Full text of The Northwestern Banker : May 1917, Twenty-Second Year, Number 357

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DES MOINES, IOWA, MAY, 1917

t w e n t y -s e c o n d y e a r

........

TOTAL NUMBER 357

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D ir e c t o r s
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F. A. CHAMBERLAIN, Chairm’n First & Sec’tyNat. Bank
E. W. DECKER, Pres. Northwestern National Bank
C. T. JAFFRAY, Pres. First & Security Nat’l Bank
T. B. JANNEY, Pres. Janney, Semple, Hill & Co.
E. L. CARPENTER, Pres. Shevlin-Carpenter-Clarke Co.
B. F. NELSON, Pres. Hennepin Paper Co.
JOHN T. BAXTER, P r e s id e n t
A. A. CRANE, Vice-Pres. First & Security Nat’l Bank
J. A. LATTA, Vice-Pres. Northwestern National Bank
JOHNT. BAXTER,Pres. Northwestern Nat’l Life Ins. Co.
A PURELY MUTUAL, OLD-LINE, W EST ER N COMPANY
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N orthw estern National Lite Insurance Co.
MINNEAPOLIS, MINN.

= Hanover
National
Bank

HOTEL FONTENELLE
OMAHA
[AHU

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DES MOINES, IOWA

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km

J. G. R O U N D S .. .C h a ir m a n o f B o a rd

Bankers are invited to
make this hotel their
home when visiting
Omaha.

Established 1851

Capital
■ ■
$3,000,000
Surplus and Profits 16,000,000

S. DEPOSITORY

Citizens
National
Bank

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W IL L IA M W O O D W A R D . . P r e s i d e n t
E . H A Y W A R D F E R R Y . . . .. V .- P re s .
SA M U EL W O O LY ER TO N ...V .- P r e s .
J O S E P H B Y R N E . . i . . H M H V .- P r e s .
C H A S. H . H A M P T O N ................
E L M E R E . W H I T T A K E R .. . .C a s h ie r
J . N I E M A N N ......................... A s s t. C a sh .
W IL L IA M D O N A L D ............A s s t. C a sh .
G E O R G E E . L E W I S ......... A s s t. C a sh .
H E N R Y P . T U R N B U L L . .A s s t. C a sh .
W M . H . SU Y D A M , M g r. F o r e i g n D e p t.

[

NEBRASK A

OF THE CITY OF NEW YORK
Nassau and Pine Streets

Management—JOHN F. LETTON

C L Y D E E . B R E N T O N ......... P r e s i d e n t
JO H N H . B L A I R ......... V i c e - P r e s i d e n t
G E O . E . P E A R S A L L ................... C a s h ie r
J A M E S B U R S O N ..............A s s t. C a s h ie r

$300,000
100,000

Capital
Surplus

ACCOUNTS SOLICITED

|IIIIIIIIIHHI=ESTABLISHED 1870

FIRST NATIONAL BANK
SIOUX CITY, IOWA

IN THE UNITED STATES

New Business Invited
on the b a s is of

SATISFACTORY SERVICE
Resources Over $3,000,000.00

Capital
Surplus

Our Facilities for Handling Bank Accounts
Are, We Believe, Unexcelled. We Solicit
Your Business.

FIRST NATIONAL BANK
DAVENPORT, IOWA

J. YAGGY, Cashier

A. F. DAWSON, President

........................ ......... .........»''ä'»'--:;—

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

$600,000.00
$ 120,000.00

JOHN J. LARGE, President
F. A. McCORNACK, Vice-President
H A. GOOCH, Vice-President
H. HENRY, Vice-President
L. MITCHELL, Vice-President
O D. PETTIT, Cashier
FRITZ FRITZSON, Asst. Cashier
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t h e

n o r t h w e s t e r n

b a n k e r

May, 1917

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T he A m er ica n St a t e B a n k
C A P I T A L , $200,000.00
M. F. SH A FER , President
JO H N F. HECOX, Vice-President

L. M. SW IN D L E R , Cashier
At L, S T E IN E R T , Ass’t Cashier

OMAHA

[O W A B an k s desiring an
A accom m odating Omaha
connection are invited to cor
respond with our officers.

A /fA N A G ED by bankers of I
practical experience who
know the requirem ents of I
Middle-We^t Bankers.

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An alliance that will be of greatest advantage to the
customer is offered by this institution.

Our policy

is one of active co-operation with the depositor.

The Mechanics and Metals National Bank
OF THE CITY OF N E W YORK
ESTABLISHED 1810

Total D ep osits (March 5,1917) $188,000,000.
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T H E F I R S TW AN
ATIONAL BA N K
TE R L O O , IO W A
Our Capital---$200,000.00

Our Surplus and Profits---$250,000.00
OFFICERS

A . M. PLACE, Vice-President
J A S . BLACK, Vice-President

F . P. H U R ST, A sst. Cashier
V . J . RECHTFERTIG, A sst. Cashier

F . J . EIGHM EY, President

We solicit your business on the most favorable terms consistent with safe and conservative banking.
We pay interest on bank balances.

CENTRAL TRUST COMPANY"
OF ILLINOIS
C H IC A G O

C apital
S urplus and P ro fits .
D eposits
. . . . .

. .
. .

. -.$ 6 ,0 0 0 ,0 0 0
2 ,5 0 0 ,0 0 0
5 0 ,0 0 0 ,0 0 0

Accounts of banks and bankers received upon favorable terms
Thoroughly equipped to handle a ll business pertaining to banking♦ and invites the accounts o f
banks, corporations, firms and individuals.

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

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THE

May, 1917

NORTHWESTERN

BANKER

SIBáii ijsBaf
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:h . v o n d e r w e y e r :
President of the Minnesota Bankers Association.
Mr. Von der Weyer, vice president of the Merchants National Bank, St. Paul, and pres
ident of the Minnesota Bankers Association, was born in St. Paul, October 23, 1866. His
education was received in the common schools and at St. Johns University, where he fin
ished in April, 1884. The next day after school closed, Mr. Von der Weyer entered the
banking business, starting as a messenger boy. He was connected with the National
German-American Bank continuously until 1912, the last position held being that of
cashier. An interest in the banking business seems to have been born in Mr. Von der
Weyer, as he has always been interested in it from his earliest days. He felt that in
that line of work he would not have to contend with shelf-worn goods. Elements con
tributing to the success of this prominent man have been attention to duties and unfail
ing courtesy to customers of the bank. In the opinion of Mr. Von der Weyer, young
men who are starting in the banking business today have as good opportunities to suc
ceed as they did when ne was a young man.

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Federal Reserve Bank of St. Louis

8S8S8SS$8S88$8S8S8$8$S$S$8$$8S888$S$SSSSS8888S88^ ^

N orth w estern B an ker
THE OLDEST FINANCIAL JOURNAL WEST OF THE MISSISSIPPI R.IVER AND THE ONLY ONE IN THE UNITED STATES
WHICH IS A MEMBER OF THE AUDIT BUREAU OF CIRCULATIONS

Published Monthly by
THE NORTHWESTERN BANKER
PUBLISHING COMPANY
709-710 Crocker Building
DES MOINES
::
IOWA

Clifford De P u y
Publisher

MAY, 1917

MINNEAPOLIS
Hennepin Avenue and Fifth Street
CHICAGO
410 Advertising Building
NEW YORK
225 Fifth Avenue

$2.00 per year, 20c a copy Entered as second-class matter at the Des Moines post office to conform to the postal
laws; everything else pertaining to the journal being strictly FIRST class

l|S8S888SSm888888888S888§8888S8§8888SSS888SS8SS8S8S8SSSSS8^ ^
THE WAR WILL TAKE CAREFUL FINANCING

<L It will take the keenest minds of the greatest financiers of the United dates to handle the
finances of this war along careful conservative lines, yet this can be done and done easily if the
simple common sense rules of business are applied. The fear that m ai^ bankers have expressed
is that the governmen^would place on the market at one time the entire issue of $7,000,000,000
of bonds, which ambunt is thought would be necessary to finance the war. The best suggestion
which has been brought forward is that the government issue $ 1,000,000,000 of the bonds al
lowing these to be absorbed by individual investors and bankers of the country an 1 in this
event the issue would probably be oversubscribed ¿a-using the bonds to go above par. Then
this money which the government will receive would of course be used for the purchasing of
clothing, ammunition anct.food from the manufacturers and farmers of our own country.
Thus the money would come back into circulation again and return to the banks for legitimate
commercial purposes. Then the government could again issue another $1,000,000,000 of bonds
and the same process could be repeated. Undoubtedly such a plan as this will be followed be
cause if any other method were pursued it would prove most disastrous to the business and
financial interests of the country.
!
' „
KEEPING
BUSINESS NORMAL
t
|
d pne of the greatest prganizations in the United States has sent out an earnest plea to "Keep
Business1Normal” and the sane advice which this message carries with it should be brought
to the attention of every American citizen. We all expect to do our part; we all expect to make
whatever sacrifices are necessary, but if economy is carried beyond the point where all legiti
mate business can be carried on as usual, it will stifle American activity and bring failure and
ruin to ipany. This article says:. “The United States has agreed to .do its full part in the war.
If it is to do its full part it must protect itself against panic. Certain tendencies are now mak
ing themselves felt which are likely to make the people overapprehensive and produce com
mercial insecurity if they are not halted. We must produce all the provisions we can. We
must avoid waste as a patriotic duty. These are movements to enlarge the commercial ac
tivities of the nation, not to contract them. The surest way to preserve American prosperity
is to maintain normal industrial and commercial activity. Those who propose rigid closing
down of normal purchases to the line of bare necessity are proposing a course which will choke
the flow of our trade, down to the lowest livable minimum. Great Britain adopted a slogan
at the outset of the war, which American business men will do well to make their own, at this
stage of our participation in the same war. It was ‘Business as Usual.’ If the country can
continue its general business substantially as usual, it can meet the new war taxes and subscribe
to the new war causes somewhere nearly in accordance with its means! But if there is a panic,
the return from the taxes and the subscriptions to the relief movements will both suffer heavily.”
Let us stop every, bit of waste and extravagance, but let us not go beyond the point where our
own Lusihefs interests will be jeopardized. Let us “Keep Business Normal.”

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Federal Reserve Bank of St. Louis

EVERY BANKER’S DUTY

CL Throughout the entire history of the United States, it is a strange but true fact that in every
great crisis in our Republic the banker has been the fi^st man called upon to render his as
sistance in helping to make a success of the problem that we faced. Men are necessary;
food is necessary and so also is money. Whether it takes $7,000,000,000 or $70,000,000,000
to win the war we are sure that every banker is ready to do his duty; make whatever personal
sacrifice is necessary, in order to bring speedy success to the cause, which must ultimately mean
a greater, truer and higher civilization, because it will be based upon world-wide democracy.
Already many prominent bankers have expressed themselves as favoring whatever means may
be necessary in order to make a success of this war. Many of us do not yet realize that the
United States has declared war against the greatest a nd most powerful fighting nation the world
has ever seen. Frank A. Vanderlip in a recent interview said: “This is a real war. The coun
try doesn’t realize what it means yet. It will before very long. This war will test the patriot
ism, thought and wealth of the nation. We have started well, however. The government
has done just the right thing in supporting the loan to the allies. They must be aided in this
way. Five billion dollars is a great d^al of money, and it will require careful handling and some
time to raise it. You can’t raise it at once. But it will be done. It’s a start in the right di
rection. On the food question too much emphasis cannot be placed. I know something about
potatoes and the farming situation, and I know we soon will be using our best thought in an
effort to make our earth produce vastly more than it ever has before. Not only will this war
demand greater output, since it is our duty to the world as well as to ourselves to produce
every ton possible, but we have to stop waste and that immediately.” it is of vital importance
that every banker urge increased crop production by the farmers of his community. If you
want to show yourself a booster for your town; if you want to do your share in helping to win
the greatest war in the world’s history, you can be of real assistance and of real help by talking,
urging and lending financial assistance in every way possible to every farmer in your community,
in order thet he may increase the production from his farm this year. There is absolutely no
chance of overproduction, because if peace should be declared before the next fall crops are
harvested there will still be the same demand for food, not only in the United States, but also
in the European countries, which are giving all their time and all their energy to war. Real
patriotism can be shown by every man, woman and child in the United States, who is willing
to do his or her part, however small it may be, by aiding or assisting in the field, the factory
or upon the firing line. This firing line must eventually encircle the misguided rulers, who
because of personal greed have-.lead not only their own great arid powerful nations into war,
but have also dragged two-thirds of the civilized world into the fiery pool where reason has
been forgotten and only the passion for conquest holds sway.

Issssssssssssssssssssssssssssssssssssssssssssssssss^^
topic of interest to the banking fraternity and submit same for publi
“ A CASHIER’S CHECK” For $2.00 is all that is required to se
cation. Y ou do not have to agree with u s, or with anyone else.
cure the monthly visits of the Northwestern Banker for an entire
We learn things by an interchange of ideas, and people with whom
year. Each issue contains from 56 to 64 pages of mighty .interwe disagree often prove valuable teachers. - We shall be gladesting matter pertaining to banks and banking interests in
T
o
n.
to hear from you.
the territory covered by the magazine.
.
XW
“ NO PROTEST” Has ever been offered. to the sta te-,
“ OUR CORRESPONDENTS” E v e r y b a n k in the
ment that the field covered by the Northwestern Banker
Northwest is invited to a place on this list. Send, us
is the money-producing section of the American continent,
item s of local interest, tell us about your bank and its
rich in hogs, cattle, corn, etc., and dotted with thou
growth, prospects, etc., also any other financial news of
sands of prosperous banks, all doing a good business,
interest to bankers in your section. We are always
and the majority of them are readers of “The. North
glad to hear from our friends.
western.”
“ SIG H T DRAFTS” We always carry a large “Re
“
SURPLUS AND UNDIVIDED PROFITS” Increase
serve” o f good will and additional service, and will
very rapidly with those banks, whose advertisements
promptly honor drafts made upon same by any bank.
appear regularly in the columns of -this magazine.
This department is for your special benefit. It may
Pull information as to rates and our special service
be made o f very great benefit to your bank. D o not
will be promptly furnished on application. Your
fail to avail yourself of its privileges.
‘Banker’
’
business solicited and appreciated. The “T
,<
“ A CLEARING HOUSE” Our columns are a cieurhas been tw enty-one years in its present field.
ing house for all our readers. Express your views on a n y ^ v Q ^ * * * ^ ^

ssssssssssssssssssssssssssssssssssssssssssssssssss^^

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Federal Reserve Bank of St. Louis

The Northwestern Banker
$2.80 Per Annum____________DES

MOINES, IOWA, MAY, 1917

20 Cents Per Copy

How We W ill Finance the War
By Arthur Reynolds

One of the greatest problems before us today is the
With a country of vast
the needed funds, a brief
financing of the war and this problem will become more and
extent, blessed with re
review of certain events
more important as the war progresses. In this timely arti
sources of untold value
will be helpful. Up to the
cle by Arthur Reynolds, vice president of the Continental
and animated by a spirit
& Commercial National Bank of Chicago, he presents some
beginning of 1915 we were
vital facts and figures, which will be of interest to every
of determination and ac
in
reality a debtor nation;
banker.
complishment that knows
though export and import
no fear of results, Americans have the notion that no figures usually showed a comfortable balance in our
task is too big for them. It is a national trait, or conceit favor, this visible balance was more than absorbed by
it might be termed by some who do not understand u s; the invisible. Then the economic status of this coun
it is a quality born of optimism and manly courage of try changed quickly and to an astonishing degree.
which we are proud. In the gi
Europe had urgent need for
gantic undertaking upon which
everything we could spart from
we have just embarked, I fancy
farm, mine and factory and we
this characteristic will prove
sold at constantly rising prices.
both a help and a hindrance. It
From a condition of perturba
will cause us to attempt big
tion as to how we could settle
things with full confidence, but
even our emergency obligations
it may also produce a feeling of
abroad, almost instantly we be
present security and sufficiency
came purveyor and banker to
that will hold preparation in
the world. Foreign countries
check.
sent us streams of gold and we
Let us not deceive ourselves.
bought back millions of our
Now that we are in the war, it
own securities held across the
is vitally important that we not
water and absorbed other mil
underestimate its magnitude,
lions of bonds issued by Great
but that we weigh in the bal
Britain, France, Russia and
ance with analytical precision
other governments. It is impor
each problem and development
tant to remember that the inter
est and dividends on these se
as it is brought to issue. We
curities now remain here and
are confronted by the most se
swell our investable assets. We
rious problem with which we
have added considerably over
have had to deal in our entire
one billion dollars of gold to our
history as a nation. The world
holdings since the close of
is in an upheaval and we have
1914. Today we have more of
been plunged into the vortex.
the yellow metal, the basis of
Unless by some great good for
money transactions, than any
tune there should be an early
other country. Before the war
termination of the conflict,
every possible resource of the
we had about two billion dollars
of gold; today we hold over
United States must be utilized,
every citizen might as well de
three billion, or about one-third
cide now that individual sacri
of
the gold of the world. Any
ARTHUR REYNOLDS,
sordidly-selfish
persons who
fices will be required of him,
Vice President Continental and Commercial
think the hoarding of gold dur
sacrifices that may cut deep
National Bank of Chicago.
into his methods of living,
ing this war will bring them a
make unexpected changes in
paltry soul-searing premium,
his hours of labor and place burdens upon his shoul will be doomed to disappointment. There will be no
ders that will weigh him down with grief and sorrow, lack of gold in America.
but I have faith to believe that we shall all acquit our
Acquisitions of gold and securities do not tell the
selves like men; that we shall consider no sacrifice too whole story of our strength. Under date of March 5th
great when made for the common cause.
the Comptroller of the Currency issued a call for state
ments of all the national banks. The response exhibits
Not the least of our troubles will be the financing a remarkable case as to reserve money held by the
of this stupendous effort. To what extent we shall 7,500 odd pational banks, the excess above legal re
have to go in this direction no man dare predict. All quirements being $1,100,000,000. In making up our
we can say is that the financial load will be heavy dur statement of assets, we should not overlook the excess
ing hostilities and for years thereafter. The expendi reserves carried by the 17,000 or 18,000 state banks.
The figures of the latter are not available down to as
tures—necessary expenditures—will be enormous.
recent a date, nor in as complete form, but I watch
For a comprehensive estimate of our ability to raise
(Continued on page 72.)

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Federal Reserve Bank of St. Louis

May, 1917

THE

NORTHWESTERN

BANKER

Observations on Way to Honolulu
By Harry T. Blackburn

In a very interesting letter addressed to us from Hono
The trip has been un
sometimes ashamed of your
lulu, Hawaii, Harry T. Blackburn, cashier of the Iowa
eventful, but anyone going
state. I thought the Can
National Bank, Des Moines, gave some very delightful im
west should see the Canyon
pressions which he received on his trip and we have taken
yon of Arizona was the big
the liberty of publishing part of them. Mr. and Mrs.
of the Arizona. Words can
gest sight you could see,
Blackburn and their son, Mortimer, are on a trip which
not describe it. Never be
but imagine, if you can, a
will take them through China, Japan, Australia and a num
fore have I taken the time
river of fire as near as you
ber of other countries before they return home, sometime
in August.
to stop, and it’s beyond de
can get to it. I made a
scription. Imagine, if you can, a cut 13 miles wide, on an guess that it was 200 feet wide, 1,000 feet long, with ap
average, 215 miles long, and one fourth mile deep. That’s parently a strong current flowing from no one knows
all you can say, and imagine the rest. You should take where, to no one knows where. Five and six eruptions
at least three days or more, to see it; and as “Cobb” says, going on all the time, throwing lava from 10 to 50 feet
you can get inspiration for any
__________________ in the air all the time. Regular
thing, and as distances are so de
fire works 24 hours of each day.
ceiving, you can say most any
Most magnificent sight you can
thing without dispute. Outside'
imagine. We just watched it, no
of this, you can’t say very much
one speaking. Could have stayed
of Arizona. As our driver said,
for days, but one was all we had
there are more cows and less
to do it in. Anyone going to this
milk; see farther and see less,
island does not want to miss this
120 miles up and down country,
sight of a life time. Vesuvius, a
and more rivers with less water
friend told us who had seen it,
in Arizona than in any state in
did not compare with this sight.
the Union, and he knows. Hotel
A sailor told me he thought it at
is fine, also the Navajo. We saw
least a mile wide, and he may be
a dozen, but understand they
right. We climbed partly down
produce 9,000 blankets a year, all
the crater where the lava had
made by the Indians. (What in
flowed in January and it had
dustrious people these few are.)
cracked so you could see down,
However, you don’t have to buy.
and for about 8 inches it had
Saw many Des Moines people
cooled, then it was like looking
in Los Angeles. As usual, they
down into one of Charlie Raware boosters for California, but
son’s kilns after they had been
I suppose you can’t blame them,
burning about a week; just red
as they say misery loves com
white heat. Scorched a few
pany even if you have to get your
postal cards, and climbed cfut.
friends into it. They told me
Would like for a week to see its
farm land tax was $10 an acre,
wonders again, but of course
mostly for good roads. My, what
can’t do it.
would our Iowa farmers say to
I forgot to tell you how small
that, but they think it is all right,
this world is. When we got our
as they still keep voting more
ship legs agoing, who had the
taxes for more roads, which
adjoining cabin but one of the
means more transients, and that
Iowa National’s old customers,
means more money left them, and
HARRY T. BLACKBURN,
W. H. Town, of the Interna
I guess it pays or they would not
Cashier Iowa National Bank, Des Moines.
tional Harvester Co., who got on
do it. The town of Los Angeles
at Los Angeles, neither one
now I understand takes in most
knowing that the other was sail
of the county, but that is noth
ing, and in the dining room
ing, as I learned since reaching Honolulu, it takes in found also D. Polasky’s daughter, formerly of Des
islands 1,000 miles west of here, and that’s some distance, Moines, now in charge of the book department of a
but they do not all have inhabitants.
large concern of this city. While rubbering around the
We sailed on the Great Northern, and of all the rolling battleship St. Louis one of the sailors said: “How do
boats I have been on, it was the limit. And yet they say you do, Mr. Blackburn,” and I found Judge Craig’s son,
£h*e U. S. Government has accepted it in case of war, on Clifford, who was formerly one of the Iowa National
account of its speed, which it has all right. We averaged clerks, and who some years ago wanted to see the
465 miles per day and over. Was sick as a dog first two world; now has had enough and says he will be back
days out, and had in the past imagined I was a fair sailor in God’s country in September, if they let him live.
but had the conceit quickly taken out of me this trip.
Several German merchant ships interned here, also one
Never saw a sail or a bird all the way over. No gulls on battleship and carrier. They who know don’t speak very
this island. Why this should be, cannot learn. Very lit well of the latter, and of its country, but guess the sailors
tle animal life here.
caught them in the act. So long as no harm was done
We stopped at Hilo before arriving here, to see the they say “forget it,” so they do. This is an American
active volcano Kilanea, taking an auto to the crater, 39 city now, but they evidently have information from the
miles over better roads than any 39 miles in Iowa. Saw Astor or Biltmore, of New York, how to charge.
two big rollers working on roads the way up, makes you
(Continued on page 23.)

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Federal Reserve Bank of St. Louis

THE

NORTHWESTERN

BANKER

May, 1917

Analyzing the Signs of the Times
By John Fletcher

After carefully reviewing the present world-wide condi
great agricultural section
The rapid rise in prices
tions and especially as they affect this country, Mr. Fletch
of the nation, lift the stan
of grain and live stock,
er has given what he thinks is a solution of the nation’s
dard for agricultural prog
with the continuous pub
greatest problem. He believes that only through a con
ress ; let us show the coun
structive policy of Publicity, Education and Conservatism
lication of stories of seri
can our present agricultural and food problem be solved.
try that by centralized, co
ous shortage everywhere,
focuses the attention of the nation upon this section ordinated effort we can increase our farm yield many
—Iowâ, Nebraska, South Dakota and Minnesota— fold; let us lead the way in safeguarding our national
at this time. There is much speculation as to whether prosperity. The United States government is spend
your citizens realize their grave responsibility and will ing millions and devoting the energies of an en
meet the situation by the increased production that tire department of the federal service to educate the
rural population of this country to greater effort. Do
existing conditions demand.
Theste four states are located in the heart of the agri you realize the emergency that actually exists? Within
thirty years, from 1880 to 1910,
cultural section of the country.
our rural population has fallen
They are blessed beyond meas
from 70.5 to 53.7 per cent (offi
ure in equipment and natural
cial report last United States
resources and yet at a time
census). Production per acre
when the call upon them for
in all but three of our ten most
supplies.is urgently heard upon
important crops has decreased.
every side, we find them pro
Wheat in ten years has
ducing at about one-fourth
dropped 33 per cent, corn 14.4
what should be their natural
per cent. Our beef supply has
capacity.
fallen off 30 per cent. A promi
The United States today is
nent Congressman told Con
facing an agricultural crisis.
gress that “We must learn to
Not only are we. confronted by
produce more or accustom our
an era of extraordinarily high
selves to eat less.”
prices for foodstuffs, but also
by an economic revolution
A fertile soil means a pros
growing out of this abnormal
perous people. Two things are
condition. The population of
required to make a great nation
the country is growing by leaps
—a fertile soil and an energetic,
and bounds, the demands of
progressive people. There was
other nations for our products
a time, when land was cheap
are becoming more and more
and soil fertility unimpaired,
insistent. Instead of meeting
when the population was small
these conditions with increased
and land plentiful, when taxes
farm crops, we- are going back
were low and prices high, that
ward. Here is a cause worthy
anyone could “make a living”
of our mightiest effort, not only
on a farm. Today more thought,
to meet this call from foreign
more brains, keener judgment
lands but to save ourselves. No
\
JOHN FLETCHER,/
and
closer application are es
greater, no more important, no
Vice President Ft. Dearboriv National Bank,
sential to the success of the
more far-reaching work lies
Chicago.
modern farmer than in almost
before the lea.ders of this nation
any other business. We can
; today than thè upbuilding of
not afford to make mistakes.
our agriculture in all its phases.
What we do in the next generIt' means the very life of our
"nation, the perpetuity of our government. Increasing effect upon the agricultural customs and practices for
shortage and continued rising of prices of foodstuffs succeeding centuries. The care of the soil is the prob
inevitably develops a precarious economic condition, lem of the farmer today. It is up to him to produce the
tending toward social disturbances and the encourage necessities of life in quantities sufficient to meet ever
growing demands. He must improve the soil. There
ment of political radicalism.
It is.high time the people of the United States awak are no longer vast tracts of fertile, prairie which the
ened to their situation. Lack of preparedness in our government can open up to cultivation at nominal
national "food production is just as criminal as lack of cost. Not only we, but future generations, must live
military, preparednéss. Never has this question of from the soil now under cultivation.
The problem before us is constructive—how best to
“preparedness” sunk so deeply into the hearts and con
sciences of American citizens as since this world war build up our agricultural interests. The live stock in
in Europe.. We have seen demonstrated the tremen dustry deserves our first attention. There is no indus
dous power and efficiency of centralized co-ordinated try which affects so vitally the welfare of all the people
co-operation, both industrially and economically. We of this country as does the live stock industry. It is
have been taught the terrible lesson of self-complai the foundation of individual and national prosperity.
sance, of jack of preparedness, of lack of co-ordination. Whatever injures this industry or retards its develop(Continued on page 49.)
Let these .four states, situated in the heart of the

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Federal Reserve Bank of St. Louis

May, 1917

THE

NORTHWESTERN

BANKER

Building Business With Bad Money
By Felix J. Koch
Perhaps there is no more unique business than the one
Curious ?
w<is just immediately after
here described which has been built about the ridding
Yes, it is rather curious,
that year that the broken
banks of the coin they cannot use, such as mutilated coins
come to think of i t ; a
state banks had the coun
with holes in them and those that have become so thin
business built squarelj'- on
they, can hardly be identified. This is a real human in
try fairly flooded with
terest story based on actual facts, and we are sure will
bad money—no, not coun
their great issues.
prove most enjoyable reading.
terfeit, of course, but the
“Here in Ohio the prin
coins and tokens that will slip in—if or no—or that a cipal factor of this sort to be reckoned with was the
bank takes to please a prospective client; but which State Bank of Ohio, the mother-bank at the capital;
really would imply more waste of time and money in with branches in the leading cities. Its money was
transferring—notably in these troublesome war times good; but people wanted to exchange, and so we found
—than it could ever hope to get in exchange.
very soon that we could exchange for them and at a
But it pays—pays well—just because once a man’s profit.
squarely launched in it, in a given locality, it hardly
“On the other hand, right in the same state, there
pays a competitor to enter; for there really isn’t enough was the old Bank of Circleville. We dealt in its money,
of the wares here for two; so the first-comer gleans, too, and when it failed that money changed values, in
and his business grows and—well, he waxes rich, by deed !
and by!
“Here in Cincinnati, again, the money of the La Fay
This unique profession, which had its start, we pre ette and the Franklin banks remained good through
sume, among the. old money-changers of the Orient, is out, while right across the river, in Newport, the Safety
practiced well by a quaint old character at Ludlow, Fund Bank issued currency which, when it failed, nat
Ky., near the Queen of the West; who visits the big urally proved about worthless.
banks of the Mid-Western Sodom and Gemorrah reg
“So, again, the Ohio Life and Trust Bank was at
ularly, taking the money which is not legal tender one time the principal institution of its sort here; but
from them at fixed prices, and making his own ar it failed too/ and whiR it did not issue money, it had a
rangement for its exchange.
banking and life insurance department, with a branch
What has he.to-say of his May’s work and what it in New York, that had a big clientele, and its failure set
leads to, is interesting indeed:
these on edge and gent. them to exchanging what
“How did we come to go into it?” he began,- in the moneys they had fast as they only could. In brief,
curiously hearty way which he has, one
the very failure of the banks and mak
which gives him “Open Sesame” at
ing worthless of their notes was a boom
once with any concern with which he’s
to business for ourselves; since it made
not already done business.
folk doubt just whom they might trust.
“Well, we happened to come to Cin
Before long we paid as low as ten cents
cinnati in 1849—Brother and I—who
on the dollar for the issues of the Newengaged in the same business, and it
continued on page 42)

Foreigners Trade Coins'

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Federal Reserve Bank of St. Louis

The Buyer.

Foreigners Bring Coins Here.

