Full text of The Northwestern Banker : May 1918, Twenty-Third Year, Number 369

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C O U R T E S Y A S A C A S H A S S E T IN B A N K IN G
By HARRIS A. DUNN
Page 7

Ü99

P
W

T W E N T Y -T H IR D Y E AR

DES MOINES, IO W A , M AY, 1918

Northwestern National Life Insurance Co.
MINNEAPOLIS, MINN.
JOHN

PURELY

T . B A X T E R , P r e sid e n t

MUTUAL,

OLD-LINE,

WESTERN

COMPANY

T O T A L NUMBER 369

Directors
F. A. CH AM BERLAIN, Chairm’n First & Sec’ty Nat. 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. N ELSON, Pres. Hennepin Paper Co.
A. A. CRANE, Vice-Pres. First & Security Nat’l Bank
J. A. LATTA, Vice-Pres. Northwestern National Bank
JOHN T . BAXTER, Pres. Northwestern Nat’l Life Ins. Co.

HOTEL FONTENELLE

The

OMASA - NEBRASKA

N EBRASKA

N ational
Bank

4J¿% FARM LOAN BONDS

OF THE CITY OF NEW YORK
Nassau and Pine Streets

W IL L IA M W O O D W A R D . . P resident
E. H A Y W A R D F E R R Y .........Y .-P res.
SAM U EL W O O L V E R T O N .. .Y .-P res.
JOSEPH BY R N E ....................V .-P res.
CHAS. H. HAMPTON ...........V .-P res.
H E N R Y P. TU R N B U L L .........V .-P res.
WM. E. CABLE, J R ................Ca sh
J. N IEM AN N ....................... Asst. Cash.
W IL L IA M D O N A LD .........Asst. Cash.
GEORGE E. L E W IS .........Asst. Cash.

111

î l i i

F oreign Departm ent

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

Established 1851

$3,000,000
17,000,000

Exempt from Federal, State, Municipal
and Local Taxation

Ipr
(r
e
sí
aÆ

W IL L IA M H. SU Y D AM ...... M anager
R O B E R T N E IL L E Y . .A sst. M anager

Capital
Surplus and Profits

FEDERAL LAND
B A N K OF O M A H A ,

Management -H. E. GREGORY

Redeemable at par and accrued interest
on any interest date after five years from
date of issue. Coupon bonds exchangeable
for registered bonds, which in turn are
re-exchangeable for coupon bonds. De
nominations, $1,000, $500, $100, $50, and
$25.
THe bonds are acceptable at par as secur
ity for all Government deposits, including
Postal Savings deposits, and are legal in
vestments for trust funds, and for Savings
Banks and Insurance Companies in a m a
jority of the States.
A Circular of Detailed Information Will Be Sent
on Request.

FEDERAL LAND BA N K OF
OMAHA
E STA B LISH E D 1870

FIRST NATIONAL BANK
SIOUX CITY, IOWA

IN THE UNITED STATES

New Business Invited
on the basis of

SATISFACTORY SERVICE
Resources Over $3,000,000.00

FIRST NATIONAL BANK
DAVENPORT, IOWA
L J. YAGGY, Cashier

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

A. F. DAWSON, President
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Capital
Surplus

$600,000.00
$ 120, 000.00

Our Facilities for Handling Bank Accounts
Are, W e Believe, Unexcelled. W e Solicit
Your Business.
JOHN J. LARGE, President
F. A. McCORNACK, Vice-President
H. A. GOOCH, Vice-President
L. H. HENRY, Vice-President
J. L. MITCHELL, Vice-President
O. D. PETTIT, Cashier
FRITZ FRITZSON, Asst. Cashier
11111111111111111111111

THE

N O R T H W E S T E R N

BANKER

May, 1918

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! T he A merican State Bank !
CAPITAL,
M . F. S H A F E R ,

$200,000.00

President

O M A H A

W . E . S H A F E R , Vice-President

[ O W A B a n k s desiring an
A a cco m m od a tin g Om aha
connection are invited to cor
respond with our officers.

L. M . S W I N D L E R ,

Cashier

J. C. C H A M B E R L IN , A ss’ t Cashier

lV/TAN AG ED by bankers of
practical experience w ho
k n o w the requirem ents of
M iddle-W eit Bankers.

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1 THE FIRST N ATIO N AL B A N K !
|

W A T E R L O O , IO W A

Our Capital—$200,000.00

Our Surplus and Profits—$250,000.00

OFFICERS
A . M . P L A C E , V ice President
J A S . B L A C K , V ic e P residen t

|
I

F . J . E I G H M E Y , President

F . P . H U R S T , A s s t . C a sh ie r
V . J . W I L S O N , A s s t . C a sh ier

We solicit 3rour business on the most favorable terms consistent with safe and conservative banking.
We pay interest on bank balances.

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BANK
M anganese Safes
B ookk eepin g System s
F irep roof Safes
B ank F orm s .
D eposit Boxes
Pass B ooks
V au lt E q u ip m en t
C heck B ook Covers
V au lt D oors
P rin tin g
O ffice F u rn itu re
L ith o g ra p h in g
P artition s
C om p lete Supplies

OFFICE EQUIPMENT & SUPPLY CO.
117-119 So. 12th St.

LATSCH BROTH ERS, M grs.

Lincoln, Nebraska

CENTRAL TRUST COMPANY
O F IL L IN O IS
CHICAGO

Capital . . . . . . . . $
6 ,0 0 0 ,0 0 0
Surplus and Profits . . .
2 ,5 0 0 ,0 0 0
Deposits
. . . . .
. .
5 0 ,0 0 0 ,0 0 0
Accounts of banks and bankers received upon favorable terms
Thoroughly equipped, to handle all business pertaining to banking, and invites the accounts o f
banks, corporations, firms and individuals.

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

, 1918

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Federal Reserve Bank of St. Louis

THE

N O R T H W E S T E R N

BANKER

SNELSON CHESNEY
Vice President, Guaranty Cattle Loan Company, Kansas City.
Snelson Chesney began his banking experience with the old private bank of TootleLemon & Company, of St. Joseph, with which bank he started at the bottom and
worked his way up through the various positions and afterwards became associated with
the St. Joseph Stock Yards Bank, eventually leaving there after attaining the position
of vice president, to go to East St. Louis as cashier of the National Stock Yards National
Bank, where he afterwards was advanced to president. In both St. Joseph and St.
Louis, Mr. Chesney organized cattle loan companies which proved very successful. The
growth of the banks of which he was the active head was nothing short of remarkable
during his administration. He was at one time offered the presidency of the Live Stock
National of Chicago, which was a testimonial of the high regard the bankers of the
stock yards districts had for him. Mr. Chesney says that “being a self-starter and not
waiting for the boss” have been the elements which have contributed most to his suc
cess. He thinks that young men today starting in the banking business have a good
opportunity to succeed if they will study, work and think.

orthwestern

B anker

709-710 CROCKER BUILDING, DES MOINES, IO W A
T H E O LD E S T F IN A N C IA L JO U R N A L W E ST OF T H E M ISSISSIPPI R IV E R A N D T H E O N L Y ONE IN T H E
W H IC H IS A M E M B E R OF T H E A U D IT B U R E AU OF C IR C U L A T IO N S :

U N IT E D

STATE S
A

Clifford De Puy
Publisher

M A Y , 1918
Special Representative
Charles Burke
Care Northwestern Banker
$2.00 per year, 20c a copy.

Minneapolis Office
Frank S. Lewis
S40 Lumber Exchange Bldg.

Chicago Office
Herbert Armstrong
410 Advertising Bldg.

New York Office
H. C. Griffith
819 Brunswick Bldg.

St. Louis Office
R. Fullerton Place
418 Merchants-Laclede Bldg
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 F IR S T class.

OVER THE TOP
0

fiThe third Eiberty Loan went Over the top with greater ease than either one of the previojns
loans. It showed that the people of the United States are in this war to the finish, that they
are ready to back up their intention to win by coming across with the money. Germany has
made many mistakes since this war commenced, but none has been greater than her misin
terpretation of the determination of the United States to do her part and her full part after
the decision to enter the conflict had been made. Every individual who owns a bond has
said, “ Here is my money and I am willing to back Uncle Sam to the limit, because I know he
is right and will ultimately, with the aid of our valiant allies, win this war.” But greater
and more far reaching than the immediate raising of such a vast amount of money is the won
derful increase in the temper and spirit of the American people, whose patriotism has stead
ily risen until the slacker and pro-German, no matter who or where he may be, is ostracized
from his community and in most cases is also told to shut up and put up. Shut up as far as
his traitorous talk is copcy£i$|sd and put up to buy Liberty Bonds to help win the war. Amer
ica is going over the top in this war in more ways than one. The nation will be more solidi
fied and every American will have a truer, deeper and more lasting regard for the Stars and
Stripes than he has ever had before.

WOMEN AS BANKERS

TiThe war is causing many hanks to seek the services of women to take the place of men
who have left for military service, and it is very interesting to study the reports coming
from institutions which are employing a large number of women. Women are proving as
capable, as efficient and in many other ways just as desirable as men. A large eastern bank
has the following report to make concerning its women, employes: “As soon as it was neces
sary to release men for military duty, this bank sought the services of women to fill various
positions, such as money counters, mail clerks, workers on arithmometers, in the transit de
partment, on the individual ledgers and in other capacities. Many of the women thus em
ployed offered their services from motives of patriotism with the idea of helping to meet an
emergency. After ten months’ service it may b3 said that the experiment has worked out ad
mirably and that these women workers have been found efficient, trustworthy and ambitious.
They are now eligible to membership in the American Institute of Banking. Special classes with
competent instructors have been provided for* them and they are taking an honored place on
the bank’s roll of faithful and loyal helpers.” The only problem that will have to be solved in
the future, and it will be a large problem, is whether or not the women will be willing to give
up their positions after the war to those who return from “over there.”

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Federal Reserve Bank of St. Louis

GETTING NEW ACCOUNTS
[[There have been many plans devised to assist bankers in .getting new accounts; there have been
many ideas worked out by various companies to help banks get new business; but there is noth
ing that will make a customer feel so well acquainted with you and your institution as the plan
outlined by a Wisconsin banker; who kept a card index system that gave him all the personal
facts about the people of his community. This banker realized that his customers and pros
pective customers would feel more attached to him if he could talk to them about their own busi
ness, about their plans and problems, and so he worked,out this idea, which appeared in a re
cent article and is as follows: “He has gotten up a card file system which he uses to keep his
mailing list up to date. He puts each name on a separate card and keeps the file in the top
drawer of his office desk. There is. quite a complete record of each individual on the card. Be
sides his name and rural mail route, there are facts concerning the size of his farm and his fam
ily, even his religion, politics and hobbies. By visits, conversations, reading local news items
and in other ways, the information is kept up to date and new cards are added from time to
time. This file is not only used as a mailing list for advertising matter, but it also serves to
build up this banker’s reputation for friendly interest in his depositors. When a farmer drops
in for a business chat the banker picks out the right card and then, with it lying before him on
his desk, out of the visitor’s range of vision, the banker astonishes the caller by asking him if
his son, John, is going back to the State Agricultural College this fall, if Susie got entirely over
the measles, and how is the Ford tractor* working? I think this is about the last word in sys
tem when you can reduce friendliness and neighborliness to an alphabetical card file. Is it
surprising that this bank is able to put ‘punch’ and personality into its advertising?” Every
man is vitally interested in his own business, as well as his own daily problems, and this banker
realizes the value of being able to put the human touch in his conversation with the people to
whom he talks. He won out. He secured new accounts. He increased the deposits of his bank
and all because he used a little gray matter and took a little time to study his community and
his customers. This same idea could be used by any bank anywhere and we are convinced that
the results would be more than commensurate with the effort expended in securing the neces
sary data to make such a card system complete. The bankers of today who are really showing
a constant increase in their volume of business are the ones who realize the real value of per
sonality and how to use it. The day has long si'ice passed when bank officers hide themselves
behind private offices where the customers cannot see them. Today every new bank building
is constructed with the idea in mind of having the officers’ desks accessible to their customers.
The close personal contact of the bank’s officers with its customers is of vital importance to the
bank’s growth. Business goes where it is invited and the customers of a bank are as responsive
to personal attention as are the customers of a dry goods store, who are in the habit of being
met by a smiling floor walker who is anxious to direct them to the department they desire. Use
every legitimate method possible for advertising your bank and then back it up by keeping in
close personal touch with the people of your community and the increase in the new business
of your bank will more than pay you for your time and trouble.
s*

Issssssssssssssssssssssssssssssss^^
“ A CASHIER’S CHECK” For $2.00 is all that is required tose
curo the monthly visits of the Northwestern Banker for an entire
year. Each issue contains from 56 to 64 pages of mighty inter
esting matter pertaining to banks and banking interests in
the territory covered by the magazine.
“ OUR CORRESPONDENTS” E v e r y b a n k in the *
Northwest is invited to a place on this list. Send us
items of local interest, tell us about your bank and its
growth, prospects, etc., also any other financial news of
interest to bankers in your section. We are always
glad to hear from our friends.
“ SIGHT DRAFTS” We always carry a large Re
serve” of good will and additional service, and will
promptly honor drafts made upon same by any bank.
This department is for your special benefit. It may
be made of very great benefit to your bank. Do not
fail to avail yourself of its privileges.
“ A CLEARING HOUSE” Our columns are a clear
ing house for all our readers. Express your views on any

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Federal Reserve Bank of St. Louis

topic of interest to the banking fraternity and submit same for publi
cation. Y ou do not have to agree with us, or with anyone else.
We learn things by an interchange of ideas, and people with whom
we disagree often prove valuable teachers. We shall be glad
to hear from you.
"‘NO PROTEST” Has ever been offered to the state
ment that the field covered by the Northwestern Banker
is the money-producing section of the American continent,
rich in hogs, cattle, corn, etc., and dotted with thou
sands of prosperous banks, all doing a good business,
and the majority of them are readers or “ The North
western.”
_
“ SURPLUS AND UNDIVIDED PROFITS” Increase
very rapidly with those banks, whose advertisements
appear regularly in the columns of this magazine.
Full information as to rates and our special service
will be promptly furnished on application. YoUr
*
business solicited and appreciated. The “‘Banker’
T*<
has been twenty-three years in its present field.

The Northwestern Banker
$2.00 Per Annum

______________ DES

M OIN ES, I O W A , M A Y , 1918

20 Cents Per Copy

T h e W a r Finance C orporation
The following- are sec
the Secretary of the Treas
I he following article is the text of the act creating the
tions 1 to 7 of Title I. of
war finance corporation and providing for the new “Capital
ury, and shall be evidence
Issues Committee.”
the “ W ar Finance Corpo
of stock ownership.
ration” act.
Managed by Directors.
[P ublic — No. 121- -65 th C ongress.]
S ec. 3. That the management of the Corporation
[s. 3714.J
shall be vested in a board of directors, consisting of the
An act to provide further for the national security and
Secretary of the Treasury, who shall be chairman of the
defense, and, for the purpose of assisting in the prose
board, and four other persons, to be appointed by the
cution of the war, to provide credits for industries and
President of the United States, by a!nd with the advice
enterprises in the United
and consent of the Senate.
States necessary or contribu
No director, officer, attorney,
tory to the prosecution of
agent, or employee of the Cor
“To any bank, banker, or trust company, in
. the war, and to supervise the
poration shall in any manner,
the United States, which shall have made after
issuance of securities, and for
directly or indirectly, partici
April sixth, nineteen hundred and seventeen,
other purposes.
pate in the determination of
and which shall have outstanding, any loan or
Be it enacted by the Senate and
loans to any person, firm, corporation or asso
any question affecting his per
ciation, conducting an established and going
House o f Representatives of
sonal interests, or the interests
business in the United States, whose opera
the United States o f America
of any corporation, partnership,
tions shall be necessary or contributory to the
in Congress assembled,
or association, in which he is
prosecution of the war, and evidenced by a
T IT L E I.— W A R FIN AN C E
note or notes, but no such advance shall ex
directly or indirectly interested;
ceed seventy-five per centum of the face value
CO RPO RATION .
and each director shall devote
of such loan or loans; and to any bank, banker,
That the Secretary of the
his time, not otherwise required
or trust company, in the United States, which
Treasury and four additional
by the business of the United
shall have rendered financial assistance, di
persons (who shall be the di
rectly or indirectly, to any such person, firm,
States/principally to the busi
corporation or association by the purchase after
rectors first appointed as here
ness of the Corporation. Be
April sixth, nineteen hundred and seventeen, of
inafter provided), ar.e hereby
fore entering upon his duties,
its bonds or other obligations, but no such ad
created a body corporate and
each of the four directors so
vance shall exceed seventy-five per centum of
politic in deed and in law by
the value of such bonds or other obligations at
appointed, and each officer,
the time of such advance, as estimated and de
the name, style, and title of the
shall take an oath faithfully to
termined by the board of directors of the cor
“War Finance Corporation”
discharge the duties of his of
poration.”
(herein called the Corpora
fice. Nothing contained in this
tion), and shall have succession
____________________
or any other Act shall be con
for a period of 10 years: Pro
strued to prevent the appoint
vided, That in no event shall the Corporation exercise ment as a director of the Corporation of any officer or
any of the powers conferred by this act, except such as employee under the United States or of a director of a
are incidental to the liquidation of its assets and the wind
Federal reserve* bank.
ing up of its affairs, after six months after the termina
Terms of Directors.
tion of the war, the date of such termination to be
fixed by proclamation of the President of the United
O f the four directors so appointed, the President of
States.
the United States shall designate two to serve for two
years, and two for four years; and thereafter each di
rector so appointed shall serve for four years. Whenever
Capital Stock $500,000,000.
a vacancy shall occur among the directors, so appointed,
S ec . 2. That the capital stock of the Corporation shall the person appointed director to fill any such vacancy
be $500,000,000, all of which shall be subscribed by the shall hold office for the unexpired term of the member
United States of America, and such subscription shall be whose place he is selected to fill.. Any director shall be
subject to call upon the vote of three-fifths of the board subject to removal by the President of the United States.
of directors of the Corporation, with the approval of the Three members of the board of directors shall constituteSecretary of the Treasury, at such time or times as may a quorum for the transaction of business.
be deemed advisable; and there is hereby appropriated,
S ec .: 4. That the four directors of the Corporation
out of any money in the Treasury not otherwise appro
appointed as hereinbefore provided shall receive annual
priated, the sum of $500,000,000, or so much thereof as salaries, payable monthly, of $12,000. Any director re
may be' necessary for the purpose of making payment ceiving from the United States any salary or compensa
upon such subscription when and as called. Receipts for tion for services shall not receive.as salary from the Cor
payments by the United States of America for or on ac poration any amount which, together with any salary or
count of such stock shall be issued by the Corporation to
(Continued on page 84.)

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Federal Reserve Bank of St. Louis

May, 1918

____________

THE

N O R T H W E S T E R N

BANKER

C ou rtesy A s a Cash A sset in Banking
B y Harris A . D unn
How they increased their business through courtesy is
interestingly told in this article, printed in System, by
Harris A. Dunn, Vice President of the Columbia Trust
Company of New York City.

which is advertising for
Courtesy— the pleasing
accounts of any size on
of •customers— is the ma
the theory that among
terial out of which the
these it will get large de
foundation o f m o d e r n
business is made. Looked at in a dollars-and-cents posits to pay for the unprofitable ones. Other large
way, it looms particularly large in concerns which have banks close small accounts. I would not attempt to
only service to offer. For service which is not ren give a general rule on this subject, for the policy of
any company must be determined by local conditions.
dered happily is worse than no service.
Take a bank as an example. Of course, banks are But this point is fixed: as long as a deposit is retained,
no worse in this respect than other business, yet I have all depositors— with large accounts or small— must be
known of banks noted for an exceptional brand of cold, treated with the same brand of courtesy.
Keeping in touch with a few hundred depositors is
impersonal politeness that was often more offensive
than downright churlishness. I have seen paying tell easy; the enterprising country banker knows every de
ers so haughty that I felt myself wondering upon what positor by his first name; but when you have thou
sands of depositors, the job has its complexities. You
food they lived.
In the early days of banking some bank presidents do not know and probably will never see a goodly
were apt to consider themselves the guardian angels share of your customers. They, however, can see you
of the community finances; they were regarded defer constantly and thereby come to'feel that they know
entially and they keenly felt their worth. They made you if you take advantage of the opportunity of con
loans as favors. The clerks shared the attitude of structing your banking house so that the officers are
their superiors and unbent only to the very rich; the in plain sight.
Many of the older banks secluded their officers; the
average depositor felt complimented to have his check
cashed or his deposit received. The bank, as they rep policy nowadays is to keep them in view. The officers
thus command the entrance toresented it, was an offensively
the b a n k ; a depositor ac
imperious institution.
quaintance, on his way to the
Any bank which today uses
“In the early days of banking some bank
cage, may be greeted with a
presidents were apt to consider themselves
such methods cannot exist as
the guardian angels of the community finances;
friendly nod or wave of the
a business institution— rtmust
they were regarded deferentially and they
hand. Such a greeting is
live only on the money of a
keenly felt their worth. They made loans as
sm all; but it dispels the cold
group of wealthy stockholders
favors. The clerks shared the attitude of their
fog that is so often likely to
superiors and unbent only to the very rich; the
or close its doors. The man
average depositor felt complimented to have
envelop a bank.
of moderate means— and he is
his check cashed or his deposit received. The
Our officers are a l w a y s
the man who makes up the
bank, as they represented it, was an offensively
available without red tape. An
bulk of a bank’s depositors—
imperious institution.”
attendant, who is .also a spe
will not trade with a company
cial officer, is in charge to di
which is barren of human
kindness. The competition for deposits is so great rect legitimate inquirers, to make the way easy for shy
that no bank can afford to neglect anything which customers, and to keep out the occasional cranks.
W e make it known through our advertising, and
seems likely to make and keep depositors satisfied.
The surest way to keep a depositor happy is to have through our employes’ contact with the customers,
personal relations with him. The small depositor is that we like to talk with our depositor W e try in
complimented to think that his few dollars are noted every way to learn and to remember the names of the
and appreciated among the millions. The bank with depositors and to greet them by name if we happen to
a great number of depositors who keep balances meet them in the bank or elsewhere. And to facilitate
around $1,000 is usually better off than a bank with a them in knowing our names; the name and title of each
larger total of deposits distributed among a few ex are attached to his desk. The depositor is saved the
ceedingly large accounts. By the law of averages the embarrassment of having to indicate an officer as “the
bank with the small average balances will not so often man who sits at the desk over there.”
be called upon to meet large and sudden withdrawals,
When W e Have to Refuse a Loan.
hence the profit in cultivating the small account.
It is particularly difficult to remember names and
“ Small account” is a relative term and must not be
taken too literally. The nature of a bank’s business faces outside the banking environment. I recall the
will determine the minimum account which it is prof plight of one cashier whose bank had a depositor of
itable to carry; the large metropolitan banks find that unquestionable standing and dignity. This man’s
an average balance somewhere between $300 and $400 name was the same as that of a celebrated pugilist;
is needed to pay the overhead charge, without yielding and the cashier met-him at an evening reception. Un
a penny of profit; others require from $50 to $200. The fortunately the name of another boxing celebrity oc
depositor with an average balance of $5 who draws curred to him and he-instantly greeted the depositor
ten checks a day is an expense to any institution. Get with it in his desire to be friendly. W e all, conscious
ting rid of unprofitable business is sometimes as im ly or unconsciously, remember names by reason of as
sociation; this cashier had unfortunately fixed the old
portant as gaining new business.
On the other hand, the very small account may grow gentleman’s cognomen in his mind by way of the
large and profitable or it may bring in large and prof sporting page.
(Continued on page 46.)
itable accounts. I know one large bank in New York

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

THE

N O R T H W E S T E R N

BANKER

May, 1918

L o o k in g F or ward to F u tur e Problem s
B y Francis H. Sisson
In unmasking her own
there has been a speeding
The problems that must be solved after the war are now
diabolical designs Ger
being discussed by bankers and business men throughout
up of industry and com
the country. How to solve some of these problems is out
many has opened the eyes
merce under the impulse
lined in this article by F. H. Sisson, Vice President of the
of the world. Paradox
of prices fixed in accord
Guaranty Trust Company of New York.
though it seems, she has
ance with the law of de
taught us to look forward through glancing backward.
mand and supply.
Neither Germany nor any other equally unscrupulous
Release Productive Energy.
nation, if such there shall ever be, will be able in the
W e have had a part in this general release of pro
future to carry on its political scheming by means of ductive energy, this enterprise of distribution. Enor
economic imperialism.
mous sums have been invested in war industries and
The lightnings of this war have stripped these in those which arose because old sources of supply
machinations of all their camouflage and revealed them were cut off. Raw material and manufactured goods
in naked relief to all the world. W e understand now
have gone, to every market in the world and a favorable
that the immense efforts of Germany to produce,
balance of trade has increased our gold supply and
transport and sell in foreign countries were not exclu
credit balance enormously. In the year ending June
sively economic in their object. W e realize at last 30, 1914, our imports reached a value of nearly one and
that Germany has struggled for more than commercial
a half billion dollars, while our exports were almost
prosperity abroad, that she has assiduously and in
two and a half billion— or a total of nearly four bil
sidiously sought influence over the resources, the in
lions. In the year ending June 30, 1917, our imports
dustries, the banks, the transportation facilities, the
amounted to two billion six hundred millions and our
politics, and the very life of
exports to nearly six billion
the peoples with whom she
three hundred millions. The
traded— all in preparation for
balance of exports over im
“There ought to be throughout this country
the Day, which she thought
the closest attention to efficiency in all our
ports was nearly three billions
undertakings. We must study to increase pro
had arrived on August 4, 1914.
six hundred and thirty-five
duction and to improve our methods of distri
Only a few far-seeing ones,
millions. That is to say, that
bution. We should take advantage of every
prophets crying in the wilder
up to the end of the last fiscal
device that will give effectiveness to the labor
ness, as it were, saw and
of men or the use of money and credit. ’ We
year the total of our foreign
should apply to every available natural re
pointed out the perils upon
trade showed an increase of
source
of
this
country
the
fullest
measure
of
which most people preferred
over 110 per cent as compared
intelligent development. And we must learn
to close their eyes, or were too
with the last fiscal year before
to co-operate in these things. Otherwise the
near sighted to visualize. But
American trader who has everything else in
the war, and an increase of
his favor will be unable to compete in the mar
today we comprehend the ex
166.2 per cent in the value of
kets
of
the
world
with
his
rivals.
This
great
tent and the significance of
exports.
contest for commercial pre-eminence is to be
the hold Germany had ac
Our Foreign Trade.
a contest between nations and no individual
quired in Russia, in Italy, in
may hope to survive it if he has to go alone.”
An analysis of this foreign
Belgium, in South America,
trade would show that in re
as well as the advantages she
cent months our imports from
had gained in France and England.
Europe have fallen 50 per cent as compared with those
Guarding the Future.
of corresponding months in 1914, while those from
When this war is finished Germany will not be per
other parts of the world have increased 150 per cent.
mitted to continue her nefarious work under the same It would also show a greater percentage of gain in
conditions and with the same objects in view- She
exports to countries outside of Europe. The figures
has awakened all democracies to the necessity of stand
are corroborative of what has been said about newing firmly together if they are not to perish from the
markets and new sources of supply for United States
earth. She has created a world-wide determination to products and imports.
guard against further danger of her kind. And, there
While these data are encouraging, and indicate that
fore, it behooves us to look forward, wary of the pit- we have made excellent progress in building up our
falls of the past, individually and nationally alert alike foreign trade, it must be remembered that the figures
to peril and to opportunity.
represent values rather than volume. An increase of
W hat W ar Has Done.
one dollar in the value of exports or imports under
Not only has the war increased the knowledge of present conditions does not necessarily represent an
nations regarding other nations, but whether belliger increase in the volume of goods sold or bought.
ent or neutral, every nation has been well started on
A report of the Department of Commerce shows the
the way to finding itself. Those that have had valu
encouraging fact that there was during 1917 a consid
able mineral deposits, but never the enterprise to pro
erable gain in the position of American shipping. The
duce more from them than they needed for direct con amount of foreign tonnage cleared for different sections
sumption, have become large exporters. Others have was considerably reduced, but the figures for several
developed their farms, their mines, their forests, their years, back show that American ships have been gain
industries, seeking to get from them commodities to ing steadily as carriers of the world’s commerce.
exchange for what they in turn needed and striving
Extraordinary Circumstances.
always to produce more than they consumed, to sell
These are facts concerning what we have done in the
more than they bought. Wherever the necessities of last few years. It is not necessary to point out that
war have not decreed the imposition of restrictions,
(Continued on page 18.)

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Federal Reserve Bank of St. Louis

May, 1918

THE

N O R T H W E S T E R N

BANKER

T h rift, N o t Parsim ony Urged
B y John G. Lonsdale
Mr. Lonsdale, president of the National Bank of Commerce,
human race, but they can
Shall we save every
St. Louis, gives us in this message some food for thought
not be viewed as necessi
cent we can, or proceed
in our method of saving and the plan we should pursue
ties, even in this age,
with “ business as usual?”
during the war in the management of our business houses
when the standard of liv
and factories, It is an analysis of the need and effect of
That question is causing
general saving, but shows the ill effect of radical saving
ing is higher than ever
more
discussion
from
talk that breeds hysteria.
before.
These luxuries
widely divergent view
in war times are classed as nonessentials, and it is with
points than any other before the public today. There
them that our adjustment problems are now princi
are those who go so far as to suggest, in perfect good
pally concerned. In fact, it is with reference to lux
faith, that the national campaign to cut down spending
uries that the question is asked: “ Shall we— or can
is German-inspired. On the other hand, men of prom
we— have business as usual during the war period?”
inence are urging the people to go the limit in stinting
It is estimated that about one-third of our normal
themselves, to spend only for the bare necessities of
national productive abilities must now be devoted
life.
to war purposes. This fact, of itself, is sufficient to
Naturally the latter doctrine is unfavorably received
show that business as usual in nonessentials is an
by some merchants, who View it as an unwarranted
economic impossibility, unless we vastly increase the
attack upon prosperity. They ask how they are to be
total national production; and this increase is to be ac
expected to subscribe to different war charities and to
complished in the face of a depleted working force due
buy Liberty bonds if their trade is to be thus curtailed.
to the organization of a great national army.
But
Their attitude is not unpatriotic; they merely think the
England has faced these conditions and has increased
cry of “ Save, save,” is premature and dictated by un
her output. It is not impossible for us. Under the
sound reasoning.
stimulus of patriotism and
It is important, then, that
high wages, our workers al
we should ascertain the eco
ready have augmented their
nomic effect of general sav
“The manufacture and sale of nonessentials
per capita production, and
ing— whether it may, in fact,
should be restricted to such an extent as to re
much yet remains to be ac
be carried so far as to ser
lease sufficient materials and labor for war
complished in this respect.
iously impair the nation’s
purposes— but only to that extent. There can
Furthermore, the women of
not be ‘business as usual,’ but, on the other
ability to bear the burdens of
hand, business in nonessentials should not be
the nation offer a great poten
war.
indiscriminately attacked and condemned. Such
tial working force that is yet
The task of the government
attacks serve to produce hysteria, when what
to be drawn into the ranks of
in equipping and supplying
we need is sane, wholesome thrift. The term
industry.
‘th rift’ does not mean parsimony. It means
our fighting forces involves
prudent management of one’s resources— and
two distinct operations: First,
But, even so, we cannot in
this, whether applied to a nation or an indi
it obtains the necessary pur
crease our national produc
vidual. Such thrift we must by all means have,
chasing power by the sale of
but hysteria we must avoid.”
tion to the point where the ex
bonds, and, second, it uses
cess over normal will fully
that power to procure the
supplj the requisite amount
production and the delivery of
of war essentials. There must
the things needed.
be a marked reduction in the manufacture of nonessen
The first operation is usually. referred to as “gov tials, so as to release a certain amount of labor and ma
ernmental borrowing.” It could, of course, be dis terials for war purposes. I-t has been suggested by
pensed with, and the second operation accomplished some that business be put upon a strict war basis by
by resorting to confiscation. A resort to general con applying the following criterion to every contemplated
fiscation, however, would be the forerunner of disaster. transaction: W ill this transaction help to win the
Hence, it is of primary importance that the war be war ? A s will be seen by the following analysis, this
financed by bond sales— confiscation being considered course would involve consequences such as even the
only as a last desperate expedient. From this it fol proponents of the plan have not perhaps fully compre
lows that to make the war loans popular with all hended.
classes of people is, in itself, an object worthy of the
W e may preface this analysis with the statement
most serious attention. Care should be taken by the
that the peace basis of business should be disturbed as
administration not to unnecessarily incur the distrust
little as possible, so that the end of the war may bring
and the antagonism of any element of its citizenship.
a minimum of readjustment.
The second operation is that of procuring the pro
duction and delivery of the munitions and equipment
The common understanding in regard to the neces
needed for our fighting forces. This necessitates na
sity for saving is that spending for nonessentials in
tional economic adjustment of the most radical sort.
terferes with governmental financing by decreasing the
In order to get an accurate conception of what it means amount of money available for purchasing government
to put business on a war basis, let us first see what is bonds. But such is not the case. The act of spending
the nature of the business during times of peace.
for any article is merely that of putting the money into
Business is normally concerned in the production the hands of another person who can use it to buy
and distribution of all those things that fulfill the government securities as well as the spender. Such
needs or gratify the desires of mankind. A large pro spending is unpatriotic only when it competes with the
portion of such things are to be classed as luxuries.
government by creating a demand for any article the
They add to the pleasure and to the wealth of the
(Continued on page 33.)

