Full text of The Northwestern Banker : May 1919, Twenty-Fourth Year, Number 381

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HIPPEE BUILDING, DES MO INES
HOME O F T H E IOWA LOAN & T R U S T COMPANY

MAY, 1919

T W E N T Y -F O U R T H Y E A R
TOTAL NUMBER 381

U B S MMKML B m WA

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Federal Reserve Bank of St. Louis

THE

2

NORTHWESTERN

May, 1919

BANKER

N o rth w e ste rn N ational

D ire c to rs
F. A. CHAMBERLAIN, Chairm’n First & Sec’ty Nat. Bank
E. W. DECKER, Pres. Northwestern National Bank

Life Insurance Company

C. T. JAFFRAY, Pres. First & Security Nat’l Bank
T. B. JANNEY, Pres. Janney, Semple, Hill & Co.

M INNEAPOLIS, M INNESOTA

E. L. CARPENTER, Pres. Shevlin-Carpenter-Clarke Co.
B. F. NELSON, Pres. Hennepin Paper Co.

JOHN T. BAXTER, P r e sid e n t

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.

A

P U R E L Y

MUTUAL,

OLD-LINE,

W E S T E R N

F arm L oan s

= H anover
N a tio n a l
Bank

5

\
£%(yf
INTEREST
M.mM / C 5, 7, or 10 YEARS

Commissions small for choice
loans.

OF THE CITY OF NEW YORK
Nassau and Pine Streets

Options on any interest day.

W IL L IA M W O O D W A R D .. P r e s id e n t
E . H A Y W A R D F E R R Y ......... V .-P r e s.
S A M U E L W O O L V E R T O N .. .V .-P r e s.
JO S E P H B Y R N E ..................... V .-P r e s.
CHAS. H. H A M PTO N ............V .-P r e s.
H E N R Y P . T U R N B U L L ......... V .-P r e s.
WM

C O M P A N Y

Twenty-year loans at 6% and

J. N IE M A N N ......................... A s st. Cash..
W IL L IA M D O N A L D ......... A s st. C ash.
G EO RG E E . L E W I S ......... A s st. C ash.
F o reig n D epartm ent

W IL L IA M H . S U Y D A M ----- M a n a g er
R O B E R T N E IL L E Y . .A s s t . M a n a g er

LEAVITT & T n i c t
JOHNSON
I llic it

f n
l/U t

WATERLOO

Established 1851

Capital
Surplus and Profits

$3,000,000
18,000,000

Federal Land Bank
O m aha, N eb ra sk a
D. P. HOGAN, P resid en t
E. D. MOR.COM, TreAsurer
FR ANK G. ODELL, S ecretary
M. L. COREY, A tto rn ey -R eg istra r

E s ta b lis h e d
by
th e
U n ite d
S t a t e s G o v ern m en t fo r th e so le
b en efit o f b o r r o w in g fa r m e r s.
F u n d s a re o b ta in e d b y th e s a le
o f b on d s - is s u e d
th r o u g h th e
U n ite d S ta t e s T r e a su r y b e a r in g
4%% in te r e s t an d lo a n e d to
fa r m e r s a t a c tu a l c o s t. A ll n e t
e a r n in g s a re d iv id ed a m o n g b o r ­
r o w er s.

A c o n s ta n t a n d a b u n d a n t s u p ­
p ly of th e c h e a p e s t fu n d s a v a il­
a b le from , a n y so u rc e fo r fa rm
lo a n p u rp o se s.

we pay 1% commission.

E . C A B L E , J R ...............................C ash i

The

Oldest in Iowa
22 M illio n s O u tstan d in g

O ver o n e h u n d red I o w a b a n k ­
e r s h a v e o r g a n iz e d a s s o c ia t io n s
an d h a v e lo a n e d fo r u s fro m
$100,000 to $400,000 each . F u lly
o n e h u n d red o th e r s, o r g a n iz in g
a s s o c ia t io n s n o w .
W r it e fo r
b o o k le t s h o w in g e x t r a c t s o f l e t ­
t e r s fro m b a n k e r s e c r e t a r y -t r e a s erer s, t e llin g h o w s u c c e s s f u lly
th e y h a v e h a n d le d ou r lo a n s. No
red ta p e. L o a n s c lo s e d p ro m p tly .
W r ite u s a t o n ce i f y o u r t e r r i­
to r y is n o t ta k e n , a s it is g o in g
fa s t.

THE

FIRST NATIONAL BANK
OF SIOUX CITY, IOWA
IN THE UNITED STATES

New Business Invited
on the b a s is of

SATISFACTORY SERVICE

Resources M arch 4, 1 9 1 9

$15,757,253.89
Your account w ith us w ill be handled
to your satisfaction and advantage

R esources O ver $3,000,000.00

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


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Federal Reserve Bank of St. Louis

A. F. DAWSON, President

JOHN J. LARGE, President
F. A. McCORNAOK, Tice President
H. A. GOOCH, Vice President
L. H. HENRY, Vice President
J. L. MITCHELL, Vice President
O. D. PETTIT, Cashier
FRITZ FRITZ SON, Assistant Cashier
FRANK R. KIRK, Assistant Cashier
JOHN P. HAINER, Assistant Cashier
L. M. ASHLEY, Assistant Cashier

Mav

1919

J. O. TRUMBAUER
Vice President of Iowa Bankers Association
Among the men of Iowa who always have a good story, appropriate to the occasion,
may be listed J. O. Trumbauer, of Waterloo. As a toast-master and a presiding officer,
over fest and fun, his resourcefulness is well known. Mr. Trumbauer was born in
Berks county, Pennsylvania, and educated in the public schools. He came to Jesup,
Iowa, in 1879, and spent the first year on a farm, the next five years in a general mer­
chandise store. His earliest banking experience came while he was with the Citizens
Exchange Bank, at Horace, Kansas. In 1890 Mr. Trumbauer returned to Iowa and be­
came associated with Fowler Company, wholesale groceries, of Waterloo. On January
1, 1909, he was elected vice president of the Leavitt & Johnson National Bank and
Farmers Loan & Trust Company. Since that time he has been actively engaged in
the banking business. As a civic worker he has always taken a most active interest;
this was conspicuous during the Liberty Loan and other W ar Financing Campaigns.
His ever ready, loyal co-operation with the bank members of the I. B. A., not only in
his home group, but with the bankers at large in the state, brought to him a deserved
recognition in his election as vice president of the Iowa Bankers Association on De­
cember 20th, last.


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Federal Reserve Bank of St. Louis

N

B

o rth w estern

anker

709-710 C R O C K g f l B U IE D IN G ^ D E S K O I N E S , I O W A
M onthly, $3.00 pen year, 25c a copy. Entered as second-class matter at Des M oines post office to conform to the postal laws;_ everything else per
taining to the journal,being strictly first class. The oldest financial journal west of the Mississippi River- and the only One in the United States
which is a member of the Audit Bureau of Circulations.

Clifford De P uy
r

Special Representative
Charles Burke

Care Northwestern Banker

Frank A rm strong

M AY, 1919

Publisher
Minneapolis Office
Frank S.' Lewis
8 4 0 Lumber Exchange Bldg.

Editor

Chicago Office

Nèw Tork Office?

Herbert Armstrong

Frank C. Thomas

410 Advertising Bldg.

6 East 39 th St.

St. Louis Office
R. Fullerton Place

118 Merchants-Laclede Bldg.

|8888SSSS888SS8SSS$8888Ä8SS^^
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M S I

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FINISHING THE JOB
ft The Victory Liberty Loan was for an amount much smaller than most bankers and business men
had anticipated. Many thought that it would be for at least six billion or possibly eight billion dol­
lars. The people of the United States can well afford to say, “Sure, we will finish the. job,” because
we are in a very prosperous condition, our finances are in excellent shape and the future was never so
bright as now. Compared with France and some of the other countries in Europe we have subscribed
only a very small amount. In her eighth war loan France subscribed the equivalent of six billion
dollars in one day. During the war she lost one million four hundred thousand men and only has a
total population of forty million. If our losses had been in the same proportion we would have sacri­
ficed three million five hundred thousand men. Today the United States stands on the threshold of
the most wonderful era in the world’s history. Our chances for world trade and international com­
merce are stupendous. Therefore, in financing our Government jwe are merely assisting ourselves to
increase the business of the country that we love the most. Investing money is nothing in compari­
son with investing lives. Many othei4 men invested an arm or a leg or an eye to help win the greatest
war fought for the greatest cause since the dawn of history. We were asked to invest a few dollars,
and every true American was glad and willing to do his part to assist in a great Cause.

I

I

REBUILDING THE WORLD >
ft On every hand we see signs of new construction work. Rebuilding of every character is going for­
ward, as fast as men and material can be gathered for the purpose. Acrois the seas European cities
that have been devastated await the magic touch cf artist and artisan, to bring them forth again with
new beauty and increased usefulness. In our own country, hundreds of new buildings and numerous
new banking structures are being planned and erected, which were held in abeyance during the war.
All this means increased prosperity and renewed commercial activity, both nationally and interna­
tionally. In a recent stirring address, Carter Glass, Secretary of the Treasury, said: “A world is to be
rebuilt, should we timidly pause and debate, as to whom should rebuild it? Not for an hour; the
enterprise should be started right atvay, by the blare of your furnaces and the whir of your mills and
the din of a thousand essential industries. It should be spread in healthy progression to the utter­
most parts of the land. The American peoples should supplement the patriotism of war by the pa­
triotism of peace, and just as American soldiers on the fields of battle made notable conquests for
liberty, so American business men in a different way and through different instrumentalities should
now give expression to their patriotism by promptly and cheerfully meeting the obligations of citizen­
ship, which exigently involve triumphs of peace easily comparable, in their ultimate consequences, to
the greatest victories of war.” Our opportunity for reconstruction work at home and abroad means
increased opportunities for capital and labor to declare increased dividends for their efforts and in ac­
complishing this the hanking interests of the nation will share their just reward in assisting to carry on
the rebuilding era, which is upon us.


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Federal Reserve Bank of St. Louis

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SIMPLIFIED SYSTEMS
In banking and in business the trend is toward simpler and easier methods of doing business. Sim­
plified bookkeeping and short-cut plans and labor-saving machines are used everywhere by up-todate and progressive financial institutions. It therefore seems strange that this same spirit of in­
creased efficiency and simplified methods of doing business has not been adopted by our national
and state authorities in the matter of tax laws. “The ordinary business man,” said one writer, “is ut­
terly bewildered by the verbiage of the laws and the complex regulations and interpretations by ad­
ministrative officials. Especially is this the case with the Federal laws. In the endeavor to adapt tax
laws to modern industrial conditions, many unnecessary and oppressive details have crept into the
statutes and administration. Every person liable to taxation should be able to know just what the
law does, and to determine readily and in advance the probable amount of his taxes, so as to adjust
his affairs accordingly. A growing and serious evil is the waste of productive effort in complying with
the requirements of the numerous tax reports. Not only are business men put to large expense, but
their time is taken up by harassing detail and their attention diverted from profitable activities.” If
the same methods of business efficiency and intelligent organization were adopted by officials, who
have in charge the tax laws of the country, a great deal of time and a great deal of effort would be
saved to say nothing of preserving the equilibrium of the tempers of the American people.

i

I

I

PRINCIPLES THAT FOUNDED A FORTUNE
UNot long ago a very wealthy man died in New York City. He left a business capitalized at $65,000,000.00, He commenced work at $8.50 a week. Here are some of the principles upon which he
based his success and we believe they are worthy of consideration by every wide-awake banker who
wishes to make a big success of his institution. “Every employee is a cog in a great machine. He
should not be required or expected to be the same cog. I have more faith in the boy who has a good
common school education and who begins early in life to work in the business he wants to learn.
Opportunities are every where for willing young men. Quick returns or turning stock quickly is one
of the secrets of success in big enterprises. To look from ten to fifty years ahead and plan accordingly
has been my guiding business policy. Treat your employees so well they will give your customers good
service. My watchword for success is ‘Learn early that other people can do things as well as you can,
and entrust duties to other people.’ ” These are all pointed paragraphs that carry a message of
business foresight and mature wisdom, that you can apply in the conduct of the affairs of your bank.
The success you attain will be measured very largely by the enlarged vision you have of the needs of
your institution and its customers. Successful banks are created because successful men have put
their efforts behind these banks and have given real service to the community in which they live.
“We take more interest in our depositors than we take from them,” is the motto that has guided
many bankers toward the goal of success in the banking business.
I

“ A C A S H IE R ’S C H E C K ” For $3.00 is all that is required to se­
cure the monthly visits of the Northwestern Banker for an entire
year. Each issue contains from 72 to 96 pages of mighty inter­
esting matter pertaining to banks and banking interests in
the territory covered by the magazine.
“ O U R C O R R E S P O N D E N T S ” E v e r y b a n k in.the
Northwest is invited to a place on this list. Send us
items o f 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.
“ S I G H T D R A F T S ” We always carry a large “Re­
serve” o f 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 yvjg
be made of very great benefit to your bank. Do not /*
fail to avail yourself of its privileges.
I
“ A C L E A R IN G H O U S E ” Our columns are a clearing house for all our readers. Express your views on any

SSSS


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Federal Reserve Bank of St. Louis

topic of interest to the banking fraternity and submit same for publi.
cation. You 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 hearfrom you.
“ N O P R O T E S T ” Has ever been offered to the statement that the field covered by the Northwestern Banker
L
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.”
“ S U R P L U S A N D U N D IV ID E D P R O F IT S ” 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”
been tw enty-three years in its present field.

58®

THE

NORTHWESTERN

BANKER

May, 1919

Nation League and Shadow Jumpers
By S. L. Frazier
Some
thoroughbred
lotted space in the sun—
running horses are so
than we could keep out of
“scary” they have to be
the world war, and ever
equipped with “blinders” so they will not “shy” at hope to look a decent man in the face again. We could
their oWn shadows.
not keep out of the war, now could we? Where is the
Isn’t is time to put blinders on some of our thorough­ “fat-head” who dares show his ugly “mug” and say we
bred statesmen? Every innovation, every advance, should have stayed out? He is not to be found. The
every progressive step, must overcome criticism and war in its ultimate and final results has but begun, and
fight opposition. This has always been so and it how in the name of all humanity are we going to get
always will be so. Honest opposition and just criticism out now? We did the only thing that a high-minded
are always in order, to be sure, and the search-light of and patriotic and sovereign people could do, when we
publicity should throw its full flare on all questions, went in, and while we do not want any “entangling
policies and treaties affecting the peoples’ welfare. alliances” abroad, we must have alliances or Leagues
There should be a full and free and open discussion of or treaties or agreements. We have always had them,
all public matters, but “specious” pleadings, and ridicu­ and now it is but a question of form. A new world is
lous criticisms and political buncombe are out of place being born, in great travail, and we are just as much
and can hardly deceive a people with the wide-spread a part and parcel of that new world as any nation, top
intelligence possessed by the average American citizen. o’ the earth. We have put our hands to the plow and
A “League of Nations,” by all means, and, if not, why can not turn back, and who wants to turn back? No­
not? The world is tired and weary and sick unto body but the sucker, the slacker, the grouch, the
death, with War. W hy can’t we prevent war as easily coward, the mollycoddle, the pious-pacifistic-old-fraud
as we can make it? An En­
(who wouldn’t fight to save
during Peace is not an im­
the honor of his wife or the
“Of course we want to feel that the scheme is
possible task. France and
virtue of his daughter) or that
as nearly right and reasonable and fair and
England and Italy and Japan
“weinie-wurst” of a “hun”
complete as it is humanly possible to make it,
and the United States can
sympathizer who t h i n k s
but are we going to listen to the ‘little’ fellows
who rave and roar and gesticulate and weep
prevent future wars,- if they
Germany ought to have an­
bitter, burning tears over the most trifling
“will” to do so. .The' best
other
chance to make the old
questions, and shall we swallow the dope of
thought of the great civilized
world a slaughter-house and
the old fogies, quacks, reactionaries, antedilu­
powers of earth has been
vians and has-beens, who never see anything
a shambles.
good in anything ‘different’— shadow-jumpers,
given to this Peace Propo­
Who doubts but that so
alarmists, pessimists, wool-gatherers, political
sition. The leading states­
virile
and radical and progres­
mountebanks, who still exist in the dim and
men of all these nations have
sive a man as George W ash­
distant past?’
evolved a workable plan and
ington, were he here now,
having made the question one
would be heart and soul for a
of deep study and honest endeavor, having analyzed the “League of Nations” that has for its primary purpose,
problems in thè most thorough and critical manner, the emancipation of the world? When Washington
having dissected the god-of-war, and diagnosed the made his famous observation anent “entangling al­
disease, they come to us with a remedy, a preventive, liances” he explained, did he not, that we were weak
an anti-toxin, dispensed in the laboratory of the. “Uni­ and unable to cope with our foreign adversaries. W hat
versity of Good Will,” and shall we make a “mouth” would he think of us now, that we are the greatest
and throw the prescription into the faces of such power on earth, should we refuse to take our place
famous, highminded and skillful Doctors as “Wilson, in the wonderful scheme of making the world safe for
Lloyd George, Clemenceau and Co?”
democracy, if we refused to listen to the Macedonian
Of course we want to feel that the scheme is as nearly cry of the little nations, or the call of the big nations
right and reasonable and fair and complete as it is in this righteous undertaking looking to the Peace
humanly possible to make it, but áre we going to listen of the World for all time, a forlorn and hopeless scheme,
to the “little” fellows who rave and roar and gesticulate an iridescent dream, without our all-embracing arms
and weep bitter, burning tears over the most trifling upholding and supporting it?
questioni and shall we swallow the dope of the old
Are we afraid of the cars? Shall we “shy” at our
fogies, quacks, reactionaries, antediluvians and has- own shadow? Have we no confidence in ourselves?
béens, who never see anything good in anything “dif­ Have we no faith in anybody? One would think to
ferent”, shadow-jumpers, alarmists, pessimists, wool- listen to these “carping-critics” and fit-throwers and
gathers,'political mountebanks, or “rut-followers”, who alarmists that all the other nations were in a mighty
still exist in the dim and distant past when it-w as combine to wipe the United States off the map. We
possible to live in that “splendid isolation” oncé Oc­ have, fought alongside Belgium and France and Eng­
cupied by the United States?
land and Italy, in good faith, and they accepted our
Circumstances alter cases, and conditions change. services in good faith. They trusted us and we trusted
We can no more evade our responsibility, as one of the them, as we have been doing for the past 100 years
leading nations of the world, or fail to assume our apd more. We have won, as never before, their esteem
obligations to world-society and world-politics, or re­ and their love and their gratitude. They need us much
fuse to do our duty as a world power, or deny our more than we need them, right now. They will need
parts in the brotherhood-of-man, or fail to take our ah
(Continued on page 22)
This article in Mr. Frazier's usual vigorous style throws
some timely sidelights on the progress of events in connec­
tion with the conference at the peace table in Versailles.


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Federal Reserve Bank of St. Louis

May, 1919

THE

NORTHWESTERN

BANKER

7

A System for Uniform Banking
By Melvin A. Traylor
The possibility of the
Mr. Traylor, President of the First Trust and Savings
to have received little at­
Bank, Chicago, treats interestingly of “The Possibility of
development of a uniform
tention
from the Legisla­
the Development of a Uniform Banking System for the
banking system for this
ture,
and
the quasi public
United States.”
country has been under dis­
character of banking to
cussion ever since the passing of the Glass-Owen Bill and have been disregarded. In such states banks have ap­
the establishment of our present Federal Reserve System. parently been treated as if they were ordinary business
It has^ usually taken the form of arguing that all our corporations with no special responsibilities differen­
banking institutions should become members of the Fed­ tiating them from other commercial organizations.
eral Reserve System, regardless of who has issued the
it is, however, undoubtedly of the greatest impor­
charter of the bank in question. It would seem to me, tance to all banks that every bank in the country be
however, that it will be difficult to attain completely satis­ managed in a sound and reasonably conservative man­
factory results without restricting to the federal govern­ ner. Our banks are so inter-related that the possibility
ment the right of chartering banks. It is true that there of failure of any group of them, whether they be fed­
are objections to this, and if same results could be ob­ eral or state banks, will bring about a condition creattained by maintaining our present dual system which has ing panic, a condition which the Federal Reserve Sys­
a strong hold upon the affections of our people it would tem was intended to obviate. Governor Harding in a
be preferable. However, much of the fear of entrusting recent address made the remark that as the result of
the right of chartering banks to our central authority is the establishment of the Federal Reserve System,
a groundless one, and a misunderstanding of what would “financial panic” is an expression which has ceased to
constitute a monopoly in banking. As long as any body have any meaning in our commercial vocabulary. Per­
of men who fulfill certain sim­
haps it is a little early to make
ple requirements can obtain a
claims of this kind, especially
charter for a bank, we have a
Banks are not isolated business institutions
if it be remembered that
free banking system and a
whose success and failure have no influence on
according to the latest fig­
the banking and commercial life as a whole. In
monopoly is impossible. Of
ures available there are in
order -to continue to develop trade our credit
course, the central authority
resources must be mobilized more and more
the _country 21,175 banking
which has the right to grant
and this is impossible if each bank or the bank­
institutions not chartered by
charters might conceivably
ers of each state are independent units. For
the federal government, and
the international commercial rivalry which
abuse its privileges, but if we
seems
to
be
upon
us,
we
can
only
be
prepared
of these on June 29, 1918, only
make such a fear the basis of
by having a banking system which will enable
523 were members of the Fed­
our actions we should so divide
us to control the situation for the good of all.”
eral
Reserve System. To be
all authority that our political
sure
the largest and strongest
and financial system would soon
of the state banks became
resemble that of the old Kingdom of Poland. It was not members of the Federal Reserve
System, chiefly as the re­
until the Civil War forced the Government to disregard sult of an appeal issued by President
Wilson on October
popular prejudice that we find the establishment of a Na­ 13, 1917, and the latest report of the Federal Reserve
tional Banking System, if it can be called such. As a mat­
Board states that 75% of the total commercial banking
ter of fact the national banks did not form a “system” at assets
of the country are now a part of the Federal Re­
all, but were a series of banks artificially grouped without
the possibility of exercising any general policy with ref­ serve System. At the same time, the danger is always
erence to the control of reserves, the fixing of rates of present as long as we have the possibility of different
discount, or the granting of loans. The national banks laws for every state in the Union, that many of the
were not established for any such purpose, but simply be­ state banks, which under the pressure of the war and
cause the Federal Government needed banks upon whom from patriotic motives joined the Federal Reserve
it could depend to float its bonds. As a matter of fact the System, will leave it again when the stricter regula­
war was over before the national banks began to function tions of this system place them at a disadvantage in
well, and to that extent their establishment did not fulfill competition with state banks not members of the Fed­
the immediate purpose for which they were created. eral Reserve System and operating under the more or
After the Civil W ar our commercial development made less lax laws-in force in some of pur states.
Professor Laughlin summarized, as it seems to me,
rapid strides, and gradually we began to change from an
agricultural community to a country with ever increasing very well the fundamental reasons as to why all our
industrial interests. The result of this development has banking interests should be united in one big group.
been a greater need of adequate and safe banking facili­ He states that there must bei (1) equalization of con­
ditions in business and competition between state and
ties, and a close inter-relation in the activities of the national institutions; (2) equalization of methods of
banks in various parts of the country. I do not mean to banking and government oversight between the two
say for a moment that there have not been at all times classes of banks; (3) ltarmonizing of the interests of
states whose bank examinations and requirements have the two groups of banks! so as to strengthen and unify
not been at least the equal of the requirements of the na­ the discount market of the country for the future. It is
tional banks, but with 49 different banking systems, as generally considered that the continued maintenance
there are at present, it is natural that in a number of of banks in different positions before the law and con­
trolled in decidedly different ways, and subject to en.-.
states banking laws and supervision has not been satis­ tirely different requirements, must necessarily cause
factory, while in some states banking regulations seem
(Continued,on page 57!)


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Federal Reserve Bank of St. Louis

i

THE

8

NORTHWESTERN

BANKER

May, 1919

Social Relations of the N ew Day
By Frank G. Odell
To gain even an elemen­
Mr. Odell, Secretary Federal Land Bank of Omaha, in this
called war is the punish­
article, gives a consensus of opinion of allied powers re­
tary understanding of the
ment of those who have
garding the “league of nations/' and a condensed analysis
idea of “a league of na­
brought it upon the world.
of “Americanism.”
tions” it is necessary to
She demands that the guilty
consider the consensus of opinion of responsible lead­ be punished. She expects it of justice. And already she
ers of the allied powers as touching this uestion. The sees a strange reticence in some, a strange leniency in oth­
attitude of America is clearly indicated by her war policy. ers. It is a curious thing, but the socialists who almost ev­
Wilson’s “fourteen principles” are but an amplification erywhere are the most ardent supporters of the league of
and definition of the clearly stated general attitude of this nations for peace, are now among those least in favor of
country as set forth in his war message. No responsible punishment for Germany and the kaiser, who planned and
statesman of Europe has the slightest question as to the perpetrated the: most horrible of wars. If no punishment
unselfish attitude of this country and any American who is meted out today, by what right will punishment be in­
attempts for partisan advantage to impede the great work flicted tomorrow? If nothing is done now to punish Ger­
for civilization which had its beginning when we entered many, can anything ever be done again to punish any one ?
the war and will have its ending when an enduring league
There is only one danger in the emphasis which Presi­
of nations may be established, casts doubt upon his own dent Wilson and certain of the allied diplomats are giving
Americanism.
to the league. The popularity which the proposal has
Lord Charnwood, known to Americans as author of a aroused in Germany is not altogether pleasing. The Ger­
most interesting life of Lincoln, and a leading British man people have evidently seized upon the league as the
liberal, says:
most convenient means of escaping the penalties of their
“Probably we do not rightly conceive of a league of crimes. To them the league is not a program for limiting
nations that can live, if we think of it as a sort of federa­ wars and producing something like a stable peace; it is
tion, setting up a parliament of
a kind of universal love feast, in
the nations in which a majority
which Germany can participate
can bind the whole, and re­
with the rest of the world. This
“ France remains warmly sympathetic, but
quiring of every nation some
is probably the reason why the
profoundly skeptical.
Her sufferings have
taught her to be distrustful of great idealogical
surrender of its sovereignty.
French people are the least en­
theories, and only to believe in simple and prac­
We may rather think of it as a
thusiastic
about the league. Yet
tical things. She considers, for instance, that
loose kind of association such
even before this organization
at this time the best guarantee against crime
itself is formed there is one
as frequently springs up be­
called war is the punishment of those who have
brought it upon the world. She demands that
thing which is even more im­
tween individuals who are
the guilty be punished. She expects it of
portant. That is absolute jus­
neighbors with common in­
justice.”
tice to Germany. No one asks
terests. The essential points
for revenge—but all the world
are two only: First, that the
demands inexorable justice. For
powers now definitely asso­
ciated together decire to meet in conference at regu­ the crimes that have been committed in the last four years
lar intervals to safeguard the peace once established the German people are responsible and for them the Ger­
and take counsel together over the many questions man people must pay—to the extent that money can atone
of international interest which are bound, as the world for the^e crimes money must be paid, and to the last
goes on, to occur more and more frequently. Sec­ farthing. It took the German people forty years to pre­
ondly, that it is their recognized aim to draw other nations pare for this assault on European civilization; if it takes
into real association with themselves, and that any exclu­ forty years more to pay for the consequences, full meas­
sion of other powers which they may for a time have to ure must be demanded. Whatever other forms of retribu­
maintain is maintained not for the sake of exclusion, but tion the peace conference may decide on, justice' must also
for the sake of unity in the common cause of justice. Cer­ be exacted. Whatever bonds may be necessary to keep
tain nations have been banded together during the war in this predatory nation under control must be provided for.
that cause of justice. It is before all things necessary, Germany’s criminal statesmen and criminal generals, from
not only in their own interest, but in that of the world, the kaiser down, must be taken into court, fairly tried,
that they cultivate assiduously that understanding between and punished precisely like all other criminals. This
their people by which their efforts have thus far been sus­ should be the first labor of the Versailles conference.
Leaving for Germany to establish her own future status
tained.”
The proposition for the league of nations seemed up in the family of nations by her future conduct, it must
against an insuperable obstacle soon after the arrival of be clearly apparent that she cannot immediately be re­
Wilson in France, when Clemenceau spoke his mind quite stored to a position of equal economic advantage with the
plainly. These differences now seem to have been recon­ allied powers. The Teuton policy has been to despoil,
ciled and Clemenceau is supporting Wilson. French opin­ destroy and wreck the economic structure of the coun­
ion is not hostile, but sees difficulties which must first be tries her armies have ravaged. If Germany is now ad­
cleared away. The chief of these difficulties is determina­ mitted to a position of equal economic and trade advan­
tion as to fixing the responsibility for the war and proper tage with these despoiled countries, she has won what to
punishment of those who may be found criminally guilty. her was the most important part of the war. Such a con­
France remains warmly sympathetic, but profoundly clusion is unthinkable.
Moreover, while Germany must make and sell goods to
skeptical. Her sufferings have taught her to be distrust­
pay
the indemnities finally imposed upon her, is there
ful of great idealogical theories, and only to believe in
simple and practical things. She considers, for instance, any sane American who will advocate opening American
(Continued on page 36)
that at this tittle the best guarantee against the crime

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Federal Reserve Bank of St. Louis

May, 1919

THE

NORTHWESTERN

BANKER

9

Bank Held Liberty Bonds N ot Taxed
By Frank Warner
ciple involved: “The one
Resume of the questions involved and the steps leading
W hat has had indica­
to the enactment of a statute by the legislature to cover
thing which in this case
tions of fast growth in
a situation that seemed destined to result in a vast
stands out in bold relief
legal complications and
amount of litigation.
is the (to me) apparent
confusion, and w h i c h
would, it is believed by many, develop into litigation inconsistency, in having Congress, in the issuance of
that would clog the district courts for some time to bonds, under the stress of war, solemnly declare th at
come, and what has already added to the difficulties of such bonds shall be exempt from taxation, and then to
assessors and boards of review, has now been definitely have a legislative device of a state, in effect, repeal this
eliminated by the enactment into law of Senate File provision and subject them to taxation. Because they
are in fact taxed. The actual owners—the men whose
No. 479.
The right of the state of Iowa to assess United States money bought the bonds and paid for them—are by the
government Liberty Bonds and such other government assessment in this case compelled to part with money
securities issued during the war, and intended by Con­ for the sole purpose of paying a tax upon values, which,
gress, both in letter and in spirit, to be free from gen­ were it not for the bonds, would not exist. The modern
eral taxation, has been a matter of contention since the tendency of the courts is to look at the substance and
assessors made their first round following the issuing not at the form, and to hold that, that cannot be done
indirectly which cannot be done directly. In view of
of these securities.
Attorney General Havner recently in an opinion the elements of public policy involved, and the impor­
given to the state executive council exercising its func­ tance of having an early decision in the court of last
tions as a state board of reveiw and assessment, to resort, I will adhere to my views expressed upon mo­
whom a request was made as to whether or not in the tion to dismiss. There will be a decree for the plaintiff
assessment of stock of state or
in this case. Counsel will pre­
national banks, trust com­
pare decree and submit it to
panies or insurance com­
counsel for defendants in the
“The one thing which in this case stands out
in bold relief is the (to me) apparent incon­
panies, corporations were en­
usual manner.”
sistency, in having Congress, in the issuance
titled to deduct government
It will be recalled that At­
of bonds, under the stress of war, solemnly
bonds from capital, surplus
torney Parsons, through the
declare that such bonds shall be exempt from
and undivided e a r n i n g s ,
Association Bulletin, g a v e
taxation, and then to have a legislative device
of a ’state, in effect, repeal this provision and
stated:
several opinions holding with
subject them to taxation. . . . The modern
“Thus you will see that the
like view and instructed the
tendency of courts is to look at the substance
banks how to make their re­
question is not open to debate,
and not at the form, and to hold that that can­
either under the decisions of
turn under protest, not only
not be done indirectly which cannot be done
directly.”
to the assessor, but to the
the supreme court of our own
state, or under the decisions
boards of review. Banks in
every section of the state were
of the supreme court of the
United States. The shares of stock are to be assessed following out these instructions. A contest was on,
to the individual owner of the same, and the value of not only in Iowa, but in every state where taxation laws
such shares is to be ascertained from the amount of the similar to those in Iowa were in force. The taxation
capital, surplus and undivided profits of the bank after laws of Iowa were enacted before Liberty Bonds and
making the deduction allowed by law for such real es­ the present war-time securities were contemplated by
tate as is owned by the institution, and the value of the federal government, and it was found that Iowa had
the shares so determined is to be the value to be fixed a law, and other states found the same thing, which
by the assessor, and there can be no deduction in fixing compelled the taxing authorities to levy on these gov­
the value of such shares for any bonds of any kind or ernment securities through a technicality of that law.
character owned by the banking corporation. It is, Doubt was expressed at first as to whether or not the
therefore, the opinion of this department that in arriv­ state legislature would amplify the statutory exemp­
ing at the value of shares of either state or national tions to permit these securities to be tax free when held
banks in the state of Iowa there can be no deduction in the form of capital stock and surplus of banks, and
of any sort of bonds, government or otherwise, owned it was a matter of no little gratification to the members
by the institution.”
of the legislative committee and the other officers of
Previous bulletins from the office of the Iowa Bank­ the Iowa Bankers Association to find that there was
ers Association have quoted the opinion of Martin J. a comparatively universal appreciation of the principle
Wade, judge of the United States court for the south­ involved, and of the comparatively ready willingness
ern district of Iowa, given in the case of the Iowa Loan of the membership of the general assembly to amend
& T rust Co., of Des Moines, vs. the city of Des Moines, the Iowa law., so that that principle need not be evaded
in which the judge brought out clearly that the United or abridged by the taxing authorities of states who had
no choice than to follow the mandates of the law.
States government bonds and such securities held 1
Senator Ratcliff, an attorney of Red Oak, made the
banks in the form of capital stock and surplus could
first preliminary draft of a bill providing for exemp­
not be assessed.
In the memorandum opinion of Judge Wade, given tion, and the same was submitted to' an officer of the
on February 20th last, supplementing his former opin­ Iowa Bankers Association, who at once communicated
ion in the case of the Iowa Loan & Trust Co., Des with the members of the legislative committee and with
Moines, vs. the city of Des Moines, and made on Sep­ the president about it. W ith the senator’s approval
tember 4th last, he reiterates his attitude on the prin­
(Continued on, page 72)

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Federal Reserve Bank of St. Louis

10

THE

NORTHWESTERN

BANKER

May, 1919

Bankers Part in Financing Victory
By Edwin Baird
Some time in the future,
Mr. Baird, as manager of the Press Bureau, Seventh Fed­
went to camp; their dollars
eral Reserve District, W ar Loan Organization, writes ex­
after all the stories of bat­
were taken from the great
clusively on this topic for readers of The Northwestern
tles, and soldiers’ bravery
vaults and placed with lav­
Banker.
are written, an inspired
ish hands at the disposal of
author will compile a work on the mobilization of dollars, the government. The war was won that way-—the Amer­
and the part played by bankers and other financiers in ican way.
winning the world war.
Now comes the time for peace financing.
It will be a glorious history, a recital of deeds of sac­
The country is engaged in the work of floating a large
rifice that made victory possible.
loan, probably the last loan that the people will be called
Much of this work will be devoted to the war that fol­ upon to make to the government. It is a Victory Loan, a
lowed the Great War, the struggle to put the country Thanksgiving Loan, a loan to make the victory the sons
back on a sound financial peace basis, curb industrial un­ of America won over there a permanent victory over here.
rest, provide for the maintenance of old industries and
W hat is the role of the readers of The Northwestern
the means for starting new ones and keep up the American Banker in this war of peace ?
dollar to the standard of value.
There are some who are willing the bankers should have
The financing of the war was as a great problem. 'This the entire field to themselves in this campaign. “Let
country, unaccustomed to wars and war financing, sud­ George do it” they say, the banks being George.
denly found itself drawn into the vortex of the great
“We took the other loans, and made sacrifices to do i t ;
struggle almost unprepared. Men and money were needed, now let the banks take care of this loan. They made
each to play an integral part in the titanic task. Both money during the war. Look at the millions of dollars
were available in great quantities, it only required they loaned the government and for which they are re­
some system of mobilization.
ceiving interest. They have money, I haven’t. They can
The men flocked to the colors by the thousands, and pay, I don’t feel that I can do any more. Why not let
with the opening of the great cantonments, and the begin­ them do it, and give us our money to use for ourselves?”
ning of the military operations, the demand for the dol­
The ordinary man who pushes a bundle of bills through
lars came with increasing insistence.
the grated window of the cashier’s cage and gets a slip
The bankers gave both. Their sons left the banks and
(Continued on page 19)

Credits Through Trade Acceptances
By Albert Breton
Acceptances have come,
Mr. Breton, Vice-President, of the Guaranty Trust Co.,
agree, drawer and acceptor
of New York, is well informed as to the value of the Trade
not to destroy or to sup­
may execute acceptances
Acceptance, which is rapidly coming into general use and
plant completely the old
covering any kind of trans­
the adoption of which is widely favored by bankers.
order of things. Their ad­
action, even accommodation
vent should be looked upon, however, as constituting a paper, maturing after three, six, nine months or more.
great step forward, and they will most assuredly become, The following paragraph of the Trade Acceptance Jour­
as stated by the Federal Reserve Board, the standard nal stating th at:
form of paper in the world’s discount market.
“The trade acceptance is not a credit man—it is not a
Electricity has not supplanted gas for illuminating pur­ panacea for all credit evils—it will not make an honest
poses, but electricity is far superior to gas; neither has man out of a dishonest customer.”
electricity supplanted steam as a source of power. Horses is well worth quoting in the premises—but to be consid­
and mules are still used, notwithstanding the popularity of ered as quick assets by bankers and to be declared eligible
automobiles and the advantages of motor trucks. Sailing for rediscount or purchase by a Federal Reserve Bank,
vessels are still crossing the seas competing against steam­ trade acceptances must
ships, and inland canals still withstand the competition of
1. Have arisen out of an actual commercial transac­
the most perfect system of railroads.
tion, domestic or foreign.
2. Have a maturity at time of purchase or of redis­
I take it for granted that you are perfectly familiar with
the principles and legal phases of bank acceptances, which count of not more than ninety days exclusive of days of
are specifically defined by the Federal Reserve Act. You grace.
are assuredly more specially interested in discussing trade
3. Be an unconditional bill unconditionally accepted.
4. Possess a definite maturity.
acceptances, that is to say, bills of exchange or drafts ac­
cepted by others than banks or bankers. These accept­
Either secured or unsecured by merchandise, accept­
ances are an immediate result of the same act* but their ances must comply, at all times, with the above require­
legal and practical handling have mostly been left to the ments, to be eligible. .
special rulings and opinions of the Federal Reserve Board.
Trade acceptances issued to carry or. to trade in stocks,
Technically speaking, there are no special restrictions cov­ bonds, or other investment securities, except United
ering the issuance of trade acceptances. As long as they
(Continued on page 15)


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Federal Reserve Bank of St. Louis

THE

May, 1919

NORTHWESTERN

CONVENTION CALENDAR.
May
5- 7—Georgia, Savannah.
13-1-4— Mississippi, Clarksdale.
13-14— Missouri, St. Louis.
15-16—Kansas, Kansas City.
19-21—Executive Council, A. B. A., White Sulphur
Springs.
19- 20—Oklahoma, -------------------20- 22—Texas, Galveston.
June
5- 7—California, Santa Catalina Island.
12- 13—New York State, Albany.
17-18—South Dakota, Mitchell.
20-21—Minnesota, St. Paul.
24-25—Iowa, Fort Dodge.
24-25—Reserve City Bankers Assn., New Orleans,
Louisiana.
13- 14— Oregon, Portland.