THE

NORTHWESTERN

BANKER

May, 1917

Helping to Increase Iowa’s Crops
By Frank Warner

This excellent article by Frank Warner, secretary of the
On the outbreak of the
raw materials are being
Iowa Bankers Association, gives in a concrete and concise
maelstrom of war in Eu
wilfully reserved is, in a
manner the plans and methods by which the bankers of
rope there were some of
measure, probably true.
Iowa can assist in increasing the crops of this great state.
the greater minds who
It is imperative that every banker do his part along this
The facts are difficult to
line. It is a patriotic duty as well as an economic necessity.
were impressed with the
get. But whatever these
thought that before that
reserves may amount to, it
war should end the whole world society would be cannot be overlook that the creation and production of
jarred. The writer, among those of lesser foresight, materials and foodstuffs have been lagging, and we
has unquestionably witnessed during the past two have now awakened today to see consumption of the
years a gradual but more infuriating martial conten necessities of livelihood pacing a stride that leaves no
tion until the spark of war ignition has emblazed the doubt that production is slipping to the rear and to the
combativeness of nearly all Europe and Asia, and has margin of exhaustion.
at last spanned the ocean breach of over three thou
Bankers are not inclined to throw out an unbased
sand miles and made contact with this* “great, tolerant, alarm, nor would their State Association; the bankers
and good-natured giant” of the western hemisphere. of Iowa are doing no less to increase the products of
Once bestirring this neutral, a second and third neu the farm this year than they have in years past. They
tral nation of the West has un
are doing more, with a greater
sheathed the sword and we find
energy, with a stronger con
the world girdled with the ac
centration, with a better agri
tivity which man has striven in
cultural organization, with
definitely to abolish. But not
more system; not in a manner
to harass the farmer nor in a
unlike all competition, before
manner to frighten the buyer,
the old gives place to the su
but from a hard-headed busi
premacy of the new, a deciding
ness standpoint, yet in full con
struggle must take place, and
fidence of the resourcefulness
in proportion to the area af
of our people and in the produc
fected.
tivity of Iowa’s soil. If their ag
And it may be true that in
ricultural efforts have hereto
this titanic battle, world society
fore done good, and they are
may be passing, never to re
positive
of that, then they are
turn, from under the control of
now doing only the natural
the passions of the war god to
thing under today’s circum
a condition where reason and
stances, systematizing and still
justice, where right and the
further
invigorating their agri
vision of a higher man shall
cultural efforts, that greater at
emerge from the downfalls and
tainments may come. And they
build a world citizenry of God’s
do this in a cool but firm way,
democracy.
spreading not the gospel of
Whatever may be the out
fright; stimulating not with the
come, the thought of those
prod
of “food rioters,” “Ameri
greater minds seems to have
cans
starving”
and other not im
borne fruit. There will un
probable
pictures.
The bank
doubtedly be some territorial
ers
of
Iowa,
analyzing
the sit
changes, but greater than all
uation, know that the average
that, there will unquestionably
farm in Iowa is approximately
be economic, moral and politi
153 acres while the German
cal readjustments. The first
FRANK WARNER,
farm is 13 acres, and based
seems to have forced attention
Secretary Iowa Bankers Association
upon those figures Iowa could
to itself in this country at once
and with haste, and it perhaps
support a population with effiwould not be speculating too greatly to say, that the iency eleven times the present. They know the whole
end of this war shall have taught this nation the mean German nation or French nation could be set down in
ing of “waste” and-the definition of “saving,” and Texas; that the whole of Europe, excepting Russia,
brought forward a “new agriculture” which shall elim could be swallowed up in the fertile Mississippi; that
inate any question of being able to produce sufficiently the Japanese Empire of over 51,000,000 peoples are
for America, and in kind, that shall cheapen the strug living on a territorial area of much less than our state
gle for existence which the average individual is now of Montana; and that only between one-third and onefourth of the tillage area of the United States is now
making amid a plentitude of fertile land.
under cultivation.
This, then, forms the basis of their premises: That
A year ago there was little thought that such a food
condition would overtake us. For the past twelve there are unnumbered acres of arable land in the
months prices in the general market of produce have United States; that even with the fast depleting fer
tility of European soil the United States and America
gradually risen, and we are told that prices on commod has virgin land sufficient for years to come to counter
ities which we have heretofore held as common articles part that depletion. The New York bankers have set
(Continued on page 38.)
would mount still higher—that stores of grains and

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Federal Reserve Bank of St. Louis

May, 1917

THE

NORTHWESTERN

BANKER

Unit System of Handling Accounts
By Edwin D. Weary
This article gives a very interesting description of the
venience for his work, the
It is rather a strange
operation of the unit system of paying and receiving which
signature card file slides
anomaly that this unit
has been installed in numerous bank buildings. The sys
on a ball-bearing device
tem has many advantages, which are here enumerated by
system of handling ac
from
the front to the rear
•Mr.
Weary,
who
is
President
of
the
Weary
&
Alford
Co.,
of
counts in a bank, which
cage.
We have an ingen
Chicago.
has become a necessity by
ious
rotary telephone
reason of the growth of
these colossal banking institutions, is in a way, a re scheme, by which one telephone is available to four
version to the primary methods of the country bank, tellers and two bookkeepers, with jacks to plug in
at a time when the “Cashier” took care of the paying where there are two systems of telephones in a city.
An ideal size of the double wicket cage is 8 feet, 6
and receiving, kept the books and when not otherwise
inches
to 9 feet on the counter line and the book
engaged utilized his spare moments in polishing the
keeper’s space need be no more than 5 feet deep at the
cuspidors and doing other useful things.
Incidentally, however, this chap gained a complete rar of it, with self-closing door between the two, so
knowledge of both the financial and domestic affairs that the teller has complete protection. There is great
economy in this, because the
of his customers and this
space
occupied by two ordi
element of personal equation
nary
cages
would be from 13
has been a large and domi
to
14
feet.
nant factor in the transition
In the working out of this
of the country bank into the
system
ah initial amount of
colossal institution referred
cash necessary for the daily
to.
business is given by the
This system was primar
chief teller to the custody
ily developed by the First
of each teller, to remain in
National Bank of Los Ange
his possession and under his
les, under the direction of
control. A coin truck is pro
Mr. Stoddard Jess, and has
vided for each teller, which
been used in that bank for
is locked and wheeled into
the past seven years and in
the vault at night and taken
the recent equipment of their
out each morning 'by the tel
new banking room we in
ler and placed in the cage
stalled this same system
under the counter between
with many technical im
the teller’s and assistant’s
provements. Their banking
windows. On top of the
room is very imposing, the
counter immediately above
lobby being 56 feet by 120
there is a very complete cur
feet with 43 wickets and 12
rency guard roller curtain
officers on the line.
hood which contains coin
Briefly described and tak
trays, money changer and
ing as an example the First
receptacles for currency.
National Bank of Los Ange
Both the teller and his as
les the operation of this sys
sistant
handle the cash and
tem is as follows:
at
the
close
of. the day’s work
The accounts of the bank
both
are
required
to count it
are divided alphabetically
and
initial
the
teller’s
sheet,
into eight units, A-B, C-D,
which
is
turned
in
to
the
EDWIN
D.
WEARY
E-G, H-K, L-N, N-R, S, T-Z,
auditor.
It
is
the
duty
of
the
President Weary and Alford Company,
although these units are flex
auditor
to
count
the
cash
in
Chicago.
ible, the letters on the in
possession of each teller at
scription plates being inter
irregular intervals, not more
changeable, so that the work
of the cages can always be balanced. There is also a than a few days apart and to turn in a report of his
large cage for women with four wickets, it being adja findings to the cashier.
Whenever the teller.finds that he has accumulated
cent to the ladies’ room.
The A-B customers transact all their business at more cash than needed for the day’s operation he turns
cage No. 1. This is a double cage with two wickets, the surplus back into the reserve and when the balance
one being marked “TELLER” and the other “AS is running against him he makes a requisition to the
chief teller for more cash.
SISTANT.”
The bookkeeper being located immediately back of
The teller’s cage is equipped with all of the modern
this
cage is in constant communication with the teller
conveniences in the way of adding machine stand,
sorting racks, item drawers, cash drawers, currency re and assistant as to the condition of depositors’ ac
ceptacles and omnibus. Immediately back of the teller, counts, etc.
1. The Personal Equation, between the teller and
in an adjoining cage is located the individual book
(Continued on page 35.)
keeper. This cage is arranged for the greatest con-

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Federal Reserve Bank of St. Louis

THE

N O R T H W E S T ERN

BANKER

May, 1917

Tractors Help Increase Food Supply
ByR. T. Mally

At this time when the best thought and energy of the
In this time of high prices
to this there is a considera
nation is being centered upon agricultural preparedness,
of farm products, when all
ble difference in the amount
as well as military preparedness, we are realizing that the
the eyes of the country
tractor wi 1,1 play a very important part, in helping the farm
of grain available for hu
seem to be focused on the
ers of the country to plow more ground and do it quicker
man use or to be fed to
than by any other method. Mr. Mally is not a theorist,
farmer, and production of
live stock for market.
but a man who owns his own farm and knows from ex
farm products and food,
I became interested in
perience what the tractor will do.
seems to me to be a most
Tractor power from a
opportune time for every man to analyze his own case farmer’s standpoint about three years ago, and I have in
and see just what his own relations and obligations to vested in them, used them and studied the Tractor ques
agriculture are, and this is especially true of certain tion from almost every point of view and I would con
business men whose attitude have a direct bearing on the sider it a disgrace if some of my conclusions were not
activities of the agriculturist. We must keep in mind the worthy of consideration.
fact that the only way in the world of producing wealth
Of course I made several mistakes— due to the fact
is 'by applying intelligent labor to land, or by applying that I could get no information whatever from my banker
intelligent labor to the products of land to increase its or anyone else except a salesman, who could only see one
value for human use. It naturally follows that the more thing. I am beyond doubt the first man in the world who
intelligently the labor is applied the greater the net pro ever raised a crop of corn with a Tractor and absolutely
duction will be.
without the use of horses, and while there is room for
Being a farmer myself and having spent all of my improvement in this type of machine there is no doubt in
thirty-five years on the farm and among farmers, I feel my mind but what horse-drawn cultivators will be as
perfectly safe in saying that in most cases the farmer is scarce as horse-drawn street cars in our cities.
more likely to follow the methods to which he is accus
I have operated a thresher machine for a number of
tomed, than to look for more
years and while this phase of
efficient or economical means
farming is not generally looked
of accomplishing results and
upon with favor by our finan
“ It is hard to say whether the farmer or the
this no doubt is more or less
banker has the greater influence on the net
cial institutions it is a very nec
production of our farms today, as a large part
due to the fact that even though
essary operation nevertheless.
of our farm population is dependent on their
he has in mind purchasing some
Two years ago I bought a
bankers at some time during the year, and nat
certain new machine which he
new 40-65 gas engine at a cost
urally the farmer will talk matters over with
has seen advertised or exhibited
him before acting on his own judgment; con
of $3,200. I figured that this
sequently it is the bankers’ duty to be able to
he finds that his business asso
type of engine would save $6
give the most reliable advice on many subjects
ciates to whom he many times
per day as compared with a
and matters in which he is not directly inter
looks for advice are wholly ig
steam engine, this being the
ested. At this time farm power is one of the
norant of the proposition or
largest questions confronting the farmer, and'
cost of water hauler and team
any intelligent man will realize that invest
absolutely indifferent to it,
and half the wages of the en
ments are secondary to expenses, efficiency or
merely saying that after all
gineer. I have since found this
net results.”
the safest njethods were those
to be practically correct and I
that had been thoroughly tried
have used this motor about 200
and stood the test of time.
days. If this machine runs 500
This was the case with the automobile, which, how days at this rate of saving it will be rather a cheap ma
ever, was bought by a few persons in each community re chine. My repair bill to date has been $6.15.
gardless of consequences, and which has now thoroughly
There are so many phases of the farm power question
demonstrated its economy and efficiency and justifies its that almost each farmers’ needs must be considered sep
existence in the minds of our most conservative men. It arately, taking into consideration the size of farm help
is hard to say whether the farmer, or the banker has the available, kind of crops, etc.
greater influence on the net production of our farms to
One of the most deplorable things in connection with
day, as a large part of our farm population is dependent Tractor farming today is that many farmers who could
on their bankers at some time during the year and natu not get sufficient information or capital have bought a
rally he will talk matters over with him before acting on very cheap machine, or a Tractor attachment for their
his own judgment; consequently it is the banker’s duty automobile. The cheap Tractor has almost invariably
to be able to give the most reliable advice on many sub proved to be worse than a total loss, as it has wasted much
jects and matters in which he is not directly interested. of a man’s valuable time, besides being an injury to his
At this time farm power is one of the largest questions crop by doing unsatisfactory work. In addition to these
confronting the farmer, and any intelligent man will objections the automobile attachments will no doubt ruin
realize that investments are secondary to expenses, effi a good many perfectly good automobiles. Of course this
ciency or net results.
last is merely a guess, as they have not been tried out but
With corn at $1.10 per bushel and other feed in pro it looks to me like hitching a pony to a sand wagon, and
portion and with over a hundred different makes of farm I expect the usual results.
Tractors, varying in size from a few hundred pounds to
The three main points to be taken into account when
ten or twelve tons and in cost from a few hundred dol changing methods is to accomplish results quicker,
lars to three or four thousand dollars on the market, and cheaper, and better than the prior method.
these using different fuel, costing from seven to twenty
There is very little question but that the proper Tractor
cents per gallon, it is certainly apparent that there is a will do the work quicker and better than horses and no
large difference in the cost of farm power and in addition
(Continued on page 24 .)

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Federal Reserve Bank of St. Louis

THE

May, 1917

N O R T H W E S T E RN

BANKER

This Gordon-Van Tine House Raised
the Selling Value of the Land on
Which it W as Built, $1,693.00 Net
il||lllll!llllll!llll!!llllllllllllll!lllllll!llli

Gordon-Van Tine Company,
Davenport, Iowa.
Nov. 22, 1916
Gentlemen:I thought you would be in
terested in knowing that the Gor—
don-Van Tine home #173, which I
purchased from you for $607 was
built on a 40-acre farm by me for
Jas. Wolford— was sold the next
year for $137.50 an acre— and he
offered the'place before the house
was erected for $80 an acre.
(Signed) Felix Heinz,
Edwards, Illinois.

A vacant lot will never sell at so advantageous a
price as one with an attractive building on it. This is
almost an axiom with real estate men.
But to make a good profit on your sale, the building
must not cost too much.
The Gordon-Van Tine method of selling building ma
terials and Ready-cut Houses gives investors the bene
fit of “mill-to-owner” prices.
And, as well, the Gordon-Van Tine Ready-cut system
of construction saves on the labor bill and on the
amount of time necessary to put up the building. This
is a point of great advantage to real estate developers
opening up new districts.
Gordon-Van Tine Homes are handsome structures,
ranging from four-room cottages to pretentious Colonial
dwellings. In materials, design and workmanship, they
have satisfied thousands of customers in every State in
America.

Cut of Standard Home No. 173

A Gordon-Van Tine House will increase the value of
your land, and make it easy for you to sell at "a figure

quite out of proportion to the cost of- erecting the
building.
The low price of building with the increased value
such homes give the land, make them a risk-proof in
vestment.
If you have town, or city lots, or farm land to sell,
or are interested in selling land in your vicinity, do
not neglect this opportunity to make the land sell it
self. Take advantage of the Gordon-Van Tine method
of building. The material will be sent you, ready-cut
or not ready-cut (as you prefer) with working directions
and at wholesale prices.
We will gladly send to any banker or real estate in
vestor, a complimentary copy of our book, “Gordon-Van
Tine Homes.” This shows 200 plans and photos with
wholesale prices at guaranteed cost. We guarantee
satisfaction or your money back.

Barn and Farm B uilding Catalog a lso free on req uest.

GORDON-VAN TINE COMPANY
6217 Case S ir e d

Davenport, Iow a
E s t a b lis h e d O v er H a lf a C en tu ry .

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Federal Reserve Bank of St. Louis

THE

NORTHWESTERN

BANKER

May, 1917

" " . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . " " S . . . . . . . . . . . .... . . . . . . . i . . . . . . . . . . . . . . . . . . . . . . . . . . . » .» . .m m .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ! _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ ■! ■■■. . . . . .

.... ""............... ..... ....... .......... ............ ..............................................¡........................¡B..___ ■............. I

Personal Paragraphs
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John W. Platten, president of the United States
Mortgage & Trust Company of New York, and chair
man of the executive committe of the trust companies
section of the American Bankers Association, called a
meeting recently, at which time resolutions were
passed offering the services of the trust companies
section to the United States to serve the country in
every way within their power. Some idea of the im
portance of this action may be gained when it is real
ized that the trust companies of the United States rep
resent today approximately nine billion dollars of bank
ing resources exclusive of the many billions of dollars
held in connection with their individual and corporate
trusts. This step on the part of the trust companies
should be an important factor in strengthening the po
sition of the government in facing the problems of war
finance, and adds an important element of strength to
the credit of the country.
John H. Trowbridge has recently become associated
with the Atlantic National Bank of New York, in its
new business department. Mr. Trowbridge was for
sixteen years connected in various capacities with the
Mechanics and Farmers Bank of Albany. He was one
of the charter members of the Albany Chapter of the
American Institute of Banking and has a wide ac
quaintance in banking circles.

IIIIIIIIIIIIIIIIMIIIIIMIIIIIIIIIIIIIIIHT ;
11■11■11111111111111111111111111111111111111117

The Bankers Trust Company of Des Moines, which;
was recently organized in Des Moines with B. F;
Kauffman as president, has leased the banking rooms
on Fifth and Walnut streets formerly occupied by the
Century Savings Bank and will use these as temporary,
quarters for their institution until such time as they
erect their own building.
$------- $------_ $
The Consolidated Income Account of the Sinclair Oil

& Refining Corporation, New York, for the months of
January and February shows net earnings of $2,119,949.93. Of this amount $128,904.48 was required for
fixed charges, leaving $1,991,044.45 available for de
preciation and dividends.
$------- $----— $
John W. Gorby, formerly president of the Chicago

Chapter of the American Institute of Banking, is being
urged by his friends to become an active candidate for
the national A. I. B. presidency. In commenting upon
his qualifications the members of the Chicago Chapter
passed resolutions, in which they stated: “Mr. Gorby
has served the Institute creditably in every position of
importance, from committee member to the presidency;
and is generally known as the father of the noteworthy
endowment plan inaugurated by him during his ad
ministration. It is a pleasure to work and converse
with him, and he is an ardent and untiring worker,

‘Identified with Chicago's Progress Since 1857 '

GO VERN M ENT
W AR LO AN

The character of this bank is reflected in the
personnel of its board of directors
.............. President Reid, Murdoch & Company
......................................Attorney and Capitalist
*: v i : * * • President Quaker Oats Company
marutxt u Ptpot W ■Pr®®ld.ent Chicago, Burlington & Quincy R. R. Co.
EDMUND D m lLBERT ™
C1UCag0 & Northwestera
Company
....................................... Trustee L. Z. Leiter Estate
TrnwAp
............................President Pullman Company
mDm ? DQOTnnYEES0N.............. Chairman Joseph T. Ryerson A Son
n n « L s K D...............................President Marshall Field A Company

Those subscribing to the loan
are cordially invited to avail
themselves of the facilities of
this bank, which are placed
unreservedly, without profit
or commission, at the disposal
of the public for subscription
to these bonds.

A-SPR A G U EII.............President Sprague, Warner A Company
HOMER A. STILLWELL,
.................President Butler Brothers
MOSES J. WENTWORTH...................; _
“ .
. Capiteikt

DEPARTMENTS

COMMERCIAL — SAVINGS — TRUST — BOND
—FARM LOAN—FOREIGN EXCHANGE—

Capital and Surplus — $10,000,000

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Federal Reserve Bank of St. Louis

A t l a n t i c N a t io n a l B a n k
257 Broadway , N ew York

TH E

May, 1917

NORTHWESTERN

being awake at all times to the needs of his fellowmen.”

$------ $------$

Hale Holden, president of the Chicago, Burlington

and Quincy Railroad Company, was recently elected
a member of the board of directors of the Merchants
Loan & Trust Company of Chicago.
$--------$-------$
The Live Stock National Bank of Omaha, accord

( The First National
( Bank of Chicago

ing to its last statement, shows every evidence of in I
creased prosperity, not only for its own institution, but
also for the Central West territory, which it covers.
The call of the Comptroller of the Currency for state
ment of banks for March 5, 1917, taking into account
all national banks of the five million dollar class and
upwards, reveals the fact that the Live Stock National
Bank of Omaha is the only bank in the United States
that has doubled its business and deposits for the year
ending that date. The capital of the Live Stock Na
tional is $400,000, the surplus and undivided profits
$205,000, and deposits over $7,269,000.00.
$ ------- $-------$
National CityBank ofNew Yorkestimates that the

commerce ofthe world forthe year 1916 reached a
total of $45,000,000,000, $5,000,000 in excess of the
former high record made in 1913. The United States
led the world, her commerce exceeding that of Great
Britain, the next highest by a little over $700,000,000.
$
$
$
Adolph F. Johnson, for many years with the Irving
National Bank, New York, and more recently a state
bank examiner, has gone with the National Bank of
Commerce, New York, to fill the newly created posi
tion of special examiner. Mr. Johnson has been active
in New York Chapter of the American. Institute of
Banking for many years, and has acquired an enviable
record in many lines, especially in debating.
$------------------$-$

have agreed to reinstate the em
ployes who give up their positions to enlist in the
army. This is indeed showing the right spirit and true
patriotism both on the part of employers and employes.
Sioux CityBanks

BANKER

welcomes and appre
ciates the accounts of
banks and bankers.
Its extensive clientele,
developed during
more than fifty years
of consistent service,
is splendid endorse
ment of the agreeable
and satisfactory rela
tions maintained with
correspondents.

$---------------$-$
TheExchange National Bank
of Tulsa,Okla.,

has
had a most wonderful growth in deposits in the past
seven years. In March, 1910, the deposits were $450,000.00; in March, 1915, they were $4,700,000.00; in
March, 1916, $9,400,000.00, and March, 1917, $18,600,000.00. The capital and surplus of the bank are $900,000.00 and the undivided profits, $300,000.00.

I
1
1

J
if
I

IÉ
F. O. W E T M O R E , President

FirstNational
1Bank«(Omaha
Capital and Surplus $1,500,000

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Federal Reserve Bank of St. Louis

The Bank of Direct S ervice
Over
1,000 Direct
C onnections.
Try Us!

The
Oldest
National Bank
in N ebraska

THE

NORTHWESTERN

CORN EXCHANGE
NATIONAL BANK
OF CHICAGO
C a p i t a l ........................ $ 3,000,000
S u r p lu s ........................
5,000,000
U ndivided Profits . .
2,000,000
D e p o s i t s .................... 90,000,000

O F F IC E R S
E R N E S T A. H AM ILL, President
C H A R L E S Li. H UTCH INSON, V ice-Presid en t
D. A . M OULTON, V ice-P resid en t
F R A N K W . SM ITH, Secretary
J. E D W A R D M AASS, Cashier
JA M E S G. W A K E F I E L D , A ssista n t Cashier
L E W IS E . G A R Y , A ssista n t Cashier
E D W A R D F . SC H O E N E C K , A ssista n t Cashier
D IR E C T O R S
W A TSO N F . B L A IR
E D W A R D B. B U T L E R
BEN JAM IN C A R P E N T E R
C L Y D E M. C A R R
E R N E S T A. H A M ILL
C H A R L E S H. H U LB U R D
C H A R L E S L. IIUTCH INSON
M A R T IN A. R Y E R S O N
E D W A R D A . SH EDD
R O B E R T J. T H O R N E
C H A R L E S H. W A C K E R
F oreign E xch an g e

Letters of Credit

Cable T ran sfers

Our fa cilities for handlin g th e accounts o f North
w estern B an kers are unexcelled.

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Federal Reserve Bank of St. Louis

BANKER

May, 1917

C. H. Stephenson, for a number of years assistant
cashier of the Iowa National Bank of Des Moines, has
been elected cashier of the Bankers Trust Company
which will open for business in Des Moines about
June 1st. Mr. Stephenson has always been a very pop
ular and efficient officer of the Iowa National, is well
known throughout the state among the country bank
ers and will prove a most capable managing officer of
the Bankers Trust Company.
| ------- $-------- $
David R. Forgan, president of the National Citv

Bank of Chicago, gave a very interesting address re
cently before the Des Moines Bankers Club, on “Golf
and Banking.” In the course of his remarks Mr. For
gan said: “Golf and banking and each to the other
are means to the other. A banker works for money
to be able to play golf and he plays golf to be healthy
to be able to be a banker. Physical, mental and moral
requirements are necessary to both. In golf he must
be able to judge distance, the wind, force and many
other things. He must not only know about them, but
must know how to do them. It is true the same way
in banking. ,A banker must not only know the func
tions of the business, but must have experience in do
ing them. The highest function is in making loans.
He must develop a sixth sense which enables him Ao
distinguish between a good and bad loan. He is mere
ly a creator and deals in credits. Golf is a game of
honor. You trust your opponent out of sight. All
business should be an affair of honor and the banker
should be above suspicion. No standard should be
too high for him. Many fortunes have been made in
the banking business, but it need not be a sordid affair
because money is part of it. He may keep his soul
and mind above meanness and sordidness. Also he
must learn to say ‘no’ as inoffensively as he says ‘yes.’ ”
$-------- $--------$
E. F. Rorebeck, second vice president of the Metro
politan Trust Company of New York, in an address be
fore the male employes of their institution, announced
that in the event of war the full salaries of all em
ployes who enlist would be continued, and their posi
tions would be retained for them until they returned,
as was the casé during the Mexican mobilization. Mr.
Rorebeck also said that those who desired to take the
weekly training in the School of the Soldier at Gov
ernor’s Island, would be excused early in the afternoon.
$--------$— -----$
Frederick A. Yard, formerly president of the Yard,
Otis & Taylor, Chicago, has disposed of his interests
in that company and has been elected a vice president
of the Union Trust Company and will have special
supervision of the bond department. Mr. Yard is ex
ceptionally well fitted to undertake this task through
his long experience as an underwriter and dealer in
bonds. He has been active in the investment market
of Chicago since 1904 and has been the head of the
former company since 1911. By joining the Union
Trust organization he brings to the bond department a
fund of energy and experience and an excellent record
for successful operations in both the field of buying
and selling securities. It is expected that the Union
Trust. Company will in the future assist materially
in increasing the importance of Chicago as a bond
market and that the business of the bank in this de
partment will show the same substantial increase that
has been witnessed in other departments in the past
few years.

TH E

May, 1917

NORTHWESTERN

Chas. B. Mills, vice president of the ScandinavianAmerican National Bank, Minneapolis, Minn., has
just returned from an extended business trip in the
East, where he went to gain a closer knowledge of the
financial conditions in New York since the entrance
of the United States into the war. We understand
that his report on conditions was that “Business as
usual” was being carried on as heretofore.

BANKER

War Loans
and the

United States

$-------- $------- $

The Northwestern National Life Insurance Company

of Minneapolis recently completed it biennial report.
Insurance Commissioner Hon. John B. Sanborn, in his
report of the examination, stated: “The result of this
examination shows that the affairs of the company are
being efficiently conducted. The condition shown by
this report will no doubt be gratifying to the officers
and policyholders of the company.”
$ - -------$---------$

D. E. Alldredge, assistant secretary of the Iowa Loan

& Trust at Des Moines, has resigned to become as
sistant cashier of the new Bankers Trust which opens
June 1st in the rooms formerly occupied by the Cen
tury Savings. Alldredge was with the old German
Savings for fifteen years and has been with the Iowa
Loan & Trust for two years.
$— -------$--------- $

Simon Casady, president of the Central State Bank,
Des Moines, returned recently from a visit of several
weeks on the Pacific Coast.
$---------- $----- — $
The Bankers Trust Company and The Astor Trust
Company of New York City have been merged. This

consolidation will give the Bankers Trust Company an
uptown branch .in a new, beautiful and thoroughly
modern building. The deposits of the combined insti
tutions will be considerably in excess of $300,000,000.
The earnings of both companies for the past several
years have shown a steady, consistent increase. The
Bankers- have beempaying an annual dividend of 20 per
cent since 1913; the Astor paid an annual dividend of
8 per cent in 1913 and 1914 and of 16 per cent in 1915
and 1916.
$ -------- $--------- $

IOWA GROUP MEETINGS.

Group

8—Muscatine ......................Friday, May 4

SOUTHERN GROUPS.
Group 5—Council B luffs................Tuesday, May 8
Group 9—C reston....... , . ........ Wednesday, May 9
Group 10—O ttum w a..................... Thursday, May 10
Group 7—Vinton ............................. Friday, May 11
NORTHERN GROUPS.
Group 1—Sioux C ity .................. .Monday, May 21
Group 2—Storm Lake .......... .... .Tuesday, May 22
Group 3—Iowa F a lls ................. Wednesday, May 23
Group 6—Marshalltown............... Thursday, May 24
Group 4—New H am pton.............. .Friday, May 25
CONVENTION DATES.

May
May
May
June
June
June
June
June
July

7- 9—Executive Council, A. B. A., Briarcliff
Manor, N. Y.
22-23—St. Joseph, Missouri.
24-25—Topeka, Kansas.
13-14—Glenwood Springs, Colorado.
14-15—Des Moines, Iowa.
20-21—St. Paul, Minnesota.
26-27—Milwaukee, Wisconsin.
26-27—Huron, South Dakota.
10-12—Fargo, North Dakota.

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

How American Wars since 1776
have been financed and these War
debts discharged; the economic
effect of War loans in this country
and in Europe; lessons taught by
experience and the opportunities
offered for the future are described
in a booklet entitled “ War Loans
and the United States,” issued and
sent upon request by the

Guaranty Trust Company
of New York
Capital and Surplus
Resources, more than

7 A e X (O

$40,000,000
$500,000,000

L lE C n O N

BANKVCHICAGO
OFFICERS
FREDERICK H. RAWSON, PRESIDENT
FREDERICK L. WILK, V. PRES.
HARRY A. WHEELER, V. PRES.
CHARLES R. HOLDEN, V. PRES.
CRAIG B. HAZLEWOOD, V. PRES.
FRANK P. SCHREIBER, CASHIER
CHARLES P. KENNING, ASST. CASH.
JOHN S. GLEASON, ASST. CASH.
EDWARD A. HOEFT, ASST. CASH.
H. LINDSAY WHEELER, ASST. CASH.
ALBERT SECKEL, ASST. CASH.

The department of Banks and Bankers,
including Collection Service, is in charge
of C. B. Hazlewood, Vice-President, and
H. Lindsay Wheeler and Albert Seckel,
Assistant Cashiers.
The U N IO N T R U S T C O M P A N Y is
an old , conservative bank, doing a strictly
commercial business. Established in 1869.

THE

NORTHWESTERN

1 Van Horn, Gluett &Company |
A Co-partnership, the Members of which are

CERTIFIED PUBLIC ACCOUNTANTS

BANKER

May, 1917

Sept. 11-13—Farm Mortgage Bankers, Minneapolis,
Minnesota.
Sept. 12-14—American Institute of Banking, Denver,
Colorado.
Sept. 24-30—American Bankers Association, Atlantic
City, N. J.
WM. N. JARNAGIN ELECTED PR ESIDENT
CENTRAL M ANUFACTURING DISTRICT
BANK, CHICAGO.

Audits—Investigations-Systems

Wm. N. Jarnagin, for many years assistant cashier
of the National City Bank of Chicago, was recently
=

CHICAGO

DES MOINES

1st National Bank Bldg.

S. & L. Building

Attractive F ixtu res are a

B A N K ’S B e s t ASSET
Then W hy N ot Get “Ehrlich” Fix
tures and Increase Your Business?

WM. N. JARNAGIN
President Central Manufacturing District
Bank, Chicago, 111.

Interior View of the First National Bank, of
Fremont, Nebraska.

If You so Desire W e "Will Help You
Design Them. "Write Us Today.

H. EHRLICH & SONS MEG. CO.
ST. JOSEPH, MO.

elected president of the Central Manufacturing District
Bank of that city. Mr. Jarnagin was born and reared
in Tennessee, and has been identified with the banking
business for many years. He began his banking work
with the National City Bank of New York, serving in

Fort Dearborn National Bank
CHICAGO, ILLINOIS
United States Depositary

DEPOSITS $42,000,000

CAPITAL AND SURPLUS $2,500,000
WM. A. TILDEN, P resident

WM . W. LE GROS, Ass ’t Cashier

NELSON N. LAMPERT, Vice -P res .

CHARLES L. BOYE, Ass ’t Cashier

HENRY R. KENT, Vice -P bes .

V M . L. McKEE, Ass ’t Cashier

JOHN FLETCHER, Vice -P res .

R. J. McKAY, Ass ’t Cashier

GEORGE H. WILSON, Vic e -P r e s .

WM. E. Me LALLEN, Ass ’t Cashier

MARCUS JACOBOWSKY, Vice -P res .
E. C. TUBBS, C a s h ie r

H. LAWTON, M gr. F oreign D ept .

***«« neats'**'

We particularly desire the accounts of banks. Our oflicer in charge is personally acquainted with conditions in your section.
_____________
We know your wants and wish to serve you.

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Federal Reserve Bank of St. Louis

May, 1917

THE

NORTHWESTERN

BANKER

all of the important departments of that institution, and 0 !IIIIIIIIIIIIC 3 ll!lllllillin illlilllIIIIC 3 IIIIIIIIIIIIC 3 l!IIIIIIIIIIE 3llllllllllllC 3IIIIIIIIIIIIC 3IIIIIIIIIIIIC 3IIIIilll!l!IC 3 lllllllllll!C « S *
traveling in various parts of the country on bank busi
ness. In this work he gained a thorough knowledge of
the fundamentals of banking.
CERTIFIED PUBLIC ACCOUNTANTS
When the Monroe National Bank of Chicago was (
organized, Mr. Vanderlip, president of the National
City Bank of New York, then being interested in the | C ertified B usiness a n d F inancial S ta te m e n ts |
Prepared.
|
Monroe Bank, sent Mr. Jarnagin to Chicago and he I
was made assistant cashier. Later he resigned this po
Special A u d its for Investors.

( H . N . H oldsw orth & Co. 1
j

|
|
|

P eriodical A u dits.
Special A u d its for B anks.
S y ste m s In sta lled .

| Telephone 332
Johnson County Bank Bldg. !
I
IOWA CITY, IOWA
»>3IIII!IIIIIIIE 3IIIIIIIIIIIK 3IIIIIIIIIIIII3IIIIIIIIIIIIC 3IlllIIIIIIIIE 3IIIillIII]IIE 3llIIIIIIIIIIC 3IIIIIIIIIIIIC 3IIIIIIIIIIIIC 3lllllllllim i&

J. R. BUNYA'N
Vice President Security Savings Bank,
Waterloo, Iowa.

sition to accept similar work with the Hamilton Na
tional Bank. When this latter bank was absorbed by
the National City Bank of Chicago Mr. Jarnagin came
to the National City Bank as assistant cashier, which
position he has held since that time.
The Peoples Trust and Savings Bank of Grand Junc
tion, Iowa, opened its doors to the public recently.
9..9..0 .

9 ..9 ..e ..c .

.o-a»

Leavitt & Johnson National Bank
^

MM" J W a t e r lo o , I o w a “ “

Capital, Surplus and Profits $300,000.00

Deposits $2,500,000.00

In any true estimate of a bank as in any true estimate of a man, the largest single factor is
ITS RECORD. Behind this bank lies a RECORD of sixty-one years of sound, progressive
banking and of unquestioned security for deposits.
The L. & J. particularly desires the deposits of Iowa banks.
OFFICERS
J. E. SEDGWICK, President
C. E. PICKET, Vice President
IRA RODAMAR, Cashier
C. L. KINGSLEY, Vice President
C. J. McNULTY, Assistant Cashier
J. O. TRUMBAUER, Vice President
FRED H. WRAY, Assistant Cashier

e*....o*.«. . o - . . . a . . « . . ...........................

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Federal Reserve Bank of St. Louis

THE

NORTHWESTERN

CHANGE MAKER
Especially for Banks.
Practical—Reliable.
Cannot “Short change.”
Impossible to press down key
unless the required coins are in
the coin-holder.
Prevents errors—Saves time.
Pleases customers.
Price is right—Guaranteed.