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Federal Reserve Bank of St. Louis

THE

N O R T H W E S T E R N

BANKER

May, 1918

U ncle Sam ’s W o r s t E n em y
B y S. L. Frazier
Better two open and
The plotter, schemer and spy who works against the
assassins have even duped
United States while we are trying to win a great world
avowed enemies than one
the United States govern
war
is
our
worst
enemy.
In
his
usual
forceful
style,
Mr.
false friend. Better two
Frazier has said what he thinks of him.
ment, but now that we are
out-and-out traitors than
onto the lying, thieving,
one “pretended” patriot.
deceiving, rascally, traitorous, conscienceless bunch of
It isn’t the K N O W N traitor that we need fear so
vipers we should be able to “spot” them instantly and
much, but the jolly, smooth-tongued, diplomatic liar, act accordingly. The man who today H E M S and
who pretends to be patriotic, but is a traitor at heart, H A W S and beats about the bush is a snake in the
the odoriferous skunk, the hypocritical shyster, the grass and should be scotched without further ado. '
wolf in sheep’s clothing, the devil clothed in the livery
When a man talks about his honesty we at once beof heaven, who in the guise of friendship seeks, in come suspicious, and when a man talks about his pa
devious ways, to win your confidence that he may triotism we begin to have our suspicions, as we should,
poison your mind, or lead you into a trap, stab you in for the chances are he isn’t right. W e know where
the back, or deliver the government into the hands of our declared enemies are and can face them and check
the enemy.
mate them and beat them'to it, but the false friend
When a man makes a solemn declaration that he is, disarms you and will strike you in a vital spot before
of course, P A T R IO T IC , but proceeds to observe that you can put up your guard. Now that is just what a
we ought not to be in the war and before he. is done, fake patriot will do to you. To H E L L with false
takes his little fling at the Liberty Bond proposition, friends, traitors and fake patriots.
ridicules in a mild manner food conservation, wonders,
Look out for the Bobby-Make-Believes, the pretend
with an air of injured innocence, if the Red Cross isn’t ers, the Janus-faced hypocrites, the lily-livered, snakya graft, intimates that we are fighting England’s battles eyed, putty-complexioned, shag-haired imps of satan
(he never mentions the French in this connection) and whose “ dope” is poisoned drugs dispensed in the lab
as a master final stroke, twitters, sotto voce, that he oratories of hades and prescribed by the devil’s own
does not believe in war excepting to repel invaders—
doctors for you and me, to our undoing, and the un
when you run across a guy like that you may bet your doing of our government.
bottom dollar that he is a traitor of the worst sort and
The “friend-traitor” is Uncle Sam’s worst and most
should be reported at once to the SE C R E T SE R V IC E
to be feared enemy and he ought to be. court martialed,
DEPARTM ENT.
along with all other traitors, and when convicted,
These wily plotters, spies, bomb throwers and hired
(Continued on page 22.)

T h e Building T h a t Built the Bank
B y G eorge Law s Cartlich
If Sutherland had not
The following article points out the advantages of a
“ Which means,” went
new bank building; how it should be constructed and va
leaned so persistently to
on Sutherland, bowing, “a
rious
other
important
facts,
that
will
be
of
special
interest
ward banking he would
to those who are contemplating a new bank building.
new building.”.
have made a great public
A murmur of surprise
ity man. Unlike some of his less successful associates, went around the table at this pronouncement.
he believed that once sofmd business principles were
“ W e ’ve got our hands full taking care of. the growth
observed, publicity of just the right kind was three- now,” objected the most conservative member of the
fourths of what remained of good banking. Believing board, “we haven’t time.”
this, Sutherland got all the publicity there was out of
“ W e don’t need much time,” retorted Sutherland.
any situation he touched. Favorable newspaper pub “ W e don’t know much about building anyway. W e ’ll
licity was only the beginning of his policy— he valued let the building specialists take care of the plannings
even more that word-of-mouth repute which may make erection and the equipment, which is the only way that
or unmake a financial institution in less time than it we can be sure to get a satisfactory, building that will
takes those most concerned in that .institution to come within our figures, whatever they may be. But
realize what is happening. All of which explains why
I want you men to listen to me. I’m going to tell you
Sutherland built the kind of a home that housed his something about Our Town and how a new building
bank.
will bring the cream of the banking business rig-ht
“ Our present task,” said Sutherland, addressing the here.”
other directors from the president’s chair, “ is to set the
Sutherland made the speech of his life. The situa
tide of public confidence in the direction of this bank, tion that he outlined was this: Our Town was out
and keep it there. Our assets are all right, our con growing old things and putting on new. It was ripe
nections are good and getting better, our force is ade for new leadership, of a fine, idealistic, vigorous sort,
quate and competent. All that we need now is per and it was ripe for bigger things than had, ever been
petual publicity— the right kind— which means, in dqjle before. It Wasn’t running wild with its newpros.other words— ”
petity ; it still Wanted proofs that its confidence was
The oldest director smiled cynically.
not misplace^jBryvas to grow in a healthy way, splen^
“ Easily said,” he smiled, “ but somewhat difficult to didly, and(Jisrritbfaiy as possible. Whbr&ver two Our
bring about.”
fContinued on page 7 6 .y

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Federal Reserve Bank of St. Louis

THE

May, 1918

N O R T H W E S T E R N

BANKER

SELECTING
LIQUID LOANS!
In selecting loans xn these unusual times,
bankers give preference to secured, loans
—if convinced that the security offered is
of

liquid

character and readily converted

into cash.

L IV E STOCK L O A N S , carefully
selected, and supervised by an experi
enced organization familiar with the live
stock trade, are loans which are liquidated
by the sale of the security, to a much
greater extent than any oth er class of
loans.
F R A N K M . HUSTON

AB O U T OUR STA FF
F ran k M. H uston, w ho has been a regu la r con trib
u tor to The N orthw estern B anker du rin g the last
year, is a n ative o f Indiana, h av in g been born on a
farm in F a yette C ounty in 1868. A fte r a tten d in g the
p u b lic sch ools he com pleted the p rep a ra tory cou rse at.
E arlh am C ollege, Richm ond, Ind., w hich he entered at
the a ge o f thirteen. In 1887 w ent to I>e Pauw U n iver
sity, G reencastle, Ind., and w ould have graduated w ith
the class o f 1890 had he n ot been too am bitious and
underm ined his health b y attem p tin g a fou r years’
cou rse in three years tog eth er w ith a law course. D u r
in g his co lle g e cou rse he w as a ctive in the m ilitary
departm ent and to the exercise and disciplin e afforded
b y that departm ent he a ttrib u tes his a b ility to w ith
stand the strain o f ov e rw o rk as w ell as he did. _ln
con sequ ence he 'is a firm a dvocate o f u niversal m ili
ta ry training'..
Mr. H u ston ' p r a c tice d ‘ la w at Connersville, Ind., fo r
a year, d u rin g w h ich I period he w as identified as a
corresp on d en t w ith the C incinnati E nquirer. S u b se
quen tly he join ed thè R o c k y M ountain New s sta ff and
fo r a tim e w as publisher- and editor fo r a cou n try,
new spaper. In 1895 he becam e a p olitica l w riter on
the C h icago In ter Ocean and w as assigned to national
headquarters in the Sound M oney cam paign in 1896
du rin g w hich experience he form ed m any close frie n d
ships; a m on g them w ere
such men as M arcus A.
Hanna, G eorge E. R oberts, A, B. Cummins, Charles G.
D aw es, and men prom in ent in the. business and finan
c ia l w orld.
»,
In the ea rly part o f 1897. he' join ed the staff o f the
C h icago E ven in g P ost and served that paper as a
w a r corresp on d en t in the Span ish-A m erican w ar. He
con tin ued w ith the C h icago E v en in g P ost fo r nineteen
and o n e -h a lf years, the grea ter part o f the tim e as
financial editor.
In Septem ber, 1916, Mr. H uston join ed the C hicago
H erald staff as financial editòr. H e has been a co n
trib u to r to variou s n ew spapers arid périod ica ls in this
cou n try and abroad on business and financial subjects.
In all o f his new sp ap er ca reer Mr. H uston has never
been a m u ck -ra k er. H is effort has ever been to c r iti
cize fe a rle s sly b u t to do so in a con stru ctiv e w a y and
w ith a vie w o f h elp in g clea r up a situ ation rather
than to m ake -it w orse. He w as one o f the fe w finan
cia l w rite rs o f the W est to see the value o f com m er
cia l paper as a- basis o f a cu rren cy issue if used in
co n ju n ctio n w ith gold, and w as a g g ressiv e in the
effort made in the ea rly part o f 1908 to secure the
a dop tion o f the Aldrich-,Y reeland law as an em ergency
m easure, to s a fe-g u a rd us u ntil a scien tific revision o f
our b a n k in g la w s cou ld be accom plished. It w as this
law th at p rotected the banks and cred it o f this cou n
try in the autum n o f 1914 and averted a disastrous
pan ic w hen in tern a tion a l exch a n ges w ere dislocated
a t the o u tb rea k o f the E u ropean war.
H e ha§ been a firm a dvocate and believer in the F ed
eral R eserve B ank system and w h ile m any o f the
deta ils o f the m easure did n ot coin cid e w ith his view s,
he has rep eatedly said that fun dam en tally it is righ t
and sound and i f p rop erly m anaged w ill w o rk out.
Mr. H uston is o f S cotch descent, alth ou g h his a n ces
tors cam e to this cou n try in the p re-R ev olu tion a ry
period.

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Federal Reserve Bank of St. Louis

Th ey are real ‘Q U ICK A S S E T S !”

There is no inflation in such loans, and
being “ commodity loans,

a preference is

shown them by the Federal Reserve Banks.

THE

G U A R A N T Y
CATTLE LOAN
COM PANY
STOCK YARDS STATION
K A N S A S C IT Y

specializes in cattle loans— it has
thorough organization, experienced
management, strong connections.
DIRECTORS:
J. C. SW IFT, President
SNELSON CHESNEY
Swift A Henry Co.
Vice President
Kansas City
Kansas City
GEORGE,E. RICKER, Treasurer
Smith A Ricker
Cattle Loans
Kansas City
BARTLETT ARKELL
G.,M. SMITH
President
_ President
Commonwealth
Beechnut Packing Co.
National Bank
Canajoharie. N. Y.
Kansas City

Loans are offered at c u rre n t
market rates/and bear endorse
m e n t of t h e
Company.
Correspondence Invited

THE

N O R T H W E ST E R N

.................■iS'"'aa....'¡illiy... ................ ................................ ...... .
"""" ffl

iiii"i""" "n iH iii h

BANKER

May, 1918

miiimnl... ............... ...... ................. .... .............. mi.... ........ „„„„.....„„„„„„„.... .

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n n in in n i

n n i n n f f ln S n n n n u n n n n n u n n n n n n n

'n n n n n n

B l..... ..... .. .. ....

Personal Paragraphs
.. .......... .................. .. ................................................................................................................................................ .. ...... u n i........................... ini..........n in n n in n n n ............ iiuuiihiiimiiimiimiiihiiii ......... .............................n n n n in in in n n ......... immmi...... in ............mi.... ,? |

mIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIiiiiiiiiiiiiiiiii

Fred W . Ellsworth, secretaryjrf the Guaranty Trust
Company of New York, has recently become vice pres
ident and director of the Hibernia Bank & Trust Com
pany of New Orleans. Mr. Ellsworth was for many
years the advertising manager of the First National
Bank of Chicago and went from there to the GuarantyTrust Company where he developed one of the most
efficient new business departments in any bank in the
country. He- is a fine fellow, has made friends every
where and will unquestionably make a big success of
his new work in New Orleans.
$--------- $--------- $■
Jerome Thralls, assistant secretary of the American
Trade Acceptance Council states that two big corpora
tions have already been formed in New York City and
a third is under way which will deal in Trade Accep
tances, both foreign and domestic. The prospects for
a wide market for this character of paper is assured.
The latest available statistics show that about 3,500
firms are using Trade Acceptances with results that are
entirely satisfactory . A conference of prominent bank
ers will be held in New York City early in May for the
purpose of considering the substitution of the Trade
Acceptance for the present method in financing the
movement of cotton.
Frank Warner, secretary of the Iowa Bankers A s
sociation originated the plan last year of having the
group meetings ,of the state on consecutive dates and
he has carried out the same plan this year. Special
cars have been chartered for the use of bankers and
already enough reservations have been received to
fill all the available space. The excellent endorsement
which this arrangement received from bankers all over

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Federal Reserve Bank of St. Louis

the state places the stamp of approval on Mr. Warner’s
executive ability in completing the plan and it is cer
tain that this same idea will be carried out from year
to year. Mr. Warner is proving in every way his
ability as a progressive and constructive secretary.

$-----------$-----------$
David H. McKee, vice president of the Iowa Loan
& Trust Company, Des Moines, controls a half a
dozen banks or more and among them is the GermanAmerican Savings Bank of Marengo, Iowa. Being a
real patriotic American, however, Mr. McKee has
had the word “ German” dropped from the name of his
institution-. The capital stock of the bank has been
doubled. The deposits are now over $600,000.00. Mr.
McKee believes in cutting out all German names and
talk.
$-----------$-------- -$
James L. O ’Neill was recently elected a vice presi
dent of the Guaranty Trust Company of New York.
Mr. O ’Neill has been engaged in credit work for more
than twenty years. He was born in Pittsburgh, Pa.,
on October 8, 1881, and after graduation from the pub
lic schools in 1895 he entered the service of the Bradstreet Company as delivery boy and file clerk, remain
ing there until February 1, 1896. On that date the
Carnegie Steel Company, first organized credit activ
ities under a separate bureau chief, and Mr. O ’Neill en
tered the new organization as an office boy. He has
been employed there continuously since, serving in
each position. On January 1, 1913, he was appointed
credit manager and subsequently organized the credit
activities as an independent department of the com
pany. He has traveled much over the country, and
has a large acquaintance with credit men.

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Hamilton, Ohio
The Largest Safe Works in the World

May, 1918

THE

N O R T H W E S T E R N

The Iowa Loan & Trust Company of Des Moines,
of which Leo E. Stevens is vice president recently sent
a letter to every bank in Iowa asking for the names
and addresses of any of its employes who might be in
service at Camp Dodge, and through this means lo
cated sixty-three Iowa bankers who are serving their
country in the Des Moines camp. All of these men
were invited to attend the Bankers Club banquet which
was addressed by Congressman Towner, as guests of
the Iowa Loan & Trust Company, and a large number
of them were present. This shows hospitality of the
right kind.

B ank of C hicago

$— ------$ --------- $

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.

$----------$— ----- -$

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

Capital and Surplus $22,000,000
J A M E S B. F O R G A N , Chairman of the Board

The National Bank of Commerce, New York, has
taken over-additional space in its building at 31 Nassau
Street, on account of its rapidly expanding business.

O . W E T M O R E , President

Correspondence is invited relative to facili
ties afforded banks and bankers through
out the United States.

The Mechanics and Metals National Bank

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

The First N ational

Harry Blackburn, vice president, . Iowa National
Bank, Des Moines, when he returned from his last trip
to China, brought George Messenger, superintendent
of banking, a number of Chinese coins and a write-up
of this fact appeared in one of the Des Moines papers
recently. Following this Mr. Blackburn received nu
merous inquiries from bankers throughout the state,
asking him if Mr. Messenger was an expert at Chinese
writing inasmuch as his signatiye so closely resem
bled the Chinese characters shown on the coins.
' $---------- $---------$
The largest savings bank in Iowa, the German Sav
ings Bank of Davenport, at a recent meeting of the
board of directors decided to changg the name of that
institution to the American and Commercial Savings
Bank. This bank has deposits of over $12,000,000 and
a surplus and undivided profits of $1,000,000.
Frank B. Yetter, cashier of the Iowa National Bank,
Davenport, Iowa, was elected president of the Greater
Davenport Committee recently, at their annual ban
quet. Several very clever stunts were arranged which
kept the members guessing every minute. When the
election of officers was taken up, Mr. Yetter’s name
was placed in nomination for president and then the
nominations were closed. The room was darkened and
a stereopticon began to throw election returns on the
screen at one side of the room. The progress of the
election was pictured in regular newspaper style and
came to a dramatic climax when the news flashed on
the screen that “ Yetter has carried fifty thousand
counties and is elected.”

BANKER

OF TH E C IT Y OF N E W Y O R K
ESTABLISHED 1810

D eposits, M arch 4,1918, $215,000,000

THE

N O R T H W E S T E R N

BANKER

May, 1918

The bank is to use the remainder of the fourth and
sixth floors and the entire eighteenth floor of the bank
building. During 1917 the force of clerks increased
nearly 40 per cent. This expansion is further evidence
of the growth of the bank since James S. Alexander
was elected president in 1911. A t the time of the last
call the total resources were $484,000,000 while in 1911
they only amounted to $207,000,000 showing an in
crease of more than 100 per cent.

CORN EXCHANGE
NATIONAL BANK

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

OF CHICAGO

The appointment of a committee on organization
for the proposed new American discount bank in New
York has been announced as follows: John McHugh;
vice president, Mechanics and Metals National Bank;
E. W . Stetson, vice president of the Guaranty Trust
Company; A. M. Anderson, of the J. P. Morgan &
Company and John E. Rovensky, vice president of the
National Bank of Commerce. This committee will
submit an organization report at a meeting of the
representatives of the nine financial institutions inter
ested in establishing the discount bank. Other banks
and bankers will be jnvited to become stockholders in
the new company.

C a p i t a l ..........................$ 3,000,000
S u r p lu s ..........................
5,000,000
U ndivided Proiits . .
2,000,000
D e p o s i t s ..................... 106,000,000

$-------- $--------- $
C. W . Britton, cashier of the Security National
Bank, Sioux City, Iowa, had. a most excellent report to
make for his bank at the last call at which time the
bank had a capital stock of $250,000; surplus and
profits of over $359,000 and deposits of $7,836,000.

$--------$— ----- $ .

OFFICERS
ERNEST A. HABIILL, President
CHARLES L. HUTCHINSON, Vice President
D. A. MOULTON, Vice President
OWEN T. REEVES, JR., Vice President
J. EDW ARD MAASS, Vice President
FRANK W . SMITH, Secretary
JAMES G. W A K EFIELD , Cashier
LEWIS E. GARY, Assistant Cashier
EDWARD F. SCHOENECK, Assistant Cashier
NORMAN J, FORD, Assistant Cashier
JAMES A. W A LK ER , Assistant Cashier
CHARLES NOVAK, Assistant Cashier
DIRECTORS
WATSON F. BLAIR
CHAUNCEY B. BORLAND
EDWARD B. BUTLER
BENJAMIN CARPENTER
CLYDE M. CARR
ERNEST A. HAMILL
CHARLES H. HULBURD CHARLES L. HUTCHINSON
MARTIN A. RYERSON
J. HARRY SELZ
EDW ARD A. SHEDD
ROBERT J. THORNE
CHARLES H. W A CK ER

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Federal Reserve Bank of St. Louis

C. R. Dickerson, secretary of the Chicago Associa
tion of credit men, has sent out a resolution recently
by his association in which they urge the government
to make arrangements to have the income and excess
profits taxes paid over a period of weeks rather than
in a lump sum on June lfjth., A part of the resolution
is as follows: “ Resolved,,TJi£t.tJi.e Chicago Associa
tion of Credit Men do respectfully urg^ upon the secre
tary of the treasury the necessity, of, a .provision, by
any means which he deems proper, 'for, the serial pay
ment of income and excess profits taxes, beginning
June 15th, and extending to a period not later than
September 15th, with interest on deferred payments
at the rate’ of 6 per cent per annum.”
---------$ - --------$
George Messenger, superintendent of the depart
ment of banking for Iowa has been making a very ac
tive campaign to have the banks of the state reduce the
overdraft evil and in order to accomplish this, he has
been asking them to sign an agreement to this effect.
Already all of the banks in Muscatine county and Linn
county have signed the overdraft agreement and Mr.
Messenger is hoping that before long all of the counties
in the state will join the anti-overdraft crusade.

$— ----- $-----------$
C. H.-McNider, chairman of the Liberty Loan Com
mittee for Iowa put the state over the top and at the
head of the list in the recent campaign. Iowa and
Oregon were running neck and neck for first place.
This is a fine tribute to the excellent organization,
which Mr. McNider built up and reflects great credit
upon the bankers of this state, who helped to accom
plish such a wonderful result.
$— -----$— --------$
A. T. Bennett, of Sioux City, head of the Bennett
Loan and Trust Company was elected president of the
Des Moines Life and Annuity Company at a meeting
of the board of directors held recently, at which time an

May, 1918

THE

N O R T H W ESTERN

entirely new roster of officials was chosen. John C.
Gardiner, of Osceola, was’ made first vice president; J.
M. Callender, of Des Moines, second vice president; S.
j . Houston, of Morning Sun, third vice president; S.*J.
Don Carlos, of Des Moines, secretary, and C. J. Le
Valley, of Sheffield, treasurer.

Foreign Trade Banking
Service

$------- $--------- $
Valeria Savings Bank, Valeria, Iowa, was robbed re
cently by two bandits, who drove up in a machine, held
up*the cashier and escaped with $2,000. Frank W ar
ner, secretary of the state association got busy at, once
and sent a Burns detective to investigate the matter
and in less than forty-eight hours the two robbers had
been arrested and placed in jail. This is just another
example of the efficient co-operation which Mr. W a r
ner is rendering the members of the state organization.
$--------- $------— $
Help the Government. Owing to the enormous
amount of government war work the governmental
departments at Washington are being flooded with
letters of inquiry on every conceivable subject concern
ing the world war, and it has been found to be a physi
cal impossibility for the clerks, though they number
an army in themselves now, to give many of these let
ters proper attention and reply. There is published
daily at Washington, under authority of and by direc
tion of the president, a government newspaper— The
Official U. S. Bulletin. This newspaper prints every
day all of the more important rulings, decisions, regu
lations, proclamations, orders, etc., etc., as they are
promulgated by the several departments and the many
special committees and agencies now in operation at
the national capital. This official journal is posted
daily in every postoffice in the United States— more
than 56,000 in nufnber, and may also be found on file
at all libraries, boards of trade and chambers of com
merce, the offices of mayors, governors and other fed
eral officials. By consulting these files most questions
will be found readily answered; there will be little
necessity for letter writing; the unnecessary conges
tion of the mails will be appreciably relieved; the rail
roads will be called upon to move fewer correspond
ence sacks, and the mass of business that is piling up
in the government departments will be eased consid
erably. Hundreds of clerks, now answering correspond
ence will be enabled to give their time to essentially
important war work, and a fundamentally patriotic
service will have been performed by the public.

BANKER

iff

IS Company, through its
THForeign
Department, offers every
modern banking facility for interna
tional trade.
It finances exports and imports; buys
and sells exchange; furnishes informa
tion on credits and regarding commer
cial and financial conditions abroad; and
cooperates in many other ways with
banksfor the handling and extension of
their customers’ foreign business.
Our booklet, “ Banking Service for
Foreign Trade,” detailing our foreign
banking services, will be sent on request.
G u a ra n ty T ru st C o m p a n y
o f N ew Y o r k
140 Broadway
FIFTH A V E . OFFICE
Fifth Ave. & 43rd St.
MADISON A V E . OFFICE
Madison Ave. & 60th St.

L O N D O N OFFICE
32 Lombard St., E. C.
PARIS OFFICE
Rue des Italiens, 1 & 3

$50,000,000
$600,000,000

Capital and Surplus
Resources more than

B/L

BANK

CHICAGO

$— -----$---- -----$
The comptroller of the currency recently approved
an application for a charter for a new national bank in
a certain western state, as there was, apparently, an
opening for a bank in the community in which it was to
be established and the applicants seemed to be men
of responsibility and means and some prominence.
Subsequently, doubt arose as to the loyalty and pa
triotism of the applicants, and it was ascertained that
although the six applicants for the charter were re
ported to be men of considerable means— several of
them claiming to be worth a quarter of a million dol
lars or more— the aggregate amount of Liberty Bonds
of the first and second issues to which the six appli
cants had subscribed was only $200, several of the ap
plicants for the charter having taken no Liberty Bonds
at all, and their aggregate subscriptions to the Red
Cross had been only $149. The comptroller has today
revoked the authority given for the' organization of
this proposed national bank.

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

W e collect direct Bill of Lading
items on every shipping point
in the United States and Canada.
A special department handles these
items with minimum time and cost.
W e invite correspondence with any
bank or shipper handling a volume
of this class of items.

UNION TRUST COMPANY
C H IC A G O
Strictly a C om m ercial Bank
Established 1869

THE

N O R T H W E S T E R N

I Van Horn, Gluett &Gompany |
A Co-partnership, the Members o f which are

CERTIFIED PUBLIC ACCOUNTANTS

Audits—Investigations-Systems

CHICAGO
i

OMAHA

1st National Bank Bldg.

Brandéis Bldg.

DES MOINES -

S. & L. Building

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Fort

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BANKER

May, 1918

I O W A S T A T E C O N V E N T IO N .
The plans for the state convention of the Iowa
Bankers Association, to be held at Dubuque on W ed
nesday and Thursday, June 19th and 20th, are pro
gressing very rapidly. Mr. J. K. Deming, president of
the Second National Bank, of Dubuque, is chairman
oi the executive committee. Mr. Paul Rankin, secre
tary of the Dubuque Commercial Club, is also sec
retary of the convention committee, in Dubuque. Mr.
W . M. Kretschmer, manager of the Dubuque Clearing
House, is chairman of the hotel committee, and Mr. N.
C. Gindorf, cashier of the German Trust & Savings
Bank, is chairman of the badge committee. Mr. E. F.
Lush, cashier of the Iowa Trust and Savings Bank, is
chairman of the entertainment committee. From the
reports to the state secretary from eadh of the above
named men, it is more than evident that their plans
promise a splendid convention. Dubuque has a suf
ficient number of main line railroads that bankers from
the remotest part of the state will have no difficulty
in getting there.
Hotel reservations may be made by those con
templating attending the convention, either direct with
Mr. Kretschmer or direct with the hotels.
Mr.
Kretschmer further states that it is the intention of
his committee “in case the hotels are all filled, to make
arrangements with private families within reasonable
distance of headquarters, to furnish accommodations
for the delegates.” The Dubuque bankers are antici
pating a big crowd at the State Convention, as is indi
cated by the foregoing. It behooves the bankers to
make their reservations early. The city of Dubuque
has a new hotel, the Julien Dubuque, which is one of
the finest and one of the largest -in the state of Iowa.
The other hotels are: Paris, Merchants, Majestic A n
nex and Page.
F A R M E R S T R U S T & SA V IN G S B A N K .
The Farmers Trust & Savings Bank, of Spencer,
Iowa, at the time of the last call had deposits of
$374,677.46. The capital is $50,000 and the surplus and
profits are $8,600.54.
The bank opened in its beautiful new building a
few months ago as such rapid progress had been made
it was necessary that the quarters of the institution
should be enlarged.
. W m . Flindt is president; H. O. Green, vice presi
dent; John Sieh, cashier; Clyde Mummert and W . F.
Flindt, Jr., tellers. R. L. Claussen, formerly one of the
tellers, has joined the colors.

N ation al

Bank

CHICAGO, ILLINOIS
U n ited Statps D e positary

C A P IT A L A N D SURPLUS $4,000,000

DEPOSITS $42,000,000

W IL L IA M A. TILDEN, President
NELSON N. LA M PE R T
H E N R Y R. K E N T
JOHN F L E T C H E R
MARCUS JACOBOW SKY
GEORGE H. WILSON
CH ARLES FE R N A L D
E. C. TUBBS

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Federal Reserve Bank of St. Louis

XVice P residents
j

Cashier

WM. W. LEGROS
CH ARLES L. BOYE
WM. L. M cK E E
ROBT. J. M cK A Y
WM. E. M cLALLEN
E D W A R D N. H EINZ
WM. J. FIC K IN G E R

a'*»k »eol*'
H A R R Y LAW TON, M an ager F oreig n E xch a n g e D epartm ent

A G E N E R A L B A N K IN G BUSINESS

>Ass’ t Cashiers

THE

May, 1918

N O R T H W E S T E R N

U N IO N N A T IO N A L B A N K .
The Union National Bank, of Ames, Iowa, at the
time of the last call had a capital stock of $50,000;
surplus and profits, $79,216.91, and deposits of $850,924.61.
This bank is officered by C. L. Siverly, president; E.
W . Stanton, vice president; Geo. Judisch, vice presi
dent, and S. A. Knapp, cashier.
C O N V E N T IO N C A L E N D A R .
May
8- 9— Oklahoma, Oklahoma City.
9 - 11— Alabama, Birmingham.
9-10-11— Ex. Council, A. B. A., Arkansas, Hot
Springs.
14-16—Hexas, Galveston.
21- 22— Kansas, Hutchinson.
22- 24— North Carolina, Raleigh.
23- 24— Missouri, Kansas City.
27- 29— Georgia, Atlanta.
23-25— California, Del Monte.
23- 24— Pennsylvania, Atlantic City, N. J.
28- 29— Mississippi, Clarksdale.
June
6- 7— Reserve City Bankers Association, New Yorl»
City, N. Y .
7- 8— Oregon, Bend.
14-15— Washington, Yakima.
19- 20— Iowa, Dubuque.
20- 21— New York, Atlantic City, N. J.
20- 22— Virginia, Old Point Comfort.
21- 22— Connecticut, Eastern Point, New London.
21-22— New Hampshire, Eastern Point, New London,
Conn.
21-22— Rhode Island, Eastern Point, New London,
Conn.
21-22— New England Bankers A ss’n, Eastern Point,
'N ew London, Conn.
24- 26— Michigan, Charlevoix.
25- 26— South Dakota, Rapid City.
27-28— Minnesota, Minneapolis.

July
9-10— Wisconsin, Milwaukee.
11-12— North Dakota, Mandan.
September
4- 6— Illinois, Springfield.
5- — Delaware, Wilmington.
17-19— American Institute of Banking, Denver, Colo.
23-28— American Bankers A ss’n, Chicago, 111.

BANKER

ACCOUNTANTS
Our experience as Public Accountants,
Auditors and Appraisers enables us to
render you and your customers the best
possible service in this line of work.

LOUIS J. MUEHLE & CO.
503 C. N. B. Bldg.

Phone Wal. 3598

DES MOINES, IOWA

Your Savings Clubs
Can be operated in the most practical as
well as the most economical manner b y
using

SUPPLIES

O ur kn ow ledge o f how to promote
and conduct these clubs will be of special
interest to every banker.
T h rift supplies will lessen the inter
ruption o f w ork in every other depart
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W ill make your
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T h e T h rift Press
Peoria, Illinois

Leavitt & Johnson National Bank
Established 1856

Capital, Surplus and Profits
$300,000.00

Waterloo, Iowa
OFFICERS

B
bÌI|Ìb|

Total Assets
$3,500,000.00
Accounts of Banks Desired and
Appreciated

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Federal Reserve Bank of St. Louis

J. E. SED GW ICK , President
C. E. PIC KETT, Vice President
J. O. TRUM BAUER, Vice Pres.
IRA R O D A M A R , Cashier
FRED H. W RA Y, Assistant Cashier

R pH IRR 'RBI R 111

Sixty-two Years of Continuous
Successful Banking

“ Identified with Chicago's

THE

Progress

N O R T H W E S T E R N

Since

1857"

BANKER

May, 1918

LARGE, IN C R E A SE IN D E P O S IT S.
The Commercial Savings Bank, Mason City, Iowa,
had on March 4, 1914, deposits of $478,046.72; on
March 4, 1915, $488,075.65; on March 4, 1916, $594,794.70; March 4, 1917, $1,040,176.87; March 4, 1918,
$1,273,068.04. The new management of the bank took
charge of affairs in 1915 and during that time the de
posits have shown a splendid increase. The capital
stock is $100,000; surplus, $17,000; undivided profits,
$2,508.50.
The officers are: A . M. Schanke, president; L. O.
Stone, vice president; W . J. Walker, cashier, and T.
N. Igou, assistant cashier. Mr. Walker succeeds W .
J. Sievers, who died on the 20th of February.