July
10-11—North Dakota, Detroit, Minnesota.
August
9-10—Montana, Lewiston.
12-13—Washington, Mt. Rainier.
September
4 —D elaw are,-------------------------4- 5—Illinois, La Salle.
Alabama, Montgomery.
Idaho, Burley.
Kansas State, Winfield.
American Institute of Banking, New Orleans,
Louisiana.
FOREIGN TRADE RECORD.
Investigation discloses that exportation of manufac­
tures from the United States in the two months follow­
ing the close of the war in 70 out of 100 representative
lines show large gains both in quantity and quality
over the corresponding months preceding the war. The
increase is especially marked in cotton clothes, plate
glass and electric lamps, leather and rubber boots, iron
steel, mineral oils, etc. Locomotives, pianos, automo­
biles, motorcycles, cigarettes and tobacco, paper, can­
dles, sugar, paraffin, paints, woodpulp, cement, and
cordage all show advances. The total increase in value
of all manufactures exported from the United States
in December, 1918, and January and February, 1919,
over the same months in 1913-1914 is approximately
$533,000,000. This justifies the hope that manufactur­
ers will retain their gains made during the war in peace
times.
PRAISES A, I. B.
“An elementary course in the science of banking is
more important now than it has ever been in history,”
said C. H. Cheney, of Kansas City, member of the ex­
ecutive council of the American Institute of Banking,
speaking before the Des Moines chapter. “And this
for two reasons: the influx of new employes, due to
the war and its depletion of our forces, and to the fact
that it takes six months to make an employe an asset
to an institution.
“Never before have we faced the absolute necessity
fpr a rapid assimilation of the principles of good bank­
ing..”


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Federal Reserve Bank of St. Louis

BANKER

11

Bee! C attleSupply and Demand
The opinion has been expressed
by the principal packers and oth­
ers well informed, that present
LIVE STOCK VALUES will be
maintained for some months to
come— with probably a gradual
decline from the very extreme
high prices paid during the war
—because of the urgent need at
that time. That there is a short­
age in the supply of beef cattle is
conceded.
Financing production of LIVE
STOCK on a conservative basis is
essential.
MEAT, WOOL and LEATHER
are articles of absolute necessity
for which there will be continued
strong demand.

TB E

GUARANTY
CATTLE LOAN
COMPANY
S to c k Y ard s S ta tio n
K A N S A S C IT Y , M O.
specializes in cattle loans—it has
thorough organization, experi­
enced management, strong con­
nections.

Loans are offered at current mar­
ket rates, and bear endorsement
of the Company.
Correspondence invited.

THE

12

NORTHWESTERN

BANKER

May, 1919

Personal Paragraphs
5

niMIHIIIIIIIIII|IHttlllltltlllllllltllllllllllllllllllllllllHIHI>illlllllllllllllllllllMIIUIMUHllllllllllltyllinilllllllllllllllllJIMIIIIIIIIUIIII|IIIIIIIUIIIIIIIIIIItlllllUIIMItllltllllitlHII

..iHiiiiiiiiiiiiiuiiiiMiiiiMiniiiiiiiiiiiiuiiiiiHiMiiuiitiiiiiHiiiiiiiUiiiiiiiiiiiimiiiiiiitiHiiiiiiiiiiiiiitfiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiliimiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiihii

Major R. W. Redfield of the Nor hwestern National,
Minneapolis, .got to the fighting front in France the very
day the armistice was signed^-jlist in time for light re­
freshments and fireworks on the lawn, according to the
Big Drum, which suggests it was extremely worth while,;
but from one point of view seems almost an anti-climax'
to the strenuous up-hill climb to a majority—a climb
which in his case began with Battery B on the Mexican,
border, continued through the rigors of the First Officers’
Training Camp at Fort Snelling, through the Second and;
Fourth Officers’ Training Camps as instructor, and fin­
ally across the water in August, 1918, with the 337th
Field Artillery. While overseas at the training center
fdr heavy motorized artillery, at Clermont-Ferrand, he
frequently saw Paul Loudon who was flying with the"
day bombing squadron stationed near that place.
. $------:----- $------------$
The Guaranty Trust Company of New York, and inierests which control the firm of C. Meredith & Co.,:
Limited, of Montreal, have reached an agreement undey
the terms of which a new company is to be formed for:
the sale of Canadian securities. Offices -operated by the!
Meredith firm in Montreal and in Toronto will be taken
over by the new organization.

eral Reserve board, has been elected chairman of the
executive committee of the American Acceptance Coun­
cil.
$------------ $------------ $

Samuel M„ Greer, who has been connected with the
Red Cross for the past year and a half, has been elected
vice president of the Bankers Trust Company of New
York.
$-------------$------------ $

Emil E. Rose has been promoted from chief clerk to
cashier of the Fort Dearborn National Bank.
$------------ $----------- $
L. V v E. Peterson has been elected assistant cashier
of the First National Bank at Stanton, Iowa.
$---------------------- $-------------------- -$

R. H. Sisson of Sharpsburg, Iowa, is now cashier of
the Thurman State Savings Bank.
$----- ----- - $ - -----— $
William McC. Martin, chairman of the board of the
Federal Reserve Bank of St. Louis, announces that
three State Banks have been admitted to membership
in the eighth Federal Reserve District. The institu­
tions are: W. B. Worthen Co., bankers, Little Rock,
Ark.; Union Trust & Savings Bank, East St. Louis,
$------------$------------ $
and the Clay County Bank, Louisville, 111.
$------------$— -----$The Board of Directors of the Guaranty Trust Com­
pany of New York has declared a quarterly dividend
William J.. Brammon, chief clerk of the Merchants
of Five Per Cent, on the capital stock of the Company, Laclede National Bank of St. Louis, has been appointed
for the quarter ending March 31, 1919, payable on that: assistant cashier. Mr. Brammon is well known, having
date to stockholders of record March 20, 1919.
been very active in the American Institute of Banking.
$—--------$-----------$
$------------$---- ■---- -$
E. F. Higgins, chief national bank examiner for the
C„ H. Stillwell, formerly associated with the Security
Sixth Federal Reserve District, has been made an as­ of Alexandria, S. D., has become cashier in the bank at
sistant cashier of the National Bank of Commerce in Laurel, Mont.
New York.
$---------- - $ ---------- ;$
F. W.. Humphrey, cashier of the First National Bank,
■ • . : $ , • ■ $ v i— M ; r ?
Lewis E. Pierson, chairman of the board of the Irv­ Shawano, Wis., has become president of that fnstitu->
ing National Bank of New York City, has been elected tion. His son, A. S. Humphrey, will succeed him as
president of the executive committee of the American cashier.
Acceptance Council.
$■ -------------- $-------------$
$-------^----$—
— $
The Mechanics Savings Bank, Des Moines, will en­
Paul M. W arburg, former vice governor of the Fed­ large its quarters within the coming year to double

A tlantic N ational B ank
2 fi 7 B r o a d w a y

1829

w V 0r ^ C i t y

$ 1 , 800,000

Nationalized


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Federal Reserve Bank of St. Louis

*

Capitai., Surplus and Undivided ‘P rofits

Established

1865

-

T o ta l Deposits

1829

$ 18 ,000,000 „

An Efficient Bank­
ing Service in Close
Touch with Presentday C o mme r c i a l
Developments

THE

May, 1919

NORTHWESTERN

BANKER

13

that of the present, according to G. E. MacKinnon,
president. The bank has grown rapidly, its deposits
increasing from half a million to two and a half million
dollars, since the erection of the present home.
$----------- $------------- $

The Midwest National Bank, of Kansas City, Mo.,
announces the election of Harry H. Woodring as Aud­
itor. Mr. Woodring was formerly cashier of the First
National Bank at Noodesin, Kansas.
$----------- $------------ $
Dr. F. W. Powers, president of the Black Hawk Na­
tional Bank of Waterloo, Iowa, believes business is
just beginning to boom and that great prosperity lies
in the near future. The resources of the bank are nearly
two and a half million dollars.
$ ---------- $■------------ $
The North American Hotel at Hampton will be open
for the Bankers’ Convention, Group 3, May 21.
.
-------- $----;-------$
Bruce D„ Smithis back athis desk after a long ab­
sence from the bank while engaged in war work. Mr.
Smith went to the border with Battery C, 1st Illinois
Field Artillery, as a First Lieutenant, and remained
there in service for months until contracting a violent
fever which sent him to the hospital. As soon as he
could be moved he was brought to Chicago. His re­
covery was slow, but as quickly as possible he assumed
the duties of Manager of Central Division, American
Red Cross, comprising the States of Illinois, Iowa,
Michigan, Wisconsin and Nebraska. W ith strength
entirely regained, he went to France as Captain in the
Chemical Warfare Service. Mr. Smith, as vice presi­
dent of the Northern Trust Company of Chicago, at
the head of the business extension department, finds
his work reaching into so many avenues of activity that
he is being kept quite as busy as when at the border
with Battery C, or in France.
$------------$------------$
The Executive Organization of the American Ac­
ceptance Council has been completed by the election of
the following officers: Arthur Reynolds, vice president
of the Continental and Commercial National B,ank of
Chicago, was elected vice president; Jerome Thralls,
secretary-treasurer of the Discount Corporation of New
York, secretary of the Council, and Percy H. Johnston,
vice president of the Chemical National Bank of New
York, treasurer. The composition of the executive
committee of 36 members was completed by the elec­
tion of William N. Nones, president of the Norma Co.

. ____
EVAN RANDOLPH, V ice Presid en t
A.
W. PICKFORD, V ice P resid en t
CHARLES M. ASHTON, C ashier

FIRST

Developed through the growth and exper­
ience of more than half a century

T h e F irst N ational
Bank of Chicago
Jam es B. Forgan, C hairm an of the Board
F rank O. W etmore, President
and the

First T ru st and
Savings Bank
James B. Forgan, Chairm an of the Board
M elvin A. Traylor, President

offer a com plete financial service,
organized and m a i n t a i n e d at a
marked degree of efficiency. Calls
and correspondence are invited rela­
tive to the application of this service
to local, national and international
requirements.
Combined Resources over $300,000,000

JOSEPH WAYNE, JR., P resident

ALFRED BARRATT, A sst. Cashier
DAVID J. MYERS, A sst. Cashier
WALTER P. FRENCH, A sst. Cashier

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

Capital, $2,000,000

Surplus and Profits, $6,066,000
D eposits, $70,000,000
A CCO U N TS OF BANKS A N D BANKERS SOLICITED
“T o Satisfactorily Handle Y our Business, Y ou Need a Philadelphia A cco u n t”


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Federal Reserve Bank of St. Louis

14

THE

NORTHWESTERN

CORN EXCHANGE
NATIONAL BANK
O F C H IC A G O
C a p i t a l ........................ $ 3,000,000
7,000,000
S u r p lu s ........................
U ndivided Profits .
1,821,600.40
D eposits . . . .
107,289,692.55

BANKER

May, 1919

of America, New York; Archibald Kains, president of
the American Foreign Banking Corporation, and D. F.
Kelly, of Mandel Bros., Chicago.
$------------- $----------- $

Shanghai, China, now has four American banking
institutions: The International Banking Corporation,
The Asia Banking Corporation, The Philippine Na­
tional Bank and The American-Oriental Banking Cor­
poration. The British and Japanese lead in banking
activities at Shanghai, with the Americans holding
third place.
$-------------$-----------$
Frank W. Woolworth, merchant and financier, owner
of the Woolworth building and chain of 5 and 10 cent
stores, died at his home in Glen Cove, Long Island, at
the age of 67. He began business at $8 a week and
his company is now capitalized at $65,000,000.
. $-------------$---------r $
. Louis W. Hill has been made vice president of the
Federal Highway Council, recently organized in Chi­
cago. The Council will support the Townsend high­
way bill.
$------------- $----------- $

The American Bankers’ Association has created a
new standing committee, to be known as the Committee
of Commerce and Marine, to aid in developing export
trade* in the United States.
The Guaranty Trust Company of New York has
made investigation of the general financial situation in
Belgium and have concluded that Belgium is full of
resources and vitality, and ought to be able to rehabili­
tate itself rapidly if provided with the means to do so.
She needs most of all credits from manufacturers, that
she may get the machinery with which to carry on the
work. Their loss in the war in damaged property is
estimated at six billion dollars. W ith credit and money
the population would be able to return to their occu­
pations and restore conditions rapidly.
The managers of the syndicate of banks, formed to
make available the $50,000,000 acceptance credit to in­
dustrial concerns in Belgium, through a group of Belgian
banks, has closed its application list, and letters of allot­
ment have been forwarded to all syndicate members.
Secretary Houston, of the Department of Agriculture,
said at the Trans-Mississippi Readjustment Congress that
normal farm practices are now the best policy.
OFFICERS
ERNEST A. IIAMILL, President
CHARLES L. HUTCHINSON, Vice President
D. A. MOULTON, V ice P resident
OWEN T. REEVES, JR., V ice P resident
J. EDWARD MAASS, V ice P resident
NORMAN J. FORD, V ice P resident
JAMES G. W AKEFIELD, Cashier
LEWIS E. GARY, A ssista n t Cashier
EDWARD F. SCIIOENECK, A ssista n t Cashier
JAMES A.' W ALKER, A ssista n t Cashier
CHARLES NOVAK, A ssistan t Cashier
JOSEPH C. ROVENSKY, A ssista n t 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
EDWARD A. SHEDD
ROBERT J. THORNE
CHARLES H. WACKER


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Federal Reserve Bank of St. Louis

$ ---------------------— $----------------------------$

H. E. Henderson, treasurer, American Mortgage &
Securities Company, Cedar Rapids, in renewing his
subscription writes that he concedes the Northwestern
Banker to be the best financial magazine in this part
of the United States, and we agree with him.
The Italian Discount and Trust Company, 399 Broad­
way, New York, shows total resources of $6,919,902.12
and deposits of $5,779,365.17. The company has been
established less than five months, having opened for
business on November 11, 1918, the birthday of the
King of Italy.
$------- -----$------------ $

Nelson Dean Jay, vice president of the Guaranty
Trust Company of New York, who was a Lieutenant
Colonel with the American Expeditionary Forces in
France, has been made a Chevalier of the Legion of
Honor by the French Government in recognition of
his services during the war.

May, 1919

THE

NORTHWESTERN

15

BANKER

The First National Bank of Duluth is now doing
business in its new quarters. Albert Ordean is presi­
dent and Joe H. Ingwersen, vice president.
$------------$----- ,------$
The National Park Bank of New York has increased
the quarterly dividend from 5% to 6%, placing the
stock on a 24% annual basis.
_

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

•J. P, Yoder, formerly special examiner of the Federal
Trade Commission, has become secretary of the Com­
mission. Mr. Yoder prior to his connection with the
Commission did newspaper work in Boston, New York
and Chicago. He has just returned from France as
Captain in the Sanitary Corps.
$----------- $----------$
The Directors of the Mechanics and Metals National
Bank of New York declared a dividend for the last
quarter of 5%, compared with 4% declared the previous
quarter. This dividend will be payable April 15.
$-------------$----------- $
Sgt. Luther S. Henderson, of the A. E. F., son of
A. M. Henderson, cashier of the First National Bank,
Story City, Iowa, who has recently returned from
France, has been engaged as a bookkeeper in the First
National, Story City.

Let the
(( i

<jj-----------------cS--------------- £

CREDITS THROUGH TRADE ACCEPTANCES.
(Continued from page 10)
States Bonds or United States Certificates of Indebted­
ness, are not eligible; neither are bills the proceeds of
which are intended to be used or have been used as per­
manent investments of any kind, such as real estate, build­
ings, machinery, etc. The foregoing.two classes of paper
are considered either speculative or not self-liquidating.
Ineligible acceptances should be assimilated to slow as­
sets and are to be carried as loans that banks for special

r>

X tl American

A. B. A. As . Cheques

make your trip safe and pleasant,
If you use them yourselves you
will recommend them to your
customers.

j
1
1
I

Bankers Trust Company

\

N EW YORK CITY

THE NORTHWESTERN BANKER
Serves the progressive and prosperous banks of Iowa, Minnesota, Nebraska,
Montana, North and South Dakota— the greatest banking area in the world

4

Continental and Commercial National Bank
OF CHICAGO
Capital, Surplus and Undivided Profits, $37,000,000
OFFICERS
G eo rg e M. R e y n o l d s ...................................... P r e s i d e n t
A rth u r R e y n o l d s ......... V ic e -P r e s id e n t
J o h n R. W a s h b u r n .. .V ic e -P r e s id e n t
R a lp h V a n V e c h te n . ..V ic e - P r e s id e n t
J o h n F . C r a d d o c k ___ V ic e -P r e s id e n t
A lex . R o b e r tso n ..........V ic e -P r e s id e n t
C y ru s A. B a r r ................ V ic e -P r s e id e n t
H erm a n W a ld e c k ....V i c e - P r e s i d e n t
J o se p h M c C u r r a c h .. . .V ic e - P r e s id e n t
J oh n C. C r a f t ................. V ic e -P r e s id e n t
W ilso n W. L a m p e r t .....................C a sh ier
W
H a r v e y C. V e r n o n . .A s s is t a n t C----------a sh ier
A illia m T. B r u c k n e r .V ic e -P r e s id e n t

G eo rg e B. S m i t h .. .A s s is t a n t
W ilb er H a t t e r y . . . .A s s is t a n t
H. K rsk in e S m ith . .A s s is t a n t
D an N o r m a n . .■..........A s s is t a n t
G eo rg e A. J a c k s o n .A s s is t a n t
R- G- D a n i e l s o n .. .A s s is t a n t

C a sh ier
C a sh ier
C a sh ier
C a sh ier
C a sh ier
C a sh ier

Accounts of Banks , Bankers , Manufacturers , Merchants and Individuals Invited

Continental and Commercial Trust and Savings Bank
Capital, Surplus and Undivided Profits, $9,500,000
Trust, Savings and Bond Departments
OFFICERS
G eo rg e M. R e y n o l d s .. . .C h a irm a n o f th e B o a r d o f D ir e c to r s
A r th u r R e y n o ld s ...................P r e s id e n t
C h a rles C. W ills o n .....................C a sh ier
D . E d w a r d J o n e s .....................................
J o h n J a y A b b o tt ............V ic e P r e sid e n t
W illia m P . K o e f ..................... S e c r e ta r y
...................A s s t. M gr. S a v in g s D ep t.
D a v id R. L e w i s . ............ V ic e P r e sid e n t
E v e r e tt R. M cF ad d en A s st. S e c r e ta r y
R o b ert J. H e r c o c k .. . . A s st. C a sh ier
L o u is B. C la r k e .............. V ic e P r e sid e n t
E d m u n d J. C la u s s e n .A s s t . S e c r e ta r y
A lb e r t S. M a r tin ............A s st. C a sh ier
H e n r y C. O lc o tt .....................................
J o h n P. V . M u rp h y ..............................
G e o rg e A lla n ................... A s st. C a sh ier
................ V~. P. an d M gr. B on d D ep t.
..............................M gr. S a v in g s D ep t.
T h o m a s E . M c G r a th .. .A s s t . C a sh ier

The Capital Stock of this bank is owned by the Stockholders of the Continental and Commercial National Bank of Chicago


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Federal Reserve Bank of St. Louis

THE

16

NORTHWESTERN

BANKER

May, 1919

Extend your view I i o n i n v e s t m e n t s

SERVICE
TO BANKS
All together— L et’s con­
tinue production and in­
sure prosperity.
U. S. D ept, of Labor
Wm. B. Wilson, Sec.

H R O U G H its n ational chain of correspondent
offices, the N atio n al C ity C om pany gains a
broad vision over the investm ent fields of the
entire country.
T h e bond m ark et of every im p o rtan t city is
constantly before us.
W e are glad to share our know ledge w ith every
bank, no m atter w here located, w hich w ishes to
keep its surplus funds invested wisely and profitably.

T

TVe suggest you g et in touch w ith the
nearest one o f our correspondent offices.

The N ational City Com pany
National City Bank Building

N ew York

U ptow n Office: Fifth Avenue and 43rd Street
C O R R E S P O N D E N T O F F IC E S
Albany.

N. Y.
Bldg.

T en E y ck

Atlanta. Ga.
40 E d g e w o o d A v e n u e
B a l t im o r e , M d .
C h a rle s a n d F a y e t t e S ts .
Bo st o n . Ma ss
10 ¡S tate S t r e e t
B u ffa lo , N . Y.
M a r in e B a n k B ld g .
C h ic a g o , I I I .
137 S o . L a S a lle S t .
C i n c i n n a t i , O h io
F o u r t h N a tl . B k .B l d g .

B onds


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Federal Reserve Bank of St. Louis

C l e v e l a n d , O h io
Gu a r d i a n B ld g .

L o s A n g e l e s , Ca l .
507 S o . S p r i n g S t r e e t

P it t s b u r g h , P a .
F a r m e r s B a n k B ld g .

Se a t tl e , Wa sh ,
H o g e B ld g .

D a y t o n , O h io
M u t u a l H o m e B ld g .

M il w a u k e e , W i s .
F i r s t N a t l . B a n k B ld g .

Portland, Me .
396 C o n g r e s s S t r e e t

S p r in g f ie l d , M a s s .
T h i r d N a t l . B a n k B ld g .

D e n v e r , Co lo.
718 17th S t r e e t

M in n e a p o l is , M in n .
M c K n ig h t B ld g .

P o r t l a n d . Or e .
R a ilw a y E x c h a n g e B ld g .

S t . L o u is , M o .
B k . o f C o m m e rc e B ld g .

N e w a r k ., N . J .
790 B ro a d S t .

P r o v i d e n c e . R . I.
I n d u s t r i a l T r u s t B ld g .

W a s h in g t o n , D . C .
741 15 th S t : , N . W .

N e w Or l e a n s , L a .
301 B a r o n n e S t.

R ic h m o n d , V a .
923 E . M a in S t.

W il k e s -B a r r e . P a .
M in e rs B a n k B ld g .

Ro ch ester, N . Y.
W ild e r B ld g .

L o n d o n , E. C. 2 E n g .
36 B is h o p s g a te .

S a n F r a n c is c o , C a l ,
424 C a l i f o r n i a S t .

Mo n tr ea l, Canada
74 N o t r e D a m e S t . W e s t

D e t r o it , M ic h .
147 G r is w o ld S t r e e t
H a r t f o r d , Co n n .
C o n n . M u tu a l B ld g .
I n d ia n a p o l is , I n d .
F l e t c h e r S a v in g s &
T r u s t B ld g .
K a n sa s Cit y , Mo .
R e p u b lic B ld g .

Om aha, N eb.

F i r s t N a t l . B a n k B ld g .
P h il a d e l p h ia , P a .
1421 C h e s t n u t S t r e e t

S h o rt T erm N o tes

A cceptances

THE

Maty, 1919

NORTHWESTER!

; reasons agree to carry up to a reasonable extent for the
benefit of their customers.
In the issuance of eligible trade acceptances there are
three principal parties at interest.
The maker must be satisfied with the standing, credit,
and responsibility of the acceptor for the amount involved.
For him it is a plain matter of extending credit to the ac1ceptor, and up to what amount. When he secures the ac­
ceptor’s signature on the bill he has a definite acknowledg­
ment of debt by the acceptor, not subject to any further
claim or offset, or to any, request fot delay or, extension
of payment. If the maker is particular in the selection
of his customers, and careful in extending credit facilities,
he can expect to discount at his bank, whenever conven­
ient, the trade acceptances held by;, him, and( obtain the
full value of his invoices, thus avoiding a lock-up of
money until their maturity. He may also have the benefit
of a preferential rate often applied by bankers to trade
acceptances and consequently be able to sell at a some­
what cheaper price to the acceptor.
The acceptor should be careful to limit his total dbliga<tions through acceptances to an amount proportionate to
his capital, to his volume of business, and to the credit
extended to him by the banks expected to buy his accept­
ances. Any good business man is jealous of his standing
and knows that a default in ltieeting his ‘obligations at
,maturity will ruin his credit for a long while, and will
almost destroy his chances of further success.

ELECTED CASHIER.
Henry H. Schulte, formerly cashier of the Peoples
State Bank, of Canova, S. D., has been elected cashier
of the Farmers State Bank, Wynot, Neb., to take the
place of Frank A. Leise, who resigned.

17

BANKER

• •
•

• •
•

•

•

• •

•

• • •
•
•

•
«

••
•
• ft

•
• ••

••

• • •
#••• ••

• #
• •
• • •••
• •
dt« •

. STOCK DIE
Special D ies Can Be Furn ish ed Showing; B ank’s In itials
or A* B. A. T ran sit Number

Get an American Perforating
Machine
Cancel checks ip your bank with an AMERICAN, the most efficient
perforating machine made.
This machine contains important extra features, found in no other
perforating, machine— covered by patents. These added features give
greater speed, added ' convenience, ' arid prevent frequent “breaking
down” so pommon with old-type machines.
’ Patented steel die wheels— extended base— centralized quick-return
spring handle— accessible safety overflow waste drawer— features
which make the AMERICAN greatly superior.
Test an AMERICAN in your own bank— you be the judge. Replace
your broken-down old-style machine 'with a modern patented AMERI­
CAN. Write for our special offer with today’s mail.

American Perforator Company
Largest Exclusive Perforating Machine Manufacturers in the W orld.
Main Office and Works, 6 1 9 -6 2 9 W . Jackson Blvd.

C H IC A G O

Live Stock Prices have more than
doubled in the past tw o years. A connection
which w ill supply the best service on this
business is therefore twice as advantageous
as formerly. *,

The Live Stock Exchange National Bank
of Chicago
Live Stock Financing and Clearing


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Federal Reserve Bank of St. Louis

18

T'H E

NORTHWESTERN

BANKER

May, 1919

Of Vital Interest to Every Banker

New Safety Deposit
Box Attachment
Has an Unrivaled Capacity for Economical Service
and MAXIMUM SECURITY
The more you know about other Safe Deposit Boxes, the more
you will appreciate the New Improved Invincible Construction.
When you actually let a case fall and test it, and when you try
to get in one of them, you will become conscious of how nearly perfect
Safe Deposit Boxes can be. When you learn of the unusual pains
in Invincible construction, and its adaptability to all requirements,
you will realize how good these boxes must be.
Supported by this quality and the service our various agencies
are giving, Invincible has again increased its facilities for rendering
the economical service you require..
Every banker who is figuring on purchasing Safe Deposit
Boxes should learn of our new construction and its exclusive features.

If You Do Not Know the Name of Our Dealer—
He is Worth Knowing—Write us.

INVINCIBLE
Manitowoc,

-

-

-

-

-

-

Wisconsin

THE LARGEST SECTIONAL SAFE DEPOSIT MANUFACTURERS
IN THE WORLD


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Federal Reserve Bank of St. Louis

May, 1919

THE

NORTHWESTERN

BANKER

19

Fort Dearborn National Bank
C H ICAG O , ILLINOIS
United States D epositary

DEPOSITS $46,000,000.00

CAPITAL AND SURPLUS $4,000,000.00
W IL L IA M A. T IL D E N , P r e s id e n t

WM. W . LE G R O S C a sh ie r

H E N R Y R. K E N T
JO H N F L E T C H E R
G EO RG E H. W IL SO N
M ARCUS JA C O BO W SK Y
CHARLES FER N A LD
E . C. T U B B S
W M. L. M cK E E

C H A R L E S L. BO Y E
RO BT. J. M cK A Y
WM. E . M cL A L L E N
>Ass’t C a sh ier s
WM. J. F IC K IN G E R
E D W A R D N. H E IN Z
A n d M gr. F o r e ig n E x ­
c h a n g e D ep t.

>Vice P r e s id e n ts

A G ENERA L BA N K IN G BUSINESS
BANKERS PART IN FINANCING VICTORY.
(Continued from page 10)
of paper back, has little conception of the inside opera­
tions of a banking institution. The bank gives him a
safe place to keep his money, and pays him for that
privilege or provides him a medium of paying bills by
means of checks, and has the use of his money, while it
is there.
They know that, and many know little more about the
bank. They have no conception of the millions of dollars
that bank has loaned to the government on anticipation
warrants which pay a rate of interest much lower than
the bank would receive from industrial loans. They do
not realize that the banks provide a place for the purchase
of the other bond issues at virtually no profit to them­
selves.
Nor do they realize that their entire prosperity is locked
up in that bank. If the banks are required to take up this
Victory Loan, and the people shift the entire burden to
George’s shoulders, George will have no money to loan
to industries, and if industries cannot borrow money, they
cannot expand. The banks hold the destiny of every
wage-earners in their safes.
If the people knew this, and can be made to understand
that while the banks are able, and if left to themselves,
willing, to take up the. Victory loan, the welfare of the
entire country demands that they do not, the response to
the appeal in this Victory Loan drive will send this loan
over the top as the others have gone. The American is
willing to do his duty when it is made plain to him, and
that, readers of the Northwestern Banker, is your part in
this campaign.

B /L B A N K

of

CHICAGO

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

UNION TRUST COMPANY
C H IC A G O
S tr ic tly a C o m m e rc ia l B a n k
E sta b lish e d 1869

W e have published a booklet entitled “T h e W orld ’s
W ar D eb t” in w h ich the finances of the war are
summarized. W e shall be glad to send a co p y on
request.

The Mechanics and Metals National Bank
OF THE CITY OF NEW YORK
E S T A B L IS H E D 1 810

D eposits, M arch 4,1919, $210,000,000


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Federal Reserve Bank of St. Louis

'20

THE

NORTHWESTERN

BANKER

May, 1919

Legal O pinions and D ecision s
• Question—I wish to ask
Questions of interest to bankers are discussed in this
Produce Company for car­
department and any subscriber has the privilege of writing
your legal department about
load watermelons.” This
for information and advice on legal subjects. He will re­
'an “innocent purchaser” of
telegram referred to a ship­
ceive a direct reply from our attorney without fee or ex­
a note, if same is collectiment to be made by a dealer
pense. A brief of any subject, involving research in a
'ble, when signer does not
complete Law Library, will be furnished for $10.00. In
at the place where the plain­
writing for information, kindly enclose a 3-cent stamp for
.get any value received for
tiff bank was located to the
reply and address “ Legal Department,” care The North­
,the note, yet the note states,
produce company which
western Banker, Des Moines, Iowa.
“for value received.” An
was located in the same
instance. A man gives his note for a certain promotion town with the defendant, guaranteeing bank. Upon re­
!stock and the promoter sells note to a bank, party making ceipt of this telegram the plaintiff bank permitted the
' the note never receives his stock, nor has the company his shipper to withdraw the amount guaranteed. Under the
name on their book. Can this bank recover their money contract between the parties the carload was to contain
from the maker of this note?
30,000 pounds of melons and was to be shipped on June
Answer—Under the Negotiable Instrument law, the 7. The shipment did not start until about the 17th and
good faith purchaser takes a note, free of the defense of contained only 24,000 pounds. It was held that the de­
failure of consideration, unless he is good faith in name fendant bank was nevertheless liable on its guaranty.
only, that is, unless he became a “good faith” purchaser
Negotiability of Promissory Note—The Supreme Court
by failure to inquire into the circumstances surrounding of Oklahoma has rendered the following decision: The
the signing of the note.
note sued on contained a provision “that in the event that
In a few of our states, it has been held that a bona fide said note is paid at maturity that 6 per cent shall be de­
purchaser for value, takes the note subject to the defense ducted from the amount thereof, and non-payment of
of duress. Other states, Iowa, for example, hold that a any instalment for more than thirty days after maturity
note given on a gambling contract is void from its incep­ renders remaining instalments due at holder’s option.”
tion, and therefore it is impossible for anyone to be a The note was executed prior to the adoption of the Ne­
“good faith” purchaser.
gotiable Instrument Law in Oklahoma and was governed
In the instance you give, if South Dakota follows the by the law in force at the time of its delivery. It was held
general trend of decisions, the bank could collect from the that the note was non-negotiable for the reason that if
maker, unless the maker could show that the bank had was not certain as to amount or as to time of payment.
notice of the fact, that the note was given without con­
Embezzlement by Receiver—“The receiver of a Na­
sideration. Or the maker could probably put up a good
tional
bank can not be indicted under section 5209 of the
defense if he could show that the bank had notice of such
facts as would put it on inquiry as to the consideration Revised Statutes, denouncing the offense of embezzle­
for which the note had been given, and had deliberately ment and making false entries by every president, direc­
tor, cashier, teller, clerk, or agent of a National bank.
refused to make inquiry.
There has been some tendency of late to charge a bank The receiver is not*an officer of the bank, but of the
with more care than formerly. The bank was presumed United States, and does not come within the meaning of
to act more or less as a machine, not bound to make any the word ‘agent’ as used in this statute,” is a decision ren­
inquiry. But since the movement against wildcat pro­ dered by the United States Supreme Court April 15, 1918,
motion schemes has been gaining headway, banks and in the case of United States v. Fred W. Weitzel.
Right to Charge Back Dishonored Draft—The Su­
bankers who take notes,from promoters are looked upon
preme Court of Kansas in the case of Lyon County
by the court with more or less suspicion.
Liable on Guaranty—The Court of Civil Appeals of State Bank v. Schaefer, held as follows:
Texas in the case of El Paso Bank and Trust Company
Where a bank credits the amount of a sight draft to
v. First State Bank of Eustis, held as follows:
the account of the depositor it is ordinarily entitled, upon
The defendant bank sent to the plaintiff bank the fol­ the dishonor of the draft, to charge the amount thereof
lowing telegram : “We guarantee payment $300 by Texas . back against the depositor’s account. If at the time the

C

e n t r a l

T
O F

r u s t

C

o m p a n y

IL L IN O IS

1 2 5 W E ST M ONROE ST R E E T

1 11 SO U TH L a SA L L E ST R E E T

Charter Member,
C H IC A G O
Under National,
Federal Reserve Bank of Chicago
State and Clearing House Supervision

C a p it a l a n d Su r p l u s , $7,000,000
'

D e po sit s , $50 ,000,000

Efficiently equipped to handle all business pertaining to banking, and offer a
complete service to accounts of banks, corporations, firms and individuals

Accounts of Banks and Bankers Received

Correspondence Invited

Savings Accounts
Checking Accounts
Bond Department
T ru st Department
Real Estate Loans
Foreign Exchange
Safe Deposit Boxes


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

May, 1919__________________ T H E

NORTHWESTERN

B A N K E R _______________ ________ 21

Our Retail Service Bureau
C reated and maintained to develop in­
telligent co-operation all along the line
from the m anufacturer to the consum er.
V UR idea of co-operation is that each party concerned shall do his part, and that each
M party concerned shall receive his share of the profits.
We believe that advertising campaign n most efficient in which each helpful method of
publicity is used to the limit of its effectiveness under the existing circumstances, and in which
each individual concerned in producing results has a recognized financial interest in the re­
sults of his labor.
I

The small town m erchant who distributes products
advertised to farm ers in Successful Farming can sell
more goods and make m ore money if people in his
trading area know that this standard merchandise with
an established reputation may be had at his store.
rp,
,
e .v i
i
I
. i
In e publisher ot the local paper is the highest advertising authority in his town. He has the most economical m edium through which the local m erchant
may talk to the people of his community. His attitude
toward an advertising campaign in which the merchants of his town are concerned is worthy of consideration.
Every advertisement that appears in Successful Farming to build a reputation among 800,000 farm fam ilies
for products to be sold through the local merchant,
should be supplemented by advertisements in the local
paper over the signature of the m an who is ready to
deliver them in that community. If the local publisher
is not for this plan, it will not work. He will not be
for it unless it w ill increase his profits.

Successful Farming is spending about $20,000 a year
to help local newspaper publishers make m ore money
by working with us than they could make by working
against us. We show them how to help their local
merchants to make more money by featuring advertised
merchandise with an established reputation.
We publish a supplementary publication called BuildTrade W ith Farmers, which carries these helps and
suggestions w ithout charge to about 7,000 country newspaper publishers in the .N orth C entral States. Advertisers in Successful Farming who sell through country
merchants are privileged to use in each issue of Building Trade W ith Farmers an am ount of space equivalent to the space they use in the same issue of Successfu l Farming. In this space advertisers are expected to
present copy which w ill enable the country m erchant
to advertise his store and the advertiser’s merchandise
effectively in the columns of the country paper. Electrotypes are furnished to the country publisher by the
advertiser w ithout charge.

Successful Farming makes no charge to any one for this extra service. It is increasing the profits of the country
publisher, of the country merchants and of advertisers who are co-operating with them and with Successful Farm­
ing. So long as these three make a profit, Successful Farming is bound to get dividends on its investment.
The country m erchant who handles Nationally Advertised goods gives his customers high-grade products and de­
pendable m erchandise. As a banker you should assist the merchants in your community by the p roper extension
of credit, to increase and develop their business, being assured that the stores which handle well-known advertised
products are extending value received to their customers, and generally do the largest volume of business, and there­
fore are as a rule entitled to the best line of credit.
By helping your merchants to increase their business, you are assisting in the development of your community,
along sound and progressive business lines. If we can help you in any way by answering questions about “ Our
R etail Service Bureau,” or anything else that will help you to give additional service to your bank customers, we
will be glad to do so. Ask us now on a post card.
T. W. LeQTJATTE

—

~

F. J. WRIGHT
Promotion Bureau
Chicago Office
J. C. Billingslea
Advertising Bldg.

1

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

J. A. EVERS

Su

c c essfu l

«

!

F

a r m in g

’E n f lj S r a lr

E. T . M E R E D IT H , P u b lis h e r
New York Office
A. H. Billingslea
1 Madison Avenue

C. A. BAUMGART
Retail Service Bureau

DES M O IN ES, IOW A

St. Louis Office
A. D. McKinney
Post-Dispatch Bldg.

Kansas City Office
O. G. Davies
Victor Building

'

Minneapolis Office
R. R. Ring
Palace Building

THE

22

NORTHWESTERN

three-quarters of a century
FORwenearly
have rendered successful service

to banks, commercial houses and indi­
viduals. Our arrangements with bankers
enable them to draw their own drafts on
Europe. Satisfactory relations are as­
sured to those who avail themselves of
our facilities.
Correspondents in all A llied
and N e u t r a l Countries.

Krnutti NariioD&Kul|ne
M em b ers o f N e w Y o r k S to c k Exchange
Equitable Building

N e w Y o rk

MADEto ORDER

Really knowing the styles worn by
gentlemen is but part of good tailoring.
W e study the characteristics of each
man’s figure, and, with a hundred and
one small perfections of cut and fit, give
his clothes that indescribable look called
STYLE—Individual Distinction.
Suits and Overcoats, prices--$35 to
$75.
A splendid range of clear cut W ors­
teds at $35 to $40.
A n almost endless array of sm art
fabrics await your selection here.

NICOXdL The T a ilo r
W ^i Je rre m s’Sons
315 7th St.

¥

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Federal Reserve Bank of St. Louis

Des M oines, Iowa

BANKER

May, 1919

depositor’s account is not sufficient for that purpose the
bank may recover the amount in an action against the
depositor.
Bill of Lading Attached to Draft—The case of Marsh
Milling and Grain Company v. Guaranty State Bank <?f
Ardmore, was decided as follows by the Supreme Court
of Oklahoma:
In purchasing a draft attached to a bill of lading, cover­
ing a shipment of grain, a bank is exercising a legitimate
banking power. Such a transaction does not violate the
statute of Oklahoma, which provides that no bank shall
employ its money “in trade or commerce by buying or
selling goods, chattels, wares, or merchandise.”
Possession of Savings Bank Passbooks—The Su­
preme Judicial Court of Massachusetts decided this ques­
tion, as follows:
The owner of savings bank deposits, who was about to
go on a visit, had the deposits placed in the names of her­
self and her niece and delivered the passbooks into the
possession of the niece. The owner’s object in doing this
was to enable the niece to make remittances to her during
her absence. At the time of the transaction the niece
promisd to return the passbooks upon demand. But when
the owner returned, the niece refused to give up the books.
It was held that the court had authority to compel the
niece to deliver the passbooks to the owner, together with
an assignment.