Tv# \

Pi1
Jr* ia

B. C. HOEFER
4128 W a ln u t S t.
K ANSAS C IT Y , M O .

BANKER

May, 1917

J. R. BUNYAN ELECTED VICE PR ESID EN T SE
CURITY SAVINGS BANK, WATERLOO, IA.
James R. Bunyan, of Chicago, has recently been
elected a director and vice president of the Security
Savings Bank of Waterloo, Iowa. Mr. Bunyan, at the
age of twenty, entered the employ of the First National
Bank of Chicago. For the past eighteen years he has
been successively associated with the First National
and the. Colonial Trust and Savings Bank of that city.
Mr. Bunyan comes to Waterloo highly recom
mended for his ability in the field of banking.

E. A. GREGORY ELECTED W ESTERN REPRE
SENTA TIV E OF FORT DEARBORN NA
TIONAL BANK, CHICAGO.
E. A. Gregory has recently been appointed western

Improved
New Style
Patent
Check
Sorter

$5.00
Over 500 in
use in Iowa
Dealers W anted

Samuel

D. Page & Co.

1013-15-17 W a ln u t S t.

M
S

D ES M O IN E S , IOW A

u s c a t i n e

t a t e

b a n k

MUSCATINE, IOWA

C apital
D ep o sits

$250,000
$2,400,000

You will like the personal service we give on all col
lections sent to us. We do not solicit your business—we trade you our service for it.
OFFICERS
P. M. MUSSER, President
E. L. McCOLM, Vice President
E. C. STOCKER, Vice President
EMIL WEBBLES, Cashier
W. J. FAYLE, Asst. Cashier
W. A. BLAKENEY, Asst. Cashier

ESTABLISHED
As a Private Bank, 1870. As a State Bank, 1896
47 Years of Continuous Service.

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

E. A. GREGORY
Western Representative Fort Dearborn Na
tional Bank, Chicago.

representative of the Fort Dearborn National Bank,
Chicago. He was formerly assistant cashier of the
Stock Yard Bank of St. Joseph, Mo.

IOW A BANKERS CONVENTION MEETS
JUNE 14TH AND 15TH.
The arrangements for the Iowa State Bankers Con
vention which meets in Des Moines on June 14th and
15th, are taking positive form. The entertainment
committee has held several meetings and the hotel
committee has completed plans for arranging rooms
for the guests. Cards will be mailed soon through the
State Secretary’s office to ascertain how many will be
in attendance.
A creditable showing is being made by the Kimballton
Danish Savings Bank, of Kimballton, Iowa. The bank
is progressing right along and each statement shows an
increase of business. The deposits one year ago were
$106,998.07, while the deposits as shown in their last
statement amount to $178,383.53, or a gain in one year
of over $70,000.

THE

May, 1917

NORTHWESTERN

BANKER
V

Metropolitan Trust Company
of the City of New York
is prepared and qualified to render
a high-grade service to correspondent
banks.

M A D E to o r d e r

GEO. C. VAN TU Y L, JR.
BEVERLY CHEW
E. F. ROREBECK
2d
J. F. McNAMARA
3d
H. B. THO RNE
4th
BERTRAM CRUGER
GEO. N. HARTMANN

N othing stronger can be offer
ed in any business than excep
tional skill— exceptional atten
tiveness.

President
Vice-President
Vice-President
Vice-President
Vice-President
Treasurer
Secretary

W e offer it in tailoring.
C apital a n d Surplus $7,000,000.00

Prices: $25, $30, $35 and

60 Wall Street

upward.

M ember New Y ork Clearing House

NICOLE The T ailor
• W~ Jerrems’ Sons •
24 Years at 502 Walnut
DES MOINES. IOWA

E s t a b lis h e d

$ 1 ,7 5 0 ,0 0 0 . 00

Capital and Surplus

WAR
Means that this country must produce more
meat.
Encourage the Live Stock Industry in
your community through a connection with

The Live Stock Exchange National Bank
of Chicago

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Federal Reserve Bank of St. Louis

THE

NORTHWESTERN

BANKER

May, 1917

Legal Opinions and D ecisions
Recent Cases of Interest.

This department contains each month excerpts from the

Bills and Notes.

latest decisions on banking and commercial law carefully
The Supreme Court of
A bank issuing a draft
selected from recent decisions of the supreme courts of
South Dakota in the re
and accepting a bill of lad
Iowa, Nebraska, Minnesota, North and South Dakota, and
cently decided case of
from other states when the decisions are of interest to
ing is held a holder in due
First National Bank vs.
our subscribers. Questions of interest to bankers will be
course without notice for
discussed and ANY SUBSCRIBER has the privilege of
Brule Bank decided a
consideration. First Na
writing
for
information
and
advice
on
any
legal
subject.
number of interesting
tional Bank vs. Grand
He will receive an immediate reply from our attorney
points involving construc
Rapids R. R., Michigan
without any fee or expense. A complete trial brief of any
tion of the Uniform Ne
subject involving exhaustive research in a complete Law
case, 161 N. W. 859.
Library will be furnished at any time for $10.00. In w rit
gotiable Instruments Act.
Questions and Answers.
ing for information, kindly enclose a 2-cent stamp for
Payment of a check is
B. has an account with
reply and address “ Legal Department," care The North
not acceptance thereof,
a bank. With permission
western Banker, Des Moines.
within the meaning of Sec.
of the cashier of the bank,
188 of the act, declaring effect of acceptance and cer who had no authority to grant such permission, he has
tification of check and specifying that endorsers are overdrawn his account. Can the bank recover the
thereby discharged.
amount of the overdraft?
Under Negotiable Insts. Act, Sections 65, 66, a bank
If the cashier without authority misappropriates the
by general endorsement of check drawn on another funds of the bank and allows money to be wrongfully
bank warrants to the other bank that the maker’s sig withdrawn and that money can be traced into the
nature is genuine and the drawee bank is entitled to hands of anyone aware of his breach of trust, and who
recover amount of forged check upon such warranty. participates in his wrong doing, recovery should not
Where an action is brought by one bank against be denied to the bank. Bank vs. Byram, 39 Maine 489.
another to recover amount of judgment against plain
Perkins drew a check on his bank, payable to the
tiff by depositor whose funds have been drawn out on order of Lewis, on December 31, 1916. The check was
forged check presented to plaintiff bank through de delivered to Lewis the same day. He endorsed the
fendant bank it is improper to allow attorney’s fees and check over to other parties residing in the same town.
costs in action of depositor against plaintiff bank as A few days later the same check, after having been in
part of plaintiff’s damages for breach of defendant several parties hands, was re-endorsed to Lewis. On
bank’s warranty of genuineness of instrument. 161 January 5th the bank on which the check was drawn
N. W. 616.
failed before check was presented. Can Lewis recover
the amount from Perkins, the drawer?
Chattel Mortgages.
In North Dakota the law forbidding the making of
The general rule is that a check must be presented
chattel mortgage on property not yet in existence does within a reasonable time after issue. If it is not so pre
not apply to an assignment of rights under an existing sented the drawer is discharged from all liability re
contract. Int. Harvester Co. vs. Hanson, 161 N. W. sulting from failure of drawee. As to what is a reason
608.
able length of time one of the common clearing house
Receivers.
rules in cities is that where all the parties live in the
The Nebraska Supreme Court in Cole vs. Adams, same city or town a check should be presented during
161 N. W. 1036, holds that in an action by a receiver banking hours on the next business day after it has
of an insolvent national bank to collect a stock assess issued and its circulation from hand to hand will not
ment the value of property delivered by stockholder to extend the time of presentment. Gordon vs LeVine
receiver to be credited on any subsequent levy may be Mass. 120, Am. State Rep. 565.
set off when the receiver refuses to return it and turns
Tupper made a deposit of several checks with his
it into the bank assets.
bank and the amount was credited to his account. Next

YOUR EVERY NEED
can be supplied by us without delay
and at the right prices. We have
the
most complete stock in the State,
We invite
you to make our store your
headquarters when in the city. Bank
and Commer
cial Stationery, Fixtures and
Furniture in wood or steel; in fact, everything] you
need. We solicit your inquiries.

McNAMARA-KENWORTHY CO.,

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

mo,m s

. .«

w a

May, 1917

THE.NORTHWESTERN

BANKER

day he was notified that one of the checks had been
OBSERVATIONS ON W AY TO HONOLULU.
returned and that he would be held liable as endorser.
(Continued from page 7.)
He denied liability and refused to pay same or to al
Speaking of a small world, we were all swimming at
low same to be charged to his account. It appeared the beach today, and who should be there but an old
that in fact the drawer was solvent, but that his ac friend well known in Des Moines; Billy Pearson, with
count had been withdrawn from the drawee bank. Can Marshall Field Co., for thirty years or more, and made
bank hold Tupper or must they look to the drawer Des Moines headquarters for years. Of course, we were
first?
delighted, and so it goes; we wonder who next.
I forgot to say at' Hilo the big sugar mills get their
The endorser warrants that the instrument is genu cane
water power; long conduits like they use to shoot
ine, that the parties to it are competent and that he has logs, by
run
over the place for miles, throw the cane in
title thereto. In addition he promises his endorsee these big all
troughs,
and have it at the mill in a few min
and every subsequent holder that he will pay it if on utes, all by continuous
water route.
presentment the drawee does not. If there is pre
Also,
just
missed
a
big
Shrine meeting to be held at the
sentment within a reasonable time as there appears to
have been in this case, the endorser Tupper can be volcano, and one of the local Shriners said it would be
some meeting. Holds for three days at the crater.
held. See 130 Am. State Reps. 1015.
Would need no hot sands (artificial) made by Monrad
Negotiable Instruments Law—Section 15.
Olsen, George Kemp or Ad Mills of Nevada; al
Where an incomplete instrument has not been de ready prepared in hundreds of places. It sure
livered it will not if completed and delivered without would be some sight, and was awful sorry we had to be
authority, be a valid contract in the hands of any hold on our way. Hot as midsummer at home, and you do
er, as against any person whose signature was- placed not wonder that they all say Manyano or some such
word. More autos here and at the volcano than in Iowa.
thereon before delivery.
Same sized town, and all makes, from Fords up. Every
Where a blank acceptance which has been given to thing here looks tropical, cocoanuts, bananas, pineapples
a person was stolen and another filled in his name and in every block almost.
negotiated the bill it was held there could be no re
covery on the acceptance, even by an innocent holder.
Your Banks and
Linnick vs. Nutting, 140 N. Y. Appeals 265.
Homes have the
best of Furniture.
Where a promissory note is delivered by the maker
Our Magic Furniture, Piano, Auto Cleaner and Polisher (odor
to the payee upon a verbal agreement that the instru
less, harmless and easy to use) has no equal. For sale every
ment shall have no effect until certain others had
where. Use ALBRITE. Call for it. If your dealer doesn’t
signed, the paper will have no validity as between the
cdT s iim o , n e s . l:ow a A
LBRITE MFG. CO., Inc.
original parties, unless so completed. Hodge vs. Smith,
130 Wisconsin 326.

NOTICE, BANKERS!

A N A T I O N A L C L E A R I N G HOUSE

F or the Confidential S ale of B anks
OVER TWELVE YEARS’ EXPERI ENCE

T he C harles E. W alters C ompany
(INCORPORATED)

1422-1430 FIRST NATIONAL BANK BUILDING

OMAHA, NEBRASKA
PORTLAND, OREGON

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

KANSAS CITY, MISSOURI

THE

NORTHWESTERN

May, 1917

BA. NKER

L. L. MORTIMER ELECTED VICE PR ESIDENT
OF TH E CITIZENS SAVINGS BANK,
DALLAS CENTER, IOWA.

“All Aboard the Magic Carpet’

At the annual meeting of the board of directors of
the Citizens Savings Bank of Dallas Center, Iowa, L.
L. Mortimer was elected vice president to succeed Geo.
H. Barrett and L. S. Emmert was elected assistant
cashier to succeed A. Emmert.
Geo. W. Hammond is president and S. E. Emmert
is cashier.
The bank has made a steady growth and is one of
the most substantial institutions of the community.

Scene from “A ll A board the M agic Carpet.

“As a direct result of this advertisement, on
the day following the exhibition of the picture
we sold ‘A .B. A. *Cheques amounting to ___ .”
(twice the amount sold in the four preceding
years)

The above is typical of comments re
ceived from banks showing the motion
picture film, “All Aboard the Magic
Carpet.” This picture demonstrates by
an interesting travel narrative inter
woven with romance and humor, the
advantages of “A. B. A.” Cheques for
travelers.
Hundreds of banks have shown this film,
and write that they consider it excellent
advertising for their own banks as well
as for “A. B. A.” Cheques. They report that
the picture is enthusiastically received
by the audiences; that its use is appre
ciated by theatre managers; and that
many sales of “A. B. A.” Cheques and
inquiries about them result from the
showing.
Has your bank used this attractive
feature, w h ich is fu rnished without
charge ?
I n q u ir ie s a d d r e s s e d to o u r A d v e r t i s i n g
D e p a r t m e n t w i l l b e g iv e n p r o m p t
a tte n tio n .

Bankers T rust Company
16 W all Street

New York

Resources, over $ 2 5 0,000,000

JAS. P. MARTIN, Vice-President
F. E. GILL, Vice-President

FARMERS STATE BANK, BATAVIA, IOWA, RE
ELECTS ITS OFFICERS.

The Farmers State Bank, Batavia, Iowa, recently
held its third annual meeting, and re-elected the fol
lowing officers: Judson Curtis, president; L. E. Cope
land, vice president; Verner D. Koons, cashier, and
Powel D. Morley, assistant cashier. An 8% dividend
was declared and the surplus increased to $4,000, all
earned. The deposits are now $150,000, showing an
increase of about $50,000 for the past year.
GUARANTY TRUST & SAVINGS BANK TO BE
ORGANIZED IN DES MOINES.

Plans for the organization of a new bank with a cap
italization of $100,000, to be known as the Guaranty
Trust and Savings Bank of Des Moines, are under way
by Willard V. Mathews, of Omaha, president of the
Guaranty Securities Company of Iowa; L. B. Fuller,
secretary of the Guaranty Securities Company of Ne
braska and Colorado; L. D. Eykleboom, manager of
the Guaranty Securities Company of Colorado, at Den
ver, and S. G. Moore, secretary and manager of the
Guaranty Securities Company of Des Moines.
This new company will specialize in the trust and
savings business, but will be equipped to do general
banking.
TRACTORS H ELP INCREASE FOOD SUPPLY.

(Continued from page 12.)
question at all but that it will do it cheaper when we re
member that horses only work an average of ioo days in
the year, although they eat every day, whereas a Tractor
works as cheap as horses on the days of actual work and
are no expense when not working.
The farm power question is only one of the many im
portant questions confronting the producer, but it seems
to me that it is one of the most vital and is certainly
worthy of the most earnest consideration of every per
son who is in any way connected with agriculture.

T. F. HARRINGTON. President

W. G. DUNKLE, Cash!s t
R. NASH, Ass’t Cashier

CONTINENTAL NATIONAL BANK
SIOUX CITY, IOWA

C apital $100,000.00

S u rp lu s $10,000.00

W e k n ow that our e x p e rien ce , k n o w led g e, a b ility , sy stem ,
organization, m odern m eth ods and e n e rg y w o u ld w o r k great
ly to you r b e n e iit 11 y o u g iv e u s the opportunity to se r v e you.
DIRECTORS
T. F. HARRINGTON
J. P. MULHALL
JAMES P. MARTIN

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

M. KASS
F. E. GILL
A. J. MORE

m . F. McD o w e l l
C. F. GREEN
W . G. DUNKLE

THE

May, 1917

NORTHWESTERN

BANKER

GROUPS 8 AND 9, I. B. A.

Group 8 of the Iowa Bankers Asso
ciation will meet in Muscatine on May
4th, at which time the address of wel
come will be given by Mayor R. S. Mc
Nutt, responded to by J. H. Stouffer,
of Walcott, chairman. Addresses will
be given by I. B. Richman, of Musca
tine, and Wm. McIntyre, of Rock
Island. Five-minute talks of interest
to the banking fraternity will be given
by H. M. Carpenter, Monticello; D. V.
Jackson, Muscatine; Wm. Heuer, Dav
enport; G. L. Schoonover, Anamosa;
H. F. Giessler, Muscatine; F. B. Yetter, Davenport, and A. C. Smith, Clin
ton.
Group 9 will meet in Creston on May
9th. A banquet will be enjoyed at
noon, at which Hon. J. B. Harsh will
preside as toastmaster. The address of
welcome will be given by Mayor J. C.
Ferguson, response by Frank Demning.
An address on “Inside Banking” will
be given by C. F. Herb, vice president
of the Missisippi Valley Trust Co., of
St. Louis. Prof. J. W. Coverdale, of
Ames, will talk on the “County Agents’
Work.” Report of committees and
election of officers will follow and the
meeting will close in the evening with
a buffet lunch and smoker..
STATE SAVINGS BANK, MODALE, IOWA, SHOWS LARGE
GROWTH IN DEPOSITS.

The State Savings Bank, of Modale,
Iowa, although a small institution, has
made a remarkable growth during the
past year as witnessed by the followingquarterly deposit totals: July 22, 1916,
total deposits $106,493.54; October 22,
1916, total deposits, $127,733.67; Janu
ary 22, 1917, total deposits, $156,906.36;
April 22, 1917, total deposits, $219,481.41. An increase of $112,987.87, or
106.1% in nine months.
The officers of the above institution
are: John Young, president; H. M.
Silsby, vice president; R. S. Sassaman,
cashier, and P. J. Morrow, assistant
cashier.

Y j Q Q 1c (XÍl
+
C llw

Will Building Ever be Done
At as Low a Cost as Formerly
ANY prospective building owners are
postponing operations on account of
the seeming abnormal prices of ma
terials and labor conditions, war and so on.
Economists, bankers and the keenest and
best builders in the land agree that if such
owners of property are willing to wait from
3 to 5 years they may be accommodated in
securing what will then be “normal” prices.
But it is not a question of months, rather
more certain to be 5 than 3 years.
And the normal prices of that time will
be far in excess of the present, for never
again will they be as they have been, no
more than will beef ever be as low as when
cattle swarmed over the free ranges of the
West.
Indeed, experts urge that if a building is
needed before 6 years, it should be con
tracted for NOW, for prices are soaring
steadily upward.
Now, as at any time, and more than at
any time, design and mode of construction
have much to do with keeping down build
ing costs. And that there is a decided ad
vantage to be gained by the building owner
who employs the Modern Building Organiza
tion with its corps of Architects, Structural
Engineers, Building Material Experts and
Purchasers and its trained bodies of skilled
artisans, all working in cooperation to keep
down costs, and keep up the standards, will
readily be understood by anyone who has
had experience with the old and disorganized
method of ArchitecDContractor-Subcontractor plan of conducting building design and
construction.
It will be time profitably spent to study
this Organization’s plan of rendering archi
tectural and building service under a single
contract. Details upon request.

'Rankers R ealty Jnvestment
Qompany (In co rp o ra ted )
A S S E T S OVER $1,800,000

ARCHITECTS & BUILDERS
O f fic e s —G ro u n d F lo o r B e e B ld g .

OMAHA, NEB.

As a Distributing Center Chicago Is in a Class by Itself

A / T ^ yv i IT E M S handled through our Transit Department are sent
d V x C t J / 1 direct—or through but one intermediary. This department
is under the direct supervison of one of our Vice Presidents, and we
invite your inquiry regardi p ,
0
i
ing c o l l e c t i o n f a c i l i t i e s
| J^ 0 I N c X tlO I ia i l ^ l t y O c U lK
OF CHICAGO
DAV ID R . FO R G A N , P r e s id e n t

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

THE

NORTHWESTERN

BANKER

May, 1917

A. C. SMITH SECURES 89 NEW MEMBERS FOR
A. B. A. IN IOWA.

said: “I want to thank you on behalf of the associa
tion for your most excellent work in increasing our
A. C. Smith, vice president of the City National membership. You have a record, I believe, about Num
Bank of Clinton, Iowa, and a candidate for membership ber 3, and you are credited with eighty-nine new mem
bers to date. Of course, this runs back to your most
excellent work when you were vice president of our
association for Iowa last year.
_“Most likely you are aware that I am not in a posi
tion to take part in the politics of the association or the
state associations, but I do believe that the men who
are elected to our executive council should be men who
have been active in association work, and that have
been loyal and sincere in the work of the American
Bankers Association—so that I can only wish that
Iowa will place you on our executive council, as there
will be two positions to fill.”
Many bankers throughout the state believe that Mr.
Smith is entitled to a place on the executive council
due to the fact that through his untiring efforts he has
created the place which they are sure he can fill with
credit to himself and honor to the association.
ALL ABOARD FOR IOW A GROUP MEETINGS.

Secretary Frank Warner, now that the legislative
session has closed, has made the finishing preparations
for the Iowa Bank Group Meeting Specials. Two beau
tiful Pullman cars have been chartered. Final details
have been communicated to all who have made reser
vations. The special cars will be attached to the regu
lar trains; all traveling will be done at night. There
will be a splendid representation of Iowa bankers from
every section of the state. Secretary Warner is en
deavoring to make room for all who desire reserva
tions, but as only two Pullman cars are to be used, it is
A. C. SMITH
necessary that these applications be in his hands at
Vice President 'City National Bank, Clinton,
once.
Iowa.
Some of the men who will be on the “Special” at
least a part of the time are: J. E. Coverdale, State
Leader of County Agents; P. C. Taff, Head of Exten
on the executive council has made a. most enviable rec sion Department at Iowa State Agricultural College;
ord for himself by securing eighty-nine new members N. A. Briscoe, Head of Banking Department of Iowa
for thé national association, thus ranking third in the University, and Woodworth Clum, secretary of Great
er Iowa Association. These men will appear on the
United States in securing new members.
program only as they may have been previously in
In a recent letter which Mr. Smith received from vited by the group officers or bankers of the entertain
Col. Farnsworth, general secretary of the A. B. A., he ing cities.

The distinctive character of our bank
buildings is not due to expensive con
struction, but rather to knowledge and
skill which can only be acquired by
long years of experience.
The construction and equipment of
bank buildings which we follow ex
clusively has become a very special
and technical branch of architecture.

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

THE

May, 1917

NORTHWESTERN

BANKER

PliliiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiliiiiiiiiiiiiiiiiiiililillliiiiiiiiiiiiiiiiiiÑiiiiiiiiiiiiiiiiiiiiiiiiiiiinliiiiiiiiiiiiiiiniiiiiiiliiiiiiiiiiiiiiiiiiiiiiiiiiii^

D id YOU K n o w -

That “The New Edison” is not a Talking

Machine?

It’s a Fact—That the music critics of over 400 of America’s leading newspapers
have freely proclaimed in their columns.

They S a y — The Edison is truly a musical instrument and that it has made
“Talking Machines” a thing of the past.

Som e D ay— Your own home will need to have an “Edison.”
Ju st As No Hom e— was fully complete in the past until it had a modern
upright piano in it,

So T oday— and tomorrow neither your home nor any other will be musically
complete until it is equipped with an Edison Instrument.

Even Though— you may have had a square piano or a cottage organ—yet
you weren’t satisfied until you traded off for the improved
instrument.

Nor W ill You— be s a tis f ie d —even though
you may own some kind of a
“Needle Talking Machine,” until
you trade it off for a real musical
instrument—an Edison Disc Phono
graph which* truly re-creates music
in all its rich mellow tones, colors
and shadings.

W rite Us T oday— for catalogues and name of
nearest dealer.

& Blish, Inc.
“ 30 Years in th e M usic B usiness ”

Des Moines
aimnniiiiiiiiiiiiiimiiiiiiM

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Federal Reserve Bank of St. Louis

Sioux City

THE

NORTHWESTERN

BANKER

May, 1917

How We Advertise Our Bank
By S. L. Frazier

Each month Mr. Frazier presents, under this Department,
Cashier’s Checks.
reason why our certifi
an article, giving his ideas, plans and methods on how to
This form of deposit
cates are so popular is be
successfully advertise a country bank. The suggestions are
comes in handy where you
cause they are as quick an
ones that you can put into actual use in conducting your
do not wish to run a regu
asset as the open account,
institution, because they have all been tried and tested by
experience.
lar checking account, nor
should you need the cash,
leave your money long enough to draw interest. It is for in thirty-five years we have never refused to pay a
a convenient way of handling your demand deposit, certificate whether due or not. If not due, the interest
other than the open account. A cashier’s check is ne to be forfeited. You could not compel your banker
gotiable paper and can be used anywhere with proper to pay a certificate before maturity any more than he
endorsement. One cannot check against a deposit of could force you to pay a note before due: However,
this kind. This is a check drawn by some officer of the the public expects a good deal of its bankers and we
bank on itself, and costs you nothing, so when you have made it a rule to pay certificates at any time and
have money to deposit on demand, call for a cashier’s thus meet the expectations of the public. No safe and
check, providing, of course, you have no checking ac sane banker will guarantee to pay a certificate except
count.
according to its terms. All he can do is to say that
Certificates of Deposit.
the bank has never refused to pay, any old time, and
When you wish to deposit and draw interest call for that it hopes to follow that custom, yet as a matter of
a six or twelve-months’ certificate. The interest rate at self preservation he reserves the right to refuse to pay
the present time, in country banks at least, is four per a certificate before maturity, should he deem it for the
cent per annum. The certificate is also transferable by best interests of the bank and its customers to do so.
endorsement.
Should . you
____________________
The Savings Account.
wish to use it in a deal you can
A great, many country
sell, assign and transfer same
banks, as well as practically
“A healthy account in a healthy bank is a
as a note. Like a cashier’s
all city banks, operate a sav
healthy kind of business. If you want to be
check, a certificate cannot be
Healthy and Wealthy, all you have to do is “ Be
ings account department. The
Wise.” Take good care of your body and take
checked against. We speak of
law governing savings is dif
good
care
of
your
money
and
you
will
live
long
this, and have emphasized it,
ferent in some respects from
and prosper and be happy, without doubt. The
for the reason that it happens
the other forms of deposit. A
road to Success is a continual climb, and it’s
quite often that depositors not
a long way to “Tipperary,” but if your heart is
savings bank can demand a
“right there,” you can make it. It is all a mat
familiar with these matters
sixty-day notice of intention
ter of persistence, endurance, keeping ever
draw checks against these
to
withdraw the deposit,
lastingly at it, being able to go the distance,
forms of deposit to the great
should its directors so elect,
having courage, taking the ladder round by
annoyance of the banker and
but this is a privilege never re
round, letting well enough alone, being satis
fied in just getting ahead, sticking to your text,
their own confusion.
sorted to excepting in a panic
getting under the Big Tent, standing pat, and
Certificates should be pre
or when hard pressed for
being a man among men, all the time.”
sented for payment, or renew
ready money. In a deposit of
al, when due, as banks do not
______this character the bank fur
pay interest after due. for
nishes the depositor a pass
good reasons. It is generally conceded by conservative book in which your deposits are entered from time to
and well-managed banks that four per cent is all they time and which must be presented when you wish to
can afford to pay, and many city banks pay less. Some draw money or close the account. If at a distance you
times banks in their extremity pay more than the go can go to a local bank, turn in your bank book and is
ing rate as an inducement and a bid for deposits held sue a sight draft on the deposit bank, which the local
by other banks, but to the thinking man such a move banker mails to your bank and it in turn mails a
must be regarded as a sign of weakness. One great check back for the amount your due. Some savings

S E C U R IT Y

N A T IO N A L

BANK

SIOUX CITY, IOWA

Capital and Surplus $500,000
T. A . BLACK, V ic e - P r e s id e n t
C. W . BRITTON, C a s h ie r

W . P . MANLEY, P r e s id e n t

C. G. CUMMINS, A s s ’t C a s h ie r
L. R . MANLEY* A s s 't C a s h ie r

The Best of Service in Handling Collections and Accounts of Banks
F o u n d e d 1884

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Federal Reserve Bank of St. Louis

May, 1917

TH E

NORTHWESTERN

banks enter the interest on your ac
count to your credit each month and
others every quarter and possibly
others have a different system of pay
ing interest.
The open account, cashier’s checks,
certificates of deposit, the savings ac
count—and that covers it all.
We recommend our six months’ cer
tificate on which we pay 4 per cent.
Add the interest to the principal every
six months and persist in doing so and
you will be surprised how your money
will grow, aided and abetted by Mr.
Compound Interest. The Saving Habit
is a Saving Grace. It will save you
many annoyances, many inconveni
ences, many hardships, many discour
agements, many sleepless nights, many
dark days, many regrets, much unhap
piness, much family discord, much old
age poverty, many heartaches, many
unnecessary burdens in the after years,
many a trip to the poor house, many a
failure, many a crime for poverty is a
fruitful source of divorce, suicide, ar
son, theft, etc. The thrifty habit is the
best little old habit we know of, for the
thrifty fellow is too busy making
money and saving a part of it to spend
it foolishly and that is where the trou
ble comes in, spending one’s money
foolishly. That is why there is so much
poverty and so much distress and so
many dismal failures in life because
people spend their money unwisely.
The saving habit is the mother of many
other good habits. It makes a young
man steady. It gives him self-control.
It keeps him in the straight and nar
row way. It develops character. It
wins him a reputation. It gives him
pose and poise. It causes him to shun
the primrose path because he refuses
to spend his money foolishly. It gives
him self-respect and makes him whole
some. It enables him to command the
respect of others. It makes a man of
him. This is what the saving habit will
do for a young fellow. Surely then the
(Continued on page 74.)

c lÄ fo u

B»

BANKER

Ca n

c Jom m i

O n ly a l i t t l e d im e, or a n ic k e l an d a l i t t l e “s t i c k - t o - i t ” is a ll y o u n eed ,
t0 ^ B r in g 1th e d im e or ^nickel in to ou r b a n k an d jo in °u r C h r istm a s B a n k in g
Club. T h en ea ch w e e k in c r e a s e y o u r d e p o sit th e sa m e a m o u n t, i t y
h a v e n ’t th e d im e or n ic k e l 2 c e n ts or 1 c e n t w ill do.
In 50 w e e k s :
1 0 -c e n t
clu b p a y s ................. $127..>0
5-cent
2-cent
1-cent

clubp ays................
clubpays..................
clubpays..................

63.75
25,50
12.75

Or i f y o u are “flu sh ” r ig h t n o w b e g in w it h th e la r g e s t p a y m e n t an d
d e c r e a se y o u r p a y m e n ts ea ch w e e k .
I I
-We a lso h a v e 5 0 -cen t, $1.00 an d $5.00 or m o re c lu b s w h e r e y o u p a y in
th e sa m e a m o u n t ea ch w e e k .
W e a d d ___ '............p er c e n t i n t e r e s t ................................

__________ BANK’S NAME HERE________________
Our CHRISTMAS BAN K ING CLUB is a tremendous success. A simple and
practical plan to get a large number of depositors. Operates Pass Book and
Card Index System. Easy to install. Easy to run. ^
Be Sure and Investigate Our Plan. ]

THE OUTCAULT ADVERTISING CO.
1135 Caxton Building

(.Please mention this paper when writing)

Chicago,.111.