MEMBER FEDERAL RESERVE SYSTEM

The Character of this Bank is Reflected in the
Personnel of its Board of Directors
FRANK H. ARMSTRONG.............. President Reid, Murdoch & Company
CLARENCE A. B U RLEY...'................................. Attorney and Capitalist
RICHARD T. CRANE, JR................................. President Crane Company
HENRY P. CROWELL............................ President Quaker Oats Company
HALE HOLDEN. . . . ___President, Chicago, Burlington & Quincy R. R. Co.
MARVIN HUGHITT__ Chairman Chicago & Northwestern Ry. Company
EDMUND D. HULBERT............................................................ President
CHAUNCEY KEEP.......................................Trustee Marshall Field Estate
CYRUS H. McCORMICK ... .President International Harvester Company
SEYMOUR MORRIS....... •............................... Trustee L. Z. Leiter Estate
JOHN S. RUNNELLS...................................... President Pullman Company
EDWARD L. RYERSON..................... Chairman Joseph T. Ryerson & Son
JOHN G. SHEDD.............................. President Marshall Field & Company
Chairman
ORSON SMITH.......................................
ALBERT A. SPRAGUE I I ..............................................................U. S. A.
HOMER A. STILLWELL.................................... President Butler Brothers
MOSES J. WENTWORTH....................................
Capitalist
DEPARTMENTS

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

Capital and Surplus

—

$ 1 1 ,0 0 0 ,0 0 0

M u s c a t in e
S t a t e Ba n k
MUSCATINE, IOW A

Capital

$250,000

D eposits

$2,400,000

Y ou will likfe the personal service w e give on all col
lections sent to us. W e do not solicit your business—
w e trade you our service for it.
OFFICERS
P. M . M U SSE R , President
E. L. M cC O L M , Vice President
E. G. ST O C K ER , Vice President'
E M IL W EB B L ES, Cashier
W . J. FAYLE, Asst. Cashier
W . A . B LAK E N E Y, 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

L O O K IN G F O R W A R D T O F U T U R E P R O B L E M S
(Continued from page 8.)
they arise from a most extraordinary condition of af
fairs. The mere fact that while during the ten years
preceding the war our domestic trade increased about
a billion and a half a year and our foreign trade about
a quarter of a billion a year, the former increased eight
een billions three hundred millions during 1917 and our
foreign trade has increased for three years at an an
nual average of one billion seven hundred million, will
convince anyone that circumstances have helped us
■wonderfully. Certainly there must have been a tre
mendous increase in the amount of labor and capital
at work to accomplish these things, but scarcely any
one would conte.nd that our initiative and enterprise
were solely responsible for such a remarkable showing.
A Nation of Resources.
It is .because our response to war conditions has
shown a ready adaptation to circumstances that we
need have no fears as to how this country will avail it
self of the quickly expanding opportunities of peace.
W e are a nation resourceful in ideas, and once we get
convincingly before us the fact that we are in for a
period of the intenSest, most extended, most intelli
gently directed competition industry arid commerce
and finance have ever known, it is certain that we shall
rise to the occasion and be worthy of the struggle.
But we must not come to the end of this war relying
solely upon our ready adaptability. This problem is
so big, the future is so crowded with opportunities, that
definite plans must be made now. There is a growing
appreciation among our people of the situation, but
they are looking for leadership. Surely it is the duty
of those trained in practical economics, our business
men, our industrial managers, our financiers, to under
take these preparations, to show the way. Just as
many of our institutions are now setting aside reserves
to meet any possible deflation of values in the future,
so should every industrial and financial institution set
aside from the problems of the moment a portion of
its time for the consideration of the conditions we
shall have to meet and of how to meet them.
There ought to be throughout this country the clos
est attention to efficiency in all our undertakings. W e
must study to increase production and to improve our
methods of distribution. W e should take advantage
of every device that will give effectiveness to the labor
of men or the use of money and credit. W e should
apply to every available natural resource of this coun
try the fullest measure of intelligent development. And
we must learn to co-operate in these things. Other
wise the American trader' who has everything else in
his favor will be unable to compete in the markets of
the world with his rivals.

May, 1918

THE

N O R T H W E S T E R N

BANKER

Metropolitan Trust Company
of the City of N ew York

■■

MADE TO ORDER

■■

offers to correspondent banks a
complete service based upon an ex
perience of 34 years in the heart of
America’s financial world. May we
explain our service to you?—by
letter or interview.

here a certain indescribable
here's
satisfaction in knowing that you're
faultlessly clad in
Nicoll Tailored Clothes
M.

I Ç

I S

The T

a ilo r

W 2 Je rre m s ’ Sons
502 W alnut St.
Des Moines, Iowa

G eorge C. V an Tuyl, Jr.
P resident
B everly Chew
V ice President
E dw in F. R oreb eck
V ice President
H arold B. T horne
V ice President
Jam es F. M cNam ara V ice P resident
R o g e r P. K a va n a gh V ice P resident
B ertram C ru ger
T reasu rer
G eorge N. H artm ann
Secretary
Jacob C. K lin ck
T ru st Officer
R. W . K. A n derson
Asst. T reasu rer
John F. Cissell
Asst. T reasu rer
F rederick E. F ried Asst. Secretary
W illa rd E. M cH a rg A sst. S ecretary
Clarence K lin ck
Asst. T reasu rer
Irw in G. Jennings
Asst. Secretary
Linus P. H osm er
A sst. Secretary

60 W all Street

716 Fifth Avenue

Member of Federal Reserve System 'J

A Steadily Increasing Number
of
Corn Belt banks find it advantageous to maintain
an account with

The Live Stock Exchange National Bank

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

of Chicago

L egal

THE

N O R T H W E S T E R N

O p in io n s

BANKER

and

May, 1918

D e c is io n s

Uniform Negotiable In
ment as therein described,
This department contains each month excerpts from the
latest decisions on banking and commercial law carefully
strument Law.
(Sec
adding if he think fit, his
selected from recent decisions of the supreme courts of
tion 40). Indorsement
proper signature.
Iowa, Nebraska, Minnesota, North and South Dakota, and
of Instrument Payable
(Section 44.)
Indorse
from other states when the decisions are of interest to
our subscribers. Questions of interest to bankers will be
to Bearer.
ment in Representative
discussed and ANY SUBSCRIBER has the privilege of
Where an instrument
Capacity.
writing for information and advice on any legal subject.
payable to bearer, is in
Where
any person is
He will receive an immediate reply from our attorney
dorsed specially, it may
under obligation to in
without any fee or expense. A complete trial brief of any
subject involving exhaustive research in a complete Law
nevertheless be further
dorse in a representative
Library will be furnished at any time for $10.00. In w rit
negotiated by delivery;
capacity, he may indorse
ing for information, kindly enclose a 3-cent stamp for
but the person indorsing
in such terms as to nega
reply and address “ Legal Department,” care The North
specially is liable as in
tive personal liability.
western Banker, Des Moines.
dorser to only such hold
Uniform Negotiable In
ers as make title through his indorsement.
strument Law. (Section 45.) Presumption as to
Time Of.
Reason for Rule: The rule adopted in this sec
tion may be inconvenient in practice at times, as, for
Except where an indorsement bears date after ma
example, when paper drawn payable to bearer is sent
turity of the instrument every obligation is deemed
through the mail. But to permit the holder to make
prima facie to have been effected before the instru
ment was overdue.
the instrument payable to a specified person, or to
(Section 46.) Presumption as to Place Of.
his order, would be to allow him to vary the contract
of the acceptor or maker. Thus, if A makes his note
Except where the contrary appears every indorse
payable to B or bearer, he does not assume the obli
ment is presumed prima facie to have been made at
gation of seeing that the instrument is properly in
the place where the instrument is dated.
dorsed.; and upon no national legal theory should it
(Section 47.) Continuation of Negotiable Character.
be in the power of the holder to impose upon him a
An instrument negotiable in its origin continues to
duty which, by the express terms of his contract, he be negotiable until it has been restrictly indorsed or
discharged by payment or otherwise.
refused to take upon himself.
(Section 41.) Indorsement Where Payable to Two or
(Section 48.) Striking Out Indorsement.
More Persons.
The holder may at any time strike out any indorse
Where an instrument is payable to the order of two
ment which is not necessary to his title. The indorser
or more payees or indorsees who are not partners, all whose indorsement is struck out, and all indorsers
must indorse, unless the one indorsing has authority subsequent to him, are thereby relieved from liability
on the instrument.
to indorse for the others.
(Section 42.)
Instrument Payable to Cashier— to
Fiscal Officer of Corporation.
I O W A N E W S A N D N O T E S.
Where an instrument is drawn or indorsed to a
The Titonka Savings Bank, Titonka, Iowa, of which
person as “ cashier” or other fiscal officer of a bank
or corporation, it is deemed prima facie to be payable A1 Falkenhainer is president, and Editor W olfe cashier,
to the bank or corporation of which he is such officer; makes a fine showing in its March statement. The
and may be negotiated by either the indorsement of bank has been in operation a little over two years and
the bank or corporation, or the indorsement of the the deposits have gone up from $55,137.18 as shown
in the first statement, to $206,186.87, as shown in the
officer.
(Section 3.) Mistake in Name of Payee— Form of last statement.
Indorsement.
Hall Swenson, who has been the capable assistant in
Where the name of a payee or indorsee is wrongly the First National Bank, Elkader, Iowa, will accept a
designated or misspelled, he may indorse the instru position in the North McGregor, Neb., bank.

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Federal Reserve Bank of St. Louis

Your Chance
We always have in our possession several sets of second
hand bank fixtures which we offer at so low a price that you
can always dispose of same without a loss to you. If you are
opening in a temporary building, or even for permanent use,
these will make splendid fixtures at about one-third cost of
new equipment. Get the description of these outfits—it is
worth your while.

M cN a m a ra -K en w orth y C o.
Des Moines, Iowa.

THE

May, 1918

N O R T H W E S T E R N

BANKER

A Real Asset to Your Bank
For over half a century Fisher-Morris fixtures have been the standard throughout the country.
They are an asset to any hank. The experience tfius gained and the service we have rendered so
successfully awaits your asking.

DETAILS

SATISFIED

Every detail of

Over three thou
sand banks have
b e e n equipped
with Fisher-Mor
ris fixtures and
t h e officers of
these i n s t i t utions a r e more
than s a t i s f i e d
with their serv
ice a n d equip
ment. Ask us to
help y o u plan
your new bank
interior.

our

workman

ship receives the
expert attention
of our complete
organization. We
are as particular
about t h e little
things as we are
a b o u t the big
things.

A F ish er-M orris Bank Interior

Fisher-Morris Company
B a n k F ix tu re H ead qu arters lo r P a st H a lf Century

C H A R L E S C IT Y ,

IO W A

pillllllllllllllllllllllllllllll!lllllll!llll!lllll!llllllll!llll!Ullin!IIIIIII!l!llllllllinil!llllllll!!!l^

|
|
I

A n Invitation

To banks and brokers of investment securities, equipped to handle the sale of meritorious stock securities, to investigate the preferred stock of the

N orth Am erican Hotel Com pany
an Iowa Corporation
|
i

A limited amount of the 6% participating preferred stock of this company, which has in operation
under construction and planned

A Chain of Twelve Modern Hotels
Located in many of the most important cities in the states of I O W A , NEBR ASKA
and K A N SA S is being offered for sale at this time.

1
|
|

This enterprise, as a whole, has the substantial support and recommendation of leading bankers, busiHess men and capitalists of this entire section, and in each city or town where buildings are located the
project has both the financial and moral backing of leading financial and business interests.
Write us today for full information and territorial allotment.

1
I

Address

| North American Hotel Company, Inc. |
10 0 Bee Building, Omaha, N ebraska
fniiiiiiiiiiiitiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiNiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiM

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Federal Reserve Bank of St. Louis

THE

•

N O R T H W E S T E R N

May, 1918

B A N K CHANGES N AM E.
W ith true American spirit the German, Savings
Bank, of Hartley, Iowa, has changed its name to the
Iowa Savings Bank. The capital of the bank is $30,000; surplus, $30,000; undivided profits, $7,400, and the
deposits at the last auditor’s call were $732,000. Busi
ness is reported as good and all indications are for a
prosperous year.
J. T. Conn is president; W m . T. Voss, vice presi
dent; G. E. Knaack, cashier; Geo. R. Wheelock and
B. L. Lorenzen, assistant cashiers.

FkA/lCI/ /¡/BURY RQBI/1/O/i
L.A/1 Ç / C A P L

BANKER

/ L X * C H I T E .C T

Ô 0 5 H U BBILL b lD q •biJMOUitf IA

•D^/iúñ/- P ^ V A T L - l /T A î ï / - F A ^ M /T F A D / - / C VtOOLf
■I/J /T lT U T lO /f/- C L M E T Í .I I V -L A/1 D /U b D 1V 1 / 1 0 / 1 /
•FAI U ' A T H L t T l C - C M /1 D / - 0 O L F - L I /1 K /- A /1 D ALL
• T t t L -D E T A lI /’ -O F T D W /Í A /1 D -C 1 T Y t> L A /1 /1 I/iq

W M . G U T H R IE & C O M P A N Y .
A t no time in the history of commerce and industriaT expansion, has there existed such urgent neces
sity for having the accounts maintained by the banker’s
clients examined by a certified public accountant, who
is at once independent and neutral. The need is ren
dered all the greater through many of our trained men
who formerly controlled the financial departments of
our business houses having been drafted for active
service abroad. The old-time fashion of accepting for
purposes of a loan a statement prepared by the bank’s
customer may now be considered almost obsolete.
However honestly put together, and however consci
entious the would-be borrower, it «can scarcely be ex
pected that without a training in accountancy, a state
ment true in every regard can be struck.
Sioux' City is fortunate in having in her midst a
firm of the caliber of William Guthrie & Co. These
gentlemen have had a long and careful training and ex
perience and, prior to coming to Sioux City, repre
sented two of our best-known firms of certified pub
lic accountants in the East.

T h e Darw in Com pany
A Store of State-Wide Service
Many reproductions of old and rare mod
els are in our rare collection of Furniture.
The modern designs included in this col
lection are original in conception and of the
finest work.
Not furniture alone, hut every significant
thing that helps in the beautifying and
adornment of the home.

U N C L E S A M ’S W O R S T E N E M Y .
(Continued from page 10.)
backed up against a wall and shot so full of holes his
mother wouldn’t know him.
Isn’t it about time to cut out the “ soft pedal” and
strike straight from the shoulder? The boys are in
the trenches and making the great sacrifice, ready to
do or die, if need be, for you and me, and if we just
stand around and suck our thumbs and allow these
treacherous, traitorous, treasonable, plotting, prying,
spying, intriguing, dirty dogs and contemptible whelps
to ply their villainous trade, without let or hindrance
on our part, then we are unworthy the name “Amer
ican.”

RUGS, DRAPERIES, FABRICS
A storehouse of beauty that is well worth
seeing and you are welcome as a guest or
purchaser.

Complete Interior Decorative Schemes
Furnished on Request
Des Moines Club Building
Eighth and Locust Sts.
Des Moines

OFFICERS
C H A S . S H U L E R , President

F R A N K B . Y E T T E R , C ashier

W . H . G E H R M A N N , V ice -P resid en t

L O U IS G . B E I N , A ssistan t Cashier

CAPITAL STOCK
.
SURPLUS
.
.
.
UNDIVIDED PROFITS

$150,000.00
150.000.
125.000.

IOWA
national bank,
‘ davenport""™

00
00

We invite the business of Banks, Bankers and Merchants desiring Prompt, Efficient
and Satisfactory Service.

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Federal Reserve Bank of St. Louis

May, 1918

THE

N O R T H W E S T E R N

BANKER

H.
E. Henderson, treasurer, was formerly cashier of
A M E R IC A N M O R T G A G E & SE C U R IT IE S CO.
On March 30, 1918, the American Mortgage & Se the Rodney Savings Bank, Rodney, Iowa, and later
curities Company, of Manchester, Iowa, closed its spent several years in the real estate and loan business
fourth year in the farm loan business in the state of in Omaha, Neb. He was one of the incorporators of
Iowa. The authorized capital is $200,000 with $150,000
paid in.
Besides paying a substantial dividend each year the
company has accumulated surplus and undivided prof
its of nearly $25,000. Each year the field of operation
of this progressive concern has been extended until
now it becomes necessary to establish an office in a
city more centrally located and consequently an office
has be,en opened in Cedar Rapids, although the home
office will still be maintained in Manchester.
A.
M. Cloud, president, is a man of unusual business
ability and thoroughly familiar with land values
throughout the state.

I. C. STANLEY,
Secretary American Mortgage and Securities
Co., Cedar Rapids, Iowa.

the company, has since been active in its management
and much of the success of the American Mortgage &

A. M. CLOUD,
President American Mortgage and Securities
Co., Manchester, Iowa.

P. M. Cloud, of Earlville; J. H. Trewin, of Cedar
Rapids, and J. F. Graham, of Manchester, are vice
presidents. Mr. Cloud has conducted a law and loan
business and is vice president of the Farmers State
Bank, of Earlville. Mr. Trewin has been active in the
development of the affairs of Iowa for many years.
For three years he held the position of chairman of
the state board of education and in recognition of his
thorough knowledge of law was appointed chairman of
the committee which within recent years revised the
Code of Iowa. Mr. Graham is ex-supervisor of Dela
ware county and for several years past has been vice
president of the Farmers & Merchants State Savings
Bank, of Manchester.
I.
C. Stanley, secretary, is a young, yet mature, busi
ness man of proven ability. Until January of this year
H. E. HENDERSON,
he had been with the Bank of Estherville and the First
Treasurer American Mortgage and Securities
Co., Cedar Raipds, Iowa.
Trust & Savings Bank, of Estherville, for over fifteen
years. While in Estherville he had charge of the farm
loan department of the latter bank which well qualifies Securities Company up to this time is due to his thor
him to fill his position with the mortgage company.
ough, efficient methods and sound business judgment.

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Federal Reserve Bank of St. Louis

THE

N O R T H W E S T E R N

May, 1918

BANKER

O ur Service A d vertisin g Plan
B y A . L. A llen
Nine times out of ten
selves. Let us say it is as
Here is a plan of Service Advertising which A. L. Alien,
cashier of the First National Bank, Gilmore City, Iowa, has
the advertising in a coun
follows: Live stock, ma
worked out with success for his bank and which you can
try bank is given the least
chinery, seed corn, help,
use in your institution to increase your business.
thought of any part of the
farm bookkeeping, and so
institution’s curriculum, but it is in the power of this forth. In each idea the thing that would most appeal
oft-neglected phase of bank detail to make for its in
to the farmer would be an improvement in any one of
stitution the life blood of its growth.
these lines, any such improvement must necessarily
The city bank offers many opportunities for out of mean more profit from the farm, thus gaining the end
the ordinary advertising, such as Christmas savings
desired by our efforts. For if we can increase the
clubs, $5.00 balances for $4.00 deposits and other cam
profits of the farm we increase our business. In other
paigns which are practical where a large number of words, any suggestions, aid in financing or procuring
possible depositors are present. But it is left to the
such improvements if carried out by the bank, will be
country bank to have a field all of its own, which,
the best of advertising for the institution. Not only
through using service.as the necessary lever, a crop of
on account of the friendly interest created toward the
interest in the institution is
bank among the farmers, but
sown which soon ripens into
also because the condition of
stimulated balances and firstthe latter is actually benefited.
“ First, let us consider the supply of ideas for
service advertising. There is nothing difficult
class new accounts. I refer
Following such a train of
in working out ideas and shaping them to fit
in particular to the farm cli
thought our bank this year or
the particular needs of any institution. We
entele, the back bone of the
ganized a calf club among the
know that the farmer’s attention is centered
country bank, and the oppor
boys and girls on the nearby
in his line of work. Therefore, our advertising
must necessarily be something that is closely
tunities are so great in this di
farms, loaning the necessary
connected with the farm, in order to attract
rection that a bank whose of
funds for purchasing the
his attention. By following such a train of
ficers will make a close study
calves and asking no security.
thought a jumble of ideas immediately present
of the subject will never lack
Thè aid of the state college
themselves. Let us say it is as follows: live
stock, machinery, seed corn, help, farm book"
for new ideas that are of mu
was solicited and gladly con
keeping, and so forth. In each idea the thing
tual benefit to the farmer and
sented to co-operate. About
that would most appeal to the farmers would
the deposits of the bank.
eighty high-grade Holstein
be an improvement in any one of these lines,
To illustrate my claims, I
heifer calves were shipped in
any such improvement must necessarily mean
more profit from the farm, thus gaining the
will cite some methods which
from Wisconsin, were care
end desired by our efforts. For if we can in
our bank used to create un
fully cared for for a six
crease the profits of the farm we increase our
usual interest among both old'
months’ period, after which
business. In other words, any suggestions, aid
and prospective customers.
the members all brought their
in financing or procuring such improvements
if carried out by the bank, will be the best of
First, let us consider the
calves to town, held a public
advertising for the institution. Not only on
supply of ideas for service ad
sale and paid their notes. The
account of the friendly interest created toward
vertising. There is nothing
calves were judged by a dairy
the bank among the farmers, but also because
difficult in working out ideas
cattle expert from Ames. À
the condition of the latter is actually bene
fited.”
and shaping them to fit the
judging contest was held
particular needs of any i n s t i - _______________________
_______________________
among the club members.
tution. W e know that the
Also a written examination to
farmer’s attention is centered in his line of work.
find out just how much each member knew about the
Therefore, our advertising must necessarily be some
care and feed of dairy calves. A free trip to the short
thing that is closely connected with the farm in order
course at Ames was given as a prize. The merchants
to attract his attention. By following such a train of
also offered premiums to members pulling high marks.
thought a jumble of ideas immediately present them
On the same day the bank held a corn show and se-

P E O P L E S T R U S T & S A V IN G S B A N K
Established 1893

CLINTON, IO W A
CAPITAL, $300,(
DEPOSITS, $3,800,000.00
SURPLUS, ALL EARNED, $300,000.00
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

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Federal Reserve Bank of St. Louis

SAVINGS

—

SAFE DEPOSIT

TRUST

Accounts from banks in its territory, and collections receive the special
attention of an officer of the bank

J. H. INGWERSEN
President

C. F. ALDEN
V ice President

W . W . COOK
Cashier

J. L. BOHNSON, C. S. HARRIS and W . S . GARDNER
A ssistan t C ashiers

THE

May, 1918

N O R T H W E S T E R N

Credit Inquiries

BANKER

Our location and facilities enable us to keep
in close touch with the credit standing of Eastern

and Middle Western corporations and individuals.
d We invite your inquiry re
garding Credit Service rendered

The National City Bank

our correspondents.

DAVID R. FORGAN, President

cured the services of a seed corn expert who was at
the bank all day to discuss the corn situation with any
one who cared to consult him.
Another plan of service advertising was employed
last September, when the bank made arrangements at
Ames for a seed corn expert to spend two weeks in this
vicinity, giving various farmers actual assistance in
their fields, showing them how to select seed corn and
how to care for it after picking. It so happened that
the farmers who took advantage of this expert’s help
were practically the only parties procuring good seed
corn this last fall. This winter the bank has thoroughly
advertised the fact that any farmer who did not know
how to test his seed corn by the approved Ames
method could have instructions at any time at the

B an k E n velo p es
Bank Envelopes of every description, including Pay
roll, Coin, Statement, Window, Commercials, Docu
ment, Pennysaver, etc. Largest manufacturers of
Printed Envelopes in the world. Daily capacity eight
million.
W rite us for samples and prices whenever you are
in the market for anything in the shape of an en
velope.

Samuel Cupples Envelope Co.
New York

OF CHICAGO

St. Louis

Chicago

bank. Many samples were tested and at the present
time the bank has rented a room, has hired a corps of
workers and has tested about fifty' thousand ears, or
enough to plant three thousand acres. W e are taking
care of all of the farmers in our vicinity in this test
ing work and are charging them just what the work
actually costs.
The income tax proves a very easy means of carry
ing on the campaign of service advertising. Many
customers need help and greatly appreciate an hour’s
assistance at the bank and especially so if the offer
for assistance comes unsolicited.
Another idea which we have found good is that of
having a bulletin board in the lobby for customers’
(Continued on page 69.)

The

M e r c h a n ts
National Bank
Cedar Rapids, Iow a

Resources $14,000,000.00
C. H. EIGHMEY, President
c! J.* COLLIER, Vice-President

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

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

First National Bank
DUBUQUE, IOWA
* Accounts o f Bankers Solicited.

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Federal Reserve Bank of St. Louis

W rite Us fo r Terms

OFFICERS
John T. Hamilton
President

P. C. Frick
Vice President

James E. Hamilton
Vice President

Edwin H. Farrow
Cashier

H . N . Iloyson

Assistant Cashier

Roy C. Folsom
Assistant Cashier

Mark J. Myers
Assistant Cashier

Fred A. Groeltz
Assistant Cashier

A live institution offering superior equipment
and facilities for the handling of bank accounts.

THE

N O R T H W E S T E R N

BANKER

May, 1918

H o w W e Encourage Life Insurance
B y B yron W . M oser
Reasons why a bank should encourage life insurance and
A most revolutionary
and along with it the sav
the value to the bank from such co-operation is outlined
plan was worked out
ings account habit. Once
in this article by Byron W. Moser, Vice President of the St.
about a year ago by the
let a man feel the inde
Louis Union Bank.
St. Louis Union Bank
pendence of having defi
when that institution ran a series of newspaper adver nite protection for his family through life insurance in
tisements urging the purchase of life insurance.
the event of his death, and add to that the knowledge
Bankers at first frowned upon the plan. They took
that he can save and is saving enough regularly to
the^ attitude that life insurance was a competitor of
continue that protection, then that man will soon learn
their savings department, that it was an unwise busi
to save for other things beyond his life insurance
ness move to urge that money be put into a savings
premiums.
account rnerely for the purpose of drawing it out again
The very fact that he carries life insurance will
to pay life insurance premiums.
make the average citizen more careful with his money.
But gradually the scope of the plan was appreciated.
He will become a useful citizen because he will have
More than three thousand copies of the series of ad broadened out to the point where he considers not the
vertisements were sent out to banks in every part of present and his present needs alone, but the present in
the United States and these advertisements were pub its relationship to the future.
lished in the newspapers of one hundred and thirtyLife insurance then instills foresight, because the'
one cities by one or more banks, in each community.
very consideration of life insurance— the taking out
Every bank that published this series of insurance of a life insurance policy— is foresight personified.
advertisements has strengthened
itself in the
The man who has acquired the habit of thrift and
public esteem through the
who, in addition, applies his
broad attitude assumed in the
thrift habit for the future as
campaign. And they built up
“One very striking meeting-point between
well as for the present, that
banking and insurance is this: The deposits of
a definite good will with every
man each day becomes a bet
a bank and the prosperity of a bank are con
insurance man in their respec
ter prospective bank customer
trolled entirely by the wealth of the commun
tive communities.
ity in which it operates. And the wealth of a
because* he has learned the
community is in direct ratio to the amount of
That brings us to the broad
secret of the accumulation of
life insurance carried. Life insurance affects
proposition of just why a
money and he must put that
the wealth of the community first because it
banker should encourage life
money in or through a bank
encourages thrift in a very tangible way. . The
insurance; Just what is there
necessity of meeting life insurance premiums
in one way or another.
at stated intervals establishes the th rift habit,
peculiar to life insurance
Life insurance affects the
and along with it the savings account habit.
which makes it good business
wealth of a community in an
Once let a man feel the independence of hav
for the banker to co-operate
ing definite protection for his family through
other way. It has a direct in
very closely with the life in
life insurance in the event of his death, and
fluence on banking through
add to that the knowledge that he can save ana
surance man?
the payment of death claims.
is saving enough regularly to continue that pro
One very striking meeting
Insurance money is a substan
tection, then that man will soon learn to save
point between banking and
for other things beyond his life insurance
tial part of many estates, and
premiums.”
insurance is this: The de
in some instances there would
posits of a bank and the pros
be no estate at all without it.
perity of a bank are controlled
Statistics show that 95 per
entirely by the Wealth of the community in which it cent of all men between the ages of 50 and 60 have
operates. And the wealth of a community is in direct
lost all they ever had and are dependent upon their
ratio to the amount of life insurance carried.
daily labor for a living. A man of 50 has difficulty in
Life insurance effects the wealth of the community
finding lucrative employment; a man of 60 has diffi
first because it encourages thrift in a very tangible
culty in finding any employment at all.
way. The necessity of meeting life insurance pre
Statistics also show that only one man in five thou
miums at stated intervals establishes the thrift habit,
sand at the age of 65 can recover himself on a financial
*

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

...................................... imiihiiiiiiiii.....muumilili..........................................................................................................................................................................................................................................1 . . . . ^

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

N e w Double Indem nity and T otal Disability Policies
We have just placed on the market a policy that pays double the face amount of the policy in
event of accidental death and monthly indemnity in event of total disability.

Part Time and Full Time Representatives Are Needed by Us.
|

For Full Particulars Write

I
j

Guaranty Life Insurance Com pany
L. J. Dougherty, Secy, and Gen’l Mgr.

............................................................iiiiuiiiiiiiiiiHiuiiiiiiiiniiiniiiiiiniiiiiuniHnnimiiimiHiiiiiHiyHiiiiiM

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Federal Reserve Bank of St. Louis

Davenport, Iowa

May, 1918

TH E

N O R T H W E S T E R N

footing. The other 4,999 are either paupers or are de
pendent upon their relatives for support.
Plainly, then, a comparatively small percentage of
people leave any estate at'all. And it is evident that
if through life insurance the thrift habit had been
established, some of these people might not only
have achieved a competence for their old age, but they
would have left a life insurance estate besides. In any
event, they would have had the insurance. claim to
transmit to their heirs, and so wopld have left ad
ditional wealth which would in its own time find its
way to a bank in one way or another.
The banker, by encouraging life insurance, is en
couraging his own business in an indirect and unselfish
way. He is performing a distinct service to the pub
lic by helping to build up a better and a more useful
citizenship.
Co-operation between banker and insurance man .is
the same as any other real co-operation. It is a mutual
“giving to” and “taking from” in proportion to the
wholeheartedness and unselfishness of that co-opera
tion.
The banker has a definite service to perform. The
insurance man has a special service to offer. By en
couraging the service of the insurance man the banker
merely broadens the scope of his own service.
O V E R 1,700,000 IS S U E D ,
Secretary McAdoo has made public a brief summary
of the work of the Bureau of War-risk Insurance of
the Treasury Department in the six months since Oc
tober 6, 1917, when the military and naval insurance
law was approved.
Complete figures, now available, show that up to
April 6 the bureau had sent out 1,706,330 government
checks for allotments and allowances, death and dis
ability compensation, and government insurance.
These payments, aggregating $50,403,462.89, were
made up as follows: $50,164,986.12 for allotments and
allowances, $60,958.60 for death and disability com
pensation, and $177,518.17 for government insurance
payments.
In six months government insurance on upward of
1,700,000 soldiers, sailors and nurses was written for
a grand total of approximately $14,000/000,000. The
average amount of insurance applied for was close to
$8,500, the minimum permitted by the law being $1,000
and the maximum $10,000.
The entire life insurance written in the year 1917 by
all the stock and mutual companies,, fraternal orders,
associations and societies in the United States was ap-

BANKER

IOWA NATIONAL FIRE INS. CO.
1018-1024 V a lle y N ational B ank B ld g.

DES MOINES, IO W A
JOHN L. BLEAKLY, President
F. L. M IN E R ,
C. M . SPENCER,
Vice Pres.
Secretary
C. S. V A N C E ,
F R A N K P. F L Y N N ,
2nd Vice Pres.
Treasurer

POLICY HOLDERS
W ill Patronize an IOW A Company
Guaranteed by IOW A Capital
Managed by IOW A Men
IO W A BANKERS Recognize the Advantage of Pro
tecting IO W A CREDIT with IO W A INSURANCE
R elia b le A gents W a n ted in Every City in Io w a .
W rite to the Com pany or
H. P. ROSSER,
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 o f Massachusetts.
ASSETS
LIABILITIES
SURPLUS

$156,466,359.38
$147,735,472.02
$ 8,730,887.36

"THE POLICYHOLDERS' COMPANY”
Live-wire service given all agency connections.
information wire

H A R R Y S. HASKINS,
701-3 H ip p ee Bldg;

For

General Agent
D e s M o in e s, Iow a

The Service Agency

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m

Hitch Y our Chariot to the Commonwealth Star ”
if you want to make money.

COMMONWEALTH LIFE INSURANCE COMPANY

“

OM AHA. NEBRASKA

¡3

M
•1

Our policies are easy to sell. Our disability clause is in a class all its own. Loss of sight of one eye, or severance of one
hand or one foot constitutes total disability. This is a Live Wire Organization, combining conservatism and aggressiveness.

W E W A N T GOOD M EN A N D W IL L P A Y T H E M W E L L

C. G . S M I T H , A gency M anager

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Federal Reserve Bank of St. Louis

■

THE

N O R T H W E S T E R N

Geo. J. D elm ege, P resident
F. C. W a terb u ry, V ice Pres.
Theo. F. G refe, Secretary
H om er A. M iller, V ice Pres.
Geo. F. Sharp, Asst. Sec’y
Sim on Casady, Treasurer
H enry, A lberson & H enry’, A ttorn eys

Gash Capital
Cash

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

$500,000.00

Net S u rp lu s................. h. ..................... 352,347.99
Surplus to Policyholders...................

852,347.99

A home company, owned by home people,
managed by experienced and conservative un
derwriters and able financiers.
A C E N T R A L -W E S T E R N C O M P A N Y FOR
C E N T R A L -W E S T E R N P E O P LE .