NATION LEAGUE AND SHADOW JUMPERS.
(Continued from page 6)
us very much indeed in the years to come. They are
looking to us to help put them on their feet. They are
looking to us to finance them and assist them in all
material ways in the stupendous task of reconstruction.
The World is holding out its arms to us, as a child to
its mother, trusting us, and we should respond with an
answering trust. Surrendering our sovereignty—bosh!
Surrendering our rights—nonsense! Living with our
neighbors is always a “give and take” affair, and is
founded on mutual confidence. Business is a. “give and
take” matter, also, and is founded on mutual respect
and esteem. Local government is a “give and take”
business and founded on confidence and trust. Treaties
and agreements and a League of Nations are all “give
and take” affairs and founded on confidence and mutual
regard. In all these, we agree to do certain things and
not to do certain things. We may surrender a bit of our
sovereignty and some of our rights but the other fellow
does the same. We have had a treaty with England
for the jpast hundred years, not to fortify the line be­
tween Canada and the United States. W® haven’t had
the least little bit of trouble with England or Canada
either, by reason of having surrendered our “sover­
eignty” (?). Hurrah for old England!? She is our
Mother Country. England and America, alone, can
compel the Peace of the World. England holds no
enmity toward us. She needs the good old U. S. A.,
believe me. England has been the greatest civilizer and
colonizer of growing, prosperous and satisfied com­
munities in the history of the world. We are the same
blood, the same race, the same language and have the
same ambitions. Down with the shadow-jumpers and
the “puny”, pestering little American demagogues who
still seek to keep alive the prejudices as against Eng­
land. These yellow skunks who Were forever stirring
up ill-feeling against England while our boys were
fighting side by side with the “Tommies”, in the same
glorious cause, ought to be shot at sunrise after due

May, 1919

THE

NORTHWESTERN

trial by a military court. If we want Peace—if we
want a League of Nations we must forget our preju­
dices, trust those who have shown themselves worthy,
and have a wholesome respect for our neighbors across
the sea, with whom we are already in “league”. It
is a good time right now to sell our hammers and in­
vest in horns. We can never get what we want by
continually “knocking”. All we need to do to insure
Peace through The League of Nations is for everybody
to “boost”.
A League of Nations, by all means, backed up by an
irresistible moral force and a physical force (com­
mensurate with the undertaking.
A League of Nations, by all means, and if we can
read the signs of the .times, it is our private opinion,
publicly expressed, that the two-by-four politician who
obstinately refuses to give the “idea” a chance to try
itself out, will find himself relegated to that oblivion,
set aside especially for the swashbuckling, scare-crow,
straw-man, and the fake political “wizards of Oz” seek­
ing to hold their power and position by a system of ter­
rorism and frightfulness that have no real existence.
Public opinion is undoubtedly for a “League of
Nations” looking to an end of Wars. Public Senti­
ment can compel anything it wants. The peoples of the
world want Peace and woe be to the man or party or
clique that undertakes to block the move for future
Peace. Certainly, the thing is worth trying. It is not
impossible. We have been performing miracles ever
since April, 1917. The same spirit that enabled us to
work wonders during the war will enable us to
work wonders during Peace. All we need is the heart,
the courage, the initiative, the intelligence, the determi­
nation, the self-effacement, the “will” to do. Public
Opinion is as resistless as the march of time and if our
people are as strong for Peace as they were, finally, for
war, we’ll have it. W e’ll have it if we want it, “bad”
enough.
W hat are we afraid of, Ghosts?
Whom are we afraid of, France?
W hat an awful mistake we will make if we join the
League and then have to fight a world combined
against us ? R a ts!
Well, supposing we refuse to join. Then it is the
United States against the world, is it not?
The Constitution of The Proposed League of
Nations reads to us as though patterned after “The
Sermon on the Mount”, and Maybe it is too Good to
be True, but Faith is a wonder-worker and The Voice
of the People is the Voice of God.
Enduring Peace may be a Dream, but don’t you
know, oftentimes, we make our dreams come true?
How? By “Waking Up”.
We thrashed an Invincible Army.
We broke an Invincible Line.
We licked an Unbeatable foe.
We captured Impregnable Positions.
We whipped the cohorts of hell.
We saved Civilization, and yet our “buttermilkbabies” down in Washington are shying at their own
shadows, and trying to frighten the rest of us with
“bogey-men” “hob-gob-lins” and spooks and little red
devils, and things, that never existed. We just
naturally took this old world and turned her upside
down and inside out in about thirty minutes and yet
some “putty-face” jumps up every now and then and
warns us that England and dear old, splendid, mag-


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

BANKER

23

Why We Gan Give
You Good Service
The close “personal” contact which we endeavor to
m aintain w ith every one of our correspondent banks en­
ables us to give each the most intelligent service possible.
If you are contem plating opening o r changing your
Chicago account we would be pleased to have you write
us.

The National City Bank
of Chicago
DAVID R. FORGAN, P resident

Banks and Bankers Department
F. A. Crandall, Vice P resident
Schuyler P. Johnson, Asst. Cashier
R. V. Kelley, Assistant Cashier

Resources Over $40,000,000

The Northwestern Banker
is a n a s s o c ia t e m em b er o f
th e

Financial Advertisers
Association
an d an
th e

a c t iv e m em b er o f

Des Moines
Advertising Club

m em b er s o f th e A s s o c ia te d
A d v e r t is in g C lu b s o f th e
W orld .

STANDARDS OF PRACTICE

FIRST: To encourage clean and efficient advertising.
SECOND: To discourage the publication by news­
papers and periodicals of financial advertising
that does not measure up to the highest stand­
ards.
THIRD: To develop among financial institutions mu­
tual points of contact which will tend to improve
their advertising so that this betterment will
become permanent and nation-wide.
FOURTH: To encourage by advertisnig the invest­
ment through reputable financial institutions of
the surplus moneys of the American people.
FIFTH: To discourage unreliable and unsafe invest­
ments.
SIXTH: To make financial institutions realize the
value of advertising, and, by co-operation, deter­
mine the most effective means of building busi­
ness, through advertising, in the various depart­
ments of a modern financial institution.

T H 'E

24

NORTHWESTERN

BANKER

A Commercial Bank
Ever since The Merchants Loan and Trust Com­
pany Bank of Chicago was founded, more than
sixty years ago, the big end of its business has
been commercial banking.
From time to time, new departments have been
added, extending and widening the Bank’s service,
but it has always remained first of all a commer­
cial bank, and commercial banking its principal
activity.
Today this Bank stands foremost among all the
state banks and trust companies of the entire
West in volume of commercial business and hold­
ings of bank deposits.
BOARD OF DIRECTORS
FRANK H. ARMSTRONG
CLARENCE A. BURLEY
R. T. CRANE, Jr. HENRY P. CROWELL HALE HOLDEN
MARVIN HUGHITT
EDMUND D. HULBERT
CHAUNCEY KEEP
CYRUS H. McCORMICK
SEYMOUR MORRIS
JOHN S. RUNNELLS EDWARD L. RYERSON
JOHN G. SHEDD ORSON SMITH
•
JAMES P. SOPER MAJ. A. A. SPRAGUE -

- President Reid, Murdoch & Company
........................................ - Attorney and Capitalist
........................... President Crane Company
................................ President Quaker Oats Company
Regional Director, U. S. Railroad Administration
Chairman Chicago & Northwestern Railway Company
........................................................ President
Trustee Marshall Field Estate
Chairman International Harvester Company
........................................ Trustee L. Z. Leiter Estate
- President Pullman Company
.
Chairman Joseph T. Ryerson & Son
President Marshall Field & Company
........................................ .......
Chairman
~ President Soper Lumber Company
........................................................ - U. S. Army
OFFICERS

ORSON SMITH - Chairman of Board
EDMUND D. HULBERT - President
FRANK G. NELSON - Vice-President
JOHN E. BLUNT, Jr. - Vice-President
C. E. ESTES - - - - Vice-President
F. W. THOMPSON - - Vice-President
H. G. P. DEANS - - - Vice-President

P. C. PETE R SO N ...................Cashier
JOHN J. GEDDES - Assistant Cashier
F. E. LOOMIS - - Assistant Cashier
LEON L. LOEHR, Sec’y and Tr. Officer
A. L. JOHNSON - - Asst. Secretary
G. F. HARDIE - - Mgr. Bond Dept.
C. C. ADAMS - Asst. Mgr. Bond Dept.

Being a member of the Federal Reserve System,
this Bank offers facilities equal to those offered
by National banks and in addition the special
services of a State institution.
DEPARTM ENTS
COM M ERCIA L—S A V IN G S -T R U S T —BO ND

“Identified with
Chicago’s Progress
Since 1 8 5 7 ”

— FA R M LO A N — FO R EIG N E X C H A N G E —

Capital and S urplus— T welve M illion D ollars

>

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

May, 1919

May, 1919

THE

NORTHWESTERN

BANKER

nificent, glorious France will get us into a jack-pot and
and then some sweet day they will bob up. together and
say “boo” and the United States will be no more. These
sob-sisters, calamity-howlers and “fraid-cats” make me
sick.
The League of Nations is our only Hope. Hang
onto the rope. Instead of a “tug-of-war” let’s make it a
“tug-for-Peace”. W hat you ‘fraid of?
Buck u p ! Be a man, a good sport, a regular fellow,
a real “Yank”.
A “shadow-jumper” isn’t worth his entrance fee.

CORN BELT PACKING COMPANY.
Many readers of The Northwestern Banker are per­
haps not aware that for more than a year there has
been in process of construction at Dubuque one of the
most complete packing plants in the United States.
This is destined to become one of the leading industries
of northeastern Iowa, and occupies a unique position,
particularly for the pork packing business, in that it
lies practically in the geographical center of the larg­
est hog-raising section of the entire world. Iowa pro­
duced last year oyer 9,000,000 hogs, practically 17^2%
of the entire hog production of the United States. This
same ratio applies to the region directly across the
river in Illinois, thus making Dubuque the logical pork
packing center which will have all of the advantages of
many of the other packing centers, with the added ad­
vantage to the stock raisers and shippers tributary to
this plant, of an enormous saving of freight, terminal,
commission charges, etc. Dubuque is also served by
a splendid group of railways: the Chicago Great W est­
ern; Burlington; Chicago, Milwaukee & St. Paul; and
the Illinois Central.
Some two years ago the Dubuque Brewing and Malt­
ing Company sold its property to the Corn Belt Pack­
ing Company, which corporation was organized with
a capital of $3,000,000. This property consists of some
14 acres, with switchyard facilities, and a splendid set
of buildings which required but little remodeling to
.fit them for packing house purposes.
The company has gone along steadily, notwith­
standing war conditions. No pains nor expense have
been spared to install every known labor-saving device.
This plant is owned by a large group of prosperous
Iowa farmers, stock raisers and bankers. They num­
ber at the present time around 1,500, of which about
90% are Iowa farmers and stock raisers. No one group
or individual controls this property. The capacity of
the plant as now equipped, is 2,500 hogs per day and
200 beef cattle, and a large capacity for the handling
of poultry, butter and eggs. Engineers also state that
the capaetiy could be practically doubled with much
less than half the original outlay. The plant has enor­
mous cold storage capacity in which it will be possible
to carry at all times around 12,000,000 pounds of cured
m eats; it also has a large ice-making plant from which
it will derive a large profit in the selling of manufac­
tured ice.
The ice-making plant of the company is in full oper­
ation, producing forty tons daily. Owing to the scarc­
ity of ice this season throughout eastern Iowa and
western Illinois, and the rapid advance in the price of
ice, the company will secure a handsome net revenue
from this department alone.


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Federal Reserve Bank of St. Louis

25

BANKS
Desiring a Chicago
Connection
E in v ite in activ e re s e rv e acco u n ts,
su b jec t to w ith d ra w a l in w h o le o r
in p a r t on te n d a y s ’ n o tice, on
w h ich a fav o rab le r a te o f in te re s t w ill
b e allow ed.

W

On active accounts the regular clear­
ing house rate of interest will be paid.
Correspondence invited.
V au lts of T he N o rth e rn T r u s t S a fe D e p o sit Co.

BOND
TR U ST

BA NKING
SAVINGS

Ih E N o r t h e r n
T r u s t C o .. B a n k
C apital and Surplus $ 5 ,0 0 0 ,0 0 0
CHICAGO

The Chase National Bank
of the City of New York
57 Broadway

Capital
.
.
.
.
Surplus and Profits
Deposits (Mar. 4, 1919)

.

$ 10,000,BOO
16,870,000
326,388,000

OFFICERS
A. Barton Hepburn, Chairman o f th e A dvisory Board
A lbert H. Wig-gin, Chairman o f th e Board o f D irectors
E u gen e V. R. Thayer, P resid en t
Samuel H. Mlller....V. P res.
Wm. P. H olly.__Asst. Cash.
Edw. R. T in k er____ V. Pres.
Geo. H. Saylor....A sst. Cash.
Carl J. Schmidlapp..V. P res.
HI. H. H o w ell......A sst. Cash.
Gerhard M. D ah l.......V. P res.
S. Fred T elleen.A .sst. Cash.
Alfred C. Andrews....Cashier
Robert I. Barr__Asst. Cash.
Chas. C. Slade..A sst. Cash.
S ew all S. Shaw, A sst. Cash.
Edw in A. Lee....Asst. Cash,
Ii, H. Joh nston..A sst. Cash.
Wm. E . Purdy....A sst. Cash.
Otis E verett, A sst. Cashier
Chas. D. Sm ith..Asst. Cash.
Geo. E . Schoepps, A sst. Cash.
DIRECTORS
H enry W. Cannon
Samuel H. M iller
A. Barton Hepburn
Edward R. Tinker
A lbert H. W ig g in
H enry B . E n d lcott
John J. M itchell
Edward T. N ichols
Guy E . Tripp
Newcomb Carlton
Jam es N. H ill
F rederick H. Ecker
D aniel C. Ja ck lln g
E u gen e V. R . T hayer
F rank A. Sayles
Carl J. Schmidlapp
Charles M. Schwab
Gerhard M. D ahl
Andrew F letch er

WE RECEIVE ACCOUNTS OF
Banks, Bankers, Corporations, Firms or Individuals
on favorable terms, and shall be pleased to meet or
correspond with those who contemplate making
changes or opening new accounts.
FOREIGN EXCHANGE DEPARTMENT

26
=

THE

NORTHWESTERN

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BANKER

May, 1919
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PROGRAM
ANNUAL MEETING GROUP FIVE
IOWA BANKERS ASSOCIATION
COUNCIL BLUFFS, IOWA
TUESDAY, MAY 6, 1919
¡1

10:00 A. M.
Call to order by Hon. Carl F. K uehnle, Chairman, President Bank of Denison

j |

11

•

A. F. Greenwaldt, Secretary, Cashier F irst N ational Bank, Coon Rapids

||

Invocation, Rev. J. L. Blanchard

11

Address of Welcome, Hon. Louis Zurm uehlen, Mayor of Council Bluffs
Response, Mr. T. P. Breheny, Cashier A tlantic N ational Bank, A tlantic

11

Song, Elks Quartet

§j|

Address, The Federal Farm Loan System, M. L. Corey, G eneral Attorney The
Federal Land Bank of Omaha
Address, The Case for and Against Tax Exemption, E. D. Chassell, SecretaryT reasurer Farm Mortgage Bankers Association of America, Chicago
Address, Major Edouard Du Pont, a banker of Paris and direct representative
of the French R epublic

11

Song, Elks Quartet
11

R eport of Officers

gI

R eport of Committees

11

Election of Officers

I ]

Im mediately following the luncheon an entertainm ent will be given by local
t al ent

1

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ORGANIZED 1901

COMMERCIAL NATIONAL BANK
Council Bluffs, Iowa

Capital - - - - $ 100,000.00
Deposits
- - - . 1,264,512.96
OFFICERS
C. E. PR IC E .............; ................... ..
W. A. M AURER........................................
C. KONIGMACHER ............................
W. B. P R IC E ............... .............................
G. W . BER N H A R D I..............................


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

. . . . . . . . P resident
.. .V ice P resident
.......................Cashier
A ssista n t Cashier
A ssista n t Cashier

DIRECTORS
C. E. Price
W. A. Maurer
A. P. H anchett
J. Chris Jensen
L.. F. H usk
M. J. B ellin ger
F, J, A insworth

THE

May, 1919

NORTHWESTERN

City National Bank

BANKER

27

F ir s t N a t io n a l
Bank

Council Bluffs, Iowa

oi C o u n c il B lu f f s , Io w a

Capital, Surplus and Undivided
Profits $200,000.00

Capital
Surplus

-

-

-

$200,000
200,000

Assets Over $5*000,000.00

United States
Depository

T. G. Turner, President
Oscar Keeline, V. Pres.
J. G. Wadsworth, V. Pres.
R. D. M. Turner, Cashier
P. J. McBride, Asst. Cashier
Ira L. Hays, Asst. Cashier

J. -P. Greenshields, Pres.
E, A. Wickham, Vice Pres.
G. F. Spooner, Cashier
Roy Maxfield, Asst. Cashier
J. S. Watson, Asst. Cashier
N e a r ly H a lf a C en tu r y of S u c c e s s f u l
B a n k in g

Bank Accounts Solicited

C o u n c il B lu ffs
Savings Bank

T h e S tate S a v in g s
B ank
Capital, Surplus and Profits $145,000.00

Council Bluffs, Iowa

Council Bluffs, Iowa
Capital, $150,000.00
Surplus, $175,000.00
Deposits, $4,000,000.00

Capital
Surplus and Undivided Profits
Loans and Discounts - - Deposits
-

$ 50,000.00
- 120,000.00
2,218,382.53
2,280,430.58

DIRECTORS

D. W . B u s h n e ll
F r e d R. D a v is
N. P . D o d g e, Jr.
G e o r g e A. K e e lin e

M. F .
E . P.
-C h as.
T h eo.

R o h rer
S c h o e n tg e n .
T. S te w a r t
L a sk o w sk i '

O FFICERS

'

-

A General Banking Business Transacted.
We Respectfully Solicit Your Business.


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Federal Reserve Bank of St. Louis

,

E. A . WICKHAM, President
W. S. B A IR D , V ice
H. L .J TINL.EY, Cashier
W. B . HOUGH, A sst. Cash.
C. C. HOUGH, A sst. Cash.

Preft.‘

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

28

THE

NORTHWESTERN

BANKER

May, 1919

PROGRAM
ANNUAL MEETING GROUP NINE
IOWA BANKERS ASSOCIATION
CHARITON, IOWA
MAY 7, 1919
Bert Teale, Chairman

I|

Address of Welcome, Hon. J. A. Penick
Address, E. L. Cliassell, Secretary Farm MortResponse, Bert Teale, Group Chairman
gage Bankers Association of America
Address, Federal Farm Loan System, M. L. Five-minute Talk, American Bankers AssociaCorey of Federal Farm Loan Bank, Omaha
tion, L. A. Andrews, Ottumwa
Election of Officers

j I

A djournm ent

§j

Guaranty Travelers Checks
the removal of restrictions upon pleasure travel in the United States, there is a re­
W ITH
newed demand for Travelers Checks. There is also an active call for them from those
who are going abroad.
An agency for Guaranty Travelers Checks is a source of profit to the selling bank and a fea­
ture of service to its customers.
Guaranty Travelers Checks are issued in convenient denominations— $20, $50, $100. In
foreign countries these checks are cashed by our correspondents at the current rate of ex­
change on New York, affording in most cases a greater equivalent in foreign money than
was possible under the old system of fixed rates of exchange.
BANKS AND BANKERS DEPARTM ENT
Officers in Charge
CHARLES H. SABIN, President
CHALLEN R. PA RK ER, Vice President
L. S. CRITCHELL, Assistant Secretary
A. B. HATCHER, Assistant T reasurer

ARTHUR R. JONES, Assistant Secretary
G. J. GEER. JR., Assistant Treasurer
ST. GEORGE B. TUCKER, Assistant Treasurer

Guaranty Trust Company of New York
140 Broadway
FIFTH AVENUE OFFICE
Fifth Avenue and 43rd Street
LONDON
Capital and Surplus - - -


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Federal Reserve Bank of St. Louis

$50,000,000

MADISON AVENUE OFFICE
Madison Avenue and 60th Street
PARIS
Resources more than
- $700,000,000

THE

May, 1919

NORTHWESTERN

BANKER.

Combined Capital and
Surplus $2,800,000

Deposits Over
$25,000,000

Io w a N a tio n a l B a n k
Des M oin es Savings Bank
In O ne Building
Under One Management

“The Banker's Bank of Iowa"
offers a service equaled by few and
excelled by none.

Give U s an O pportu n ity to Serve Y o u
HOMER A. M ILLER, President
CLYDE E. BRENTON, Vice President
R. L. CHASE, JR., Asst. Cashier.
H. T. BLACKBURN, Vice President
JAMES F. HART, Asst. Cashier.
JOH N H. BLAIR, Vice President
JAMES BURSON, Asst. Cashier.
G. E. PEARSALL, Vice President
CHAS. H. NUTT, Asst. Cashier.
J. R. CAPPS, Cashier
S. W. FOWLER, Asst. Cashier.


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Federal Reserve Bank of St. Louis

29

30

THE

NORTHWESTERN

BANKER

May, 1919

llllll!llllllllllllllllll!llll!lllilinilillllllllllltllllllllli)lilll1lllllllllllllllllllU!lllllllllillllllllllllllllllllllllll!lllllllllll!lllllllilllN
|

£llllllllllllllllllllllllllllllll!lllllllllllllllllillllllllllllllllllllUllllllllllll!llll!!llllllllllllllllllllll!llllllllllllllllllll!llllll!lllllllllllIinillllllllllllllllll!lllllllllllllllllllllllllllllll!llllllllllllllllllllllUlllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll^

§

PROGRAM
ANNUAL MEETING GROUP TEN
IOWA BANKERS ASSOCIATION
OTTUMWA, IOWA

MAY 8,1919
HEADQUARTERS AND REGISTRATION AT HOTEL OTTUMWA

Hi

11
1 |

12:15 P. M. D inner in banquet room at H otel Ottumwa.
Program following dinner.
Saxophone solo—Joe Haney, Jr., Bloomfield.
Chairm an’s address—L. A. Andrew, Ottumwa.

Our Year’s W ork—Pres. M. H. Calderwood.
Banking Conditions in Group 10—
Appanoose County, George M. B arnett, Centerville.

Vocal solo—H arold McCarty, Stockport.

Davis County, S. F. McConnell, Bloomfield.

Address, “Care of Estates in Banks”—F rank Paynef Centerville.' *
,
\

Van B uren County, J. H. McCarty, Stockport.

“A Serious Im position”—John Eithell, Bloomfield,

Mahaska County, C. C. Branson, New Sharon.
Monroe County, Roy T. A lford, Albia.

"Talks
Banking Legislation—E. B. W ilson.

K eokuk County, John M. Van K irk, South English.

Iowa Association Affairs—F rank W arner.

W apello County, J. C. Jordon, Ottumwa.
Question Box.

A. B. A. Membership.

R eport of Committees.

Io w a L oan & T ru st C om p an y
B an k
DES MOINES. U. S. A.

Member Federal Reserve System
We solicit the accounts of Banks and responsible business houses in this
territory on the basis of real service.
We are always in the market for farm mortgages measuring up to our re­
quirements.
Direct your friends locating or visiting in Des Moines to us, and we will
reciprocate.
Write us regarding your needs.
B. B. Vorse, Cashier
C. S. Howard, A sst. Cashier
J. E. Morton, A sst. Cashier
H. M. Cormany, A sst. Cashier
J. W. Denm an, A sst. Cashier


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Federal Reserve Bank of St. Louis

G. B. H IPP E E , PRESIDENT
D. H. McKee. V ice P res.
B. E. S tevens. V ice P res.
D. P . W itter, V ice P res.
G, W . Gray. Treasurer
Edwin H uit, Secretary

A. C, W ahl, A sst. Cashier
A. Li. H am m erstedt, A. Cashier
Isadore Lucchesi, A sst. Cashiex
Simon Casady, T rustee
J. G. R ounds, T rustee

||

May, 1919

THE

NORTHWESTERN

BANKER

31

ON IOWA GROUP M EETIN G SPECIALS
List of passengers who have made reservations on
the Iowa bankers group meeting special trains for the
group meetings in May.
Southern Group Meetings—May 6th to 10th, in­
clusive.
Cedar Rapids—

1. H. N. Boyson, assistant cashier Merchants National
Bank.
2. H. E. Henderson, secretary American Mortgage & Se­
curities Co.
3. Martin Newcomer, assistant cashier Cedar Rapids Na­
tional Bank.
Chicago—

4. Representative—Continental & Commercial National
Bank.
5. Representative—Corn Exchange National Bank.
6. C. I. Simmons, assistant cashier Drovers National Bank.
7. E. D. Chassell, secretary Farm Mortgage Bankers As­
sociation of America.
8. Representative—Federal Reserve Bank.
9. Representative—Fort Dearborn.Bank.
10. James P. McManus, Jr., First National Bank.
11. W. E. Kepple, Iowa representative Live Stock Exchange
National Bank.
12. H. Meyer, National City Bank of Chicago.
13. W. D. Freemanj assistant cashier National Bank of the
Republic.
14. T. F. Ford, Northern Trust Co.
Denison—

15. Carl F. Kuehnle, president Bank of Denison.

Des Moines—

16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.

C. H. Stephenson, cashier Bankers Trust Co.
Grant McPherrin, vice president Central State Bank.
Leland Windsor, cashier Central State Bank.
V. R. Martin, cashier First Trust & Savings Bank.
D. H. McKee or L. E. Stevens, Iowa Loan & Trust Co.
J. H. Blair, Iowa National Bank.
C. H. Nutt, Iowa National Bank.
J. R. Capps, Iowa National Bank.
H. T. Blackburn, Iowa National Bank.
Clifford DePuy, Northwestern Banker.
George H. Messenger, State Superintendent of Banking.
John A. Cavanagh, vice president Des Moines National
Bank.
C. A. Diehl, assistant cashier Des Moines National Bank.
John H. Hogan, cashier Des Moines National Bank.
P. W. Hall, Iowa representative Mechanics & Metals
National Bank, New York.
Frank Warner, secretary Iowa Bankers Association.

Eldridge—

2. I. C. Stanley, secretary American Mortgage & Securities
Co.
3. Martin Newcomer, assistant cashier Cedar Rapids Na­
tional Bank.
Chicago—

4. Representative—Continental & Commercial National
Bank.
5. Representative—Corn Exchange National Bank.
6. C. I. Simmons, Drovers National Bank.
7. E. D. Chassell, secretary Farm Mortgage Bankers As­
sociation of America.
8. Representative—Federal Reserve Bank.
9. Representative—Fort Dearborn Bank.
10. James P. McManus, Jr., First National Bank.
11. W. E. Kepple, Iowa representative Live Stock Exchange
National Bank.
12. H. Meyer, National City Bank of Chicago.
13. -W. C. Freeman, assistant cashier National Bank of the
Republic.
14. T. F. Ford, Northern Trust Co.

Denison—

15. Representative—Bank of Denison.

Des Moines—

16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.

C. H. Stephenson, cashier Bankers Trust Co.
Grant McPherrin, vice president Central State Bank.
Leland Windsor, cashier Central State Bank.
E. B. Wilson, vice president First Trust & Savings Bank.
C. S. Howard, Iowa Loan & Trust Co.
D. H. McKee, Iowa Loan & Trust Co.
J. H. Blair, Iowa National Bank.
C. H. Nutt, Iowa National Bank.
J. R. Capps, Iowa National Bank.
H. T. Blackburn, Iowa National Bank.
Clifford DePuy, Northwestern Banker.
George H. Messenger, State Superintendent of Banking.
John A. Cavanagh, vice president Des Moines Nationai
Bank.
C. A. Diehl, assistant cashier, Des Moines National Bank.
John H. Hogan, cashier Des Moines National Bank.
P. W. Hall, Iowa representative Mechanics & Metals
National Bank, New York.
Frank Warner, secretary Iowa Bankers Association

Duluth—

• 33. J. H. Ingwersen, vice president First National Bank.
Eldridge—

34. M. H. Calderwood, president Iowa Bankers Association;
president Eldridge Savings Bank.
Fayetta—

35. C. R. Carpenter, president State Bank of Fayette.
Fort Dodge—

36. E. R. Campbell, Commercial National Bank.

32. M. H. Calderwood, president Iowa Bankers Association;
president Eldridge Savings Bank.

Holstein—

33. C. R. Carpenter, president State Bank of Fayette.

indianola—

34. M. Y. Henderson, Jr., cashier First State Bank.

Marshalltown—

35. Wallace H. Arney, president Iowa Savings Bank.

Minneapolis—

Fayette—
Hawkeye

Marshalltown—

Omaha, Nebraska—

36. Robert Goethe, vice president Chas. E. Walters & Co.

Ottumwa—

37. C. J. Wohlenberg, cashier Holstein Savings Bank,
38. Will A. Lane, First National Bank.
39. Wallace H. Arney, president Iowa Savings Bank.
40. Chas. Mills, vice president Midland National Bank.
41. Geo. A. Lyon, cashier First & Security National Bank.

37. L. A. Andrew, president Citizens Savings Bank.

Omaha, Nebraska—

38. Major Du Pont, Banker.
39. Another French banker—name to be supplied.

Ottumwa—

Paris—

Spencer—

40. J. H. McCord, vice president Citizens National Bank.

St. Louis, Missouri—

42. Robert Goethe, vice president Chas. E. Walters & Co.
43. L. A. Andrews, president Citizens Savings Bank.

Paris—

44. Major Du Pont, Banker.
45. Another French banker—name to be supplied.

41. Wm. C. Tompkins, Third National Bank.

Spencer—

42. C. P. Jordan, president First Savings Bank.

Sutherland—

43. E. W. Miller, president Commercial National Bank.
44. J. O. Trumbauer, vice president Iowa Bankers Associa­
tion; vice president Leavitt & Johnson National Bank.
45. E. L. Johnson, president Leavitt & Johnson National
Bank.

Waterloo—

Sutherland—
Waterloo—

Northern Group Meetings—May 19 to 24, inclusive.

Cedar Rapids—

1. H. N. Boyson, assistant cashier Merchants National
Bank.


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Federal Reserve Bank of St. Louis

46. J. H. McCord, vice president Citizens National Bank.
47. C. P. Jordan, president First Savings Bank.

48. E. W. Miller, president Commercial National Bank.
49. H. C. Schultz or H. W. Wente, Commercial National.
50. J. O. Trumbauer, vice president Iowa Bankers Associa­
tion; vice president Leavitt & Johnson National Bank.
51. E. L. Johnson, president Leavitt & Johnson National
Bank.
52. J. P. Chapman, First National Bank.
53. Fred H. Wray, cashier Leavitt & Johnson National Bank.

32

THE

NORTHWESTERN

BANKER

PROGRAM
SIXTEENTH ANNUAL MEETING GROUP EIÖHT
IOWA BANKERS ASSOCIATION
MAQUOKETA, IOWA
MAY 9, 1919
9:00 A. M.
R egistration, Pastim e Theater
11:00 A. M.
Business Meeting, Pastim e Theater, W. J. Moore, Chairman
Invocation, D r. J. G. Morgan
Address of W elcome, G .'L . M itchell, Cashier F irst N ational Bank, Maquoketa,
Iowa
Response, W. J. Moore, Chairman
REPORTS BY COMMITTEES
Committee on Protection Against Fraud—O. M. Brundy, Chairman
Committee on A rbitration—Jos. Kelso, Chairman
Committee on Resolutions—A. C. Smith, Chairman
Committee on Legislation—H. M. Carpenter, Chairman
Committee on Press and Publication—A. F. Dawson, Chairman
TALKS
E. P. W ingert, Liberty Ronds—L iability of Banks W hen Charge Is Made for
D ep o sit,Box—W hen Charge Is Not Made
A. F. Dawson, Checking Accounts R equiring M inim um Balances, Closing Los*
ing Accounts
F. L. Butzloff, County Bankers Associations—How They Can Serve in Iowa
A. L. Cook, Are Tractors Practicable? Should Purchase of Them Be Encour­
aged by Bankers?
H . M. C arpenter
M. H. Calderwood, P resident Iowa Bankers Association; F rank W arner, Secre­
tary
12:30 P. M.
Banquet, Riverview Country Club
After D inner Speech, W. B. M clntire
T rip by Auto to M orehead’s Caves, A fter Banquet


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Federal Reserve Bank of St. Louis

May, 1919

May, 1919

THE

NORTHWESTERN

BANKER

33

T H E F IR S T N A T IO N A L B A N K
AND ITS ASSOCIATE, THE

F a r m e r s T r u s t and S a v in g s B a n k
M aquoketa, Io w a

C a p i t a l ..................................................................................... $75,000.00
Surplus and Profits
- - - - . .
$185,000.00
Deposits
...........................................................................$1,742,000.00
A Successful Rank for Fifty-five Years

The

Jackson State
Savings Bank

The American Savings
Bank
OF MAQUOKETA, IOWA

T h e L a r g e s t B a n k in J a c k s o n C ou n ty
O rg a n ized D ece m b er 14, 1895

Maquoketa, Iowa
CALL O F ST A T E B A N K IN G D E P T . M ARCH 4, 1919

R esources

Prompt, Courteous,
Personal Service

L o a n s an d D is c o u n t s ......... .................................. $ 976,393.70
11,500.00
B o n d s an d S e c u r i t i e s ............................................
97,450.00
U n ite d S t a t e s B o n d s ..............................................
175,000.00
U. S. C e r tific a te s o f I n d e b t e d n e s s ................
846.00
W a r S a v in g s S ta m p s ..............................................
221,470.38
C ash an d D u e fro m B a n k s . ..............................
21,000.00
R e a l E s t a t e ....................................................... ..
181.42
O v e r d r a fts ................................................................
T o ta l ................................ ...................................

$1,503,841.50

L iab ilities

OFFICERS
R. E. Stephens, President

C a p ita l ......................................................................... $ 100,000.00
1,286,162.71
D e p o s its ................ ............................................. ..
90,000.00
S u rp lu s F u n d ...........................................................
27,678.79
U n d iv id e d P r o fits ..................................................
T o ta l ..................................................................... $1,503,841.50

A. L. Cook, Vice Pres, and Cashier
F. W. Gibson, Asst. Cashier
Harvey Stevens, Asst. Cashier


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Federal Reserve Bank of St. Louis

O F F IC E R S

D. N. LOOSE............... Presidest
GEO. COOPER, SR.Vice Pres.
H. B. HUBBELL.......... Cashier
0 . McCAFFREY. . .Vice Pres.
, H. E. MAHONY. .Asst. Cashier

THE

34

R j
E1

1

.

1

,

NORTHWESTERN

11

| X

.

.

BANKER

1

May, 1919

:

;
J

(

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

1

..

!

PROGRAM

1

ANNUAL MEETING GROUP SEVEN

¡1

IOWA BANKERS ASSOCIATION

1

WATERLOO, IOWA

1

1

MAY 10, 1919

i

1

9:00 A. M.
Registration, Lobby of Russell-Lamson H otel

1

1

1
•"

-

ü 1
il
Hi

, f , .
10:30
Convention called to order at W aterloo T heater by Chairm an J. Ervin Evans,
Cashier Citizens Savings Bank, Cedar Falls, Iowa

i
' "

Invocation, Rev. J. B. Smith, Pastor W alnut Street Baptist Church

li
'

1
i

Address of Welcome, E. W. M iller, President W aterloo Clearing House Association.

i

Response, J. M. Dinwiddie, P resident Merchants N ational Bank, Cedar Rapids,
Iowa

Ü i
§§:

Reports, A ppointm ent of Committees, etc.

¡1

Address, M. A. Traylor, P resident F irst T rust & Savings Bank, Chicago,

!

i

111.

i|
1

1:00 O’CLOCK
Luncheon, Russell-Lamson H otel

I

Short Talks on Subjects of Interest to Bankers :
I

-

(This p art of the program not completed)

1

3:30 O’CLOCK
Automobile ride

1

8:30 O’CLOCK
Reception and Dance, Russell-Lamson Hotel

I

1

«

I

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

¡i

1

1

... i....... .......... ....... .

May, 1919

THE

NORTHWESTERN

35

BANKER

Combined Capital,
Surplus and Profits

$415,000.00
■I

E

Officers
IR A RODAM AR, President
C. E. PIC K E TT, Vice President
J. O. TRUM BAUER, Vice President
FRED H. W R A Y , Cashier
F. E. ST E W A R T , Secretary

D irectors
W . W . Marsh
Ira Rodam ar
C. E, P ick ett A. H. Frank F. E. Stew art
J. O. T rum bauer
R oger Leavitt
' i * * ,r

y * ? v

j x

In any true measure of a bank, as in any true measure of a man,
the largest single factor is ITS RECORD. Back of this bank
lies 63 years of sound and progressive banking. Your account
is earnestly solicited and appreciated.
W rite for term s on accounts o r farm loans

LEAVITT & JOHNSON NATIONAL BANK
ESTABLISHED 1856

-------------------------------- AND--------------------------------

FARMERS LOAN
&
TRUST
COMPANY
HIGH-GRADE INVESTMENTS
W ATERLOO

- - -

IO W A

The Oldest and the N ew est


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Federal Reserve Bank of St. Louis

36

THE

NORTHWESTERN

SOCIAL RELATIONS OF THE NEW DAY.
(Continued from page 8)
markets to her goods upon a policy of equal economic
advantage to compete with the labor of American work­
men who have faced German fire to free humanity? If
such there be, mark him well. Our young veterans may
be trusted to identify such pseudo-statesmen and retire
them speedily from public affairs.
I wish to speak to you very frankly concerning a matter
which lies heavily on my mind and conscience—the indus­
trial problem of tomorrow. I think we have need to think
of this very seriously and examine into our individual re­
sponsibility as citizens. We are entering, yea—have en­
tered already upon a new and larger relation in industry
than the world has ever known. Upon the wisdom and
fairness with which we shape our conduct in relation to
this matter will depend, very largely, much of our domestic
peace in the near future.
Lincoln once said: “God must love the common people
or He would not have made so many of them.” We would
do well to have this saying always in mind. The inevit­
able courses of nature, like the tides of human affairs,
move in consonance with the universal law of averages.
Scientists tell us that there is not one atom more or less
of matter in the universe now than there was at the day
of creation; that the forces of nature which are mani­
fested to our senses in myriads of ways are unchange­
able in volume and power, though they may change in
theii* form of manifestation.
In like manner, the movement of human affairs, whether
they be social, political or economic, rise or fall, sway the
policies of government, or lead to social decay, in just
such measure as the life of the average home is made more
contented and hope gains a larger place in life.

BANKER

May, 1919

We have much loosely constructed talk these days about
“Americanism” and “Reconstruction.” It is a time for
definition and clear thinking. My boy and yours stood
side by side on the front in France with Americans of
diverse parentage. They were “Yanks” all, adding lustre
to the flag and glory imperishable to their nation. The
new Americanism, as I conceive it, stands for a land which
offers most of opportunity for honest labor; greatest
guerdon of reward for unselfish contribution to the social
good; the largest measure of hope brought to its full
fruition. These are the ripened fruits of democracy.
But I cannot forget, while men are talking vociferously
about the strange, new problems which now confront us
that only yesterday in this nation of twenty million fam­
ilies but one-half of them lived in homes that they hoped
some day to call their own, and that half of these were
mortgaged from foundation to roof-tree. I am fully con­
scious that this is the best country on earth and that its
laws give the largest measure of protection to life and
property, but social unrest will disappear in just such
measure as we remove its causes.
SECURITY STATE BANK TO BUILD.
At a meeting of the board of directors of the Security
State Bank, Houston, Minn., it was decided to erect a
new up-to-date bank building, on the lot formerly the
J. R. Gordon property, which the bank purchased of
A. T. Rowland last fall. The structure will cost about
$ 10,000.
The bank has been gaining in business rapidly since
its establishment in 1911 and a modern home will aid
materially in caring for the increasing business.

