rom ptly
agreed.
“By th e w ay,” Chris asked, “w here
is y o u r hospital?”
“I ’m at th e Queen C harlotte M ater­
n ity H ospital,” m eekly replied th e
p re tty nurse, p u ttin g th e five spot into
the box.

G etting Y our M oney’s W orth
Groom: “The b an k ju st re tu rn e d
y o u r check.”
Bride: “W onderful, now w h a t shall
we buy w ith it th is tim e?”

Fell Too H ard
G erm s or no germ s, k issing is d an ­
gerous—it has p u t an end to a lot of
bachelors.

E n forced
Soldier: “All rig h t, ru n along now,
sonny.”
G irl’s L ittle B ro th er: “Sorry, bud,
b ut sis asked me to stay aro u n d as p a rt
of h e r defense p ro g ram .”

Decision
“Do you th in k th is photo does me
justice?”
“Well, yes—justice tem p ered w ith
m ercy.”
N orthw estern B anker

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

March 1945

W ords

G randpa

In a poll to discover th e sw eetest
w ords in th e E n glish language, the fol­
low ing w ere voted tops:
1. I love you.
2. D inner is served.
3. All is forgiven.
4. Sleep till noon.
5. Keep the change.
6. H ere’s th a t five.
W ords m ost painful to th e auditory
system were:
1. E x tern al use only.
2. Buy me one.
3. Out of gas.
4. Dues not paid.
5. F u n d s not sufficient.
6. R est in peace.

G randpa in a speedy car
P ushed th e footfeed dow n too far.
Tw inkle, tw inkle, little star,
Music by th e G.A.R.

E bb and Flow
She: Does th e m oon influence the
tide?
He: I w ouldn’t know , honey, b u t it
su re influences th e untied.

N ice Post
Jane: W h a t’s y o u r boy frien d ’s ra t­
ing?
Joan: I don’t know for sure, b u t I
th in k h e ’s th e chief p ettin g officer.

M ust H ave Been

On H is W ay

A p o rtly m an w as try in g to get to
his seat at the circus. “P ard o n m e,”
he said to a w om an, “did I step on
y o u r foot?”
“I im agine so,” she said, after glanc­
ing at th e ring, “the elephants are still
in th e rin g .”

Policem an (to gentlem an staggering
hom e a t 3 a. m .): W here are you go­
ing at th is tim e of night?
Man: To a lecture.

Proud
“T h at horse I bought from you w on’t
hold his head up.”
“T h a t’s ju st his pride. H e’ll hold it
up as soon as h e’s paid for.”

A D im e’s W orth
“Daddy, if you give me a dim e I ’ll
tell you w h at th e ice m an said to
M am m a.”
“O.K., h e re ’s y o u r dim e.”
“He said, ‘Do you w a n t any ice to ­
day, lady’?”

B itte r E xperience
H elp fu l
She: M mmmm, b u t th a t popcorn has
a h eavenly smell!
He: H asn ’t it! I ’ll drive a little
closer.

A nsw ered
M inister: Charlie, you asked last
Sunday th a t I p ray for A nna Bell.
W ould you like me to rep eat it th is
Sunday?
Charlie: No, thanks. A nna Bell w on
last M onday a t 7 to 1.

Doesn’t Take M uch
The so u th ern fa th e r w as in tro d u c­
ing his fam ily of boys to a visiting
governor. “Seventeen boys,” exclaim ed
th e fath er, “and all D em ocrats b u t
John, th e little rascal. He got to
re a d in ’.”

“W hy does G eraldine let all th e boys
kiss h e r? ”
“She once slapped a boy w ho w as
chew ing tobacco.”

A ll in P roper Tim e
H usband: I feel as though I ’m going
to have appendicitis.
Wife: Well, I need a new gown, so
you’ll ju s t have to w ait.

Past T hat State
She: I h eard som eone a t th e gam e
yell “fow l,” w here are th e feathers?
He: Oh, th is is a gam e betw een tw o
picked team s.

A B eer
M arine: Beer, please.
W aiter: Pale?
M arine: Naw, ju sta glass.
OUR 50th YEAR

“

Let's ask the Bankers Trust about th is99
Like every business, the banking business has its share of wartime problems.
And many of them are new problems—too new for anyone to have put the
answers in the back of the book.
By now, most of these problems aren’t exactly new to us. Either we’ve bumped
into them ourselves, or one of our correspondent banks has counseled with us
about them.

And where we know the solution we’re glad to pass it along.

So when you encounter something that’s puzzling, we hope you’ll ask us about
it.

If we don’t already have the answer, perhaps we can work it out together.

BA N KERS T R U S T
BmP COMPANY i t i DESMOINES


https://fraser.stlouisfed.org
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
Federal Reserve Bank of St. Louis

FQgWICTORY

N o w In O u r

70

Year

O f Service to Iowa
Banks and Bankers
Since

1875 . . .

in good times and bad,

Iowa Banks and Bankers have learned from
experience that the lowa-Des Moines Na­
tional provides a strong and dependable
correspondent connection.
When

you

choose the

lowa-Des

Moines

National as your Des Moines correspondent,
your bank and your customers benefit from
the complete financial services available to
you here . . . services designed to measure
up to the highest standards of quality.

Capital funds Over 5 Million dollars

I o w a - D es M o i n e s N a t i o n a l B a n k
& TRUST C O M P A N Y
MEMBER

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

FEDERAL

DEPOSIT

INSURANCE

CORPORATION