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Federal Reserve Bank of St. Louis

BANKER

May, 1918

proximately $6,000,000,000. The Bureau of War-risk
Insurance is thus by several hundred per cent the
largest life insurance concern in the world. A t the
first climax of the government insurance campaign in
surance was sold at approximately a two-billion-dollara-week pace. On the record day of the bureau appli
cations for $500,000,000 of government insurance were
received.
Government insurance is still being written in large
volume. Approximately $400,000,000 was added to the
total the last week.
April 12, 1918, was the last day on which persons
who joined the military and naval service on or before
December 14, 1917, could apply for government insur
ance. Spurred on by the congressional extension of
time from February 12, many soldiers and sailors fell
in line with the insurance ranks eager to make them
selves and their families ‘TOO per cent protected” and
the nation’s fighting forces ‘TOO per cent insured.”
R E P O R T S H O W S F IN E PROGRESS.
The records of the department of the insurance
commissioner of Minnesota show that during the
year 1917 the insurance in force of the Northwest
ern National Life Insurance Company increased from
$42,190,750 to $54,193,728, an increase of $12,002,978;
that its total admitted assets are $6,186,694.37, of
which $4,076,523.09 are mortgage loans made on im
proved real estate in Minnesota and other states of
the Northwest.
These figures speak for themselves, but it is ex
tremely gratifying to note that during this year, which
has been in all respects abnormal, such a large volume
of insurance business has been written. A t this time

May, 1918

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Federal Reserve Bank of St. Louis

THE

N O R T H W E S T E R N

Ijr s iT R A x c E

BANKER

C o m p a n y

OF IOWA

TH E PR E M IU M S OF TH IS C O M PA N Y FO R JAN
U A R Y , FE B R U A R Y AND M A R C H , 1918, ARE SEVEN
T IM E S TH OSE FO R TH E SAM E PE RIO D IN 1917.
T H IS C O M PA N Y IS TH E FASTEST G R O W IN G
IN STITU TIO N AN YW H ERE IN THE A U TO M O BILE IN
SURANCE FIELD.
TH ERE M U ST BE G O OD REASONS FO R T H IS ;
SUCH SUCCESS IS NOT AN ACCID EN T.
IT PROVES T H A T T E R M INSURANCE IS W H A T
CAR OW NERS W ANT.
IT ALSO SHOW S T H A T T H IS C O M P A N Y GIVES
ITS AGEN TS SERVICE AND T H A T ITS P O L IC Y
HOLDERS G E T A SQUARE DEAL.
W H Y DO YOU LET THE A U TO M O BILE BUSINESS
G ET A W A Y FR O M YO U WHEN TH E IN TE R -STA TE
M U TU AL CAN HELP YOU GET IT AND KEEP IT ?
W ritin g Fire, L ig h tn in g, T orn a d o, W ind and T h e ft

H om e O ffice
R O C K RAPID S, IOW A
N. HAM PE, P resident

E. A. TONNE, Secretary

THE

N O R T H W E S T E R N

CAPITAL ONE M ILLION DOLLARS
Emory H. English, President

Joel Tuttle, Secretary

CONDENSED S TA TEM EN T OF ASSETS
MARCH 30, 1918.
M ortga ge L oan s on R ea l E s ta te ..................... $ 866,600.00
15,000.00
S ch ool B onds .......................
M u nicipal Bonds .....................
58,500.00
U. S. G overnm ent Bonds ..................................
95,900.00
C ertificates ot D e p o s it........................................
110,683.76
Cash in B a n k s .......................................................
81,791.51
1,104.43
Cash in O ffice.........................................................
A ccru ed In terest .................................................
3,254.10
N otes B ea rin g In terest at 6 % . ........................... 162,652.50
2,058.51
Prem ium s in Course o f C o lle ctio n .............
T ota l A ssets

.....................................................$1,397,544.81

Securities on D eposit w ith Insurance D e
partm ent o f I o w a ............................................ $1,012,600.00

Fidelity and Surety Bonds
Burglary Insurance
Workmen’s Compensation
Automobile and Other
Public Liability Lines
Home Office, 715 Locust Street, Des Moines, Iowa

TH E CHARACTER COMPANY

FIRST Iowa Company paying DOUBLE IN
DEMNITY benefits.
FIRST Company in ENTIRE W est giving
FREE health tests to ALL policyholders, re
gardless of where located or amount carried.
NATIONAL F ID E L IT Y is always on the alert
looking to the best interests of BOTH agents
and policyholders.
The LAST WORD in life insurance is found
in our 20-Pay Preferred, Business Partnership,
Joint Life and Monthly Income Policies.

BANKER

May, 1918

when the importance of thrift, efficiency, and conserva
tion of resources is of the utmost importance, too much
emphasis cannot be given to the necessity of the pro
tection of life and property by insurance.
Statistics show that few men accumulate estates
sufficient to take care of their dependents. According
to the records of the surrogate court of New York
3 per cent of the estates amount to $10,000 or over,
15 per cent are between $2,000 and $10,000 and 82 per
cent have no tangible assets. From the figures it
would appear that in the absence of life insurance 97
per cent of all persons whose estates were probated
in the surrogate court of New York had made no ade
quate provision for the continued maintenance of their
dependents. The government of the United States,
by providing insurance for its soldiers and sailors, has
placed the stamp of approval upon the underlying prin
ciples of life insurance, and this ought to go a long
way toward educating the people of this country to
the necessity of carrying a sufficient amount of insur
ance upon their lives to prevent those who are depend
ent upon them for care and support from becoming
dependent upon public or private charity.
That the companies who conduct this business will
contribute much, toward winning the war there can
be no doubt. They have already purchased liberty
bonds to a large amount and their purchase of the
future issues of these bonds will undoubtedly be enor
mous. Their agency forces have participated in the
sales of liberty bonds, the Red Cross campaign, and
in spreading the doctrine of democracy, loyalty and
patriotism from coast to coast. They have released
many thousands of their employes for government
service, have assisted the government in notifying
the soldiers and sailors of their rights under the gov
ernment insurance bill in many instances by refusing
to accept applications from soldiers and sailors who
had not already availed themselves of such rights.
Their reward will be an ever-increasing public confi
dence in their business and an ever-increasing realiza
tion of the benefits to be derived from the adequate
protection through life insurance of the women and
children of this country.
H O W T O S E L L L IF E IN SU R A N C E .
If I were a life insurance agent I would talk to
people in their own language, I would speak only in
terms they can understand.
I have been approached by many a life insurance
solicitor, and most of them do not understand the first
principle of salesmanship, which is to put yourself in
your customer’s place.
1867

A NATIONAL F ID E L IT Y agency IS an asset.
Ask for full information.

National Fidelity Life
Home Office

1918

AGE

STRENGTH
ST A B IL IT Y

5 1 Y e a rs o f B est S ervice
M ake

The Equitable Life

Sioux City, U. S. A.

OF IO W A

Ralph H. Rice, President

Sale and Dependable for Bankers and Their Customers

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Federal Reserve Bank of St. Louis

H O M E O F F IC E

D E S M O I1V E S , I O W A

May, 1918

THE

N O R T H W E S T E R N

They talk about mortality tables and expectancies,
investments, endowment, policies, and thingumbobs,
which do nothing but confuse the ordinary ignoramus
whose money they are after.
The result is they awaken suspicion, which is the
natural protective instinct in a man against the perils
of which he does not understand, just as a toad se
cretes an acid sweat when frightened, just as the bee
stings, the rattlesnake buzzes, or the mephitis mephitica distributes his defensive perfume upon the cir
cumambient air.
Hence I would be careful not to talk to my victim
about anything with which he is not familiar.
How then could I explain to him the ins and outs of
life insurance^ its. value as protection and investment,
the superiority of my company over the others, and so
on?
I wouldn’t explain. None of those things is the rea
son why he buys life insurance. Probably he doesn’t
realize himself what the reason is.
So I would tell him .. It is this. He buys, or ought
to buy, life insurance because he wants to make his
life, which is for all mortals an uncertain quantity, a
little surer (insure or assure it.)
Human life is not only our most precarious posses
sion, liable to be extinguished any minute, but it is
also far and away the most valuable asset of our busi
ness. No matter what your business is, nothing would
injure it more than to take you out of it.
Hence it is every man’s duty to set aside some por
tion of the product of his living force to meet the emer
gency of that force being removed.
Also the deepest instinct in man is the care for his
own, for his wife and children. His life energy is now
feeding and clothing them ; he ought to insure against
the hardship that would come to them if that energy
were suddenly taken away.
I would impress on him that it is life, not death, in
surance; that the way to beat it is to live, not to die;
that to insure his life is to prolong the advantages of
his life to his dependents after it has ceased.
The most interesting thing to any man is himself,
his own life, his own fam ily; I would talk about that
end of the transaction, and not about my end, which
he cares for little and understands less.
I probably could not sell as much insurance as the
agent who works away without any of this fine theory,
but let me think I could, it will not harm any one.
The onlooker at a chess game always thinks he can
play better than the players.— Dr. Frank Crane.

BANKER

Iowa’s Leading Liability Insurance Company

Iowa Mutual Liability
Insurance Company
CEDAR RAPIDS, IOW A
A u tom obile P u b lic L ia b ility (P erson a l In ju ries)
A u tom obile P rop erty D am age L ia b ility and C ollision
W ork m en ’s C om pensation L ia b ility
General, Public, Team s ana E leva tor L ia b ility Insurance
Lowest Rates

Service Best

Iowa’s Leading Automobile Insurance Company ■

Iowa Automobile Mutual
Insurance Company
CEDAR RAPIDS, IO W A
A u tom obile Fire, L igh tn in g, T h eft, T ornado and Collision
In su rance
B roadest F u ll F loa ter P olicies
L ow est Rates, Service Best
A gen ts w anted.

A ddress inquiries

C. J. DUNCAN, Vice President and General Manager
Insurance Bldg., i-12 Second Ave. East
Cedar Rapids, Iowa

Insurance in Force $415,000,000.00
BANKERS UFE COMPANY, DES MOINES, IOWA

Service to Policyholders
Liberal P olicies— L ow e st C ost— P rom p tn ess in ettlem ent o f Claims
Has Made Our Reputation U nexcelled.

Stability and Security
Guaranteed by deposits of over $2,190,000.00 with the STATE OF IO W A
Excellent Territory in Iowa and other States open to LIVE HUSTLING AGENTS

M erch an ts L ife Insurance C o .

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Federal Reserve Bank of St. Louis

RegisDL&
MoineMowfding

THE

N O R T H W E S T E R N

BANKER

May, 1918

I O W A A U T O M U T U A L IN S U R A N C E CO.
Howard J. Clark

H. W . Byers

Charles Hutchinson

Clark, Byers & Hutchinson
ATTORNEYS AND COUNSELLORS AT LAW
Des Moines, Iowa
General Civil Practice.
Prompt and careful attention given to all business
entrusted to us.
Attorneys for the Iowa National Bank, Des Moines
National Bank and Des Moines Savings Bank.

MR. COUNTRY BANKER
How would YOU like to help US help YOU make
some money?
W e are putting out the best accident and health policy
for farmers you ever saw. No assessments, no mem
bership fee, no five-year notes—Just a clean, straight
contract, backed up with a quarter of a million dollars
in assets.
We can help you sell it. Ask us about it.

Bankers Accident Insurance Co.
Des M oin es, Iow a
Capital $100,000.00.

The Iowa Automobile Mutual Insurance Company
and the Iowa Mutual Liability Insurance Company,
of Cedar Rapids, Iowa, have made most excellent
progress since C. J. Duncan has taken charge of these
companies.
The Iowa Automobile Mutual Insurance Company
is the leading company in the state writing automobile,
fire, theft and tornado insurance.
The Iowa Liability Insurance Company writes lia
bility insurance, automobile liability and property
damage insurance and general liability insurance. Dur
ing the past three years a most favorable showing has
been made.
Dr. Richard Lord is president of these companies';
C. J. Duncan, vice president and general manager;
John Burianek, Jr., treasurer, and Jay D. Smith, as
sistant manager.
The ninth annual statement of the Iowa Mutual Lia
bility Company, of Cedar Rapids, Iowa, shows assets
as follows: Cash deposits in Cedar Rapids and other
Iowa banks and cash in company’s office, $100,239.98;
first mortgage loans and bonds, $4,742.50; premiums in
course of collection from company’s agents not over
90 days due, $25,166.76; county warrants in payment
of premiums, $100.38; special deposit, $74; interest
earned but not due, $945.45, making a total of $131,269.07.
This company has subscribed for $25,000 worth of
Liberty Bonds.

Over a Million Dollars Paid in Iowa Claims.

EX P ERI ENCE
FACILITIES
SERVICE
ELLIS AND HOLLAND CO.
DES MOINES, IOW A
General Agents

FOR ALL KINDS OF INSURANCE

W H Y

B A N K E R S

find a con n ection w ith the W estern L ife
pleasant.

State Representative for

N orthw estern
Fire and M arine

profitable and

Because:
Satisfied p olicy h old ers b oost fo r the Com pany.
In tellig en t and relia b le field men.
W e extend a specia l in vita tion to y ou to ca ll and see us
w hen in D es Moines.
Jas. H. Jamison,
A. D. Struthers, Vice PreslPresident
dent and Treasurer
Harry D. St. John,
M. M. Denting,
Secretary
Agency Director

Insurance Co.

Out

Comes

of Minneapolis

of the

The

West

Best

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Federal Reserve Bank of St. Louis

May, 1918

THE

N O R T H W E S T E R N

BANKER

T H R IF T , N O T P A R S IM O N Y U RG ED .
(Continued from page 9.)
manufacture of which has called for the employment
of materials and labor needed for war purposes.
For instance, let us take the case of A, who is a man
ufacturer of silverware. If neither the materials em
ployed by A , nor his own services, nor the services of
his employes, are needed by the government—-then if
is better for the community and the nation that A ’s
plant continue in operation. He is adding to the
wealth of the country, is giving employment that af
fords a livelihood to his men, and he is not interfering
with the government’s war program. Yet the answer
to the question: “Do A ’s business transactions help to
win the war?” would be “no.”
The principle illustrated by the foregoing example
applies to the whole business fabric of the nation.^ The
manufacture and sale of non-essentials should be re
stricted to such an extent as to release sufficient mate
rials and labor for war purposes— but only to that ex
tent. There cannot be “ business as usual,” but, on the
other hand, business in nonessentials should not be in
discriminately attacked and condemned. Such attacks
serve to produce hysteria, when what we need is sane,
wholesome thrift. The term “thrift” does not mean
parsimony. It means prudent management of one’s
resources— and this, whether applied to a nation or an
individual. Such thrift we must by all means have,
but hysteria we must avoid.

T H E POLICIES OF TH E

D es M oines

Capital $ 5 0 0 ,0 0 0 .0 0
Full paid up and deposited with
Iowa In su ra n ce Departm ent
We are entering other states
and open to propositions
from agents desiring connec
tion for Bonding and the
M is ce lla n e o u s C a su a lty
lines, particularly Automo
bile. Write

A . G. OGLE
2nd Vice President

Every Banker
(between 18 and 55 years of age)

L ife and A n n u ity
C o m p an y
DO MORE FOR T H E MAN WHO PAYS TH E

Who does some traveling as solicitor,
auditor, farm inspector, bond or insurance
salesman, should belong to tbe

PREMIUMS

Iowa State Traveling Men’s
Association

1. They pay him a Life Income in case of Total
Disability and in addition thereto pay the Full Face
of the Policy to his estate at his death.

“ Oldest and Best”

2. They pay him an Annuity, or Annual Income
for Life, at age 65, when, according to the American
Bankers Association, out of 100 young men starting
at age 25, only 1 is rich, only 5 have any incomes,
only 5 men have any earning capacity, while 54 are
actually dependent, the other 35 having died.
3. They pay Double the Face of the Policy if the
death of the Insured is caused by Any Accident. In
July, 1917, 52 Iowa people were killed by automobile
accidents alone and 662 injured.
Over 125 Iowa Bankers are actively interested in
the Company.
An Agency Contract is Worth While.

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Federal Reserve Bank of St. Louis

Accident Insurance at Cost.
Never Exceeded $9.00 per Year
Weekly Indemnity $25.00.
Death Benefit $5,000 — $10,000.

Insurance to Aug. 1, 1918, for $2.00
Write fo r Application Blan\.
H . E. REX, Sec’y-Treas.

DES MOINES, IOWA

THE

N O R T H W E S T E R N

BANKER

May, 1918

S e c u r itie s , B o n d s and M o rtg a g e s
By Frank M. Huston
Each month Mr. Huston presents under this department
There is no longer any
viding for his payments
a very timely synopsis of financial affairs as they relate
doubt of the success of
out of his accumulating
especially to bonds and mortgages and we are sure that
the third Liberty Loan.
income, the investment
our readers will find much valuable information in the
The only question yet to
material here published. Mr. Huston is the financial editor
habit grows like a snow
of The Chicago Herald and is well and favorably known
be answered is the extent
ball,
but is far more stable.
throughout the country.
of the over-subscription of
France’s misfortunes in
the $3,000,000,000 of Liberty 4 % per cent bonds of
the Franco-Prussian war, the extreme stress that was
fered on April 6th by the Secretary of the Treasury.
placed upon the people of that country in consequence
There is nothing that would contribute more in the
of the then enormous indemnity exacted by the Prus
way of individual effort to the success of the allied
sian before he would leave French soil, contributed to
armies than an aggregate subscription to the treas
a determined effort on the part of the French people to
ury offering of $5,000,000,000 because this would carry
sacrifice their jewelry and wealth and thus made them
with it the message to Europe that the American peo
a nation of thrift. The financial burdens of this war
ple are in earnest, are heartily behind the government
may find , compensation in a similar development of
and the allies and are determined to win.
the American people in the direction of thrift.
Necessarily government financing during the Lib
Business seems to have squared itself sufficiently for
erty Loan campaign has overshadowed all else in the
“ full speed” ahead. Improvement is noticeable in many
investment line. The investment organizations of the
lines of essential production. The crop outlook is pro
country are devoting practi
pitious and indications now
cally their full force to the
point to the conclusion of the
“ It is a matter of considerable moment,
flotation of the third Liberty
first fiscal year of war, with all
therefore, that this country has proceeded in
Loan. One reassuring feature
lines of endeavor sufficiently
its financing along sound economic and finan
is that there is being created
co-ordinated, showing satis
cial lines. Fortified with the best banking sys
tem in the world, because it is an adaptation of
in this campaign a potential
factory results. This is what
the best experience of European banking to
power that will manifest itself
the American people patiently
our own successful national banking system
in the future investment mar
have been waiting for. They
and at a recent date and fortified further by an
ket, for indications point to a
have come, to a realization of
accumulation through our tremendous foreign
trade in the first three years of the war, of
tremendous increase in the
the tremendous undertaking,,
gold equals to one-third of the monetary sup
number of individual subscrip
which our participation in the
ply of the world, the United States is in a
tions, which means that in
war involves, and are now
strong banking and financial position for the
stead of 10,000,000 investors
spurred on b^ a determination
task confronting it. Nevertheless, this task is
so great as to call for the exercise of conserva
in Liberty Bonds the'invest
to see it through and to win.
tism in the matter of financial procedure. The
ment army of patriotic Ameri
In the first year of the war
fact that our credit expansion, has indicated by
cans is being recruited to a
the increase in circulation is still fortified by
the United States fell short of
very much larger number.
reserve far in excess of the limitations placed
the war program it had
by law, before a penalty is operative shows
This is indicative not only of
mapped out. For instance,
conclusively
that
the
finances
of
our
nation
are
thrift but of a widespread re
being wisely handled.”
the government had planned,
sponse to the educational cam
as is indicated by its authoripaign in the previous bond
_ .
.
zations and appropriations, to
offerings for the purpose of not only stimulating inexpend $23,000,000,000 in the year which ends June 30.
terest in government financing but to teach the Ameri
Instead of accomplishing the actual expenditures of this
can people how to save and how to invest their sav
amount it is estimated by Senator Smoot, one of the
ings in the best security that the world affords.
most experienced men of the Senate finance and ap
The first investment, if made seriously, is not an
propriations committees, that the actual expenditures
easy one nor is the second and third, but as time
approximate about $16,000,000,000. This means that
goes on and the investor becomes accustomed to prothe government fell short of its war program $7,000,jESSIZ

FARM

LOANS

We are now nicely located in our new offices in the
Higley Building, Cedar Rapids, and are better equipped
than ever before to handle the FARM LOANS offered you. We are continually making permanent connections with
banks in every part of this state.
Write us giving details of what you have to offer.

A.
P.
•T.
J.
I.
H.

A m erican M ortgage
&___Securities
C o m p an y
^
__ ___ _

1FFICPR.Q
OFFICERS
M. CLOUD, President
M. CLOTJD, Vice Presidenf
F. GRAHAM, Vice President
H. TREWIN, Vice President
C. STANLEY, Secretary
E. HENDERSON, Treasurer

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

CEDAR RAPIDS, IOWA

CAPITAL $200,000.00
Surplus and Profits $25,000.00

Home Office
Manchester, Iowa

General Office
Cedar Rapids, Iowa
Higley Building

May, 1918

THE

N O R T H W E S T E R N

000,000. These figures, of course, include money and
credit loaned by our Treasury Department to our allies.
These loans also fall short of the estimate of last
autumn, which is another indication that industry in
this country has failed to come up to the scratch.
This is aot surprising, all things being considered.
Business is a great cumbersome machine and to shift
its direction even in an emergency is a difficult task.
To accomplish this, without seriously disturbing the
industrial activities of the country and the financial
equilibrium, requires the most careful piloting. The
recent reaction in business is traceable to the lack of
precedent and the attendant uncertainties and to the
difficulty of shifting from a peace basis to a war pro
duction basis. Compared with the experience of Eng
land and other European countries, the results of our
first year of participation in the war are really , reas
suring. The country has accomplished wonders, even
though it has fallen below the war program it had
mapped out.
A t the moment there are indications that the read
justment to a war production basis has proceeded
sufficiently far to justify greater speed in all indus
trial lines of essential industries in time of war. If
this is true, business will gather momentum rapidly
and the speed attained at the close of the fiscal year
will carry us forward more rapidly in the coming
year. It required time to get at the root of the delay
and interference and to overcome the obstacles. Pri
marily, the lack of adequate ocean shipping was a se
rious handicap and while it will be impossible, if the
world’s shipbuilding program is carried out in full, to
restore before the end of 1919, the available ocean
tonnage to the capacity that existed at the beginning
of the war, August 1, 1914, at the same time the
building of ships, under the direction of Charles M.
Schwab, the great steel maker, will go ahead so
rapidly from this on as to relieve the situation and
enable us to do our part in the war.
Second only to the ocean shipping problem, is that
of our land transportation. In the year just past
serious congestion of terminals, due in a measure to
ocean incapacity, has handicapped general industries.
In order to more closely co-ordinate the various trans
portation elements, and to bring them under a single
control, it became advisable for the government to
take over the direction of the railroad system of the
country, as a war measure. The results that are- be
ing accomplished justify the action. Our land trans
portation facilities are still inadequate. Progress in
the direction of a closer co-ordination and of an in
crease in these facilities is being made. This also
leads to greater speed in our industrial production.
The financial phase of the situation is being handled
in a way that is stimulating confidence and inspiring
industry everywhere to go ahead. There is nothing
that makes so much for uncertainty and ultra conser
vativeness as apprehension over the financial situation
and a fear that credit facilities, ample to provide for
the needs of industry at a critical time, will be avail
able. There is no longer cause for apprehension along
this line. The Treasury Department, through the Fedral Reserve Banks and through the finance corpora
tion, has provided the necessary machinery to care for
the requirements of essential business. It Is doing
everything that can be accomplished to make the war
burdens as light as possible, at the same time follow
ing along sound economic lines and adhering to sound

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

BANKER

Municipal Bonds
F ree Front Federal In co m e and all l^axes W ith in the S ta te o f
Iow a

Payable From Direct Taxation
We offer subject to prior sale

$18 3 ,0 0 0 , 5 %
Polk County,

Iowa, Funding Bonds

Dated January 2, 1918, Maturing
Serially 1920 to 1938
Assessed Valuation
Total Indebtedness

$182,519,943
$
860,000

Population 140,000
Price on application

GEO. M. BECHTEL & COMPANY
Davenport, Iowa
Chicago, Illinois
Established 1891

THE

N O R T H W E S T E R N

BANKERS ASSOCIATIONS

T A K E N O T IC E
Y ou should in vestiga te the

R IN G S M U T H V-S S Y S T E M
o f farm a ccou n t books, fo r distribu tion as com p lim en
ta ry copies. D esign ed w ith special th ou gh t to the in
com e ta x la w and the a ccou n tin g a b ility o f the a v e r
age farm er. Simple, but com plete. L a rg e pages, v ery
convenient. Thousands a lrea dy sold to banks. 'S a m
ple co p y and special q uan tity prices free on request, to
a ssocia tion officers.

Bulletin Publishing Co., Inc.
Cedar Rapids, Iowa

Advice to
Investors
Purchase your securities through respon
sible dealers who have proper facilities
for investigations and a reputation to
maintain for reliable service.
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 -I

BANKER

May, 1918

banking principles. In time of war the line of least
resistance in financing lies in the direction of inflation.
It is easy to inflate our currency and inflation con
tributes to a period of what appears to be prosperity.
But such a policy contributes only to a prosperity that
is Short lived and the consequences of st^ch inflation
are so disastrous as to make it undesirable where it is
possible to avoid such inflation.
Germany has followed this line of financing. Rely
ing upon her military preparation and power her
efficiency in industrial production, her military and
governmental control of her civic population, or to
sum it up, her autocratic government, she has pro
ceeded in her financing along the lines of least re
sistance, creating an inflation that, contributes to in
dustrial activity and internal prosperity, so long as
the value of her mark is not questioned by her people.
Relying on the indemnity, which she had hoped to
exact from the nations opposing her, to reimburse her
government and restore her banking and credit struc
ture to the pre-war condition. Failure to accomplish
what, she has set out to do, means simply one thing
to Germany, and that is inevitable, a collapse of her
credit structure and financial system. This will come
when the confidence of the German people and allies
is shaken in the ability of the government to pay.
When that will come is a matter of conjecture.
In war times a certain amount of credit expansion
is unavoidable. It has taken place in every country in
the world that has been at war. In our own Civil
W ar there was experienced not only a credit expan
sion, but a serious inflation and gold went to an enor
mous premium. This country was on a paper basis
at the end of the war, having provided by direct taxa
tion only about 18 per cent of the cost of the war.
The debts of the Confederacy were repudiated for
the reason that there was no government to stand
back of them with the power of taxation, to raise
funds to pay them off. It required years for the
South to recover from the tremendous shock that
came with the collapse of the credit structure in that
section.

Knauth Naetioti $c Kulitie

V iH lT E C

o a

„

IN V E S T M E N T
G------- B A N K E R S ----------s

M em bers of N ew York Stock Exchange

Equitable Bldg.

PU TN AM BLDG

N ew Y ork C ity

Da
IO W A

v e n p o r t

, Io

M U N IC IP A L

w a

B O N D S

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FARM LOANS WANTED

|
.
^ave a large amount of money to lend on Iowa farms this fall on advantageous terms
| and at lowest rates. W e want connections in Iowa, Minnesota and South Dakota, with a
1 v lew to handling a steady volume of good loans to our mutual advantage.
|
W rite us for terms and tell us what you have.

I
I
I
I

Leavitt & Johnson Trust Com pany
WATERLOO, IOW A
CARLETON SIAS, Vice President
C. R. DAVIS, Vice President

E. L. JOHNSON, President

GEO. W. WILLIAMS, Secretary
W. C. LOGAN, Treasurer

Capital and Surplus - $400,000.00
Oldest Loan Agency in Iow a
..............................a........ a....iiiiioiii..... .........aiiiiiminommmioi.......a....mio ....... ................ .........................aiiiiiiiiiiiia........ammulina... iimommmiicl

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

May, 1918

THE

N O R T H W E S T E R N

This is not mentioned to recall unpleasant things in
history, but simply to indicate what njay be expected
in Germany and her allies when the inverted pyramid
of credit, built up during the war, collapses. Germany
for four years prior to the war hoarded gold in her
war chest.. This hoarding was a disturbing factor in
the world’s finance in the pre-war period. It contrib
uted much' to her ability to finance herself and her
allies and had she accomplished in a military way
what she had set out to do, it would have carried her
through without a credit collapse.' Her failure to
reach Paris and to invade England in nearly four years’
time makes her credit system precarious, notwith
standing she has acquired a large amount of territory
through which she can exact a large amount of money
by military force.
It is a matter of considerable moment therefore, that
this country has proceeded in its financing along’sound,
economic and financial lines. Fortified with the best
banking system in the world, because it is an adapta
tion of the best experience of European banking to
our own successful national banking system and at a
recent date, and fortified further by an accumulation
through our tremendous foreign trade in the first
three years of the war, of gold equal to one-third of
the monetary supply of the world, the United States
is in a strong banking and financial position for the
task confronting it. Nevertheless, this task is so great
as to call for the exercise of conservatism in the matter
of financial procedure. The fact that our credit ex
pansion, as indicated by the increase in circulation, is
still fortified by reserve far in excess of the limitations
placed b y la w , before a penalty is operative, shows
conclusively that the finances of our nation are being
wisely handled.
One development that has been the cause of con
siderable apprehension has been the matter of financ
ing our industries. It was simply impossible to super
impose upon our credit structure, the treasury financ
ing and the credit requirements of industry for in
creased production and at the same time offer to unes
sential industries the normal amount of credit, in shape
cf loans at the banks.

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

BANKER

Schanke & C o .
Investment Bankers

Municipal Bonds ‘
Tax Free

Farm Mortgages
Iowa—Minnesota

Commercial Paper
High Grade

Send for Our List
Mason City, Iowa.

The N A T IO N A L B A N K of the

OF
C H I C A G O
Offers adequate facilities for the accounts of hanks
and hankers.
JOHN A. LYNCH...............President WM. B. LAVIN IA. . .
W. T. FENTQN------ 1st V. P. & Mgr. THOS. D. A L L IN . . .
ROBT. M. M cKIN NEY.2d Vice Pres. LOUIS J. MEAHL. . .
OSCAR H. SW A N ................... Cashier WM. C. FREEMAN. . . Aäst. Cashier '
CHAS. S. MAOFERRAN, Asst. Cashier.

SECU R ED N O T E S
We can offer at 7 per cent discount six months
loans of manufacturers and installment concerns,
long established and well rated in Dun and Bradstreet. Each loan is secured by customers’ notes at
a margin of 50 per cent or more taken from retail
customers for merchandise sold and delivered. . The
borrower remits collections made semi-monthly, with
out rebate of interest. Usually 40 per cent or more
of each loan is repaid prior to maturity, thus giving
the lender an average deposit of about 20 per cent.

WM. A. LAMSON & CO.
Established 1904
60 Wall Street

Commercial Paper
New York

THE

NORTH W E STERN

BANKER

May, 1918

For Bankers and T h e ir W a n ts
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
three-cent stamp. This is used to forward your letter.

H O W T H IS D E P A R T M E N T G IV E S Y O U R E A L
SE R V IC E .
This is a regular department of T H E N O R T H
W E S T E R N B A N K E R , to assist subscribers in obtain
ing goods or service hard to find. Institutions seeking
high-grade men and bankers seeking a better connec
tion should T E L L US— as your “ want” will be pub
lished under the above heading free of charge. It is
the direct route to securing the position or man you
desire,
A S K US, as we can tell you where to buy anything
you need in your bank or for your bank, including bank
fixtures, safe deposit boxes, vaults, metal furniture, the
service of bank architects and builders, typewriters,
adding machines, ledger and bookkeeping systems,
çlectric signs, advertising novelties, calendars, check
protecting machines, books on banking and banking
law, safety paper, lithographed checks and drafts, serv
ice of certified accountants, advertising service, fidelity
and surety bonds, burglary insurance, life insurance,
electrical burglar alarms, accident insurance, phono
graphs, dictating machines, the best service from city
banks and correspondents-—in fact, A S K US about
anything you want to buy or any service you wish to
secure.
This is a complimentary servige to our readers and
may be worth many times the price of a year’s sub
scription to The Northwestern Banker.
W e will place you in communication with reliable
firms or expert service men, lay before you the infor
mation we possess, or publish a blind advertisement
securing as many propositions as possible from re
sponsible parties, without charge. Please enclose a
three-cent stamp for reply.
W A N T E D — Information concerning a good open
ing for a new bank in a live town. Can furnish both

capital and experience, but prefer responsible local
party to assist because of personal acquaintance. Ad
dress 2169, The Northwestern Banker. 5.
W A N T E D — Position a£ cashier in a live town by a
wide-awake, experienced banker. Holds similar posi
tion now with active management. Address 2170, The
Northwestern Banker. 5.
hO R S A L E — Complete set of mahogarfy fixtures,
with four wickets, marble base, etc., all in good condi
tion. including extra counters, cabinets, etc. First
State Bank, Holstein, Iowa. 5.
F O R S A L E —-Eight-foot steel vault fixture, with
roller shelves, 60 deposit boxes, drawers, document
holders and storage cabinets, all in excellent condition.
First State Bank, Holstein, Iowa. 5.
S A V IN G S T E L L E R W A N T E D — Experienced
man to take full charge of savings department. Must
possess a pleasing personality/ tact, initiative and
energy. Accuracy in figuring interest and keeping
books very essential. Must be married or draft exempt.
Make application in own hand writing, stating age,
present occupation, references, etc.. ; (Replies confi
dential. Splendid opportunity for a man who can
qualify. Address 2168, The Northwestern Banker. 5.
W A N T E D — Position as cashier by a man with
seven years’ experience in state and savings banks.
Can invest or will buy control of a good bank. Can
furnish best of references. Address 2167, The North
western Banker. 5.
W A N T E D — Young man or girl with experience in
country bank for general clerk in Des Moines bank1
.
Address 2171, The Northwestern Banker. 5.