T h e F ir s t N a tio n a l B a n k
W A T E R L O O , IO W A
F ifty -fo u r Y e a rs of S erv ice

C om ptroller s Call
M arch 4 , 1919
RESOURCES.

LIA BILITIES.

Loans and Discounts....................
$1,639,042.98
Overdrafts .......................
9,053.14
United States Bonds and Certificates............
850,250.00
Other Stocks and Bonds...................................
81,196.59
Real Estate, Furniture and Fixtures............
90,983.11
Cash and Sight Exchange...............................
990,139.00

Capital Stock ..................................................$ 200,000.00
Surplus ...............................................................
100,000.00
Undivided Profits ............................................
110,704.53
Circulation ..............................
198,900.00
Bills Payable ....................................................
574,000.00

$3,660,664.82

$3,660,664.82

( F o r U . S. C e r tific a te s o f In ­
d e b te d n e s s an d U. S. B o n d s)

DEPOSITS ......................................................... 2,477,060.29

Accounts of Individuals, Corporations and Banks Solicited
A. M. Place, Vice President
Jas. Black, Vice President


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Federal Reserve Bank of St. Louis

OFFICERS
F. J. Eighmey, President

V. J. Wilson, Asst. Cashier
P. W. Eighmey, Asst. Cashier

May,. 1919

THE

NORTHWESTERN

BANKER

m
'm

SM

The Commercial National Bank
Waterloo, Iowa
A Bank for Iowa Banks

W hat Can W e Do for You?

T h is bank has made a sp ecialty o f direct connections reaching d aily over three hundred
o f the representative banks and bankers in eastern and northern Iow a.

CAPITAL AND SURPLUS ONE-HALF MILLION DOLLARS
RESOURCES OVER FOUR MILLION DOLLARS
E . W . M ILLE R ,
P r e sid e n t.

O F F IC E R S .
F . C. P L A T T ,
V ic e P r e sid e n t.
. H. W. W ENTE,
A s s is t a n t C ash ier.

H . C. SCH ULTZ,
C ash ier.

D IR E C T O R S.
W . W . M IL L E R
JA M E S GRAH AM ,
S e c r e ta r y J a m e s B la c k D ry G ood s Co.
E. W . M IL L E R
P r e sid e n t
H. M. R E E D ,
H. B. PLUM B,
M erc h a n d ise B rok er.
V ic e P res. I o w a D a ir y S ep a ra to r Co.
H . C. SCHULTZ,
W O R T H H ILLM AN,
C ash ier.
V ice P res. S m ith , L ic h ty & H illm a n
Co.
A. J E D W A R D S .
E d w a r d s, L o n g le y , R a n sie r & H a rris,
J. F . CASS,
A tto r n e y s .
V ic e P res. W a te r lo o , C edar F a lls &
N o r th e r n R. R.
G EO RG E W . H U N T L E Y ,
S e c r e ta r y C u tler H a r d w a r e Co.
F. C. P L A T T ,
P r e s id e n t W a te r lo o S a d d le ry Co.
J. S. T U T H IL L ,
R eed , T u th ill & R eed , A tto r n e y s .
E. L. JO HNSON,
D ir e c to r F e d e r a l R e s e r v e B a n k o f
W A R R E N BROW N,
C h ica g o .
P r e s id e n t W a te r lo o L u m b er C om p any


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Federal Reserve Bank of St. Louis

37

THE

38

NORTHWESTERN

BANKER

■ pilllllllllllllllllllllllllllllllllllllllllllllllllllllllllllilllllllllllllllllllllllllllflilllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllM
¡ ¡ ll¡lll¡lllllllllllllllllllllllllllllllllll!l||llllllilllllllilllllllllllllllllllllllllllllllllllllllllllllllllllllllilllllllllllllllllllllllllllllllllllIllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllll!lllllllllll!llllillllllllllllllillllll!lllllllllllllllllllllllllllllU

PROGRAM
ANNUAL MEETING GROUP ONE
IOWA BANKERS ASSOCIATION
SHELDON, IOWA

MONDAY, MAY 19, 1919
10:00 A. M. R egistration at A rlington Hotel.
| |

*

1:00 P. M.

Business meeting at Armory.

2:00 P. M. Program at Armory.
11

Music by Sheldon Orchestra.

| |

Address, Hon. M. A. Traylor, P resident First T rust and Savings Bank, Chicago,
and form er D irector of Sales, U. S. Certificates of Indebtedness for Federal
Reserve Bank, Chicago.
Address, Prof. Shimek, Slate University of Iowa. (Prof. Shimek is a personal
friejid of the P resident of the Czecho Slovak nation.)
Farm Mortgages and the Federal Land Bank—Ten-minute talks by Mr. Chassell, of the Farm Mortgage Bankers Association, and Mr. M. L. Cory, At­
torney of the Federal Land Bank of Omaha.

11

Discussion.

II

P*-.

§I

Discussion.

Checking Accounts—R equiring m inim um balances and closing losing .accounts.

Business meeting.
R eport of N om ination Committee.
11

R eport of Resolutions Committee.

1.1

Discussion.
A djournm ent.

§1

Reception to visiting ladies, 2:30 p. m. at Fairhill, the home of Mr. and Mrs.
Frisbee.
4:00. Auto trips.

11
11


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Federal Reserve Bank of St. Louis

6:30.
9:00.

D inner at the A rlington as guests of the O’B rien County Bankers Asso­
ciation.
Dance at the Armory.

May, 1919
g

May, 1919

THE

NORTHWESTERN- BANKER

First National Bank
S h eld on, Io w a
ST A T E M E N T O P CO NDITION M ARCH 4T H , 1910.
R E SO U R C E S
L o a n s ...........
$1,295,095.21
O v e r d r a fts ...............
544.82
U. S. B o n d s .....................................................................
100,000.00
L ib e r ty B o n d s
36,800.00
O ther B o n d s ......... ..........'...........................................
36,868.65
S to c k F e d e r a l R e s e r v e B a n k ..............................
6,000.00
B a n k in g H o u se .........................
20,000.00
O th er R e a l E s t a t e .....................................................
23,000.00
26,386.35
T a x R e c e ip ts fo r C o lle c t io n ................................
D u e fro m B a n k s an d C a s h ..................................
515,719.66
U. S. C e r tific a te s o f I n d e b t e d n e s s ......... ..
235,000.00

39

Empire Loan & Trust
Gompany
Sheldon, Iowa

The Leading F arm Loan Agency in
N orthw est Iowa

$2,295,414.69
L IA B IL IT IE S
C a p ita l ............................... .......................................... $ 100,000.00
S u rp lu s ........................................................
100,000.00
C ir c u la tio n ..................................................................
100,000.00
P r o fits .............
8,183.17
B ills P a y a b le fo r U. iS. C e r t if ic a te s ..................
100,000.00
R e d is c o u n ts ................................................................
40,000.00
D E P O S IT S
In d iv id u a l ............................................... $931,915.60
N a tio n a l B a n k s ................................... 195,811.28
S ta te B a n k s .......................................
671,504.64 1,799,231.52
W a r L o a n D e p o s it ...................................................
48,000.00

We negotiate loans in

Iowa, Minnesota and South
Dakota
Mortgages Bought and Sold

$2,295,414.69
F . E. F r isb e e , P r e s id e n t
J. H. A rch er, V ic e P r e s id e n t
F . W . B lo x h a m , C ash ier
F . L. B a r r a g e r , L. P . S tr u y k , H. C. M oret, A sst. C a sh ier s
W . M. S m ith , C h airm an
F r a n k F r is b e e
F red F r isb e e
1888

1919
T h ir t y - tw o Y e a r s S am e M a n a g em en t

SHELDON SAVINGS
BANK
Sheldon, Iowa

OFFICERS AND DIRECTORS
John McCandless, Pres.
C. O. Button, Treas.
E. B. Starrett, Vice Pres. W. E. Clagg, Sec’y
Edward C. Starrett, J. H. Archer, F. E. Frisbee

Sheldon National
Bank
Sheldon, Iowa

CAPITAL $50,000.00
----OFFICERS—
Wm. Meiers_______________President
W. H. Myers. _------ . . .Vice President
E. B. Myers------ --------------------Cashier
John Versteeg--------------- Asst. Cashier

A Savings Bank Doing a
Commercial Banking Business

The Officers and Directors of the Sheldon Na­
tional Bank, wish to extend a hearty WEL­
COME to all visiting bankers attending the
meeting of Group I at Sheldon, Iowa, and in­
vite you to make OUR BANK your headquarters
during your stay in OUR CITY.

A. W. Sleeper, Pres.

H. P. Mousel, Vice Pres.

W. C. Kimmel, Vice Pres.

W. P. Iverson, Cashier

L. C. Burkle, Asst. Cashier


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Federal Reserve Bank of St. Louis

40

THE

NORTHWESTERN

May, 1919

BANKER

PROGRAM
ANNUAL MEETING GROUP TWO
IOWA BANKERS ASSOCIATION
SPIRIT LAKE, IOWA

Forenoon
8:30
R egistration at A ntlers Hotel
9:30
Meeting called to order by Chairm an L. F. P arker
Address of Welcome, H . El Nary, Attorney, Spirit Lake, Iowa
Response (yet to be selected)
Music
G eneral Discussion—Federal Fprm Loan Banks and Federal F arm Loan Bonds
M. L. Corey of Federal Farm Loan Bank, Omaha
- . .
t
,'T
■,

c

F- D. C habell, Secretary Farm Mortgage Bankers Association of America, Chi­
cago
j

' ,| | .j

; \ . | ’i

W ar T alk (speaker to be announced later)
Talk, M ajor Edouard Du Pont, Parisian B anker
Noon

1:00
Fish D inner on Shore of Spirit Lake
Afternoon
2:3Q
Boat R ide fo r all guests, ladies included; also there w ill be Fishing Boats at
the disposal of any guests who may desire to “angle”


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Federal Reserve Bank of St. Louis

May, 1919

THE

NORTHWESTERN

BANKER

Spirit Lake, Iowa
W ill consider it a real pleasure to welcome
the members of Group 2 of the Iowa Bankers
Association on the occasion of the

A nnual M e e tin g of the
Association
in Spirit Lake on May 20, 1919
T h e city will have on her glad rags to welcom e you.
You will not be asked by the chief of police to show your
identification tag. You will just be m ade welcom e.
T he fishing season will be wide open and you can fish
to your h e a rts content. W e will furnish the poles and
lines, hooks and bait. You will be expected to furnish
yourself and, if called upon, a good fish story, to accom ­
pany the big catch, we know you will m ake.
So leave your troubles and w orries behind and let us
show you the kind of “ sp irit” we have in Spirit L ake.

First National Bank
Spirit Lake National Bank
Farmers & Merchants Bank
Spirit Lake, Iowa


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Federal Reserve Bank of St. Louis

41

42

THE

NORTHWESTERN

BANKER

May, 1919

38316852518938

PROGRAM
ANNUAL MEETING GROUP THREE
IOWA BANKERS ASSOCIATION
HAMPTON, IOWA

WEDNESDAY, MAY 21, 1919
J. F. W. YRBA, Chairman
S. J. OSGOOD, Secretary
;

\

‘

,' i

FORENOON
10:00 to 12:00
R egistration at N orth American Hotel
AFTERNOON
1:30
Business meeting at W indsor Theater

2 :0 0 .
Convention called to order
Invocation
Address of Welcome
Response
Music
Address
G eneral Discussion
Election of Officers
' 4:30
Auto ride about the. city
: 6:30
Banquet at N orth American H otel


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Federal Reserve Bank of St. Louis

May, 1919

THE

NORTHWESTERN

Franklin Gounty State Bank
Hampton. Iowa

BANKER

43

State Savings Bank
HAMPTON, IOWA.

Capital...........

OFFICERS.

CAPITAL ......................................... $75,000.00
SURPLUS AND U NDIVIDED
PRO FITS ...................................... 75,000.00
President....... .
Vice President
Vice President
Cashier.. . . . . .
Asst. C ashier..
Asst. Cashier..
Teller...............

OFFICERS.
...............N. A. Inglis
George D. Patterson
...F . J. Scantlebury
....... F. H. Ridgeway
...........Lavine Jones
................ D. C. Wolf
.............. D. D. Inglis

President.............
Vice President...
Cashier................
Asst. Cashier....

Dr. C. F. Osborne
Earl Ferris
Dr. J. C. Powers

DIRECTORS.
C. H. Scantlebury
August Brandt
C. D. Williams
C. W. Haase

This Bank extends a cordial welcome to all
visitors and friends.

We extend a hearty welcome to all bankers
and their friends. Come and see us.

Citizens National
Bank

Robinson Brothers’
Rank

HAMPTON, IOWA

Hampton, Iowa

Business Established 1887

Capital ............................................... $100,000.00
Surplus ................................................ 100,000.00

FARM MORTGAGES.
President........

T. J. B. Robinson

Vice President

........N. W. Beebe

Cashier............

..W . L. Robinson

Asst. Cashier..

.. W. T. Robinson

Asst. Cashier..

........... R. G. Wolf

We welcome all bankers to our city and in­
vite you to inspect our new bank quarters.


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Federal Reserve Bank of St. Louis

Write us whenever you have first or second
mortgage loans to offer.

Group Convention, May 21, 1919. A cordial
welcome to visiting bankers.

G. A. Robinson, Pres.

R. C. Robinson, Cash.

THE

44

NORTHWESTERN

BANKER

May, 1919
liiii§

PROGRAM
ANNUAL MEETING GROUP FOUR
IOWA BANKERS ASSOCIATION
OELWEIN, IOWA
FRIDAY, MAY 23,1919
Forenoon
8:30
R egistration
9:00
Meeting called to order by Chairm an C. EL
Kenyon, Cashier F irst N ational Bank, New
H am pton
Invocation
Music
Round Table Discussion on Topics of the
Day

H ow ard J. Clark

H. W. B yers

Charles H utchinson

Clark, Byers & Hutchinson

6:00
B anquet
Smoker and program of short talks w ill be
given on evening before

LIBERTY STATE OPENS.
The Liberty State Bank, of Sidney, Neb., opened for
business recently. While the bank is only temporarily
located and is somewhat crowded for room, they are
able to care for their patrons in a courteous and satis­
factory manner. W ith a strong line-up of substantial
farmers for stockholders and experienced business men
as directors and officers, the future of the bank is most
promising.

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.

T H E B A N K E R S HOTEL
O ur fa m o u s M in era l W a te r s
p r e sc r ib e d b y p h y s ic ia n s .
L o c a ted n e a r e r a ll t h e f a ­
m o u s m in e r a l s p r in g s a n d
p la c e s o f a m u s e m e n t th a n a n y
o th e r la r g e h o te l.

Evening

PROSPEROUS BANK.
The Citizens Savings Bank, of Hanlontown, Iowa,
at the last call had deposits of $417,670.43. This cer­
tainly is a very fine showing, fdr this progressive insti­
tution. The officers are: Charles H. McNider, presi­
dent; Arne O. Rye, vice president; Clarence S. Rye,
active vice president; Melvin T. Rye, cashier.

ATTORNEYS AND COUNSELLORS AT LAW
Des Moines, Iowa

Hotel
Snapp

Address, Hon. Carl F. K uehnle, Denison
Afternoon
Short talks by several R eturned Soldiers
Address, Commander John V. Babcock,
Chief Aide to R ear A dm iral Sims

i

BANK ENLARGES QUARTERS.
The State Bank, of Ravenna, Neb., has been forced
to enlarge its quarters. Some very extensive changes
are being contemplated in order to make sufficient room
for banking purposes. W hen a concern outgrows its
quarters it is a sure sign of prosperity.

E xcelsior Springs, Mo.

ABSOLUTELY
FIRE-PROOF
Where
Hospitality
Reigns Supreme

A home for
your mother, wife
and daughter.


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Federal Reserve Bank of St. Louis

O p erated on th e A m e r ic a n P la n
R a t e s fro m $3.50 to $5.00 p er
d ay. A m e r ic a n p lan .
W r ite fo r b o o k le t
Reservations b y w ire or mail w ill
have our immediate attention.

W. B. PIERCE, V. P.
W. B. Pierce is vice president of the Citizens State
Bank, Holdrege, Neb. He was formerly cashier and
director of the State Bank of Orleans. During the time
he was at Orleans, the deposits increased from $75,000
to $350,000. He is a very capable young man and the
Citizens State is fortunate in having him as vice pres­
ident.

May, 1919

THE

NORTHWESTERN

BANKER

45

PROGRAM
ANNUAL MEETING GROUP SIX
IOWA BANKERS ASSOCIATION
STORY CITY, IOWA
MAY 22, 1919
9:00
R egistration
Round Table Session

11:00
Invocation by Rev. G. O. Paulsrud
Address of W elcome, John Bonhowe
Response by Hon. W. F. Moore

12:00
Luncheon?
Toastmaster, A. M. Henderson
Address, H enry L. Adams of Des Moines
Address, Hon. James B. W eaver of Des Moines
Address, H. E. Myrah of Story City
Address, O. O, Donhowe of Story City

It is expected that other speakers will be added.

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'llllllilllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllN^

First National Bank
STORY CITY, IOWA

Story City National
Bank
STORY CITY, IOWA

Capital

-

Surplus and Profits

-

$50,000.00
-

35,000.00
C a p ital................. .............................. $ 40,000.00
Surplus and P r o f its .........................

T. T. Henryson, P resident
O. T. Henryson, Vice President
A. M. H enderson, Cashier
Neah Paulson, Asst. C ashier'
J. J. Crose, Asst. Cashier
Effie Kalseim, Stenographer
. M. C. Hanson, Bookkeeper
L uther S. H enderson, Bookkeeper

10,588.85

Loans and Discounts ...................... 235,802.85
Deposits .........

314,987.52

OFFICERS
BOARD OF DIRECTORS
Ole O. Roe
O. J. H enderson
T. T. Henryson
O. T. H enryson
A. M. H enderson
T h e B ank T h a t T a kes M o re In te r e s t in its D epositors
T h a n it T a kes F rom T h em


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Federal Reserve Bank of St. Louis

H. N. Donhowd, President
John Donhowe, Vice President
Peter C. Donhowe, Cashier
Melburn Donhowe, Asst. Cashier

THE

46

NORTHWESTERN

BANKER

May, 1919

How to Make Your Bank Inviting
By Charles W illiam Jam es
first bank from directly
The architecture and furnishings of the bank often exert
You have read the story
an unsuspected influence upon the officers and employes
across the street, so that
of the fellow who asked if
of the institution, as shown in this article, which describes
seven large plate glass win­
the same architects de­
an interesting incident.
dows stood out in bold re­
signed the banks and the
jails—they looked so much alike. Happily, modern bank lief. The extreme plainness of these windows was im­
engineering has advanced with the demands of this push­ mediately noticeable. Only ithe absence of “For Rent”
ing, aggressive age and with the entrance of the newer signs would lead one to believe that the room was occu­
note of service, which has been driving the fetish of dig­ pied. We crossed over in order to learn as much as we
could of its occupants.
nity out of business.
Down in the lower corner of one of the seven large
Bankers in the northwestern states are- erecting new
homes for their good institutions which make the custo­ plate glass windows, and in letters not more than two
mer realize that he is welcome—that the bank is there to inches high, we found the name of the bank occupying
serve him and that his entrance is no intrusion.
the first floor. Unostentatious little letters they were,
There is a wonderful changç in bank architecture making a line about three feet long. It was th e ----------since the day when officers were as inaccessible as pos­ National Bank that we had discovered.
sible, and everything seemed to be arranged with a view
We looked for the names of the officers and directors,
to putting the thrifty depositor
but did not find them on that
on the defensive.
vast surface of plate glass. We
That reminds us of a little
wanted to learn something more
“The bank that has gone to seed on dignity
story told by W. R. Morehouse,
is easily located, even by a look at the outside.
of this bank before entering it,
The bank that is building its business on serv­
in Bank Deposit Building :
and therefore stepped up close,
ice radiates a friendly atmosphere that draws
I told a guest that in a cer­
cutting out the glare of light
people in from the street. It’s worth real dol­
tain city in the United States
with our hands. We peered in,
lars to any good financial institution to spread
there are twenty or more banks
the ‘welcome’ sign all over the exterior and
fully expecting to see beauti­
then make the customer feel at home when he
competing for new business.
fully colored marble, highly
enters
the
door.”
Two of these banks are exactly
polished wood, and antique
opposite in method; one is im­
brass; but we were disappoint­
pressing the public with its dig­
ed, as a linen curtain draped
nity, and is meeting with no success as a bank ; the other just behind the window obscured our view. These pe­
makes efficient service its first principle in business, with culiarities rousing our curiosity, we passed to the main
the result that it is pre-eminently successful. Both banks entrance and walked cautionsly through. It was like twi­
occupy equally prominent corners and are housed in mod­ light inside, and we were forced to pause momentar­
ern buildings, while their equipments are complete in ily on the threshold to adjust our eyes to the dim light.
every detail.
We noticed at once that the air was chilly and hastily
“Now just stop right there,” my guest raised his arm; buttoned our coats. All was comparatively quiet
“I’m looking for that town—where is it ?”
about us, excepting that somewhere down the long corri­
“Since you ask, I will say that you are in it right now.” dor we heard the mechanical sound of a typewriter and
“Where are the two banks located that you mention? mingled with this tap-tap, the subdued echo of human
What streets are they on and what are their names ?”
voices. In the same corridor and partly obscured by set­
At this inquiry I suggested to my guest that after tees and endorsing desks, a half-dozen men moved about,
lunch the next day we visit the banks I had in mind, to while behind them sat a lady waiting for her escort.
which he quickly responded, “Nothing would suit me
Naturally, we looked for friends among the few pres­
better.”
ent, but they were not there. As we studied the faces of
The following day we startéd out to visit the two banks, the men we noted the lack of enthusiasm in the air, and
having first agreed that we would not disclose the fact rhe fact that they did not appear to recognize each other
that either of us knew anything about banking.
as they mingled. As our eyes slowly followed back along
At 1 :30 p. m. we were looking at the exterior of the the tellers’ cages, we located here and there a face beyond

A M E R IC A N F IX T U R E C O M PA N Y
H------ —

K a n sa s C itv . "M issouri

COMPLETE EQUIPMENT FOR BANKS
|

N e w Building
F ixtures

D ecorations
Rem odeling

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Federal Reserve Bank of St. Louis

Floors
Lighting

F u rn itu re
In terio r "W oodwork

|
|

Mav. 1919

THE

NORTHWESTERN

heavy brass wickets. Were these men criminals? Were
we visiting a prison? Tljat is what the forlorn look on
the faces suggested to us. Evidently the tellers were en­
deavoring to “appear dignified.”
In the corridor near the entrance we observed the in­
formation desk; at least, that is what a heavy brass sign
resting on the counter told us. Though the desk was un­
occupied, we w;aited, assuming, of course, that the at­
tendant was only momentarily absent. After about five
minutes a large man in police uniform stepped up and
informed us thait the attendant was ill and would not be
back at her desk for at least a week. He invited us to
help ourselves to any of the folders lying about, and then
walked away.
Presently we met the floorman again. He was on his
way back up the corridor. “Kindly direct us to the New
Account Department,” I requested.
“We have none,” he replied, as though he had never
heard of such a department. “If you want to open an
account you must take the matter up with our assistant
cashier at Window 12.”
“Do you think he will be likely to accept an account
around $150?”
“I don’t know, s ir; but as a rule we do not encourage
the opening of small accounts. • See the assistant cashier.”
And the police-floorman, his head thrown back, continued
on his way.
• Mr. Morehouse and his friend then visited another
type of bank and called upon the first vice-president.
“Do you consider it dignified for this bank to use its
windows for display purposes?” he asked.
“We are selling service and not dignity. Service has
the right-of-way here,” the vice-president explained.
“It may seem strange to you, gentlemen, but some
years ago we disovered that what the people desired is
efficient service.
“We began to specialize on service, and for the past
ten years have done our best along that line, with the
result that in that time we have opened more than
100,000 new acounts.”
“How about this thing so often spoken of by bank­
ers as Tank dignity?’ ” Andrew asked.
“As I said before, that doesn’t concern us very much.
Since you have inquired about our window displays,
let me say that they render a philanthropic service to
the public, since many people pass our windows daily
whom we could probably never reach in any other way.
In the last eight months, four displays have brought

P O S T IN G

BANKER

47

SAFE- DEPOSIT - BOXES
IMMEDIATE DELIVERY
Because of contracts we placed many months
ahead, you can now have almost immediate delivery
on both STANDARD W E IG H T and LIG HT W EIG HT
Safe-Deposit Boxes.
The experience of many years past in supplying
Steel Equipment for hundreds of the Banks of the
Middle West has enabled us to forecast demand in
a surprisingly accurate way. As a result, our stock
today includes many thousands of boxes all ready
for assembly to your order. Shipment of all grades
fn standard nests in from seven to twenty days.
LIG HT W E IG H T BOXES
Nests of 25...................$82.50
Nests of 30................. $99.00

$87.50
$105.00

STANDARD W E IG H T BOXES
Nests of 18.................. $150.00
Nests of 30..........; . . $245.00

$154.50
$252.50

FIRE AND BURGLAR PROOF SAFES, VAU LT
EQUIPMENT, VAU LT DOORS, STEEL DESKS AND
FILING CABINETS.

Geo. A. Mullin Company
C edar R a p id s, Io w a

M A C H IN E

S U P P L IE S

LED G ER SHEETS

STATEM ENTS

We use Weston’s Typocount Ledger Paper
made exclusively for machine bookkeeping. It
has a firm texture, will stand up in the binder,
and its surface is exactly right for machine
writing. Buff color. Send for samples to test
out.

These do not require as good a paper as the
ledger sheets—still, they must not he too flimsy.
The paper used for our statements is a good
quality, buff color, and has been given a
thorough test. Special prices on large quanti­
ties. Send for samples.

HAMMOND PRINTING CO., bank supplies FREMONT, NEBR.


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

THE

48

NORTHWESTERN

Safety Deposit Boxes
AT

$3.40 Per Box
In nests of 25. The neatest and cheap­
est, proposition ,in safety deposit boxes
on the market. Inside measurements,
4% x 13% inches; Finished in Green
or Aluminum Bronze.

Koch Bros., Inc.
Printers, Stationers, Bank Outfitters
317-319-321 Locust Street
Des Moines, iowa


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Federal Reserve Bank of St. Louis

BANKER

May, 1919

four thousand people into this bank who opened sav­
ings accounts.”
“Have you any idea as to the value of your window
space?”
“Yes. If this room were occupied by an up-to-date
clothier, our fourteen windows would be worth to him
for display purposes all that we are now paying for our
entire quarters. We estimate that the four small dis­
play boxes which occupy a few feet of space in four of
our fourteen windows are worth $500 a month to this
bank. We are having four additional cases made, and
hope to increase the money value of our window space
for displays to $1,000 a month.”
“How many of these safes have you lent?”1
“Between 16,000 and 17,000 and to my knowledge
these people have saved and placed on deposit more
than $300,000.”
“I note that you do not keep your equipment
screened away from those passing in the street.”
“No; we would rather invite them to look in upon
us. It may help a few of them at least to come in and
open accounts.”
“Do you believe it’s good business for a bank to
advertise?”
“We spend approximately $25,000 a year on adver­
tising,” he replied.
PRICES AND BUILDING.
The objections raised by some business interests to
price regulation under official auspices have been based
upon the uncertainty as to the scope of the commodi­
ties to be reviewed and upon the possibility that the
first price schedules fixed might be followed by later

May, 1919

THE

NORTHWESTERN

the smallness of ithe steel price reductions found advis­
able was somewhat of a disappointment to users of the
commodity, the same fact was considered by some to
indicate that the industry was much nearer a normal
basis in this regard than was generally believed.
The extent of ithe new buying movement in steel now
under way remains to be seen, although inquiries have
already made their appearance in considerable volume.
It is well known that many small buyers of steel prod­
ucts had’been holding back orders for some weeks in
expectation that lower prices were imminent. The new
business which is anticipated should tend to arrest, and
possibly reverse, the contraction in the rate of steel
production which recently had become marked. It is
estimated that the new business booked since the first
of the year, and prior to the new price schedule,
amounted to not much more than one-third of the ca­
pacity. As a consequence steel manufacturers were
obliged to draw heavily on old bookings. This fact is
suggested by the unfilled tonnage statement of the
United States Steel Corporation which showed a reduc­
tion during February of more than 10 per cent in the
total of unfinished business on hand.
In an effort to bring about an early revival in busi­
ness in general, further price agreements affecting
many other important raw materials are expected to
follow the agreement, reached in the case of steel. Ac­
tion has already been instituted looking to the stabil­
izing of the markets for lumber, brick and cement
through conferences between the producers of these
materials and the Industries Board. Up to this writ­
ing little progress has been made in reaching a price
basis on lumber, due to conditions peculiar to the in­
dustry and which vary widely with different sections
of the country. Lumbermen, in fact, hold out little
prospect of material reductions in prices being effected
because of the great increase in production costs and
the unfavorable logging conditions of the past winter.
Lumber dealers are equally firm in their belief that the
resumption of buying of lumber for building purposes
depends not nearly so much on price reductions as it
does on the definite assurance that lower prices are to
be expected.
While some contractors profess to believe that the
long-delayed building boom cannot start without there
having been a drastic cut in material prices, there are
at the same time numerous indications that investors
and builders are becoming impatient of the delay. In
fact close students of the situation aver that the stabil­
izing of prices, even at their present level, is all that is
needed to 'bring out extensive contracts. The known
shortage of many kinds of materials, because of under­
production during the latter part of the war period,
along with the advance of the building season by favor­
able weather, has tended to overcome much of the hesi­
tation which was apparent a month ago. The result is
that owners and builders are eager to begin operations
and are rushing projects in order that they may be in a
position to take full advantage of the high rentals
which are expected to continue through the coming
fall and winter.
IN DIV IDU A L LIG H TIN G SYSTEM.
There is no reason because you live in the
country you should live in the dark. It has been
truly said that: “In all that is good, Iowa affords
the best,” and it is gratifying to know that the


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Federal Reserve Bank of St. Louis

49

BANKER

B a n k E n v e lo p e s
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.
v

Samuel Cupples Envelope Co.
New York

St. Louis

Chicago

50

THE

NORTHWESTERN

BANKER

______________ May, 1919

From Bankers
Who Know
Herewith please find draft in payment of one year’s extension of our sub­
scription for your splendid publication. We feel that the hankers of the mid­
dle west are fortunate in having a banking journal which is handled in such
a capable manner.” T. S. Hanson, Vice President, Worth County State Bank,
Northwood.
We take pleasure in enclosing herewith our draft in renewal of our sub­
scription to the Northwestern Banker, which we concede to be the best financial
magazine in this part of the United States.” H. E. Henderson, Treas. Am'erican Mortgage & Securities Co., Cedar Rapids.
I am enclosing my check to pay for the Northwestern Banker another year
from the date of the present expiration. The paper is getting to be a part of
my regular equipment and I do not care to be without it.” R. E. Lynn, Cashier
Farmers Trust & Savings Bank, Marble Rock.
“We note that your magazine has improved wonderfully in the last two or
three years and we would feel lost without this newsy publication in our insti­
tution.” A. C. Waller, Treasurer Federal Deposit & Trust Co., Dubuque.
“You have a very fine magazine and we do enjoy it. It is very helpful to
us in our business.” Waterbury State Bank, Waterbury, Neb.
“I have always read with pleasure the Northwestern Banker and find it the
best all around banking magazine. I have been a reader of the same for
the past eleven years with various institutions with which I have been con­
nected. E. G. Weismann, Cashier The LeClaire Savings Bank, LeClaire.
“We take pleasure in handing you our check in payment of your most valu­
able paper for another year. We look forward each month with considerable
interest in receiving it, as we consider it the finest banking paper which comes
to our desk.” C. L. Siverly, President Union National Bank, Ames.

The Northwestern Banker
D E S M O IN E S
$3.00 P e r Y ear


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Federal Reserve Bank of St. Louis

S U B S C R IB E N O W

May, 1919

THE

NORTHWESTERN

BANKER

Prepare N ow for
Larger Business
W ith the war over, business must boom—
banks should be prepared. If you intend to
remodel or rebuild, let us prepare the plans
now, complete the specifications, and be in
position to proceed at once when the season
opens.

These Banks
Have already arranged with us to handle new
building this year—proof that the time is here
for immediate activity:
Security Trust and Savings Bank,
Storm Lake, Iowa
Cherokee County State Bank, Meriden, Iowa
Calhoun County State Bank, Manson, Iowa
The Perry National Bank, Perry, Iowa
The First National Bank, Pocahontas, Iowa
The Farmers Savings Bank, Roland, Iowa
Brown National Bank, Jackson, Minn.
First National Bank, Valley Junction
Correspondence Invited—N o Obligation

T H E L Y T L E C O M PAN Y, S i o u x City, Io w a
J. A. RAVEN, President
Architects and Engineers of Complete Bank and Office Buildings


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Federal Reserve Bank of St. Louis

51

THE

52

NORTHWESTERN

S A F E D E P O S IT B O X E S

Illustrating?

48-BOX U N IT
(Several other stock size s)

IM M E D IA T E D E L IV E R Y
W rite for com plete c a ta lo g and prices, sen din g us
dim ensions o f your v a u lt and th e number o f boxes re­
quired.

m fi

AGENTS
WANTED

DEALERS
WANTED
STEEL

E Q U IP M E N T

CLEVELAND (2031 Euclid Ave.) OHIO

¡The

Apex
Electric
Suction
Cleaner
So Light and Easy to Run
We Will Send You the Apex
“THE BEST CLEANER MADE.”
Try it out thoroughly and if you find it abso­
lutely satisfactory mail us a check for $45.00,
or return the cleaner at our expense.

Superior Fixture Co.
Distributors
DES MOINES, IOWA


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Federal Reserve Bank of St. Louis

BANKER

May, 1919

IN TER STATE RURAL LIG H T CO., an Iowa cor­
poration located in Mason City, has developed and per­
fected an individual lighting system that they will
install and guarantee continuous service for five years
without a dollar additional expense, to the purchaser.
This certainly covers a long felt need for people living
in small towns and in the country where it is not pos­
sible to be connected with a large electric plant, or high
tension lines:
It is amazing to read statistics and learn how many
lives are lost each year in country homes from the use
of kerosene and gasoline lamps, and it is a matter of
record that millions of dollars worth of barns go up in
smoke annually from lanterns. Farmers are interested
more today than ever before in modern lighting sys-’
terns because they realize that they are custodians of
the world’s supply of grain, provisions and live stock,
and to suffer the loss of a barn today that has been set
on fire by a lantern causes a greater loss than ever be­
fore in the annals of commercial history because of
high prevailing prices of farm products and live stock.
The system that is being marketed now by the above
named firm has proved one hundred per cent efficient
and hundreds of farmers are willing to testify to the
practicability of the system for farm use.
A SYSTEM FOR UNIFORM BANKING.
(Continued from page 7)
serious interference with the harmonious and uniform
organization of any system of general banking and con­
trol. Anôther reason as to whyj it is highly desirable
that all banks be united in one system with the same
standards of supervision is that if a large proportion of
the banks remain outside of federal supervision, sooner
or later there will develop antagonism between the two
groups, politicians will sooner or later take a hand in
questions involved, and we shall again pass through a
period of agitation such as that which brought about
the ultimate downfall of the Second Bank of the United
States under Jackson’s administration.
I wish to emphasize that banks are not isolated busi­
ness institutions whose respective failures and suc­
cesses have no influence on the banking and commer­
cial life as a whole. In order to continue to develop our
domestic trade our credit resources must be mobilized
more and more, and this is impossible if each bank or
the banks of each state are independent units. There is
no question that without the Federal Reserve System
and the resulting unification of banking resources that
we could not have gone through the present war with­
out serious financial disturbances. The abnormal con­
ditions which caused the panic of 1907 are not to be
compared with those brought about by the great war
and yet there was little financial difficulty in the latter
instance.
I earnestly hope that this war, just happily ended,
may be the last international strife in the history of
mankind, but the government which built its banking
system with a belief in the certainty of the realization
of this dream would indeed be foolish. In fact we see
everywhere new elements of commercial strife appear­
ing out of which wars may again develop. Further­
more, for the international commercial rivalry which
seems to be upon us we can only be prepared by having
a banking system which will enable us to control the
situation for the good of all. For this purpose it is ab­
solutely essential that there be some power in the

May, 1919

THE

NORTHWESTERN

country that can regulate foreign exchange and fix dis­
count rates.
I do not believe that this will lead to monopoly, but
on the contrary it will obviate the necessity of a greater
centralization of our banking power. In the leading
nations of the world the tendency is toward consolida­
tion of banking institutions and banking resources.
This is above all true of Great Britain where a belief
prevails that only by such means can Great Britain re­
gain her position as the leading power in international
finance. Unless the Federal Reserve System can be
developed in such fashion as to include practically all
our banking institutions we may be forced to follow
European nations in their methods of banking control
in order to maintain our ground in the field of interna­
tional commerce and finance. This I should consider a
misfortune, for in a country as large as ours with its
diversity of climate and products, local banking insti­
tutions owned by local stockholders who know the con­
ditions of their immediate region and have its interest
at heart are most desirable and perhaps an absolute
necessity.
I believe that the elements of good, sound banking
are everywhere the same, and that the duty of bank­
ers to serve the interests of their community, thereby
discharging their responsibility to their government is
not restricted to any particular character of bank or to
any special locality. It is very questionable if it is
good banking to have two systems exist side by side.
Let me summarize what I have said once more : The
reasons for the need of one uniform system are: (1) to
secure co-operation between the Federal Reserve
Banks and all classes of banking institutions; (2) to

53

BANKER

BANK OUTFITTERS
EVERYTHING
From,a Bank Pin to a Bank Safe
Railings— Bronze, Marble and Wood.
Safes— Bomb Proof, Burglar Proof and
Fire Proof.
Vault Doors and D eposit Boxes.
M achine Bookkeeping Systems.

Printing—Lithographing.
Checks— Check Book Covers and Pass
Books.

Complete Bank Supplies

Office Equipment and Supply Co.
LATSCH BROTHERS
117-119 S o. 12 S t.

LINCOLN, NEBRASKA

IIID

This V iew of a
Modern Banking1
Room
recently fitted up by us w ill convey to you
an idea of what we can do with YOUR
BA NK . W e have fitted up M ANY BANKS
in your imm ediate vicinity. We can refer
you to M ANY BANK ERS whom you know
personally.
FORTY-FIVE years of experience in fitting up H UNDREDS o f BANfc:S, together with a
large, thoroughly equipped factory and an organization of EXPERTS Trained in this par­
ticular line, is your ASSURANCE of our furnishing you with the BEST of FIXTURES and
s e r v ic e ,
v , ■ We w ill be pleased to assist you in planning your NEW QUARTERS,
free service.

THE FISHER CO.

Form erly F ish er-M o rris Co.


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Federal Reserve Bank of St. Louis

W rite us f o í thi ¡

C H A R L E S C IT Y , I O W A

THE

54

NORTHWESTERN

ESTABLISHED 1856

Iowa
Lithographing
Company
DES MOINES

.
.