ADVANTAGES
Because of its immense stocks and the excellence of
the furniture it provides, this store has advantages
not to be found anywhere else in Iowa for the per
son who wants refined, individual and artistic fur
nishings and decorations in his home.
» I
■ H

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

Home Outfitters
DES MOINES, IOWA

THE

NORTHWESTERN

BANKER'

May, 1917

Vital Facts About Life Insurance
By Louis E. Knocke

If anyone will turn to
This article presents some very interesting and vital
something. We eat to in
facts about life insurance, which will prove of value to
the 34th verse of the 41s|
sure against hunger. We
every banker. Mr. Knocke is secretary of the Register Life
chapter of Genesis, he may
Insurance Company of Davenport, Iowa, and is recognized
drink to insure against
read there these words:
as a man of high standing in the insurance world and
thirst.
We build houses
/ ‘Let him appoint offi
what he has to say is based on actual experience.
to
insure
against heat in
cers over the land,' and
summer
and
in win
take up the fifth part of the land of Egypt in the seven ter. Insurance? Why, it’s everywhere. cold
Even in na
plenteous years.”
ture we find the fundamental principles of life insur
These words were spoken by Joseph and, according ance, help for the helpless. The birds of the air pro
to the late Rev. T. DeWitt Talmage, Joseph then and vide food and shelter for their nestlings. The beasts
there became the president of the first life insurance of the field minister to the needs of their helpless off
company in the world’s history.
spring.
You all remember the Bible story. How Pharoah The beasts of the field minister to the needs of their
had a distracting dream about seven fat, glossy cows helpless offspring.
that were devoured by seven lean, gaunt, hungry cows,
In spite of this, there is probably no subject of equal
and how Joseph, inspired of God, interpreted the importance concerning which the public is so poorly
dream to mean that there were __________________
informed.
to be seven years of plenty to
In the first place, let us see
“ It is known that 82% of the value of com
be followed by seven years of
if we may not have a definition
bustible property in this country is insured
famine, and advised the king to
against fire, but that only 7% of the estimated
of life insurance which can be
have his people save one-fifth
value of American lives is covered by life in
readily understood. It may be
surance.
And
yet,
it
is
claimed
that
sevenof the crop of the years of plen
described simply as money in
eighths of what Americans leave at death is
ty, to insure them against want
demnity for an income-produc
life insurance. It is a grim fact that nineteen
during the years of famine.
out of twenty fail to provide for old age or for
ing life; a method of distribut
Historians tell us that Dr.
their families; that 8,000,000 women must work
ing the loss on such a life
to live; that 35% of the widows are in want,
Anhate of Lincolnshire, Eng
among
a large number of in
while 90% of them lack the common comforts
land, originated the first life
dividuals, each of whom is will
of life; that 90% of the men who have engaged
insurance company in 1698,
in active business fail to reach old age with a
ing to bear his small share of
but that life insurance did not
competency; and 90% of the children who enter
that
loss upon being assured
school at the age of six must leave and go to
really take definite form until
that
he
in like manner is to be
work before they complete the eighth grade.
the Equitable Life Assurance
indemnified against the loss on
“These statistics may be multiplied a score of
Society of London (which is
times— but is there anyone who, after hearing
his own life. When buildings
still in existence) was organ
just these few, thinks the life insurance busi
are
destroyed by fire, or ships
ness is overdone? The fact is, we haven’t be
ized in 1762. But Talmage says
are lost at sea, certain values
gun
to
do
the
life
insurance
business
that
ought
that the first life insurance
are destroyed. Fire and marine
to be done. Not until we cover at least 90%
company is as old as the cornof the value of American lives in place of 7%
insurance replace, to a certain
may we be said to be approaching a point
cribs of Egypt and that God
extent,
that loss. So, when a
where we may let up a little in our efforts to get
Himself was its author and
prospective human life ends, a
men to insure.”
originator.
certain money value is lost. Life
I wonder if any of you have
insurance replaces, in part, that
ever thought of what a universal thing insurance is, loss. It is intended to take the place, therefore, not
and how closely it touches the life of every individual, of the life itself, but of the earning power of that life,
whether he realizes it or not?
machine, capable of producing each year a certain
I believe it may consistently be said that we seldom
Let us put it this w ay; Here we have a very delicate
do anything that is not for the purpose of insuring amount of value—let us say cloth, for example. We in-

N E W FARM MORTGAGE LIFE IN SU R A N C E

G uaranty Life Insurance Com pany
Davenport, Iowa
The District that is Feeding the World Today is Our Field.
Special Proposition for Bankers and Bank Employees.

L. J. D O U G H ERTY , Secretary and General Manager
LANE BUILDING

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

DAVENPORT, IOW A

May, 1917

THE

NORTHWESTERN

sure this machine, not because of the value of the tiiaterials in the machine (which may be insignificant),
but because of its power to produce value. It’s the
same with a value-producing human life. It is in
sured because its termination would mean a money loss
to other lives.
It is known that 82% of the value of combustible
property in this country is insured against fire, but that
only 7% of the estimated value of American lives is
covered by insurance. And yet, it is claimed
that seven-eighths of what Americans leave
at death, is life insurance. It is a grim fact that nine
teen out of twenty fail to provide for old age or for
their families; that 8,000,000 women must work to live;
that 35% of the widows are in want, while 90% of
them lack the common comforts of life that 90% of
the men who have engaged in active business fail to
reach old age with a competency; and 90% of the chil
dren who enter school at the age of six must leave and
go to work before they complete the eighth grade.
These statistics may be multiplied a score of times
—but is there anyone who, after hearing just these few,
thinks the life insurance business is overdone? The
fact is, we haven’t begun to do the life insurance busi
ness that ought to be done. Not until we cover at
least 90% of the value of American lives in place of
7%, may we be said to be approaching a point where
we insurance men may let up a little in our efforts to
get men to insure.
But, while it is true we have not yet scratched the
surface of this business, I want to give you a few fig
ures which will show that some big things have been
accomplished.
At the beginning of 1916, which is the latest date for
which we have anywhere near complete figures, there
were insured in the United States, over 42,485,137 peo
ple, carrying approximately $22,708,470,532 of insur
ance. To protect this huge obligation and to provide
for its ultimate payment, the companies held in trust
on that date approximately $5,220,880,848.
When we consider that these figures do not include
all the old-line companies—only those of recognized
standing—nor any of the business of the assessment
associations or fraternal orders, nor .any of the big
business written in 1916—then it begins to dawn upon
us in a mild way, that the life insurance business is
some business. And we also begin to realize what a
sacred trust it is to administer these enormous funds
for the benefit of those to whom they belong.
The principles upon which this business rests are sci
entifically correct, and the collections for meeting its
obligations are mathematically sufficient. Properly

BANKER

10WA NATIONAL FIRE INS. CO.
312-313-314-315 H1PPEE BLDG.

DES MOINES, IOWA
JO H N L. BLEAKLY, President
C. M . SPE N C E R ,
F. L. M IN E R ,
Secretary
V ic e Pres.
F R A N K P. F L Y N N ,
C. S. V A N C E ,
Treasurer
2nd V ic e Pres.

Capital
Subscribed

1 S u r p l u s
S fv
Subscribed

IBtvjl

$5«»,«00.00

$500,000.00

POLICY HOLDERS
Will Patronize an IOWA Company
Guaranteed by IOWA Capital
Managed by IOWA Men
IOWA BANKERS Recognize the Advantage of Pro
tecting IOWA CREDIT with IOWA INSURANCE
R e lia b le A g e n ts W a n te d in E v e r y C ity in I o w a .
W r ite to t h e C o m p a n y or
H. P. R OSSER,
Supt. of Agents

Bo s t o n . M a s s a c h u s e t t s

Organized in 1862 under the laws of Massachusetts.
ASSETS
LIABILITIES
SURPLUS

$141,542,204.93
$133,487,937.96
$ 8,054,266.97

“THE POLICYHOLDERS’ COMPANY’’ ’
Live-wire service given all agency connections. For
information wire

HENRY G. WISCHMEYER, General Agent
701-3 Hippee Bldg:.
D es M oines, Iowa
The Service Agency

im
BE A PATRO N OF YOUR LOCAL BAN K.
BUILD YOUR DEPOSITS B Y SAVINGS.
- - - BE A D E P O S I T O R ------

THE ROYAL UNION MUTUAL LIFE INSURANCE COMPANY
DES MOINES, IOWA
rpAKE from your hank deposit the small necessary amount annually to make
insurance an important part of your estate.
method of acquiring enlarged estates.

Life

insurance

the

life
installment

PAYABLE IN CASH WHETHER YOU LIVE OR DIE
SIDNEY A . FOSTER, S e c r e t a r y

Good A gen cies Open

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

FRANK D. JACKSON, P r e s id e n t

THE

NORTHWESTERN

Iowa’s First
Multiple Line Insurance
Company
Over $300,000.00
of Capital Deposited with Iowa Insurance Department

Now writing casualty lines.
Our Automobile Liability and
Property Damage rates will get
the business.
We are making agency con
tracts now. Write

A . G. OGLE
2nd V ice P resid en t

BANKER

May, 1917

conducted old-line companies, therefore, are absolutely
safe. So well is this fact becoming known that we
need not be surprised if soon we shall hear the expres
sion, “Safe as an old-line life insurance company,” in
place of “Safe as the Bank of England.”
The elementary principles upon which life insurance
is founded are quite easily understood. It is the minute
mathematical calculations necessary for the working
out .of these principles that are bewildering to those
not familiar with them. Take for example a joint life
policy, which is issued on two lives, payable to the
survivor in the event of the death of either. At first
thought the method for calculating a rate for such a
policy would appear simple: just take the rate for the
age of each person and average it, and there you are.
But no, it’s not that easy. I understand that the com
plications in getting a rate for such a contract are so
great as to require six hundred and sixty-six calcula
tions for each set of age combinations. Still, to such a
point has actuarial knowledge come, that different ac
tuaries, working independently of each other, will
when presented with the same sets of probabilities, se
cure precisely the same result.
Starting with the Ordinary Life policy (sometimes
called “Whole Life”), which is the standard and reprecents pure life insurance in its simplest form, we have
now reached a point where, to meet the various desires
of the insuring public, hundreds of different forms of
policies are issued, while new ones are constantly being
devised.
With such a multiplicity of contracts to choose from,
it is no wonder that it becomes hard for one to deter
mine which is best to take. Naturally one wants the

Great Western Accident Insurance Company
DES MOINES, IOWA
Iow a’s L argest and Strongest H ealth and Accident Company
S ta t e m e n t D e c e m b e r 31, 1916
L IA B IL IT IE S .

RESO U R C ES.

A p p ro v ed s e c u r itie s d e p o site d w it h In s u r a n c e
D e p a r tm e n t .................................................................. * e iS c iili?
C ash on d e p o sit an d in o ffic e .......................................
7 Sin a?
I n te r e s t a ccru ed ............................: .................................... o l'iS » 'S I
P r e m iu m s in c o u r s e o f c o lle c t io n .............................. 2b,</3.94
T o ta l a d m itte d a s s e t s ..............................................$345,330.82

R e s e r v e for
R e s e r v e fo r
R e s e r v e fo r
S u rp lu s to
s to c k o f
T o ta l

r e in s u r a n c e .................................................. $121,407.22
l o s s e s ............................................................ 26,321.28
s u n d r ie s ......................................................... 11,489.65
p o lic y h o ld e r s, (in clu d in g- c a p ita l
$100,000.00) .............................. - ............... 186,112.67

................................................................................ $345,330.82

NO CLAIMS DUE AND UNPAID
Write to the Home Office lor a Bank Agency Proposition or Appointment as Collector lor Your Community.

That is the average cost per year j
if T h ey B uy it.
N O T H IN G . That is w hat it |
costs to find out the particulars. [
W rite

A. J. FAERBER
B an ker
A g e n ts W a n te d

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

406 SECURITY BUILDING
D A V E N PO R T , IO W A

May, 1917

THE

NORTHWESTERN

best—that’s what we are all looking for. But stop
looking. While there undoubtedly is a best policy for
you or a best policy for me, there is no best policy for
everybody in the sense that there is one certain policy
better than any other. All life insurance contracts
start from the same basis—the single premium—and
are therefore mathematical equivalents of each other.
That being the case, the insured gets what he pays for
and pays for what he gets, no matter what form of
policy he buys. So stop looking for the best policy, I
say, but look for the one best suited to your needs, con
fident in the fact that the company -will give you as
much for your money as it gives the other person for
his, although he may have an altogether different pol
icy from yours.
No old-line company ever failed because of a defect
in the system. Some failed because of mismanagement
and* stock manipulations. Of recent years, however,
there have been no failures from any cause, and as at
present safeguarded by the laws of the different states,
the failure of such a company is just about impossible.
Then we have the record of such companies as the
Presbyterian Ministers’ Fund, an American company
which is 158 years old, and the Equitable of London,
which is 155 years old. If these companies had not
been doing business upon a perfectly solvent and sound
system, they surely could not have weathered the finan
cial storms of a century and a half and over. They
stand as irrefutable proof of the everlasting solvency
of the old-line system of life insurance.
I frequently find people who think the term “oldline” refers to an old company. It does not necessar
ily. It is the system under which it operates that

BANKER

— Now open to YOU
T h e r e ’s a

v a lu a b le ,

p ro fita b le,

w o r t h -w h ile

special b an ker-a gen cy proposition n o w op en to

y o u in T H E R E G IS T E R L IF E IN SU R A N C E
COMPANY.
T h is sp e c ia l a g e n c y p r o p o sitio n is p r o v in g
v e r y p ro fita b le an d e x tr e m e ly s a t is f a c t o r y to
o th e r b a n k e r s— i t w ill to y o u .
F o r t h is b a n k e r -p r o p o s itio n c o m e s fro m a
s tr o n g , p r o g r e s s iv e , so u n d ly m a n a g e d t w e n t y e ig h t-y e a 'r -o ld C om p any, w h ic h g iv e s th e k in d
o f c o -o p e r a tio n an d r é a l se r v ic e t h a t in s u r e s b ig
r e s u lts fo r b o th o f u s. C o m p a ra tiv e s t a t e m e n t
p r o v e s it!
N o a d v e r t is in g th e R e g is te r L ife e v e r p r in te d
h a s h ad a s m u ch in flu en ce in b u ild in g u p . it s
b u s in e s s a s h a v e th e g o o d t h in g s i t s policy-;
h o ld e r s s a y a b o u t th e C om p any.
T h er e a re a n u m b er o f m en in I o w a fro m
w h o m y o u w ill h e a r h ig h e r p r a ise for th e C om
p a n y th a n w a s ev e r p u t in to it s o w n a d v e r tise -,
m en ts.

A “Money-Back” Example
— I t is r eco r d s su ch a s t h is t h a t m a k e w e llp le a se d p o lic y h o ld e r s:

Policy No. 713
A 1 0 -P a y m e n t L ife fo r $1,000, iss u e d
in 1893 a t a g e 26.
C ash v a lu e in 191 7 ..............................$493.11
C ost to d a t e .............................................. 240.85
C ash v a lu e e x c e e d s c o s t ................ $252.26
n o w h a s a ca sh v a lu e o f
m ore th a n d o u b le it s n e t c o st, b e sid e s h a v in g
ca rried a n in su r a n c e p r o te c tio n o f $1,000, fo r 25
y ea rs.
Our f r e e b o o k le t, “M o n e y -B a c k L ife I n s u r
a n c e ,” c o n ta in in g a n u m b er o f s im ila r reco rd s,
m a ile d u p on r e q u e st. G et t h is sp e c ia l b a n k e r p r o p o sitio n . C lip t h e co u p o n NOW .
Note — T h is p o lic y

I The Register
Life Insurance Co. (
D a v e n p o r t, I o w a
I
1

W ith o u t o b lig a tio n , m a il “M o n e y -B a c k B o o k l e t ” an d sp e c ia l a g e n c y p r o p o sitio n n o w o p en to
b a n k ers.

I Name___ ______ ________________________________ |
I Address--------------------------------------------------------------|

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

1
|

THE

NORTHWESTERN

MR. IOWA BANKER!
Would you be interested in a proposition
that will increase your deposits and increase your
loans? This offer appeals particularly to country
banks and has not been turned down by a single
banker who has written for it. A postal card
will bring you full particulars. Write TODAY to

YOUNG

PATTERSON, Gen’l Agents

305-6 Citizens National Bank Bldg.

DES MOINES, IOWA
Over $10*000,000 Invested in Iowa Securities

N atio n al Life In s u ra n c e Co.

V erm ont

BANKER

May, 1917

makes a company an old-line compnay, an assessment
association, or otherwise. A company could be organ
ized today which would be just as truly an old-line
company as the Presbyterian Ministers’ Fund, which
is 158 years old.
I find plenty of people who think a company to be
safe must be big. Not necessarily by any means. It’s
the system under which it operates and the manner in
which it is conducted that makes a company safe or
otherwise. A properly conducted small company may
be perfectly safe, while a badly conducted big one—
especially under an unsound system—is pretty sure to
be unsafe. It isn’t a question of size, but one of sys
tem and management.
Then there is the word “dividends.” I wish that
word had never been used to express the return to pol
icyholders of overplus premium payments. In the com
monly accepted meaning of the word, dividends repre
sent profit on an investment. In life insurance, divi
dends are not profits at all; and not interest alone.
1 hey are merely a refund to the policyholder of so
much of his premium as experience has proved was not
needed for the carrying out of his contract as guaran
teed. In other words, if it were possible to know in
advance exactly what the cost of insurance would be
the company would collect a premium or just that
amount and no more, and in that case there would b^
no dividend or refund whatever.
The purpose of life insurance is not investment but
protection, and it is the aim of mutual companies to
furnish this protection at exact cost. Hence it is that
such companies refund to the insured at the end of
each year, that portion of his premium which was not
needed for the fulfillment of his insurance contract In
this way—and in no other—may safe insurance be fur
nished to the insured at the same rate it costs the com
pany to provide it.
NATIONAL LIFE ASSOCIATION OF DES
MOINES MAKES FINE RECORD.
The National Life Association of Des Moines, Iowa,
B Si^tabjW ed | new record for the first three months
of 1917 by writing 100% more business than during
j j c ° r re s ;P o n d i n g period of last year.
It has recently
added an installment policy which provides for the pay
ment to the beneficiary in annual, semi-annual or quar
terly installments with interest allowed. The Associa
tion has some very good open territory in the northern
part of Iowa and capable men can secure very liberal
contracts. A special field man is employed to coach
those who have had no previous insurance experience.
M. M. DEMING APPOINTED AGENCY DIRECT
OR OF WESTERN LIFE INSURANCE CO. *
M.
M. Deming has been appointed agency directoi
of the Western Life Insurance Company of Des
Moines, due to the fact that the progress of the Com
pany makes necessary the active field services of a man
of his experience and ability. Mr. Deming has been
associated with the Bankers Reserve of Omaha, and
during "the past five years has been connected with the
Kansas City Life, as State Manager of Iowa, during
which time his agency produced an average of a mil
lion and a quarter per annum.
The Western Life recently passed the five-million
mark and to date for 1917 shows a gain of over 30% in
volume of new issued business.

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

May, 1917

THE

NORTHWESTERN

UNIT SYSTEM OF HANDLING ACCOUNTS.
(Continued from page 11.)
his customers, whichxis a very important factor, as the
teller can reasonably be expected to acquire a com
plete knowledge of one to two thousand accounts, as
well as the personnel of the depositors.
2. The Advantage to> the Customer of transacting
all of his business at the one window and in one line.
3. The Equalization of the Work of Tellers, un
der the usual plan of having separate paying and re
ceiving tellers the paying tellers may be kept exceed
ingly busy in the morning and the receiving tellers
more than crowded before closing hours. This condi
tion may vary according to the character of the ac
counts and location of the bank, but in the unit system
the work of paying and receiving will always equalize
itself.
4. Congestion. The formation of long lines before
tellers’ windows is prevented, thus expediting the
transaction of business and avoiding congestion in the
lobby.
The customer falls in line in front of the teller’s win
dow, it is the duty of the assistant to do only such
things as the teller may direct and he takes on no busi
ness on his own initiative. A lengthy transaction with
a teller creates a long line in front of his window and
under this system when a customer desires an assort
ment of change to make up a payroll, or a long list of
items on a deposit slip to be checked up, the teller
passes the transaction over to the assistant, requesting
the customer to step to the next window, thus reliev
ing the teller of the transaction. In this way, if the
teller uses discretion he can in the busy hours arrange
so that there is a fast moving line in front of the teller’s
window and a slow moving line at the assistant’s win
dow and when a customer is well and promptly
served he is not apt to become peevish. When the as
sistant is not otherwise employed he is kept busy in
sorting and listing items for the bookkeepers for entry,
or for distribution to other departments in the bank.
5. The Understudy Problem. This system satisfac
torily solves the problem of providing a logical under
study for the teller. We are informed that this has
always been a perplexing problem in a bank. With
this system the assistant gains a thorough knowledge
of the accounts and customers and is qualified at vaca
tion or at any other time to take the place of the teller.
6. Time Saving. There is an appreciable advan
tage, as any banker will realize, in arranging any
branch of operation so that it is in immediate control
of the operator. The time-saving devices which are
introduced into this system are important as every
thing is at hand. There is much less counting and
sealing packages, because the money is in constant
circulation, coming in and going out at the same
window.
We are all, bankers included, creatures of habit, but
there seems to be no logical reason why one teller
should take in the money and others pay it out and
it resolves itself into a simple problem of the most eco
nomical and expeditious method.
The stockholders of the Cromwell Savings Bank,
Cromwell, Iowa, held a business meeting recently and
elected E. N. Daugherty president, D. Gault vice presi
dent. .Mr. Daugherty fills this vacancy caused by the
death of his father, who was president.

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Federal Reserve Bank of St. Louis

BANKER

EXPERIENCE
FACILITIES
SERVICE
ELLISANDHOLLANDCO.
DES MOINES, IOW A
G en eral A gen ts

FOR ALL KINDS OF INSURANCE
State R ep r e s e n ta tiv e for

N orth w estern
Fire an d M arine
In su ran ce Co.
of M in n eap olis

M r. B a n k e r !
We have faith in farms and
farm ers and are prepared to
consider applications for farm
loans. (¡A financial connection
with a growing life insurance
company has always proven
profitable.
Address

G. N. AYRES
M a n a g e r L o a n D e p a r tm e n t

The Central Life
Des M oines, Io w a

THE

NORTHWESTERN

BANKER

May, 1917

Securities, Bonds and Mortgages
By Frank M. Huston

Each month Mr. Huston presents under this department
Governmental financing
country was not nearly so
a very timely synopsis of financial affairs as they relate
has been the dominant in
strong then as at the pres
especially to bonds and mortgages and we are sure that
fluence in the investment
ent time, and the world
our readers will find much valuable information in the
material here published. Mr. Huston is the financial editor
market during the last
wide unsettlement had left
of The Chicago Herald and is well and favorably known
month. The entrance of
the financial situation in a
throughout the country.
this country into war with
rather chaotic condition,
Germany involved such unusual requirements as to yet that loan was taken in this market with scarcely a
cause business men as well as investors to pause pend ripple. The reason is clear: it was simply a transfer of
ing the offering by the Secretary of the Treasury of book credit, and the proceeds of this transfer were util
the $5,000,000,000 loan. Naturally such an offering, ized in this country in the purchase of commodities and
because of its size, would cause hesitation, yet this supplies for Europe. Naturally we received an attrac
country was never in a better position to absorb such tive price for our products, and these profits were di
a loan quickly than at the present time.
vided between the exporter, the manufacturer and the
People apparently are not thoroughly aroused to the wage-earner. Money and credit in consequence circu
gravity of the developments of the last month. They lated more rapidly in this country, and our banking po
do not fully appreciate the magnitude of the under sition was greatly strengthened through the receipt of
taking involved in the declaration that a state of war a large volume of gold and through a very considerable
exists between this country and Germany, nor are they amount of short maturing obligations, payable in gold.
In the present instance the $7,000,000,000 credit
fully aware of what this involves in a financial way.
Frank A. Vanderlip, head of the National City Bank voted by Congress, of which $5,000,000,000 is to be real
of New York, in his recent visit
ized through bond issues, the
to Chicago, laid emphasis upon
situation does not differ ma“ People apparently are not thoroughly
teriall yfrom that experienced
the apathy regarding this war
aroused to the gravity of the developments of
in 1916, except to the extent
and the problem it involves, and
the last month. They do not fully appreciate
that some $4,000,000,000 or $5.,declared that the people have
the magnitude of the undertaking involved in
000,000,000 of this transaction
failed to comprehend fully what
the declaration that a state of war exists be
will be our own internal obliga
has taken place. Such a piece
tween this country and Germany nor are they
tion. The proceeds, however,
of financing as the floating of a
fully aware of what this involves in a financial
will
be expended here and nec
$5,000,OCX),000 loan is simply
way. Frank A. Vanderlip, head of the Na
essarily
will stimulate indus
stupendous, he pointed out.
tional City Bank of New York, in his recent
trial
activity.
Of course they
This is indicated by the fact
visit to Chicago, laid emphasis upon the apathy
will
be
expended
in a more
that this is the largest loan ever
regarding this war and the problems it involves,
economical
way
than
in former
offered and that the previous
and declared that thie people have failed to
years. Abnormal profits will be
largest loan ever offered in this
comprehend fully what has taken place. Such
eliminated and business is more
country was the Ango-French
a piece of financing as the floating of a $5,likely to work back gradually to
note issue, aggregating only
000,000,000 loan is simply stupendous, he
a normal basis, as far as profits
one-tenth of the proposed issue,
pointed out. This is indicated by the fact that
are concerned. Nevertheless,
or $500,000,000.
this is the largest loan ever offered and that
it
is likely also to be abnormally
There is one feature regard
the previous largest loan ever offered in this
active. Its incfeased activity
ing this loan that many people
country was the Anglo-French note issue, ag
and larger volume even on a
do not seem to comprehend,
gregating only one-terVth of the proposed issue
smaller margin of profit, is
and that is, that the proceeds of
or $500,000,000.”
likely to bulk large in the ag
the loan will not leave the coun
gregate.
try. Expressions of doubt were
At the same time, this loan of $5,000,000,000 will be
frequently heard at the time the $500,000,000 Anglo
French loan was offered. The banking position of the the basis for a great popular demonstration of pa-

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Federal Reserve Bank of St. Louis

May, 1917

THE

NORTHWESTERN

triotism. A 3j/2% bond isue should prove attractive.
Allowing- for the tax feature, for these bonds will
be tax-free, this offering at par of a 3J^% government
bond, netting the investor that amount, would be
equivalent to a 4.20% basis, on an ordinary invest
ment. This would indicate the probability of a large
transfer of, savings accounts into government bonds.
At first thought, this might seem disturbing, for it
would mean a very heavy withdrawal by savings de
positors of their accumulations. But the money is not
going out of the country. In fact this transaction is
simply a shifting of credit. The individual depositor
turns over his savings deposit and in return receives a
government bond, the credit remaining in the banks,
subject to the government treasury’s call, instead of
that of the individual depositor.
In the course of time, the proceeds of these bonds
will be expended by the government for various kinds
of supplies in the conduct of this war, and the same is
true of the proceeds of the loan made to the Allies.
This expenditure will stimulate industrial activity, re
sult in slowly accumulating profits to the manufac
turers, a better employment of labor at probably in
creased wages, and would bring about a more rapid cir
culation of money and credit throughout the country.
Experience abroad, especially in Great Britain, re
veals. the fact that the flotation of these great govern
mental credits and loans, while resulting in some tem
porary unsettlement and shifting of savings accounts,
would cause in a remarkably short time a large increase
in savings deposits in the banks. There is no reason
why this country should not experience a similar period
of increased savings deposits, once the loan has been
placed and their proceeds begin to find their way back
into the banks. There is a possibility of some unset
tlement of the investment markets; for instance the
offering of too large an installment of the $5,000,000,000 loan at one time might result in the throwing over
of existing investments in such volume as to disturb
the markets and make it necessary for the banks to
extend support, or loan freely, to those who are heavy
buyers of the sacrificed securities.
It is inconceivable, however, that the treasury offi
cials would ignore market conditions in this mobiliza
tion of money and credits fo r. war purposes. The
banks and the bond houses of the country have joined
hands in a patriotic effort to place these government
bonds without profit to themselves and at what is prac
tically cost. Other corporate financing necessarily is
being held in abeyance, about the only undertaking be
ing the caring for maturities. Corporate maturities in
May aggregate about $87,707,854, compared with
$58,691,551 in April. More than half of these May fig
ures are embraced in the New Haven obligations;
$25,000,000 represents the New Haven’s one-year 4^2%
notes, and $20,000,000 the New England Navigation’s
three-year collateral 6% notes. Both'of these issues
have been provided for through the sale of $45,000,000
one-year 5% notes to investors at 99.04, which would
yield about 6%, It is evident that the financing costs
the New Haven fully 7%.
FIRST NATIONAL BANK, MIDLAND, S. D.,
|
CONTINUES TO INCREASE DEPOSITS.
“i On March 5, 1915, the deposits of the First National
Bank of Midland, S. D., were $69,945.09; on March 5,
«1916, they were $95,031.69, and according to the last
call they had increased to $186,991.12.

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Federal Reserve Bank of St. Louis

BANKER

H a ls e y , S t u a r t & C o.
DEALERS IN IN V ES TM E N T BONDS

—are in a position at all times to submit offerings suit
able for the investments of individual investors,
banks, insurance companies, trustees of estates, etc.
—purchase and offer, after careful investigations, Gov
ernment, Railroad, Municipal and Public Service Cor
poration bonds.
—act as fiscal agents for municipalities and corpora
tions.
—through an extensive organization, in touch with the
principal markets of the country, offer a reliable bond
appraisal and quotation service.
—maintain an efficient Statistical Department which is
prepared to furnish, without cost or obligation, accu
rate information regarding all representative bond
issues.
—maintain a staff of experts who are always available
for investment counsel, whether or not the purchase of
securities is contemplated.
—have a well-organized Correspondence Department
which makes possible the purchase of bonds by mail
to as good advantage as in person.
—will welcome an opportunity to serve you in your in
vestment matters, irrespective of the amount of your
funds. Send for circular of offerings.

H A LSEY, S T U A R T & CO.
SUCCESSORS TO

N. W. HALSEY & CO., CHICAGO
209 SO. LA SALLE STREET
S T . LO U IS

M ILW A U K EE

D ET R O IT

P H ILA D ELP H IA

A dvice to
Investors
Purchase your securities through respon- - >
sible dealers who have proper facilities for
investigations and a reputation to maintain
for reliable advice.
K. N. & K. are always posted on general
market conditions, and their views are at
the disposal of investors through their
monthly review of
“ The Investment Situation ”
Write for Pamphlet L -/S

K tia u tt) - N a th

& K u lin ?

Members of blew York Stock Exchange

Equitable Building
N e w York C ity

THE

HOW ARD J . CLARK

NORTHWESTERN

H . W . BYERS

CLARK & BYERS
ATTORNEYS AND COUNSELLORS AT LAW
Des Moines, Iowa
General Civil Practice.
Prompt and careful attention given to all business en
trusted to Us.
Attorneys for the Des Moines National Bank, Citizens
National Bank and State Savings Bank.

IO W A FARM LOANS
We have money to loan on choice Iowa farms at
five per cent. Loans are made by us direct and are
closed in a short time after application is submitted

May, 1917

BANKER

HELPING TO INCREASE IOWA’S CROPS.
(Continued from page 10.)
aside a fund of $20,000,000 for crop loans for this year
and the Chicago bankers are said to have large crop
loans under consideration. But the Iowa banker, not
in alarm but sustained by a calculation founded on facts
and figures, girds his strength, his good-will, his sym
pathy, his energy, his loyalty and his co-operation and
will also use his banking resources every way he can
to stimulate agricultural production. Even as he
knows that there is no scarcity of tillable land, so he
knows that 27,000,000 soldiers are under arms in Eu
rope and non-producing, and even that those 27,000,000
men are consuming the land’s productivity in a greater
proportion than in peace times and armies must be well
fed and well equipped. And the banker knows, as others
know, that depletion of soil fertility in Europe in nor
mal times is rapid and but saved by constant yearly
application of artificial fertilizers. No land could be
otherwise that has sustained an ever-increasing and
exacting population through the centuries that have
passed. And now that this nation, in giving its deci
sion to step over the edge of the war’s vortex, is plan
ning to withdraw several millions of its producers to
create an army, so much greater will the producing
burden be for those who remain. The banker sees
for himself, even if the entire half of the world which
is now at war should stack their guns tomorrow, that
production would not be increased one bit. It takes
time to raise grain and live stock, and create staples.
His findings tell him that the early vegetable crop of
the Southern States has been cut off by a freeze.
The Iowa banker knows also that the South imports
annually from the North between $600,000,000 and
$700,000,000 worth of products; he is told by our
United States Agricultural Department that food
waste in this country amounts to over $700,000,000.
The information likewise is at hand, that England in
peace times never has a food supply on hand to last
more than six months. He is equally aware that the
farmers of Iowa have but in recent years given any
measure of attention to maintaining soil fertility, stock

It will pay you to
correspond with us

We Desire to Purchase an

Jesse F. Stevenson & Company

THE SINCLAIR COMPANY

Iowa Bank
S u ite 310-312

Dealers in Bonds and Mortgages

1215 Hippee Building

Des Moines, Iowa

McKnight Building

Minneapolis

THE OLDEST TRUST COMPANY WEST OF THE MISSISSIPPI RIVER

5 °]c F A R M

LOANS

5 $0

A S a b an k er, y o u are desirous o f sec u rin g p e rm a n e n t con n ectio n s, fo r th e placing of farm loans and w e are sure th a t y o u w ill find j*
greatly to y o u r advantage to get in to u c h w ith us. W e have large sum s of m o n e y to loan o n Iow a. M in n eso ta a nd S o u th D akota
farm s a t th e lo w est rates a n d are desirous o f securing regular connections, th a t w ill afford a stead y v o lu m e of good loans.
A sk \ fo r term s a n d fu ll in fo rm a tio n a nd give us th e com plete details of w h a t y o u have to offer.