THE CENTRAL STATE BANK

. J LJ I
DES MOINES, IO W A

Capital $250,000.00

Surplus and Profits $250,000.00
OFFICERS

SIMON CASADY, President
GRANT McPHERRIN, Vice-President

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Federal Reserve Bank of St. Louis

JOHN B. McDOUGAL, Cashier
FRANK C. ASH. Ass’t Cashier

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

May, 1918

THE

N O R T H W E S T E R N

BANKER

FO R SA L E — One No. 9 Burroughs adding ma
chine. Guaranteed to be in perfect working order.
Reason for selling, buying Burroughs bookkeeping
machine. LeClaire Savings Bank, LeClaire, Iowa. 5.
FOR S A L E — Controlling interest in a good $20,000
bank in southwestern Iowa with an established and
growing business, at a reasonable figure. Address
2172, The Northwestern Banker. 5.
W A N T E D , P O S IT IO N — Banker with eleven years’
experience as cashier of country banks, desires posi
tion with good bank. Place of cashier or assistant
cashier preferred.
W ill accept minor place where
there is opportunity for quick advancement. Not afraid
of work. Correspondence confidential. Address 2173,
The Northwestern Banker. 5.
W anted:— Position of executive responsibility. En
ergetic, capable man, aged 35. Law trained. Normal
School and State University graduate. Experience—
public school superintendent, newspaper editor, real
estate and insurance, six months banking. Thorough
knowledge of farm values and agricultural conditions.
Experienced in dealing with public, capable of taking
charge of county bank or becoming right-hand man
to busy financial executive, or field man for large fi
nancial institution. Opportunity more important than
initial salary. Address 2174, Northwestern Banker.
B A N Q U E T T O E X -P R E S ID E N T S .
J. K. Deming, president of the Second National
Batìk, of Dubuque, Iowa, will entertain the ex-presi
dents of the Iowa Bankers Association, this year at
the state convention in his city in June. As a host to
his friends, Mr. Deming is known far and near and
every ex-president of the association can already antic
ipate his warm welcome to them. Mr. Deming wrote
to the state secretary : “ I am to have the undivided
pleasure of entertaining personally my friends, old
and new.”

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

W ithout Permission
IS A PRACTICE OF THE Craddick Service
Ito Tuse
organization of bank advertising specialists
the names of its regular clients as refer
ences, without permission.
Our work for the banks we serve must be so
good that we will have no hesitancy in doing so.
Here are three references chosen at random
from our list of 400 bank clients:
Citizens National Bank, Piqua, 0.
Carthage National Bank, Carthage, N. Y.
F irst National Bank, Globe, Arizona.

Our service is not based on distance, but upon
specialized knowledge of bank advertising and
the sensible application of well-known methods
o f proven value. No stunts. <
Folio of “ inside w orkings” and our proposal
sent upon request. K indly enclose you r last bank
statem ent.

H. B. CRADDICK
Advertising Manager for 400 Banks
First National-Soo Line Building
Minneapolis, Minnesota

J. K. DEMING
President

JAMES M. BURCH
Vice-President

HERM ANN ESCHEN
Cashier

THE

SEGOND NATIONAL BANK
AND

DUBUQUE SAVINGS BANK
D U BU Q U E, IO W A
ORGANIZED 18 76

OFFICERS A N D D IR E C T O R S
J. K. DEMING
President
JAMES M. BURCH
V. P. Farley & Loetscher
Mfg. Co.
CHAS. H. BRADLEY
Bradley Bros.
FRAN K BELL
Capitalist

H ERM ANN ESCHEN
Cashier
J. T . CARR
Secy-Treas. Carr, Ryder &
Adams Co.
GEO. W . KIESEL
Hurd, Lenehan & Kiesel
J. J. ROSHEK
Roshek Bros. Co.

Reserve Agents for National Banks
United States Depositary

Combined Resources - - $3,000,000.00

THE

N O R T H W E S T E R N

BANKER

May, 1918

PEOPLES STATE BANK.

LAMPORT
AND

KIRKPATRICK
U N L IS T E D S E C U R IT IE S

The Peoples State Bank, of W est Liberty, Iowa, has
recently celebrated its fiftieth anniversary at which
time it issued a handsome booklet containing a review
of its history.
The Peoples Bank as it was originally organized in
1868 had an original capital stock of $20,000, which
was increased from time to time until it reached
$50,000. In 1888 the name was changed to the Peo
ples State Bank. The present officers are: Ray W hitacre, president; A . H. McClun, vice president; S. H.
Archibald, cashier, and W . R. Tharp, assistant cashier.
The capital stock is $50,000; surplus, $50,000; undi
vided profits^ $29,165.65, and deposits, $945,088132.
Total resources are $1,074,253.97.

Specializing in stocks of Iowa corporations.
Correspondence invited.

Satisfactory Service Assured
W rite for Circular G - T 5

Lamport and Kirkpatrick
INVESTM ENTS
Kraft Bldg., Des Moines, Iowa

Phone Walnut 3139

A M E S GOES “ O V E R T H E T O P .”
Ames, Iowa, established a record of surpassing their
quota in the Third Liberty Loan by $30,000 without
making a single solicitation. They secured their sub
scriptions by advertising and the people came to the
banks to subscribe. This splendid work shows that
the efficient committee in charge was strictly “on the
job.”
I.
O. Hasbrouck, cashier of the Ames National, was
chairman of the committee, which was composed of
C. L. Siverly, president of the Union Trust & Savings;
E. J. Engeldinger, president of the Commercial Sav
ings; F. H . Schleiter, cashier of the Story County
Trust & Savings Bank, and R. L. Brooks, cashier of
the College Savings Bank.

Still
Growing
The w e ll-k n o w n standards o f
service m aintained b y the M e
ch anics Savings Bank are co n
sta n tly d ra w in g new accou nts
to us from the banks and
b ankers o f Iow a.
In creased fa cilitie s are added
as required, so that every a c
cou n t is giv en close attention.

OFFICERS
G. E. M acK innon
P resid ent
H. F. G ross
V ice P resident
H. F. iSchoen
Cashier
N. B. Scoles
Asst. Cashier
L. J. O’F la h erty
A sst. Cashier
H arper G ordon
Asst. Cashier
D IRECTORS
N elson R oy a l
R. R. M cCutchen
H. F. G ross
D. E. M oon
W . A. R u tled ge
Chas. A. R aw son
John H. G ibson
R. J. Clem ens
G. E. M acK innon

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

Y ou r A ccoun t
Invited
I f you w ou ld lik e an efficient
con n ection in Des M oines it
w ill be a p r iv ile g e to pla ce the
service o f this bank a t you r
disposal.
C orrespondence
from
Iow a
ba n k s and b ankers receives
the person al a ttention o f in
terested officers.

German Savings Bank j
ol Davenport, Iowa
Capital stock ......................................................... .. .$ 600,000.00
Surplus ..........................................................................
600,000.00
Undivided profits ........................................ t ..........
368,000.00
Deposits over ............................................................. 11,700,000.00

OFFICERS

T h e iViechanics
Savings Bank
319 Fifth St.
Des Moines

CHAS. N. VOSS,
President
JOSEPH F. PO RTER,
V ice-P resid en t
R A Y NYEM ASTER,
V ice-P resid en t

ED. KAUFM ANN,
Cashier
F. C, K R O E G E R ,
Asst. Cashier
OTTO RIECH E,
Asst. C ashier

Our adequate equipment and exceptional facilities for
handling business in every department of banking are at
your service.

IIII1IIIIIIIIIIIH
IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII1I1IIIIIIIIIIIIIIIIIIII1IIIIIIM

May, 1918

THE

N O R T H W E S T E R N

BANKER

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IOWA GROUP MEETINGS
EING fully cognizant of the great responsibility develop
ing upon every true loyal citizen of the United States to do
his part to help win the war, the bankers of Iowa, and es
pecially of the following groups, invite the bankers of this great
state and contiguous territory to attend their group meetings to
be held this month.
Programs of especial interest have been arranged and sub
jects of vital importance at this time of our country’s crisis will
be discussed.
As your hosts we also shall be glad to show you our progressive
cities, our busy factories and our fertile farm lands, all com
bining to help bring this war to a speedy and successful conclu
sion.
A royal welcome awaits you. Come and be our guests.
SOUTH GROUPS
Group

Place
Monticello
Indianola
Ottumwa
Mount Ayr
Council Bluffs

Date
Tuesday, May 7
Wednesday, May 8
Thursday, May 9
10
Saturday, May 11

NORTH GROUPS
Group
Place
Date
4--------------- ------- Manchester ----------------Monday,
May20
------- ------- Cedar Falls------------------------------Tuesday, May21
3-----------------------Mason City------------------------- Wednesday,
May22
2------- --------------- Spencer ------------------------------Thursday, May 23
1------------------------Sioux City — .----------------------- ; Friday, May 24

■> "

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Federal Reserve Bank of St. Louis

IIÜ

TH E

N O R T H W E S T E R N

BANKER

May, 1918

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Federal Reserve Bank of St. Louis

Group 8 — I. B. A .
Tuesday, M ay 7, 1918
M onticello

Program
'
10:00— Registration.

FORENOON.

Headquarters, K . P. Hall.

10:15— Auto ride about the city.
11:00— Meeting called to order at the K. P. Hall by Chairman J. H. Stouffer.
' Invocation, Rev. J. H. Barr.
Address of welcome, J. W . Doxsee, vice president Lovell State Bank,
Monticello.
li :3 0 — Address, Lieut. H. B. Boyd, senior chaplain, Camp Dodge.

AFTERNOON.
1:30— Banquet.
Bank.

H. M. Carpenter, Toastmaster, President, Monticello State
^

Entertainment by W . I. Nolan, Minfieapolis.
Music, Monticello Orchestra.
3 :00— Baseball and golf and other amusement at the City Park and Country
! Club.

O FF IC E R S O F T H E GROUP.
Chairman, J. H. Stouffer, Cashier, W alcott Savings Bank, Walcott.
Secretary, W . J. Moore, President, City National Bank, Tipton.

TH E

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May, 1918

N O R T H W E S T E R N

BANKER

The Jones County Trust and Savings Bank j
of M onticello
invites the bankers of Group Eight and all other visiting bankers to make
our bank their headquarters while in Monticello.

Our accommodations are

ample for your convenience and we want you to come.

J. H. J. Stutt, President.
J.

J. Locher, Vice President.

W . Ireland, Vice President.

F. E. Stimson, Cashier.

Paul T. Schuetz, Asst. Cashier.

I................. iiiinimiiiiiiniiil....|||||||||............................................................................ ..........................................................................................................................................................................................................................................*

THE

LOVELL

STATE

BANK

Capital and Surplus $ 3 0 0 ,0 0 0
M o n t ic e llo , Io w a

1897,
1902,
1907,
1912,
1917,
1918,

April
April
April
April
April
April

Capital,
Surplus
and Profits
$ 100, 000.00

17th.
17th.
17th.
17th.
17th.
17th

121,757.34
161,705,95
222,174.46
306,152.31
317,949.81

D eposits

Loans and
D iscoun ts

$135,830.30
539.915.38
777.154.38
813,927.34
896,075.85
918,356.44

$ 142,885.48
539,996.19
793,197.67
885,108.73
1,016,871.19
1,072,909.95

R. C. S T IR T O N , Cashier
L. W . LO V E LL, Asst. Cashier

GEO. L. LOVELL, President
J. W . D O XSEE, V ice President

MONTICELLO STATE BANK
M on ticello, Io w a
Capital (fully paid)
Surplus (all earned)
Undivided Profits
Deposits
-

$ 2 0 0 ,0 0 0 .0 0

200, 000.00
82,000.00
1,720,000.00

OFFICERS
HENRY M. CARPENTER, President
WILLIAM STUHLER, Vice President
G. H. GEORGE, Vice President

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Federal Reserve Bank of St. Louis

H. S. RICHARDSON, Cashier
F. F. BECKER, Asst. Cashier
HALSTEAD M. CARPENTER, Asst. Cashier

THE

NORTHWESTERN

BANKER

May, 1918

Annual Meeting
Group 6l

Iowa Bankers Association
Indianola, Iow a

Wednesday, M ay 8, 1918
PROGRAM
I.

O. O. F. TEM PLE.

9:00 a. m. to 12: 00 m. Registration of visit
or?.

Address of Welcome, John A.
Storey, Vice Pres., Warren Coun
ty State Bank.

10:00a.m . Round Tables:

Response, E. B. Wilson, Vice
Pres., First Trust & Savings
Bank, Des Moines, Iowa.

(1) County Bankers’ Associa
tions; Their Value and Possibili
ties, C. L. Siverly, Pres. Union
National Bank, Ames, Iowa.
(2) Elimination of Unprofitable
Accounts, Minimum Balances, C.
A. Diehl, Asst. Cashr., Des Moines
National Bank, Des Moines.
(3) Liberty Bonds-^-How to Han
dle, Effect on Future Interest
Rates, J. R. Capps, Cashier, Iowa
National Bank, Des Moines, Iowa.
(4) Federal Farm Loan Banks, O.
F. Schee, Vice Pres., First Joint
Stock Land Bank, Chicago, 111.
11:00 a.m . Meeting called to order by
Chairman I. O. Hasbrouck, Ames,
Iowa.

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Federal Reserve Bank of St. Louis

Election of officers and general
business. ; r
12:00 m.

Luncheon, Hopper
Simpson College.

Gymnasium,

1:15 p.m . Automobile ride of the city, re
turning to the gymnasium.
1: 45 p.m. Meeting called tg order by I. CL
Hasbrouck, chairman.
Invocation, Rev. Fred N. Willis,
Pastor M. E. Church, Indianola.
Program o f music by Simpson
Conservatory of Music.
Address, Lieutenant A. C. Brack
ett, Camp Dodge.
Address, Hon. N. E. Kendall, Albia, Iowa.
4:00 p. m. Program of Fun.

May, 1918

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Federal Reserve Bank of St. Louis

THE

N O R T H W E S T E R N

BANKER

To the Bankers of Group 6:
A cordial invitation is extended to every
member of Group 6 to attend the meeting to
be held in

Indianola
on

Wednesday, May 8th
Throw dull care aside and forget your
troubles for at least one day and let us have
an opportunity to show you what royal good
hosts we can be.
The program we have prepared is one we
are sure will be of vital interest to you, and
you will find us on the job every minute do
ing everything we can to make your stay in
our prosperous city both pleasant and delight
ful.
F IR S T N A T I O N A L B A N K
W O R T H S A V IN G S B A N K
W A R R E N C O U N TY S T A T E BANK
IN D IA N O L A B A N K IN G C O M P A N Y

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THE

N O R T H W E S T E R N

BANKER

May, 1918

C O U R T E S Y AS A CA SH A S S E T IN B A N K IN G .
(Continued from page 7.)

G roup 10

I find that a depositor frequently takes advantage of
the chance to talk over his affairs with our officers; we
gain business directly and indirectly through our at
tention to their needs which are not strictly in the
banking line.

Thursday, M a y 9, 1 9 1 8

Banking accommodations are part of the general run
of business and are to be handled from a business
standpoint; proper business methods demand that a
loan never be arbitrarily refused. W e do not believe
that it is good policy to give an untrue reason for not
making a lPan. Some bankers may regretfully tell an
applicant that they would like to make the loan if only
the reserve were not so lo w ; or they may give some^
other equally specious reason. Aside from the ques
tion of morality, these untrue statements do not p ay;
the man who was turned down may, within the hour,
run into another man who has just had a loan from
the same bank. And then the bank loses the first
man’s confidence. W e think it best to go into the real
reasons for a refusal and assume that any reasonable
man will recognize the justice of our position; we thus
retain his friendship and his business.
Loans are strictly within the banking province; the
region beyond the limits of strict banking are even
more important because the majority of depositors—
especially with a trust company— are not borrowers.
For the services which are personal, our only limit is
that of reason. W e advise on the best disposition of
funds; although we d<? not deal in securities we are al
ways ready to go over lists of securities with depos
itors who want advice.
y Sometimes the matters discussed are purely per
sonal; one of our branches has many women deposit
ors. Women seldom know much about business, we
have found, and they must be handled with extraor
dinary care. W e make special provision for our women
depositors; we have a woman’s department, with a
woman attendant who helps in the indorsing of checks,
the making out of deposit slips, and the other matters
of banking about which some women are inclined to
become confused. The accounts of women are prof
itable, we find, but special attention is necessary to
hold them.
The personal relation is further emphasized in our
advertising. W e make each of our advertisements tell
something about a department of the bank; if we are
speaking of the bank proper we tell of its management,
what the directors do, what the committees do, what
the various officers do; if we are on the subject of the
trust department, we tell facts about the management
of estates, of the peculiar qualifications of a corporate
executor, and of problems which frequently arise; we
try to make each of these advertisements provoke
thought so that an interested person will make further
inquiry. In the advertisement we mention the name
of the officer who will give the additional information*.
It is well enough to refer to the “trust officer,” but we
have found it is much better to say “ Our trust officer;
Mr. Judd.” When we give him the name the inquirer
feels that he may apply to an individual and not to air
impersonal institution. By the use o'f names we make
people feel that they know us, even though we do not
happen to know them.
W e do not send out what purport to be personal letcontinued on page 54.)

Ottumwa
FORENOON.
10:00— Registration.

Hotel Ottumwa.

AFTERNOON.
12:15— Banquet, Hotel Ottumwa.
1:15—Meeting called to order by Chair
man E. E. Phelps.
Invocation— C. D. Jacobs, Pastor,
First Presbyterian Church, Ot
tumwa.
Election of Officers.
Report of the Resolutions Com
mittee.
Address, “ The Liberty Loan Suc
cess,” C. H. McNider, Director
of Liberty Bond sales in Iowa.
Address, Lieut. H. B. Hoyd, Senior
Chaplain, Camp Dodge.
Questionnaire and General Dis
cussion.
“ The Star Spangled Banner.”
Adjournment.

EVENING.
8:00—Dancing at Country Club.

Officers of Group 3
Chairman, E. E. Phelps, Delta,
Vice Pres. Peoples Savings Bank
Secretary, C. D. Evans, Ottumwa,
Cashier, South Ottumwa Sav
ings Bank.

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Federal Reserve Bank of St. Louis

May, 1918

THE

N O R T H W E S T E R N

F IR S T N ATION AL BANK, BANCROFT, N E BRA SK A.

BANKER

A. J. ZU LK E, CASH IER.

Have Your Bank Building Built By Experts
When you build your new bank building the only
way to be sure that you will get the very best service
for the money you expend is to employ an expert in
bank engineering. A bank building is a permanent in
vestment. It is not something that you can buy today
and discard tomorrow. You should therefore use ex
ceptional care in choosing the firm which will do your
work.
Our expert knowledge of how to build banks is avail
able to you. The First National Bank, of Bancroft,
Neb., was erected i.nder the personal supervision of
J. A. Raven, who is familiar with every phase of bank
construction work.
DESCRIPTION.
A plain neat design for a small town bank. The
structure is faced with mission chinchilla rug face
brick, trimmed with gray monolithic limestone.
The exterior is finished in quarter-sawed white oak.
The fixtures are an all quarter-sawed oak fixture. All
walls are wainscoted with a 54-inch quartered-oak
wainscot.
The ceiling is worked out in beams and relief work

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Federal Reserve Bank of St. Louis

of plaster. The decorations are our usual pleasing and
harmonious work which must be seen to be appre
ciated.
BANK BUILDINGS EXCLUSIVELY.
Building operations under this system are carried
out more efficiently and with more real service to the
owners than is possible under any other. Under the
SERVICE SYSTEM, bankers secure architectural
service, engineering service and mechanical service
with a man at the head of each department who is an
absolute master, theoretically and practically. These
men have an accumulated experience exclusive to
bank construction, covering many years and many
banks. They know banking methods, bank routine,
bank needs, and how to analyze each individual bank’s
special requirements.
UNDER CONSTRUCTION.
We have the following banks under construction at
the present time: Avoca State Bank, Avoca, Minn.;
First National Bank, Fulda, Minn.; First State Bank,
Holstein, Iowa; Citizens State Bank, Arthur, Iowa.

The Lytle Company, Sioux City, Iowa
J. A. RAVEN, President

Architects and Engineers of Com plete Bank and Office Buildings

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Federal Reserve Bank of St. Louis

THE

N O R T H W E S T E R N

BANKER

May,. 1918

Fourteenth A n n u al M eeting
Group Nine

Iowa Bankers Association
M o u n t A y r , Iow a
May 10, 1918
BERT T E À L E , Chairman, Mount Ayr, Iowa
P. M. SIM M O N S, Secretary, Osceola, Iowa

Program
10:00 A. M.
Registration.
Convention Headquarters — Ringgold
County Court House.

Address by Lieut. A. C. Brackett, of
Camp Dodge. Subject: “ W ar Saving
Stajnps.”
Report of committees.

11:00 A. M.
Address of welcome by Mayor H. C.
Beard, of Mt. Ayr.
Response by Grant McPberrin, vice
president Central State Bank, o f Des
Moines.

Annual election of officers.
1:30 P. M.
Luncheon — Dining o*oom Methodist
church, Toastmaster, Judge Homer A.
Fuller, Mount Ayr, Iowa.

BUSINESS SESSION.

3: 00 P. M.

Appointment of committees.

Entertainment.

Address by Hon. J. B. Weaver, of Des
Moines.

Social
Rooms.

headquarters,

Timby

Club

Time Tables
C., B. & Q. R. R.
SOUTH BOUND
Arrive Mount A y r ......... .......................... ....... ................................................7:34 A. M.
Arrive Mount A y r .................................... .
J............... ‘.................. 5: 45 P. M.
NORTH BOUND
Leave Mount A yr................................................................................. .......................... 5:00 A. M.
Leave Mount A yr......................... ................................................... ......... .....................7:15 P. M.
C. G. W. RY.
SOUTH BOUND
No. 1—Arrives at Benton................................................
No. 5—Arrives at Benton................................................
No. 3—Arrives at Benton................. ................. .............

10:13 A. M.
3:18 P. M,
2:28 A. M.

NORTH BOUND
No. 4—Arrives at B e n t o n . ...............................
No. 5—Arrives at Benton.......................................... .
No. 2—Arrives at Benton............................................

4:12 À. M.
2:24 P. M.
6:46 P. M.

Auto will meét No. 1 arriving at 10:13 A. M.

191-8

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Federal Reserve Bank of St. Louis

THÈ

N O R T H W E S T E R N

BANKER

Mount Ayr, Iowa
Is going- to feel mighty proud to welcome the
members of the

Iowa-Baiikers Association on the oc, casion of the

Fourteenth Annual Meeting of
the Association in Mount Ayr
on May 10, 1918
T h e city will have on her glad rags to w elcom e you.
Y o u will not be asked to show your identification tag
by the prefect of police. Y o u ’ll just be made w elcom e.

If you have not visited M ou n t A yr in five years you will
not be able to recognize your old friend. W e ’ve been
grow ing and improving a whole lot.
T ryin g to keep
pace with the wonderful development of our agricultural
interests. W e ’re almost ready for long pants.

So leave your worries behind and give M ou n t A yr a
chance to extend you a cordial and sincere w elcom e
on the 10th of M ay.

Mount Ayr State Bank
M ount Ayr, Iowa

Iowa State Bank
M ou n t Ayr, Iowa

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Federal Reserve Bank of St. Louis

THE

N O R T H W E S T E R N

BANKER

A nnual M eeting Group 5

Iow a
B a n k ers A s s o c ia t io n
Saturday, M ay 11, 1918
Council Bluffs, Iowa
O P E N IN G S E S S IO N
Called td order at 10:00 A . M. by
C. F. K U E H N L E , Chairman
A.

F. G R E E N W A L D T , Secretary

Invocation.
Address of W elcome, .................................. .. ....................

.Hon. L. Zurmuehlen

Response..........., ............. ......................................................Hon. H, I. Foskett
Song............................................................................................... ..

.Imperial Quartet

Address........................................ .......... .. . . .................................. “ Winning the W a r”
Address............... ..................................i .............. .......... ............ ..

.Lieut. H. B. Boyd

Address..................................................... ............................... ... W a r Savings Stamps
Song...................................... ....................................................... 11 . . .1 Imperial Quartet

Report of Officers, Report of Committee, Election of Officers.
1:30 P. M., Luncheon, Grand Hotel.

Immediately following the luncheon, Postmaster George F. Hughes, of
Council Bluffs, will tell a few old stories.

May, 1918

THE

May, 1918

N O R T H W E S T E R N

City National Bank

BANKER

ir s t

Council Bluffs, Iowa

a t io n a l

ank

of Council B lu ffs, Iow a

C apital, Surplus and U ndivided
P rofits $200,000.00

T. G. Turner, President
Oscar Keeline, V. Pres.

C a p ita l

S u r p lu s

$ 2 0 0 ,0 0 0
2 0 0 ,0 0 0

A sse ts Over $ 5 , 0 0 0 , 0 0 0 . 0 0

United States
D ep ository

J. G. Wadsworth, V. Pres.
R. D. M . Turner, Cashier

.1. P. Greenshields, Pres.

P. J. McBride, Asst. Cash.

E. A . Wickham, Vice Pres.

Ira L. Hays, Asst. Cash.

G. F. Spooner, Cashier

N e a r ly H a li a C en tu ry o f S u c c e s s fu l

Bank Accounts Solicited

Council Bluffs
Savings Bank

B a n k in g

The S tate S a v in gs
B an k
Capital, Surplus and Profits $ 1 4 5 ,0 0 0 .0 0

Council Bluffs, Iowa
CAPITAL, $150,000.00
SURPLUS, $175,000.00
DEPOSITS, $4,000,000.00

C o u n c il B lu ffs , I o w a

Capital ........................................................... $

50,000.00

Surplus and Undivided Profits.................

95,000.00

OFFICERS

Loans and Discounts.................................... 1,813,015.03

THEO. LASK O W SK I, President
H. W . BIN D ER, V ice President
W . M. P Y P E R , Cashier
H. W. H AZELTON, Asst. Cashier
H. C. H ATTE N H AU E R, Asst. Cashier

Deposits......................... .'.............................. 2,003,155.30

O F F IC E R S

DIRECTORS
H. W . B inder
M. F. R oh rer

D. W . B ushneil
N. P. D odge, Jr.
E. P. Schoentgen Chas. T. Stew art
Theo. L a sk ow sk i

A general banking business transacted. We respect
fully solicit your business.

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Federal Reserve Bank of St. Louis

E . A . W I C K H A M , P resid en t
W . S . B A I R D , V ic e P re s
H . L . T I N L E Y , C a sh ier
W . B . H O U G H , A s s t . C ash
C . C . H O U G H , A s s t . C a sh .

We extend a cordial welcome to the bankers of
Group 5 to call and see us while in the city.

THE

N O R T H W E S T E R N

BANKER

May, 1918

Program

Group Four Meeting

Iowa
Bankers Association
M anchester, Iow a

Sunday, May 19th, Informal Meeting, Knights of Pythias Club Room.
Monday, May 20th, Meeting Called to Order in Courtroom at 10 O ’clock A. M.
Address of Welcome, A . M. Cloud, Manchester, Iowa.
Response, E. J. Curtin, Decorah, Iowa.
Address, Bank Advertising, J. H. Ingwerson, President, People’s Trust &
Savings Bank, Clinton, Iowa.
Banks and W ar Financing, George H. Messenger, Superintendent of Banking,
Des Moines, Iowa.
Report of Committees.
Election of Officers.
Intermission.
2 :00 O ’clock P. M.
Question Box.
Informal Addresses by President and Secretary of State Association.
Address, W ar Savings, Lieutenant A. C. Brackett, Camp Dodge, Iowa.
Adjournment.
Auto Ride to United States Fish Hatchery.
6:30 O’clock P .M .
Banquet.
Address, Hon. W . L. Harding, Governor of Iowa, Des Moines, Iowa.

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Federal Reserve Bank of St. Louis

llllllllllllllllllllllllllllll!llllllllll!!llll!lllllli!!illllllll

May, 1918

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Federal Reserve Bank of St. Louis

THE

N O R T H W E ST E R N

BANKER

The Bankers of Manchester
Iowa, feel highly honored that the members of Group 4 of the
Iowa Bankers Association are to honor them by holding their meet
ing in this city on May 20th.
It will be our endeavor to make your stay with us both profitable
and interesting.
The greatest problem that confronts every banker today is how to
help win the war and the program which we have arranged will
contain addresses by men who will give us some ideas as to what
the bankers’ part should be in assisting in this world conflict.
We shall be glad to welcome you to Manchester.
We shall be glad to show you our thriving city, our fertile farm
lands and to let you see for yourself what a progressive, enterpris
ing city is ours.
At the group meetings we all get better acquainted and we all have
a chance to exchange our ideas on banking subjects.
Come and be our guests— we shall feel honored to be your host.

First National Bank
Delaware C ounty State Bank
Farmers & Merchants State Savings Bank
Security State Bank

THE

N O R T H W E S T E R N

BANKER

May, 1918

C O U R T E S Y AS A CASH A S S E T IN B A N K IN G .

GROUP

SEVEN

Iowa
Bankers Association
ANNUAL

MEETING

CEDAR FALLS, IO W A

TUESDAY, MAY 21,1918
J. E R V IN EVAN S, C h a irm a n

Registration at Blackhawk Hotel Lobby.

Morning meeting at Cotton Theatre.
Mayor J. B. Newman, Address of Welcome.
Frank Miller, Pres. Cedar Falls National, A d
dress of Welcome for Bank of Cedar Falls.
Response.

Luncheon will be at Gym of Iowa State Teach
ers’ College.
G. O. Van Derveer, Waverly, Iowa, Toast
master.
Pres. H, H. Seerley, first speaker.
J. M. Dinwiddie, second speaker.

P
Lieut. H. B. Boyd on the W ar Savings.
G. H. Messenger, Superintendent of Banking,
in charge of Round Table discussion.

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Federal Reserve Bank of St. Louis

(Continued from page 46.)
ters; even if it were physically possible to send a sep
arate letter to each depositor, it would not pay. The
art of imitating original letters has now so grown that
people take for granted that the letter is a form letter.
In an effort to establish personal relations, two dan
gers are always present; the one is that of becoming a
nuisance and the other is of being suspected of a coun
terfeit interest. Any person of common sense knows
that a bank president cannot take the time to address
every depositor in person and that he cannot have the
keen personal interest for so many people that most
form letters presuppose. The personal interest must
be held down to reason’s bounds.
♦This Personal Letter Brought Results.
I made what might seem to be an exception to this
policy at the beginning of the year. I sent out to all
my depositors a letter which I signed in person. It
was a form letter with the name of the depositor filled
in. It read:
“ Years ago, when banker and depositor were per
sonal acquaintances, the exchange of New Year’s
greetings had an intimate heartiness which this type
written letter must lack.
“ None the less, we do wish you, warmly, a New Year
of personal happiness, together with right full measure
of the good things of life. Nor can we overlook our
sincere appreciation of your part in our own good year
just closing.
“ In sending you these rather formal greetings shall
we hope that some time, when you come in person to
your bank, the vice president at this office may have
the opportunity of getting better acquainted with you
and the pleasure of greeting you personally?”
I sent out about 4,000 of these; the response was
splendid. In addition to about 300 answers, I had no
end of depositors drop in. The number of answers
was extraordinarily large when it is considered that
the letter did not call for a reply. I think the letter’s
success is due largely to the fact that it did not feign
to have- been written especially for the depositor who
received it. It was a greeting like a New Year’s card
and traveled under no false pretenses.
Although the officers try to keep closely in touch
with everyone who comes their way, the contact of
the great majority of the depositors is with the tellers.
Tellers need not always be trained in courtesy, we have
found— they invariably reflect the attitude of the heads
of the bank. When the executive heads ,are obliging,
the tellers are equally obliging; to maintain this atti
tude it is only necessary for the officers instantly to
follow up the slightest intimation of a depositor’s dis
satisfaction. Our tellers imitate; they always have a
pleasant “good morning” for every customer and a
general attitude of willingness to oblige.
The person who comes to the window of the paying
teller is seldom intent upon stealing money. Then
why treat him with suspicion, we ask ourselves. Mis
takes may be honestly made in drawing checks; per
sons who desire to have checks cashed, but who need
identification, are not necessarily swindlers—-only one
out of every 10,000 is a crook. Therefore our tellers
take the attitude of wanting to pay out money and not
of suspiciously wanting to withhold money. All
needed facts may be had as easily with politeness as
with rudeness; but of course you may be sure to take
every precaution to obtain such facts.

May, 1918

THE

N O R T H W E S T E R N

BANKER

2500 Iowans Guarantee
Hawkeye Tires
I 'HESE Iowans are stockholders in The Hawkeye Tire
& Rubber Company.
Their individual investments
run from $25.00 to $10,000.00.
'

I 'HESE Iowans are to be found in every county in the
,
state. Personal pride, as well as good business judg
ment, is responsible for the fact that every stockholder
feels it his duty, individually, to make The Hawkeye Tire
& Rubber Company a success.
'

THESE Iowans know the measure of the company’s
.
success can only be judged by the quality o f the tires
it produces.
They therefore have not stinted time nor
money in making this plant one of the most modern in
the country. Neither have they spared their efforts in
creating an executive, manufacturing and sales organiza
tion that is, we believe, unsurpassed by any rubber
company.
The next time you need a tire go to the Hawkeye dealer in
your town. You will find that the dealer is a stockholder in the
company. You will find that he is not only interested in selling
you a Hawkeye Tire today but that he wants to sell you HawkeYe Tires all the time. You will find that he will, therefore, give
you the very best of service. You will find that The Hawkeye
Tire & Rubber Company stands behind him. You will find that
2500 Iowans stand behind The Hawkeye Tire & Rubber Company.
“ TIRES THAT W EAR”
Hawkeye Tires
Non-Skid and Ribbed Tread

Santa Fe Tires
Non-Skid and Plain

RED AND GRAY TUBES

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Federal Reserve Bank of St. Louis

THE

N O R T H W E S T E R N

BANKER

G roup T hree
Wednesday, May 22, 1918
Mason City, Iowa
Program
FORENOON.
9:00— Registration.

Chamber of Commerce.