May, 1919

assure greater safety to all banks and consequently to
their depositors; (3) to give to the Federal Reserve
Board supervision over all credit institutions of the
United States, so that the boards regulation of dis­
count and foreign exchange may prove effective; (4)
to prevent political antagonism to the present system.
It must be clear, that if there is need of one big system
of banks that this end can only be attained and main­
tained by having the direction of all the banks in the
system vested in one place. If we are to have 49 dif­
ferent legislatures tinkering with the banking laws,
regulating, changing and meddling with them as often
as politicians may find it profitable to do so, it is evi­
dent that then it will be impossible to have one big,
harmonious system.
W ALKER G. McLAURY VICE PRESID ENT.
The National City Bank, of Chicago, recently an­
nounced the election of Walker G. McLaury to a vice
presidency in that institution. The new office is in
addition to his present title of Cashier, which position
he has held for several years.
A graduate of the University of Chicago, Mr.
McLaury secured his early business training with the

EXP ERIENCE
QUALITY
SER VICE

GEO. H. RAGSDALE, . .
E. G. RAGSDALE, . . . .
H. B. RAGSDALE,
. . .

BANKER

P resident
Secretary
T reasurer

Your B a n k
Is reflected by the sta­
tionery you u se.
We
specialize in printed and
engraved letter h ead s,
sta te m en t fo ld e r s and
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
NINETEENTH AND GRAND

DES MOINES, IOWA


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Federal Reserve Bank of St. Louis

WALKER G. McLAURY,
Vice President and Cashier, The National
City Bank, of Chicago.

Western Electric Company. In 1908 he joined the staff
of the National City Bank, of Chicago, as Credit Man­
ager, was made an assistant cashier in 1911 and ad­
vanced to the cashiership in 1913.
An all-around banker, Mr. McLaury is probably best
known for his knowledge of banking credits. The credit
systems of the National City Bank, of Chicago, which
were developed under his supervision, have been rated
by authority as among the most efficient employed by
any bank in the country.
Unlike many Chicago bankers, Mr. McLaury was
born and reared in Chicago, and his forbears were iden-

May, 1919

THE

NORTHWESTERN

55

BANKER

WRITE
A(/PRESS SAVER

C A TALO G U E
ENVELOPE

(—

Berkowitz EnvelopeCo.

COMMERC

FOR. EXT

HEAVy

K.A

K ansas City, Mo.
tified with early Chicago history. His father, Thomas
G. McLaury, was for many years a prominent member
of the Board of Trade, and his grandfather, Chas. G.
Walker, came to Chicago in 1837.
Mr. McLaury is vice president of the Robert Morris
Club, the bankers’ division of The National Associa­
tion of Credit Men ; chairman of the Arbitration Com­
mittee of the Illinois Bankers’ Association; director of
the University Club ; a member of the Chicago Club,
and other clubs and organizations.
H. E. Richard, cashier of the First State Bank, W il­
liams, Mont., has resigned. Herbert L. Barber, vice
president, has been advanced to presidency, succeeding
James T. Stanford.

WILL H. ZAISER SPECIALTY CO.
B A N K E Q U IP M E N T

RAYMOND V. KELLEY,
Assistant Cashier, The National City Bank,
of Chicago.

O rigin ators “ Z aiser’s ” se lf-in d e x e d lo o s e leaf bank
led g ers. A n y a c c o u n t fo u n d in fo u r se c o n d s. A fu ll
lin e o f bank su p p lies and sp ecia lties. S h a w W a lk er ste e l
and w o o d filin g d e v ic e s .

314 7th S tr e e t, DES MOINES, IOWA

The Best Advice The Country Banker Can
Give His Clients
Advise your clients who want homes and barns to build now. You, who are in constant professional touch
with economic conditions are in position to know that there can he no substantial drop in building costs. And
it is the false hope on the part of the man not so well informed that there will be a drop that is holding up much
building, and adversely affecting general prosperity.
In advising, clients to build now the banker is not only doing his
share in the speeding up of building, which the Department of Labor
is urging upon all men of standing and influence, but is also providing
the best kind of outlet for loans. It is an instance in which a patriotic
duty and personal profit go hand in hand.
Two fundamental reasons why building costs must remain at present
levels— or perhaps go higher—-are, first, the great shortage of lumber
in the face of an overwhelming demand and, second, increased cost of
production. Lumber, it must be remembered, is now only about 50%
higher than in 1913 as compared to a 100% advance for all com­
modities and the increase is not enough to cover wage and other ad­

vances incident to future production. The Department of Labor esti­
mates held up building at three billion dollars and this must largely be
done with lumber still to be cut.
We can be of assistance to you in this matter, sinoe if you couple
your advice to clients to build now with a suggestion to buy from us it
will result in the customer's saving money. That in turn will react to
your advantage because it will please the builder. In order that you
may realize fully the wonderful service we render customers we should
like to send you our catalogs of homes, farm buildings and building
materials. Just drop us a line and we will send them— free, of course.

Gordon-VanTine Co.
Resources Over $ 1 ,0 0 0 ,0 0 0
fiû l A
UÎ7AV


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Federal Reserve Bank of St. Louis

/"*n c a
V ^ ase

Q i

o i.

Established Over Half a Century

REFERENCES: Any Bank in Davenport. Continental and CornmerCial National Bank, Chicaio, 111.; National City Bank, New York City

_ _ _ _ _ _ _ _ __i.

T_

_

U aV C Iip O rlg I0 W 3

THE

56

NORTHWESTERN

BANKER

May, 1919

Day of Better Things Has Dawned
By Geo. J. Delmedge
could be sought or needed
This very interesting discussion of important subjects
; ‘The war is oyer; the
by the« president of the Central National Fire Insurance
of the soundness of the
greatest conflict *of" physi­
Company must appeal to every fprward-thinking reader of
position which American
cal forces in the world’s
The Northwestern Banker.
business is taking at the
history has been brought
to a close. The forces of righteousness have triumphed close of the greatest upheaval in the world’s history.
over the forces of evil. The influences of this conflict Broad-minded, well-intentioned world-activity promises
will be felt upon the national and w orldlife through to guide the industrial and commercial course of the
the years. Every line of industrial activity will be United States, not only through but beyond the period
more or less affected. It is well at such a time to give of readjustment and construction now at hand.
There are great years ahead. The war has made the
special thought to the particular business in which we
United States the foremost nation of the world. The
are engaged.
At Atlantic City, New Jersey, last month, four hun­ war has shown that a great nation can rise to exalted
dred American business men, representing four hun­ heights, sustained only by the one great purpose—to
dred and twenty industries, with capital approximately do the thing that will work for good to mankind
$20,000,000,000, considered the state of the nation throughout the world. It has shown that the thoughts
of permanent gain, permanent
from a business viewpoint.
'■
glory, permanent aggrandize­
Two distinct notes pervaded
“The day of better things has dawned; we
ment can all be made sub­
the great gathering.
are looking out upon a rejuvenated world and
servient to the one purpose—
The first of these sounded
what we see is both an inspiration and a hope.
to hold the banner of right­
We are inspired and nerved to better endeavor
the universally recognized
eousness aloft and to insist
for
the
good
of
our
fellow
men
by
the
splendid
need of preventing the slack­
fidelity to the cause of justice and right shown
that the other nations of the
ing of industrial activity in
in these trying hours by the great leaders of
earth shall rally round this
the presence of demobilization.
the great nations of the earth and hope for the
banner to insist that each and
future of mankind upon the earth because of
The second „sounded the urg­
every nation shall put aside
the unswerving fidelity of these great leaders
ent need of the widest possible
to higher ideals than have heretofore governed
the thing that it holds most
freedom of trade consistent
men and nations in their relations to one an­
dear, if contending for that
with public welfare during the
other.”
thing would jeopardize,the ac­
transition -period.
complishment
of the thing that
In speaking of the.changing,
conditions,. Chas, M.. Schwab, said: “The, change will would work for the ultimate good of mankind the world
not benefit the man of wealth and birth, but the doer of over. That purpose is to unify the world thought and
things for his fellowman. The autocracy of capital bring it to see the evil, the wrong, the uselessness of
wars, and bring it to see that as among men so among
and labor cannot obtain in the future.”
nations disputes and differences can be harmonized
■Henry A. Wheeler, .President of the United States and adjusted through civil processes.
Chamber ■of* Commerce, said : “Any attempt to take
The day of better things has dawned; we are looking
advantage of the international situation now by grasp­ out'upon a rejuvenated world and what we see is both
ing the commerce of the world would be just as in­ an inspiration and a hope. We are inspired and nerved
iquitous as was Germany’s effort to gain economic to better endeavor for the good of our fellowmen by the
supremacy with the backing of military force. Com­ splendid fidelity to the cause of justice and right shown
merce, if it is to stay, must be a constructive force. We in these trying hours by the great leaders of the great
ijiust serve the world, if we are to be on a safe founda­ nations of the earth and hope for the future of mankind
tion ourselves.”
upon the earth because of the unswerving fidelity of
f The American business - m an,, generally speaking, these great leaders to higher ideals than have hereto­
applauds such views as these, and no better guarantee fore governed men and nations.


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Federal Reserve Bank of St. Louis

THE

May, 1919

NORTHWESTERN

57

BANKER

W m . B. Joyce £? Co., Inc.
"Northwestern Managers

National Surety Company
(The World’s Largest Surety Company)
We write all kinds of FID E LITY , SURETY and COURT BONDS, BURGLARY and all
classes of casualty insurance. Our CHECK A LTERATION bonds SECURE you against loss on
A LTERED CHECKS. W rite us for information and rates.
Saint Paul, Minn.
Merchants Bank Bldg.
In this hour of the world we see much that is chaotic.
The war was a great disturber and disorganizer of the
previously accepted order to which the people have
been accustomed.
We are now in the midst of unusual conditions—con­
ditions that have been created by the war. Many of
the existing conditions are the result of acquiescence
by the people in orders of the Government made to
meet war needs that would have seemed intolerable
and that would not have been consented to in times of
peace.
The war is now over; the hour has struck when
every well wisher of the country should use his in­
fluence to bring about such a readjustment of condi­
tions as will restore to the people the functions that
properly belong to them and not to the Government.
The proper functions of government are to direct and
not to control only in so far as control will not abridge
the individual right of the citizen to conduct his course
in life according to his own choosing, and to direct his
business activities as he may be inclined so far as he
does not trespass upon or infringe the right of any
other citizen.
Private initiative is the bulwark of progress. W ith­
out private initiative, progress dies. It is no part of
the functions of a democratic form of Government to
take control of the business of the country. The busi­
ness of the country should be left in private hands. The
railroads, the telegraph, the telephone, the express bus­
iness, insurance, should all be left in private hands, all
subject to regulation by laws that would create incen­
tive and stimulate in citizenship the highest develop­
ment of personal initiative. To enact laws that kill
instead of stimulating and creating incentive for pri-


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

Minneapolis, Minn.
Builders Exchange Bldg.

IOWA NATIONAL FIRE INS. CO.
1018-1024 V a lle y N a tio n a l B a n k B ld g .

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

POLICY HOLDERS
W ill Patronize an IOWA C om pany
G uaranteed by IOWA Capital
Managed by IOWA Men
IO W A B A N K E R S R e c o g n iz e th e A d v a n ta g e o f P ro ­
te c tin g IO W A C R E D IT w ith IO W A IN S U R A N C E

R e lia b le A g en ts W a n ted In E very C ity in Io w a .
W rite to th e C om pany or
H. P. R O SSER,
Supt. o f Agents

THE

58

NORTHWESTERN

Geo. J. D e lm e g e , P r e s id e n t
P . C. W a te r b u r y , V ic e P r e s.
T h eo. F . G refe, S e c r e ta r y
H o m er A. M iller, V ic e P r e s.
W . P . H a b e l, A s s t. S ec’y
S im o n C a sa d y , T r e a su r e r
H e n r y , A lb e r so n & H e n r y , A tto r n e y s

Cash Capital ...........
.......... . ......... ............. $500,000.00
$500,000.00
Net Surplus........................................
Surplus...................................... 352,347.99
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 CENTRAL-WESTERN COMPANY FOR
CENTRAL-WESTERN PEOPLE.

D O Y O U K N O W T H A T THE

of

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

Was organized in 1862—“The Civil War Period?”—That it
is one of the Oldest, Largest and Strongest companies in the
United States—and that it writes all forms of LIFE IN­
SURANCE? Write us for particulars concerning our plan
of helpful service to agents

H A R R Y S. HASKINS,
701-3 H lppee B ld g.

General A gent
D e i M oines, Iow a

BANKER

vate initiative means stagnation—retrogression, instead
of progress-development.
We have been passing through the most trying period
of mortal history. The struggle to establish righteous­
ness among men, among all the peoples of the earth,
has been so strenuous as to make the people of this
country amenable without question or protest to accept
any suggestions of the Government. The skies are
now clearing; the clouds that have darkened the lives
of our people are passing away. Sanity is being re­
stored. We can once again, as we did before this ter­
rible thing came upon us, review and think calmly,
dispassionately, rationally upon what our government
has done, is doing, and proposes to do.
The war was fought to establish forever the rights
of the individual man to pursue his own course in life,
unhampered and unfettered by burdensome or oppres­
sive laws. Changes in national thought bring about
changes in national business. The events of the recent
years has resulted in directing the thought of the nation
into new and untried channels. The tendency of the
Government seems to be (maybe it is not really so) to
take over private business to a large degree. How far
do the people want the Government to go in the ab­
sorption of private interests? Do the people want the
business that was taken over as a war measure to re­
main under the control of and under the direction of
the Government?
Up to the present time it has been comparatively
easy to adjust business affairs to meet present and
prospective business conditions. The coming of the
war changed everything. We are entering upon a
period of business and social reconstruction, the like
of which has never been witnessed, which will greatly
affect the business and business methods of the future.
The times call for both thought and action on the
part of the American people. The war has brought
innovations in Governmental activity affecting vast
business interests that were undreamed of before this
war came on. How far are these Governmental activ­
ities to go? How far do the people want them to go?
How far will the people let them go?
These are questions that call for our best thought,
and then having given due consideration to them, we
should act. The Governmental policy of this country
can not be changed unless we, the people, are willing
that it sould be changed, and give our consent to any
change that may be suggested.
The exigencies of the war called for the grant of the
privilege to exercise unusual authority by our Execu­
tive and his cabinet. No one has complained and no one

We are offering “a bankers’ plan” for securing and taking care of new business
that is especially attractive and profitable. The banker is always looking for every
possible source of honorable profit. That is what makes for a successful banking busi­
ness. Here is a brand new avenue not heretofore presented. You will lose some legit­
imate profit not to look it over. We are at your service.

Great Western Accident Insurance Co.
Des M oines, Io w a


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

May, 1919

May, 1919

THE

NORTHWESTERN

would complain even though the grant of power was
trebled, because the giving of such authority con­
tributed to the winning of the war. In times of war the
President of this great country must, for the general
good, be clothed with almost autocratic authority as
affecting some matters relating to Government, but any
change that will be enforcible after the war affecting
the general policy of the Government should not be
made until the people have an opportunity to express
themselves relative thereto.
As matters now appear, grave dangers threaten the
large business interests of the country. This country
has grown great. It has developed some of the great­
est men in world history, because the initiative of its
citizens has been left free. The field of human activity
has been open; no door has been closed. Do the Amer­
ican people want to see the policy of this Government
that has made its people great, changed overnight be­
cause of the exigencies of war, and to have the change
become the fixed policy of the Government? Do the
people of this heretofore free land want a change in our
Governmental policy that will not merely hamper, but
that will practically destroy individual initiative by tak­
ing from the individual the incentive to plan, to exe­
cute?
The legitimate function of government is to exercise
authority in the administration of the laws. In this
country it is the Congress that makes the laws and the
voice of Congress is the voice of the people, and Con­
gress can go no farther in the making of laws than the
people will it to go. If Congress, through an error of
judgment or through a mistaken notion of the people’s
desires, enact a harmful law, the people can send men
to Washington the next term under instructions to re­
peal the bad law.
A patriot once said, “Eternal vigilance is the price of
liberty.” The present times call for vigilance that we
do not have taken away from us that we now hold
dear, namely^-the right to plan and order our lives as
we choose, so long as we act within the law.
As I have suggested, the Government has acquired
much during the progress of the law that was before
under the direction of private interests. Will it want
to retain that control and will it want to extend that
authority by taking over other private or quasi-public
businesses? There are many who believe it to be the
Government’s intention to take over the insurance bus­
iness of the country. Senator James Hamilton Lewis
of Illinois recently said: “In the next Presidential cam­
paign there will be two big domestic issues, first, shall
the war time Government insurance be continued, and
1867

1918

AGE

STREN G TH
S T A B IL IT Y

51 Years of Best Service
M ake

The Equitable Life
O F IO W A
Safe and Dependable for Bankers and Their Castomers
H O M E O F F IC E ,


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

D E S M O I N E S , IO W A

BANKER

59

| 3fotoa Ponbing & Casualty
Company
Home Office Des Moines

Emory H. English, President

Joel Tuttle, Secretary

First Annual Statement, Dec. 31, 1918.
ASSETS

M o r tg a g e L o a n s o n R e a l E s ­
t a te ...................................................$1,209,900.00
B on d s, C a sh a n d O ther A s s e t s
281,940.87
T o ta l A d m itte d A s s e t s ............

$1,491,840.87

L IA B IL IT IE S

R e s e r v e fo r U n ea rn ed P r e ­
m iu m s ........................................... $
R e s e r v e fo r L o s s e s .......................
R e s e r v e fo r C o m m issio n s, T a x e s
an d O ther L ia b i l i t i e s ..............
C a p ita l S to c k ....$ 1 ,0 0 0 ,0 0 0 .0 0
401,267.26
S u r p lu s .....................
S u r p lu s a s R e ­
g a r d s P o lic y ­
h o ld e r s ............

70,044.24
4,668.54
15,860.83

1,401,267.26

T o ta l L ia b ilitie s ...................

INCOME

N e t C ash P r e m iu m s .....................$
I n t e r e s t a n d A ll O ther In c o m e

$1,491,840.87
93,622.50
36,729.71

T o ta l I n c o m e ..............................

$ 130,352.21

D ISB U R SEM EN T S.

L o s s e s an d L o s s E x p e n s e ..........$
C o m m issio n P a id A g e n t s .........
G en era l E x p e n d i t u r e ...................

1,352.41
11,136.56
46,185.35

T o ta l D i s b u r s e m e n t s ..........

58,329.32

I

Fidelity and Surety Bonds, Burglary Insurance,
Workmen's Compensation, Automobile and
Public Liability insurance.

|

—
------------------1_

$

|

...... " ," " " " » ,*",*M"'nH«,,i«iriiiniiiiiiii«ini,miiHiHniii"«iiiii,tniiiiiMiiHiMiiim>mii»niiiiiiMitiimniiiiiimiiiiiiiinn«iiiiiiiMillimii«iiiiiiiiiniiiim

W e G u aran tee
to S a v e F o u r
P rem iu m s
On a Twenty P ay Policy and
Give Dividends Besides. Our
Service to Policyholders makes
our Policies sell and our agents
make money

A F arm M o rtg ag e
Behind Every Policy

Peoria Life Insurance Co.
P eoria, Illin o is

THE

60

NORTHWESTERN

Wanted— A General Agent
IN EVERY COUNTY IN IOWA
Men without insurance experience, but who
have been successful in other lines, will be con­
sidered for these positions and will be thor­
oughly trained and instructed. Ambitious men
are offered opportunities not available with
older companies. This company has the larg­
est paid-up capital of all life companies organ­
ized under the Iowa laws.
Write to Home Office

Des Moines
Life and A nnuity
Company
Register-Tribune Bldg.

Des Moines, Iowa

Iow a’s Leading; L iab ility Insurance Company

Iow a M utual Liability
Insurance Com pany
CEDAR R A P ID S , IO W A >
A u to m o b ile P u b lic L ia b ility (P e r s o n a l In ju r ie s )
A u to m o b ile P r o p e r ty D a m a g e L ia b ility an d C o llisio n
W o r k m e n ’s C o m p en sa tio n L ia b ility
G en era l, P u b lic , T e a m s an d E le v a t o r L ia b ility In su r a n c e
L ow est R ates

Service B est

Iow a's Leading; A utom obile Insurance Company

Iowa Automobile Mutual
Insurance Company
CEDAR R A P ID S , IO W A
A u to m o b ile F irq , L ig h tn in g , T h e ft, T o rn a d o g,nd C o llisio n
In s u r a n c e
’
B r o a d e st P u ll F lo a t e r P o lic ie s
L o w e s t R a te s, S e r v ic e B e s t
A g e n t s w a n te d .

A d d r e ss in q u ir ie s •

. ’> „ .

C. J. DUNCAN, V iee P resid en t and General M anager
Insurance B ldg.. 612 Second A ve. E ast
Cedar R apids. Iow a


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

BANKER

May, 1919

shall Government control or ownership found neces­
sary in the war be continued as a permanent, normal
policy in America and extended to include even more
of our commercial and industrial activities than at
present ?v Here surely is a question of vast interest as
the determination of it affects the commercial and in­
dustrial interests of the entire country.
We have just fought to a successful conclusion a war
to forever make impossible the establishment of a
despotic or autocratic form of government in the
world. In view of this fact, will the American people
ever permit the slightest vestige of autocracy to gain
lodgment in the executive branch of our Government?
As showing how leading men in the fire insurance
business look upon the possible taking over of fire in­
surance by the Government, I quote Henry Evans, of
the Continental Fire Insurance Company. Mr. Evans
says: “The encroachment upon the avenues of private
capital should receive the careful attention of labor.
The more avenues of capital controlled by the Govern­
ment, the more nearly the Government comes to con­
trol the avenues of labor. Social insurance is bait to
distract labor’s eyes from the change behind the per­
suader’s back. Social insurance will pension labor in
old age, will insure labor’s life, guard its health, treat
its accidents, and look after the well being of labor’s
children. Here is nice oats and the halter is slipped
on unsuspectingly.”
President Alfred F. James of the Northwestern Na­
tional sees real danger in the tendencies at Washington.
He has addressed his agents on the subject asking
them to protest strongly and at once, personally, and
through their Congressmen, Senators, and local and
commercial business associates. He says to them :
“W rite or speak to political leaders, newspaper editors,
heads of civic, farm, labor, and other organizations,
and every influential citizen claiming their aid.”
President Stevens of the Agricultural Insurance
Company of New York says: “The present method
with all its faults is better than a government bureau
with its inevitable tendency toward intolerable Prus­
sian methods and American extravagance.”
Col. J. L. Cunningham, former President of the Glens
Falls Fire Insurance Company, now Chairman of the
Board of Directors of said Company, sees as the great
danger from Government encroachment in its field of
fire insurance the business itself, after years of patient
upbuilding and development, with its large coverage
of vicissitudes to which property is subject and for
which there is no other provision, the business itself,
with its vast army of employees and its financial great­
ness, in peril of being wrested from the corporations
which have created, evolved, and honestly administered
it through the years, what has been done—what is pro­
posed, upon which indications can be predicated are
like the symptoms of creeping paralysis—more serious
in what they prognosticate than in their present effect.
John T. Stone, President of the Maryland Casualty
Company, on Government encroachment says: “If
encroachment is negligible, we need not bother about
it in these days of perplexing questions, but the facts
are such that they demand scrutiny now. Assent to
Government appropriation of any industry or business
should be given only when such action is clearly es­
sential. Such assent should never be in the nature of
a quit-claim or fee simple title.”
Commenting on the same subject, C W. Fairchild*
Insurance Commissioner of Colorado, says: “Let us
not be deceived. There is a wide-spread, rapidly grow"-

May, 1919

THE

NORTHWESTERN

ing sentiment in favor of extreme action by the Govern­
ment along many lines, which, if allowed to become
established in our governmental system, may go far
toward dimming the luster of Democracy.”
Thomas F. Bailey, President of the Capital Life of
Denver, says: “If our progress is to be sound national­
ly, all our domestic endeavor must be directed to the
conservation of private enterprise. Every business man
in the United States has as much interest in the Gov­
ernment remaining outside of the insurance business
as the insurance men themselves—as all business is
interwoven with insurance and the ground-work of
credit is a well founded protection.”

CHARACTER

VACILLATING VERSE
There is a guy in our town who tries to sell pro­
tection, but the way he goes about it is not exact per­
fection. When he gets up at morning light, he
scratches at his head: “I wonder where I ’ll go today;
gee, this town is dead!” He wanders down to break­
fast and kills an hour plus; he reads the morning paper
through and makes a general fuss. He takes his hat,
goes to the street and tries to underwrite whatever
man he haps to meet, be he black or white. Some days
he writes an ap, it’s true, but usually goes to bed agrumbling at his lack of coin—“Gee, this town is
dead!”
Another man in our town sells worry-cure for money.
This busy bee with system sure gathers in the honey.
At early morn when he starts out, his prospect list he
scans, and spends each hour of the day according to
his plans. He sends in applications to. the office by the
score. He has built himself an income, but he’s always

W H Y Bth eAWN
KERS
e s te r n L ife p ro fita b le

find a c o n n e c tio n w it h
p le a sa n t.

an d

Because:

S a tisfie d p o lic y h o ld e r s b o o st fo r th e C om p any.
I n t e llig e n t an d r e lia b le field m en .
W e e x te n d a s p e c ia l in v ita t io n to y o u to c a ll an d se e u s
w h e n in D e s M oin es.
Jas. H. Jam ison,
P resid en t
H arry D. St. John,
Secretary

Out
of the
West


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

A. D. Stroth ers, V ice P resident and Treasurer
M. M. D em ing,
A ssista n t
Secretary
and
A gen cy D irector

61

STRENGTH

SERVICE

A N AGENCY
W ith NATIONAL F ID E L IT Y by any
BANK or BANKER will PROVE an
ASSET. Policies BROADER in their
coverage, closer .co-operation in securing
business. ALL claims paid SAME day
completed proofs received. Information
is valuable. At least investigate, KNOW
for yourself the correctness of NA­
TIONAL F ID E L IT Y claims. W rite the
Company.

GOOD RECORD OF SOUTHERN SURETY.
The Southern Surety Company of Des Moines has
had a splendid growth during the past year. It is said
to be the largest multiple line company west of New
York and Baltimore. It is writing fidelity, workman’s
compensation, automobile, accident and health, plate
glass, burglary and public liability. The company has
about $200,000,000 of insurance in force.
NEW MILLION DOLLAR COMPANY.
The Superior Fire and Marine Insurance Company
has been organized at Des Moines with an authorized
capital of $1,000,000.
Wayland C. Ballard of Des Moines is president;
William A. Scherfe of Fort Madison, vice president,
and Fremont S. Gibson of Des Moines secretary and
treasurer.

BANKER

National Fidelity Life
OF

IOWA

Home Office
Sioux City, U. S. A.
Ralph H. Rice, President
*

P . S.— NO CO M PANY in e x is t e n c e s h o w s
g r e a te r reco rd fo r A C C O M P L ISH E D R E S U L T S
and S E R V IC E to p o lic y h o ld e r s fo r a lik e a g e .

The Bankers Automobile
Insurance Co. NEBRASKA
A u th orized Capital
$ 500 ,0 0 0
A western company, organized to
meet western conditions.
Writes Fire, Theft, Tornado, Col­
lision, Property Damage and Public
Liability for one or three years.
Live wire Agents wanted in the fol­
lowing states: Nebraska, Kansas, Texas,
Iowa and South Dakota.

Standard Policies
Special Rates
The special c o m b in a tio n p o lic y
(standard forms of coverage) at special
rates for farmers’ cars is the biggest selle r in th e h is to r y o f A u to m o b ile
Insurance.

62

THE

NORTHWESTERN

MR. COUNTRY BANKER
Whai Are You Worth to Yourself?
Are You Worth More Dead than Alive?
i p Y ou a b s o lu t e ly k n e w y o u w o u ld l i v e ' t o b e e ig h t y
■■ y e a r s old y o u w o u ld n o t n eed to in su r e y o u r life .
IP y o u a b s o lu t e ly k n e w t h a t y o u w o u ld n e v e r b e in ju re d
or s ic k th e r e w o u ld b e no e x c u s e fo r .the e x is te n c e o f a n
A c c id e n t In s u r a n c e co m p a n y .

The Big “ IF” Justifies the Insurance Business
W h e n y o u d ie y o u r L ife In s u r a n c e w i l l p r o te c t y o u r
fa m ily . W h y p a y a lo t o f m o n e y e v e r y y e a r m e r e ly to
IN C R E A S E th e p a y m e n t to y o u r f a m ily in th e r e m o te c o n ­
t in g e n c y t h a t y o u m a y d ie b y a c c id e n t.
W e p a id o u t $40,000 m o re in 1918 fo r s ic k n e s s c la im s
a lo n e th a n w e h a v e p a id in th e la s t five y e a r s fo r a c c id e n ­
ta l d ea th s.
W e p a y o v e r te n t im e s a s m u c h m o n e y e v e r y y e a r to
m en w h o a re IN JU R E D , a s w e p a y to th e w id o w s o f m en
w h o a r e k ille d .

We Pay You for Loss of Time While You Live
I n v e s t ig a t e ou r n e w D e fin ite In c o m e P o lic y . N o D e a th
In d e m n ity . Jusj; a g u a r a n te e o f $25, $50, $75 or $100 p er
W E E K - w h e n y o u a re d isa b le d b y a c c id e n t or s ic k n e s s .
T h e s e a m o u n ts d o u b le d i f co n fin ed to a h o s p ita l— s e t t l e ­
m e n t e v e r y fo u r w e e k s .
P o lic y d o e s n o t r e q u ir e h o u se co n fin e m en t. P a y s fo r
p a r t ia lly d is a b lin g a c c id e n t or s ic k n e s s . P a y s th e d o cto r
b ill if no lo s s o f tim e su s ta in e d . P o lic y in e ffe c t on d a te
issu ed .

BANKER

May, 1919

after more. And when his work is done, he says, “This
burg is full of life,” and drives home quickly in his
car to the kiddies and his wife. To the first-named
man, with this advice we all come gladly through:
“The city isn’t dead, you boob, it’s nothing more than
you!”—Friday Letter of Bankers Accident Co.
SUSPENDS DIVIDENDS ONE YEAR.
The scourge of the influenza epidemic has cost the
Bankers Life Company over $1,500,000. The earnings
of the past year, which ordinarily would have been
available for dividends the coming year, were neces­
sarily used in the payment of these unanticipated losses.
In effect, no dividends were earned. By the suspension
of dividend payments this year, the Company will
simply make up for the unanticipated losses of last
year. As a purely mutual Company, the influenza
losses will be made up by all of its policyholders, and
in the passing of dividends for the year, each policy­
holder will simply be doing his share to take care of
the unexpected mortality which resulted from the epi­
demic of influenza.

Bankers Accident

“SHOTS” FROM INSURANCE BULLETINS.

Insurance Co.

“Did a fire engine ever stop at your house?” “No,”
replied the prospect. “And it’s possible that no fire
engine will EV ER stop at your house, isn’t it?” “Sure­
ly,” said the prospect. “Did a hearse ever stop at your
house?” “No, thank God.” “But you know that a
hearse will stop at your house some time, don’t you?”
The prospect looked at the agent in silence for several
moments, then looked away, then looked back at the
agent and said, “I have a little time to listen to you.”
—Weekly Bulletin.

DES MOINES
A ssets Over a Quarter o f a M illion
D ollars
W rite your nam e and a g e on m argin and m ail to us for
fu ll particulars.

Something New—
Something Good—
We have a new made-in-Iowa policy,
which interests every prospect—it is
. just as if your-banker should, say—
“Deposit $36.75 per year with m.e for
20 years—if you die any time within
that period, I will pay your folks
$1,000. If you live the 20 years I will
give you back every dollar you have
deposited. If you do not need all of
the money, then I will give' you $169
and continue my agreement to pay
your folks $1,000 whenever you die.”

Insurance does NOT write itself. An agent was one
day greatly surprised to learn that his next door neigh­
bor on the left had just taken out a large life policy—:
with another agent. While he stood aghast and ad­
mitted that, “Well, I ’ll be darned,” another agent got
busy on the neighbor on his right and sold him a
“Peace of mind.” Moral—Traveling expenses begin
at home.—News Letter.
The business you are in is the greatest institution in
the world. Don’t apologize. Many men fail to land
their prospects for the reason that they do not approach

THIS IS THE NEW
“MONEY-BACK” POLICY
Which rour Agents are offering and
it is meeting with wonderful success.
Remember that if the prospect lives,
he gets back every dollar , deposited
during the 20 years; if he dies, his
beneficiaries receive the full amount
of the policy. Total disability clause
and double indemnities for accidental
death make this policy additionally at­
tractive.. Write us for further in­
formation and agency proposition.
BANK

A G EN CY CO NTRACTS

D E S IR E D .

Iowa Life Insurance Co.

F . A. F E R G U S O N , President

Waterloo


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Federal Reserve Bank of St. Louis

-

A. E. W IL D E R , Supt. of Agencies

-Iowa

MORE POWER TO YOU
The more push there is behind you
the more power you have. We furnish
the push.. This push is the help we
give our men. No other life insurance
company does as much to insure the
success of its Field Force. Ask any
Bankers Life man or write

BANKERS LIFE COMPANY
DES MOINES

May, 1919

THE

NORTHWESTERN

people in an earnest and sincere way. Our mental
attitude must be such that we are able to convey to
our prospects the reasons for buying insurance. We
should work to the end that we are able to paint the
picture so clearly that the prospect can see the many
benefits he and his family would receive from it.—Na­
tional Fidelity Life Bulletin.
“I want to ask you to go with me to your own fire­
side, to the fireside of father and mother, of brother
and sister, of wife and children. Are these firesides
proud of what you have done, of what you are doing?
If riot, then do that which will make them proud. Don’t
resolve to this this, but DO it. Give them a square deal.
Be honest with yourself, with those who love you, and
whoim you love. And I do not mean the ordinary in­
terpretation of “honesty,” but I mean make of yourself
ALL that you can, bring out all the good that is in
you, be too busy, too interested in your work for the
bad to develop—make your neighbors proud of your
success, your enemies envy you, your friends and fam­
ily glory in you,—and last, but not least, be able to
say, ‘I have done my best’.”—Darby A. Day.
Three things a man leaves at death: His family, his
property (or debts) and his memory (good or bad).
—Bankers Life Bulletin.
Men who limit their thoughts to merely “getting by”
from day to day usually do just manage to make ends
meet. The good things of life are riot beyond you.
There is no reason why YOU may not share them liber­
ally if you want to. IF YOU W ANT TO. Aren’t
those four words just about the key to the whole situ­
ation? N IN ETEEN -N IN ETEEN will be rich with
the things that make for the pleasure and joy of living.
Don’t assume that these were ALL intended for Some
one else. Nineteen Eighteen was NOT your measure.
There are GREATER possibilities in you yet. CASH
IN TH O SE PEN T UP TALENTS FOR TH E
GREATER H APPIN ESS OF YOU AND YOURS
TH IS YEAR. It is easy to D R IFT into the habit of
seeing the little people, unable to carry more than the
SM ALLEST amount of insurance; or of talking small
amounts; or of expecting to be “turned dowri” at nearly
every interview. Simply DON’T LET YOURSELF
D R IFT that way. DON’T. Set your MIND on a
larger, a MUCH LARGER share for TH IS year than
you have ordinarily aimed at. The man who THINKS
in little terms about himself, his ability and his business
DOESN’T STAND A CHANCE.—Equitable Notes.

FIRE, LIGHTNING AND THEFT INSURANCE
ON AUTOMOBILES
all for $1.00 per $100 and $3.00 commission on this
policy. We insure buildings, mercantile stocks,
etc., at a one-half basis rate. Maximum liability
cannot be more than rating bureau rate. Low rate
on theft by burglary of stocks of any kind. We
have paid all our losses promptly. By making con­
nections with us you will get liberal commissions
and best of treatment for your clients.

Automobile Trade Mutual Insurance Assn.
615 Polk Bldg., Des Moines, Iowa

BANKER

The Protective Disability Policy ot the

PREFERRED
ACCIDENT
IN S U R A N C E C O M P A N Y

C overs

A ll Accidents—
A ll Sicknesses
Over $13,500.00 Paid in Losses
A lso y o u Can buy w e e k ly indem nity as desired w ith o u t
a large death indem nity—and save m bney.

Upham Brothers Co.
Managers and A djusters
Suite 6 1 9 Hippee Bldg.
D es M oines, Iow a

W e are w ritin g n ew business at the rate of

TWENTYMILLION FOR 1919
Our P olicy Contracts are Right U p
to th e M inute
Double Indemnity and Income Disability in Addition
to a Special Low Premium Business and
Professional Man’s Policy.
We operate in
Illinois
Minnesota
Iowa
Wisconsin
Nebraska
Michigan
North "Dakota
Connecticut
South Dakota
Washington
Our R epresentatives are Successful

We have some attractive agency openings for men
who want to grow.
Write for information to Home Office.
30 North LaSalle St., Chicago, III.


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Federal Reserve Bank of St. Louis

63

64

THE

NORTHWESTERN

QUICK
ASSETS

llllIIlllllllSilllllllllllllllllllllH

1IIIIIIII1III1IIIIIIIIIIIIÌ1

In case of
tomer of
carries a
tection of

the death of a cus­
your bank, if he
policy for the pro­
his business in the

BERKSHIRE
LIFE IN SU R A N C E
COM PANY
it will afford ready cash to
pay any obligation he may
owe you at the time and also
prevent depreciation of his
estate which so often takes place
when a man is suddenly and
unexpectedly taken away and
his affairs left to others to close
up.
A booklet on corporation and
business insurance mailed to
you upon request.
W. D. WYMAN
President

W. S. WELD
Supt. of Agents

E m o ry D. B ream
General Agent
Berkshire Life Insurance Company
7/5 Hippee Bldg.
DES MOINES, IOWA


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Federal Reserve Bank of St. Louis

BANKER

Maÿ, 1919

RESUMPTION OF BUSINESS.
“We are confronted with the question, not of recon­
struction, but rather with the problem of restoration, and,
in some fields, only \yith the need of further constructive
action,” says Secretary of Agriculture Houston. “We
must resume operations. There is hesitation in business.The business man is hesitating until prices drop so that
he can make his purchases and proceed with his under­
takings. If this persists very long, of course prices will
rise, because commodities will become scarce. Business
will jump out of the frying pan into the fire. It seems
to me that, in the long run, it would be simpler and less
expensive for industry to discount the situation and to
fix prices at the lowest possible point consistent with the
continuance of operations, so that we may return as
nearly to normal as possible and proceed in orderly fash­
ion.
This is no new situation. We had a similar situation
after the Civil War. There are many of you here who
recall it. Then we were in many respects in a much
worse position. A great part of the country had only
50 per cent of the economic strength in 1865 that it had
in 1860. I refer to the South. The rest of the Nation
was not on as satisfactory a basis as the whole country
is to-day. When the Civil War broke out the finances
of the Nation immediately went to pieces. We promptly
suspended specie payments and we had a suspension
within a suspension in 1873__In 1875 Congress deter­
mined that we should resume specie payments. We did
resume in 1879, fourteen years after the war closed.
Why ? Not merely because Congress said so, but largely
because the great Mississippi Valley had been opened up
and had begun to pour out a flood of farm products
which were sent abroad, resulting in a great surplus of
exports of commodities and of imports of gold. Difficult
as is the present situation, it is not difficult as that which
confronted this Nation in the period following the Civil
War. The question the business man must decide is
which will be the least difficult course in the long run.”
NATIONAL BANKS GROWING.
The Comptroller of the Currency says that recent of­
ficial returns show the National Banking System is ex­
periencing a continuous and healthy growth, not only in
deposits and total resources but also in the number of
applications received for charters for new National Banks
and for permission to increase the capital of the exist­
ing banks.
Along with this exceptional growth, there has been an
unprecedented exemption from failure of National
Banks for the past fifteen months only two National
Banks out of nearly 8000 were placed in charge of Re­
ceivers, the capital of those two being only $225,000.
This record has never been equalled in the past twentyfive years.
The reports indicate that the deposits and resources
of the NATIONAL BANKS of the United States on
MARCH 4, 1919 (exclusive of N: Y. City, where there
was some reduction) were the GREATEST EVER RE­
PORTED, in the history of the National Banking Sys­
tem. These increases are widely distributed throughout
the states—largely among the Country Banks, where the
growth of deposits has been conspicuous.
RAILROAD EARNINGS.
“From the official figures given out by the Interstate
Commerce Commission it appears that in January the
railroads under government control did not come.within

May, 1919

THE

NORTHWESTERN

$36,000,000 of earning enough to provide the govern­
ment’s guarantee,” sáys the National City Bank of Chi­
cago. “Notwithstanding the prevalence of ideaTweather
conditions last January, the balance for net earnings,
after the payment of taxes, was only $18,000,000. This
poor showing was largely accounted for by the fact that
the ratio of operating expenses to gross earnings stood
at 91 per cent. This was within 4 per cent of the ex­
tremely high ratio reported in January, 1918, when the
railroads had about the worst operating conditions to
contend with that the American transportation industry
ever encountered. This high January ratio compares
with only 69 per cent in July and under the circumstances
is very disappointing. It recalls the recent statement of
Sir Eric Geddes in the House of Commons that Great
Britain’s transportation system has been virtually para­
lyzed since the government took it over. Sir Eric justi­
fied his criticism by saying that whereas before the war
railroad capital returned 4.2 per cent in England, today
there was an actual deficit of about 3 per cent.
STATEM ENT OF OW NERSHIP.