IOWA LOAN & TRUST COMPANY
------------ -----BANK----------------DES MOINES, IOWA
CAPITAL, SURPLUS AND PROFITS OVER $1,000,000.00
G. B. HIPPEE, President
D. H. McKEE, Vice President
L. E. STEVENS, Vice President ^
D. F. WITTER, Vice President

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

B. B. VORSE, Cashier
J. E. MORTON, Assistant Cashier
SIMON CASADY, Treasurer
EDWIN HULT, Secretary

May, 1917

T H E

t h

e s t e r

and seed selection, and to learning- how to make two
grains grow where one before took its chance with na
ture to produce its seed or die after a stunted effort to
lift its head toward the sun. And finally our banker
finds from the business forecasts that the whole world
will soon have exhausted the food reserve and will be
entirely dependent upon the 1917 crops.
Under the guidance of these and similar other facts
does the Iowa banker urge with all his might the full
est co-operation with our Governor’s agricultural plan.
In coolness yet in alertness, with no incapacitating fear
but with confidence of our capabalities, let us all face
the issue which is before us, and firm in our assurance
meet it. Let every farmer join forces to make the acre
produce a greater average ; to put the idle land to work ;
to keep no dairying stock that does not qualify under
Dairy Testing Association; to board and try to fatten
no beef cattle nor hogs and other stock that does not
show freedom from tuberculosis and other devastating
diseases; to raise more fowls, yet only those that af
ford the market more food. To aid the Iowa farmer
in this enormous task of more systematic and less
wasteful cultivation has the Iowa Bankers Association,
co-operating through every individual member bank
and affiliating with certain departments of our State
Agricultural College, sent out (1) a Farm Record
Book which, if properly kept up, will show the farmer
his financial leaks; (2) a Seed Directory compiled and
donated by the Iowa Corn and Small Grain Growers’
Association; and (3) aiding to enroll contestants in
Professor Tail’s state-wide Acre Yield Corn Contest.
Let every business pursuit, including with no less
importance the work of the household, direct their
tensest efforts to conserve all production and to dis
cover new ways by which that production, whether ar
ticles or food, may be used in diversification, that the
percentage of its waste may be reduced to nil. In
lending their ability to that end they will have done
the equivalent of increasing acre yields or tilling great
er farm area.

b a n

k e r

A D V E R T IS E M E N T
(SERVICE)

T he word “ Service” has been greatly over
worked ju s t as was the word “ efficiency” a
few years ago. Like “ a dvertising” it is a word
of broad meaning and includes every degree of
service from the poorest to the highest and
best. “ C R A D D I C K S E R V I C E ” is known by
bankers from coast to coast as a high class
source of advertising for banks.
I t is no t a
m an u fa ctu re d com m odity; it is not an assort
m e n t of re ady-m ade ads; it is not a shop
where an occasional a d v ertis em e n t m a y be
purchased. C R A D D I C K S E R V I C E is a com
plete advertising d e p a r tm e n t for the Bank,
where experience, ability, organization and co
operatio n join forces to m ake the b a n k ’s a n
nual advertising expenditure a profitable de
p a r tm e n t of the business. Tt is a radical im
p ro v e m e n t over the usual wasteful, spasmodic,
in te r m it t e n t m ethods t h a t generally prevail in
the average b a n k ’s advertising. “ S E R V I C E , ”
as used in designating a connection with the
C R A D D I C K organization, has a definite
meaning and value.
H . . B . Craddick, F in a n
cial Advertising, 1003-1006 F irst National-Soo
Line Bldg., Minneapolis.

SECURITY

STATE

BANK

KEOKUK, IO W A
C a p i t a l ............................. $100,000.00
S u rp lu s & U n d ivid ed P rofits - 30,000.00

Prompt and careful attention given to all business entrusted to us.
W . B. Seeley, President
E. A . French, Cashier

A nim ated Film A d v ertisin g w ill in c re a s e y o u r d ep o sits

U N IV E R S IT Y S T A T E B A N K

We can save you 75% of the cost.
Let us tell you how.

DES MOINES, IOWA

Capital
$50,000.00
Surplus & P rofits $25,000.00

BANKERS FILM AD SERVICE CO.
1243 VV. 12th St.

DES MOINES, IOW A

O fficers
B . F . P R U N T Y , P re s .
R . A . C R A W F O R D , V ic e P re s .

B . F R A N K P R U N T Y , C a s h ie r
G . N . S H E R M A N , A s s t. C a sh.

3 0 IIIIIIIIIIIO IIIIIIIIIIO I1 IIIIIIIIO I!IIIIIIIIO IIIIIIIIIIO IIIIIIIIIIIU IIIU IIII1 IO IIIIIIIIIIO IIIIIIIIIIO IIIIIIIIIIU §

H. B. A L L F R E E |a

Vice President First National Bank

]N ewton, Iowa
Iowa Farm Loans

IIIUIIIIIIIIIIIIIIIIIMIIIIIIIIIIIIIIIIIIIIIIIUIIIUIHIIIIIIIIIIIIIIIIIIIIUIIHIIUIIIIIHHIIIIIIIIIIIIIII

=
=

§
§
“

H ave loans on hand for sale in am ounts of S3,000 and up. Over gs
F iv e M illion D ollars active loans now in force. Twenty-one years ^
in handling of Iow a Farm Loans and never a foreclosure.
a
WRITE US FOR LIST
|

C. H. EIGHMEY, President
C. J. COLLIER, Vice-President

B. F. BL0CKLINGER, Vice-Pres.
H. A. KOESTER, Cashier

Capital, - - - $200,000
Surplus & Profits, $200,000

§iiiiiiiiiiiiiaiiiiiiiiiiiiniiiiiiiiiiiiHiiiiiiiiiiiiaiiiiiiiiiiiiniiiiiiiiiiiiHiiiiiiiiiiiiniiiiimiiiiuiiiiiiiiiiiiniiiiimiiiit<«

CLAYTON B. STIVER CO., Inc.

First National Bank

Internal Revenue Service Agency-

DUBUQUE, IOWA

520 H u b b e l l B l d g .
D E S M O IN E S , IO W A

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Federal Reserve Bank of St. Louis

* Accounts of Bankers Solicited.

W rite Us for Terms

THE

NORTHWESTERN

BANKER

May, 1917

For Bankers and Their Wants
This department of T H E NORTHW ESTERN BANKER is
to assist SUBSCRIBERS in obtaining goods or service hard
to find. It is free. Use it. ASK US, as we can tell you
where to buy anything you need In your bank or for your
bank. T E L L US, as your “want” will be published under
the above heading free of charge. In answering classified
advertisements which have key numbers please enclose a
two-cent stamp. This is used to forward your letter.

HOW THIS DEPARTMENT GIVES YOU REAL abstract work and nine years at other book work. Is
SERVICE.
employed at present. Can invest. Address 2060, The
This is a regular department of THE NORTH Northwestern Banker.—5.
WESTERN BANKER, to assist subscribers in obtain
ing goods or service hard to find. Institutions seeking
WANTED—Experienced stock and bond salesman.
high-grade men and bankers seeking a better connec Give reference, experience, salary or commission de
tion should TELL US—as your “want” will be pub sired. Globe Manufacturing Company, Perry, Iowa.
lished under the above heading free of charge. It is
the direct route to securing the position or man you
WANTED—A responsible position in a Minnesota
desire,
or North Dakota bank. Scandinavian, two and oneASK US, as we can tell you where to buy anything half year’s experience at one place. At present em
you need in your bank or for your bank, including bank ployed. Would like cashiership, but will take assistant
fixtures, safe deposit boxes, vaults, metaj furniture, the cashiership of good growing bank. Twenty-five years
service of bank architects and builders, typewriters, old. A-l references. Address 2061, The Northwestern
adding machines, ledger and bookkeeping systems, Banker.—5.
electric signs, advertising novelties, calendars, check
protecting machines, books on banking and banking
WANTED—Position as assistant cashier in country
law, safety paper, lithographed checks and drafts, serv bank or teller in city bank, by young man with five
ice of certified accountants, advertising service, fidelity years’ city and country bank experience. Now em
and surety bonds, burglary insurance, life insurance, ployed as assistant cashier. A-l references. Scan
electrical burglar alarms, accident insurance, phono dinavian. Address 2062, The Northwestern Banker.—5.
graphs, dictating machines, the best service from city
banks and correspondents—in fact, ASK US about
WANTED—Thoroughly experienced banker for city
anything you want to buy or any service you wish to bank position, salary $4,000, fullest details required.
secure.
All communications confidential. Address 2067, The
This is a complimentary service to our readers and Northwestern Banker.—5.
may be worth many times the price of a year’s sub
scription to The Northwestern Banker.
WANTED—Iowa banker with several years’ experi
We will place you in communication with reliable ence as assistant cashier, wants assistant cashiership or
firms or expert service men, lay before you the infor cashiership ; can invest $3,000. Good clean record and
mation we possess, or publish a blind advertisement best of references. Will organize new bank in good|
securing as many propositions as possible from re location. Address 2066, The Northwestern Banker.—5.
sponsible parties, without charge. Please enclose á
2-cent stamp for reply.
WANTED—An associatè bank stockholder wanted
in a new Montana bank ,to be organized and manfPOSITION wanted by young married man as as aged by a man having conducted a successful and
sistant cashier or bookkeeper in country bank. Has profitable banking business for the past eleven years
had one and one-half year’s experience in banking and in North Dakota under similar conditions. In choosF. L. EATON, Vice-President
C. D. VAN DYKE, Cashier

GEORGE S. PARKER, President

A. W. SMITH, Asst. Cashier
CLIFFORD ATKINSON, Asst. Cashier

LIVE STOCK N A TIO N A L BANK
Capital
$100,000.00

Sioux City, Iowa
LOCATED A T THE STOCK YARDS
Deposits $2,500,000.00

Surplus
$100,000.00

The GREAT NORTHWEST being the feeding ground of the Live Stock Industry,
by virtue of our location at the MARKET PLACE of this territory, we can offer
unsurpassed RESERVE facilities for Country Bankers.

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Federal Reserve Bank of St. Louis

May, 1917

THE

NORTHWESTERN

ing associates the organizer would wish parties who
have financial connection to take care of the surplus
loans a new bank is able to obtain in that locality. Ad
dress 2065, The Northwestern Banker.—5-6.

BANKER

WANTED—To buy stock in some bank carrying
with it position of cashier or president. Address 2072,
The Northwestern Banker.—5.

CASHIER WANTED to take active management of
ANY ONE WISHING services of competent banker bank in good Iowa town. State experience. Addresâ
whose time is not employed at present, will investigate 2073, The Northwestern Banker.—5.
any land propositions, trades, land values, or any other
business matters any where in U. S. Any business en
trusted will have my personal, confidential attention ;
services reasonable; best of references. Address 2063,
The Northwestern Banker.—5-6.
FOR SALE—Having bought new equipment for our
new building, we offer the following for sale cheap :
One nest of 28 Cary safety deposit boxes in steel case,
36 Art Metal safety deposit boxes in metal case, one
Art Metal letter file of four drawers, one late model
screw door Victor steel safe with bankers triple time
locks, dust proof. Address Turner County Bank, Hur
ley, S. D.—5.
FOR SALE—A dandy Iowa farm to exchange for
bank stock. What have you to offer? All replies con
sidered confidential. Address 2064, The Northwestern
Banker.—5.
MR. IOWA BANKER: Can you use an Iowa State
University law and commercial school graduate; mem
ber of Iowa bar; experienced in actual banking and
probate matters; money to invest; A-l references. Ad
dress 2068, The Northwestern Banker.—5.
WANTED—Position as cashier or assistant cashier
in a country bank, by young man. Is experienced in
country banking and will invest. References as to
character and ability. Employed at present, but desires
to locate in a small western town where he can grow
with the community. Address 2069, The Northwestern
Banker.—5.

J. K. DEM ING
President

JAMES M. BURCH
V ice-President

H ER M A N N ESCH EN
Cashier

WANTED—Young man, 25 years old, married, four
years’ experience, wants position as cashier or assistant
cashier. Scandinavian. Protestant. Address 2070,
The Northwestern Banker.—5.
WANTED—Bank or bank stock. Would like to ex
change a good improved farm for bank stock or a bank.
Will give a good liberal trade. Confidential. Address
2071, The Northwestern Banker.—5-6.

THE

SECOND NATIONAL BANK
AND

DUBUQUE SAVINGS BANK
D U B U Q U E , IO W A
O R G A N IZ E D 1 8 7 6

O F F IC E R S A N D D IR E C T O R S
J. K. DEM ING
President
JAMES M. BURCH
V. P. Farley & Loetscher
Mfg. Co.
CHAS. H. BRADLEY
Bradley Bros.
FR A N K BELL
Capitalist

H E R M A N N ESCH EN
Cashier
J. T . CARR
Secy-Treas. Carr, Ryder &
Adams Co.
GEO. W . KIESEL
Hurd, Lenehan & Kiesel
J. J. ROSHEK
R oshek Bros. Co.

Reserve Agents for National Banks
United States Depositary

Combined Resources - - $3,000,000.00

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

THE

NORTHWESTERN

CERTIFIED PUBLIC ACCOUNTANT
Member--American Institnte of Acconntants
Fellow—Iowa Society of Certified Pnblic Acconntants

WANTED—Position in bank, by industrious young
man well educated, and of good character. Experi
enced in all lines of office work. Glad to furnish ref
erences and arrange with interview. Adress 2076, Till
Northwestern- Banker.—5.

C L I N T O N , IO W A

RUFUS

RICKER

WANTED—First-class male stenographer and
bookkeeper. Address 2077, The Northwestern Bank
er.—5.

CERTIFIED PUBLIC ACCOUNTANT
M em ber Iowa Society of
Certified Public A ccountants

ITTp

Room 3 Magnus Block
Telephone 787

May, 1917

WANTED—Connection with bank handling land,
or law office with real estate department, by banker
with seven years’ experience. Minnesota or Dakotas
preferred. Address 2075, The Northwestern Banker.
—5.

A. H . H AM M ARSTRO M

603 Fourth Ave.

BANKER

M em ber A merican In stitute of Accountants

CEDAR RAPIDS, IOWA

BUILDING BUSINESS W ITH BAD MONEY.
(Continued from page 9.)
port Safety Fund and yet we made money at this.
^3iiiiiiiiiiii[]iiiiiiiiiiiiniiiiiiiiiiiiQiiiiiiiiiiiiniiiiiiiiiiiit]iiiiiiiiiiii[]iiiiiiiiiiiiniiiiiiiiiiii[]iiiiiiiiiiiiniiiiiiniiii>> Sometimes, with the state banks we would pay as high
as 75 cents on the dollar for their money-notes and yet
there was likewise profit there!
“These notes we sold again; bartered wheresoever.
bought them of merchants, whom we visited
I
Certified Public Accountant
1 on“We
our routes; we bought them of individuals, who
I
M em ber o l th e In stitu te of A ccou n tan ts
=
came to our offices, eager to trade. We traveled from
I P u tn a m B u ild in g
DAVENPORT, IOW A |
town to town and from firm to firm. We grew expert
S
5 at the work; and purchased—then sold—wheresoever.
^3IIIIIIIIIIIICailllllllllIIEailIlllllllllC3llllllllllllC3IIIIIIIIIIIIC3IIIIIIIIIIIIE3IIIIIIIIIIIIE3llllllllllllE3IIIII!IIIIIR3IIIIIIIIIIIIC^
“About that time something else happened.
“A law was passed by certain states in the West that
WANTED—Two cashiers for newly organized folks might start a bank and issue bank notes, by sim
banks in Minnesota. Prefer experienced men who can ply putting up state bank securities with the auditor of
make a nominal investment. Address 2074, The North the respective state. This was done and banks arose,
western Banker.—5.
those states about. During the depression of 1854, how-

1 EDW IN G. PROUTY

p ro g ressiv e Banks-everyw here
are taking advantage of our
THE ORIGINAL

100

WEEKS
SAVINGS

CLUB

To P u t New Life an d “ P ep ” In to T heir
SAVINGS DEPARTMENTS

THE

FREE

L IFE

IN S U R A N C E

Creates New Interest—Attracts New People and
Brings Big Business

Simple in Operation— Satisfactory to Bank and Patrons
T h e M o st Successful
MORE PROFITABLE THAN ORDINARY SAVINGS ACCOUNTS
It will pay you to w rite to us a t once.
A postal will brin g full p a rticu la rs.

LANDIS CHRISTMAS SAVINGS CLUB COMPANY
Union Trust Building

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

Harrisburg, Pa.

THE

May, 1917

NORTHWESTERN

...

BANKER

i c i ......o ...o ....i x f .. i p ...' X

' uU-il
' SW
A-----y

The Farm Crisis Demands Power
A Business Editorial for Banker-Farmers
T a tim e when the entire civilized world is depending upon the United
States for support, the crop reports indicate a 63% of normal yield.
The United States m ust not only feed our own one hundred million popula
tion, but make up for the millions of producers on the battlefields of Europe.
Our duty is imperative.

Tim e is a grim factor.
W eather hazards menace us.
Larger acreages m ust be tilled intensively.
B u t how, when labor is rushing into armies
and horses are clattering aw ay in artillery,
cavalry and tra n sp o rt divisions?
T he great packing plants urge th a t we are
running short on m eats.
F arm produce
m anufactures our beef, pork and m utton.
I t ’s not a tim e for indecision; it’s a tim e for a
definite “ som ething.”
Som ething th a t has the power to tu rn several
furrows instead of one; to p lan t twice the
crops in half the tim e; to harvest and thresh
quickly and save every kernel; to run all the
belt m achinery in the farm factory.
Some Powerful Som ething to m eet the Crisis.

Farm s are crying for Power.
Flexible, easily operated, easily applied, de
pendable Power. Pow er th a t can be generat
ed from the cheapest fuel and applied w ith the
least loss.
T h a t is a huge co n tract to fill.
H a rt-P a rr
Kerosene T racto rs are m eeting such obliga
tions today.
T h ey are bu ilt in all sizes.
T h ey have been proved by 15 years of severe
tests in all p arts of the world.
M an y banker-farm ers are setting a good ex
ample by investigating tracto rs for th e ir
own needs. H undreds of bankers are encour
aging th eir clients to seek full inform ation
from reliable companies.
H a rt-P a rr C om pany stands ready to do th eir
p art. T o d ay is the tim e to start. Uncle Sam
will bring our message to you upon request.

HART-PARR COMPANY
530 LAWLER ST.
Founders o f the tr a c to r industry.

CHARLES CITY, IOWA
Builders o f tra c to r s th a t last.

F=> A .

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

THE

NORTHWESTERN

BANKER

May, 1917

y3 T I M E S A V E D M E A N S
y LESS C O S T
3

SOME OF THE KIRTLEY USERS
C e n te r v ille T r u s t an d S a v in g s B a n k , C e n te r
v ille , Io w a .
C u rtis B ro s. Co., C lin to n , Io w a .
I o w a S a v in g s B a n k , O elw ein , Io w a .
S e c u r ity S a v in g s B a n k , L a C rosse, W is.
B a n k o f S h erb u rn , S h erb u rn , M inn.
O toe C o u n ty N a tio n a l B a n k , N e b r a s k a C ity,
N eb.
S io u x F a lls S a v in g s B a n k , S io u x F a lls , S. D.

The KIRTLEY VISIBLE ACCOUNT LEDGER is a great improvement
over the common loose .leaf ledger. It is economical and efficient. It in
creases the bookkeeper’s value—his time is not frittered away looking
through a written index and fumbling pages. It is the most direct route
to an account ever devised.
Adapted to depositors’ ledgers (pen and posting machine), liability
ledgers, savings ledgers and index to names.
Write for information to

Hammond Printing Co. H E i E F

soever, practically all these ‘stock banks/ as they were
called, failed, thanks to the decline of the state bonds;
these going to from 25 to 30 below par, and that money
being thrown out by other banks, as result, as wholly
unbankable. As a result, there came to be a discount
of 25 to 40 per cent upon these, and as the issue had
been a gigantic one, many competitors arose for us to
deal in this ‘stock money/ so called.
“State banks went out of existence after the govern
ment issued its ‘greenbacks/ for the government taxed
to about six per cent of their issue, and thus, soon after
the opening of the Civil War, taxed them out of ex
istence.
“Greenbacks, on the other hand, were good; though
too many people refused to believe the fact, and so I

bought them at premium, or less—the more that they
were payable in gold and gold was at still higher pre
mium. All in all there was a $150,000,000 issue of
those first greenbacks, and with these coming to pre
mium so soon, business grew good, indeed!
“Starting with a premium of a quarter of one per
cent, we rose to as high as 240, even 250 per cent, dur
ing the height of the conflict, notably about 1864.
Things declined then toward the close of the Rebel
lion, until gold came down to a premium of 25 per
cent, from a fair average of 190 per cent not long be
fore. All this meant business—much business.
“On the other hand, we refused to deal in Confederate
money, mistrusting results, but we did buy goodly
numbers of government bounty land warrants, which

TheMechanics
Savings Bank
319 Fifth Street
DES MOINES

Capital . . .

H ig h F r o n t W h e e ls
— F le x ib le F r a m e —
Four euccessful years in the field have
conclusively proven the many advantages
of these features as well as the absolute
dependability of the

PA R R E T T

The Original High Wheel Tractor
The all purpose farm power unit. Imitated
but not equalled. For accurate, practical
information on Parrett Farming, address

Parrett Tractor Company

427-C Fisher Bldg. — Chicago, 111.

Surplus . . .

$100,000.00
$35,000.00

Deposits . . $1,000,000.00
This bank’s growth has been largely due to the
careful attention given to each individual cus
tomer.
While our business is almost entirely confined to
the city of Des Moines, we would welcome connec
tions with a few country banks on terms mutually
favorable.
G. E. MacKINNON, President
H. F. GROSS, Vice-President
H. F. SCHOEN, Cashier

DIRECTORS
W. A. RUTLEDGE
H. F. GROSS
CHARLES A. RAWSON
JOHN H. GIRSON
NELSON ROYAL
D. E. MOON
R. J. CLEMENS
R. R. McCUTCHEN
G. E. MacKINNON

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

May, 1917

THE

NORTHWESTERN

BANKER

lllllilllllllllllllllllllllllUllllllllllllllllllllllllllUIIIIIIIIIIIIIIIIIIIIIIIIÌIIIIHIIIIIIIIIIIIIIIIIUIIIIIIIIIIIIIIIIIIIIIIIlHIIIlllllllllllllllllllMlllllllllllllllllHÌIUIlllUllillHIIIIIIIUIIIIIIIIIIHIHIlllllllllllllllllllllllllllUIIIIIIIIIIIIIIIMIIIIIIIIIIllllllllH = =

9 -1 8

Tractor

Study CASE Tractors
In the Field
Ask your nearest Case tractor dealer to show you
one of our tractors. Let him explain to you in detail
the superior features in these tractors.
Then see these tractors in the field. Watch their per
formance. Note their efficiency, their economy, their
serviceability.
Shidy them. Compare Case with others. The more you
know about Case tractors and the more you compare
them with others, the better you will understand why
Case dominates.
complete information
There are five sizes
regarding our trac
of Case tractors—9-18,
tors. Every banker
10-20,12-25,20-40 and
should know all about
30-60. This means a
Case tractors. You
size for every size
will find th a t know ing all
farm.
a b o u t C ase will be a g reat
Write us today for
h elp to you in advising
our new tractor liter
y o u rc lie n t. W rite fo rfu ll
in form ation today.
ature. It gives you
J. I. CASE THRESHING MACHINE COMPANY, Inc.
Founded 1842

529 Erie Street, Racine, Wis.

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■HI

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

THE

NORTHWESTERN

.were issued to soldiers, and ranged in worth from 85
cents the acre to $1.10 or $1.12. Usually this land was
in the West, and out of such purchases we kept, and so
located, several thousand acres.
Again, as business grew and expanded here, we
dealt in multilated ‘shin-plasters’ g,nd mutilated ‘green
backs;’ paying for the last named according to the
amount gone. We seldom paid less than half ‘face’
value here, for a full half the government pays us face.
Only you will find that in this, as most phases of our
trade, people don’t like to take the trouble to collect
on a torn note; can’t get other folk to accept it in trade,
and so sell it to us gladly for what we’ll make it worth.
This money we hold till we have enough to make
worth while, when we sent it, in drilling bags, to
Washington, and get payment for same inside two
weeks.”
1
t . : '' •'
;j
National bank notes, too, are taken now by Clarke
and his aides here. Mutilated notes, or notes of a bank
where below par, are bought in; often they sell these
notes to the bank’s debtors, whose debts have caused
it to go thus below par, and so they pay their debts in
these.
During the war, coin was bought at a prem ium gold once at 290 and silver at 270—and sold at profit
in turn.
Another interesting variant comes with mutilated
moneys! Round 1880 particularly, a large part of the
American money was punched and so, in 1881, to stop
the practice, such money was ordered thrown out and
“no good.” Clarke then went about, buying it and
shipping it to New York, where it was bought of him
by weight, and used in various manufacturing pur
poses. The punching, it was found, was done syste

BANKER

May, 1917

matically, by bands, for profit, or, again, by a goodly
influx of Chinese, who took the coins and strung them,
as easiest way to handle. Usually there was but one
hole per coin. The fad died down soon after this and
punching is now but seldom done.
Gold and silver coin are bought by the men for their
bullion alone, if they be mutilated; for these must be
of about full weight in order to be redeemed as coin.
Often a coin will have initials placed on same, or be
dented, or show marks of having been shot at, as targent, and innocent recipients fear to pass it on and so
sell for what it brings.
S. M. LEACH FOR PRESIDENT OF IOWA
BANKERS ASSOCIATION.
Many friends of S. M. Leach, of Adel, are urging his
candidacy as president of the Iowa Bankers Associa
tion, and the following article was written by a promi
nent banker who believes Mr. Leach is the man for
the place.
“Iowa has no great business centers. There are but
ten cities with a population exceeding 20,000. Here is
the list: Des Moines, Sioux City, Davenport, Du
buque, Cedar Rapids, Waterloo, Council Bluffs, Clin
ton, Burlington and Ottumwa.
“Relatively, the country towns and smaller places
are more important here than in any other state in the
Union. This is particularly true of banks and bank
ers. According to the.annual report of the State As
sociation for 1916, there were 1,711 member banks and
only 119, or less than 7% of the number, were located
in the ten cities above listed. The country people not
only furnish the crowd at the annual gathering, but
they pay more than ninety per cent of the dues and

Tractor

AProven Success
Owners of farms who have been
*------------------in doubt about the practicability of the tractor for the average sized farm, will find it very
much to their advantage to post themselves on this tractor.
This tractor demands your respectful consideration because it is made by a responsible firm whose engines
have been world leaders for 20 years, gold medal winners at three International Expositions, and are in use
today on over 100,000 farms.

THE WATERLOO BOY TRACTOR IS NOW SOLVING THE FARM
LABOR PROBLEM ON HUNDREDS OF FARMS
It does the plowing, harrowing, seeding and
A reliable three-plow tractor—a successful
harvesting in record time and at a substantial
kerosene burner. Plows 8 acres per day at a
saving in labor cost.
fuel cost of 18c per acre.
Supplies power for all belt machinery up to 17 in. silage cutter or 28 in. thresher.

ONE MAN OPERATES IT
We stand behind the Waterloo Boy Tractor with a strong quality guarantee. INVESTIGATE THIS
TRACTOR. W e will be pleased to send you the names of farmers who are using it, and illustrated cat
alog giving full information.

Waterloo Gasoline Engine Co.

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

T h e W a te r lo o B o y a tW o r k

E. C. Haraldson, of

Han
ley, Sask., writes:
“ i broke 230 acres, double
disked 500 acres and
threshed 18,000 bushels of
grain w ith the Waterloo
Boy Tractor this summer.
I run a 28-42 with self feed
er and wind stacker. It re
quired about 15 gals, of ker
osene and about a quart of
cylinder oil for a 10 hour
day when threshing.”

W aterloo

Iow a

May, 1917

THE

NORTHWESTERN

BANKER

membership fees, besides contributing equally man for
ltian, their share of the ideas which are supposed to be
exchanged at Association meetings. In recognition
of their importance, it has been the settled policy of
the Association to frequently award its presidency to a
country banker and by all the rules of the game, it is
the country’s turn to have the presidency this year.
The last three presidents have been furnished respec
tively by Burlington, Des Moines and Sioux City, and
it is believed without precedent that the larger places
should take that office ‘four straight.’
“Fortunately, we have plenty of men in the smaller
towns well equipped for the position. One of the best
and brightest bankers in all Iowa is Hon. S. M. Leach,
president of the Adel State Bank, who will be pre
sented this year by his home group, as a candidate
m r - p H E f o llo w in g s t a t e m e n t c o m e s f r o m H. D. W a l r a t h , f§
!§

P r e s i d e n t T he F i r s t N a tio n a l B a n k of W a t e r t o w n , | |
South D a k o ta :
n

g
H
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H
=§
=

"H ave found th e new m odern q u a rte rs v ery d elig h tfu l
a n d v e r y p l e a s a n t to w o r k in. W e h a v e b e t t e r f a c i l i t i e s
f o r h a n d l i n g our b u s i n e s s . T h e e m p l o y e s a r e m u c h m o r e
i n t e r e s t e d in t h e i r w o r k a n d p e r f o r m th e d u tie s r e q u ir e d
w i t h m u c h m o r e e a s e . B e s i d e s , w e find i n o u r n e w q u a r ters our business has increased m aterially .”

g
jg
n

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Ü
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=

T h e a b o v e r e p r o d u c t i o n o f A i r . W a l r a t h ’s h a n d s o m e
n e w i n t e r i o r , i n s t a l l e d b y F i s h e r - M o r r i s , is e v i d e n c e o f
th e q u a lity of w o r k YOU m a y e x p e c t fro m B A N K F I X TURB HEADQUARTERS.
Sketches and su g g e stio n s
su b m itte d free a n d w ith o u t o b ligation.

¡¡§
=
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g
=

s h e r - M o r r is

BANK FIXTURE H EADQ.UARTERS FOR PAST

CH ARLES

CENTURY
O IT Y T

IO W A .

"B uild A B ank
Y o u ’ll be P ro u d to
O w n”
T h is can only be done by
having an expert B ank E n g i
neer make your plans and have
complete charge of construc
tion.
W il l gladly call personally
at your b a nk and give you
sketches and estimates on your
plans.

S. M. LEA C H
P re s id e n t A del S ta te B ank, A del, Iow a, C an
d id ate for P re s id e n t Iow a B a n k e rs
A ssociation.

for the presidency of the Association. Mr. Leach be
gan his banking career in Adel more than forty years
ago, and by earnest application and native talent, has
built up a great institution in that town, and won for
himself state-wide prominence in banking and business
circles. He is well known, not only as a practical
banker, but as a student of finance and as a gentleman
of fine address and thorough culture, and in point of
equipment for the presidency, he has no superior in
the entire state. He has been an active member of the
Association since its earliest days, and his labors have
been most helpful in advancing its success. Mr. Leach’s
friends feel well assured that his candidacy will receive
fair and favorable consideration.”

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

W inne shiek County
State Bank
Decorah, Iowa

A. R. C O F F E E N
Bank Engineer

Decorah, Iowa

ONE CONTRACT
The N ew W a y
For Bank Buildings. W e specialize in the
Design, Construction and Equipment of

B a n k B u ild in g s
Write for our method of handling your
Building Problems.

H. M. BROWN & CO.
Office: New Y ork Life B ldg.,

MINNEAPOLIS, MINN.

THE

NORTH WESTERN

BANKER

May, 1917

lltllli
warn

New Home of the Morningside Bank
HIS month we show you a reproduction of the
Morningside Bank’s new home—a most impres
sive addition to this suburb of Sioux City—re
cently completed under T he Service S ystem .

W hen You Build

Use T he Service S ystem . T he Service S ystem is a
specialized bank building system—unlike any other—
under personal supervision of J. A*. Raven, acknowledged
In the Morningside Bank building is carried out one bank engineering authority.
To gain any clear understanding of the real appear
of T h e Service System features—making possible even
ance and true magnificence of these or other Lytle-con
and perfect diffusion and reflection of light. No dark structed bank buildings—you must see these buildings
corners lurk in this banking room.
with your own eyes.
Ask any of the bankers we have served, confidentially,
The exterior is faced with very attractive rug texture
face brick trimmed with Blue Bedford cut stone. Full how they are satisfied with our S ervice. Ask us for a
list of bank buildings we have built near you.
basement, with storage vault. Vestibule at entrance of
We are specialists in bank designing, building, remod
hank room. To meet this bank’s individual require eling—that is our only business. We have but one thing to
ments, there is a cashier’s semi-private office, adjoining sell—Service. Our one charge to you is our service
which is a private office. Fixtures and all interior trim
charge, and the efficiency of our system often saves you
are of quarter-sawed white oak, beautifully finished. The that.
Our system is the new, more satisfactory
fixture is one of our own special design, having many way. Ask us about it. Our new catalog, “Modern
features exclusive to
Banks,” illustrating
our own designs. You
and describing many
get these extra fea
modern b a n k i n g
tures only by employ
structures, will b e
ing T he Service S ys
mailed to you upon
When
You
Build
tem .
request.