10:00— Invocation, Rev. A . W . Tandy.
Address of Welcome, W . G. C. Bagley, Cashier, First National Bank,
Mason City.
Response, M. W . Ellis, Cashier, Security Trust & Savings Bank,
Charles City.
Address, C. H. McNider, Federal Director, Third Liberty Bond sales
in Iowa.
Address, Woodworth
Davenport.

Clum, Secretary, Greater Iowa Association,

General Discussion and Round Table.
Full program of fun and entertainment.

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May, 1918

THE

N O R T H W E S T E R N

BANKER

S e cu r ity

N a tion a l B a n k
M ason C ity, Io w a

CO M PTROLLER’S CALL M AR CH 4, 1918
O pened for B u s in e s s , A u g u s t 1 6 , 1 9 1 3

The City National Bank
The City Trust and Savings Bank

RESOURCES
Loans and Discounts...................................$
Overdrafts ....................................................
Bonds and Securities...................................
U. S. Bonds....................................................
Banking House Furniture and Fixtures..
Real Estate ..................................................
Redemption Fund ......................................
Cash and Due from Banks.........................

$1,269,877.12

T h e Bankers Banks o f M a so n C it y Extend a Cordial
^Welcome to V is itin g Bankers

Jam es E. B lythe
H ugh M. G ilm ore
J. E. E. M arkley
J. F. Shaible
C. E. B rook s

O FFICERS
P resident
J. F. Shaible
V ice P resid ent H ugh M. Gilm ore
V ice P resident
F. H. Cotton
Cashier
Ralph L loy d Jones
A sst. Cashier

DIRECTORS.
M ary E m sley Adam s
J. E. E. M arkley
A. H. Gale
Geo. E. May
C. E. D akin
J. F. Shaible
H ugh M. G ilm ore
Jam es E. B lythe
F. H. Cotton

Commercial Savings Bank
Mason City, Iowa

712,151.14
1,423.79
133,599.00
100,000.00
23,159.98
2,440.05
. 5,000.00
292,103.16

LIABILITIES
Capital Stock ................................................$ 100,000.00
Surplus and Undivided Profits.................
23,137.92
Circulation ....................
98,300.00
Rediscounts ......................
32,492.13
Deposits ............................
1,015,947.07
$1,269,877.12
O FFICERS
Jno. A. iSenneff, P resident
S. A. Schneider, V ice Pres.
E. W . Clark, Cashier
Tim D onovan, V ice Pres.
L. D. Stoakes, Asst. Cash.

D IRECTO R S

Jno. A. SennefE
Tim D onovan

E. W. C lark

s. A. Schneider
Julius K unz

C en tral T ru st C o.
Mason City, Iowa

RESOURCES
Loans and Discounts ...........................
.$1,070,452.92
Overdrafts ....................................................
6,130.79
Furniture and Fixtures...............................
14,000.00
Cash and Exchange.....................................
306,992.83
$1,397,576.54
LIABILITIES
Capital Stock .............................................. $ 100,000.00
Surplus ...........
17,000.00
Undivided Profits..................................
2,508.50
D ep osits.......................................................... 1,273,068.04
Rediscounts ..................................................
5,000.00
$1,397,576.54
March
March
March
March
March

4,
4,
4,
4,
4,

DEPOSITS
1914...............................
19.15...............................
1916..............................
1917...............................
1918...............................

$ 478,046.72
488,075.65
594,794.70
1,040,176.87
1,273,068.04

M a s o n C ity ’ s F ir s t S a v in g s
Bank
This Bank Extends a Cordial Welcome to All Visitors
and Friends.
OFFICERS
A. M. Schanke. President
L. O. Stone, V ice P resident W a lter J. W alker, Cashier
T. N. Igou , Asst. Cashier
L. B. Tyson, Teller, Sav. Dept.

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Federal Reserve Bank of St. Louis

Capital
Profits

$ 3 0 0 ,0 0 0 .0 0
3 0 ,0 0 0 .0 0

O FFICERS
E. V. F ranke, P resident
C. F. F ran ke, V ice P resident W . A. W estfa ll, Secretary
F. F. P otter, Asst. Cash.
J. K. C ornelysen, Asst. Cash.
DIRECTORS
E. V. F ran ke
C. C. Sheakley
H. W . W ilh elm s
W . L. Patton
C. F. F ran k e
>
J. K. C ornelysen
W. A. W e s tfa ll
F. F. P otter

THE

N O R T H W E S T E R N

May, 1918

BANKER

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PROGRAM
Annual Meeting, Group Two

Iowa Bankers Association
Spencer, Iowa

THURSDAY, M A Y 23, 1918
P. R. G R A H A M , Secretary

FORENOON.
Registration at Commercial Club Room s........ ............................... 9:30 to 11:30
Business Meeting at Grand Opera House.

................................ 11:30 to

1 :00

Invocation, Rev. J. O’. Thrush.
Address of Welcome, Mr. A. J. Wilson.
Response, Mr. L. F. Parker, Newell, Iowa.
Battery of Ten Four-Minute Men.
General Discussion.
Election of Officers.

AFTERNOON.
Banquet, Catholic- Church a t....................... .......... ................................................

1 :30

Entertainment and Toasts, J. H. McCord, Toastmaster.
Auto Ride About the City....................................................................................... 4:00

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Federal Reserve Bank of St. Louis

THE

May, 1918

N O R T H W E S T E R N

BANKER

Spencer, Iow a
Clay County welcomes all of the members of
of Group 2 and their friends to be its guests
on Thursday, May 23rd, at which time we
will do our very best to show you a royal
entertainment.
W e are glad to have this opportunity to show you our
beautiful city, our fine bank buildings and most of all
have you im bibe some of our progressive business spirit,
which has had m uch to do with the growth and de
velopm ent of our county and com m unity.
A large dividend of pleasure awaits you, but the only
way that you can cash it is to com e to Spencer and
collect it.
W e shall be delighted to be your hosts.
Citizens National Bank, Spencer.
Citizens National Bank, Webb.
Citizens National Bank, Royal.
Citizens Savings Bank, Spencer.
Citizens Savings Bank, Fostoria. '
Everly Bank, Everly.
Exchange Savings Bank, Dickens.
Farmers Trust & Savings Ba,nk, Spencer.
First National Bank, Spencer.
Farmers Savings Bank, Fostoria.

-.illuni

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Federal Reserve Bank of St. Louis

First National Bank, Everly.
Farmers Savings Bank, Langdon.
First National Bank, Peterson.
Farmers Savings Bank, Royal.
Greenville Savings Bank, Greenville.
Gillett Grove Savings Bank, Gillett Grove.
Griffin, M. E., Banker, Spencer.
Home State Bank, Royal.
Peoples Savings Bank, Spencer.
Peterson Bank, Peterson.
Rossie Savings Bank, Rossie.

60___ __________________________ T H E

N O R T H W E S T E R N

B A N K E R _____________________ May, 1918

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||

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Federal Reserve Bank of St. Louis

Program—Group 1

Iow a
B ankers A s s o c ia tio n
Sioux City, Iowa
9:00— Registration.

Hotel Martin.

C. P. Jordan, Chairman, presiding.
Invocation.
Four-Minute Talks as follows :
1. Lorris Farrin, of Meriden, representing Cherokee County, “The
Farmer and How to Help Him.”
2. D. H. Hedrick, Battle Creek, representing Ida County, “The Live
Stock Industry in 1918.”
3.

Mr. Ben Abben, Jr., of Little Rock, representing Lyon County,
“ The Duties of the Hour.”

4. D. E. Brainard, Ute, representing Monona County, “A t ’Em, Boys.”
5. Starr G. Wilson, Odebolt, representing Sac County, “ Efficiency in
Country Banks.”
6.

G. J. Slob, Orange City, representing Sioux County, “ Problems of
the Income Tax.”

TH E

May, 1918

N O R T H W E S T E R N

JAS. P. M A R T IN . Vice-President
F. £ . GILL. Vice-President

BANKER

W . G. DUNKLE, Cashier
R. NASH , Ass’t Cashier

T . F. H A R R IN G T O N , President

C O N T IN E N T A L N A T IO N A L B A N K
SIOUX CITY, IOWA

Surplus $10,000.00

Capital $100,000.00

W e know that our experience, k n ow led ge, ab ility, system ,
organization, modern m ethods and energy w ould w ork great
ly to your benefit if you give us the opportunity to serve you.
DIRECTORS
M. F. M cDOW ELL
C. F. GREEN
W . G. DUNKLE

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

T . F. H A R R IN G T O N
J. P. MULHALL
JAMES P. M AR TIN

F. L. E A T O N , Vice President
C . D. V A N D Y K E , Cashier

G E O R G E S. P A R K E R , President

A . W . SM ITH , Asst. Cashier
CLIFFORD A T K IN S O N , A sst. Cashier

THE

L IV E S T O C K N A T I O N A L B A N K
Capital
$200,000.00

Sioux City, Iowa
Surplus and Profits
LOCATED A T THE STOCK YARDS
$100,000.00
Deposits $5,500,000.00

The G REAT NORTH W EST being the feeding ground of the Live Stock Industry,
by virtue of our location at the MARKET PLACE of this territory, w e can offer
unsurpassed RESERVE facilities for Country Bankers.

The Northwestern National Bank
SIOUX CITY, IOWA
AT CLOSE OF BUSINESS MARCH 4, 1918
RESOURCES
Loans and D is co u n ts ............................................
Bonds and W a rra n ts ..........................................
B a n k in g H ouse .....................................................
Safe D eposit V a u lt and F ix tu r e s ...................
U. S. B o n d s ..........................................$214,750.00
D ue from B anks and U. S. Treas. 415,111.49
Cash on H a n d ................................... 105,020.25

338,177.73
100 , 000.00

15,000.00

734,881.74

LIA B IL IT IE S
Capital Stock .........................................................$ 100,000.00
Surplus .........................................................................
135,000.00
U ndivided Profits (N et) ...................................
11,185.04
100,000.00
C ircu lation ................................................................
D eposits ...............- ................................................. 1,898.026.95
R ediscou n ts acc. L ib erty B o n d s ................... •.
172,500.00
$2,416,7.11.99

$2,41-6,711.99
J. A. Magoun, President
C. M. Magoun, Asst. Cashier

OFFICERS AND DIRECTORS
B. H. Kingsbury, Vice Pres.
L. G. Everist

I. M. Lyon, Cashier
E. A. Burgess

SECURITY NATIONAL

BANK

SIOUX CITY, IOWA

Capital and Surplus $600,000
L. R. MANLEY, A s s ’ t Cashier
C. A. PATCH, A s s ’ t Cashier
R. E. BROWN, A ss't Cashier

W . P. MANLEY, President
T. A. BLACK, V ice President
C. W . BRITTON, Cashier

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Federal Reserve Bank of St. Louis

The Best of Service in Handling Collections and Accounts of Banks
Founded 1884

T H E N O R T H W E S T E R N

BANKER

May, 1918

CAPITAL AND SURPLUS, $700,000.00
RESOURCES, $10,000,000.00

capacity of 100 stationary engines and 25 tractors.
Checks for such a large amount are not received
every day and this is therefore especially worthy of
comment.

I O W A
L A R G E CH ECK D E P O S IT E D .
W e are reproducing herewith a half-tone of a check
which was recently deposited by the John Deere Com
pany amounting to $2,100,000 in the W aterloo Savings
Bank. It was given by the John Deere Company for
the purchase of the Waterloo Gas Engine Company
which will retain the latter name but will be officered
by the John Deere Company. 'The factory has a daily

F IR ST N A T IO N A L , IN D IA N O L A .
The First National Bank, of Indianola, Iowa, was
granted a charter in June, 1870, being the oldest in
corporated bank in Warren county. For a good many
years G. A. W orth was cashier, later founding the
Worth Savings Bank.
J. F. Samson succeeded Mr. W orth as cashier and
remained in active management until 1913 at which

The Commercial National Bank
WATERLOO, IOWA

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

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Federal Reserve Bank of St. Louis

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

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

May, 1918

THE

Fir s t

N O R T H W E S T E R N

BANKER

Ba n k

atio n al

COUNCIL BLUFFS, IOWA

Assets Over

J. P. GREENSH IELDS, President

$ 5 ,0 0 0 ,0 0 0 .0 0
E. A . W IC K H A M , V ice President

G. F. SPOON ER, Cashier

More than half a century of successful banking

¡L
time he sold his interests to Edgar C. Lane & Sons,
formerly of Guthrie Center, Iowa. Edgar C. Lane
became president and W ill A. Lane became cashier
and manager.
Upon the death of E. C. Lane in 1916, Carl H. Lane,
vice president of the First National Bank, of Guthrie
Center, was elected to the presidency.
The officers at present are: Carl H. Lane, presi
dent; G. E. Johnson, vice president; W ill A. Lane,
cashier; Lieut. Ray Lane, assistant cashier (on leave
of absence with the colors) ; Louis C. Pendry and E.
R. Brewer, assistant cashiers.
The First National during the past 48 years has paid
$250,000 in dividends and has more than doubled its
deposits since October 1, 1913.

M O N T IC E L L O S T A T E B A N K .
The Monticello National Bank, Monticello, Iowa,
was organized in October, 1872. In January, 1875,
it was consolidated with the private bank of Car
penter & Lovell, which had been in existence since
1869. The new institution had a paid-up capital of
$100,000 and continued under the national law until
April of 1875 when it gave up its federal charter and
incorporated under the state law as the Monticello
Bank. In 1895 it became the Monticello State Bank.
The officers of the bank at the time of the incorpora
tion were S. C. Langworthy, president; John O. Duer,
cashier, and C. Langworthy, assistant cashier. At the
time of the consolidation, M. L. Carpenter was elected
president; C. Langworthy, cashier, and Henry M. Car
penter, assistant cashier. In 1877 H. M. Carpenter was
elected cashier. The same officers continued until the

Iowa N a t i o n a l Bank
and Des Moines Savings Bank
In Same Building Under One Management
Combined Capital and Surplus $ 2 ,S 0 0 ,0 0 0

Deposits Over $ 2 0 ,0 0 0 ,0 0 0

The Country Bankers’ Bank of Iowa is in a Position to
Render You a Service Equaled by Few and Excelled by
None. W e Shall Appreciate an Opportunity to Serve You
OFFICERS
J. G. R O U N D S, Chairman of Board
H O M E R A. M IL L E R , President
C L Y D E E. B R E N T O N , Vice President
H. S. Ö U T L E R , Vice President
H. T. B L A C K B U R N , Vice President .
R. L. CH ASE, JR., Asst. Cashier
JOH N H. B L A IR , Vice President
JAM ES F. H A R T , Asst. Cashier
G. E. P E A R S A L L , Vice President
JAM ES BU RSON , Asst: Cashier
J. R. CAPPS, Cashier

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Federal Reserve Bank of St. Louis

THE

N O R T H W E S T E R N

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

C A P IT A L (Paid in) $50,000.00
C A P IT A L (Earned) 50,000.00 $ 100,000.00
SU R PLU S & P R O F IT S (Earned) 230,000.00
D E P O S IT S
over 3,700,000.00
C. H. Martin, President
Frank P.. Flynn
E. A. Slininger
Vice President
'
Cashier
Carl W . Mesmer
Roscoe C. Morrow
Assistant Cashier
Assistant Cashier

Accounts of Banks and Bankers Solicited

BANKER

May, 1918

death of the president, M. L. Carpenter, when Major
S. S. Farwell was elected to the presidency. He re
tained this position until his death and from 1909 up
to the present time Henry M. Carpenter has been pres
ident. William Stuhler and G. H. George are vice
presidents; H, S. Richardson, cashier; F. F. Becker
and Halstead M. Carpenter, assistant cashiers, al
though the latter is now serving his country as first
lieutenant at Fort Snelling.
The capital stock is $200,000; surplus fund, $200,000,
and deposits, $1,820,651.91.
Monticello has a good golf course and it would be
well for the bankers who attend the group meeting to
bring their clubs along.
O. F. F R Y E R FOR T R E A S U R E R .
O. F. Fryer, president of the Iowa State Savings
Bank, Fairfield, Iowa, is a candidate for treasurer of
the Iowa Bankers Association. He has been in the
banking business for eighteen years and has been a

Syndicate Trust
C om pany
1980 Continental and Commercial Bank Bldg.

Chicago
Capital $ 2 0 0 ,0 0 0 .0 0
The Syndicate Trust Company is essen
tially a financing institution. It deals in
securities and floats high-class bond issues
and is in position through its various
avenues of communication to accomplish
successfully whatever it undertakes.
it
buys and sells bank stocks and assists in the
organization of Banks and Manufacturing
or other Corporations. A corporation always
combines powers and affords security not
found in the individual in the conducting of
large enterprises.
OFFICERS
D. L. Sawyer.......................................................... President
H. C. Niblock................. ...V ic e President & Gen. Mgr.
George Lawther ................................................... .Secretary
J. L. Ferguson...............................................
Treasurer
L. A. Stebbins............................................ General Counsel

O. F. FRYER
President Iowa State Savings Bank, Fairfield, and Candidate for Treasurer
Iowa Bankers Association.

JEW ELR Y

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| of the very finest—

QUALITY
— is always to be found here |
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Our Banker Customers are many because they
get S e r v i c e plus Q u a l i t y with every article.

■RANK OCHLAMPP
JEWELERS

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Federal Reserve Bank of St. Louis

DES MOINES,

■O .
►IA.

member of the association all of that time, which is
a splendid record.
Mr. Fryer has always been a hard worker for the
association and deserves the support of the mem
bers. He has all the qualifications to make a very ef
ficient treasurer of the I. B. A.
H. B. Westlake has left the C. W . H. Beyer & Co.
Bank, which he has served faithfully and efficiently
for a number of years and has accepted a position in
the Merchants National Bank, of Grinnell, Iowa.
He succeeds to the duties of Scott MacEachron, who
has resigned.

May, 1918

THE

NORTHWESTERN

BANKER

LO V E LL STATE BANK.

The Lovell State Bank, of Monticpllo, Iowa, opened
its doors for business April 17, 1897. It was organized
by Geo. L. Lovell and his associates, succeeding to the
private banking business established in 1878 by G. W.
and G. L. Lovell. The same conservatism that marked
the policy of the old private bank has been scrupu
lously adhered to in the management of this institu
tion.
At the expiration of its charter a renewal was ob
tained and the capital increased to $200,000, from the
surplus account. Since its organization it has paid as
dividends to stockholders the sum of $147,000.00.
The directors are: Geo. L. Lovell, J. W. Doxsee, L.
W . Lovell, R. C. Stirton, Thos. M. Redmond, C. S.
Bidwell and F. A. Hanken.
The officers are: Geo. L. Lovell, president; J. W.
DoxSee, vice president; R. C. Stirton, cashier, and L.
W. Lovell, assistant cashier.

WATERLOO BANK

TRUST CO.

(F O R M E R L Y W A T E R L O O L O A N & T R U S T C O .)

Lafayette Building

Waterloo, Iowa

Now doing a General Banking and Trust Company busi
ness under the same successful management and with
added features and facilities will render the highest
service attainable.
Write us for particulars on farm loans or investments
suitable for Estates, Guardians, Individuals, State, Sav
ings and National Banks. These investments secured
by first mortgages and are also a direct obligation .to
this bank.

Capital, S u rp lu s an d P ro fits
B. J. H O W R E Y , Pres.
J. W . A R B U C K L E , V . P.
C. A. M AINS, Cash.

$325,000.00

H. W . H O W R E Y , A . Cash.
E. H . W Y A N T , Sec’y.
G. H. DU N H A M , Treas.

ADEQUATE FACILITIES

A BANKERS HOTEL.

J. N. Snapp, manager of the Hotel Snapp, of Excel
sior Springs, Mo., has one of the finest hotels in that
famous resort city and he is always glad to do every
thing possible to extend the courtesies of his hotel to

and

perfected

service make this an

ideal reserve bank for Iow a banksEvery courtesy and accommodation extended
consistent with conservative banking.
quiries solicited and appreciated.

BLACK HAWK
NATIONAL
BANK
WATERLOO, IO W A
D R . F . W . P O W E R S , P r e s id e n t
A. E. G L E N N Y, Vice-Pres. CHARLES W . K N O O P , Cashier
JA M E S LO O N A N , Vice-Pres. H . E. R U G G , Asst. Cashier

C A P IT A L

$ 2 0 0 , 000.00

HOTEL SNAPP, EXCELSIOR SPRINGS, MO.

R ESO U R C ES

any bankers and their families who stop with them.
Many bankers from this territory have previously
stopped at the Hotel Snapp and know that it is the
headquarters for bankers and business men when
ever they are in Excelsior Springs.

$ 2 ,7 5 0 ,0 0 0 .0 0
“ The Bank o f Stability and Progress”

the cedar r a p id s national bank
Resources Fifteen M illion Dollars

CEDAR RAPIDS,
IOW A
otREcr

This Bank W a s Not Built in a Day
Accounts of Banks, Corporations, Firms and Individuals desir
ing to avail themselves of our facilities, developed and perfected
during a period of forty years, are invited.
RALPH VAN VECHTEN, President
GEO. B. DOUGLAS. Vice President
ED H. SMITH, Vice President

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

^NECTIO11®

O F FIC E R S

GLENN M. AVERILL, Vice President
KENT C. EERMAN, Cashier
MARTIN NEWCOMER, Asst. Cashier

CHAS. C. KUNING, Asst. Cashier
KARL H, REHNBERG, Asst. Cashier
GEO. F. MILLER, Asst. Cashier

THE

NORTHWESTERN

BANKER

May, 1918

Neb., have made an increase of 140 per cent during the
past year. At time of the call the deposits amounted
to $427,349.84 and a year- ago they were $286,219.16,
and two years ago they were $177,832.13, showing a
gain during that time of $249,517.71. The capital stock
is $25,000 and the surplus $25,000.
Frank Pilger is president; Daniel C. Deibler, cash
ier; Allen L. Bechter and F. R. Ward, assistant cash
iers.
L A R G E C O N V E N T IO N S H E L D .

Over 300 bankers registered at the meeting of Group
Three of the Nebraska Bankers Association which was
held at Norfolk, April 22d. Addresses were delivered
by J. E. Haase, Norfolk; C. D. Young, Coleridge; Rev.
L. Kuhns, Omaha, and A. E. Ramsay, federal reserve
agent of Kansas City. All of the talks were marked
with patriotism and were enthusiastically received.
A very successful meeting was also held by Group
Two at Fremont on April 22d. The program opened
with an address of welcome by Mayor W . C. Wiley.
T. L. Mathews spoke on behalf of the Fremont Clear
ing House Association. Emil Folda, of Clarkson, gave
the president’s address and an address was made by
W . S. Heston, of Harrington, president of the Nebras
ka Bankers Association.
Ward M. Burgess, state director of the national war
savings committee, spoke on the “ War Savings Cam
paign.” Among the other speakers were J. Howard
Heine, cashier of the Farmers and Merchants National
Bank of Fremont, and Gordon W . Wattles, of Omaha,
and Dr. E. D. Hull, of Fremont.

A Business Building Department
that takes

YOUR B A N K ’S
Advertising problems into mind, is a
new service this bank now renders to
its out-of-tow n correspondents.

W rite fo r In fo r m a tio n .

The Packers National Bank
UNION STOCK YARDS

OMAHA
C apital $200,000.00

CR AW FO RD BAN K CHANGES H ANDS.

S u rp lu s $100,000.00

NEBRASKA
N E B R A S K A GROUP M E E T IN G S .

The group meeting dates for the Nebraska Bankers
Association are as follow s:
Group Five, Kearney, Thursday, May 9th.
Group Four, Hastings, Wednesday, May 15th.
Group One, Lincoln, Wednesday, May 22d.
Group Six, O’Neill, Tuesday, June 4th.
Group Two met at Fremont on April 22d and Group
Three at Norfolk on April 22d.
PIER CE S T A T E B A N K .

The deposits of the Pierce State Bank of Pierce,

W A L T E R

B.
F. Johnson, who has been president of the First
National Bank, of Crawford, Neb., has disposed of his
stock in the bank to Dr. O. R. Ivins, who has been
elected president. There is no other change in the
personnel of this institution which remains as follow s:
F. McGiverin, vice president; C. A. Minick, cashier,
and Clyde J. Hornsby, assistant cashier.
Dr. Ivins is a successful young business man of ex
tensive acquaintance in Crawford and will bring ad
ditional strength to the banking institution of which
he is noW the head.
N E W B U IL D IN G C O M P L E T E D .

The beautiful new home of the First National Bank,
of North Bend, Neb., has recently been completed.
The front is of terra cotta and built with a large heavy'
plate glass door with bronze protection. The vestibule
is entirely lined with marble and the interior is finished
with marble to a depth of 4y2 feet above which is the
sand finished plaster, decorated in light tan with a

H. R H O D E S

Bank Specialist
Confidentially representing particular clients in the purchase or sale of
desirable banking institutions.
Omaha, Nebraska

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

Phone Douglas 5546

620 W orld-H erald Bldg.

May, 1918

THE

U n it e d

NORTHWESTERN

S t a t e s

BANKER

N a t i o n a l

B a n k

OF OMAHA, NEBRASKA
Capital - - - -

M. T. BARLOW. President

$1,000,000.00

G. W . W ATTLES, Chairman Of the
Board

Surplus and
P r o fits .............$925,000.00

W . E. RHOADES, Vice President
R. P. MORSMAjV, Vice Pres. & Cash.
J. C. M’CLURE, Asst. Cashier

Deposits - - - - $22,000,000.00

G. H. YATES, Asst. Cashier
C. F. BRINKMAN, Asst. Cashier

Your Business Cordially
Invited

T. F. MURPHY, Asst. Cashier.
O. WILLIAMS, Auditor

neat stencil border. The ceiling is ornamental beam
plastering finished in ivory and containing three large
skylights. The public lobby has handsome desks and
the floor is of mosaic tile.
This bank, which was established in 1883, is thir
ty-five years old, and is now officered by D. W . Kil
leen, president; E. R. Gurney, vice president; Geo. J.
Busch, cashier; A. V. Kovar and E. E. Ruzicker, as
sistant cashiers.

son, of Cheney, becomes president; Floyd Selbolt, of
Lincoln, vice president, and J. J. Drew, cashier, and
principal stockholders.
The bank was organized in 1909 by Chas. Marshall,
of Douglas, and John T. Marshall, of Panama, and has
enjoyed a satisfactory patronage, the last statement
showing deposits of $92,000.
Mr. Wilson, the new president, is a well-known busi
ness man of Cheney, conducting grain, lumber and
hardware establishments.

V . E. W A R R E N RESIGNS.

Virgil E. Warren, who has been assistant cashier of
the Exchange Bank, of Ogalalla, Neb., for the past
eight years, has resigned in order to take up a similar
position with the Commercial State Bank, of Grand
Island, Neb. During the time that he has resided in
Ogalalla he has made many staunch friends who re
gret his departure.
E. Williams is president of the Commercial State
Bank, while C. H. Menck is vice president and cashier.

B A N K C L E A R IN G S IN C R E A SE .

Bank clearings for the first three months of this
year among western cities show great increases for that
period. Omaha in the first three months of 1918 had
clearings of $681,752,356, while the same three months
a year ago they amounted to $430,262,157. Lincoln
clearings for the first three months of this year were
$59,663,653, while one year ago for the same length of
time they amounted to $48,100,763.

B A N K ST O C K SO LD .

The sale of the stock of the Bank of Cheney, Neb.,
has been recently consummated, whereby T. C. W il-

B A N K OF G R A F SO LD .

N.
M. Davidson, cashier of the Bank of Graf, Neb.,
has sold that institution to R. C. King, of Chadron,
who has been connected with a business normal school,
gllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllinillllllllllllllllllllllllllinilinilllllllllimillllllllll.... ...................... .

JOH N W . TU LLEYS

| M cC o n n e l l

CERTIFIED PUBLIC A C C O U N T A N T

C E R T IF IE D

Audits and Financial Investigations

507-8 Bankers Life Building

& m o e l l e r

P U B L IC A C C O U N T A N T S

OMAHA NATIONAL BANK BUILDING

LINCOLN, NEB.

OM AH A, NEBRASKA
.........................................................................................................................................................................................................................................................Hllllllllllllllllin......................... Ill........MiiM.i.m im l

*Ihe

Merchants National Bank
of

OMAHA,

NEBRASKA

CAPITAL------------------------------- $500,000.00

SURPLUS____ ________________ $500,000.00

UNDIVIDED PROFITS--------- $511,824.00

DEPOSITS_______________.. $10,164,324.68

O F F I C E R S

LUTHER D R A K E , President
B. H. M E IL E , Cashier

ACCOUNTS

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

FR A N K T. H A M ILTO N , Vice-President
S. S. K E N T , Assistant Cashier

SOLICITED

FRED P. H A M IL T O N , Vice-President
F. A. CUSCADEN, Assistant Cashier

DEPOSITORY

THE

NORTHWESTERN

BANKER

May, 1918

S. F. B O Y D E N E L E C T E D C A SH IE R .

S. F. Boyden, who has been cashier of the Security
State Bank, of Ansley, Neb., for the past two years,
has recently become cashier of the State Bank of Blair,
Neb., succeeding Thos. Finnell, who resigned two
months ago.
The State Bank of Blair was established in 1916
and has a capital of $50,000 and surplus of $30,000.
C.
A. Schmidt is president and T. E. Stevens vice
president.
N E W B A N K FO R SE N E CA .
TH E O N L Y B A N K

— in the —
U NION S T O C K Y A R D S

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. C. FRENCH, Vice President
J. S. KING, Ass’t to President
FORD E. HOVEY, Vice President H. C. MILLER, Assistant Cashier
J. B. OWEN, Cashier
F. J. ENERSON, Assistant Cashier
H. W. VORE, Auditor

NEBRASKA
ï iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiin iiiiiiiiiiiiiiiiiiin ii^

but was formerly in the banking business at Elmwood,
Neb. Mr. King has already taken possession and is in
entire charge of the Graf bank.
Mr. Davidson intends to go west and engage in the
banking business. He has been connected with the
Bank of Graf for the past four years where he has
built up the business to its present good showing. The
bank was established in 1902 and has â capital of
$ 10,000.

C IT Y

N A T IO N A L

B A N K

KEARN EY, NEBRASKA
Capital .................................................. $ 100,000.00
Surplus and Profits.....................I . .
45,198.47
Deposits ................................................. 2,090,107.18
OFFICERS
D an M orris ........................................... P resident
Geo. B u r g e r t...................................V ice President
C. W . N o rto n ....................... *........................Cashier
F. W . T u rn e r........................... A ssistan t Cashier
K. O. H o lm e s .. . .Chairm an B oard o f D irectors
Our exceptional facilities for handling business In every
department of banking are at your service.
MEMBER OF THE FEDERAL RESERVE BANK OF THE
UNITED STATES

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

Articles of incorporation have been filed and a char
ter granted for the Seneca State Bank, Seneca, Neb.,
to conduct a general banking business with a capital
stock of $20,000. The officers are: Wm. Steadman,
president; C. E. Westering, vice president, and L. E.
Westbrook, cashier.
Those interested in the new enterprise are all resi
dents of Seneca and surrounding country and have
the funds and business ability to carry on a banking
business successfully.
The other bank in Seneca is the Stockmen’s Bank
which was organized in 1912.
N E B R A S K A N E W S A N D N O T E S.

The Beemer State Bank, Beemer, Neb., recently
purchased from the H. Ehrlich & Sons Manufacturing Co., St. Joseph, Mo., a beautiful set of marble fix
tures trimmed with American black walnut. The in
terior trim is also of American black walnut. .This
design gives the Beemer State Bank one of the nicest,
sets of fixtures in that part of the state.
The Bank of Lewellen, Neb., recently installed a
set of American black walnut fixtures, which they
purchased from the H. Ehrlich & Sons Manufactur
ing Co., St. Joseph, Mo.
The German National Bank, Columbus, Neb., has
changed its name to the Central National Bank.
Herbert Olson has accepted a position in the Farm
ers State Bank, Overton, Neb.
Henry Heiliger has resigned his position in the Bank
of Plymouth, Neb.
The Bank of Dakota County at Jackson, Neb., was
purchased recently by M. R. Boler.
The First National Bank, North Bend, Neb., moved
into their new building recently. The new building is

May, 1918

THE

NORTHWESTERN

BANKER

The Omaha National Bank
O m aha, N ebraska
Established in 1866

Capital $1,000,000.00

Surplus $1,000,000.00

Deposits $31,000,000.00

Exceptional collection facilities for Nebraska and Iowa business.

Items routed direct.

OFFICERS
J. H. MILLARD, President
B. A .'W ILC O X, Vice President
O. T. ALVISON, Assistant Cashier

WARD M. BURGESS, Vice President
FRANK BOYD, Vice President
J. A. CHANGSTROM, Assistant Cashier

one of the finest in the city and the bank one of the
most modern and up-to-date in the state.
N. C. Nelson, formerly with the Markel State Bank,
Markel, Neb., has accepted the cashiership of the Lan
caster County Bank, Waverly, Neb.
The Brunswick State Bank, Brunswick, Neb., are
erecting a new bank building.
Wm. Petty has accepted a position in the Bank of
Lynch, Neb.
The Minatare Bank, Minatare, Neb., has been com
pelled to add another man to their force on account
of the large increase of business during the past year.
Mr. J. G. Elliott has accepted the position.
The mercantile firm of Duff & Moulton, which is
now conducting stores in Sabetha, Bellwood, Kensing
ton and Almena, Kan., and in Tecumseh, Neb., is go
ing into the banking business at Sabetha, Neb. A new
bank is to be started and the firm has the charter.
The name of the bank will be the Farmers State Bank
of Sabetha, and Mr. Duff is to be the president and
Mr. Moulton the cashier.
O U R SE R V IC E A D V E R T IS IN G P L A N .