Statement of ownership, management, circulation, etc., re­
quired by the act of congress of August 24, 1912
Of The Northwestern Banker, published monthly at Des
Moines, Iowa, for April, 1919. State of Iowa, County of Polk.
1. That the names and addresses of the publisher, editor,
managing editor, and business managers are: Publisher Clif­
ford De Puy, Des Moines, Iowa; Editor Frank Armstrong, Des
Moines, Iowa.
2. That the owners are: Mrs. Emerson De Puy, Alice De
Puy, and Clifford De Puy, of Des Moines, Iowa.
3. That the known bondholders, mortgagees, and other
security holders owning or holding 1 per cent or more of total
amount of bonds, mortgages, or other securities are: None.
Clifford De Puy, Signature of publisher.
Sworn to and subscribed before me this 4th day of April,
1919.—Helen Dixson. My commission expires July 4, 1921.

HAWKEYE SECURITIES
FIRE INSURANCE CO.
D E S M O IN E S , I O W A

Capital $1,000,000.00
O F F I C E R S A N D D IR E C T O R S
II. R. HOWELL,
H. C. HARGROVE,
P resident.
V ice President.
W. S. HAZARD, JR.,
C. M. GARVER,
Treasurer.
R. S. HOWELL,
H. K . MILLER,
V ice P res, and Secretary
A ssistan t Secretary.
LEO T. KERW IN,
Merchant,
Oelweln.
f r a n k McD a n i e l s ,
C apitalist,
W oolstock .
P. P. SULLIVAN,
Banker,
R ridgew ater.
JAS. L. MANUEL,
C apitalist.
B ritt.

ALBERT CORDES,
C apitalist.

Osage.

11. II. PETERSEN,
Banker,
L ou d en .
GEO. W . FRY,
C apitalist.
Vinton.
J. M. BLACKBURN,
D es Moines.

Incorporated under the laws of Iowa. Owned, oper­
ated and represented by Iowa men, audited and super­
vised by the State of Iowa with capital and assets
loaned to Iowa citizens on Iowa securities, making it
in every sense an Iowa company for Iowa people.
Opportunities for live, wide-awake country bankers
to act as agents in both the fire insurance and mort­
gage loan departments. Write for the agency in your
community.


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Federal Reserve Bank of St. Louis

BANKER

65

American Bonding and
Casualty Company
Sioux City, Iowa

HOME OFFICE:

SIOUX C ITY, IOWA

Gus A. Elbow, President

IOWA’S FIRST MULTIPLE LINE
INSURANCE COMPANY
Assets Dec. 31,1918.................$1,365,275.23
$800,000 in approved securities on deposit with Iowa In­
surance Department for protection of Policy-holders.

4

Reasons W hy You Should
Represent the
FARMERS’
It is the only Live Stock Insurance Company in
America that offers the small breeder as good a deal
as it does the larger breeder.
The Farmers Live Stock Insurance Company is
under conservative management. It has the largest
amount of capital and surplus behind it of any west­
ern company.
It is an Iowa company, managed by Iowa men and
deserving of the patronage of Iowans.
The company, in its entire history, never has had
to contest the claim of a policyholder.

FARMERS LIVE STOGK
INSURANCE COMPANY
Old Line Insurance for Hogs, Horses and Cattle
Largest in the West
DES MOINES, IOWA

THE

66

NORTHWESTERN

May, 1919

BANKER

Securities, Bonds and Mortgages
B y Frank M. H uston
general Hines in refusing
Evidence is accumulating
Each month Mr. Huston presents in this department a
to recognize the price read­
that the lessons, taught in
timely synopsis of financial affairs as they relate especially
justments as- a basis for
to bonds and mortgages and we are sure that our readers
war time showing the val­
will find much valuable information in the material here
making purchases of rail­
ue of cooperation, are not
published. Mr. Huston was for years the financial editor
road equipment.
to be lost or ignored in the
of the Chicago Herald, and is well and favorably known.
Mr. Hines is understood
reconstruction period. For
a time the state of unpreparedness when the armistice to have taken position that in the first place such price
was signed, threatened seriously ■to interfere with and agreements are plainly in violation of the Sherman Law,
harass business, but during1the necessary period of con­ altho just why that phase of it should affect the purchaser
servative action, while business men were feeling their is not quite clear. Apparently the Sherman Law was
way, there lapsed sufficient time to bring about organiza­ laid aside by the administration at Washington, shortly
tion for cooperative action, with the result that Govern- after this country became involved in the war, and re­
ment, banking, manufacturing and distributing interests cently there has been considerable agitation for the re­
are now merging their efforts with the view of bringing peal of that law. Certainly laws that are unnecessarily
harsh and interfere with business developments should
about a quick revival of building construction.
It is not an easy task to harmonize the various inter­ receive careful attention, lest they retard and place an
unreasonable burden on the
ests. Necessarily the lumber­
___________________
country
in the attempt to ex­
man is anxious to obtain for his
pand business in the foreign
material the best possible price
“People of the country seem to have plenty
markets.
in the open markets. The steel
of funds and are using them freely. The best
Mr. Hines’ statement that
maker naturally adopts a sim­
evidence of this is the tremendous increase in
he desired to make purchases
the volume of business being done by jewel­
ilar attitude and the same may
ers. Diamonds are in demand, even at the
for railroads on the most fav­
be said of all lines of produc­
present abnormal prices, and the same char­
orable terms possible is simply
tion, while labor is insistent
acter of buying is manifested in other lines
an expression of the attitude
upon maintaining war-time
of trade which are classed more or less luxuri­
of a conscientious business man
ous. It is difficult to determine to what extent
wages until the cost of living
we have readjusted to a peace footing. Capital
who is administering property
has receded sufficiently to jus­
is already well along the road toward the re­
belonging
to others. This is
tify a decrease. The steel man­
adjustment goal. More attention, however, has
to
the
point
and really strikes
ufacturer, however, is probab­
been paid to the labor aspect of the subject."
at the root of the whole situa­
ly the closest student of eco­
tion. It is obvious no success­
nomics of , any of the great
manufacturers of the country. His business is so diver­ ful business man would care to load up his concern with
sified and conducted in such a way as to make possible materials bought at high prices in a declining market for
closer co-operation. At the same time the steel industry he must realize the products of that concern must meet
has such ramifications as to make it exceedingly sensi­ in competition those of other concerns which have bought
materials in a lower market. So far as the railroads are
tive to frequent changes in various lines of business.
It is not surprising, therefore, that the Government and concerned, Mr. Hines naturally does not wish to pay an
the steel manufacturers reached an early argeement re­ exorbitant price for supplies, if it is not imperative that
garding a reduction in prices of basic materials, for both they be bought at this time, for the reason that the rail­
representatives of the Government and of the steel in­ roads ultimately must bear that financial burden. To
dustry, naturally thought along the same lines, the effect pursue a policy that would unnecessarily increase the
of price concessions in stimulating a demand for steel amount of corporate financing later on and contribute to
products. But it seems that some one found it neces­ a further impairment of railroad credit, would be un­
sary to throw a monkey wrench into the machinery and desirable.
The attitude of Secretary Redfield simply reflects the
this has disturbed the situation somewhat. The steel
situation therefore, is again in the foreground in con­ viewpoint of the individual. Mr. Redfield seeks to plan
sequence of the muddle caused by action of Director- for the stabilizing of prices artificially in order that in-

$100, $500, $1000 IOWA MUNICIPAL BONDS
ARE
A first lien on the real and personal property of an entire Iowa Municipality.
Free from all local Iowa taxation and from thè Fédéral Income Tax, including the Surtax.
Interest and principal is paid from taxes collected, and is remitted promptly when due.
The demand for Iowa Municipal Bonds is so steady that during the whole period of the war the mar­
ket basis did not fluctuate more than % of 1%.
CONVENIENT Maturities from 1 to 20 yrs. may be selected to suit the investor’s individual requirements.
PROGRESSIVE Paying for a new school house, court house, city hall, water works system, etc., or assisting a
number of farmers to drain their land.

SAFE
TAX EXEMPT
DEPENDABLE
LIQUID

Write for our pamphlet, B-14, “ IOWA M U NICIPAL BONDS as an Investment."

GEO. M. BECHTEL & COMPANY
38 South Dearborn St.,
Chicago, 111.


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Federal Reserve Bank of St. Louis

E s t a b l i s h e d 1891
B e c h te l B u ild in g
D a v e n p o rt, Io w a

10 Wall St.,
New York City.

May, 1919

THE

NORTHWESTERN'

dustry may proceed without hesitation. There is a safe
middle ground which can be utilized providing purchas­
ers use caution. Mr. Redfield’s plan for stabilizing
prices artificially appears to involve some elements that
may Inenace the situation and lead to a collapse.
The coal producers are showing no disposition to take
advantage of a plan for stabilizing prices unless assured
that all branches of the Government will recognize any
decision that may be reached with regard to regulations
and purchases. The opposition to the stabilizing of
prices as proposed by Secretary Redfield is quite marked
in the lumber industry and there again appears the Sher­
man and Anti-trust Law. In this instance price fixing
.is clearly a violation of law and, should the Department
of Justice ignore Secretary Redfield and proceed to prose­
cute participants in such a stabilizing of prices, it might
subject big lumbermen to very embarrassing develop­
ments.
Price fixing under the most favorable circumstances is
fraught with great difficulties both in the making of prices
and in the return to normal conditions as is evidenced
by the developments of the last two or three years. A
particular instance is the history of the fixing of the price
for wheat. In order to succeed, it is necessary to de­
termine as near as possible the level at which prices would
rest under natural conditions and then fix that level as
the “pegged” price. Obviously, however, there must be
some variation in this price from time to time as condi­
tions change.
Price fixing involves a process of working backward
and consequently is an attempt to make conditions fit
the price rather than make the price fit the conditions.
In war time, when the law of supply and demand is
of balance, it is the basic element of price fixing no longer
because of the abnormal requirements. Price fixing can
be tolerated in an emergency but it is doubtful if such a
process can be safely followed in times of peace.
Money conditions appear to be satisfactory.- There has
been some tightening of rates but in view of The Victory
Loan and the heavy subscription thru anticipation cer­
tificates, the comparative ease in the money market is
most reassuring. Money is plentiful and is seeking in­
vestment in any form that promises attractive returns.
People of the country seem to have plenty of funds and
are using them freely. The best evidence of this is the
tremendous increase in the volume of business being done
by jewelers. Diamonds are in demand even at the pres­
ent abnormal prices, and the same character of buying
is manifested in other lines of trade which are classed
more or less as luxurious. It is difficult to determine t
what extent we have readjusted to a peace footing.
Capital is already well along the road toward the read­
justment goal. More attention, however, has been paid
to the labor aspect of the subject. In the middle west
labor is pretty well employed but not so well in the, east.
So far troubles are few and far between, but there are
some undercurrents that may foreshadow strikes. The
railroad industry is definitely on a no profit basis, show­
ing a deficit. The only salvation of the railroads appears
at the moment to lie in the direction of the very great
increase in labor efficiency or else higher freight rates.
It is obvious the railroads cannot go along under the
present conditions and remain solvent. Dividends paid
out of Government guarantees, which means out of the
treasury from moneys obtained thru loans and taxation,
does not make for a sound transportation situation.
These, however, are problems that can be worked out.
Our chief menace lies across the Atlantic. Senator


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Federal Reserve Bank of St. Louis

67

BANKER

H ave You A dapted
Your Investm ent P olicy to
P resen t-D a y Tax R a tes?
I NCREASED taxation has injected a new ele­

ment into investing which must be taken into
consideration in making a judicious selection
of securities.
Our experience and extensive list of bonds enables
us to offer investors a valuable service in analyz­
ing their requirements and in recommending issues
conforming to their individual needs.
It is frequently possible for us to suggest advan­
tageous exchanges of investments made before the
advent of the prevailing high taxes for more re­
cent bond issues enjoying greater Jtax exemptions.
Investors are invited to confer with us with a
view of aclapting their investments to prevail­
ing tax rates.

H A L S E Y , S T U A R T & CO.
INCORPORATED — SUCCESSORS TO

N. W .
209
NEW

YO RK

HALSEY
SOUTH

&

LA

P H IL A D E L P H IA
D E T R O IT

C O ., C H IC A G O
SALLE

STREET

BOSTON

S T . L O U IS

M IL W A U K E E

We offer subject to prior sale

$ 8 7 ,0 0 0 .0 0
Montgomery County, Iowa
5% Funding Bonds
Free from Federal Income Tax. Tax Exempt in Iowa.
Dated, January 2, 1919.*

Denomination $1,000.

MATURITIES
$3,000 due July 1st in each, of the years 1923
to 1931 inclusive, and $10,000 due July 1st
in each of the years 1932 to 1937 inclusive.
Principal and interest payable semi-annually at the
First and Security National Bank, of Minneapolis.

Assessed valuation
.................$35,977,606.00
Total d e b t ..........
..................
156,157.45
Population, 17,297

Price to Y ield 4*60 %

Schanke £? Company
Investment Bankers

M ason C ity, Iow a

THE

68

NORTHWESTERN

GUARANTEE
M O R T G A G E
& F I N A N C E CO.
D es M oines, Iowa
AUTHORIZED CAPITAL $2,000,000.00
Buying and Selling First and Second
Mortgages, Government Bonds, State,
County, Municipal, Drainage and Im­
provement Bonds.
Invest your surplus funds in our Guaranteed
Mortgages.
OFFICERS
R. B. PARROTT, P resident
C. H. MARTIN, T reasurer
E . J. KELLEY, Secretary

1002 R eg ister and Tribune B ldg.
T elephone W alnut 1385

Tw o Bankers H otels

The Plankinton Hotel
M IL W A U K E E , W IS C O N S IN

The Julien Dubuque
D U B U Q U E , IO W A

Bankers and financial men having business in
Milwaukee or Dubuque should have mail ad­
dressed to these hotels, for best service.
Every Courtesy Assured

BANKER

Owen of Oklahoma, chairman of the banking and cur­
rency committee, in a warning against a continued cur­
rency inflation by European countries, has sounded the
keynote to the situation. Obviously Europe cannot con­
tinue to expand unsupported paper issues without in­
creasing the danger of a credit and financial collapse.
For various reasons Europe has not observed the lesson
taught the people of the United States by the Civil War
and hence Europe is no longer on a true gold basis.
Currency issues to pay Government debts, unsupported
by a gold cover and without keeping the notes really
exchangeable in gold, is a direct route to economic finan­
cial injury, as Senator Owen points out.
It is up to this country to keep her banking houses
clean and in order and then to keep those along the chan­
nels of international trade in a similar condition of clean­
liness and order for, the purpose of stimulating the ex­
pansion of our foreign business. Senator Owen points
out that France can not compete with the United States
in foreign commerce on equal terms if France has three
times the per capita circulation of the United States.
On the other hand Japan can and will compete success­
fully with other nations so long as her per capita circu­
lation is much lower than that of other countries. It
is necessary that the United States contract her circula­
tion as fast as business will permit ,and that she keep
her banking situation as liquid as possible so that this
country may enjoy a low interest rate which is imperative
for successful competition in the world’s markets.
This means, of course, that the Victory loan must be
absorbed outside of the banks. For the banks to be com­
pelled to take the bonds is inviting disaster. It is
just as essential that the loan be subscribed by individuals
now as during the war.

CREDIT PRIME NEED.
“Agricultural credit properly applied is the soundest
credit, and yet agricultural credit has received the least
thought of financiers,” says Clarence Ousley, Assistant
Secretary of Agriculture. “No greater public service
can be rendered to the United States and to the general
welfare of all the people than mastery of the problem
and leadership in work toward supplying the prime
need of the farmers.
“If I were called upon to name one factor in agricul­
ture which has been most neglected I would say it is
the factor of finance. I mean not only capital and the
wise use of capital, but I mean also, and more particu­
larly, the systematic and economical financial accom­
modation which has been worked out for nearly every
H. E . HENDERSON, Treasurer

I. C. STANLEY, Secretary

F A R M

May, 1919

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LOANS

•iiiiiiniiiniiinmiiiiiiiiiiiiiiiiiiiiitiiiiiniiiiiiiiniiiiiitiiiiiiiiiiniiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiimuiinniiiiiiiira

We are prepared to loan on the best improved farms In Iowa, from $75.00 to $90.00 per acre, and are in a position
to close such loans promptly.
If a customer of yours has a first and second mortgage on his farm, suggest that he put the loans in one and
write us for terms and privileges.

American Mortgage & Securities Company
Home Office
M anchester, Iowa


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

CEDAR RAPIDS, IOWA
CAPITAL $200,000.00
Surplus and Profits $25,000.00

G eneral Office
H ig le y B u ild ing
Cedar R apids, Iow a

May, 1919

THE

NORTHWESTERN

other business, but which is sadly lacking in the agri­
cultural business.
“Somehow those engaged in farming have in large
part neglected the business side of their business. It
almost seems sometimes that the talent and the taste
for production, for tilling the soil, and caring for ani­
mals are incompatible with the faculties which make
for business success. This is not to say that there are
no successful farmers, for there are many, nor that
agriculture is not an inviting business; for it never of­
fered such attractive opportunities to the man who is
content to acquire a competence as distinguished from
the man whose greed is never satisfied.”

SUGGESTS SOBER CONSIDERATION.
The April Review of the Mechanics and Metals Na­
tional Bank of N ew York says:
The native optimism of the American people, which
always rejects disquieting indications in current affairs
and sets its faith on the bright and happy outcome of
every unfavorable situation, has manifested itself in
many directions lately. There are numerous vexing prob­
lems that demand sober consideration at the present
time, so that this optimism is all the more noteworthy
and refreshing. In politics we have the delay in the
peace settlement, the uncertainty over the League of Na­
tions and the spirit of Bolshevism that continues to poison
the minds of people in many parts of the world. In
industry we have the tremendous change from War to
peace trade, the prevailing labor unrest, the matter of
prices, and the inability to relieve ourselves readily of
the paternalistic Government interference in private busi­
ness. In finance we have the forces of inflation, the
weight of enormous taxes, the appearance of further

33 Year Farm Loans

BANKER

69

The Syndicate Trust Company
CAPITAL, $200,000

T h e S y n d ic a te T ru st
Com pany
An organizing and financial insti­
tution, with particular reference to
banks and largé industrial concerns.

W e Buy and S e ll
Bank Stocks .
and enlist more capital where con­
ditions fully warrant.
Successful manufacturers wanting to enlarge capacity will find our
facilities fully equal to their finan­
cial requirements.
O F F IC E R S

Hairy C. Niblock, Pres.
Samuel Quinn, V. Pres.
Sam’l T. Kelsey, V. P.

Geo. M. Seward, See’y
Harry J. Folta, Treas.
Geo. Lawther, Auditor

T H E S Y N D IC A T E T R U S T C O M P A N Y
208 S o u th L a S a lle S t r e e t
C H IC A G O

CITY
LOANS

FARM
~ LOANS
Negotiated by the

Home Securities Gompany

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We are in the market for $500,000

Sioux City; Iowa

—per month of prime loans on corn
belt farms in ILLINOIS and IOWA.

Authorized
CAPITAL $1,000,000

: fi

We are able to give you and your
farmer clients prompt service.
i„

......... ! : i i; I,' i. : ¡.

Loans, Investments and Securities
;i;., u

First Joint StockLandBank
DES MOINES

CHICAGO

Operating Under Federal Farm Loan Act


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Federal Reserve Bank of St. Louis

We make Loans and buy and sell Mortgages
on Iowa, Nebraska, Minnesota and South Da­
kota farms, and on improved City property.
P. H. PILCHARD
President
A. G. HESS
Secretary

G. F. HUGHES
Vice President
G. C. ROBINSON
Treasurer

70

THE

NORTHWESTERN

T h e o ld e s t h o u s e in A m e r i c a s p e c ia liz in g
e x c lu s iv e ly

in U n ite d S t a te s

G O V E R N M E N T B O N D S

BANKER

May, 1919

Government loans, and the rearrangement of dislocated
international exchange relations.
“These are only a few high lights in the rapidly mov­
ing panorama of the period in which we are living. Yet,
serious as their significance is regarded, and far-reaching
as their outcome is certain to be, they are contemplated
on the whole in a hopeful manner, Men recognize that
this is a period of readjustment, and are confidently look­
ing beyond the immediate confusion to the time when the

W e offer large and
sm all investors a spe­
cialized Service for
the Purchase or Sale
o f all issues of

NITED S T A T E R
GOVERNMENTS
BONDS
w

U

C. F. Childs and Co.
C a p ita l

O ne

H a lf

M illio n

D o lla rs

120Broadway 208 So. La Salle St.
New York
Chicago
T h e o ld e s t h o u s e in A m e r i c a s p e c ia liz in g
e x c lu s iv e ly in

U n ite d

States

G O V E R N M E N T B O N D S

We own and offer, subject to previous sale and
change in price,- a part of the

$ 11, 000,000
THE

LACLEDE GAS
LIGHT COMPANY
Saint Louis, Missouri

First Mortgage Collateral and Refunding Ten-Year
7% Gold Bonds, Series “A”

PRICE PAR
to

YIELD 7
Denominations, $100, $500, $1,000

Descriptive circular on request. Send for Booklet
604 and list of other securities
Partial Payment Plan when desired

Bankers M ortgage Co.
Capital $2,000,000
DES MOINES, IOWA


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Federal Reserve Bank of St. Louis

world has taken up its peace pursuits in earnest, when it
has set about rebuilding what was destroyed and replen­
ishing what was lost,, and, particularly, when it has em­
erged from the baffling fog of social unrest that for the
moment seems to have all but paralyzed progress in a
large part of Europe, and confused the thoughts *of not
a small part of our people here.
“It is only by simply and frankly facing all the dis­
turbing factors that contribute to the present social and
political unrest, that we gain a true perspective of what
the future holds, in a material sense as well as in every
other sense. Every one of the social and political prob­
lems that the world is seeking to solve to-day has an
economic significance, inasmuch as every one of them
has the power to hinder the recovery from war prostra­
tion. It is true that these problems concern the life of
Europe more vitally than our own, for at least our under­
lying conditions are sound, and our present mental atti­
tude is one that rejects violently all efforts to bring dis­
order within our boundaries. Still, all the world’s prob­
lems have their reflexes here, and it rests with us to help
solve them as we are brought face to face with them.”
GIRARD NATIONAL HOLDS MEETING.
At a recent meeting of the Board of Directors of The
Girard National Bank, Philadelphia, Pa., Charles M.

May, 1919

THE

NORTHWESTERN

Ashton was re-appointed cashier which position he oc­
cupied prior to July, 1918, when he enlisted in the serv­
ice of the Young Men’s Christian Association with the
American Army in France.
Evan Randolph, vice president, relinquishes the of­
fice of cashier, which he assumed during the absence of
Mr. Ashton. A. W. Pickford, formerly assistant cash­
ier, has been elected a vice president.

BANKER

71

Farm
M ortgage
S erv ice
A well-organized farm mortgage de­
partment is a big asset in any coun­
try bank.
An adequate outlet for all classes
of loans is fundam ental for the suc­
cess o f such a department. W e are
furnishing many banks with such an
outlet of this sort.
Let us explain our methods of help­
ing you to organize and extend your
operations in this field.
We are in market now for farm loans
of all classes.

W H IT E -P H IL L IP S COMPANY.
Blair A. Phillips, formerly of the Geo. M. Bechtel &
Company is now vice preseident of the White Comp­
any, Investment Bankers, Putnam building, Davenport.

M id lan d M ortgage Co.
CAPITAL $60,000
CEDAR RAPIDS, IOWA

O F F I C E R S A N D D IR E C T O R S
F . C. W a p le s , Presid en t
Clifford D ePuy, V ice P res
R obert S. Sinclair
K eith V aw ter, V ice P res.
W. L. Cherry
A. H. Bierkam p, Sec.-Treas. W. W. Otto

JEWELRY

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g

| of the very finest—BLAIR A. PHILLIPS,
Vice President of the White-Phillips Co.,
Investment Bankers, Davenport.

The W hite Company has been doing a very fine
business since its organization.
George White will continue as president.
The name will be changed from the W hite Company
to the White-Phillips Company.

Q U A L I T Y
—is always to be found here 5|

S

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.
r a n k o c h l a m p p
TEWELERS
DES MOINES,

F

p o
IA.

COMMERCIAL S A V I N G S BANK
M ason C ity, Io w a

Capital $100,000

Surplus and Profits $22,682.77

Deposits $1,653,637.94

A ccounts and Collections from Banks in Its Territory R eceive Close Attention of Officers
O F F IC E R S
A. M. S ch a n k e, P r e s id e n t
L . O. S to n e, V ic e P r e sid e n t
W a lte r J. W a lk e r , C a sh ier
L. B. T y so n , T e lle r , S av. D ep t.
Ir a W . S tin so n , A sst. C a sh ier

I. R.
L. O'.
C. H .
H. F.

K ir k
S to n e
S m ith
P ool

D IR E C T O R S
L. C. S to n e
W a lte r J. W a lk e r
A. M. S ch a n k e
R. V a le n tin e
J. W . A d am s

M A S O N C IT Y ’S F IR S T S A V IN G S B A N K


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Federal Reserve Bank of St. Louis

72

THE

■ -fe

L ik e

1

NORTHWESTERN

o th e r

U a n k S b a n k s, you
are no doubt
E m p l o y tired
°fth ®
s te re o ty p e d
*

cut-and-dried
style o f y o u r
r n r
lo cal ad v er1. U 1 «P 1
t i s e m e n ts .
Quit it. Use human interest ad­
vertising with a punch—the sort
that will bring real results to your
institution. You have neither time
nor inclination to write such adver­
tisements— and why should you,
when I furnish fifty-two result
bringers for only $7.50.
A T

1

1 IU A

C7

Mail me your order —J
today and get the full |> a r t O H it-*
series of advertisements.
T h is se rv ic e is e x c lu siv e T A lL B O T «
to one bank
m u n ity.

in

a

com­

Box 601, Chicago

BANKER

May, 1919

BANK-HELD BONDS NOT TAXED,
(Continued from page 9)
the attorney of this association immediately redrafted
the bill. It was submitted to Senator Ratcliff, who ap­
proved. It was then handed to Senator Foster, the wellknown banker of Guthrie Center, chairman of the com­
mittee on banks and banking in the Senate, and pre­
sented by him to that committee, which adopted it and
recommended it out for passage without amendment,
and through the splendid efforts of Senator Foster on
the floor of the Senate in making a most conspicuously
able and clear presentation of principle and intention
of the bill it was passed by that body by a vote of 42
to 2.
The sifting committee of the House at this time hav­
ing been appointed, it was necessary to refer the bill to
that body. Your legislative committee continued to
follow the bill very closely, and it was suggested by
several bankers, of whom one or two were members
of the House, that some provision should be put into
•the measure which would require that ownership of
such bonds on December 31st of each year should be
bona fide and for a previous reasonable time, to insure
that evasion of rightful taxes would not be possible.
Attorney Parsons prepared such an amendment, sug­
gesting six months, as these bankers had recommended.
The legislative committee of our association approved
the amendment as drafted. However, the House sift­
ing committee reduced the time from six months to
sixty days, and with that amendment sent the bill out
w ith.the recommendation that it be passed. It is as
follows:
A BILL FOR AN ACT.
To amend Section One Thousand Three Hundred and Four
(1304) Supplemental Supplement to Code, 1915, relating to
property exempt from taxation.
Be it Enacted by the General Assembly of the State of Iowa:

Constant as
Niagara
is the service of an individual modern lighting plant
when purchased from the IN TER STATE RURAL
LIG HT CO. If you are interested in a better light
we would suggest that you install T H E BEST LIG HT
T H A T MONEY CAN BUY. GUARANTEED FOR
FIVE YEARS. Inter State Generator manufactured
in Mason City and sold everywhere.
We would be very glad indeed to have you write
for literature.
tyo matter where you are located we w ill.be able
to give you bank references.
Mason City references: City National Bank,. Se­
curity National Bank, Commercial Savings Bank.

G et a Light

Inter State Rural Light Co.
(Incorporated)
General Office and Factory
Mason City, Iowa


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Federal Reserve Bank of St. Louis

Section 1. That section one thousand three hundred four
(1304), supplemental supplement to the Code, 1915, be and
the same is hereby amended by adding after the semi-colon
in line sixteen thereof, the following:
“provided, however, that in determining the assessed value
of bank stock, the amount of obligations issued by the United
States government since the declaration of war against Ger­
many, actually owned by a bank or trust company shall be de­
ducted, and any bank or trust company which since January
first, nineteen nineteen, has been assessed on its shares without
so deducting such United States Government Securities, shall
be entitl edto have its assessment on its shares reduced by the
Board of Supervisors of the county in which such bank is
located, so as to deduct from its total valuation such govern­
ment securities”. Provided, however, that no deduction shall
be made unless the bank or trust company claiming the same
shall have been the owner in good faith and not for the sole
purpose of securing such deduction, of said securities for a
period of more than sixty (60) days prior to December thirtyfirst of the year preceding that for which the assessment is
made.
Section 2. This act being deemed of immediate importance
shall become effective upon the publication thereof in the Des
Moines Register and the Des, Moines Capital, newspapers pub­
lished in.Des Moines, Iowa.

Believing that many of the banks whose protest made
to the boards of review might still b6 in the hands of
(Continued on page 82)
V m iT E C o > ,p
INVESTMENT
C5—— B A N K E R S •---- a

* *

PUTNAM BLDG

Da v e n p o r t . Io w a ,
IO W A M U N I C I P A L BOND;S

THE

May, 1919

NORTHWESTERN

BANKER

How High Will
Meat Prices Go?
Swift & Company does not know whether
prices will go higher or lower.
It depends upon country-wide and world
conditions that Swift & Company cannot con­
trol and cannot foresee.
All the world needs meat, and only a
small part of the world is raising live stock.
So live stock is dear now, and meat prices
must keep pace.
Competition will continue to keep the
“spread” low so that the price you pay for
meat will be as close as possible to what must
be paid for live stock.
Our profit of only a fraction of a cent a
pound, is no greater when prices are high than
when they are low.

Swift & Company, U. S. A.
?


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Federal Reserve Bank of St. Louis

1

TW
Ttatmaav

73

74

THE

NORTHWESTERN

BANKER

May, 1919

IOWA BANK NEWS
THE NEXT CONVENTION»
oldest bank now stands as one of the large, strong
The next convention of the Iowa Bankers Associa­ financial institutions of the great state of Iowa. The
tion, it will be remembered, will be held at Fort Dodge, deposits in 1909 were $1,009,578.33 and at the last call
the bankers of that city extending an invitation at .the March 4, 1919, they were $2,658,396.48. The officers
time of our last convention. The Wahkonsa Hotel are : Ira Rodamar, president ; C. E. Pickett, vice presi­
will be the headquarters. The bankers at Fort Dodge dent; J. O. Trumbauer, vice president, and Fred H.
held their first meeting on February 10, at which time Wray, cashier.
the State Secretary was invited to attend. Mr. C. D.
IOWA GROUP MEETINGS.
Case, cashier of the First Trust & Savings Bank, at
Southern Groups
Fort Dodge, was elected as executive chairman. He
writes this office that he has appointed his various sub­
Council Bluffs, Tuesday, May 6, Group 5.
committees, the chairmen of which are as follows:
Chariton, Wednesday, May 7, Group 9.
Entertainment Committee—
Ottumwa, Thursday, May 8, Group 10.
R. R. Campbell, cashier Commercial National Bank.
Maquoketa, Friday, May 9, Group 8.
Badges and Resignation—
Waterloo, Saturday, May 10, Group 7.
B.
P. Larson, cashier Security Trust & Savings Bank.
Northern Groups
Hotel and Housing—
Sheldon, Monday, May 19, Group 1.
Chas. Larrabee, president Iowa Savings Bank.
Spirit Lake, Tuesday, May 20, Group 2.
Publicity and Printing—
Hamptori, Wednesday, May 21, Group 3.
J. Floyd Rich, assistant cashier First National Bank.
Story City, Thursday, May 22, Group 6.
Hall and Decorations—
Oelwein, Friday, May 23, Group 4.
Dan Stiles of the W ebster Co. T rust & Savings Bank.
That the bankers of Fort Dodge will provide one of
GROWTH OF FIRST NATIONAL.
the best conventions goes without saying, and the pro­
The
First
National Bank of Story City, Iowa, re­
gram of entertainment which they will prepare will
make all who attend glad they came, and those that ceived its charter in 1908, at which time it took over
the combined business of the State Bank and the First
stay at home sorry that they did so.
Savings Bank. It has had a steady increase in business
since that time and at the last call March 4, 1919, the
LEAVITT & JOHNSON NATIONAL.
deposits were $516,009.54. The slogan of this progres­
John H. Leavitt founded the bank which now stands sive bank is “The Bank that Takes More Interest in
as the Leavitt & Johnson National Bank, Waterloo, Its Depositors Than it Takes from Them.” The officers
Iowa; on July 13, 1856. Its early days were strenuous are: T. T. Hertryson, president; O. T. Henryson, vice
amongst the wildcat currency and the W ar of the Re- president, and A. M. Henderson, cashier.
belliqn, but through it all it lived and emerged strong
CELEBRATES 50th ANNIVERSARY.
and vigorous and though other organizations have come
and gone, it staiids today a splendid monument to the
The American Commercial & Savings Bank, Daven­
faith, perseverance and square dealing of its founder. port, Iowa, recently celebrated its 50th anniversary.
Its new ten-story banking house was opened in Sep­ The officers and directors kept open house throughout
tember, 1915, and the public have shown their appre­ the entire day. Special souvenirs for depositors and
ciation of the splendid facilities offered them. Since small favors for every caller were given. During the
entering their home of steel and concrete the deposits late war, this bank has taken an active part in aiding
have increased over a million dollars and W aterloo’s the government in all its Liberty Loan campaigns and
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IT

he

A m e r ic a n St a t e B a n k I
CAPITAL,

M. F. SH A FER , President
W. E. SH A FER , Vice-President

$200,000.00

O M A H A

T O W A B a n k s desiring an
a c co m m o d atin g O m aha
connection are invited to cor­
respond w ith our officers.

4
A

L. M. SW INDLER, Cashier
ROY E. KARLS, Ass’t Cashier

"|\/fA N A G ED by bankers of
^ A practical experience w ho
k n o w the re q u ire m e n ts of
Middle-W eil Bankers.

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

THE

May, 1919

NORTHWESTERN

BANKER

75

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

Capital, Surplus and Profits . . $ 550,000.00
D e p o s its ..................................
$4,200,000.00
O FF IC E R S
A. G. SMITH, President
G. M. CURTIS, Vice-President
A. C. SMITH, Vice-President and Cashier
A. W. HANSEN, Assistant Cashier
J. H. NISSEN, Assistant Cashier
H. G. KRAMER, Assistant Cashier
Accounts of Banks and Bankers received on most favorable terms. Correspondence invited.
other war measures. Quietly and without the least
show of ostentation or publicity, they have performed
their part and performed it well. Deposits of this
institution are approximately $13,000,000 and a total
capital strength of over $1,650,000. The officers a re :
Edward Kaufman, president; Ray Nyemaster, vice
president and cashier; Frank C. Kroeger and Frank A.
Johnson, assistant cashiers.
BANK RE-ORGANIZED.
The State Savings Bank of Hampton, Iowa, has re­
cently been reorganized and changed the name of the
institution to the North Iowa State Bank. The capi­
tal stock was increased from $40,000 to $50,000 and new
officers were elected. The officers are C. F. Osborne,
president ; C. D. Williams, vice president ; C. W. Haase,
cashier; C. E. Williams, vice president.

and conservatism. The deposits of this growing in­
stitution are $286,610.05. On Sept. 11, 1917, the de­
posits were $112,644.70, which certainly shows a sub­
stantial increase. The officers are: W. W. Beal, pres­
ident; A. G. Agnew, vice president, and O. C. Kindig,
cashier.
KENYON DISPOSES OF STOCK.
D. E. Kenyon, cashier of the Chapin Savings Bank,
Chapin, Iowa, since its organization twelve or fifteen
years ago, and during the past few years president of
the institution, recently sold his stock to Dr. J. C.
Powers, Dr. C. F. Osborne and Earl Ferris of Hamp-

LINCOLN SAVINGS BANK.
The Lincoln Savings Bank of Waterloo, Iowa, was
organized at the very time when the United States was
entering the war and it took considerable faith to start
a new institution under those circumstances. It opened
for business June 9, 1917. The motto of the bank in­
dicates its policy, “The Friendly Bank.” It isr felt that
courtesy and service and sympathy with the custom­
er’s point of view are as necessary from a bank as from
a retail store, at the same time the officers have placed
safety ahead of any other consideration and the growth
of the bank has been due to the combination of courtesy
F. L. EATON, Vice President
C D. VAN DYKE, Cashier

FEDERAL DEPOSIT & TRUST CO.
O r g a n iz e d M a y 1 ,1 9 1 4

Deposits

Over One Million Dollars
May W e S erve You?

FEDERAL DEPOSIT & TRUST CO.

GEORGE S. PARKER, President

“A Bank for A ll The P e o p le ”

Dubuque, Iow a

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

THE

LIVE STO C K N A T IO N A L B A N K
Capital
$200,000.00

Sioux City, Iow a
Surplus and Profits
LO C A TED A T T H E STOCK Y A R D S
$100,000.00
D eposits $5,500,000.00

T he G R E A T N O R T H W E ST being the feeding ground of th e Live Stock Industry,
by virtue of ou r location at the M ARKET PLA CE of this territo ry , w e can offer
unsurpassed RESERVE facilities for C o u n try Bankers.


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Federal Reserve Bank of St. Louis

76

THE

NORTHWESTERN

BANKER

May, 1919

CAPITAL AND SURPLUS, $ 7 0 0 ,0 0 0 .0 0
RESOURCES, $ 1 0 ,0 0 0 ,0 0 0 .0 0

IOWA
to n ; and Paul W. Crawford of Chapin, the latter for a
number of years connected with the bank as cashier.
IOWA’S BANK DEPOSITS.
Iowa shows up handsomely in a financial table
.compiled by the Omaha Chamber of Commerce from
the recent report of the comptroller of the currency.
The report concerns bank deposits per capita, and
Iowa,' which stands 20th in population among the
states of the Union, stands eighth in bank deposits
per capita, the average deposit for each o.f the
2,245,000 Iowans being $337.77.

Liberty Bonds
Left with your hank for safekeeping af­
ford an opportunity to serve your cus­
tomers.
Permit this bank to serve you in a simi­
lar capacity. Ask for our Liberty Bond
Certificate plan.