Use “The Service System”

The Lytle Company, Sioux City, Iowa
J . A. RAVEN, P resid en t
Architects and Engineers of Complete Bank and Office Buildings*

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

May, 1917

THE

NORTHWESTERN

ANALYZING THE SIGNS OF THE TIMES.
(Continued from page 8.)
ment reacts either directly or indirectly against the
welfare of every person, and we owe it to ourselves to
understand something of its magnitude, its develop
ment and the problems "which now confront it. The
largest and oldest .single industry in existence is that
of supplying the world with meat. The greater por
tion of crops grown from the soil at the present time
is fed to live stock. Crop growing is, therefore, in a
large measure but a means to live stock production.
It has required no bewildering array of figures to
show a situation in the live stock industry which de
mands the immediate attention of the country. The
burden falls upon the farmer and the banker. Upon
the farmer, because, if he wishes to maintain the price
of his corn and the market value of his land, as well as
the fertility of his farms, and the utilization of farm
waste by turning it into money, he must produce more
live stock, and especially beef cattle. Upon the bank
er, because he must furnish the funds to finance the
live stock industry, and the financing of the live stock
industry means the support of the greatest industry of
the world.
It will be readily admitted an average of three more
calves could be produced to the age of yearlings on
every farm in Iowa out of what is being wasted on the
farms of the state today. This would mean over 650,000 head of yearling cattle with a conservative value of
$50 per head on present market prices; or $32,500,000
additional wealth produced annually from the waste of
Iowa farms alone.
It is time for economy, the elimination of waste, and
improved methods. Railroads, packers, stock yard
companies, and business men generally, are all vitally
interested and the producer has the right to expect the
strongest kind of co-operation from them, as if the
producer goes down, they all go with him.
The success of every line of business in this country
depends upon the success of the farmer. The bankers
of Iowa in order to prosper themselves, must support
its agricultural interests with intelligence and liber
ality.
Corn land values are high because of the fact that
over 80 per cent of the corn produced is fed to live
stock. The great market for corn therefore is live
stock; and to maintain the present price of corn belt
farms and make them even more valuable a healthy
condition in the live stock industry is imperative. The
farmer who thinks he cannot afford to feed his corn on
$200 an acre land evidently does not realize that if all
farmers acted upon that idea the price of his land
would be reduced to the level of values in regions
where they have no choice but to grow small grains
exclusively.
The production of grain and live stock must go hand
in hand.' Wherever you find that live stock has been
abandoned in any state or section, you will find also a
low grade of farmer and less productive farms, and a
steadily decreasing power on the part of the farmer to
meet his obligations. On the other hand, wherever you
find the live stock husbandry intelligently conducted,
you will find prosperous farms, prosperous merchants,
sound banking institutions and farm lands steadily in
creasing in grain-producing power and growing more
able to support the population year by year.
,i - The solution of the nation’s greatest problem is in a

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Federal Reserve Bank of St. Louis

BANKER

N o “L oose Ends " Hanging

O ver Till N e x t Day
There’s nothing to equal the satisfaction
of closing the ledger every night knowing
that you have positive proof of the cor
rectness of every entry.
Under ordinary bookkeeping you get partial
proof—not including proof that all postings are
to the c o rre c t accou n t.

There’s always uncertainty about that—a “loose
end’’ not picked up until statements (or pass
books) are compared w ith the ledger, every ten
days or so.
Bookkeeping on E lliott-Fisher Bookkeeping M achine elim i
nates this “loose end.” P roof of posting to the correct account
is furnished at the end of each “run.”
W ith in five minutes, complete proof of the w o rk is obtained
from every angle.
N o “partial” method of Bookkeeping gives this. It is pos
sible w ith Elliott-Fisher because a p r o o f s h e e t is made at the
same tim e the ledger is posted.
T he “Proof Sheet” as made on the E lliott-Fisher is the answer
to the need for absolute proof of ev ery ledger en try that same
day.
H ow is it done? T he explanation is simple. W r ite us today
or use the attached coupon for further information.

Elliott-Fisher Company
525 Gameron Parkway, Harrisburg, Pa., U. S. A.
O f f i c e s in a ll p r i n c i p a l c i t i e s
IIII!IIIIIIIIIIIII1IIIIIIIIIIIIIIIIIIIIIIIII!1III!IIII!IIIIIIIIIIIIIIIIIII!IIIIIIIIII!IIIIIII!IIIIIIIIIIIIIIIIIIII1II!II1II1IIIIII!IIIIIIIIIIIIIIII!IIIIIIIIIIIIIII!!IIIIIIII!1I!II1I!I!II!IIIIIIIIIII!II1II!IIII

Elliott-Fisher Company, 525 Cameron Parkway
Harrisburg, Pa.
Gentlemen:—
K in dly send information about the results obtained with ElliottFisher Bookkeeping Machine.
This does not place me under any
obligation.
Name ___________ — :-----------------------------------------------Name of Bank
Address.

THE

NORTHWESTERN

BANKER

May, 1917

TH E C IT Y N A TIO N A L BANK
OF CLINTON, IOWA

Capital, S u rp lu s an d Profits . . $ 500,000.00
D e p o s i t s .......................................
$3,900,000.00
OFFICERS
A. G. SMITH, President
G. M. CURTIS, Vice-President
A. C. SMITH, Vice-President and Cashier
A. W. HANSEN, Assistant Cashier
Accounts of Banks and Bankers received on most favorable terms. Correspondence invited.
jiiim iiiiiiiiiim iiiiiiiiiiiiiiiiiiiiii iiii iiiii m iii m iiii iiii iiii m iM ii iiiii iiii iiiii iiii iiii iiiii iiii iiiii iiii iiii iiiii iiii iiiii iiii iiiii iiii iiii iiin ii iii

IOWA

f liiiiiiiim im im iiiiiiii iim i iiiii iiii iiiM i im ii iiiii iim i iiiim iim i m m ii iiiii iM iii if iiiii iiii iiiii iim i iim m m iim m m m ii iim ii m iii m ji

constructive policy of Publicity, Education and Con
servation.
Our wasted opportunities in food production are
little short of appalling. Based on our acreage of till
able soil we raise one-quarter of a crop per year. Sup
pose the president of a big corporation came to the
bank with which I am connected, asked for a loan, and
said: “We have a model factory, first-class and upto-date equipment and machinery, sufficient raw ma
terials on hand to last us a long time, and strong or
ganization, but for some reason our production of the
finished article is only one-quarter of our capacity.”
What would we tell him? That he was on the high
road to bankruptcy and could have none of our money.
A change of management or a new system installing
efficiency would be absolutely necessary in order to
forestall utter failure. That is exactly the situation in
which the United States finds itself today upon enter
ing the greatest war the world has ever known and
pitted against the most powerful, the most resourceful
and the most efficient nation the world has ever seen.
What shall we do to be saved? Learn from the
strength of our enemy. Concentrate the powers for
food production in the hands of a few mighty men of
organization, giving them untrammelled powers and
responsibilities to meet and solve the situation. Let

the government draft a dozen of the present giants of
industrial organizations from all lines of commerce and
commission them to find a way to bring our production
of foodstuffs as close as possible to 100 per cent and
then to put that solution of the problem into effect.
Conscript our farm labor. The procuring of hired
help is one of the most difficult and serious situations
the farmer has to face. In our big cities are thousands
of young men who left the rural communities of our
country, lured by the glamor of the city; there are still
other thousands such men, past the age of immediate
military usefulness, trained in the art of farming, but
now engaged in commercial pursuits. Draft these men
as it is now proposed to do for the military branch
of the government, and send them back to the farms
where they will do the most good for the greatest num
ber, by helping to reduce the high cost of living for
us all.
The business expansion in this country during the
past year has been tremendous and the next five years
of our history will present problems in both business
and finance, the solution of which will require more
careful consideration, keener judgment and more gen
uine nerve on the part of the business men of this na
tion than ever before in its history and that we may be
prepared to successfully solve these problems of the
times—
“May God give us men,
The times demand strong minds, great hearts, true
faith and ready hands;
Men whom the lusts of office will not kill,

OFFICERS
CHAS. SHULER, President
W. H. GEHRM ANN, Vice-President

FRANK B. YETTER, Cashier
LOUIS G. BEIN, Assistant Cashier

IOWA *
NATIONALBANK
I i DAVEI^Omjj

CAPITAL S T O C K ...........................$150,000.00
S U R P L U S ......................................
150,000.00
UNDIVIDED PROFITS . . . .
125,000.00
We in vite th e business o f B an ks, B ankers a n d M erch an ts desirin g P ro m p t, E fficient
a n d S a tisfa cto ry Service .

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

May, m ?

THE

NORTHWESTERN

BANKER

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éé

K e e p I o w a M o n e y in I o w a
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- 1

AUTOMOBILE TIRES
were made
2 - 3 4 x 4 ’s
2 - 3 6 x 4 ,s
with an approximate value
today of $93.60
$195,000,000.00

The expenditures for IOWA in 1916
are estimated at over $16,000,000.00, or

The establishment of the HAWKI EYE TIRE & RUBBER
| CO.’S plant at Des Moines,
| Iowa, equipped with the latI est improved and most

|
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modern machinery known to I
I the TIRE INDUSTRY, is of j
particular interest to the people j
of Iowa.

Today there are in use 11,700,000 tires
costing approximately

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P ractically One-Twelfth of a ll
the Tires in Use.
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Just Tw enty years ago the FIRST
AMERICAN PNEUMATIC 1.........

IIMIIIIIMIIIMIIMIIIIIIIIIIIIIIlim

The output of this Factory
for the year 1917 will average
250 tires and 150 tubes per day,
which will mean a volume of
business amounting to
$1,350,000.00
¿iiiiiimimmiiiiiii11111111111With the support of IOWA this
plant’s capacity can, and will be INCREASED to 1000 TIRES and 400
TUBES per day, which will mean a volume of business exceeding $5,000,000.
111111111111111111miululiliinn1111111111111111hmintiin

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W rite for S pecial TIRE USER’S PROPO SITION

IT WILL SAVE

MAKE YOU MONEY

AND A BOOSTER

Buy H a w k ey e “Made in Io w a ” Tires and Tubes.

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

THE

NORTHWESTERN

BANKER

May, 1917

THE CENTRAL ST A T E B A N K

DES MOINES, IOWA

Capital $250,000.00

Surplus and Profits $250,000.00
OFFICERS

SIMON CASADY, President
GRANT McPHERRIN, Vice-President
JOHN B. McDOUGAL, Cashier
HUGH B. HEDGE, Vice President
FRANK C. ASH, Ass’t Cashier

REMEMBER OUR FOUR CARDINAL PRINCIPLES
Absolute Safety.
Courteous Treatment to All.
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Consistent JUIUCldlllJ*
Liberality.
Promptness
in Execution.

Men whom the spoils of office cannot buy,
Men who possess opinions and a will,
Men who have honor,
Men who will not lie.
Tall men, sun-crowned, who live above the fog in pub
lic duty and in private thinking.”

Mr. Sweney served his country well and faithfully
in the Civil War.

FARMERS STATE BANK, REMBRANDT, IOWA,
OPENS IN NEW BUILDING.
The new; home of the Farmers State Bank, Rem
brandt, Iowa, is a one^story structure, the exterior be
ing constructed of Greendale Rug Brick and Bedford
cut stone. The interior is finished in quarter-sawed
white oak. Reinforced concrete floor construction is
used and terrazzo floors over entire hanking rooms
with terrazzo cove base.'
The deposits have shown a steady growth, increas
ing from $84,483.85 on September 12, 1916, to $115,
655.85 on March 23, 1917, the last call.
The officers are: B. E. Whealen, president; R. A.
Whealan, vice president; Harry H. Covey, cashier.

HAWKEYE TIRE & RUBBER CO., DES MOINES,
INCREASES CAPITAL.
On account of the growing business of the Hawkeye
Tire & Rubber Company, Des Moines, the capital stock
of that firm has been increased to $1,000,000. This
company, while one of the infant industries of Iowa,
has made a remarkable progress during the short time
it has been organized. The use of “Trade Acceptance
Draft,” which came into use after the passage of the
Federal Reserve Act, has proved very satisfactory to
the company, consumer and the bankers.
During the Iowa Bankers Convention in June the
Hawkeye Tire & Rubber Company, whose plant is lo
cated in East Des Moines, Third street near Walnut,
will keep open house to the bankers and their friends.
So make it a point to go and see how a first-class auto
mobile tire is manufactured. This will be of great in
terest to visitors.

CHARLES SWENEY, OSAGE, IOWA, DIES.
Charles Sweney, who in 1874, with his brother,
Henry, organized the Mitchell County Bank, of Osage,
hab r^cdntly passed away, after a long and successful
life. For over forty years he was president of the bank
which he organized.

HARLAN NATIONAL BANK INCREASES DE
POSITS TO $500,000.
The Harlan National Bank, Harlan, Iowa, has in
creased its deposits from $250,000 to $500,000 in less
than two years and now has assets of nearly $600,000.
Wm. J. Lewis, vice president, is the largest stock-

PE O P L E S T R U ST & SA V IN G S B A N K
E sta blish ed 1893

CLINTON, IOWA
CAPITAL, $300,(

SURPLUS, ALL EARNED, $300,000.«

DEPOSITS, $3,800,000.00

Offers the facilities and services of a live, up-to-date banking house, fully equipped and
amply capitalized to handle intelligently and efficiently every branch of legitimate banking.

COMMERCIAL — SAVINGS

SAFE DEPOSIT — TRUST

Accounts from banks in its territory, and collections receive the special
attention of ¡an officer of the bank
W . W . COOK
J . H. ING W ERSEN
C. F . ALDEN
C a s h ie r
P r e s id e n t
V ic e P r e s id e n t
J . L. BOHNSON, C. S . HARRIS a n d W . S . GARDNER
A s s is t a n t C a s h ie r s

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

May, 1917

THE

NORTHWESTERN

holder and the active manager of the bank. He was
formerly cashier and owner of the Farmers State Bank,
Rising City, Neb., but since July, 1915, he has been in
charge of the Harlan National Bank.

BANKER

Ig p

NATIONAL BAN
lx MCOMMERCEK

H. C. SCHULTZ MAKING ACTIVE CAMPAIGN
FOR NEW MEMBERS FOR, A. B. A. IN IOWA.
We are pleased to note the interest Iowa bankers are
s t o O jsT C I T Y 0
,
IO W A ,
taking in the A. B. A.
The bankers have caught the idea—the spirit of
service that is abroad and are quick to see the advan
tage of organization.
By reason of this interest, this activity on the part
Let us help you develop the
of the Iowa banker through new memberships, Iowa^
is already entitled to one additional member on the
executive council of the A. B. A., making a total of
Industry in your trade terri
four instead of three as formerly; and by just a little
more effort on the part of the individual member
tory.
banks our Iowa membership will soon be large enough
Write us for full particulars
to give us still another (a fifth) member of the council.
This effort will not only give Iowa a more adequate
concerning our Two and
representation on the executive council but it will
Three
Year Cattle Loan
place Iowa in third, possibly even in second, place in
Plan.
the rank of states as regards membership.
In this as in other business activities “it is up to us.”
You will be interested.
We get just what we go after and no more.
The government does not go to the farmer, the pro
fessions or to the manufacturers in matters of finance
—it goes to the bankers of the nation and so the men
who are members of and who represent us through the
A. B. A. In other words, it is a case of the shoemaker
sticking to his last.
Now if we want to exercise the power that is within
us, we can best develop it and yield that co-operation
which the government asks and which it is our duty to
render, by joining that association, which is in touch
with and which has these national matters in hand.
In this matter as in others, Iowa is coming into its
own and why not?
Here we are in the very heart of the great central
west living amid plenty, blessed with the sturdiest race
of people that graces any state, filled with latent power,
energy, enthusiasm—why should Iowa not take her
place at the head.
We believe in giving flowers to the living and we’re
going to say right here that this article was inspired
by the activity of H. C. Schultz, vice president for Iowa
of the A. B. A. Mr. Schultz’ regular job is cashier of
the Commercial National Bank, at Waterloo, but he
The
also finds time to inject pep into several other things
as well and just now he is conducting a campaign with
the object in view of increasing the membership in
Iowa of the A. B. A. and how well he is succeeding is
shown by the liberal responses to date, which responses
of Davenport, Iowa
have already given Iowa a fourth member of the exec
utive council, which will be elected at the convention
$ 600,000.00 Ü
g C apital sto ck . . .
in Des Moines in June.
600.000. 00 Ü
= Surplus ...............
368.000. 00 Ü
H
Undivided
profits
Now, why not, as he says, make it five. With five = Deposits over . . .
11,700,000.00 Ü
members on the council, which is the governing body,
the voice of Iowa will be heard. Our opinions, our =
OFFICERS
1
N. VOSS,
ED. KAUPM ANN, g
views, will be given expression—Iowa and the Iowa H= CHAS.
P r e s id e n t
C a sh ier
=
banker will be in the forefront where by right of her rn JO S E P H P . P O R T E R ,
F . C. K R O E G E R ,
m
=
V ic e - P r e s id e n t
*
A sst. C a sh ier =
resources and ability, she is entitled to be.
M RAY N Y EM A STER ,
OTTO R IE C H E ,
g
V ic e - P r e s id e n t
A s s t. C a sh ie r g |
So then, let’s put our shoulders to the wheel and each H
of us do what we can to bring this thing about. Just H Our adequate equipment and exceptional facilities for g
at this time such action is in line with national service H handling business in every department of .banking are at g
M
—it is in word and in truth our patriotic duty and g your service.
knowing the Iowa banker as we do, we cannot think IllllllllllllIIIIIIIIIIIIIIIIIIB

LIVE STOCK

German Savings Bank

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

54.

THE

NORTHWESTERN

!IIIIIIIIIIIIII i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i m i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i i ! i i ; i :: i i : ii

I O W A
n i i i m i i i i i i m i i iim iiii iiiii iiii m iim m im im iiii im m ii iim i iiiii iiii iiii iim m i iiim iiiim iiii im im i im m i iiii iiiii iiim iiiii iiim im ii ir i

that the few dollars required for the membership fee
will ever stand in the way of a liberal response to this
call. If you are not a member of the A. B. A., lend a
hand today jto. the advancement: of o u t state and to the
service of our country.

BANKER

May, 1917

deposits were $88,869.21 and on March 23, 1917, they
had increased to $103,594.14. The officers are : Henry
Sievers, president; John Schleismann, vice president;
Louis F. Kovar, cashier, and Elmer Schleismann, as
sistant cashier.
EUCLID AVENUE STATE BANK. DES MOINES,
OPENS FOR BUSINESS.
The Euclid Avenue State Bank of Des Moines, with
James R. Hanna, president; Geo. D. Newcomb, vice
president, and Jerry S. Saylor, cashier, has opened for
business.
At the present time the bank is in temporary quar
ters but has purchased a lot at Sixth and Euclid and
plans to improve it as soon as possible.

ORGANIZATION OF RANDOLPH STATE
BANK, RANDOLPH, IOWA, COMPLETED.
J. H. Pullman has recently completed the organiza
tion of the Randolph State Bank, of Randolph, Iowa,
of which he is cashier, and deposits on the opening day
were very satisfactory.
FIRST NATIONAL BANK, GUTHRIE CENTER,
Twenty substantial farmers and business men are
IOWA, IS ALIVE TO NEEDS OF THE TIME.
the stockholders and plans are under way-for a mod
A timely advertisement of the First National Bank,
ern bank building, which will be erected irl the near
Guthrie Center, Iowa, is headed : “Opportunity Knocks,
future;
•L. O. Longinaker,is president of the bank; J.'O'. Speed Up Production.” “Humanity’s call as well as
Driskell, vice president; J. H. Pullman, cashier, and your own profit, demands of You that this year you
prepare a little better, plant a little .more, till a bit
L. J. Duncan, assistant cashier.
more faithfully than ever before. This bank stands
ready to finance all increased farming operations in its
FARMERS & MERCHANTS SAVINGS BANK, territory, and will loyally assist and stand behind its
LIDDERDALE, IOWA, PROSPERS.
patrons in such undertakings. We believe it is a year
A continued growth has been made by the Farmers for increased production rather than for speculation or
& Merchants Savings Bank of Lidderdale, Iowa, which investment, and have ‘prepared’ for - such a season.
is evident by their statements. On March 28, 1916, the; Seed some extra acres, utilize the waste places, hold

The Commercial National Bank
WATERLOO, IOWA

Capital apd Surplus, $500,000
OFFICERS
W . W. MILLER, President
F. C. PLATT, Vice-President

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

E. W. MILLER, Vice-President
GEO. E. LICHTY, Vice-President

H. C. SCHULTZ, Cashier
H. W. W ENTE, Ass’t Cashier

May, 1917

THE

NORTHWESTERN

your breeding ^nimals, raise more pigs, more calves.
We will back, you!”
Many other banks have taken the same stand as the
First National of Guthrie Center.
FIRST STATE BANK, HOLSTEIN, IOWA,
PROSPERS.
At the annual meeting of the stockholders of the
First State Bank of Holstein, Iowa, the officers were
re-elected as follows: Robert Gracey, president; Emil
Lage, vice president; Glen Ml Gracey, cashier, and A.
N. Bertelsen, assistant cashier.
The business of the bank was found to be in a pros
perous condition and the usual substantial dividend
was declared.
An increase of $100,000 has been made in deposits
during the past year.
GERMAN-AMERICAN SAVINGS BANK, MA
RENGO, IOWA, INCREASES SURPLUS
TO $25,000.
The German-American Savings Bank of Marengo,
Iowa, has increased its surplus to $25,000, thus mak
ing it equal to?the capital. The time deposits are $278,008.10, and the demand deposits are $194,647.12.
D. H. McKee, vice president‘o'F the Iowa Loan &

BANKER

Trust Company, Des Moines, is president of the Ger
man-American Savings Bank.
BATTLE CREEK SAVINGS BANK, BATTLE
CREEK, IOWA, OPENS NEW BUILDING.
The Battle Creek Savings Bank, of Battle Creek,
Iowa, which has recently completed the erection of its
$40,000 home, held a reception and a large number of
patrons took that opportunity of inspecting the beauti
ful building.
The exterior is constructed of homespun molding
brick and trimmed with buff Bedford stone. The in
terior of the main banking room is large and commo
dious and occupies the entire front of the building ex
cept the stairway to the second story. The wainscot
ing and fixtures are built of Rosate marble, while the:
woodwork in the main banking room and the fixtures
are of Mexican mahogany. The walls are finished in a
Tiffany blend mounted with a special design frieze.
The officers of the bank are: D. H. Hedrick, presi
dent; Jens Iversen, vice president; J. W. Wellner,
cashier.
FARMERS & TRADERS SAVINGS BANK,
HILLSBORO, IOWA, RE-ELECTS OFFICERS.
The stockholders of. the Farmers & Traders Savings

IOW A NATIONAL BANK
c

E • ■ ■i

DES MOINES, IOWA
S T A T E M E N T M A R C H 5, 1917

LIA B ILITIE S .

RESOURCES.

' Capital Stock^ . . . . . . 7 ...................... ......... .. $ 1,000,000.00
623 086 61
' Surplus and Profits .A.C . . . : . . . / . . .
^n'nnn nn
Circulation- A"..7?i .»Ti-.v; ?.'■}. 7.4.
Dividends Unpaid ............. .............. • ..........
28,535.00 D eposits ................................................... ........... 17,851,638.71

L o a n s .......................................... .................... $10,039,274.46
United States Bonds .....................................
60,000.00
Federal Reserve Bank Stock
......
' 39,000.00
5,000.00
Furniture and Fixtures ..............................
Overdrafts .......................................................
8,773.38
Cash and Exchange .......................................
9,401,212.48

$19,553,260.32

O F F I C E R S
H. S. BUTLER, V ice P resid en t
H. T . BLACKBURN, C ashier

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

HOMER A. MILLER, P resid en t
R. L. CHASE, JR ., A ssista n t C ashier
C. H. STEPHENSON, A ssista n t C ashier

JAMES F. HART, A ssista n t C ashier
J. R. CAPPS, 'A ssista n t C ashier

THE

NORTHWESTERN

BANKER

May, 1917

Bank, Hillsboro, Iowa, held their annual meeting re
cently and unanimously re-elected the retiring Board
of Directors.
Immediately following, the newly-elected Board re
organized by retaining the same officers : W. A. Tade,
president; John Cresswell, vice president; H. D. Tade,
cashier; A. B. Hixson, assistant cashier.

Peoples Savings Bank
DES MOINES, IOWA
E S T A BLISHED 1890

CAPITAL (Paid in) $50,000.00
CAPITAL (Earned) 50,000.00 $ 100,000.00
SURPLUS & PROFITS (Earned) 206,000.00
DEPOSITS
over 2,800,000.00
C. H. Martin, President
Frank P. Flynn
E. A. Slininger
Vice-President
Cashier
Carl W. Mesmer
Assistant Cashier
Accounts of Banks and Bankers Solicited

TRESSA McELHINNEY-TRUMBAUER ELECT
ED PRESIDENT OF SECURITY SAVINGS
BANK, WATERLOO, IOWA.
Mrs. Tressa McElhinney-Trumbauer, the newlyelected president of the Security Savings Bank of

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For Rest, Recreation and Recuperation,
Excelsior Springs Excells all Resorts.
STOP AT THE ROYAL HOTEL
American Plan, $2.50 up
A Safe Place for Your Wife and Family.

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BANKS
TRESSA McEDHINNEY-TRUMBAUER
President Security Savings Bank, Waterloo,
Iowa.

Specialized Service
in d e s ig n in g

Buildings

Structures

Vaults

Bank Fixtures

Waterloo, Iowa, is considered to be the first woman to
be placed at the head and to take charge of the man-

Mechanical Equipment
Superior—Efficient—Economical

9th Floor Monadnock Bldg.
Chicago

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T H E IR V IN G
E lev a to r S ervice

S team H ea te d

R oom s 75c—$1 .0 0
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E urop ean

W ith B a th $1.2 5 —1 1 .5 0

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P la n

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Fridstein
&
Co.
BANK ENGINEERS

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IRVING HOTEL COMPANY

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FRED RO BLIN, Manager
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https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

NORTHWESTERN

agement of a banking institution in Iowa. She is a
strong, right-minded individual on whom rests a great
responsibility. A great organizer and executive, she
loves her-work. All admit her unflinching honesty, not
only of purse but also of fair dealing; devoted to her
work, popular, prominent in church work and in so
ciety, more than loyal to her friends—such is Mrs.
Trumbauer.
She was recently married to J. Oliver Trumbauer,
the vice president of the Leavitt and Johnson National
Bank, Waterloo, also a director of the First National
Bank of Waterloo.
After leaving college she served as private secretary
for her father, Andrew McElhinney, and worked in
that capacity during that gentleman’s lifetime. Since
the death of her father she has looked after the McEl
hinney estate until the death of her mother recently.
This special training has well fitted her for her later
duties of serving the public.
Practically all of Mrs. Trumbauer’s investments are
made in Iowa, a specialty being made in farm mort
gage loans. She makes her own loans and personally
looks after the collection of interest and moneys. She
is an acknowledged expert in this branch of finance
and has a wide acquaintance of farm values and the re
sponsibility of borrowers—a knowledge, acquired by
diligent study and long-continued application.
Mrs. Trumbauer is emphatically a business woman,
with the reputation among bankers as being unusually
bright and capable. Perhaps the most cogent tribute
t'o her business ability is to be found in her recent elec
tion to the highest office in the old savings bank in
Waterloo. Success has come, but not without intense
work, steady perseverance, and a determination to rise.
While taking over the presidency and management
of the Security Savings Bank of Waterloo, besides aug
menting and developing the already large and flourish
ing banking business, she expects to direct her atten
tion particularly to attracting to her institution the
savings of the laboring and working classes. Her aim
is to build up in Waterloo one of the largest savings
banks in the State of Iowa.
Besides the onerous duties of the new office, Mrs.
Trumbauer will be actively engaged in the employ
ment of her own considerable fortune. She is the larg
est stockholder in the First National Bank, Waterloo,
of which her husband is a director, besides being in
terested in other institutions. She is also president of
the Citizens State Bank of Goldfield, Iowa, which office
she has held for the past seven years. In this institu
tion she has an able coadjutor in her brother, B. W.
McElhinney, who is cashier.

BANKER

J. Chris. Jensen
Architect

305 Broadway : - : Council Bluffs, Iowa
Long Distance Phone 764

ADEQUATE FACILITIES
/ %

and perfected service make this an
ideal reserve bank for Iowa banks.
Every courtesy and accommodation extended
consistent with conservative banking.
In
quiries solicited and appreciated.

BLACK HAWK
NATIONAL
BANK
WATERLOO, IOWA
DR. F. W . POW ERS, P r e s id e n t

A. E. GLENNY, Vice-Pres. CHARLES W. KNOOP, Cashier
JAMES LOONAN, Vice-Pres. H. E. RUGG, Asst. Cashier
CA PITA L

$ 2 0 0 , 000.00
RESOURCES

$ 2 , 0 0 0 , 000.00
“The Bank of Stability and Progress”

THE CEDAR R A PID S NATIONAL BANK CED“
Z PI,>S’
OlRECr
STA TEM EN T MARCH 5, 1917.

Resources.

Liabilities.

Loans and Discounts ......... $ 9,540,445 18
O v erd rafts.....................
137 .05
U. S. Bonds and Prem ium ..
517,000 .00
Other Bonds and Securities
658,679 .35
Real Estate ...........................
275,000 .00
Cash and due from banks.. 4,339,104 .59

Capital ..................................S 50,0000.00
306,348.42
Surplus & Undivided Profits
8,500.00
Reservations ........................
475,800.00
Circulating Notes ...........
Deposits ................................ 14,039,717.75
$15,330,366.17

$15,330,366.17
O FFICERS

GLENN M. AVERILL. Vice P tesident
RALPH VAN VECHTEN, President
KENT C. FERMAN, Cashier
GEO. B. DOUGLAS, Vice President
MARTIN NEWCOMER, Asst. Cashier
ED H. SM ITH , Vice President
Accounts of Banks and Bankers Solicited. Unsurpassed Collection

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

C°AfAfECT»Ol*&
40 Years o f Continuous, Conservative
and Successful Banking

CHAS. C. KUNING. Asst. Cashier
KARL H. REHNBERG, Mgr. Cr. & D is. Dept.
ANNA R. SM O USE, Auditor
Facilities.

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THE

May, 1917

THE

NORTHWESTERN

BANKER

May, 1917

Scandinavian American National

Bank

MINNEAPOLIS
Capital $1,000,000.00

Surplus $200,000.00
O fficers

A. U E L A N D , V ic e -P r e s id e n t
E D G A R L. M ATTSO N, V ic e -P r e s id e n t
GEO. F. O R D E , V ic e - P r e s id e n t
CH AS. B. M ILLS, V ic e -P r e s id e n t

H. R. LYO N, P r e sid e n t

E. V. BLOOM QUIST, C a sh ier
A. E. L IN D H JE M , A s st. C a sh ier
T R Y G V E OAS, A s st. C a sh ier
W . R. M U R R A Y , A s st. C a sh ier

W e have exceptional facilities for handling the accounts and business of banks. Our
list of correspondents is growing daily. W e w ould like to see your name on our books.

M IN N E S O T A
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real estate offices. The bank will be finished in the
most substantial manner and the safes, vaults and pri
vate lock boxes will be the latest designs of jiggered
steel.
The officers of the Farmers State Bank are : T. H.
Kimball, president; F. R. Anderson, vice president, and
G. W. Harris, cashier.

FARMERS STATE BANK, PINE RIVER, MINN.,
ERECTS NEW BUILDING.
A new building is being erected for the home of the NATIONAL CITIZENS BANK, MANKATO,
Farmers State Bank of Pine River, Minnesota. The
MINN., INCREASES CAPITAL.
outer walls are of red pressed brick and the floors are of
On account of its rapidly increasing volume of busi
tile.
ness the National Citizens Bank of Mankato, Minn.,
The upper floor will be fitted for up-to-date office has increased its capital stock from $ 100,000 to $200 .
rooms. The building occupies a corner lot and will be 000.
built to accommodate three business concerns on the
The bank has about fifty local stockholders and
lower floor, a drug store, the banking rooms and some under the new capitalization the stockholders’ liability
will be increased to $200,000.
Lorin Cray is president of the bank, G. W. Sugden is
vice president and F. K. Meagher is cashier.
The surplus is $50,000.

A M ontana

Branch Office
In order to become more closely identified with
the rapid development of Montana, we have estab
lished a branch office at Great Falls, Montana.. *
It is our aim to give our Montana correspondents a
local service which will insure them prompt action
in the handling of farm mortgage business.
Bankers and others seeking loan connections that .
"afford a ready outlet for loans are invited to write
our local representative, Mr. E. R. Colburn, First
National Bank Building, Great Falls, for full details.

The Minnesota Loan
and Trust Company
First National Bank Building

405 IVIarquette Avenue

G R E A T FALLS, M O N T .

M IN N E A P O L IS

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

C. A. CHAPMAN ELECTED CASHIER OF THE
FIRST NATIONAL BANK, ALBERT LEA,
MINNESOTA.
C. A. Chapman, of Kansas City, Mo., has been
elected cashier of the First National Bank of Albert
Lea, Minn., to share with Alf. Christopherson, presi
dent, the executive duties of that institution.
Mr. Chapman is an experienced banker, who for the
last nine years has specialized as an independent bank
auditor, bank salesman and counsellor to banks, located
first at Council Bluffs, and later at Kansas City, where
he has been for the past six years. Mr. Chapman is a
.graduate of. the .University of Minnesota College of
Law and for many years has written for different
banking journals.
MONTANA BANKERS ASSOCIATION TO MEET
JULY 27TH AND 28TH.
Great Falls will this year be host to the Montana
Bankers Association on July 27th and 28th.
The central group meets on May 28th at Lewistown.
It comprises Broadwater,. Gascade,, Lewis and Clark,
Fergus, Musselshell and .Meagher counties.
The southern group meets on May 30th at Forsyth.
This group comprises Gallatin, Rosebud, Park, Daw
son, Sweet Grass, Custer, Stillwater/ Fallon, Carbon,
Prairie, Yellowstone, Wibauz and Big Horn counties.
THE FIRST NATIONAL BANK, ST. PAUL,
URGES INTENSIVE FARMING.
The First National Bank of St. Paul has sent out

THE

May, 1917

NORTHWESTERN

BANKER

T h e F irst N ational Bank o f S t. Paul

Established 1863

Capital and Surplus, Five Million Dollars
p |: |

fell
«ss

This strong, progressive bank, conducted along con
servative and modern lines, offers every facility
consistent with sound, prudent banking for the sat
isfactory handling of your Northwestern business.