(Continued from page 25.)
use. It has three sections, as follow s: Help and Posi
tions Wanted, Land for Sale and Exchange, Miscel
laneous Wants. This board is in constant use and
hardly a day passes but what an inquiry is made for
help, a house for rent, or some like need.
A large stock of agricultural bulletins is kept con

W ALTER W. HEAD, Vice President
EZRA MILLARD, Cashier
EDW. NEALE, Assistant Cashier

stantly on hand always, including the testing' of seed
corn, growing of alfalfa, breeding better animals and
so forth.
The bank has also filled a long felt want in the way
of a simple farm account book, which also includes full
details for figuring farm profits and instructions for
making out the income tax. These books are not the
ordinary farm account books given out each year only
to be taken home and never used, but are books
worked out by the extension department of the Iowa
State College and are the result of the most careful
thought, combining efficiency with simplicity.
Not only does service advertising apply to farm cus
tomers, but to the town clientage as well. However,
being in a rural community the greatest stress is laid
on the farm. Nevertheless, the field of ideas is just as
fertile for city banks. The only change being needed
is in altering the service to apply to the particular class
of trade encountered. In fact, a city bank should have
a greater chance for work of this kind because of the
many more lines of work represented within their ter
ritory.
There are so many phases of service advertising that
a small volume could be written upon the subject, but
we have found that one idea leads to another and when
a study is made of the subject, it will be found that
the field is simply bubbling with serviceable ideas,
awaiting a chance not only to strengthen the ties with
the old customers, but to create new acquaintances,
thus opening the way to new accounts.

T h e O n l y W a y to C an cel C h ecks

• •9

is under “ The Perforating Method”—not only because many papers
can be marked at one operation, thus resulting in an actual saving in
time and labor, but it is the only real, effective, positive, efficient man
ner. No smear of ink, no “ skips,” no errors. Every check marked
through and through with PAID and the date of cancellation.

• •
•

•

• •

•

•••
•
•

•
•

• • A
•

•
*
• •*
•

•

• ••

W R IT E T O D A Y for our special 1918 offer—do it today— N O W —
before you lay this book aside and forget all about it, or better still,
just clip this ad and pin it to your letterhead. W e’ll know what you
mean.

T he American Perforator Company

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

• •• •

•• • •
•
•~
•
•
•

•

S tock die
Special dies can be furnished
showing Bank's initials oi* A B A
transit number.
Main Office and Works, 6 19-629 W .
Jackson Blvd., CHICAGO

THE

NORTHWESTERN

BANKER

May, 1918

Minneapolis Bank Changes Name
The Scandinavian American National Bank W ill Hereafter Be Known
as the

Midland National Bank
M inneapolis
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M IN N E S O T A

^iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiitiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiiiuiiiiiiiiiimiimiiiiuiiiiiiiiiiiiiiiiHiiiiiiiiiiiiiiiiiiiiiiiiiiiir

M IN N E S O T A G RO UP M E E T IN G S .

The Minnesota Bankers’ Association divisional
groups will meet during May and June, except the
tenth district group, which met in Minneapolis in
April. Other dates and places are third district, Jor
dan, May_2d; first, Rochester, May 15th and 16th;
sixth, Sauk Center, May 22d; ninth, Fergus Falls, May
23d; seventh, Appleton, May 28th, and second, Pipe
stone, June 12th. The annual convention of the asso
ciation will be in Minneapolis, June 27th and 28th.
S A U K R A P ID S H A S T W O F IN E B A N K S .

The-two banks of Sauk Rapids, Minn., are both in
a very flourishing condition.
The Benton County State Bank is the oldest banking
institution in Benton county. It was organized in
1902 with a capital of $15,000. They have erected a
fine new banking house and in 1910 they increased
their capital stock to $30,000, an increase of 100 per
cent. The officers are: ij W . Bouck, president; Jas.
Lonsdale, vice president; R. G. Neils, cashier; Persis
Lonsdale, assistant cashier.
The Citizens State Bank was started in 1915. They
erected a beautiful new building which they moved
into immediately. Their capital stock is $20,000, with
a surplus of $4,000. Their deposits amount to about
$130,000, and their loans total $145,000. The officers
are: John Wertin, president; T. J. Schaefer, vice presi
dent and cashier.

Portland Cattle Loan Co.
North Portland, Oregon

Capital $400,000

Surplus $300,000

Cattle paper, th ou gh y ou n g as com pared to oth er
standard com m ercial paper offerin gs, has fou n d a perm a
nent place w ith the ca re fu l b a n kers o f the cou n try b e
cau se o f
1. Its desirable m aturities.
2. E ssen tia lly liqu id ch aracter.
3. E lig ib ility fo r red iscou n t w ith F ed era l R eserve
. B an k s up to six m onths m atu rity— and
4. The fa c t that the s tron g endorsem ent o f such a
com pany as our ow n, in addition to the colla tera l
secu rity behind the paper, provides a m axim um
o f s a fety fo r each investm ent.
Let us put your name on our list for weekly offerings.

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Federal Reserve Bank of St. Louis

B A N K T O BE N A T IO N A L IZ E D .

The Security State Bank, of Hanska, Minn., has de
cided to become a national institution and a member
of the Federal Reserve Bank. The name will be
changed to The First National Bank. The officers will
remain the same, namely : George S. Hage, president ;
Iver Stone, vice president; Clifford Helling, cashier.
At a recent meeting of the board of directors it was
decided to increase the capital to $25,000.

B A N K E R S T R U S T & S A V IN G S.

The Bankers Trust and Savings Bank, Minneapolis,
has become a national bank with the name Bankers
National Bank. Owing to the fact that as a trust
company it was somewhat handicapped in transact
ing a general commercial business, it was decided that
it could control a much larger volume of commercial
business with the charter of a national bank.
The Bankers Trust and Savings Bank opened for
business with a capital of $1,200,000 in December,
1916, and celebrated its first birthday with $2,000,000
in deposits. During its first year in business it se
cured membership in the federal reserve system and
was also made the seventh member of the Minneapolis
Clearing House Association.
The officers of the trust company have been re
elected as officers of the national bank, thus keeping
the personnel the same. Frederick E. Bryan, presi
dent, states that a new trust company will be formed
with a capital of $200,000 which will be affiliated with
the bank.

THE BAN K ER S H OTEL

Hotel
Snapp

Our fam ou s M ineral W a te rs
prescrib ed b y physicians.
L ocated n earer a ll th e f a
m ous m ineral sprin gs and
places o f am usem ent than any
oth er la rg e hotel.

E xcelsior Springs, Mo.

ABSOLUTELY
FIRE-PROOF
Where
Hospitality
Reigns Supreme
A home for
your mother, wife
and daughter.

O perated on the A m erican Plan
R a tes from $2.50 to $5.00 per
day.
W rite fo r b o o k le t
Reservations b y w ire o r mail w ill
have ou r immediate attention.

May, 1918

THE

Established 1863

NORTHWESTERN

BANKER

The First National Bank of St. Paul
Capital and Surplus, Five M illion Dollars
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.

R esources F if ty S e v e n M illion Dollars

T W O M IN N E A P O L IS B A N K S C O N S O L ID A T E .

The consolidation of the Franklin Avenue State
Bank and the Liberty State Bank, of Minneapolis,
with total deposits of nearly $400,000, was announced
not long ago.
The Liberty State Bank will practically take over
the Franklin Avenue Bank, both the name of the former
and its building to be retained. The officers of the
Liberty State will also be the officers of the newly con
solidated institution and are: Henry Helvig, presi
dent; H. T. Henryson, vice president, and J. E.
Blegen, cashier.
Total deposits of the Liberty State at the time of
the last call were $179,377, loans and discounts were
$150,062, while the deposits of the Franklin Avenue
Bank were. $185,824 and the loans and discounts, $156,985.
C O N T IN U E D G R O W T H S H O W N .

On February 20, 1912, the deposits of the State
Bank of Northfield, Minn., were $216,318.92; on March
4, 1914, they had increased to $306,833.96; March 7,

1916, $360,718.93; March 5, 1917, $455,186.42, and on
March 4, 1918, at the time of the last call they were
$531,268.25. The capital stock is $25,000 and the sur
plus $5,000.
A. O. Netland is president; F. A. Ruhr, vice presi
dent; S. A. Netland, cashier, and P. J. Mergen, as
sistant cashier.
P O R T L A N D C A T T L E L O A N CO.

The Portland Cattle Loan Company, of Portland,
Ore., has a capital of $400,000 and surplus of $300,000.
They own and offer, subject to prior sale and change
in rate, high-grade notes based on live stock security.
The notes are immediately eligible for rediscount with
the Federal Reserve Bank and its branches.
The officers of the Portland Cattle Loan Company
are: W. P. Dickey, president and manager; Wm. Pollman, first vice president; C. C. Colt, second vice presi
dent; T. J. Mahoney, treasurer; W . A. Willis, secre
tary, and F. G. White, assistant secretary and treas
urer.

Continental and Commercial National Bank
OF CHICAGO

Capital, Surplus and Undivided Profits, $35,000,000
OFFICERS
G eorge M. R e y n o ld s ................................ P resident
A rthur R e y n o ld s ........ V ice-P resid en t
W illiam T. B ru ck n er.V ice-P resid en t
H. E rsk in e Sm ith. .A ssista n t Cashier
Ralph Van V e c h te n .. .V ice-P resid en t
John R. W a s h b u r n .. .V ice-P resid en t
Dan N orm a n ............... A ssista n t Cashier
Alex. R ob ertson .........V ice-P resid en t
W ilson W . L a m p o r t. . . . ............. Cashier
G eorge A. J a ck son . A ssistan t Cashier
H erm an W ald eck
V ice-P resid en t
H arvey C. V ern on . .A ssista n t Cashier
R. G. D a n ie ls o n .. .A ssista n t Cashier
. .
„ v v a ia e c K ----- v ice p resid en t
G eorge B. S m ith .. .A ssista n t Cashier
John P. C ra d d ock .M gr. C redit D ent
John C. C r a ft.................V ice-P resid en t
W ilb er H a t t e r y .. . .A ssista n t Cashier
Jos. M cC urrach. .M gr. F o re ig n Dept.

Accounts of Banks, Bankers, Manufacturers, M erchants and Individuals Invited

Continental and Com m ercial Trust and Savings Bank
Capital, Surplus and Undivided Profits, $5,500,000
Trust, Savings and Bond Departments
OFFICERS
G eorge M. R e y n o ld s ..................................President
John Jay A b b o t t ... ..V ice -P re s id e n t
W illiam P TConf
S ecreta rv
H enry C. O lco tt----- M gr. Bond Dept.

o* w in .™ : :

% S S l i 3 g S ! m .3 g L

S S &

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.

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Federal Reserve Bank of St. Louis

THE

NORTHWESTERN

BANKER

May, 1918

COMPLETE INVESTMENT
SERVICE
Our facilities offer conservative investors
choicest farm mortgages in the Middle
West to net 5 )4 % and 6 % : We handle
Municipal and Corporation bonds, Com
mercial Paper, Short Term notes at best
current rates. Correspondence invited.
Ask for our latest offerings.

Established a Quarter of-a Century

CAPITAL A N D SURPLUS
$ 10,000 ,000.00
Deposits Over Sixty-Five
Million Dollars
Correspondence Invited
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M IN N E SO T A
GlIllimilmilllllllllllllllltllllimillllllllHItHItllllllllllllllllllllMIIIIIIIIIIIIIIIIIIHIIIIIIIIIIIIIIIIIIHIIIIIIHIIIIIIIIIIHIIIIIIIIMIIIIIIIIIIIIIlff

N E W B A N K A T T H IE F R IV E R F A L L S .

Thief River Falls, Minn., now has a new bank,
known as the Farmers and Merchants State. Open
house was held when the bank was ready for business,
in order that the public might view the new quar
ters which have been in the course of preparation dur
ing the greater part of the winter.
The president, Robert McGinn, is one of the bestknown men in this section, having resided there for
23 years. H. D. Keene, vice president, will bring to
the bank the benefit of long acquaintance. L. A. Lampert, cashier, comes from West Union, Minn., where
he was cashier of the West Union State Bank. He is
a young man whose training was had in a farming
community and who, therefore, will fit into his new
post particularly well.
While transacting a general banking business, it

You N eed This
A stamp needed by every bank handling Liberty Loan

^QLD&TABECK
I

INVESTMENT BANKERS
MINNEAPOLIS

will be the aim of the new institution to cater particu
larly to the needs of the farmer and merchant.
E. A. B O IE E L E C T E D C A SH IE R .

Emil A. Boie, formerly assistant cashier of the Na
tional Citizens Bank, has been elected cashier and à
director of the National Bank of Commerce, Man
kato, Minn. He has had eleven years banking experi
ence and formerly was one of the state bank examiners.
Under the administration of John H. Hohmann,
president, the bank has prospered and shows great
growth during the three years he has held the position
of chief executive.
Mr. Boie succeeds Chas. O. Hoerr, who was cashier
of the National Bank of Commerce, as he desired to
go into business for himself.
S E E D IN G T W O W E E K S E A R L IE R .

Seeding this year is at least two weeks ahead of the
average in Minnesota and in some localities throughout
the southern section and the northern half of the state
the wheat acreage is nearly completed, indicating that
three-fifths of the state’s wheat crop is already in the
ground.
The’ state food administration, in a recent estimate of
the wheat acreage for Minnesota this season, placed
the total at 4,000,000 acres out of an estimated total of
13,000,000 acres under cultivation for corn, oats, hay,
barley, potatoes and wheat, an increase of 690,000 acres
over last year’s wheat acreage, but 160,000 acres under
the total of wheat planted in 1915.

B on d s fo r r e co rd in g paym ents on ba ck o f loan card.
P r ic e O n l y $ 1 .2 5

S en d fo r O n e T o d a y

R E C O R D O F PAYM ENTS
Paym ents
Due

D A TE
5$

Am ount o f Interest
Payment Accrued Total Paid

Teller

by M ay 4

2 0 % by M ay 28
3 5 % by July 18
40 % by Aug. 15
100%
Interest Paid

Actual Size

St. Paul Stamp W orks

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Federal Reserve Bank of St. Louis

74 Fifth Street, St. Paul, Minn.

N E W B A N K B U IL D IN G C O M P L E T E D .

The Citizens’ National Bank, of Fairmont, Minn.,
has opened for business in its new building. The in
terior is in marble and the finest of wood work. In
the rear of the bank office and lobby are two rooms
which may be thrown together. The one leading from
the bank office is the directors’ while leading from the
lobby is a room which can be used by farmers and
township officers who need a place to go for consulta
tion or for the transaction of business while in the
city.
Henry Ledebur is president; H. P. Johnson, F. L.
Bode, vice presidents; W . H. Niemeyer, cashier, and
C. H. Brodt, assistant cashier.

May, 1918

THE

NORTHWESTERN

BANKER

AMERICAN FIXTURE COMPANY
Kansas City, Missouri

C O M P L E T E E Q U IP M E N T F O R B A N K S
N ew Building
Fixtures

Decorations
Remodeling

IN T E R E S T SU R PASSES D E P O SIT .

A woman walked up to the savings window of the
Minnesota Loan & Trust Company, Minneapolis, re
cently and presented a pass book dated 1891, contain
ing a single entry for $2,850.
“ I want to withdraw what I have coming to me,”
she said.
The teller figured a minute and asked her whether
she wanted currency or a check. His pen never
sputtered as he wrote a check for $7,349.16 covering
initial deposit and accrued interest of $4,499.16. In
terest for the period had been compounded quarterly,
part of the time at 4 per cent and part at 3^2.
“ This is an interesting object lesson on how money
saved will accumulate if left undisturbed,” said J. W.
Byers, cashier. “ The depositor received 157 per cent
more than she put in, and the company, too, no doubt,
profited by carrying the account.”

Floors
Lighting

Furniture
Interior "W oodwork

“ I understand Mr. Pitts must have written to you
telling about our activities. It makes a fellow feel fine
after working hard all winter with the boys, two or
three times every week, getting them to look as much
like soldiers as possible and on other nights digging
into the drill books to keep posted and at the same
time do all the one hundred and one things that
come up for the assistant to do in these small town
banks, it feels fine, I tell you, to have the boss think
that you have done well and that he and others take
an interest in the outside affairs that we have. It
pays a fellow for having to build a fire in the drill
hall and sweeping the floor about every night, too.
“ Other things also help to give us the grand and
glorious feelin’—the spring is fine and just the right
kind of weather for the farmers to get in a good crop
—-and the Sammies are going into the thick of it and
will soon make such an account of themselves that
we will want to get on top of the building and cheer.”

B A N K E R A P P R E C IA T E S M E N T IO N .

W e are in receipt of the following letter from E. A.
Dugstad, assistant cashier of the First State Bank of
Taopi, Minn.:
“ Just got the April number of The Northwestern
Banker and it sure was hard for the buttons on my
vest to stay on when I got to the write-up about our
little doings here. Thank you and I want to tell you
that we certainly enjoy The Northwestern Banker
every month.

6% Farm Mortgages
We have on hand a well selected list of 6 per cent Farm Mortgages— loans made by
our own banks throughout the Middle West.
W rite f o r list.

Bankers Farm Mortgage Co.
A. J. Peterson, President
T. M . Antony, Vice Pres.

608st?paulMiNN.d9

Samuel Lewison, Vice Pres.
Arthur Ovrom, Sec. and Treas.

Established 1880

B A N K POSITIONS

Drake-Ballard Co.

We have attractive openings in both City
and Country banks for experienced men and
women.

FARM MORTGAGES— MUNICIPAL BONDS

Our Service Will Plea'se You.
Correspondence Solicited.

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

Can use cashiers, assistant cashiers, book
keeping machine operators, stenographers.

B u sin ess Service Com pany
M inneapolis, M innesota

(Banking Department)

McKnight Bldg., Minneapolis.

THE

NORTHWESTERN

BANKER

May, 1918

H ave Y o u a Liability Ledger
Can you tell at a glance just how much each borrower owes you?
Don’t depend wholly on your note case. Sometimes a note is
misplaced. The Liability Ledger is a check on your note case
and when a customer wants to settle up you have all the infor
mation on his sheet.
Some Prominent Users of Kirtley Ledgers
Citizens Trust & Savings Bank, Davenport,
Iowa.
Continental National Bank, Sioux City, Iowa.
Sioux Falls Savings Bank, Sioux Falls, S. D.
First National Bank, Centerville, S. D.
First National Bank, Bancroft, Neb.
Nebraska State Bank, Norfolk, Neb.

W e want to tell you about the Kirtley Liability Ledger, how it
saves time in posting and referring to accounts.
W rite for information today to

Hammond Printing Co. ™ i K I FS

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M ONTANA

' I
4

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G RO UP 2 M E E T S A T G L E N D IV E .

Group Two of the Montana Bankers Association
meets at Glendive on May 28th. Officers of the group
are: W . A. Brubaker, Terry, president; C. A. Banker,
Glendive, vice president; J. H. Sharpe, Sidney, secre
tary.
Group Three will meet in Missoula on June 3. There
are 60 banks represented in this group. Speakers of
national prominence will address all of the different
groups of the association of this state.
M O N T A N A B A N K S JOIN A. B. A.

The following Montana banks are listed in the A.
B. A. Journal’s “ New and- Regained Members:”
Farmers State Bank, Conrad; Citizens State Bank,
Dooley; Montana National Bank, Havre; First Na
tional Bank, Highw ood; Inverness State Bank, Inver
ness, and Roundup National Bank, Roundup.
L O A N C O M P A N Y O R G A N IZE D .

The Citizens Loan Company, of Roundup, Mont.,
is the name of a new institution being formed by stock
holders of the Citizens State Bank. The new com
pany has a capitalization of $25,000. Its principal
pillllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllM^

purpose will be to, make farm loans. The basement of
the bank building will be fitted up for the company’s
offices. The officers will probably include the official
personnel of the bank which is: M. B. Swanson, pres
ident; C. F. Richardson and G. Bachman, vice presi
dents; I. E. Schneider, cashier.
L E H IG H S T A T E B A N K PROSPERS.

The Lehigh State Bank, Lehigh, Mont., which was
organized in November, 1917, has during that short
time made a very excellent showing.
The officers of the bank include P. J. Osweiler, pres
ident, who is also cashier of the Bank of Fergus Coun
ty at Lewistown, and B. F. Brown, cashier, the latter
being in active charge of the business. Mr. Brown
has had extensive experience in the banking business
in Minnesota, South Dakota and Montana.
The volume of business has increased rapidly until
employment of an assistant cashier was necessary, this
position being taken by Noel B. Rawls, who has been
identified with the industrial development of Southern
Idaho for the past ten years.
The Lehigh State moved into its new building in
February. It is one of the most commodious, comfort
able and well-lighted bank homes to be found in any
town of similar size.
CROP R E P O R T O P T IM IST IC .

The Banking Corporation of Montana at Helena
has issued its first crop report for 1918. It is very
optimistic in tone. It is in part as follows: “ Thus
far conditions are ideal and with continuance of a few

| BANKS BOUGHT and SOLD |
1

Confidentially on Commission

JACOB BACKER, BANK BROKER

405 P io n e e r B l d g .

ST. PAUL,

MINN.

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Electrical Equipment for Banks
The complete electrical equipment for the Valley National Bank
Des Moines, was installed by us and is the acme of perfection.
Get our prices first, for your bank or home
Write or phone.

GREAT WESTERN ELECTRIC COMPANY
Phone Walnut 6155

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Federal Reserve Bank of St. Louis

604 High St., DES MOINES, IOWA

Stow& Davis Furniture Company
Grand R apids, M ich.
Manufacturers of Bank and Office
Furniture
W hen you have banking rooms to furnish
com e to Grand Rapids and see our line or
send your schedule to us through your
dealer before purchasing.

THE

May, 1918

NORTHWESTERN

BANKER

NE of the best investments
the people of the United
States have made is the generous
support given the American Red
Cross in the last twelve months.

Poor old suffering Europe today knows
us as a great-hearted nation because of
the magnificent work accomplished by
our Red Cross over there. And for that,
they will never forget us. Soon again
we shall be asked by the organization
for another $100,000,000 that this labor
may be continued. We must see that
the measure is filled to overflowing.
—‘Just one more little individual sac*
rifice for the cause of humanity.

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Federal Reserve Bank of St. Louis

This space donated by The Northwestern Banker to the American Red Cross

THE

NORTHWESTERN

M ONTANA

more warm days, and absence of a zero snap of weath
er, which is not at all probable, but always possible,
Montana is on the high road to a wonderful crop.
The winter wheat acreage is estimated as 25 per cent
greater than last year and there has been absolutely
no winter-killing whatever, the crop being in the finest
shape noted for many years.
“ Prospects for hay per acre production are promis
ing.
“ Present weather continuing, it will be a marvelous
year for Montana as a 30,000,000 bushel crop of wheat,
at the indicated price of $2.50 per bushel at point of
delivery, would mean $75,000,000. And in addition,
there will be flax, rye, oats, barley, peas, beans, sugar
beets, hay, potatoes and live stock.”
J. M. W A R R E N N E W C A SH IE R .

J. M. Warren, who has been the assistant cashier of
the Farmers State Bank, of Conrad, Mont., since its
organization a short time ago, has resigned in order
to become cashier of the State Bank of Dodson. Sen
ator C. B. Roberts, of Great Falls, and president of
the Farmers State Bank of Conrad, is associated with
Mr. Warren in the Dodson Bank and the institution
is one of the strongest in that part of the state.
Mr. Warren, president of the Dodson bank, disposed
of his stock to Mr. Warren .
The bank was established in 1913 with a capital of
$ 20,000.
SC O B E Y B A N K S H A V E L A R G E D E P O SIT S.

The three banks of Scobey, M ont, had deposits
amounting to a total of $642*628 according to reports
made at the time of the last call. The First National
Bank leads all banks in Sheridan county with the larg
est total resources.
The First National Bank had deposits of $357,556;
the Citizens State Bank, $274,910, and the new Mer
chants National Bank, $10,168.
N E W B A N K O R G A N IZE D .

A new bank has been organized at Pablo, Mont.,
known as the Farmers State Bank, with a capital of
$20,000. B. O. Shennum, formerly vice president of

NORTHWESTERN STAMP WORKS
ST. PAUL, MINN.
R u b b er S tam ps of E very D escription
Other Specialties

Seals
Check Protectors
Key Checks
Identification Checks

Desk Plates
Signs
Pads
Inks

and in fact anything in the stamp line.

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Federal Reserve Bank of St. Louis

BANKER

May, 1918

the Farmers State Bank, of Porter, Minn., will be
cashier and manager of the new institution. W . A.
Gregg will be president and Carl Iverson, of Minneap
olis, vice president.
T H E B U IL D IN G T H A T B U IL T T H E B A N K .

(Continued from page 10.)
Towners got together they talked of growth and ex
pansion. The ultra-conservative element, which had
for so many years stifled somewhat the progress of
the community, had caught the fever. Only it placed
the emphasis not so much upon growth as upon such
qualifying words as “ sound”, and “ substantial.”
But each and all had reached that pitch of civic
pride at which it was someone’s privilege to assume
leadership. Naturally, that leadership should devolve
upon a bank. Some of the new buildings had begun
to express the yearning for a new architectural stand
ard. This was a civic tendency, compelling and not to
be ignored. It was the privilege of the bank to set that
standard, to regenerate the physical manifestation of
Our Town’s goodly pride; it was a service to the com
munity, unselfish enough, yet bound to pay huge divir
dends.
“ All of which means, I repeat, a new building,” said
Sutherland. And when that meeting was over, Suth
erland carried tentative authority to attack the build
ing problem.
M O N T A N A N E W S A N D N O T E S.

C.
N. Lukes has been made active vice president of
the Miles City National Bank. Mr. Lukes has been
in the banking business for thirty years, coming to
Miles City eight years ago from Sioux City, Iowa, to
fill the position of cashier in the Commercial Bank,
resigning that office last January.
The Farmers Bank, of Pablo, Mont., will soon be
ready for business with a capital of $20,000.
W. S. Davidson, cashier of the Gallatin Trust and
Savings Bank, Bozeman, Mont., since its organization
in 1902, was elected president of the institution, suc
ceeding the late H. A. Pease. E. S. Edsall, who has been
the bookkeeper and assistant cashier for the past four
teen years, was elected cashier to succeed Mr. David
son and L. C. Bergen was elected assistant cashier.
Judge Ben C. Law was elected to the directory to fill
the unexpired term of the late Mr. Pease as a member
of the board.
Don Jacobus, who has been connected with the Con
rad Trust Company, Poplar, Mont., for several years,
has succeeded Howard Algers as cashier of the First
National Bank, of Brockton.
Orrick O. Duncan, who has been the chief stock
holder and manager of the Buford Mercantile Com
pany, of Virginia City, Mont., has disposed of his
holdings to become a stockholder and cashier in the
Southern Montana Bank, at Ennis, Mont.
The StockmeVs State Bank, of Browning, Mont.,
has been incorporated. The incorporators are Charles
W. Buck, Charles A. Bird, T. E. Scriver and others,
of Browning. Capital, $35,000.
Senator C. B. Roberts, of Great Falls, Mont., and
associates shortly will open a new bank at Fort Ben
ton, Mont., and it will be known as the Farmers State
Bank.
The meeting of the Eastern Montana Bankers Asso
ciation will be held at Glendive, Mont., this year. The
date for the meeting will be May 28th.

THE

May, 1918

AU D IT O R S

N O R T H W E S T E R N . BAN KE R|

BUSINESS SYSTEM S

F IN A N C IA L STA TEM E N TS PREPARED

BILLIN G S, P R O U T Y

AND
TOM
C E R TIFIED P U B L IC A C C O U N T A N T S

P K IN S

MEMBERS A M E R IC A N INSTITUTE OF A C C O U N T A N T S !

DES M O IN ES, I O W A

W ATER LO O , IO W A

DAVENPORT, IO W A

| CEDAR RAPIDS, I O W A

Hippee B uilding

Black Building

Putnam Building

C . R . S. Bank Building

Gerald Surgensen, of Wenatchee, Wash., has re
signed his position in the First National Bank, of that
city, and has accepted the position made vacant in
the Farmers State Bank, Conrad, Mont., by the resig
nation of J. M. Warren as assistant cashier.
The Security Bank directors, of Plentywood, Mont.,
have elected George M. Ryerson cashier to fill the va
cancies caused by the enlistment of S. C. Fasborg,
cashier, and John S. Gregg, assistant cashier.

ness will be interfered with, and to suppress unauthor
ized rumors, we believe that the government ought to
publicly announce its policy relative to restriction upon
the building industry. A mere statement that the gov
ernment will not interfere with industry beyond the
absolute necessities of war, will bring money from its
hidden places, will stimulate and revive business— a,
result of incalculable importance to the people of this
country and to the government.

U R G E B U IL D IN G N O T BE R E ST R IC T E D .

Robert McBride will leafve Cavalier, N. D., in the
near future to make his hcjme in Grand Forks, N. D.
He has resigned his position as president of the Mer
chants and Farmers Bank, (Cavalier.
The First National Bank, of Montpelier, N. D., has
applied to the comptroller of the currency for a charter.
It is capitalized at $30,000. |

The Administrative Council of the National Associa
tion of Ornamental Iron and Bronze Manufacturers
has passed resolutions pertaining to thê present state
of the building business, a part of which is as follows :
Whereas, It is persistently rumored that the gov
ernment intends to restrict or limit the building indus
try and to discourage all building not absolutely re
quired for the promotion of the war, and these rumors,
whether based upon fact or fiction, are destructive of
the building business. The building and its applied in
dustries is second only in size, importance and propor
tions to the farming industry in the number of people
to whom it gives employment and the capital invested
therein, and it is to be remembered that a limitation or
restriction of the building business will effectually
injure and almost eliminate the great functions per
formed by Building and Loan Associations, thousands
in number, with millions of depositors. Their principal
business being to build homes for people with limited
capital, and
Whereas, Any limitation or restriction upon the
building business beyond the absolute needs of war,
will drive the mechanics engaged in it into other and
different occupations, break up organizations and de
stroy the life-time calling of men, and leave the build
ing industry in a chaotic state when the war is over.
W e conceive it to be almost impossible to measure the
infinite ways in which government restriction of this
industry will injure the productive activities of so
many people, and we conceive it to be of the highest
importance that every industry be productive to the
fullest extent in order that people may be able to sup
port the government in its needs for money. An im
poverished people out of work, with great organiza
tions broken up, will not be able to give the necessary
support to the government.
Therefore be it Resolved by the National Associa
tion of Ornamental Iron and Bronze Manufacturers,
that we respectfully petition the government to make
no unnecessary restrictions upon the building industry,
and in order to allay the fears of people that the busi-

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Federal Reserve Bank of St. Louis

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

Capital
.
.
J'
Surplus and Profits (Earned)
Deposits (Mar. 4,1918) ,

$ 10,000,000

11,966,000
319,885,000

OFFICERS
A. Barton Hepburn, Chairman of the Advisory Board
Albert H. W iggin, Chairman of the Board of Directors
Eugene V. R. T hayer, President
Samuel H. Miller....V. Pres.
Chas. D. Smith. .Asst.
Edw. R. Tinker....... V. Pres. |Wm. P. Holly... .Asst.
Carl J. Sehmidlapp.-V. Pres. ! Geo. H. Saylor... .Asst.
Gerhard M. Dahl..... V. Pres. IM. H. Howell.... .Asst.
Alfred C. Andrews....Cashier
S. Fred Telleen. .Asst.
Chas. C. Slade..Asst. Cash.
Robert I. Barr... .Asst.
Edwin A. Dee....Asst. Cash. I Sewall S. Shaw Asst.
Win. E. Purdy--Asst. Cash.
L. H. Johnston. .Asst.
DIRECTORS
Henry W . Cannon
] Samuel H. Miller
A. Barton Hepburn
IEdward R. Tinker
Albert H. W ig gin
i Henry B. Endlcott
John J. Mitchell
|Edward T. Nichols
Guy E. Tripp
Newcomb Carlton
James N. Hill
Frederick H. Ecker
Daniel C. Jackling
, Eugene V. R. Thayer
Frank A. Sayles
Carl J. Schmidlapp
Charles M. Schwab
JGerhard M. Dahl
Andrew Fletcher

Cash.
Cash.
Cash.
Cash.
Cash.
Cash.
Cash.
Cash.

w e r e c e iv e Ac c o u n t s o f
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
on fa v o rab le te rm s , an d sh^Il be p le ase d to m e et o r
c o rre sp o n d w ith th o se w h o co n tem p late m aking
ch a n g es o r o p en in g n e w acco u n ts.

FOREIGN EXCHANGE DEPARTMENT

THE

NORTHWESTERN

SIOUX FALLS

NATIONAL BANK
S I O U X F A L L S, S. D A K .
E stablished - - - 1882
S ioux F a lls ' Oldest Bank

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

SOUTH

DAKOTA

fi m i i n i i i m m i m i i i i i m i i i i i i i i m i i i i m m i i i i i i i i i ii i i i i i i i i t i i i i i m i i i i i i i i i ii i m i i i i i ii i i i H ii i i i m i i i im m i i i im i m i m i i i i m i ii i i i i m i i ii i i i i r

B A N K C L E A R IN G IN C R E A SE .