In this respect Iowa leads all of the states of the
Middle West, the seven higher states all being in the
East, except California, which is ninth in population
and fifth in per capita savings. As California’s show­
ing is largely with the money that former Iowans have
taken west, the figures are all the more complimentary
to this state.
»Nebraska and Illinois, in 13th and 14th place, are
the nearest to Iowa of all the Middle W estern states.
The South brings up the rear, much of it below Ha­
waii, the tail enders in the order named being Alaska,
North Carolina, Arkansas, Mississippi, Alabama, Porto
Rico, and the Philippines. The Filipinos, with 9,000,000
population, have banked but $7.82 apiece.
New York heads the list, first in population and
first in per capita wealth, and then come Massachusetts,
Connecticut, Rhode Island, California, Vermont, New
Hampshire and Iowa. Some of those Eastern states
must have made their money out of interest, but we
know that Iowa’s came out of its fields.
CANDIDATES FOR TREASURER.
C.
P. Jordan, president of the First Savings Bank
of Sutherland, and R. M. Messerschmidt, cashier of the
Farmers T rust & Savings Bank, Dumont, Iowa, have
announced their candidacy for treasurer of the Iowa
Bankers Association, for the coming year.
SIOUX CITY BANKS.
Savings deposits in Sioux City banks since January
1, 1919, have increased nearly $1,000,000.00 over the
same period in 1918, according to estimates made re­
cently. This enormous increase reflects the prosperity
in almost every line of business in that section of the
country.

WATERLOO BANK & TRUST CO.
(FORMERLY WATERLOOTOAN AND TRUST CO.)

Lafayette Building

Waterloo, Iowa

Now doing a general banking and trust company business 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 invest­
ments suitable for estates, guardians, individuals, state, savings and national
banks. These investments secured by first mortgages'and are also a direct
obligation to this bank.
C apital, S u rp lu s an d P r o fits $ 300,000.00
D ep o sits
1,175,000.00
R eso u r ces o v e r
1,500,000.00

Ren. J. Howrey, Pres.
E. H. Wyant, Secretary
.T. W. Arbuckle, Vice Pres.
H. M. Howrey, Asst. Cashier
C. A. Mains, Cashier
_
D. S. Ramage, Asst. Cashier
A. K. Smith, Asst. Cashier


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Federal Reserve Bank of St. Louis

May, 1919

THE

NORTHWESTERN

C E C U R I1 T1 V
i

77

BANKER

SIOUX CITY
IOWA

^ ^ N A T IO N A L ESANK

Capital and Surplus $600,000
W . P . MANLEY, P r e s id e n t
L. R . MANLEY, C a s h ie r
R . E. BROW N, A s s 't C a s h ie r

A . B . DARLING, V ic e P r e s id e n t
C. A . PATCH, A s s 't C a sh ie r
F o u n d e d 1884

/

'

V. G. COE ELECTED CASHIER.
V. G. Coe, for the past 26 years a resident of Clinton,
Iowa, has been elected cashier of the Merchants Na­
tional Bank, Clinton, taking the place of John F. Streib,
who resigned to devote his entire time to his personal
interests.

ers Association, through its Good Roads Committee, com­
posed of E. L. Stickney, Moulton; Kent C. Fermon,
Cedar Rapids; M. C. Sweney, Osage;; D. E. Goodell,
Tama; W. A. Hopkins, Lamoni, chairman; M. H. Calderwood, Eldridge, president of the -association.

ELECT OFFICERS.
Members of the Marshall County Bankers Association
at the annual meeting held recently at Marshalltown,
Iowa, elected officers as follows : President, G. F. Stans­
berry, cashier of the Citizens Savings Bank, Gilman;
vice president, Fred L. Dobbin, president of the First
National Bank, State Center; secretary, Roy R. Brad­
bury, vice president of the Fidelity Savings Bank.
Marshalltown, and treasurer, M. L. Patton, cashier of
the Peoples Savings Bank, Laurel, Iowa.
The committee that was appointed at the last meet­
ing of the association to recruit members reported that
every banker in the county had joined the-association.

RAPID GROWTH.
The Security Savings Bank of Marshalltown, Iowa,
three and one-half years old, is rapidly advancing in
the banking circles of that city. During the past two
years, the time which has elapsed since the bank has
been operated under its present management, the de­
posits have doubled five times, and the bank has firmly
established itself in its home community.
The officers of this bank firmly believe in the “Per-

CORRECTION.
Under “Some Deposits” in the March issue of The
Northwestern Banker the deposits of the Citizens Na­
tional Bank, Spencer, Iowa, were listed as $96,029.77.
This was incorrect and we are very glad to say that
the deposits of the Citizens National are now $520,529.12, which certainly shows the progressiveness of
this bank.
SUPPORT GOOD ROADS BILL.
The Iowa legislature passed a good roads bill, with an
amendment providing for county option. Good roads
legislation has had the strong support of the Iowa Bank­

THE DUBUQUE
National Bank
DUBUQUE, IOWA

N o w is the tim e for reconstruction.
Keep us in m in d --

A ccounts of Banks and Bankers are Invited
on the Basis of Mutual Advantage
and Responsibility
Correspondent Banks are A ssured Prom pt and Satisfactory Service

Capital, Surplus and U ndivided Profits O ver $ 4 0 0 ,0 0 0
FRANK B. YETTER, Cashier
CHAS. SHULER, President
LOUIS G. BEIN, Asst. Cashier
W. H. GEHRMANN, Vice President
HERMAN STAAK, Asst. Cashier


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Federal Reserve Bank of St. Louis

78

THE

NORTHWESTERN

BANKER

May, 1919

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

CLINTON, IOWA
C A P IT A L , $300,000.00

—

SU R P LU S, ALL EARNED, $300,000.00

—

D EPO SITS, $3,800,000.00

Offers the facilities and services of a live, up-to-date banking house, fully equipped and
am ply capitalized to handle intelligently and efficiently e v ery branch of legitim ate banking

COMMERCIAL — SAVINGS — SAFE DEPOSIT — TRUST
Accounts from banks in its territory, and collections receive the special
attention of an officer of the bank
C. F . ALDEN
P r e s id e n t

W . W . COOK
G. E. LAMB
J . L. BOHNSON
V ic e P r e s id e n t
V ic e P r e s id e n t
C a s h ie r
C. S . HARRIS a n d W . S . GARDNER, A s s is t a n t C a s h ie r s

c

=

IOWA
........................................ .......... ............ .................... .
sonal Service Element” as a distinctive feature, and
this policy has brought splendid results.
H. M. Vawter has been president and manager since
May, 1917. D. D. Reynolds, recently discharged from
the army, is cashier, and Mabel Jentzen is assistant
cashier. The capital is $50,000, surplus and undivided
profits, $8,000 and deposits $400,000.00.
ADOPTS IOWA PLAN.
A distinct compliment has been paid to the way Iowa
handles national campaigns by the recent adoption of
the budget system for teaching saving in the household
and to the individual by the other states of the Seventh
Federal Reserve district. The Iowa idea of using the

WE MAKE RUBBER STAMPS
O u r n e w c a ta lo g u e g iv e s s u g g e stio n s
fo r sta m p s ; sho w s ty p e fa c e s , sup ­
p lie s, e tc .
A s k fo r ca ta lo g u e H .

F. P. HOLLAR & SON
sioux city

Com m ercial P rinting

iowa

budget system was first suggested by Homer A. Miller,
state director, at the Chicago conference at which was
outlined the 1919 war savings and thrift stamp cam­
paign.
Miss Ruth Warded, head of the home economic de­
partment of the Iowa State university, will prepare for
the federal district use home budgets covering every
phase of household expense. These are to be dis­
tributed in Illinois, Indiana, Michigan and Wisconsin,
as well as in Iowa.
NEW SAVINGS BANK OPENED.
A savings bank has just been opened at Bennett,
Iowa, a town of less than five hundred people. The or­
ganization of this new institution is evidence of the
thrift and prosperity of this community.
BANK CHANGES HANDS.
The Union Savings Bank of Redding, Iowa, has re­
cently changed hands. O. L. W hitlatch and S. R.
Emerson having sold their interest in the institution
to C. A. Hammer of Allendale, Mo., G. E. Hammer of
Lexington, Neb., and C. A. McElvain of Grant City,
Mo.
.
The Union Savings is one of the substantial banks
of Ringgold county and during the ten years that Mr.
Whitlatch and Mr. Emerson have had charge of the

THE CENTRAL STATE BANK
DES MOINES, IOWA

Capital $250,000.00 Surplus and Profits $250,000.00
OFFICERS
SIMON CASADY, President
GRANT McPHERRIN, Vice-President

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

REMEMBER OUR FOUR CA RD IN A L PRINCIPLES
A bsolute Safety.
C ourteous T reatm ent to All.
C onsistent Liberality.
Prom ptness in E xecution.


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Federal Reserve Bank of St. Louis

THE

May, 1919

NORTHWESTERN

BANKER

O F F IC E R S

THE

W . V . E s c lie r . P r e s id e n t
H u s h M. G ilm ore. V ic e P r e s.
E . G. D u n n , V ic e P r e s.
■T. A . P a rd en , C a sh ier
C. E , B r o o k s . A s s t . C a sh ier

City National
Bank

Combined

MASON CITY, IOWA.

U N IT E D S T A T E S D E P O S IT O R Y

C a p ita l a n d S u r p lu s $250,000.00

79

Resources Over Three Million Dollars

Adequate facilities for the
service of banks, corpora­
tions and individuals.

institution the assets have increased from $50,000 to
$300,000. ' They retire from the business to enter a
larger field, possibly in northern Iowa.
BECOMES CASHIER.
R. P. Keith, assistant cashier of the Citizens State
Bank of Goldfield, has bought out the interest of Otto
G. Yant, of the Vincent Savings Bank, and will go
there in the capacity of cashier. Delmar Short will be
cashier of the Citizens State.
STATE BANK ORGANIZED.
One hundred sixty-six stockholders (mostly farmers)
met recently at Monona, Iowa, for the purpose of or­
ganizing a new bank there. The institution will be
known as The Farmers State Bank, the capital stock
is estimated at $50,000. Following the organization
meeting the board of directors met and elected the fol­
lowing officers: J. H. Miller, president; F. G. Drahn,
vice president and A. J. Wirkler, temporary cashier.
CANDIDATES FOR PRESIDENT OF I. B. A.
L. A. Andrew, of Ottumwa, J. H. McCord, of Spen­
cer, and M. D. Gibbs, of Alton, are the three candidates
for president of the Iowa Bankers Association, who will
come before the convention at Fort Dodge, in June.
There is every prospect of a lively contest. The resi­
dent location of the different candidates may cut some
figure in the result, as Mr. Andrew is in the south half
of the state and Mr. Gibbs and Mr. McCord are from
the northwest quarter. A banker from southern Iowa
writes that it will be five years in June since a banker

City Trust & Savings Bank
C a p ita l $50,000.00

from the half of the state south of the Rock Island has
been elected president of the Iowa Bankers Association.
ANNA B. SMOUSE, ASST. CASH.
A woman is now assistant cashier of the Cedar Rap­
ids National Bank, Cedar Rapids, one of the largest
banking houses in the state. She is Miss Anna B.
Smouse, for many years at the head of the woman’s
department of the bank.
MONONA COUNTY CONVENTION.
The Monona County Bankers Association held its
second annual convention at Mapleton recently. All
of the old officers were re-elected with the exception of
vice president, C. O. Jacobson, of Mapleton, being

The Cedar Rapids Savings Bank
C edar R a p id s, Io w a
O ffers A t tr a c tiv e T e rm s to B a n k s on I n a c t iv e A c c o u n ts
W r ite u s or t e ll u s w e m a y w r ite you .
T h is b a n k ’s h is to r y is o f it s o w n m a k in g . 36 y e a r s
o f s u c c e s s fu l b a n k in g p r o v e s a b ility , an d w a r r a n ts it
in s o lic it in g y o u r b u sin e s s.

J. M. D INW IDDIE............................................................................. President
ROBERT PA LM ER.................................................................... Vice President
R. S. SINCLAIR..........................................................................Vice President
W. O. R E E D ........................................................................................... Cashier
L. J. D ER FLIN G ER........................................................... Assistant Cashier
JOHN T. HAMILTON...................................................... Chairman of Board

THE FIRST NA TIO N A L BANK OF W ATERLOO

WATERLOO, IOWA
Chartered 1865
For over fifty years this bank has successfully served this community. We offer the same service to those outside
our immediate locality. Special attention given to accounts of banks
Total resources over $3,000,000
F. J. EIGHMEY, President
A. M. PLACE, Vice President
F. J. FOWLER
Vice Pres, of the Fowler Co., Wholesale
J. W. RATH
President cf the Rath Packing Co.
A. M. PLACE
Vloe President
C. F. FOWLER
President of the Fowler Co., Wholesale (


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Federal Reserve Bank of St. Louis

-------------'OFFICERS---------------------------------------------------------------------------F. J . FOWLER, Chairman
JAMES BLACK, Vice President

V. J. WILSON, Assistant Cashier
P. W. EIGHMEY, Assistant Cashier

----------- DIRECTORS— —-------------------------------------------------------------------H. W. GROUT
Capitalist
W. W. MARSH
President Iowa Dairy Separator Co.
President Associated Manufacturing Co.
JAMES BLACK
President of the James Black Drygoods Co.

T. W. PLACE
Capitalist
J. T. SULLIVAN
Lawyer
J. O. TRUMBAUER
Vice President Farmers Loan and Trust Co.
F. J. EIGHMEY
President

THE

80

NORTHWESTERN

BANKER

May, 1919

ciiiimmmiiiiiiiiiiiiiiiiiimiiiiiiMiiimiMiiiimiiiiiiiiiiiiimiiMiimiiiiimmiiiiiiiiiiiimmmiiiiiiiiiiiiiiiiiiiiiiiiiiiMiiiiiiiiiiiiiiiiiiiiis

I O W A
................................................................... .
elected to fill the vacancy caused by the death of John
R. Welch. The officers are president, P. K. Holbrook;
secretary, W. J. Donlin; treasurer, D. R. Brainard.
O. H. CUDDY, CASHIER.
O. H. Cuddy has been elected cashier of the First
National Bank, Maquoketa. Mr. Cuddy was formerly
with the Hedrick State Bank, H edrick,,Iowa, as as-

American Commercial
and Savings Bank
of Davenport, Iowa
600,000.00
Capital stock .......... ..................... .......................................$
Surplus
600,000.00
400,000.00
Undivided profits ..............
D ep osits over ...................................................................... 12,200,000.00

OFFICERS
E D . K A U F M A N N , P r e sid e n t
R A Y N Y E M A S T E R , V ic e P r e s, an d C ash.
P . C. K R O E G E R , A s s is t a n t C a sh ier
F . A. JO H NSO N, A s s is t a n t C a sh ier

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

Jllllllll
J. K. DEM ING
President

JAMES M. BURCH
Vice-President

H ER M A N N ESC H E N
Cashier

O. H. CUDDY,
Cashier First National Bank, Maquoketa.

sistant cashier for nine years and as cashier for the
past five years. This bank is very fortunate in getting
so able a man to assume the cashership.

THE

SEGOND NATIONAL BANK
AND

N EW BANK ORGANIZED.
' A new bank known as the First Trust & Savings
Bank of Clare, Iowa, has been organized. The bank
has a capital stock of $30,000.00. The officers are
James Lawler, president; W. J. McDermott, vice presi­
dent; Leonard Smith, second vice president and cash-

DUBUQUE SAVINGS BANK
D U B U Q U E , IO W A
ORGANIZED 1 8 7 6

OFFICERS A N D D IRECTORS
J. K. DEM ING
President
JAMES M. BURCH
V. P. Farley & L oetscher
Mfg. Co.
CHAS. H. BRADLEY
Bradley Bros.
FR A N K BELL
Capitalist

H E R M A N N ESCH EN
Cashier
J. T . C ARR
Secy-Treas. Carr, Ryder &
Adam s Co.
GEO. W . KIESEL
Hurd, Lenehan & K iesel
J. J. ROSHEK
R oshek Bros. Co.

R eserv e A g e n ts for N ation al Banks
U nited States D ep ositary

Combined Resources - - $3,000,000.00


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Federal Reserve Bank of St. Louis

Security Savings Bank
Marshalltown, Iowa
Deposits Have Doubled Five Times in Two Years
Under Present Management
We Believe in Personal Service
Accounts of Banks and Bankers Solicited
H. M. VAW TER, President
D. D. REYNOLDS, Cashier
MABEL JENTZEN, Asst. Cashier

THE

May, 1919

NORTHWESTERN

ier. The bank has purchased a building of its own
which will be ready for occupancy soon.
NEW BANK AT CALLENDER.
Articles of incorporation were filed for a new bank
at Callender, Iowa, which is to be known as the Farm­
ers State Bank of Callender. The institution will have
a capital stock of $25,000.00. The officers of the new
bank are John Gusten, president; Nels Pearson, vice
president, and R. C. Allen, cashier.
BANK INCREASES CAPITAL.
The First Trust & Savings Bank of Des Moines,
Iowa, recently filed an amendment to the articles of in­
corporation to increase the capital stock from $100,000.00 to $200,000.00. The bank was originally incor­
porated May 10, 1916.
IOWA STATE CONSOLIDATES.
The Iowa State Bank of Des Moines, consolidated re­
cently with the Des Moines National Bank. No change
in the officers or directors of the Des Moines National
will follow the transaction and none of. the employes
of the Iowa State are to be taken over.
The Iowa State Bank as a corporation will continue
to exist until its affairs can be settled up.
The Iowa State is the bank which was robbed re­
cently.
BRINGS FAME TO CITY.
The Greater Davenport Committee of which Frank
B. Yetter, vice president Iowa National Bank, is presi­
dent, is the medium through which Davenport works
for promotion and publicity. Organized under the
laws of Iowa in April, 1910, with a stated enrollment
of thirty members, the committee was assigned two
distinctive subjects—municipal advertising and the
location of new industries.
Commercial and industrial lethargy which appeared
to prevail in the community was responsible for the
creation of the organization. A comparatively small
group of business, men of Davenport appreciated the
commercial and industrial advantages and facilities of
the city, but this appreciation was not general. Some­
thing was needed to arouse the community to the full
realization of its actual and future prospects. There­
fore, the Greater Davenport Committee was organized.
One has but to point to the wonderful industrial and
commercial growth of Davenport since 1910 to realize
that the Greater Davenport Committee has been emi­
nently successful'in its undertakings.

BANKER

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

81

W. M. Hetherington, Vice-Pres.
H. A. K0ESTER, Cashier

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

First National Bank
DUBUQUE, IOWA
Accounts of Banks Solicited.

Write Us for Terms

IO W A TRUST &
Savings Bank
D es M oines, Iow a
R ESO U R C ES

OVER

$ 1 ,3 5 0 ,0 0 0 .0 0

We desire an opportunity to prove to you th a t this bank is
able to handle your account to your entire satisfaction.

OFFICERS
'
A. O. Hauge, President
John A.Benson, Vice President
L. M. Barlow, Cashier
C. B. Hextell, 2nd Vice President Elmer Thulin, Assistant Cashier

C O M M E R C IA L

N a tio n a l B ank
W aterloo

Iow a

Capital and Surplus
One-Half Million Dollars

EMMETSBURG NATIONAL BANK
EMMETSBURG, IOW A
C a p ita l................................. $50,000.00
Surplus ............................... 20,000.00
Deposits ............................. 525,000.00
Let us handle your business and prove to
you what real service is.
J. H. W ILSON
President


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Federal Reserve Bank of St. Louis

OFFICERS

E. W. MILLER, President.
F. C. PLATT, Vice Pres.
H. C. SCHULTZ, Cashier.
H. W. WENTE, Asst. Cashier.
The high standard this bank has set for itself in the
conduct of its business is a protection to its corre­
spondents in every emergency and under all circum­
stances.

82

THE

NORTHWESTERN

Waterloo Savings Bank
WATERLOO, IOWA.

CAPITAL........................................$ 100,000.00
SURPLUS AND PROFITS........ 100,000.00
D E PO SIT S............. ....................... 1,950,000.00
This Strong Bank Offers Every
Facility for Satisfactorily
Handling Your Business.
OFFICERS
■W. C. Logan, President
E . I<. Johnson. V ice Pres.
,1. J. Miller. Cashier
Carleton Sias, V ice Pres.
V. L. B artling. A sst. Cash.

THE

M ERCHANTS
NATIONAL BANK
C EDAR R A P ID S , IO W A

Resources $16,000,000.00

OFFICERS
JOHN T. HAMILTON, Chairman
J. M. DINWIDDIE, President
EDWIN H. FURROW, Cashier
JAMES E. HAMILTON, V. P.
H. N. BOYSON, Asst. Cashier
P. C. FRICK. V. P.
ROY C. FOLSOM, Asst. Cashier
ROBERT PALMER, V. P.
MARK J. MYERS, Asst. Cashier
ROBERT S. SINCLAIR, V. P.
FRED A. GROELTZ, Asst. Cashier

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

SH I

BANKER

BANK-HELD BONDS NOT TAXED.
(Continued from page 72)
the board, the attorney of the association was re­
quested to prepare the following opinion of instruc­
tions which the secretary could immediately mail out
to all of the member banks of the association. This
was done and the banks requested to bring the matter
before the attention of the boards of review of they so
desired. It will be noticed that the opinion takes in
consideration two situations.
No. 1. Wherein it is presumed that the board of re­
view is still sitting and where it is presumed that there
would be a likelihood that the board of review might
reduce the assessment under the instructions of the
new law.
No. 2 takes into consideration where the board of
review may have completed its action and Attorney
Parsons therein submits a form of appeal to the board
of supervisors of the county in which any bank may
be located.
The opinion is clear—no further comment need be
made upon it. It is as follows :

April 19, 1919.
Iowa Bankers, Association,
Des Moines, Iowa.
Gentlemen: The amendment by the last General Assembly
to Section 1304 of the Supplemental Supplement of the Code
of 1915 was aimed to give banks having any part of the Liberty
Loan relief from taxation. The provisions of this Act are so
plain that little or no explanation is probably needed. Follow­
ing is a statement which may be used in communicating with
either of the two boards mentioned:
No. 1. In the Board of Review is still sitting it may still de­
duct bonds and such other government securities is­
sued by the United States Government since the de­
claration of war, and actually owned by the bank from
the total valuation of the bank. The form given under
No. 2 with slight adaptation may be used in address­
ing the President of the Board of Review. If the
Board of Review is still sitting the manner of obtain­
ing such reduction should be greatly simplified.
No. 2. If the Board of Review has completed its work the
bank will be compelled probably to make application
to the Board of Supervisors of the county in which
the bank is located. That application may be in the
following form:
“TO THE BOARD OF SUPERVISORS:
of.................................. County............................Iowa.
Gentlemen :
“T h e...................Bank of.....................Iowa, located
in ....... ...............County, Iowa, respectfully represents
that heretofore and since the first day of January,
1919, the said bank was assessed by the assessor and
that in determining the assessed value of the bank
stock, the amount of the obligations issued by the
United States Government since the declaration of
the war against Germany, actually owned by the bank

Leavitt & Johnson National Bank
Waterloo, Iowa

Established 1856
.

S

B

63rd Year


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Federal Reserve Bank of St. Louis

May, 1919

IRA RODAMAR, President
C. E. PICKETT, Vice President
J. O. TRUMBAUER, Vice Pres.
FRED H. WRAY, Cashier

Capital, Surplus and Profits $300,000.00

May, 1919

THE

NORTHWESTERN

were not deducted from the total valuation of the bank.
That said bank owned for more than sixty days prior
to December 31st, of the year 1918 in good faith and
not for the purpose of securing reduction from taxa­
tion the following securities of the United States Gov­
ernment since the declaration of war against Ger­
many, to-wit:

■ ................................ .........................
•............................................................

and since January 1st, 1919, said bank has been as­
sessed on its shares of stock without deducting such
United States Government Securities, the total valu­
ation of the assets of said bank, after deducting the
real estate as provided in Title 7, Chapter 1 of the
Code and Amendment thereto, was found by the said
assessor to be $....................... without allowing any
deductions whatever for the aforesaid United State's
Government Securities issued since the declaration of
war against Germany by the United States. That as a
result of such valuation so found by the assessor, he
fixed the value of the shares of stock of the said bank
to be $...................... each. That after deducting the
valuation of the United States Government Securities
held by said bank as aforesaid and issued since the
declaration of war against Germany, the total valu­
ation of the assets of said bank, as a basis of taxing
of its shares is only $....................... , leaving the total
valuation of the shares $...... ......... .......per share.
“WHEREFORE, your Honorable Body is asked that
the assessment on the shares of stock of.....................
Bank of................................... Iowa, be reduced from
$......................per share to $ ...................... per share.”
.......................................... . Bank
of . . , .................................. Iowa,
By ................................ ...............

Hon. Emil Larson, representative of Montgomery
county, prepared an amendment providing for publi­
cation, so that the bill might become effective at once,
and not have to wait until July 1st next. In confer­
ence with Mr. Fred Sargent, attorney, of Des Moines,
who among many of the good friends of the bill and
whose firm, Sargent & Gamble, were attorneys in the
Iowa Loan & Trust Co. case, and several other House
members, and Mr. C. E. Dean, president of the Glenwood State Bank, and an officer of the Iowa Bankers
Association, it was believed that the publication clause
would clear any chance for further confusion, enabling
the act to become operative before the various boards
of review, then sitting, might finish their work. On the
evening of that day, on which this conference was held,
April 15th, the bill with the two amendments passed
the House; on the morning of April 16th the Senate
concurred. It was signed by the governor on Friday,
April 18th, and published as required on April 19th, in
two Des Moines newspapers. The measure is now a
law of the state, retroactive to December 31, 1918.

BANKER

ADEQUATE f a c il it ie s
% and perfected service make thijs an
ideal reserve bank for Iowa banksEvery courtesy and accommodation extended
consistent with conservative banking.
In­
quiries solicited and appreciated.
1

BLACK HAWK
NATIONAL
BANK
W A T E R L O O , IO W A
DR. F. W . PO W E R S, P r e s id e n t

A. E. GLENNY, Vice-Pres. CHARLES W. KNOOP, Cashier
JAMES lOONAN, Vice-Pres. H. E. RUGG, Asst. Cashier
C A P IT A L

$ 2 0 0 , 0 0 0 .0 0
R ESO U RCES

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

The Cedar Rapids
National Bank
W ith Capital, Surplus and Profits of
$ 8 5 0 ,0 0 0 .0 0
and Resources $ 1 5 ,0 0 0 ,0 0 0 .0 0

Invites N ew Business

Commercial Savings Bank

OFFICERS

DES MOINES, IOWA

We offer a bank large enough to inspire the
confidence of its customers, but not too large
to give every consideration to the interests of
every correspondent.
OFFICERS
John A. Elliott, President
Clyde F. Frazier, Cashier
E. L. Davis, A ssistant Cashier
Deposits

-


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Federal Reserve Bank of St. Louis

-

-

$1,700,000.00

83

olRECr

R a lp h V a n V e c h te n , P r e s
Geo. B. D o u g la s , V ic e P res.
EcJ. H . S m ith , V ice P res.
G len n M. A v e r ill, V ic e P res.
K e n t C. F e r in a u , C a sh ier
M artin N e w c o m e r , A. C ash.
C has. C. K u n in g , A s st. C ash.
K a r l H . R e h n b e r g , A. C ash.
Geo. F . M iller, A s s t. C ash.
A n n a R. iSm ouse, A u d ito r
P e te r B a ile y , C h ie f C lerk

THE

84

NORTHWESTERN

BANKER

May, 1919

IIIIIIIIIIIIIIIIIIIIIIIIIIIIIH IIIU IIIIIIIIIIIH IIIIIIM IIIIIIItllllH IIIIIIIIIIH IIIlillllllH H H IlH IIIIIIIIIIIIIIIIfllltlllllllllllllllllllllllllllH IH IIItllH

Ii

YOUR LOGICAL
DES MOINES
CONNECTION
The high standard this bank has set for
itself in the conduct of its business is a
protection to its correspondents in every
emergency and under all circumstances.
We offer a bank large enough to inspire
the confidence of ics customers, but not
too'large to give every consideration to
the interests of every correspondent.

D E S M O IN E S
NATIONAL BANK
DES MOINES, IOWA
Capital and Surplus
Resources Over -

-

I O W A

IOWA NEWS AND NOTES.
A new bank has been organized at Callender, Iowa,
known as the Farmers State Bank. John Gustlin is
president; Nels Pearson is vice president, and R. C.
Allen, is cashier.
John L. Campbell, former teller in the City National
Bank, Mason City, Iowa, has accepted the cashiership
of the Farmers Trust and Savings Bank at Dumont,
Iowa. Mr. Campbell, together with Mr. W. V. Escher,
president of the City National Bank, have the control­
ling interest in the Dumont bank.
Rolfe O. Wagner, cashier of the Bank of Ankeny,
Iowa, has been chosen to fill the vacancy on the board
of directors of the Capital City State Bank, Des Moines,
caused bv the death of James A. McKinney.
Application for a charter was filed recently by the
Central State Bank of Hampton, Iowa, with a capital
stock of $50,000. The officers will be as follows: Fred­
erick Gleve, president; Dr. Lewis E. Haecker, vice
president; Laurence A. Daily, cashier; Hiram E.
Newby, assistant cashier.
A deal was consummated recently whereby O. L.
Whitlatch and S. R. Emerson sold their interest in the
Union Savings Bank of Redding, Iowa, to C. A. Ham­
mer of Allendale, Mo., G. E. Hammer of Lexington,
Neb., and C. A. McElvain of Grant City, Mo. The Un­
ion Savings Bank is one of the substantial banks of
the county. During the ten years that Mr. Whitlatch
and Mr. Emerson have had charge of the institution
the assets have increased from $50,000 to $300,000.
The beautiful new home for the Peoples Savings
Bank, Marengo, Iowa, will be completed in a very short
time.
The Farmers Bank of Bedford, Iowa is to be re­
modeled. Under the plans as adopted the old struc­
ture, will be utilized, but it will be so enlarged and re­
modeled that none of the old characteristics will re­
main and when the work is completed it will be a prac­
tically new and in every way a thoroughly modern
banking home.
Arrangements are almost complete for the opening
of the Farmers State Bank, Boone, Iowa, located on
Story street, which institution has been making ready
for several weeks. A. M. Burnside will be cashier, J.
H. Roberts, president, and S. L. Moore, vice president.

$900,000.00
$13,000,000.00

The State Central Savings Bank
Keokuk, Iow a

ARTHUR REYNOLDS, Pres.
JOHN A. CAVANAGH, Vice Pres.
H. R. HOWELL, Vice Pres.
JOHN H. HOGAN, Cashier
C. A. DIEHL, Asst. Cashier
GEORGE C. WILLIAMS, Asst. Cashier
OTIS L. JONES, Asst. Cashier
A. J. HUGLIN, Asst. Cashier
R. H. COLLINS, Asst. Cashier
H. L. HORTON, Asst. Cashier

Capital .........................
200,000
Surplus ................................................
200,000
Undivided profits ..........................
60,000
Deposits .............
2,900,000
VM. LOGAN. President
L. J. MONTGOMERY
CEORGE E. RIX
Vice President
Vice President
H. T. GRAHAM
C. J. BODE
Asst. Cashier
Cashier
H. BOYDEN BLOOD
Asst. Cashier
A c c o u n ts o f B a n k s a n d B a n k e r s I n v it e d


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Federal Reserve Bank of St. Louis

1

May, 1919

THE

NORTHWESTERN

A new bank known as the First Trust & Savings
Bank of Clare, Iowa, will be opened soon. The officers
of the new establishment which has a capital stock of
$30,000 are James Lawler, president; W. J. McDer­
mott, vice president; Leonard Smith, second vice presi­
dent and cashier.
A handsome new banking house, which will rank
as one of the finest in the state, will replace the present
home of the First National Bank of Spencer, Iowa.
The regular annual meeting of the stockholders of
the Crawford County State Bank, Denison, Iowa, was
held recently. Officers elected were as follows: George
Naeve, president; J. P. Conner, vice president; M. E.
Jones, cashier; R. E. Mote, assistant cashier, and O. A.
Patterson, assistant cashier.
E.
Gaukel, of Red Oak, has purchased from John A.
Baxter a controlling interest ill the Farmers Savings
Bank of Irwin, Iowa. Mr. Gaukel will become cashier
of the institution, succeeding Mr. Baxter. The latter
was forced to retire because of ill health.
Benjamin Baumgartner assumed the duties and re­
sponsibilities as cashier of the Citizens State Bank,
Elgin, Iowa, thus relieving L. J. Groth, who has re­
signed as cashier.
An additional supply of safety deposit boxes have
just been installed in the vaults of the Iowa Loan and
Trust Company, Des Moines. The additional equip­
ment was made necessary, because of the sale of Lib­
erty bonds.
The Mechanics Savings Bank,.Des Moines, will prob­
ably enlarge its quarters within the coming year. Gilger E. MacKinnon, president of the bank, says: “When
we built the present building, our deposits totaled a
Our Vice President

ESTABLISHED 1872

R A CRAWF0RD
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 M OINES, IOW A
C o m b i n e d C a p i t a l a n d S u r p l u s , $ 8 0 0 ,0 0 0 .0 0

Anxious to serve, Equipped to serve well—
We seek the opportunity.

OTTUMWA, IOWA

familiarly known as “Bob,'" will accompany the
bankers special and be in attendance at all group
meetings in Iowa. If we can be of service to you,
arrange to see and discuss your wants with him.

Send Us Your Southeastern Iowa
Business
Accounts of Banks and Bankers Given
Prompt and Careful Attention

The Charles E. Walters Co.

L. A. ANDREW, President
W ALTER T. HALL, Vice Pres.
E. M. ANDERSON, Asst. Cash.

OMAHA, NEB.

Remember—Everything Confidential—No Publicity.

M E R CH A N T S

85

CITIZENS SAVINGS BANK

ROBT. L. GOETHE

1422 30 F irst Nat’l Bank B ld g.

BANKER

NATIONAL

Capital, Surplus and Profits
Deposits
-

BANK

$ 204,114.51
$1,804,478.51

J. L. EDWARDS, President
JAMES MOIR, Vice-President
ALEX MOIR, Vice-President
G. S. TRACY, Vice-President
F. L. HOUKE, Vice-President
C. L. FULTON, Vice-President
E. W. W ICHHART, Cashier
C. A. DANIELS, Ass’t Cashier
. A. A. W ILLEM , Ass’t Cashier
DIRECTO RS: James Moir, G. S. Tracy, W. C. T ubbs, Alex. Moir, J. L. Waite, J. L. Edwards.
W E I N V IT E Y O U R B A N K IN G B U S I N E S S


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Federal Reserve Bank of St. Louis

86

THË

NORTHWESTERN

Des M oines
T rust Go.
General Banking
We have increased our organization and are
exceptionally well connected to serve the
banks and bankers of Iowa.

Farm Mortgages
Negotiated, bought and sold on favorable
terms.

O F F IC E R S

M. H . W e lto n , P r e s id e n t
H a r r y F . g ch o en , V. P res.
H o y R. W e lto n , V ic e P r e s. M. A. Y o u n g 1, C a sh ier
C has. H . B r y a n t, S e c r e ta r y
D IR E C T O R S

M. H . W e lto n
R o y R. W e lto n
H a r r y F . S ch o en

I. M. L ie s e r
W . P . B a ir
C has. H . B r y a n t

F . S. S h a n k la n d
S. J. D o n C a rlo s
R. E . O stru s

One of Iowa’s Largest and Most Modern Fireprool Hotels

RANKER

May, 1919

little over half a million. Today we have grown until
we are handling deposits totaling approximately $2,500,000.”
The Iowa State Bank, at Des Moines, Iowa, was
robbed recently, the bandits made away with a large
amount of cash, several thousand dollars worth of
bonds and other items of value.
H. G. Brown has resigned his position in the A t­
lantic National Bank, Atlantic, Iowa.
The Ladora Savings Bank, Ladora, Iowa, will build
a new banking building in the very near future to cost
about $25,000.
Work has started on a fine new modern bank building
for the Cherokee County State Bank, at Meriden, Iowa.
The structure will cost $15,000 and will be the very
latest in bank building architecture. The Lytle com­
pany of Sioux City has the contract, and it is expected
that the building will be ready for occupancy in the
late summer.
At the annual meeting of the stockholders of the
Manning & Epperson State Bank, Eddyville, Iowa,
held recently, it was decided to increase the capital
stock to $100,000.00.
At the annual meeting of the stockholders of the
Iowa State Savings Bank, Burlington, Iowa, the fol­
lowing officers were elected: President, Chas. F.
Brook; vice presidents, H. $. Rand, Louis Blaul, and
W. F. Gilman; cashier, J. Geo. Waldschmidt; and as­
sistant cashiers, Wm. Kurrie and W. H. Rappold.
The First Trust & Savings Bank of Moville, Iowa
will build a new bank building. The building is to be
a modern brick and stone structure, 25 feet wide and 60
feet long.

A Bankers Hotel
W h e re C om fort and Service are A lw a y s
A ssured.
Ride in Our Big Free W hite Bus
H a v e Y o u r M a i l D ir e c te d to

The Io w a S tate B an k ers C onvention of 1919 to b e h e ld at
Fort D odge h a s d e c id e d on

W A H K O N S A HOTEL

B R O W N HOTEL
D es M oines, Iow a

a s h ea d q u a r te rs. It i s a ls o th e B an k ers h ead q u arters at
a ll tim e s .
H ave y o u r m a il s e n t to th e W ah k onsa and
w r it e or w ir e r e s e r v a tio n s.

F

N

ir st

B

a t io n a l

a n k

COUNCIL BLUFFS, IO W A

Assets Over
J. P. GREENSHIELDS, President

-

-

-

$5,000,000.00
E. A. WICKHAM, Vice President

G. F. SPOONER, Cashier

ROYtMAXFIELD, Asst. Cashier

L

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Federal Reserve Bank of St. Louis

More than half a century of successful banking

J. S. WATSON, Asst. Cashier

May, 1919

THE

NORTHWESTERN

BANKER

87

YETTER’S S. O. S. PULLS.
It was midnight Thursday, April 17, when Frank B.
Yetter, of Davenport, vice chairman for the Victory Loan
campaign in the tpwnships wrote his signature on the last
of 5,000 letters. These letters carried the S. O. S. of
Uncle Sam to every resident in the countryside, When

business
BA NK S, BANK ERS AND
M ER C H A N T S
D esirin g prom pt, E fficien t
and S a tisfa cto ry Service" on
F avorab le T erm s.
CAPITAL AND PROFITS, $330,000.00
E. V. F R A N K E ,
P r e s id e n t
G EO . A. R O M E Y ,
C a s h ie r

|

C. F . F R A N K E ,
V ice P r e s id e n t
W . A. W EST FA LL
S e c re ta ry

caßecaößDWpiiecaa

N A T I O N A L
FRANK B. YETTER,
Cashier Iowa National Bank,
Davenport, Iowa

the townships went over the top they wrote a new line in
Scott county history, “The pen is mightier than the tank.”
The 5,000 letters were sent out at the eleventh hour when
the impassable roads had called off the cruise of the
whippet tank which was to have featured the Victory
Loan campaign in the townships.