Resources Fifty-Seven Million Dollars
thousands of letters to country correspondents urging
the farmers to intensify all farm production.
Cyrus P. Brown, vice president, said :
“We realize that at this time it is necessary that
every producer of foodstuffs should be prepared to
render the utmost service in provisioning the nation.
The country bankers are in close touch with the farm
ers and will receive close attention. We feel confident
that northwestern farmers will rise to the occasion.”
ST. PAUL STAMP WORKS.
Bankers who are in need of anything in the line of
rubber stamps or seals for notary use should write
the St. Paul Stamp Works, St. Paul, Minn., as they
manufacture a complete line for the special work of
the bankers. A catalog will be sent on application and
correspondence is solicited.
FREDERICK VAN ANTWERP COMPANY, MIN
NEAPOLIS,/
The Frederick Van Antwerp Co., Minneapolis,
is particularly well equipped to submit plans
for new construction of bank buildings or make any

changes or improvements in old, buildings. They will
be pleased to give any information desired, either
under a single contract or for special work of decorat
ing, wiring, heating, furniture, etc.
MERCHANTS STATE BANK, LEWISVILLE,
MINN., DISTRIBUTES USEFUL BOOK
TO CUSTOMERS.
The Merchants State Bank, Lewisville, Minn., of
which James Lewis is president, T. N. Marsden vice
president, Adolph Sucker cashier and Percy E. Lewis
assistant cashier, has distributed an interesting and
useful book to its farmer customers entitled “Farmer^’
Record and Account Book.” Every farmer on the mail
ing list of the bank was written to and told that he
could have a book free if he would ask for it at the
bank and a notice was also put upon the bulletin board
for such as were not. on the mailing list. This adver
tising has proved of benefit to the bank.
The capital stock of the bank is $20,000; surplus and
undivided profits, $5,005.30, and deposits, $179,259.93.

Continental and Commercial National Bank
OF CHICAGO

Capital, Surplus and Undivided Profits, $33,000,000
OFFICERS
A rth u r R e y n o ld s . .
R a lp h V a n V e c h te n
A le x . R o b e r tso n . .
H erm a n W a ld e c k .
J o h n C. C r a f t ..........
J a m e s R. C h ap m an

G eo rg e M. R e y n o ld s ............................ ...P r e s i d e n t
W illia m T. B r u c k n e r .V ic e -P r e s id e n t
• V ic e - P r e s id e n t
J o h n R. W a sh b u r n ... .V ic e - P r e s id e n t
.V ic e - P r e s id e n t
N a th a n ie l R. L c js c h ................. .C a s h ie r
.V ic e - P r e s id e n t
H a r v e y C. V e r n o n . .A s s is t a n t C a sh ier
.V ic e - P r e s id e n t
G eo rg e B. S m i t h .. .A s s is t a n t C a sh ier
, .V ic e - P r e s id e n t
W ilb e r H a t t e r y , . . .A s s is t a n t C a sh ier
.V ic e - P r e s id e n t
H . E r s k in e S m ith . .A s s is t a n t C a sh ier

W ils o n W . L a m p e r t A s s is t a n t C a sh ier
D a n N o r m a n .............. A s s is t a n t C a sh ier
G e o r g e A. J a c k s o n .A s s is t a n t C a sh ier
J o h n F . C r a d d o c k .M g r . C red it D ep t.
J o s. M cC u rrach . .M g r. F o r e ig n D ep t.
R. G. D a n ie ls o n . .M gr. T r a n s it D ep t.

Accounts of B anks, Bankers, M anufacturers, M erchants and Individuals Invited

Continental and Commercial Trust and Savings Bank
Capital, Surplus and Undivided Profits, $5,000,000 •1,
Trust, Savings and Bond Departments
OFFICERS

* / (c , 1 " .
' .y -

G eo rg e M. R e y n o l d s ...................................P r e sid e n t
J o h n J a y A b b o tt ......... V ic e - P r e s id e n t
F rank H. J o n e s . . S e c r e t a r y
H e n r y C. 01cott._. .M gr. B on d D ep t.
R o b e r t J. H e r c o c k ..........A s s ?t C a sh ier
A rth u r R e y n o ld s ......... V ic e - P r e s id e n t
W m . P . K o p f . . J. . . . . A s s ’t S e c r e ta r y
A lb e r t S. M a r tin ......... . . A s s ’t C a sh ier
C h a rles C. W i l l s o n .....................C a sh ie r
j

The Capital Stock of this bank ($3.000,000) and the Capital Stock of the Hibernian Banking-Association ($2,000,000) are
owned by the Stockholders of the Continental and Commercial National Bank of Chicago.

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

THE

NORTHWESTERN

M IN N E S O T A

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MINNESOTA BANKERS ASSOCIATION URGES
CONSERVATION OF RESOURCES.
H. Von der Weyer, president, and G. H. Richards,
secretary, of the Minnesota Bankers Association, have
issued an appeal to the members of the association to
utilize every available acre of tillable soil for the pur
pose of raising food. “At this time, the subject of farm
labor should be seriously considered, and by discussing
the matter with the farmers, you can be a large factor
in securing sufficient and competent'labor. Labor is
largely governed by the law of supply and demand and
since laborers in the cities are receiving increased
wages, it would seem that as a matter of prudence the
farmers should also be urged to pay an increased wage
rather than lose their help.

MR. BANKER!
|
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1

I f you wish to dispose of your interest and want quick action list your stock
with me. I have buyers and can close the
deal immediately.

|
■

I f interested in buying a bank, h t
me put you on the mailing list. A ll business
handled confidentially.

JACOB BACKER, BANK BROKER

May, 1917

CITIZENS STATE BANK, GRYGLA, MINN., IN
TERESTS FARMERS IN BETTER
LIVE STOCK.
The Citizens State Bank of Grygla, Minn., is doing
a splendid work in interesting the farmers to get better
stock. Last fall the bank shipped in ten pure-bred
bulls. The bank located them and charged the farm
ers 6 per cent interest on the cost price of the bulls.
The officers of the bank have often taken the farmers
in their cars forty to fifty miles to look up better stock
and have not charged the farmers for gasoline or their
time.
The slogan of the Citizens State Bank is “Give the
Cow a Chance.”
Olaf Ramstad is president, A. O. Fladeland vice pres
ident and A. J. Andersen cashier.

C A PIT A L A N D SU R P L U S
$ 10,000,000.00
D EPO SITS O V E R SIX T Y
M ILLIO N DO LLARS
C orresp on d en ce In v ited

BANKER

MIDLAND TRUST & SAVINGS BANK ORGA
NIZED AT ST. PAUL.
The organization of the Midland Trust & Savings
Bank, with a capital of $2,000,000, and the closing of
a ten-year lease on the first floor of the Commerce
building, St. Paul, have been announced by H. W.
Strickler, St. Paul, who will be president of the new
bank.
The bank will parallel in its activities the St. Paul
Federal Land Bank. More than 200 bankers and busi
ness men of the Northwest, including many from Min
neapolis, St. Paul and Duluth, as well as those of
smaller towns throughout Minnesota, the Dakotas,
Iowa, Wisconsin and Michigan, are interested.
It will open for business July 1. A general trust
and savings bank method will be carried on from the
start and within a short time after the opening it is
the intention to launch into a general banking business.
MINNESOTA GROUP MEETINGS.
The twentieth annual convention of the Minnesota
Bankers Association will be held in St. Paul, June 20th
and 21st.
Group 6—Little F a lls .................................... May 8
Group 7—Graceville
....................... May 10
Group 9—Crookston ......................................May 16
Group 3—Red W in g ......................................May 18
Group 1—A u stin ......................................May 23, 24
Group 2—Lakefield .................. ................... May 25
Group 10 met in Minneapolis on April 25th.

NORTHWESTERN STAMP WORKS
1
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ST. PAUL, MINN.
R u b b er S tam ps of E v ery D escrip tio n
Other Specialties

Seals
Check Protectors
Key Checks
Identification Checks

Desk Plates
Signs
Pads
Inks

306 B rem e r A rca d e

ST . PAUL,

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

MINN.

and in fact anything in the stamp line.

THE

May, 1917

NORTHWESTERN

BANKER

n
BANKERS TRUST AND SAVINGS BANK
MINNEAPOLIS, MINNESOTA

ACCOUNTS
Dealers

in F A R M

OUT-OF-TOWN

MORTGAGES,
CAPITAL
SURPLUS

BONDS
■
-

President^ . ...............................WILLIAM MITCHELL LEWIS
Vice President.. .. .......................
FREDERICK'E. BRYAN
Secretary-Treasurer................................
HARRY S. QUIGGLE

BANKS

and

INVITED

INVESTMENT

SECURITIES

$1,000,000.00
$ 200,000.00
J. W. WILLIAMS............... Manager Farm Mortgage Department
JOHN F. BACON...............................Manager Bond Department
WOODLIEF THOMAS.............................................Trust Officer

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

CORRESPONDENCE

INVITED

L
MINNESOTA NEWS AND NOTES.
The Snelling State Bank, St. Paul, Minn., will erect a
$25,000 building to be ready for occupancy, August 1st.
The board of directors of the First National Bank,
Albert Lea, Minn., announces the election of C. A. Chap
man, of Kansas City, Mo., to the cashiership.
The following officers were elected for the newly or
ganized Citizens State Bank, Litchfield, Minn. Oscar W.
Carlson, president; Otto A. Larson, John B. Warren,
Bernard Anderson and Geo. W. Carlson, v i c e presidents,
and Carl D. Michaelson, cashier.
The First State Bank of Eagle Bend, Minn., will erect
a modern bank building this summer.
The directors of the Farmers State Bank of Under
wood, Minn., met recently and decided to build a brick
office building adjoining the bank’s present site.
Plans for the organization of the Midland Trust &
Savings Bank of St. Paul, Minn., were completed re
cently. H. W. Strickler will be president.
S. R. Kramer of Clemens, Minn., has accepted the
cashiership of the Ft. Ripley State Bank, Fort Ripley,
Minn. He succeeds Paul Zeug, who resigned.
E. H. Millen, of Marion, Iowa, has been elected cashier
of the First National Bank of Mitchell, S. D., succeeding
R. J. Harrison, advanced to the presidency.
The State Bank of Dundee, Minn., opened for business
recently in their new building, which is 25x60, built of
brown pressed brick on the two street sides, and finished
with white Bedford stone and is equipped with hot water
heat, electric lights and is modern in every respect.
L. J. Luhmann, formerly cashier of the Farmers and
Mechanics State Bank of Preston, Minn., was recently
appointed as assistant examiner. Mr. Luhmann fills the
vacancy left by W. W. Smith, who resigned to take a
position in the Peoples Bank of St. Paul.

C orporate and N o ta ry Seals
Our New

Very light and useful when
going out to take ac
knowledgments .

St. Paul Stamp W o rk s
E. M . MELLGREN, Manager

The National Citizens Bank of Mankato, Minn., pro
poses to increase its capital to $200,000, thereby doubling
its present capital of $100,000.

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

ESTABLISHED 1870

St. Paul, Minn.
Send for Complete Bank Catalog

Service First
Then—Correct Design and
M odern B uilding I d e a s

doing a
general contracting
B
business we are pre
e s id e s

pared to furnish regu
lar architectural and
engineering service of
the very highest order
either on a reasonable
percentage basis or in
connection with our ex
clusive complete build
ing proposition.

The Millers & Traders State Bank, Minneapolis, Minn.,
which was organized about two years ago, and is capital
ized at $40,000 will increase its capital stock to $100,000.
The bank is now enlarging its quarters.
The Farmers and Merchants Bank, Dalton, Minn.,
which was recently organized will build a new bank build
ing.

Handy P o ck et S eals

are just the seal for Notaries Public

V a n A n t w e r p C o .,
McKnight Building
MINNEAPOLIS, MINNESOTA

r e d e r ic k

in c .

THE

NORTHWESTERN

E sta b lish ed
1891

at Union S to ck Y a rd s

The Stock Yards business of country
bankers receives every attention.

CATTLE LOANS NEGOTIATED
JOHN F. COAD, JR., President
WILLIAM J. COAD, Vice-President
H. «C. NICHOLSON, Cashier
CHAS. F. SCHAAB, Asst. Cashier
WM. E. PHILBY, Asst. Cashier

CAPITAL AND SURPLUS - - - - -

$300,000.00

NEBR ASK A
........"""'inn»......it............. .................... .................... .

„„„„...............

BÄ-NKER

May, 1917

out souvenir cards, accompanied by an American flag,
thereby commemorating the 35th anniversary of the
founding of the bank.
The first officers -of the bank were: Henry W.
Yates, president; Lewis S. Reed, vice president; A. E.
Touzalin, second vice president; W. H. S. Hughes,
cashier; W. V. Morse and John S. Collins, directors.
A four-story bank building was immediately erected,
which was completed in 1883.
The Nebraska National Bank has always been managed upon sound and conservative lines, which ac
counts for the splendid patronage it has always en
joyed.
• The present officers are: F. W. Clarke, president;
C. F Coffee, vice president; H. W. Yates, Jr., cashier;
L. \y . Scheibel, assistant cashier; Epes Cory, assistant
cashier; Warren Switzler, attorney; John McDonald
architect; John W. Agnew, live stock.
C. HIRSCHMANN ELECTED PRESIDENT OF
FIRST NATIONAL BANK, WEST POINT
NEBRASKA.
Chris Hirschmann, for many years cashier of the
First National Bank of West Point, Neb., has been
elected president of that institution to succeed W. A.
Black, who recently died.
.. Wm. Gentrup, assistant cashier, was elected cash
ier and W. T. Knievel was elected assistant cashier.
W. Koudele is vice president and F. D. Hunker
was elected to the board of directors.
FIRST NATIONAL BANK, HERSHEY, NEB
HOLDS FORMAL OPENING.
The First National Bank of Hershey, Neb., held its
formal opening recently. D. B. McNeal is president of
the new. bank, Carl Wixtrom first vice president, Otto
H Sherman is second vice president and Sharpley
T “PJnPson>cashier. The bank is capitalized at $25,000.
The bank opened in temporary quarters that will be
used only until the new building which is to be con^ e. use
the institution is completed.
This building will be of pressed brick and terra cotta
wil1 be comPleted at an approximate cost of
iplOjUUU;

AMERICAN STATE BANK, MERRIMAN, NEB.,
ORGANIZED.
The American State Bank has been organized at
the town of Merriman, Neb., which will have a capital
of $13,000 and a surplus fund of $1,500 at the com
mencement of business. Arthur Bowering will be A. R. NICHOLS ELECTED CASHIER OF THE
FARMERS & MERCHANTS NATIONAL
president, E. C. Swigart, vice president, and F. S.
BANK, FAIRBURY, NEB.
Kaminski, formerly of Silver Creek, will be the cash
A, R .' Nichols has resigned the cashiership ■of the
ier. Charles P. Nelson, of Long Pine, will be one of Farmers
& Merchants Bank at Elm Creek, Neb,-in
the directors. The stockholders include a number of order to become
cashier of the Farmers. &. Merchants
the leading business men of Merriman.
National Bank at Fairbury, Neb. Before entering the
banking business, Mr. Nichols was county superin
NEBRASKA NATIONAL BANK, OMAHA, CELE tendent.
'
BRATES 35TH ANNIVERSARY.
No
other
changes
are
contemplated"in
the bank at
The Nebraska National Bank of Omaha recently sent Elm Creek. Associated w ith. Mr. Nichols
at FairW alter H. Rhodes
John W . O verstreet

R hodes-O verstreet Com pany
OM AHA

620 W orld Herald Bldg.

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Federal Reserve Bank of St. Louis

Consulting Bankers
Bank Stocks
NEBRASKÀ
Phone Douglas 5546

THE

May, 1917

NORTHWESTERN

BANKER

United S tates National B ank
OF OMAHA, NEBRASKA
Capital - - - -

M, T. B A R L O W , P r e s id e n t
G. W . W A T T L E S , C h airm a n o f th e
B oard
G. E . H A V E R S T IC K , V ic e P r e sid e n t
W . E . R H O A D E S , V ic e P r e sid e n t
R . P . M ORSM AN, V ic e P r e s. & C ash.

$1,000,000.00

Surplus and
P rotits............ $925,000.00

J.
G.
C.
T.
O.

Deposits - - - - $22,000,000.00
Your Business Cordially
Invited
bury are E. R. Bee, president; H. L. Clark and Fred A.
Leonard, vice presidents.
WM. H. BUCHOLZ, OMAHA BANKER, DIES.
Wm. H. Bucholz, vice president of the Omaha Na
tional Bank, Omaha, died at his home recently after an
illness of a week. He began his banking career in the
Norfolk National Bank where he was promoted from
clerk to assistant cashier, cashier and finally president,
which latter position he held from 1900 to 1904.
Mr. Bucholz sold out his interests in the Norfolk
National Bank in 1904 to become vice president of the
Central Bank of Oakland, California. After two years
in that position he came to the Omaha National Bank
as cashier and for the past eight years he has been
vice president.
. For two years the health of Mr. Bucholz has been
undermined by what developed into arterial trouble.
He was a man of few words, quick decisions, unfailing
courtesy and such kindness of heart and helpfulness
that he was beloved by his fellowmen.
MERCHANTS NATIONAL BANK, OMAHA, IN
CREASES CAPITAL TO $1,000,000.
The Merchants National Bank of Omaha has in
creased its capital-stock-from $500,000 to $1,000,000.
This is the third bank in Omaha which has this amount
of capital, the other two being the Omaha National
Bank and the United'States National.'
The Merchants National has- a surplus of $250,000
and undivided profits of $325,000. This bank has
doubled its deposits during the past four years, the
deposits at the last call amounting to more than $ 12,-

C. M’C L U R E , A s s t. C a sh ier
H . Y A T E S , A s s t. C a sh ier
F . BRIIVKMASi, A s s t. C a sh ier
F . M U R P H Y , Asst* C a sh ier.
W IL L IA M S, A u d ito r

FARMERS & MECHANICS BANK, HAVELOCK,
NEB., MOVES INTO NEW HOME.
The increasing business of the Farmers & Mechan
ics Bank of Havelock, Neb., was celebrated recently
by their removal into a beautiful new building which
will more adequately be able to take care of their
patrons.
Entrance to the bank is by a door on the west side
of the room, opening into a spacious vestibule, glass
enclosed. The inner door leads direct to the bank
lobby, the cashier’s office being in front and at the left
of the entrance and separated from the paying teller’s,
window by lattice work.
The counter fixtures and wainscoting on the cti?
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| M cC o n n e l l

& m o e l l e r

OMAHA NA TIO N A L B A N K BU ILDING

OM AHA, N EB R A SK A

RUBBER ST A M PS

W estern Stamp & Stencil Co. |
1201 Farnam St., Omaha, Neb.

SEND FOR CATALOGUE NO. 10.

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CAPITAL_____ ______ - - $500,000.00 * SURPLUS-------------- ------------ $500,000.00
UNDIVIDED PROFITS_____ $511,824.00
DEPOSITS---------------------- $10,164,324.68
OFFICERS

LUTHER DRAKE, President
B. H. MEILE, Cashier

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Federal Reserve Bank of St. Louis

L If 1

I ^The M e rc ho f aOnM Ats!
N a tio n a l B ank
HA, NEBRASKA

ACCOUNTS

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000;000. H

C E R T IF IE D P U B L IC A C C O U N T A N T S

FRANK T. HAMILTON, Vice-President
S. S. KENT, Assistant Cashier

SOLICITED

FRED P. HAMILTON, Vice-President
F. A. CUSCADEN, Assistant Cashier

DEPOSITORY

THE

NORTHWESTERN

BANKER

May, 1917

THE STATE BANK OF DECATUR, NEB., IS
ORGANIZED.
A new state bank known as the State Bank of De
catur has been organized at Decatur, Neb., with Guy
T. Graves as president; J. B. Rossiter, vice president,
and Ray L. Grosvenor, cashier.
The capital stock is $20,000.
Mr. Grosvenor will be in active charge of the affairs
of the bank and having had ten years banking experi
ence, will no doubt rapidly build up this new institu
tion.
THE ONLY BANK
— in th e —
UNION STOCK YARDS

Our location and facilities
are unequalled. We are
the clearing house for the
Live Stock Business of the
Omaha Stock Yards.
Capital, Surplus & Profits, $1,500,000.00
Combined Resources,
14,400,000.00
H. C. BOSTWICK, President
J. G FRENCH, Vice President
J. S. KING, Ass’t to President
FORD E. HOVEY, Vice President H. G MILLER, Assistant Cashier
J. B. OWEN, Cashier
F. J. ENERSON, Assistant Cashier
H. W. VORE, Auditor

NEBR ASK A
iimiiiiiiiiiiiiiiiiiMiiiiiii... ..........................................................................................................ii„f

tomers’ side is of Italian English vein marble, the upfights standing seven feet high, while the wainscoting
is about four feet high. The private offices and booths
are of native American walnut, beautifully grained.
The walls of the room are tinted in a pale green, while
the ceiling is of cream color.
The Farmers & Mechanics Bank, which was orga
nized in 1900, has a capital of $25,000 and deposits of
$242,000.
The officers are: Fred Whittemore, president; E.
E. Anderson, vice president; V. F. Hofmann, cashier,
and John M. Malone, assistant cashier.

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Federal Reserve Bank of St. Louis

J. J. TOOLEY ELECTED SECRETARY OF NE
BRASKA STATE BANKING BOARD.
J. J. Tooley, for many years cashier of the Anselmo
State Bank, has been appointed secretary of the Ne
braska State Banking Board, to succeed Mr. Royse,
who died recently.
Mr. Tooley has a large acquaintance throughout
the state of Nebraska which will aid him materially in
his new work.
NEBRASKA GROUP MEETINGS.
Group 4—Cambridge ..................................... May 16
Group 1—Lincoln .................... I .....................May 17
Group 2—Columbus ....................................... May 22
Group 3 met in Norfolk on April 23rd and Group
5 met in Grand Island on April 26th.
GEORGE A. BROOKS, PRESIDENT OF FIRST
NATIONAL BANK, BAZILE MILLS,
NEB;, DIES.
George A. Brooks, president of the First National
Bank of Bazile Mills, Neb., died at his home recently,
at the age of 66 years. As a homesteader he met and
conquered the many vicissitudes incidental to pioneer
days. Through tenacity of purpose and ambition he
succeeded with his enterprises and at the time of his
death was one of the leaders of the community.
Mr. Brooks was one of the most prominent men in
the state, both commercially and politically. He wrote
a
?n e^rly Nebraska history a few years ago in
which his unique character was displayed quite vividly.
FIRST NATIONAL BANK, COLERIDGE, NEB
AIDS FARMERS.
The First National Bank of Coleridge, Neb., is con
stantly on the alert to aid the farmers of the com
munity. Among other things they have established a
farm library of 150 volumes for the use of farmers free.
Last spring they tested 5,000 ears of corn for the farm
ers, ten ears for each man, to show them the condition

THE

May, 1917

NORTHWESTERN

BANKER

The Omaha National Bank
Omaha, Nebraska
E stab lish ed in 1866

Deposits $25,000,000.00

Capital & Surplus $2,000,000.00

Exceptional collection facilities for Iow a business.

Item s routed direct.

OFFICERS
J H M IL L A R D , P resid en t
W . H . B U C H O LZ , F irst V ic e -P r e sid e n t
W A R D M. B U R G E S S , V ic e -P r e sid e n t
B. A . W IL C O X , V ic e -P r e sid e n t
F R A N K B O Y D , C ashier
E Z R A M IL L A R D , A ssista n t C ashier O. T . A L V IS O N , A ssista n t C ash ier J. A . C H A N G S T R O M , A ssista n t C ashier

The new officers of the Farmers State Bank of Pender,
of their seed corn. The bank has also secured four cars
.Neb., have been elected as follows: President, George
of Holstein cows for the farmers at cost.
The officers are: F. A. McCornack, president; J. C. Heyne; vice -president, Paul Simonsen; secretary, Carl
Morrison, vice president; Chas. D. Young, cashier, Vogt, and cashier, W. F. Wenke.
and John Symonds, assistant cashier.
Agnes Bruckner resigned her position in the Platte
County Bank, Platte Center, Neb., and A. L. Daniels was
NEBRASKA NEW S AND NOTES.
elected as assistant cashier.
R. E. Harris, formerly of Holmesville, has secured a
Charles Schaab has resigned his position as one of the
position as assistant cashier in the Pleasanton State Bank, cashiers in the Packers National Bank, South Omaha,
Pleasanton, Nebraska.
Nebraska.
Earle Hickman has accepted Harvey Bald’s position in
A deal was consummated recently whereby C. L. Conthe First National Bank, Aurora, Neb. Mr. Bald will tryman became the owner of Axel Nelson’s stock in the
have charge of a newly organized bank at Bayard, Neb. Citizens Bank, of Ogalalla, Neb., and will be cashier of
Authority has been given by the State Banking board that institution.
for changing the German-American National Bank, oi
The directors of the Nebraska State Bank, O’Neill,
Johnson, Neb., to the German-American State Bank, with Neb., held their annual meeting recently and elected the
the same capital, $25,000. The officers are: A. N. Da old officers. A new office was created, that of assistant
foe, president, J. P. Kelley, cashier, and J. Johnson, as cashier, and P. J. O’Donnell was elected to fill it.
sistant cashier.
A. R. Nichols, formerly county superintendent and re
C. N. Michaelson, Superintendent of the schools at cently cashier of the Farmers and Merchants Bank, at
Dixon has accepted the position as assistant cashier of Elm Creek, Neb., has resigned. He has accepted the
the Stockgrowers Bank of Dixon, Neb.
position of cashier of the Farmers and Merchants Na
E. S. Kaminski, assistant cashier of the Farmers State tional Bank of Fairbury, Neb.
Bank, Silver Creek, Neb., has resigned his position and
A new bank has been organized at Eli, Neb., known as
accepted the cashiership of the newly organized Ameri
the
Bank of Eli. The stockholders and promoters are
can State Bank, of Merriman, Neb.
well known business men and ranchmen and are as fol
At the regular annual meeting of the Silver Creek State lows: A. C. Blanchard, president ; James Pruden, vice
Bank, Silver Creek, Neb., held recently, the following president; D. W. Coffey, cashier.
officers were elected: President, Alex Mac Queen, H. A.
Clarke and E. O. Hutchison, vice presidents, P. H. Bell,
cashier and J. W. Jackman and A. M. Davies, assistant
Study Business and Law in the Business' Administration
cashiers.
Colleges of Drake University students. Law College
to be headed by George W. Clarke, for four years Governor of Iowa.
Practical problems presented by commercial and court organizations of
Des Moines. For catalog address

A . M O O LA H Ü C O .
DESIGN

HILL M . BELL, P resid en t

Des Moines, Iowa

C O N S T R U C T IO N
R E C O N S T R U C T IO N
AND EQUIPM ENT
OF

BANK BV1LDINGS

THE MacKINNON OFFICE SUPPLY CO.
Nebraska State Bank Building
L in co ln , N eb rask a

L e t u s m a il y o u fo r $ 2 .5 0 o u r T e lle r s C a s h ^ J o u r n a l ,
3 2 0 p a g e s , la s ts a y e a r .
B o u n d b la c k c lo th s id e s , r e d
R u s s ia c o r n e r s a n d h a c k . E v e ry th in g fo r t h e h a n k fro m
a p in to a s a fe .

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Federal Reserve Bank of St. Louis

THE

NORTHWESTERN

BANKER

May, 1917

S io u x F a lls S a v in g s B a n k
SIOUX

FALLS,

C a p it a l...................................... $200,000.00
Total R esources Over . . . $4,000,000.00
OFFICERS

C. H. ROSS, Vice-President
C. C, BRATRUD, Vice-President
L. D. MANCHESTER, Vice-President

WILLIAM ONTJES, President

K. B. CRESSEY, Cashier
F. A. FOSDICK, Asst. Cashier
R. L. HARRIS, Auditor

A Live Commercial Bank
A c c o u n ts o f B a n k s a n d B a n k e r s S o lic i t e d

SOUTH DAKOTA

K. B. CRESSEY ELECTED CASHIER OF SIOUX
FALLS SAVINGS BANK, SIOUX FALLS, S. D.

Kendall B. Cressey, assistant cashier of the Sioux
Falls Saving's Bank since 1906, has been elected cashier
of the institution to succeed James B. Lambertson,
resigned.

S e n d U s Y o u r F a r m L o a n A p p lic a t io n s

: Ml Cressey moves up to the cashier’s desk at a time
when the bank was able by the last statement to show
itself the largest financial institution in the state.
. The board of directors has also appointed Eugene
Reilley manger of. the farm loan department.
LAKE COUNTY NATIO NAL BANK, M ADISON,
S.
D., USES PATRIOTIC ADVERTISEM ENT.

The Lake County National Bank, Madison, S. D.,
believing that this is the time when the people need
to .be stimulated and enlightened along patriotic lines,
has devoted its advertisements in the daily papers to
the call of duty.
One advertisement headed “Loyalty,” reads: “The
Lake County National Bank stands united with every
member of this community and country to co-operate'
in every way possible in resisting any attempt to ab
rogate American Freedom, Justice and Honor.” An
other; headed “Preparedness and Patriotism,” urges
the planting of every possible bit of land for food
stuffs, The .Flag,” by Franklin K. Lane, Secretary
of the,Interior, which is a story about the flag mean
ing to us whatever we make it, is effectively used.
Others are entitled “Americans All” and “Patriotism.”
The Lake County National Bank is acting in the
right direction and her example should be followed 'byothers. - John W. Wadden is president; F. Cochrane,
and Chas. J. Porter, vice presidents; Martin F. Berther’
cashier/and F. J. Schueller, assistant cashier.
J, L. W ING FIELD, SOUTH DAKOTA STATE
BANK EXAM INER, RESIGNS.

K. B. CRESSEY
Cashier Sioux Falls Savings Bank, Sioux
Falls, S. D.

Mr. Cressey is the oldest in point of service of the
officers and employes of1 the bank. He began as a
stenographer twenty-one years ago, and worked his
way up through the departments, serving as book
keeper, note teller and behind the cages. The officers
and directors of the institution declare his promotion
a recognition of his long-and faithful service.

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Federal Reserve Bank of St. Louis

J. L. Wingfield ,has, resigned as State Bank Exam
iner in South Dakota and has accepted the position of
vice president and general manager of the Common
wealth Mortgage Company, of Minneapolis, a $5,000,000 corporation.
Mr. Wingfield has been in the department, first as
deputy, and later as chief, for over ten years.
John Hirning, formerly state auditor, has been ap
pointed to fill Mr. Wingfield’s unexpired term. Mr.
Horning has been employed by the banking depart
ment for some time.
A. F.

GLASER PURCHASES INTEREST IN
BANK OF HERRICK, S. D.

A. F. Glaser, formerly cashier of the Lucas State
Bank, Lucas, S. D., has purchased an interesc in the
Bank of Herrick, Herrick, S. D., and will be actively
identified with that institution.

THE

M ay, 1917

NORTHWESTERN

SIOUX FALLS
NATIONAL BANK
SIOUX FALLS, S. DAK.
E s t a b lis h e d - - - 1882
S io u x F a lls ' O ld e s t B a n k

^¡[Successfully conducted for more than a
third of a century under one competent
and CONTINUOUS management.

BANKER

DAKOTA TRUST & SAVINGS BANK
Sioux Falls, South D akota
CAPITAL AND SURPLUS

$106,000.00

Accounts of Banks and Bankers Solic
ited on Reasonable Terms.
Deposits Guaranteed.
Prompt Service.
OFFICERS

N. O. MONSERUD, President
V. H. MASTERS, Cashier

O. A. HAYWARD, Vice-Pres.
TORE TEIGEN, Vice-Pres.

structure. The architects have striven to produce in
the exterior design a feeling of quiet dignity, en
hanced by the harmonious treatment of the various
materials employed.*
While the exterior will be most attractive, equal
.
mm
i........... ninimihim.n.i.n.iim..
care and skill has been exercised in the general plan
SIOUX FALLS NATIO NAL BANK BUILDING ning of the various office floors and in the provision
of every comfort and convenience for - the future
NOW UNDER CONSTRUCTION.
The Sioux Falls National Bank building will be nine tenants.
stories in height and of absolutely fire-proof construc
On either side of the banking room will be located
tion, fronting 44 feet on Phillips avenue and 106J4 feet the tellers’ windows and the bank’s working spaces,
on Ninth street. The two lower floors will be occu handsomely appointed rooms for the officers and daint
pied by the bank, while the bank directors’ room will ily furnished quarters for women patrons, while imme
diately above will be mezzanine galleries extending
the full length of the room for the accommodation of
various other departments of the bank, including farm
and city loan business.
Bank planning and bank building have become
highly specialized forms of architectural work; thè
architect must first of all know the fundamental prin
ciples of the banking business and he must combine
with this knowledge the ability of the designer, and
the technical skill of the engineer.
After a thorough investigation of the work of variL
ous architects throughout the country who specialize
in bank and office structures, the firm of Weary &
Alford Company of Chicago has been chosen to carry
out the entire operation. Mr. R. D. Weary has conjducted the negotiations with the bank and has made à
minute study of local conditions and their relation to
the various features of the new building. The de
signing of the structure is in the capable hands of Mr.
Oscar Wenderoth, who before his association with
Weary & Alford Company occupied the position of
supervising architect for the United States government
and is recognized as one of the foremost architects ih
the country.