Aberdeen, South Dakota, bank clearings for March
show an increase of $1,513,290, or 48. per cent over
the clearings of that month a year ago. Last month’s
clearings totaled $4,611,063 as compared with $3,097,773 for the corresponding period in 1917.
The Aberdeen National Bank is “going over the
top” in the war garden business this year. Not only

BANKER

May, 1918

is practically every member of the banking force plan
ning to put in a garden, but the bank has evolved a
system for inducing others to raise gardens, by offer
ing prizes for the best looking gardens, and for the
finest products from gardens. Furthermore it gives
a booklet telling all about gardening-making— how to
plant, when tt> plant, what to plant, how to care for a
garden, etc.
IN C R E A S E D W H E A T A C R E A G E .

Ten to twenty per cent increase in the wheat acre
age of South Dakota is indicated by reports gathered
from all sections. In the corn section of the south
eastern part of the state, men are sowing wheat where
no such crop has been raised on the farm for a num
ber of years. In the vicinity of Menno in Hutchinson
county it is claimed that the increase will run from
10 acres to 20 to the farm.
The Missouri Valley section of the state, practically
deserted wheat raising 10 years ago, but this year a
number of farmers will put in a small acreage, and
all they put in is a big gain.
There is a strong demand for land in South Dakota
this spring. In the western sales, in Butte county
1,760 acres of irrigable land was sold at a total of
$32,840, an average of $18.66 per acre. In Meade
county the sales amounted to 4,667 acres at an aver
age of $13.43 or ¡t total of $62,623. In Meade county
one tract sold at $73 an acre and in Beadle county one
tract at $101 per acre.
A B E R D E E N C L E A R IN G H O U S E .

The Aberdeen Clearing House Association, of Aber
deen, South Dakota, has invited Group Five of the
South Dakota Bankers Association to hold its annual
meeting there in May. This division of the state or
ganization is composed of bankers of Brown, Day,
Grant, Marshall and Roberts counties and its officers
are Henry S. Morris, vice president of the First Na
tional Bank of Sisseton, president, and Floyd Yeager,
assistant cashier of the Aberdeen National Bank,
secretary.
Entertainment of the visiting bankers will be cur
tailed as a war time measure.
The Clearing House Association adopted a resolu
tion calling upon Congress to pass a law distributing
payments of the inconre and excess profits taxes in
monthly installments. It is estimated these taxes
will amount to $5,000,000,000 and the payment of such

Elements of Safety
in “A .B .A .” Cheques
FIRST:
Signature of the purchaser. W hen a customer
buys A . B. A . Cheques from you, have him write his
signature on the proper line ( as shown in the illustra
tion) on each of the cheques purchased.
This signature at once identifies the cheques as
the property of the purchaser and makes it impossible
for anyone to use them without his authority, which
must be indicated by his counter signature.

South Dakota Bank for Sale
Earnings close to 5 0 % last year.
town,’ exceptional territory.

O nly bank in

East Central part of

state, about $45,000.00 to handle.
Every Cheque purchased should be signed on
this line by the customer before leaving the bank.

Bankers T rust Company
M em b er F e d er a l R es e r v e S ystem
A

merican

Agent for issuance of
B ankers A ssociation T ravelers * C heques

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

»
■

Bankers Holding & Investment
Company
Minneapolis

602-3-4 1st National-Soo Bldg.

M innesota

May, 1918

THE

NORTHWESTERN

a huge sum at one time would, the bankers of the
country contend, be a heavy drain on the resources of
the banks and their depositors. It is suggested by the
members of the Clearing House Association in letters
written to Secretary of the Treasury W. G. McAdoo,
and to the South Dakota members of Congress, “ That
to avoid such disturbance as far as possible, they
would favor the enactment of a law distributing such
payments to the government in monthly installments,
commencing in May or June and running through a
period of six or eight months.”
SO U T H D A K O T A N E W S A N D N O T E S.

BANKER

tion as bookkeeper in the Live Stock Bank, at Draper,
S. D.
C. O. Levorson, who for some time has been em
ployed as assistant cashier of the First State Bank,
Pierpont, S. D., has resigned his position. Mr. H. W.
Paulson has accepted the position made vacant by Mr.
Levorson.
,
The Sioux Falls Savings Bank, Sioux Falls, S. D.,
has just had published a book for the use of its farmer
customers, which contains pages for keeping account
of all stock and grain sold and all other items of farm
business.
Ed J. Miller, who has been cashier of the First Na
tional Bank, of Huron, S. D., for 35 years, has. resigned
his position and will take an extended vacation. Mr.
Miller retains his financial interest in the institution
and remains on the board of directors.
Stanton Pearson has accepted a position at the Farm
ers State Bank, Pukwana, S. D.
The private bank of Case & Lathrop, at Plankinton,
S. D., has organized as a state bank, also the A . C.
Whitbeck private bank at Okaton, S. D., has been or
ganized as the Okaton State Bank.
A. H. Norton, formerly with the Minneapolis First
and Security Bank, is now connected with the Scandinavian-American National Bank, of Sioux Falls, S. D.

The Security Bank, of Webster, S. D., which has
$40,000 capital and $700,000 on deposit, was admitted
to membership in the federal reserve system. .
The German State Bank, of Wolsey, S. D., will here
after be known as the First State Bank, of Wolsey, S.
D.
Eugene Reiley has severed his connection with the
Sioux Falls Savings Bank, Sioux Falls, S. D., and has
accepted the position of vice president and will become
a director in the Sioux Falls National Bank. Mr. Reiley
has been prominently identified in Sioux Falls business
circles for many years and is well known throughout
the county and that section of the Northwest as a
shrewd business man and one who numbers his friends
F IR ST Y E A R OF F E D E R A L L O A N S Y S T E M . «
by his acquaintance.
The federal farm loan sjystem has completed its first
H.
Hardman assumed his position as cashier of theyear of actual operation. The first charter issued to a
Lakeside Bank, Lake Andes, S. D., recently in place federal land bank is dated March 1, 1917, and the char
of Helmer Hegnes, resigned.
ters for the other eleven wtere issued during that month.
Barbara Rearick, of Kennebec, has accepted a posi Borrowing under the federal farm loan system is done

Y O U R M IN N EA P O LIS R E M IT T A N C E

“A draft on you, sir—”
Exactly at 10:15 a first squad of messengers leaves our bank for the grain offices. They are back
in twenty minutes. At 10:45 the main body of collectors starts out for a canvass of the whole down
town district.
We watch the fate of each one of your collection drafts with a strong feeling of responsibility; and
we are on the look-out for special opportunities to serve you as your Minneapolis representatives.

T he Northwestern National Bank
Minneapolis, Minnesota

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

Resources $57,000,000

THE

NORTHWESTERN

through national farm loan associations, and thUfirst
charter granted to one of these associations is dated
March 27, 1917; so that while most of the work of or
ganizing the banks, systematizing their business, ap
pointing and training appraisers and the like had to
be done after the end of March, 1917, it may be said
that the banks have just about concluded their first
year of operation. A statement of the business done
during this first year is therefore of interest.
Before the system was put in operation it was argued
that our American farmers would not organize for co
operative borrowing. The answer to this seems to be
found in the fact that up to March 31, 1918, 2,808 na
tional farm loan associations were incorporated, repre
senting about four associations to each five counties
in the United States. These associations average about
twenty members, representing a total membership of
about 56,000 farmers.
The twelve federal land banks have received applica
tions for over 120,000 loans, amounting to about $300,000,000. Many of these applications have been re
jected, reduced or withdrawn. About 80,000 loans
have been approved, amounting to over $160,000,000,
and on over 30,000 of these loans money has been paid
to the farmers to the amount of about $80,000,000.
Many of the loans approved were for reduced amounts
which the borrowers declined to accept.
Notwithstanding the unusual expenses incident to
the operation of new machinery and to the appraise
ment and determination of title on many loans that
have not yet been closed, the expense of the banks
in doing business has been within such limits as to
justify the expectation of the farm loan board that
these banks will easily be able to operate on a differ

BANKER

May, 1918

ence of one-half of one per cent between the loaning
rate and the rate which they pay on their bonds.
None of the banks, of course, received any appreciable
income from their business during the first half of the
year, but during the last half the business of the
Spokane Federal Land Bank, for example, was suf
ficiently profitable to come within about $10,000 of
wiping out the excess of expenses incurred in the first
half and the volume of business on its books assures
it a handsome surplus for the second year. Every
borrower, when he Takes out his loan, makes a sub
scription which increases the stock of the federal
land bank to the extent of five per cent of the amount
borrowed. These stock subscriptions of borrowers, in
the case of several of the banks, are now so large that,
in accordance with the provisions of the act, the retire
ment of the original stock of the banks, which was
principally subscribed by the government, will begin
within a few months.
F A R M L O A N S R E A C H $13,471,474.

During the month of March, $13,471,474 were loaned
to the farmers of the United States by the Federal
land banks on long time first mortgages, according to
the monthly statement of the Farm Loan Board. The
Federal Land Bank of Omaha, which led in February
in amount of loans closed, also leads in the March
business, the figures' for that bank being $3,248,050.
The other banks closed loans in March as follows:
Spokane, $1,923,830; Houston, $1,711,509; New Or
leans, $1,074,015; St. Louis, $1,024,805; Wichita, $950,200; Louisville, $905,400; Berkeley, $673,200; St. Paul,
$615,400; Columbia, $539,725; Springfield, $426,140,
and Baltimore, $379,200.

Bronze Bank Signs

THIS BANK
Building

and its equipm ent designed and

constructed under the direction of

FRIDSTEIN & COMPANY

Make your hank distinctive.
B ronze sign s in fro n t o f y ou r bank, b ea rin g in d ig n i
fied m anner the b a n k ’s name, w ill add m uch to its a t
tractiven ess, m ake you r bank metre distinctive, and
len d an air o f d ig n ity and sefcurity.
Use C incinnati b ron ze n am e-p la tes on you r officers’
desks.
T h rou gh an exp erience and business g ro w th c o v e r
in g s e v e n ty -fo u r years, w e are in position to fu rn ish
you r bank w ith superior patterns and the best q u a lity
at grea test possible econ om y in price.
W rite fo r special ca ta lo g No. 77, and ask fo r prices
co v e rin g any specia l requirem ents.

B AN K ENGINEERS

The Cincinnati M ig. Co.

NINTH FLOOR, MONADNOCK BLOCK
CHICAGO

Clnmanco Bldg., Cincinnati, Ohio

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

Ornamental Bronze, Iron and Wire Work
for Bank and Office Buildings.

CATALOG F O R T H E ASKING.

May, 1918

THE

NORTHWESTERN

BANKER

A Commercial Bank in a Commercial Cerner

RESOURCES $20,000,000

-ATLANTIC
N A T I O N A L BANK.
NEW YORK

CAPITAL, SURPLUS
£sf UNDIVIDED PROFITS
$1,800,000

O F F I C E % S

P H IN E A S C. LOU N SBU RY', C h a irm a n
E D W A R D K. C H E R R IL L , V ic e P r e s id en t
G IL B E R T H. JOHNSON, V ic e P r e s id en t
W IL L IA M F. F IT ZS IM M O N S , A s s is ta n t C a sh ier

Total Loans $77,927,169.

On April 1st the total amount of mortgage loans
placed since the establishment of the Federal land
banks was $77,927,167, covering 34,145 loans closed,
as against $64,532,343 o n ’ March 1st, covering 28,495
loans closed, an average of about $2,500 each for in
creased agricultural production. During March, 4,832
applications were received, asking for $13,258,601. Al
together 121,759 have applied for loans under this
system, aggregating $286,624,126.
Grand Total Distribution.

The grand total of loans closed is distributed by
Federal land bank districts as follows:

H E R M A N D. KOUNTZE.I P r e s id en
K IM B A L L C. A T W O O D , V ic e P r e s id e n t
F R A N K E. A N D R U SS, C a sh ier
4
JOHN P. L A IR D , A s s is ta n t C a sh ier

Spokane .......................
.$12,651,905
St. Paul...............
12,554,600
W ic h ita .......................
10,422,800
Omaha .......................
9,526,090
Houston .....................
6,240,947
5,237,000
Berkeley .............
New Orleans .........
4,910,960
Louisville ................. ,. 1 . . : ............ 4,650,900
St. L o u is .....................
4,112,900
2,806,450
Baltimore ...................
Columbia ....................
2,455,170
2,357,245
Springfield .......

The Value of the

ST. PAUL CATTLE LOAN CO.
To Your Community
^nifliiilliiiiiimiliiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiuimmiiiiiiii...... tmiiiuiiiuiMiiimiiiiiiimiiitiitiiiiiiiiiimiiiiiiiiuiiiiiriiiimiiiiiiiiiiiniiiiiiiiiimiiiiitiiiiiiiiiiiiiiiiHiiiiiiiiiimiiiiiiiiiiiiim..... iiihmiimiiiiiiiiIiiiiiiiiiihiiiiiiiii ..... mum.

We help promote the Live Stock Industry. I
W e offer attractive terms to bankers desir- [
i ing to build up this class of business.
Correspondence Solicited.

St. Paul Cattle Loan Co.
UNION STOCK YARDS
J. J. FLANAGAN, President
J. S. BANGS, Vice President

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

SO. ST. PAUL, MINN.

A. G . SAM , Treasurer

Affiliated with Stock Yards National Bank

JAY E. M ARKLE, Secretary
F. A. BIRCH, Asst. Sec’y

THE

NORTHWESTERN

NORTH DAKOTA
H. E. W IL D F A N G , C ASH IER .

At a recent meeting of the stockholders and direc
tors of the Sterling State Bank, Sterling, N. D., H. E.
Wildfang was elected cashier, succeeding H. P. God
dard who was promoted to vice president. Mr. God
dard resigned his active connection with the bank to
become county Liberty Loan and Red Cross chair
man to which he devotes his entire time.
C. B. Little is president and Mable Halver is filling
the vacancy caused by D, C. Poindexter, teller, who
has enlisted in the aerial service.
The Sterling State Bank has capital and profits of
$20,000 and resources of over $125,000.
N. D. GROUP M E E T IN G S .

Recently a meeting of the officers of the group or
ganizations of the North Dakota Bankers Association
was held to arrange for the 1918 spring group meet
ings. The dates for the meetings are as follow s:
Hope, May 21; Devils Lake, May 22; Grand Forks,
May 23; Wahpeton, May 24; Harvey, May 29; Kenmare, May 31; Mandan, July 10.
Curtis Moshier, assistant federal reserve agent of
the Minneapolis Reserve Bank, will discuss the work
of the reserve banks and the campaign for the use of
trade acceptances. Geo. H. Johnston, of Wales, vice
president of the Northeastern District Group, will also
discuss the trade acceptances at some of the meetings.

Y our B a n k
Is reflected
tionery

you

by the sta
use.

specialize in printed and
engraved

le tte r

heads,

s ta te m e n t f o ld e r s

an d

booklets.

S e r v ic e , Q u a lity
and Right Prices
Always
Printing - Binding - Loose Leaf Devices
Designing - Engraving - Embossing

THE HOMESTEAD GOMPANY
N IN E T E E N T H A N D G R AN D

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

DES MOINES, IOWA

BANKER

May, 1918

All members should make note of the date of the
meetings and nothing should prevent attendance by
the representatives of every bank in the state. Bank
directors, stockholders, business men and farmers
should be present as the subjects to be discussed are
not only of vital importance to the bankers of the
various communities but to the entire community.
N E W B A N K A T M O N T P E L IE R .

The First National Bank is being organized at Mont
pelier, N. D., with a capital of $25,000 and a surplus
of $5,000. H. T. Marken, secretary-treasurer, and
D. C. Debra, vice president of the Johnston Farm Im
plement Company, of St. Paul, and several Montpelier
merchants are backing the new institution.
B A N K E R S S H O U L D M A K E R E S E R V A T IO N S .

The annual convention of the American Bankers
Association will be held this year in Chicago, Septem
ber 23d to 28th. Convention headquarters will be at
the Congress Hotel and all available space at this
hotel has already been reserved. Arrangements are
being perfected to reserve quarters for the North Da
kota delegation to the convention at a hotel very
convenient to the Congress. Members of the associa
tion, who contemplate going to the Chicago A. B. A.
convention, should write the association office so that
rooms may be reserved and the entire North Dakota
delegation can be located at the same hotel. A num
ber of reservations have already been made and others
should be made as early as possible, as this promises

May, 1918

THE

NORTHWESTERN

BANKER

JOSEPH W A Y N E , Jr„ President
E VA N R A NDOLPH , Vice President
CHARLES M. A SH T O N , Cashier

A . W . PICKFORD, Assistant Cashier
ALFRED B A R R A T T , A ss’t Cashier

The Girard National Bank
P H IL A D E L P H IA , PA.

Capital, $2,000,000

Surplus and Profits, $5,350,000

Deposits, $70,000,000

ACCOUNTS OF BANKS AND BANKERS SOLICITED
“ T o Satisfactorily Handle Your Business, You Need a Philadelphia A ccoun t”
to be one of the most important conventions ever
held by the American Bankers Association and all
available space in hotels near convention headquarters
will undoubtedly be taken.
N. D. B A N K S JO IN A. B. A.

The following banks in North Dakota have recently
joined the American Bankers Association :
State Bank, of Antler; First State Bank, of Binford;
Farmers and Merchants Bank, of Clementsville ; Farm
ers and Merchants Bank, of Cogswell; First Interna
tional Bank, of Columbus; Security State Bank, of
Crosby ; German Bohemian State Bank, of Dickinson ;
National Bank, of Lakota; Farmers State Bank, of
Rhame; First National Bank, of Rock Lake; Sykeston
State Bank, of Sykeston.
H O T E L C O M P A N Y M A K E S F IN E PROGRESS.

Thé North American Hotel Company was organized
in Omaha a few years ago with the avowed purpose
of operating hotels and for making money out of the
undertaking. At the present time this company has
in operation, under construction and planned, a chain
of buildings in the Middle West which will when com
pleted and in operation, represent an investment close
ly approximating five millions of dollars. The North
American Hotel Company is being operated upon the
chain system which has proven so successful in nu
merous other lines of business activity. This company
is managed by men of ability and experience. It has
financial strength which insures its being able to carry
out its plans which is simply another example of what
may be accomplished in the way of business building
where such a business is founded upon the supply of
a vitally necessary commodity or service.
Among properties owned and operated by the North
American Hotel Company is the Blackstone, of Omaha,
which is generally recognized as ranking high among
America’s finest hostelries.

I AM WORTH $ $ TOYOU w' t S a « 5 3 f i L ? r
For a short time only we will give you Absolutely
FREE one gallon of ALLBRITE FURNITURE] POLISH
with every gallon of Polish you order with this ad,
USE] THE] MAGIC ALLBRITE] PIANO, AUTOMOBILE]
AND FURNITURE] POLISH
Price of Allbrite Furniture Polish, $2.00 per Gallon
Remember One Gallon FREE with each Gallon ordered
e h . n . w T s a T i i e . l ^ . la

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

ALLBRITE HIFG. CO., Inc.

E L E C T E D A S S IS T A N T C A SH IE R .

C. M, Tjosvold has bought an interest in the First
National Bank, of Munich, N. D., and has been elected
assistant cashier to succeed E. E. Voge, who has been
called to the colors. Mr. Tjosvold comes from Grand
Forks where he was active in banking circles.
David H. Beecher is president of the First National
Bank; George E. Towle, vice president, and O, A.
Drews, cashier.
The Grant County Bankers Association, in session
at New Leipzig, N. D., unanimously went on record in
favor of deferring the contest for a permanent county
seat until the close of the war in order that all effort
may be concentrated on war work.

T H E . N O R T H W E S T E RN

BANKER

May, 1918

T H E C IT Y N A TIO N A L BANK
OF CLINTON, IO W A

$ 500,000.00
$4,200,000.00

Capital, Su rplu s and Proiits
D eposits . . . . . . . .
OFFICERS
G. SM ITH , President
A. C. SM IT H , Vice-President and Cashier

G. M . CURTIS, Vice-President
A. W . H A N SE N , Assistant Cashier

Accounts of Banks and Bankers received on most favorable terms.

I. E. H A N S E N R ESIG N S A T FARG O .

Correspondence invited.

W A R F IN A N C E C O R P O R A T IO N .

I. E. Hansen, former state bank examiner, and for
the past, year or more cashier of the Equity Interna
tional Bank, at Fargo, N. D., has recently resigned in
order to become connected with the First National
Bank, of St. Paul, in their department of “ Banks and
Bankers.” He will look after the correspondent bank
business, soliciting, attending meetings of bankers
and conventions.

(Continued from page 6.)
compensation received from the United States, would
make the total amount paid to him by the United States
and by the Corporation exceed $12,000.
S e c . 5. That the principal office of the Corporation
shall be located in the District of Columbia, but there
may be established agencies or branch offices in any city
or cities of the United States under rules and regula
tions prescribed by the board of directors.

For the< present Mr. and Mrs. Hansen will continue
to reside in Fargo, as Mr. Hansen will have his head
quarters there while he is getting acquainted with
his new duties for the St. Paul bank.

That the Corporation shall be empowered and
authorized to adopt, alter, and use a corporate seal; to
make contracts; to purchase or lease and hold or dis-

Powers of Corporation.
S e c . 6.

B y an organization h igh ly efficient
in decorating the interiors o f
better h om es and banks
D < g g iii§

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Federal Reserve Bank of St. Louis

a id

E g im a 6 @ i

F ir a k fe d

Op@m

TONE R S
• Interiors «
A sk us for information

fa m e s

lew®

THE

May, 1918

NORTHWESTERN

BANKER

“ The Bank That Service Built
Capital, $1,000,000

Surplus and Profits (earned), $3,450,000

Deposits, $55,000,000

The Seaboard National Bank
OF THE CITY OF NEW YORK

W e a llow in terest on b a n k ers’ balances, and pay d rafts w hen p roperly presented. Our com petitors do lik e w is e ; h o w
ever, the “ PER SO N AL SERVICE E LE M EN T” is a d istin ctive feature w ith The Seaboard N ational Bank.
Efficiency
Readiness
C onvenience
A v a ila b ility
and every phase o f business that prom otes helpful and m utu ally cord ia l relations.
C. C.
C. C. THOMPSON, V ice President
S.
G. BAYNE, President
J. D.
B. L GILL, V ice President
H. W . DONOVAN, Cashier
B. I.
W . K. C L E V E R L E Y , V ice President
J. E.
O. M. JE F F E R D S, A ssistant Cashier
L. N. DEVAUSN EY, V ice President
A SERVICE INCORPORATING

pose of such real estate as may be necessary for the
prosecution of its business; to sue and be sued; to com
plain and defend in any court of competent jurisdiction,
State or Federal; to appoint, by its board of directors,
and fix the compensation of such officers, employees, at
torneys, and agents as are necessary for the transaction
of the business of the Corporation, to define their duties,
require bonds of them and fix the penalties thereof, and to
dismiss at pleasure such officers, employees, attorneys,
and agents; and to prescribe, amend, and repeal, by its
board of directors, subject to the approval of the Secre
tary of the Treasury, by-laws regulating the manner in
which its general business may be conducted and the
privileges granted to it by law may be exercised and en
joyed, and prescribing the powers and duties of its o f
ficers and agents.
S e c . 7. That the Corporation shall be empowered and
authorized to make advances, upon such terms, not incon
sistent herewith, as it may prescribe, for periods not ex
ceeding five years from the respective dates of such ad
vances :

FISH E R , A ssistan t Cashier
SMITH, A ssista n t Cashier
DADSON. A ssista n t Cashier
ORR, A ssista n t Cashier

Advances to Banks.

(1) To any bank; banker, or trust company, in the
United States, which shall have made after April sixth,
nineteen hundred and seventeen, and which shall have
outstanding, any loa,n or loans to any person, firm, cor
poration, or association; conducting an established and
going business, in the United States, whose operations
shall be necessary or contributory to the prosecution of
the war, and evidenced by a note or notes, but no such
advance shall exceed seventy-five per centum of the face
value of such loan or loans; and
(2) To any bank, banker, or trust company, in the
United States, whiph shall have rendered financial assist
ance, directly or indirectly, to any such person, firm, cor
poration, or association by the purchase after April sixth,

LETTER
Progressive Banks should send letters to their customers
at least three times a year.
W e can relieve you of all worry in sending letters.
Do
everything complete.

Over $1,600,000.00

D bs Moines, Iowa

The confidence of the community in the officers
and directors of the Bankers Trust Company
is reflected in the fact that during the first
nine months of its history, deposits have grown
to more than $1,600,000.00.

W ILL H. ZAISER SPECIALTY CO.

We give close personal attention to the ac
counts of Iowa banks and bankers. Visit us
when you come to Des Moines. Write us when
ever we can serve you.

DES MOINES DUPLICATING CO.

B A N K E Q U IP M E N T

Originators “ Zaiser’s” self-indexed loose leaf bank
ledgers. A n y account found in four seconds. A full
line of bank supplies and specialties. Shaw W alker steel
and w ood filing devices.

314 7th Street, DES MOINES, IOW A

BANKERS TRUST COMPANY
DES MOINES, IOWA

La w n Tents
Camping
Tents, Awnings
DES MOINES TENT
& AWNING CO.

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

CAPITAL ONE MILLION DOLLARS
B. F. K auffm an, President
F. W . Sargent, V ice Pres.
C. H. Stephenson, Cashier
D. E. A lld redge, A sst. Cashier
S. C. P id geon , S ecreta ry
D IRECTOR S
A shton Clem ens " Dr.- Ö. J. F ay
C. L. H errin g
•’ J. W . H ow ell
F. W . Sargen t
S. Sheuerm an

.•
H. H. P o lk
B. F. K auffm an
R. R. R ollin s

;

THE

NORTHWESTERN

nineteen hundred and seventeen, of its bonds or other
obligations, but no such advance shall exceed seventy-five
per centum of the value of such bonds or other obliga
tions at the time of such advance, as estimated and de
termined by the board of directors of the Corporation.
Promissory Notes of Banks.

All advances shall be made upon the promissory note
or notes of such bank, banker, or trust company, secured

ESTABLISHED 1872

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

New
and
Modern
Home
of the
VALLEY NATIONAL BANK
and

VALLEY SAVINGS BANK
DES MOINES, IOWA
Com bined C apital and S u rp lu s, $800,000.00
Anxious to serve, Equipped to serve w ell—
W e seek the opportunity.

BANKER

May, 1918

by the notes, bonds, or other obligations, which are the
basis of any such advance by the Corporation, together
with all the securities, if any, which such bank, banker,
or trust company may hold as collateral for such notes,
bonds, or other obligations.
The Corporation shall, however, have power to make
advances (a) up to one hundred per centum of the face
value of any such loan made by any such bank, banker,
or trust company to any such person, firm, corporation, or
association, and (b) up to one hundred per centum of
the value at the time of any such advance (as estimated
and determined by the board of directors of the Corpora
tion) of such bonds or other obligations by the purchase
of which financial assistance shall have been rendered to
such person, firm, corporation, or association: Provided,
That every such advance shall be secured in the manner
described in the preceding part of this section, and in ad
dition thereto by collateral security, to be furnished by
the bank, banker, or trust company, of such character as
shall be prescribed by the board of directors, of a value,
at the time of such advance (as estimated and determined
by the board of directors of the Corporation), equal to at
least thirty-three per centum of the amount advanced by
the Corporation. The Corporation shall retain power to
require additional security at any time.
Fenton E. Roff, for nearly thirty-five years head
bookkeeper at the First National Bank, Council Bluffs,
Iowa, died of blood poisoning recently, after an illness
of but four days.
S TA TEM EN T OF OW NERSHIP
Statement of the ownership, management, etc., required by
the Act of Congress of August 24, 1912, of The Northwestern
Banker, published monthly at. Des Moines, Iowa, for April,
1918. Clifford DePuy, publisher of The Northwestern Banker,
deposes and says that he is the publisher, editor, managing
editor and business manager and that the owners are Mrs.
Emerson DePuy, Alice DePuy and Clifford DePuy. That the
known bondholders, mortgagees and other security holders
owning or holding 1 per cent or more of total amount of
bonds, mortgages or securities are none.
Sworn to and subscribed before me this 12th day of April,
1918.— Helen Dixson, Notary Public. (My commission expires
July 4, 1918.)

The D es M o in es N ational B an k
Des M oin es, Iow a

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

T h e policy o f this bank is to cultivate helpful business relations
with its correspondents and to render at all times the service which
their needs demand and which our equipment insures.
A n expe
rience extending over thirty-five years in catering to such needs has
provided a broad understanding o f the requirements in this field.
W e cordially invite a share o f your business.

Capital and Su rplu s $ 900,000
R esou rces o v e r
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

THE

May, 1918

NORTHWESTERN

“

BANKER

The IN TER-STATE
N A T IO N A L BAN K

GEO. S. HOVEY

K A N S A S C IT Y , M O.
Only Bank in Live Stock Exchange Building.
Vice Presidents
J.

R. M. COOK
M. HELLINGS

Twenty-seven years o f dependable banking service under the same
name and no consolidations.

Capital, Surplus, \
Undivided Profits]

Cashier
A. B. CHRISMAN

Cattle Loans

Assistant Cashiers
DAVID T. BEALS
P. B. MOORE
GUY H. JAMES

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

$ 1 ,8 0 0 ,0 0 0

Our shareholders also own pro rata the stock of the Inter-State
Cattle Loan Company with Capital and Surplus of $750,000.
W e will be glad to correspond with bankers interested in the pur
chase of cattle paper bearing our endorsement.

IO W A LOAN AND TRUST COMPANY
THE BANK FOR ALL THE PEOPLE

DES M OINES, I O W A
Our Deposits March 12, 1917, were $6,233,850.95
(After Consolidation With Century Savings Bank)

Our Deposits March 4th, 1918 were $7,804,741.01
(At Last Call of Superintendent of Banking;

A gain in less than a y.ear of over $1,500,000.00 which speaks well for our service.
Call on us when in the city. Give us a chance to figure on some of your business. Submit
your farm loan applications to us. We are always in the market for mortgages.

D. H. McKee, Vice Pres.
L. E. Stevens, Vice Pres.
D. F. W itter, Vice Pres.

G. B. Hippee, President
B. B. Vorse, Cashier
Edwin Hult, Secretary
J. E. Morton, Ass’t Cashier Simon Casady, Trustee
G. W. Gray, Treasurer
J. G. Rounds, Trustee

THE

Z Z

IO W A

NORTHWESTERN

c o U i ^ c j ^ d

Waterloo, Iowa

W c j o H c f l
Ö M
J bd

E
For May We Quote

The Premier Security
of the World
^

Capital, $200,000.00; Surplus, $60,000.00.

F o u r $2,500.00 n otes one yea r from. M ay 1st,
w ith in terest at 7 % % , execu ted b y B ru n sw ick Munn M usic Com pany, Inc., secured b y co n
tracts and our guarantee.
“ F irst com e, first
served.’’ Our g old bonds, five or ten years at 6%,
and our short term colla tera l notes, R eal E state
secured, viz:

Three or six months..........6% per cent
Nine or twelve months... .6)/^ per cent
A lso g o ld 7% Equipm ent N otes b y R eceiv er o f
K ansas City and N orthw estern R a ilw a y C om
pany, in denom inations o f $2,000.00, one to th reeyea r m aturities.
No b etter secu rities on the
m ark et than these E quipm ent notes.

I
N
V
E
S
T
M
E
N
T
S

There have been loaned b illion s o f dollars on corn
b elt land w ith ou t the loss o f a -single dollar and m ort
g a ges on these lands have com e to be regarded as one
o f the prem ier securities o f the w orld and are held b y
the m ost con serva tive in vestors o f the nation.
This bank is m a k in g loans on this sam e land and to
the sam e farm er under every k n ow n sa fegu a rd w ith
an added secu rity o f govern m en tal in spection and a p
proval o f titles and values.
The five per cent bonds issued by this bank are
based on m ortga ges on farm lan ds on ly in the corn belt
o f Illin ois and Iow a. These bonds are in stru m en ta li
ties o f thè govern m en t o f the United States and as
such, they and the incom e derived th erefrom , are e x
em pt from federal, state, m u n icipal and loca l taxation.
A ny Federal R eserve B ank and any m em ber bank o f
the F ederal R eserve System m ay buy and sell farm
loan bonds issued by this bank. Said bonds are a la w
fu l investm ent fo r all fiduciary and trust funds, and
may be a ccepted as secu rity fo r all pu blic deposits.

First Joint Stock
Land Bank
OF CHICAGO

F. B. D ietrick , Asst. Treas.

CAPITAL, $250,000.00
Continental-Commercial Bank Bldg., Chicago
Valley National Bank Bldg., Des Moines, Iowa

Profits Assured
FOR

IO W A N S

May, 1918

S E C U R IT IE S

Joma Jttiiratmrttf
(Uurpnrattmt

BANKER

W e invite inquiries for full information
from Bankers, Trust Companies and Estates.

Drovers National Bank
OF CH ICAGO
OFFICERS
W ILLIAM C. CUMMINGS, President

DIRECTORS
AVERILL TILDEN

M ERRILL W . TILDEN, Vice President

L. B. PATTERSON

OATES A . R YTH ER, Vice President

JOHN FLETCHER

FREDERICK N. MERCER, Cashier

M ERRILL W . TILDEN
W M . C. CU M M IN G S

H AR R Y P# OATES, Asst. Cashier
BRYAN G . TIGHE
DALE E* CHAMBERLIN, Asst. Cashier
OEOROE A . M ALCOLM , Asst« Cashier

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

GATES A. RYTHER
H. J. AARON

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

Full text of The Northwestern Banker : May 1918, Twenty-Third Year, Number 369

FRASER