SOUTH DAKOTA

VOLIN STATE BANK, VOLIN, S. D., MAKES
GAIN IN DEPOSITS.
NEW HOME SIOUX FALLS NATIONAL BANK, SIOUX
FALLS, S. D.

be in the rear over the vaults on the mezzanine floor.
The two lower floors will be faced with terra cotta
of an ivory tone, with a polished granite base, while
the upper stories will be executed in a soft brown tap
estry brick, with ornamental cornice and frieze in the
same terra cotta as used for the lower portion of the

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Federal Reserve Bank of St. Louis

On March 5, 1916, the Volin State Bank had depos
its.of $211,319.04, and at the call March 5, 1917, the
deposits were $309,358.04, showing a net gain during
the year of $98,039.00, a splendid record for a little
town of 350 inhabitants.
The capital and surplus are $28,000.* Einer John
son has been cashier of the bank for the past ten years.
H. B. Bierce is president; Ole Pederson, vice presi
dent, and O. A. Hart, assistant cashier.

THE

'6 8

NORTHWESTERN

r. Mr. Glaser has been in the Lucas State Bank for the
|¡past five years. The bank at Lucas has been purchased
by the Burke State Bank and J. W. Jury will have
.charge.

■

May, 1917

.................... .................. ■■■ ...........

0/ O n I n a c t i v e

FIRST NATIO NAL BANK, DELL RAPIDS, S. D.,
WORKS FOR GOOD ROADS.

Good roads have been given an impetus in South
Dakota by the untiring efforts of the First National
Bank of Dell Rapids to aid in securing favorable legis^
lation in that direction. Better roads in South Dakota
were something of a novelty until some three or four
years ago but the agitation has been kept up and the
movement is now under full headway, according to H.
V. Harlan, cashier of the First National. Some three
or four years ago the legislature, in common with other
states, levied an automòbile tax and this was the first
fund that, the counties had to work with. The officers
of the First National interested themselves with others
in asking from the county board an appropriation of
this money for work upon roads, leading in and out of
Dell Rapids. For the past three years this amount has
been constantly increased and the officers of the bank
have grown to take a personal interest in it and give
the expenditure of the funds, time and supervision so
that now every road leading in and out of Dell Rapids
is in the best possible condition.
It is the belief of Mr. Harlan that an entire revision
of the road laws in the state is necessary, one that will
carry with it engineering supervision and control over
certain state highways by a board acting for the same
so that there will be a connected system of highways
covering the entire state. These will furnish the main
lines for the feeders which will be developed by the
county and by the townships.

BANKER

Bank Balances

fiSouth D a k o ta b a n k e r s b y th e s c o r e a re r e c o g
n iz in g th e a d v a n ta g e s o f o p e n in g a n a c c o u n t
w it h th e S e c u r ity T r u s t & S a v in g s B a n k .
fiWe a re e n j o y in g th e m o st ra p id s t e a d y g r o w th
in th e h is t o r y o f S o u th D a k o ta b a n k in g — op en ed
fo r b u s in e s s N o v em b er 4, 1915— r e s o u r c e s n o w
o v e r $700,000.
flThere is a r e a so n : T h re e p er c e n t on in a c t iv e
b a n k b a la n c e s; sc r u p u lo u s, c a r e fu l p e r s o n a l a t
te n tio n ; c o u r te s y a lw a y s ; u n u s u a l p r o m p tn e ss;
a ll b a c k e d b y a n a g g r e s s iv e p o lic y w h ic h e m
b o d ie s a s lib e r a l t r e a tm e n t a s is c o n s is t e n t w it h
so u n d b a n k in g . D e p o s it s g u a r a n te e d .
IW e b e lie v e th e e x tr a s e r v ic e w e offer w ill a p
p e a l to y o u a s it d o e s to s c o r e s o f o th e r S o u th
D a k o ta b a n k e r s. C o rre sp o n d en ce or a p e r s o n a l
in te r v ie w in v ite d .

CAPITAL .

$100,000.00

SECURITY TRUST &
SAVINGS BANK FALLS

ST. PAUL CATTLE LOAN CO.
UNION STOCK YARDS

SOUTH ST. PAUL, MINN.

Capital and Surplus - $437,500.00
We Can Help You Promote the Live Stock Industry in Your
Community.
We Offer Attractive Terms to Bankers Desiring to Build Up
the Live Stock Business in Their Community.
AFFILIATED W ITH STOCK YARDS NATIONAL BANK
S o u th S t. P a u l, M in n .

J . J . FLANAGAN, P r e s id e n t
J . S . BAN G S, V ic e P r e s id e n t

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Federal Reserve Bank of St. Louis

A. G. SA M , T r e a s u r e r

J . E. MARKLE, S e c r e t a r y
F . A . BIR C H , A s s t. S e c ’y

■

THE

May, 1917

NORTHWESTERN

BANKER

SOUTH DAKOTA NEW S AND NOTES.

A new bank is being established at Martin, S. D. Mar
tin is fast coming to the front and it is assured that there
is enough business in Martin and Bennett county to main
tain a bank.
The Jackson County Bank, Kadoka, S. D., has been
incorporated with a capital of $20,000.
A new bank is being organized at Cresbard, S. D., un
der the title of the Guarantee State Bank.
A federal land bank was organized in Sturgis, S. D.,
recently. The following officers were chosen: Charles A.
Edwards, president; H. W. Bird, secretary-treasurer.
N. C. Klein, who has. been the very efficient and genial
assistant cashier at the Granite City Bank, Dell Rapids,
S. D., for nearly four years past, has tendered his resig
nation. He will go to Cresbard to take charge of a new
bank as cashier, which he has helped to organize there.
C. G. Pederson has resigned as cashier of the Peoples
State Bank, New Effington, S. D. Marston Eggen was
appointed temporarily as cashier.
It is probable that a new bank will be organized at
Barnard, S. D., by F. C. Benjamin.
O. L. Branson & Co., Bankers, was organized at Mit
chell, S. D., recently. O. L. Branson, of Mitchell, is presi
dent; G. B. Hippee, Des Moines, Iowa, first vice presi
dent; C. C. McKee, second vice president; W. I. Wilson,
cashier, and H. L. Branson, assistant cashier.
Application has been filed for a charter for the Corn
Belt National Bank, Scotland, S. D., with a capital of
$25,000.

American
Bank Fixtures
Are Being Adopted
W herever Good Banking Equipm ent
is Demanded
W e H ave a Service— a Character
of P rod uct and an A b ility to Satisfy of w hich no
other Firm in A m erica can B oast

Write us NOW!

m e r ic a n
F ix t u r e
KANSAS CITY, MO.

C o.

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are three live stock products that w ill be m arketed at a great prem ium in this
country for m any years to come.

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The farm er who m ultiplies his herds and flocks is one of the greatest assets of
his com m unity. It is distinctively to the banker’s advantage to help the farm er
in developing his herds.

Live Stock Loans
as financed through the Live Stock Loan Departm ent of this bank, are one of
the very best kind of loans the local banker can enter into. W rite to us about
our m ethods of taking over this paper.

Northwestern National Bank
Minneapolis, Minnesota

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Federal Reserve Bank of St. Louis

$53,500,000

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THE

NORTHWESTERN

NORTH DAKOTA
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JOHN RAND ELECTED ASSISTANT CASHIER
OF SECURITY STATE BANK, NEW
ENGLAND, N. D.

John Rand, formerly cashier of the Farmers State
Bank, Havelock, N. D., has recently been elected as
sistant cashier of the Security State Bank, of New Eng
land, N. D.
H. F. Littig, whom Mr. Rand succeeds, was assist
ant cashier for three years and is planning to go into
the banking business elsewhere.
C. L. Merrick is president of the Security State
Bank; A. L. Murphy, vice president and J. J. Murphy
cashier.
E. LYSNE SELLS INTEREST IN CHURCHS
FERRY SPARE BANK, NORTH DAKOTA.

E. Lysne, president of the Churchs Ferry Spare
Bank, Churchs Ferry, N. D., has sold his interest in
that institution to J. L. Mathews and J. M. Hynes of
Minneapolis and W. L. Hanson of Grand Forks. Mr.
Hanson will be the cashier.
Mr. Lysne, who retires from the banking business,
has established an enviable business record.
SCANDINAVIAN-AM ERICAN BANK TO BE OR
GANIZED AT W ILLISTO N, N. D.

The Scandinavian-American Bank, of Williston, N.
D., with a capital of $50,000, will soon be opened for
business. The majority of the stock will be held by
local men. Probably a bank building will be erected
sometime during the year.
The new Scandinavian-American Bank and the Wil
liston branch of the Drake-Ballard company will be
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T he Liberty Welcomes You
The next time you are in New
York, visit us in our new quarters
in the Equitable Building. We are
always glad to see fellow bankers
from every part of the country.
Such meetings increase our friend
ships and broaden our knowledge
of country-wide conditions.

LIBERTY
NATIONAL BANK
In the Equitable Building
120 Broadw ay

N ew Y ork

BANKER

May,, 1917

closely affiliated in business, according- to L. J. Rodman, manager of the latter company and one of the
stockholders of the new bank. The local office of the
Drake-Ballard company was opened last fall and has
carried on an extensive business.
NORTH DAKOTA AND M INNESOTA BANKERS
M EET TO URGE INCREASE AND CON
SERVATION OF FOODSTUFFS.

Over 150 bankers and agricultural leaders met in
Fargo, N. D., recently, comprising men from North
Dakota and Minnesota, to confer in regard to means of
increasing and converving foodstuffs production dur
ing the war. They adopted a resolution urging Con
gress to follow England’s policy of fixing a minimum
protective price to the farmers for all food production
while the war continues.
Another resolution adopted favors congressional ac
tion allowing homesteaders credit toward claims for
time spent in farm labor during the war and also uni
versal selective conscription “so that the boy required
on the farm and who is trained in farm work and pro
duces the food to supply the fighting forces at the front
shall be recognized as performing no less a patriotic
duty than the soldier or sailor under arms.”
Chairman John H. Rich of the Ninth District Fed
eral Reserve Bank, Minneapolis, called the meeting to
• gether. The specified purpose of the gathering was to
discuss the problem of increased and intensified farm
production in the Northwest this year and ways and
means of effectively co-operating with the farmers of
the Ninth Reserve District.
BO TTINEAU COUNTY BANK, BOTTINEAU,
N. D., CHANGES HANDS.

The Bottineau County Bank, of Bottineau, N. D.,
has been purchased by Peter L. Klyver, N. L. Helgerson and H. J. Dale. The officers will be: Mr. Dale,
president; Mr. Helgerson, vice president and Mr.
Klyver, cashier.
The Bottineau County Bank is ,one of the largest
banks in. Western North Dakota and has resources of
three-quarters of a million. Mr. Klyver has been
cashier of the bank the past two years, during which
time the deposits have increased about $150,000.
FIVE BANKS TO BE ORGANIZED IN
NORTH DAKOTA.

Nick A. Lefor, Cashier of the Lefor State Bank, Lefor, N. D., who is also Treasurer of the Dickinson-Lefor
Farmers Construction Co., an organization of Lefor,

North Dakota Bank for Sale
Town of about 500 in North Red River Valley;capital and surplus about $12,000; deposits about
$60,000; should net 20%. Slightly more than
control available at about $20 over actual value.
Paper guaranteed.
One other bank in town.':
File No. 23,384.

BUSINESS SERVICE CO.
(B a n k in g D ep t.)

632-634 M cK n fg h t B ld g .
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Federal Reserve Bank of St. Louis

M in n e a p o lis

THE

May, 1917

NORTHWESTERN

BANKER

JOSEPH W AYNE, Jr., President
EVAN RANDOLPH, Vice-President
CHARLES M. ASHTON, Cashier

A. W. PICKFORD, Assistant Cashier
ALFRED BAR RATT, A ss’t Cashie

The Girard National Bank
PHILADELPHIA, PA.

Capital, $2,000,000

Surplus and Profits, $5,000,000
D eposits, $65,000,000
A CCO U N TS OF BANKS AND BANKERS SOLICITED
“T o Satisfactorily Handle Y our Business, Y ou N eed a Philadelphia A cco u n t”

at maturity,” said H. W. Gearey, vice president of the
Merchants National Bank of Fargo.
“The farmers are not plunging, although, as a rule,
they are going to use every available acre of land for
production purposes this season.”
That the farmers of North Dakota have an oppor
tunity to serve the nation in a most patriotic manner
by making their farms produce to the greatest possible
extent, is becoming more clearly established each day.
The food problem is so acute that North Dakota must
do its share in warding off the possible results of a
short production year, and the farmers generally are
thoroughly aroused to the responsibility that rests on
them.
Banking interests of the state are giving special at
NORTH DAKOTA BANKS TO AID FARMERS.
tention
at the present time to the question of financing
North Dakota banking institutions are ready to back
the farmers of the state in handling their spring seed spring seeding operations. Within the next few weeks,
ing operations, and, according to Fargo bankers who hundreds of thousands of dollars will be loaned to land
have made a study of the situation, land owners gen owners to finance their season’s operations, while other
erally are giving more thoroughgoing attention to their farmers, with bank deposits, are expected to draw heav
ily on them to handle their work.
work this season than in previous years.
“The farmers are not, so far as we can find entering
NORTH DAKOTA NEWS AND NOTES.
into the season’s operations without due consideration
The banks of New Leipzig, N. D., have a quarter of a
of the many obstacles that must be overcome before
the grain is harvested. They are giving consideration million dollars on deposit.
The total deposits in the banks of McHenry county,
to the problem of labor, and many are arranging to
plant their lands to such grains as will mature in such according to the last call amount to $3,760,726.04. Towner
manner as to permit the harvesting operations to be leads the county in total deposits. The Anamoose Na
conducted over a period of several weeks, thus doing tional Bank shows the largest deposits of any one bank.
away with the possibility of serious grain losses by The Farmers & Merchants Bank of Granville is a close
reason of not being able to properly handle the grain second.

states that work is progressing- fast on the proposed
new railroad which is to run from Dickinson to New
Leipzig. The Dickinson-Lefor Farmers Construction
Co. will construct this road. It has for its function also
the building of elevators and lumber yards, together
with banks along the track, which will cover about 62
miles. The money from the first stock sold will be put
into the five banks to be constructed along the road.
Work is now under progress on these banks, and this
will open a great banking section in the western part
of North Dakota. There is a splendid opportunity for
young men who have had experience in banking, and
who are able to speak the German tongue.

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Federal Reserve Bank of St. Louis

THE

NORTHWESTERN

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BANKER

May, 1917

published in the daily papers. They showed the rela
tive wealth and indebtedness of different countries at
the commencement of the war as follows: Great Brit
ain and her possessions, debt $7,436,000,000, wealth
$130,000,000,000; France and her colonies, debt $6,071,000,000, wealth $55,000,000,000; Germany, debt $1,174,The newly organized Farmers State Bank, Edinburg, 000,000, wealth $85,000,000,000; Austria-Hungary,
N. D., opened for business recently. E. A. Brandon, of debt $3,975,000,000, wealth $25,000,000,000. Other
Mountain, N. D., will be cashier of the new institution, countries were named, but these will suffice. They had
and Gebard Flom, assistant cashier.
a combined debt of $18,656,000,000, and aggregate
A charter has been secured for a new Williston, N. D., wealth of $295,000,000,000, while the debt of the Unit
banking institution which will be opened for business with ed States the first of the present month was $1,223,a capital of $50,000 soon. The erection of a new banking 773,000 and our wealth was recorded at the astoundingblock will be completed this season and the new institu figure of $250,000,000,000, within forty-five billions of
dollars of the combined wealth of all of the great
tion will occupy the building.
nations which I have just mentioned. These countries
W. E. Daly has been elected cashier of the Martin engaged in a great and destructive struggle [covering
State Bank, Martin, N. D.
nearly three years since the date for which their figures
S. D. Grantier has been elected cashier of the Security were compiled, bould not have increased their wealth,
State Bank, Banks, N. D.
while their indebtedness is larger by many times.
With the foregoing in mind, can anyone doubt the
A. H. Nelson, of Revere, has purchased the controlling
formidableness of our financial strength or our ability
interest in the Scandia American Bank, Palermo, N. D.
to raise funds with which to conduct a long and costly
Ole T. Ness has been promoted from cashier to presi war if, unfortunately, it should come to that. History
dent of the Farmers & Merchants State Bank, Steele, tells us some of the ancient states were immeasurably
N. D., succeeding M. T. Weum. O. A. Engmoen will rich, but we have no authentic records by which satis
be cashier.
factory comparison can be made. We do know that
A new bank has been organized at Crystal, N. D., no modern nation approaches the United States in
known as the Farmers State Bank, with a capital of $ 15,- wealth. By no means is this said in a spirit of boast
000. E. A. Brandson will be cashier.
fulness, for we also know that mere riches, and their
E. Lysne recently sold his interest in the Churchs resultant indulgences, have caused the downfall of
Ferry State Bank, Churchs Ferry, N. D., to J. L. powerful nations. Pride in our wealth should rest
Mathews and J. M. Hynes, of Minneapolis, and W. L. rather upon the fact that it gives us strength to stand
Hanson, of Grand Forks. Mr. Hanson will serve as out boldly for the right and to aid others who are bat
tling for the freedom of the world.
cashier.
I do not believe that a government loan will serious
At a meeting of the stockholders of the First State ly affect the banking, industrial, or commercial inter
Bank, of Backoo, N. D.J held recently the following offi ests of the country. In fact, it seems to me that most
cers were elected: E. T. McCanna, president; P. P. Engh all lines of business endeavor will be quickened by the
and C. W. Clow, vice presidents.
requirements of the war, and in view of the splendid
R. V. Bice has resigned as cashier of the First National financial condition of the banks and the country, I am
Bank, Devils Lake, N. D.
confident that we shall be able to take care of any rea
sonable government financing.
While the resources of the United States are simply
HOW WE WILL FINANCE THE WAR.
(Continued from page 6.)
marvelous, we have not the ready facilities for making
them in a general way and know that the state banks our resources available that exist in England and other
also carry considerable excess reserves.
countries, for we do not have centralized banking
During the period under review every laborer will power, like that of the Bank of England. We have
ing to work has been employed full time or better at twelve Federal Reserve Banks of which all the national
wages higher than ever before known, the mines have and a few of the state institutions are members, but
increased their output tremendously, manufacturers there are 18,000 of the latter still outside the system
have been crowded to the limit of capacity in their en not subject to its control, and not adding to its prest
deavors to fill orders, and both wholesalers and retail ige. With us it is a case of unprecedented power with
ers have faced an insistent and increasing demand for out the means of quickly and- effectively co-ordinating
all kinds of goods. The agricultural community has and using that power.
prospered very greatly in all sections. Deposits in
I have unbounded faith in the American people and
commercial and savings banks have increased month am confident that they will patriotically and unitedly
by month.
rise to meet any situation, but they must first get a
Practically everybody save the banker has made clear understanding of that situation. They must real
money on an unprecented scale. The very nature of ize that the marketing of a government loan of $7,000,our unusual and unparalleled activity has prevented 000,000, an amount of which we talk as glibly as
the banks from sharing in the profits harvested in all though we could reach up and pick it out of the clouds,
other lines. The inflow of gold has kept interest rates is an herculean undertaking, and one that requires far
down to a point where bank earnings, in the main, have more patriotic co-operation than would be necessary,
been less than normal, but the bankers are not com under similar conditions, to place an equal amount of
plaining. They are eager to serve their country in the bonds abroad. The men in Iowa, Colorado and other
hour of peril.
states, will need to know the scope of what we are
;: A few days ago wonderfully interesting figures were about. Even here in the metropolitan city of Chicago,

NORTH DAKOTA

T m ii i i ii i i ii i i i ii i i M i m ii i i i m i i i i i i m i i i i i i i m i i M i i i i i i i i i i i i i i i i i i m i i i i i i i i i i i m i i i i i m i i i i i i i m i i i m i i i i i i m i i i i i i i i i i i i i i i t i i m m i i i i i i i i i i m i r

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Federal Reserve Bank of St. Louis

THE

May, 1917

NORTHWESTERN

BANKER

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YOU W IL L F I N D IT H E R E
T h in g s Y o u N eed for Y o u r B a n k , Y o u r H om e or Y o u r se lf
S 3

— The K in d You Like to Show Your Friends.
— The K in d They Like to See.

A R C H IT EC TS

M ak e an appointm ent for a sitting.

SUITE 315 SECURITIES BLDG.

COURTRIGHT STUDIO

Phone Red 5242
615 Walnut St.
DES MOINES, IOWA
I

K RAETSCH & KRAETSCH

PORTRAIT BY COURTRIGHT STUDIO

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1 D E S M O IN E S

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II TIHFl
.T. PATEK
PATEK Detective
IW prtivo Service
Sprvinp I m m
._. .W. _____
___ . . . __ nr-_____ II
'HE GUST. J.
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e a v e r a n d M is s T u p p e r =
515 Mulberry St.
Suite 7-8-9
|

DES. MOINES, IOWA

Legitimate Detective Work Solicited
Highest Reference Furnished
Representing the Iowa Bankers Association
s

bS TENT
ÂWNIM CO.

Mo i n e s ,

8 0 5

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NURS ERI ES ;

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rn Fortieth
and University Ave.
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DES MOINES. IOWA
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BANK §AFE AND TIME LOCK EXPERTS)

PROGRESSIVE

S h ou ld sen d le tte r s to th eir cu sto m ers at
W e g o a n y tim e, to a n y p o in t in N eb rask a, S o u th |
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i D a k ota or Io w a . B an k ers A sso c ia tio n e x p e r ts for a b o v e |
W e can r e lie v e y o u o f all w o r r y in sen d in g letters,
Do I
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e v e r y th in g co m p le te .

DES M OINES DUPLICATING CO.

F. E. DAVENPORT & C«., ‘T m M T
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S K. NOLAND, REAL ESTATE AUCTIONEER R u b b e r
•

M ore than 1,000 successful sales of real estate at auction;
six Iow a farms to the highest bidder in one d ay at satisfactory
prices; sales for 1916 exceed $1,000,000.00. Send for list of bankers,
farmers and business m en for whom I have sold. Inquiries cheer
fu lly answered,

S. K. NOLAND, Real Estate Auctioneer, DES MOINES, IOWA
s

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ban k er

to $75.00

Telephone Walnut 2427
§

CHAS. H. RICHARD, Prop.

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saved

Iowa’s Greatest Leather Goods Store

417 Eighth Street I D e s M o in e s , I o w a

C entral W ire and Iro n W orks
Des Moines, Iowa

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T H E H U L S IZ E R C O M P A N Y , D E S M O IN E S , IA .

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BANK EQUIPM ENT

314 7th S tr e e t,
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DES MOINES, IOW A

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M. B. BURNARD CO.

Designers and Manufacturers of Exclusive
and Individual Workmanship in Bank, OFI FICE, STORE FIXTURES and SPECIAL WOODI WORK.
D E S M O IN E S , IOWA

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LIKLY LUGGAGE CO.

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T RUNKS, BAGS, SUIT CASES

rilles, wickets, railings, partitions, window
guards, elevator enclosures, fire escapes,
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Write us for quotations

" S A M E D A Y SE RV IC E"

206 5th S t.

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! Des Moines Rubber Stamp W orks f

W e W eld G ood as New, cracked or broken Auto En
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s t a m p s

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

| W e are growers of special high-grade ornamental trees, Evergreens, | §
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Automobile Touring Tent

VERY

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F u r n i s h e r s

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C o n s u l t in g

THE. NORTHWESTERN

we do not appreciate the gravity of the situation as do
the people on the Atlantic seaboard where the dangers
'of war and the task of raising men, supplies and funds
are getting to be more real than with,us or with the
people further west. Stop to consider that $7,000,000,000 exceeds the savings bank deposits of the country
by $2,000,000,000, that the money of all kinds in the
United States is only $5,000,000,000, and you get an
idea of what is meant. Therefore, much educational
work lies before us and a note of caution should be
sounded lest we over-reach in our efforts to place too
much of this loan at one time.
Where will the bankers be found in this great strug
gle? At your side, shoulder to shoulder with every
good American citizen, ready and willing, to make any
sacrifice. We will all, laborers and business men,
bankers and farmers, stand as a unit, working for the
common cause of this wonderful land of liberty, THE
UNITED STATES OF. AMERICA!

BANKER

May, 1917

there” you can make it. It is all a matter of persistence*,
endurance, keeping everlastingly at it, being able to
go the distance, having courage, taking the ladder
round by round, letting well enough alone, being satis
fied in just getting ahead, sticking to your text, getting
under the big tent, standing pat, and being a man
among men all the time.
You can’t hope to accomplish much, you can’t ex
pect anything more than a mean success unless you
form the saving habit. Saving your money is a mat
ter of habit and if you want to succeed you’ve “got”
to have the money. 'Open an account with us and we’ll
help you “get the habit.” Every time you save a dol
lar you’ve taken another step on the road to SUC
CESS. It’s a great game, young man, if you don’t
weaken—a great game if you know how to play it.
If you need a “coacher,” come in and we’ll show you
how.

At a meeting of the stockholders of the Farmers Sav
ings Bank of Templeton, Iowa, held recently, the capital
stock was increased froom $20,000 to $25,000. All the
(Continued from page 29.)
old officers and directors were re-elected. They are: Presi
Saving Habit is a Saving Grace.
Get the habit and be a man among men. Make all dent, A. Stevenson; vice president, Henry Stevens, Sr.;
the money you can, honestly, spend a part of it, wisely, cashier, M. J. Doeges, and bookkeeper, Miss Clara Wegand save the rest. If you aren’t man enough to do mann.
this, why spend it foolishly and live from hand to
N. G. Olney, who has been teller at the Citizens Na
mouth all your miserable lives as so many fool people tional Bank, Storm Lake, Iowa, has resigned and with
do.
her brother will open a bank at Marathon, Iowa.
Open an account in the best “Big Little Bank” in
The First National Bank, Humboldt, Iowa, has re
the country and see that it grows. We have been in! modeled
the interior of their bank building. With the
the same town,- on the same corner and under the
fixtures and the rearrangement they present a very
same management for thirty-five years, and never new
called the doctor yet, as all the aches we ever had were metropolitan appearance.
“growing pains,” and we’re still having ’em.
STA TEM EN T OF OW NERSHIP.
Thirty-five years without a bobble or a wobble. Can
Statement of the ownership, management, circulation, etc.,
you beat it?
required by the act of congress of August 24, 1912, of The
A healthy account in a healthy bank is a healthy kind Northwestern Banker, published monthly at Des Moines, Iowa,
of business. If you want to be healthy and wealthy, for April 1, 1917. The name of the publisher, editor, man
editor and business manager is Clifford De Puy, Des
all you have to do is “Be W ise.” Take good care aging
Moines, and the owners are Mrs. Emerson De Puy, Alice De
of your body and take good care of your money and Puy and Clifford De Puy. The known bondholders, mort
you will live long and prosper and be happy, without gagees and other security holders owning or holding 1 per
cent or more of total amount of bonds, mortgages or other
doubt.
securities are none. Sworn to and subscribed before me this
The road to success is a continual climb and it’s a 3d
day of April, 1917, Helen Dixson. My commission expires
long way to “Tipperary,” but if your heart is “right July 4, 1918.
HOW W E AD VERTISE OUR BANK.

T h e D e s MDeso inMoines,
e s NIow
a tio
n
a
l
B
a
n
k
a
k

. T h e policy of this bank is to cultivate h elp fu l business relations
w ith its correspondents and to ren d er at all tim es th e service w h ich
th e ir needs dem and and w h ich o u r eq u ip m e n t insures.
A n expe
rience ex ten d in g over thirty-five years in catering to such needs has
provided a broad u nd erstan d in g of th e req u irem en ts in this field.
W e cordially invite a share of y o u r business.

Capital and Surplus $ 900,000
R esources over
10,000,000
Arthur Reynolds, President
John A. Cavanagh, Vice-President
John H. Hogan, Cashier
C. A. Barr, Vice-President
C. A. Diehl, Assistant Cashier

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

May, 1917

THE

ESTABLISHED 1872

NORTHWESTERN

R. A. CRAWFORD
President
C. T. COLE, JR.
Vice-President
D. S. CHAMBERLAIN
Vice-President
W. E. BARRETT
Cashier

New
and
Modem
Home
of the

BANKER

THE COMPLETE MACHINE
FOR BANKS
Writes
Adds
Subtracts
in
One
Operation

Proves
Correctness
of Work
No
Rechecking
Necessary
No. 11 Remington with Adding and
Subtracting Attachment
R e g u la r C o r r e s p o n d e n c e

Throw off disconnect lever and you have a straight
typewriter.
R e m it ta n c e L e tte r s

VALLEY NATIONAL BANK

Throw on disconnect lever and the machine writes the
descriptions and makes the additions and subtractions simul
taneously, giving absolutely correct totals when the last item
is written.

and

VALLEY SAVINGS BANK
DES MOINES, IOWA

Ask us for a demonstration.

C o m b in e d C a p ita l a n d S u r p lu s , $750,000.00
For forty-four years this bank lias satisfactorily served its customers.
May we add your name to our constantly growing list of correspondents.

Remington Typewriter Company
(In c o r p o r a te d )

208 5 th S t.

DES MOINES, IOWA

W el come —
Io w a B ankers
Th^ne,xf time you are in Des Moines we want you to call on us in our quarters in the
Hippee Building at 210 Sixth Avenue.
We are always glad to see our fellow bankers from Iowa and we feel that occasional
meeting with them widens our acquaintahce, increases our friendships and broadens our
knowledge of conditions over the state, whether it results in business relations or not.
THEREFORE, come in and see us.

IOWA G.LOAN
AND TRUST COMPANY
B. Hippee, President
D. H. McKee, Vice Pres.
L. E. Stevens, Vice Pres.
D. F. W itter, Vice Pres.

B. B. Vorse, Cashier
J. E. Morton, Ass't Cashier
Edwin Hult, Secretary
Simon Casady, Treasurer

“A Bank of Just the Right Size to Render the Best Service’

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

THE

NORTHWESTERN

F-A-R-M
L-O-A-N-S

May, 1917

BANKER

The Chase National Bank
of the City of New York
57 B ro ad w ay

Capital
.
.
.
.
Surplus and Profits (Earned)
Deposits (March 5,1917)

$ 10,000,000
12,519,000
299,842,000

O F F IC E R S
A . B a r to n H ep b u rn , C h airm a n
A lb e r t H . W iggrin, P r e s id e n t
S a m u el H . M iller V ic e -P r e s . W in. E . P u r d y . . .A s s t . C ash.
C h as. D . S m ith . .A s s t . C ash.
E d w a rd R . T in k e r . .V .-P r e s .
W m . P . H o l l y . . . A s s t . C ash.
C arl J. S ch m id la p p V .-P r e s.
G eo. H . S a y lo r . . A s s t . C ash.
G erh ard M. D a h l . . . V .-P r e s.
M. H . H o w e ll . . .A s s t . C ash.
A lfr e d C. A n d r e w s . . C a sh ier
S. F r e d T e lle e n . .A s s t . C ash.
C h a rles C. S la d e A s s t . C ash.
R o b t. I. B a r r . . . A s s t. C ash.
E d w in A . D e e . . .A s s t . C ash.
S e w a ll S. S h a w , A s s is t a n t C a sh ier
D IR E C T O R S
F r a n k A . S a y le s
H e n r y W . C an n on
C h a rles M. S ch w a b
A . B a r to n H ep b u rn
S a m u el H . M iller
A lb e r t H . W ig ftin
E d w a r d R . T in k e r
J o h n J . M itc h e ll
H e n r y B . Endicotrt
G u y E . T r ip p
E d w a r d T. N ic h o ls
J a m e s N . H ill
N e w co m b C a rlto n
D a n ie l C. J a e k lin g
F r e d e r ic k H . E c k e r

Our varied and well devel
oped market for farm loans
makes it possible for us to
use promptly all desirable
offerings. If you have some
choice loans to dispose of,
submit them to us.

SCHANKE & COMPANY
BANKERS
MASON CITY, IOWA

WE RECEIVE ACCOUNTS OF
B anks, B a n k e rs, C o rp o ratio n s, F irm s o r In d iv id u als
o n la v o ra b le te rm s , an d sh all b e p le a se d to m e e t o r
c o rre sp o n d w ith th o se w h o contem plate m ak in g
ch a n g es o r o p en in g n e w acco u n ts.
FOREIGN EXCHANGE DEPARTMENT

Drovers National Bank
OF CHICAGO
OFFICERS
WILLIAM C. CUMMINGS, President
MERRILL W. TILDEN, Vice-President

DIRECTORS
AVERILL TILDEN
L. B. PATTERSON
JOHN FLETCHER

CHARLES FERNALD, Vice-President
FREDERICK N. MERCER, Cashier

MERRILL W. TILDEN
WM. C. CUMMINGS

HARRY P. GATES, Asst. Cashier

BRYAN G. TIGHE

DALE E. CHAMBERLIN, A sst. Cashier

CHARLES FERNALD

GEORGE A. MALCOLM, Asst. Cashier

H. J. AARON

Capital and Surplus, $1,000,000
Has for over thirty years rendered quick and efficient service
to its correspondents

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

Full text of The Northwestern Banker : May 1917, Twenty-Second Year, Number 357

FRASER