Peoples Savings Bank
DES MOINES, IO W A
ESTABLISHED 1890

CAPITAL (Paid in) $50,000.00
CAPITAL (Earned) 50,000.00 $ 100,000.00
SURPLUS & PROFITS (Earned) 230,000.00
DEPOSITS
over 3,700,000.00
C. H. Martin. President
Frank P. Flynn
E. A. Slininger
iVice President
Cashier
Carl W. Mesmer
Roscoe C. Morrow
Assistant Cashier
Assistant Cashier

Accounts of Banks and Bankers Solicited


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Federal Reserve Bank of St. Louis

STATE BANK
= Burlington, Iow a "

=

“ O ldest Bank in Io w a “
iiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiin

Capital

-

-

-

- $150,000.00

Surplus and Profits, $130,000.00
W ith our new organization we
a r e ' especially well qualified to
handle the accounts of banks and
bankers desiring prompt and ef­
ficient service.
OllllllllllBBIIIIlllllllllllllBlIIIIMIIIMIIIIlintOHIIIIIIIIIIIMIIOlBlIIIIIIO^ M M IIlE llllHllllll

OFFICERS:
Chas. F. Brook, Pres.
John Blaul, V. Pres.
M. C. Stelle, Cashier.
C. E . P e r k in s
J o h n B la u l
A. T. C h u rch ill
J. J. S e e r le y

D IR E C T O R S

J. J. F le m in g
H . S. R a n d
C has. F . B r o c k
W m . C arson

THE

NORTHWESTERN

May, 1919

BANKER

NEBRASKA BANK NEWS
B. L. SCOVEL, PRESIDENT.
B. L. Scovel, formerly cashier of the First National,
Chadron, Neb., recently became the active president
of the Chadron State Bank, and he feels perfectly at
home in the new bank building now located on the cor­
ner, where he began his banking career in Chadron over
thirty years ago. Ray Tierney, who organized the
Chadron State Bank over three years ago, sold his
interest in the institution to Mr. Scovel, of Chadron,
and E. H. Luikart and Jesse C. McNis'h, of Omaha.
GROUP FIVE.
Group five of the Nebraska Bankers Association will
hold its district convention at Bayard on the 22d of
May. Prominent speakers, will be present to speak on
various phases of the banking business as related to
present conditions. Bankers Fisher of Bridgeport,
Bushee of Kimball, and Ostenberg of Scottsbluff, con­
stitute the executive committee which has charge of
the program.
FREMONT JOINT STOCK LAND BANK.
The Fremont Joint Stock Land Bank with a capital
stock of $250,000.00 has been organized by former Con­
gressman Dan V. Stephens. A number of Fremont
business men are associated with Mr. Stephens in the
enterprise. . The bank will do business in farm mort­
gages in Iowa and Nebraska. It is the tenth institution
of the kind in the country.

received the approval of the state banking board. The
new institutions a re : Citizens State Bank, Loup City,
Neb., capital $25,000; Alvin .Spelts, president; C lW .
Fletcher, vice president;
.cashier. Also
the Rockford State Bank, tR6ckford, Neb.?J capita|d| 15
000; James W. Gish,, president; Joseph C. Dell, vice
president, and Oscar C. Frantz,, cashier.
TWO NEW BANKS.
Hemingford, Neb., is .to hav<p twQ new banks. This
will make four banks for Hemingford. The Farmers
State Bank, which has been pnder advisement for sev­
eral months past, has incorporated under the " state
bankm|kg$aw. with a capital of $35,000, with Geo, E.
Schneffer, president; N. A. Rockey, vice president,
and RAif, Thurston, cashier. A new building will be
erected. The American State Banking Company is
the name of the second institution to be established at
Hemingford. It will have a capital of $15,000.00 ydth
A. M. Miller, president; F. W. Melick, vice president,
and Russell Melick, cashier. The American State is
planning to build this summer.

TO CURTAIL NEW BANKS.
One of the laws passed by the legislature provides
that new banks organizing now will not have the privi­
lege of protection of the state guaranty law until they
have been organized and in operation two years. The
sentiment of the legislature was that a great many new
banks would spring up in the present flush times that
would not prosper in times to come and the depositors’
guaranty fund would thus be depleted.

L. T. RERUCHA SELLS STOCK.
L. T, Rerucha, one of the incorporators and for the
past four years in charge of the Enola State Bank,
Enola, Neb., as cashier, has sold his interest in4the
bank to Mike Minarik and E. R. Gurney, of Fremont.
Mr. Minarik has been associated with Mr*'Gurney in
the banking business for several years. V|
The annual meeting of the bank was held recently
and all the present directors and officers remain with
the bank. W. W. Stork accepted the position of di­
rector to fill the vacancy.
The following officers were elected: B. B. McGinnis,
president; F. M. W right, vice president; L. T. Reru­
cha, second vice president; Mike Minarik, cashier; F.
H. Taylor, assistant cashier.

STATE BANKS CHARTERED.
Two new state banks—the first ones chartered under
the new law excluding them from the benefits of the
guaranty fund for two years—have been organized and

JNO. T. WOOD PRESIDENT,
Jno. T. Wood recently purchased the controlling in­
terest in the First State Bank, Oshkosh, Neb., and has
been elected president, Robt. Day, former manager

The Merchants National Bank
of

C A P IT A L

OMAHA,

-------------- ------ $1,000,000.00

UNDIVIDED PROFITS___ $223,422.30
LU TH ER DRAKE, President
B. H. M E IL E , Cashier

ACCOUNTS


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Federal Reserve Bank of St. Louis

NEBRASKA

SURPLUSDEPOSITS

----$500,000.00
$13,449,878.47

OFFI CERS
PR A N K T. HA M ILTO N. Vice-President
S. S. K E N T , A ssistant Cashier

SOLICITED

FR E D P. HA M ILTO N, Vice-President
P . A. CUSCADEN, A ssistant Cashier

U.

S.

DEPOSITORY

THE

May, 1919

NORTHWESTERN

and president having retired to recuperate his health.
This bank, formerly the Duel Co. Bank and later the
First National Bank a few years ago rechartered
as the First State Bank of Oshkosh, is the
oldest bank in Garden County, Neb. It has capital
and surplus and undivided profits of $33,000.00 and
total deposits of nearly $250,000.00. Mr. Wood was
formerly cashier of the Farmers State Bank of Mason
City, Neb.

89

BANKER

W. S. Price, president; W. C. Wicks, vice president;
D. A. Beach, cashier.
Madrid—The Farmers’ Home bank, capital, $15,000;
F. V. Lovenburg, president; E. L. Lovenburg, cashier.
Primrose—Farmers State bank, paid in capital, $17,500; James Kinner, president; Norman J. White, vice
president; Ernest S. Maxwell, cashier.
Thayer—Farmers’ State bank, capital, $15,000; W.
E. Prather, president; A. W. Berryhill, vice president.

NEW BANK.
Thayer is to have another bank to be known as the
Farmers State Bank. The bank is capitalized at $25,000,
paid up capital $15,000. The stockholders are the lead­
ing farmers around Thayer. The officers are: Presi­
dent, W. E. Prather; vice president, A. W. Berryhill;
directors, Harry Blair, W. E. Prather, Ernest Branz,
A. A. Price, John Johnson, John Reetz, A. W. Berryhill.

NEBRASKA NEWS AND NOTES.
Thé newly organized Liberty State Bank of Sidney,
Neb., opened for business recently.
Christina Nielsen has accepted a position with the
Farmers State Bank, Wolbeck, Neb.
The American State Bank, of Scottsbluff, Neb., re­
cently purchased the property of the Scottsbluff Na­
tional Bank, Broadway and Fifteenth street. New fix­
tures have been ordered by the American Bank and it
is expected to be opened for business in a very short
time.
NEW BANKS CHARTERED.
The directors of the Farmers State Bank, Polk, Neb.,
The Nebraska banking board has granted eleven
met
recently and elected L. A. Lundberg, cashier, and
charters for new state banking organizations, as fol­
A. Refshage, assistant cashier. C. C. McCune, who has
lows :
been cashier of this bank since its organization, has sold
Allen—Farmers State bank, capital, $25,000. W. F. practically all of his stock and will move to Haxton,
Filley, president; E. R. Gurney, vice president; S. C. Colo. He has been made vice president of the First
Stookey, cashier.
National Bank, an institution there with a capital of
Aurora—Aurora State Savings bank, capital, $15,- $50,000.
000. E. J. Hainer, president; E. A. Steenburg, vice
The state banking board has granted a charter to
president; Yale B. Huffman, cashier.
the Carleton State Bank, Carleton, Neb., a new organi­
Benkelman—Farmers’ & Merchants’ State bank, cap­ zation wrhich has a paid up capital of $15,000.
ital, $25,000. J. D. Stevenson, president; F. M. Bos­
• The American Bank of Gordon, Neb., with a paid
well, vice president; M. A. Higgins, cashier.
up capital of $25,000, has also received a charter. Free­
Dunning—State Bank of Dunning, capital, $15,000; man P. Mills is president, Lloyd H. Jordan, vice presi­
L. W. Wilson, president; F. H. Field, vice president; dent, and John J. Olsson, cashier.
M. S. Eddy, cashier.
W. H. Schneulle, formerly cashier of the Citizens
Hemingford Farmers’ State bank, capital, $35,000; State Bank of Diller, Neb., has purchased the Farmers
George E. Schneider, president; N. A. Rockey, vice State Bank, of Helvey, Neb.
president; R H. Thurston, cashier.
Bingham, Neb. is to have a bank, known as the Bank
Hemingford—American State bank, capital, $15,000; of Bingham, with a capital stock of $25,000. The in­
A. M. Miller, president; F. W. Melick, vice president; corporators are Chas. Finegan, C. H. Anderson, J. T.
C. R. Melick, cashier.
Burton, and others.
Hordville—Farmers’ State bank, capital, $15,000; E.
Carl Haas has accepted a position with the First Na­
J. Hainer, president; J. R. Work, vice president; Yale tional Bank of Syracuse, Neb.
B. Hoffman, cashier.
The First National Bank of Schuyler, Neb., is now
Loup City—American State bank, capital, $25,000; listed in the million dollar class. The officials of this

United S tates National Bank
OF O M A H A , N E B R A S K A
C apital--------

$1,100,000.00

Surplus and
Profits - - - - $1,000,00(1.00
Deposits - - - - $19,795,732.77
Your Business Cordially
Invited


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Federal Reserve Bank of St. Louis

M. T. BARLOW. President
G. W. WATTLES, Chairman
Board

o f the

W. E. RHOADES, V ice P resid en t
R. P. MORSMAN. V ice P resident
.1. C. McCLURE, Cashier
G. H. YATES, A sst. Cashier
C. F . BRINKMAN, A sst. Cashier
T. F. MURPHY, A sst. Cashier.
R. R. RAINEY. A sst. Cashier

90

THE

NORTHWESTERN

BANKER

May, 1919

fiiiiiiliiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiifiiiiiiiimiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiii

j

THE ONLY BANK
— in th e —
UNION STOCK YARDS

Save time in rêâlizing on yoür funds by instructing
your shippers to deposit their credits with us.
WE ARE THE CLEARING HOUSE
FOR TH E LIVE STOCK BUSINESS OF THE
OMAHA STOCK YARDS

Capital, Surplus and Profits, $1,750,000

O FFICERS
H. C. Bostwick, President
H. C. Miller, Assistant CashierF. E. Hovey, Vice President
F, J. Enerson, Assistant Cashier
J.
C. French, Vice President
W. H. Dressier, Asst. Cashier
J. B. Owen, Cashier
C. L. Owen, Assistant Cashier
J.
S. King, Assistant te Pres.
H. W. Vore, Auditor

CITY NATIONAL BANK
KEARNEY, NEBRASKA
Capital ......................................................? loo.ooo.oo
Surplus and P rofita.................................
46,275.20
.......................................... .... . 2,194,048.02
D eposits
OFFICERS

~ D a n M o r r i s .....................................................P r e s id e n t
Geo. B u r g e r t ................ ...................... V ic e P r e s id e n t
C. W . N o r t o n ......................................................C a sh ier
F. W . T u r n e r ..............................A s s is t a n t C a sh ier
K . O. H o l m e s .. . .C h a irm a n B oard o f D ir e c to r s
Our exception al fa c ilitie s for handling: b u siness in every
departm ent o f banking: are a t your service.
MEMBER OF THE FED ER AL R ESERVE BANK OF THE
UNITED STATES

JOHN W. TULLEYS
CERTIFIED PUBLIC A C C O U N T A N T
Audits and Financial Investigations
507-8 Bankers Life Building

LIN CO LN , NEB.

LEE L. L A R M O N
F O N T E N E L L E F L O R IS T .
1 8 1 4 D o u g la s

O m aha, N eb.

C orsages and ButtonJers, D esign s, W edding Bouquets
and P la n ts
Call p erson ally, w rite, phone or w ire your order


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Federal Reserve Bank of St. Louis

NEBRASKA

institution are proud of the record achieved during the
past few years. Schuyler has the distinction of having
two banking institutions of this class. The Banking
House of F. Folda reached the $1,000,000 mark more
than a year ago and has held the position, notwithstand­
ing that the past year was a poor one for Colfax county
crops: The First National has made a gain of better
Jno. Krause, president of the Farmers State Bank,
Adams, Neb., has purchased from E. N. Christianson;
of Springfield, Neb., the Christianson interest in the
bank. This now places the entire stock of this institu­
tion in the hands of local people and makes it a strictly
community-owned bank.
A. M. Paulson has resigned his position as assistant
cashier of the First National Bank of Bayard, Neb.,
and has entered upon his duties as district agent of
the Midwest Life Insurance Company, of Lincoln,
Neb.
The Farmers Bank of Burwell, Neb., will be reor­
ganized. T. H. Doran, the big stockholder in the bank,
disposes of the.majority of his stock in the concern to
various parties and he will retire from the active man­
agement of the institution.
Jay W. Thompson, Jr., formerly an assistant cashier
at the Grand Island National Bank, Grand Island, Neb.,
is again at his desk, after having been in the service
for a year and a half, a large share of this time was
spent in France.
It is probable that a new bank will be organized at
Grand Island, Neb., known as the Peoples State Bank.
The capital will be $65,000.
, H- H. Schulte was recently elected cashier of the
Farmers State Bank at Wynot, Neb.
After being granted a new charter by the state bank­
ing hoard the organizers of the Live Stock Bank at
Arthur, Neb., purchased the Arthur State Bank, Ar­
thur, Neb., already doing business, and they have now
surrendered the new charter for cancellation.
. A new bank has been organized at Loup City,. Neb.,
known as the Citizens State Bank. This new bank
will be incorporated with a capital stock of $25,000.
Alvin Spelts is president and C. W. Fletcher vice presi­
dent of the new bank, the cashier not being named at
this time. .
Among.the new JTebrasl^a banks recently chartered
is the Aurora State Savings ;Bank, Aurora, Neb., capi-'
tal $15,000. Officers are E. J. Hainer, president; E. A.
Steenburg, vice president, and Yale B. Huffman;
cashier.
At the annual meeting of the Nebraska.State'Bknk,
O’Neill, Neb:, S. S. Welpton was re-elected president;
J. A. Donohoe, vice president; James F. O’Donnell,
cashier. The old board of directors were re-elected and
P. J. O’Donnell elected to membership. The annual
dividend was, declared. The year’s, business'showed a
material and very satisfactory increase over last year.
After twelve years of hanking in the, Bank of Swanton, Neb., the Messrs. Caldwells sold their bank to the
following business men and farmers : Adolph Pivonka;
J. D. Pivonka, J. J. Novak of. Wilber, Eman Hynousi
-Frank Jiskra, Stephen Sukovaty and Anton Hoffman:

May, 1919

THE

NORTHWESTERN

BANKER

91

The Omaha National Bank
Omaha, Nebraska
Established in 1866

Capital $1,000,000.00

Surplus $1,000,000.00

J. H. MILLARD, P resident
WALTER W. HEAD, V ice P resident
B. A. WILCOX, V ice Presid en t
EZRA MILLARD, Cashier
J. A. CHANGSTROM, A ssista n t Cashier
EDW . NEALE, A ssista n t Cashier

Resources $30,000,000.00
WARD M. BURGESS, V ice P resident
PRANK BOYD, V ice P resident
O. T. ALVISON, A ssista n t Cashier
W. DALE CLARK, A ssista n t Cashier

Exceptional collection facilities for N ebraska and Iow a business.

Item s routed direct.

A BIG LITTLE BANK.
The following are the officers: J. D. Pivonka, presi­
dent ; J. J. Novak, vice president; Ad. Pivonka, cashier.
The First National Bank, of Verndale, Minn., is in a'
Claude Kiker, formerly cashier of the Farmers State flourishing condition, with deposits hovering around
Bank at Sargent, Neb., has returned from Camp Fun- the hundred thousand-dollar mark.
ston, where he received his discharge from the army
It has been located on the same corner in the same
service.* He is again employed in the Farmers State.
town for thirty-seven years, under the same manage­
The Farmers State Bank, Allen, Neb., has been in­ ment and has never failed to pay a dividend each six
corporated with $25,000 capital stock. W. F. Filley months.
This bank, under the management of Isaac Hazlett
is president; E. R. Gurney, vice president, and S. C.
as president and S. L. Frazier as vice president, has
Stookey, cashier.
The Farmers State Bank, Hemingford, Neb., has been been the mother of a dozen other good banks and the
incorporated with a capital of $35,000. George E. grandmother of as many more, a fact of which the offi­
Schneider is president; N. A. Rockey, vice president; cers are justly proud.
R. H. Thurston, cashier.
BIG RECORD IN BANK SALES.
“Bigger than ever” is ¡the business slogan of The
Charles E. Walters Company—“bank merchants” of
Omaha, Nebraska, as is evidenced by the list of sales
consummated by their Omaha office during the past
thirty days—. Total of 10 sales negotiated or classified
as follows with respective capital and deposits:
Iowa 5.
Capital $15,000
Capital 10,000
Capital 15,000
Capital 50,000
Capital 15,000

Deposits $250,000
Deposits 180,000
Deposits 160,000
Deposits 700,000
Deposits 145,000
Nebraska 3.

Capital $25,000
Capital 25,000
Capital 10,000

Deposits $175,000
Deposits 290,000
Deposits 165,000

W e Collect Immediately
On Arrival

Grain D ra fts
Deposits $300,000

These sales represent an aggregate investment of half
a million dollars. Their Portland, Oregon, office in
charge of Charles E. Walters, formerly bank examiner
in Iowa and familiarly known to most of the old
timers, also reports business brisk.


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Federal Reserve Bank of St. Louis

OMAHA

Deposits $300,000
Illinois 1.

Capital $15,000

UNION STOCK YARDS

Live S tock R etu rn s

South Dakota- 1.
Capital $25,000

Packers National Bank

J. F. COAD, President.
A. L. COAD, Asst. Cashier.
H. C. NICHOLSON
Vice President and Cashier
W. J. COAD, Vice Pres.
I. L. ADAMS, Asst. Cash.

THE

92

NORTHWESTERN

BANKER

May, 1919

MINNESOTA BANK NEWS
FIRST NATIONAL, DULUTH, MINN.
A most striking criterion of Duluth’s advancement is
evidenced by the growth of her banking institutions
and the latest indication of this growth is the structure
just completed by the First National Bank, Third av­
enue west and Superior street, for the purpose of
handling a greatly enlarged business. Fitted as this
building is, with every convenience for patrons, ex­
pensively and tastefully decorated, elaborately fur­
nished, the purpose of the structure—the transaction of
business—has not been made secondary to, but rather
has been combined with the creation of an atmosphere
of ease and comfort. In short the new addition exem­
plifies the latest development in American business
housing. Necessity for the new addition to the First
National is readily comprehensible through a compar­
ison of statistics of the institution in 1889, when the
charter was granted, and today.
On June 1, 1889, the capital amounted to $1,000,000,
the surplus to $100,000. There were, at that time, de­
posits totaling $1,500,000. The undivided profits
amounted to $15,000.
Today the resources of the bank total over $23,604,000. The capital stock paid in is $1,000,000, the surplus
fund is $1,000,000, and the undivided profits amount to
$1,183,060. The deposits today total $19,161,745.

M IDLAND NATIONAL DANK
MINNEAPOLIS, MINNESOTA

Albert L. Ordean is president of this progressive in­
stitution; David Williams, John H. Dight, Joe H.
Ingwersen and W alter J. Johnson, vice presidents;
William W. Wells, cashier, and Willis A. Putnam,
assistant cashier.
JOINS MILL CITY BANK.
A. W. L. Wallgren, formerly vice president and a
director of the Northwestern Trust Company, St. Paul,
has been elected assistant trust officer of the WellsDickey Trust company, Minneapolis, and has assumed
his duties with the Minneapolis institution. Mr. W all­
gren has had nearly ten years’ experience in trust bus­
iness and is a graduate of the St. Paul College of Law,
where he took a special course in trust matters.
PAY DAY THRIFT BANK ORGANIZED.
Members of the Minneapolis branch of the National
Thrift Association are organizing a Pay Day State
bank, with a capital stock of $150,000. The bank is lo
be established as a model to induce saving by wage
earners. Officers of the Thrift Association are C. H.
Dennison, president, Mr. Hanzlik, vice president and
manager, L. M. Powell, treasurer and Oce Curtis, sec­
retary.
OWN YOUR HOME CLUB.
The Merchants Trust & Savings Bank of St. Paul
has organized an Own Your Home Club, similar in plan
to its Christmas Savings Club. The plan is based on the
fact that St. Paul contractors will build a home for any
person who owns his own lot or will pay down 20%
of the cost of his home. The club plan provides for the
payment of a certain amount monthly and any one who
wishes to build will be able to accumulate a fund with
which to make his first payment to the contractor or real
estate agent.

C O N D E N S E D S T A T E M E N T A T T H E CLO SE O F B U S I­
N E S S M A R C H 4 , 1919.
R esources.

L o a n s a n d D is c o u n t s ..............................................$10,264,155.17
4,969.82
O v e r d r a fts ............................... 9 S 3 f - * * |§ .............
2,749,100.00
TJ. S. B o n d s an d T r e a su r y C e r t if ic a te s ----184,858.77
O ther B o n d s ........................... - BH.........................
42,000.00
S to c k in F e d e r a l R e s e r v e B a n k . ----- . . . . .
5% R e d e m p tio n F u n d an d D u e fro m U. b.
16,506.00
T r e a su r y
C ash on H a n d a n d 'D u e fro m B a n k s ............ 6,145,478.70
$19,407,068.46
L iab ilities

O a n ita l S to c k
.........................................................$ 1,000,000.00
QbtOCK
..........................
400,000.00
U n d iv id e d P r o fits I S
I j I ..............
37,802.56
R e s e r v e d fo r T atfes, I n t e r e s t an d U n ea rn ed
C ir c u la tio n

111111111|11gg

§ ! o o Ssi?sUnt8.

an.d

IgJlSoSloO
7.V.V.'. 17,747,866.3!
$19,407,068.46

OFFICERS
H. R. Lyon.......................President
Trygve Oas . .
Charles B. Mills. . . . Vice President
W. ,R. Murray.
Edgar L. Mattson. . .Vice President
V. E. Hanson,
George F. Orde......... Vice President
j. H. Sharpe.
Andreas TJeland. Counsel
C. L. Keith. .
O. J. Thorpe, Credit Mgr.
H. D. Davis. .
E. V. Bloomquist................ Cashier


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Federal Reserve Bank of St. Louis

. . Assistant Cashier
. . Assistant Cashier
. . Assistant Cashier
. . Assistant Cashier
. . Assistant Cashier
. . Assistant Cashier

FAREWELL DINNER.
The directors, employees and officials of the Midland
National Bank of Minneapolis, attended a farewell din­
ner given by the bank at the Odin Club to A. E. Lindhjem, assistant cashier, who leaves soon to become rep­
resentative in the Scandinavian countries of the Irving
National Bank of New York. Mr. Lindhjem was pre­
sented with a watch by his associates. Short speeches,
music and dancing were enjoyed during the evening.
BANKS SHOW PROSPERITY.
Keeping pace with the development of the state and
continued prosperity, Minnesota state banks steadily are
becoming bigger and better, according to a bulletin issued
recently by F. E. Pearson, state superintendent of banks.
“Big gains in deposits, which reflect prosperity, are
forcing many state banks to expand, said Superintendent
Pearson. “More than thirty banks have been compelled
to increase their capital stock and others have raised lia­
bility limitations. Still other banks have enlarged their
directorates, that responsibilities of management may
be shared by larger boards.
“New banking laws will tend to further protect pa-

May, 1919

E s ta b lis h e d 1 8 6 3

THE

NORTHWESTERN

BANKER

93

T he F irst N ation al Bank o f S t. Paul
Capital and Surplus, Five Million Dollars
This strong, progressive bank, conducted along con­
servative and modem lines, offers every facility
consistent with sound, prudent banking for the sat­
isfactory handling of your Northwestern business.

Resources Sixty-Two Million Dollars
trons of state banks. The new requirement for approval
of the state securities commission before a new bank
may open for business, will prove a great safeguard.
Five state banks have added directors this year, while
only two have decreased memberships in their boards.
The Scandia American State Bank of Crookston in­
creased its board to 11 from 9 members; the Zumbro
Falls and Tracy state banks, each to 9 from 5 directors,
and the Farmers’ state bank of Richville and the Oakley
state bank of Buffalo to 5 from 3 directors.
Further evidence of the growth of wealth of Minnesota
is given by pending applications for charters for fortythree projected banks, all of which are investigated by the
securities commission.
SERGEANT TO MAJOR.
Douglas C. Burrill, who is in the 151st Field Artillery
was in the National Guard when employed as receiving
teller in the Northwestern National Bank, Minneapolis
and when the artillery was ordered to the Mexican bor­
der he went along. He was sergeant when he went
away for the big war. It is five jumps from sergeant
to major, but Burrill made four of them, from sergeant
to first sergeant, to second lieutenant to first lieutenant
and to captain in rapid order. Now he has been made a
major, as word to that effect was received recently.
FEDERAL LOANS.
The Federal Land Bank of St Paul, was organized
and commenced business during the year 1917 and has
been doing business since Tuly of that year. During this
time 419 local Farm Loan Associations have been formed

and loans aggregating $22,555,000 have been made' to
farmers on the co-operative government plan. Under
this plan the borrower pays his interest semi-annually
for 34^2 years and at the end of that time the debt, both
principal and interest, is wiped out. This is the great
co-operative system of financing by which the farmers
themselves are their own bankers.
J. H. SHARPE, ASSISTANT CASHIER.
J. H. Sharpe, former chief deputy superintendent of
state banks of Montana, has been appointed an assist­
ant cashier of the Midland National Bank, Minneapolis,
Minn., and will be connected with the department of
banks and banking, his especial duties being to estab­
lish friendly relations between his institution and the
country banks of the Northwest.
Mr. Sharpe has been looking after the interests of
the Midland National’s country bank connections since
the first of the year.
He was promoted to assistant cashier on account of
the resignation of A. E. Lindhjem.
BANK SECURES AGENCY.
The Merchants National Bank, St. Paul, Minn, has ac- .
cepted the agency for l l steamship lines and a ticket
agency is to be opened at once in connection with the
institution’s recently established foreign department.
“The securing of these agencies will enable the bank
to render an important service to St. Paul,” said Henry
Vonder Weyer, vice president. Handling of ocean travel
by banks is not a new thing in the East, but the Mer­
chants is probably the first in this part of the country to

Guaranteed Electric Burglar Alarm Systems
BUILT BY

The American Bank Protection Company, Inc.
CAPITAL $150,000.00
M inneapolis,
M innesota
Are recognized by all Bonding Companies—Write for particulars.
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Federal Reserve Bank of St. Louis

94

THE

NORTHWESTERN

J u s t O ne B a n k

$100 b on d s— t h e y h a v e th e sa m e s e c u r ity
b a c k o f th e m a s th e $250, $500 an d $1 000
d e n o m in a tio n s. T h e in te r e s t is p a y a b le
se m i-a n n u a lly .
G o ld -S ta b e c k C om p an y ; is th e p io n e e r
fa rm la n d bon d h o u se. T h o u sa n d s o f c l i ­
e n t s h a v e in v e s t e d in t h is c la s s o f s e c u r ity
m th e p a s t q u a rte r c e n tu r y w it h o u t lo s s o f
p r in c ip a l or in te r e st.
It w o u ld b e a p le a su r e to h a v e y o u r in ­
q u iry — no o b lig a tio n is - in v o lv e d in g e t t i n g
f u ll in fo r m a tio n .
A s k fo r c ir c u la r an d le t u s se n d “I n v e s to g r a p h ,’ ou r m o n th ly in v e s tm e n t d ig e s t
free.
’

$ 10 ,000,000
C a p ita l an d S u r p lu s
The

First and Security
National Bank

I0 LD-7 TABECKVI0 MPANY
INVESTMENT BANKERS
MINNEAPOLIS

M IN N E A P O L IS

1800 Bank Correspondents.
We Invite Your Account.

Hardin Heiland, Cashier ; Clayton Olson, Assistant Cash­
ier.

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1

M INNESO TA

l

ll iii iii iii iii iii iii iii iir i i i i i i i i r i i m i i i i i i m i m m i i i i i i m i i i i i i i i i i i i i i i i i i i m i i i m i i i i i m i i i i i i i i i m i i i m i i m m i m i i i m i i i i i i i i i i i i i i i i m i t i i i i i i ?

inaugurate it.” You can buy a ticket direct from St.
Paul to any port in the world. The lines include the
White Star, Red Star, Leyland, -American, White StarDominion, Cunard, Anchor, Anchor-Donaldson, HollandAmericau, Norwegian-American and the Royal Mail
Steam Packet.
O. L. MELGAARD RESIGNS.
After a service of thirty years as cashier of the Farm­
ers & Merchants Bank, Argyle, Minn., O. L. Melgaard
has decided to relinquish th^. active duties of that office,
and will be succeeded by Mr. Hardin Helland, who has
for several years occupied the position of Assistant Cash­
ier. Mr. Melgaard remains a director and as one of
the Vice Presidents of the bank.
Clayton Olson, who has heretofore served as stenog­
rapher and bookkeeper will take Mr. Helland’s place as
assistant cashier.
The officers of the bank are: H. L. Melgaard, Presi­
dent; P. I. Holen and O. L. Melgaard, Vice Presidents;


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

May, 1919

6% BABY FARMLAND BONDS

in the N orthw est
has a

|

BANKER

H. INGVALDSON PROMOTED.
The rapidly increasing business of the First National
Bank, of Fessenden, has necessitated an addition to its
force, and at the recent meeting of the directors C. W.
Allinson, of Ironton, Minn., was chosen as cashier,
while Cashier H. Ingvaldson was promoted to the posi­
tion of vice president. Mr. Allinson is an experienced
banker with seven years of attention to the banking
business. He was deputy bank examiner for the state
of Minnesota for some time and for the past year has
been cashier of the First State Bank, of Ironton. The
change will relieve Mr. Ingvaldson of much work he
has been doing in addition to his duties as active man­
ager of such a large institution, and he will retain such
management in the position of vice president.
ROY YOUNG, DEPUTY GOVERNOR.
At a recent board meeting of the directors of the
Minneapolis Federal Reserve Bank, Roy A. Young
was elected deputy governor. Mr. Young came to
Minneapolis from Houghton, Michigan, about two
years ago, and has held the position of assistant to
Governor Theodore Wold. The new position was

May, l9l9

THE

NORTHWESTERN

BANKER

T>5

“ The Bank T hat Service Built."
Capital, $1,000,000

Surplus and Profits (earned), $3,750,000

Deposits, $55,000,000

The Seaboard
National Bank
OF THE CITY OF NEW YORK
W e a llo w in te r e s t on b a n k e r s ’ b a la n c e s, an d p a y d r a f ts w h e n p ro p e r ly p r e se n te d . Our c o m p e tito r s do l i k e w i s e 1 h o w ­
ev er, th e “P E R S O N A L S E R V IC E E L E M E N T ” is a d is t in c t iv e f e a tu r e w it h T h e S ea b o a rd N a tio n a l B a n k .
E fficien cy

,

i

C o n v en ien ce.

A v a ila b ilit y
an d e v e r y p h a se o f b u s in e s s t h a t p r o m o te s h e lp fu l an d m u ­
t u a lly c o rd ia l r e la tio n s.
C. C. THO M PSO N, V ic e P r e sid e n t
C. C.
S. G. B A Y N E , P r e sid e n t
B. L. GILL, V ic e P r e sid e n t
J. D.
C. H O W A R D M A R F IE L D , C a sh ier
W . K . C L E V E R L E Y , V ic e P r e sid e n t
B. I.
L. N. D E V A U S N E Y , V ic e P r e sid e n t
O. M. J E F P E R D S , A s s is t a n t C ash ier
J. E .

created for Mr. Young who will be qualified to act in
the absence of the governor.
The volume of business transacted by the Minne­
apolis Reserve Bank has increased very rapidly and
the total resources now total over 160 millions.

Eastern South Dakota
During- th e p a s t th r e e w e e k s w e h a v e so ld tw o fine
b a n k s in e a s te r n S o u th D a k o ta . In e a c h c a s e th e d ea l
w a s c lo s e d w it h th e first p a r ty w e s e n t o u t a n d w ith in
te n d a y s a f te r th e b a n k w a s lis t e d w it h us.

E M E R Y O L M ST E A D P R E S ID E N T O REG O N

Emery Olmstead, formerly identified with the North­
western National Bank, of Minneapolis, has been
elected president of the Northwestern National Bank,
of Portland, Oregon, to fill a vacancy made by the death
of Henry L. Pittock.
The new executive began his banking career in Min­
neapolis when he was 18 years old and went to the
Pacific Northwest in 1907 as an official in the National
Bank of Commerce at Seattle. Recently he has been
general manager of the Portland Trust Company,
whose commercial business was absorbed by the
Northwestern National Bank. Mr. Olmstead is state
president of the W ar Camp Community Service and is
head of the Portland Clearing House Association.

I f y o u w o u ld co n sid e r s e llin g th e c o n t r o llin g in te r e s t
in y o u r b an k , w e w o u ld s u g g e s t t h a t y o u lo o k in to our
se r v ic e . It is q u ic k an d co n fid e n tia l.

Banker’s Service Co.
McKnight Building

MINNEAPOLIS

|I1I!!IIIIII!IIIIUIIIIII]|||||||||||||||||||||||||M^

J SALE OF THE C O N T R O L |
g
i

in B an k s and C o rp o ra tio n s negotiated
confidentially. Large transactions o n ly ,
JACOB BACKER, FINANCIAL BROKER

|
j

405 P io n e e r B ld g.

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M IN N E S O T A N E W S A N D N O T E S .

Two new assistant cashiers were appointed recently
by the Midland National Bank, Minneapolis, at a meet­
ing of the directors. They are C. L. Keith, formerly
chief clerk and H. D. Davis, formerly head of the dis­
count department.
The new Buhl State Bank, Buhl, Minn., opened its
doors for business recently. The bank opened with H.

F IS H E R , A s s is t a n t C a sh ier
SM ITH , A s s is t a n t C a sh ier
D A D SO N , A s s is t a n t C a sh ier
O RR, A s s is t a n t C a sh ier

ST . PAUL,

-

-

MINN.

Sllll!!llllllll!lil!illllllllllll!lll!llll!ll!llllllillll!lllllllü

Established 1880

! Drake-Ballard Co.

j

Capital and S u rp lu s $800,000.00

FARM MORTGAGES—MUNICIPAL BONDS

CHOICE FARM MORTGAGES
FOR SALE
W e guarantee to p ay in te re st prompt­
ly on the day It is due


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Federal Reserve Bank of St. Louis

\

Investors are invited to write us for our
latest list and descriptive matter. We are
in the market at all times for choice mortgage loans and municipal bonds

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Correspondence solicited

Minneapolis, Minnesota

I

THE

96

NORTHWESTERN

FIRST NATIONAL BANK
DULUTH, MINN.

Capital, Surplus and Profits . . . $3,000,000
A L B E R T L. O R D E A N , P r e sid e n t
D a v id W illia m s , J4 H . I n g w e r s e n , J o h n H . D ig h t, W . J.
J o h n so n , V ic e P r e s id e n ts ; W . W . W e lls , C a sh ier ;
W . A. P u tm a n an d H . E . G rieser,
A s s is t a n t C a sh ier s.
I A p r o g r e s s iv e b a n k , c o n s e r v a tiv e ly m a n a g e d ,
e x c e p t io n a lly eq u ip p e d to g iv e in t e llig e n t an d
p ro m p t se r v ic e to b a n k s a n d b a n k e r s.

BANKERS LOANS UNDER
THE FEDERAL FARM
LOAN ACT
A CONNECTION W ITH US WILL BE OF USE TO YOU

W e a re a u th o r iz e d b y th e g o v e r n m e n t to m a k e lo a n s
in IO W A a n d M IN N E SO T A on th e A M O RTIZA TIO N
PLAN.
W r ite fo r f u ll in fo r m a tio n .

First Joint Stock Land Bank
of Minneapolis
,

619 M etropolitan B an k B u ild in g
M inneapolis, Minn.

BANKER

P. Reed, of Hibbing, president; E. J. Morrissey, vice
president; Peter Western, cashier, and John Pasich,
assistant cashier.
Edward Leaf, who returned recently from the Great
Lakes Training Station, has been elected to the posi­
tion of assistant cashier of the Snelling State Bank,
St. Paul, Minn. Mr. Leaf is only 21 years old and has
been in the employ of the Snelling bank for two years.
Prior to that time he was employed at the St. Paul
State Bank.
J. E. Gillespie, for many years cashier of the Lum­
bermen’s National Bank, of Stillwater, Minn., recently
applied for a charter for a new bank, which will be
known as the Stillwater State bank. It will have a
capital of $50,000 and surplus of $12,500. The Lum­
bermen’s National recently voted to consolidate with
the First National.
The First National Bank of Albert Lea, Minn, will
have before the 1919 summer closes, one of the finest
and most up-to-date banking homes in southern Min­
nesota.
[| jj! *j
A. W. McNee has been appointed chief clerk of the
First National Bank, St. Paul. Mr. McNee’s first job
was with the First National. He started in 1905 with
very small wages and has been with the one firm con­
tinuously. Today at the age of 27 years, he holds the
highest non-elective position in the bank, directly
supervising its 208 employes.
The building which the Farmers & Merchants Bank
of Argyle, Minn, occupies is being remodeled in order
to give the bank more room for the accommodation of
its growing business.
The capital of the University State Bank, Minne­
apolis, has. been increased to $50,000 and the surplus
to $25,000. The increase is the result of rapid growth
made by the institution. W. F. Andrews is president,
M. P. Buzzell and William Viesselman, vice presidents,
and C. O. Ness, cashier.
A new banking institution, the Cosmopolitan State
Bank of St. Paul, will open its doors for business soon.
Tom O. Mason, prominent banker, was elected presi­
dent of the Republic State Bank, Minneapolis, at a
meeting of the board of directors held recently, suc­
ceeding Edward Mattson, who resigned. A. H. Gil­
bertson was advanced from the position of cashier to
that of first vice president and A. J. Zachman from as­
sistant cashier to cashier. Frederick E. Murphy was
elected a member of the executive committee.
The Peoples Bank of Halstad, Minn., was organized
recently.

NORTHWESTERN STAMP WORKS

S ta r t N ow !

St. Paul, M innesota
R ubber Stamps of Every Description

jjÿ

/

Other Specialties—
Seals, C heck Protectors
K ey C hecks, Identification C hecks
Desk Plates, Signs, Pads, Inks
AND IN FACT ANYTHING


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Federal Reserve Bank of St. Louis

IN THE STAMP LINE

May, 1919

The Emblem of good
service.

Send your St. Paul and
Northwest collection items
to us. We are completely
equipped to give your business the right attention, so—

L et u s s e r v e y o u .

A m e ric a n N a t i o n a l B a n k
SAINT PAUL, MINN.

May, 1919

THE

NORTHWESTERN

BANKER

Invest Your Surplus Funds
Safely and Profitably
The Iowa Guarantee Mortgage Corporation offers a desirable
opportunity for the em ploym ent o f surplus funds.

Hon. Frank 8. Shaw, Des Moines,
President
Edward Hess, Chicago, Vice President
Chas. A. Mains, Des Moines,
Vice President
Julius D . Adelman, Des Moines,
Secretary

We have high-class two-name paper protected by insurance
covering fire and theft, with an am ple margin o f security.
This Company finances tim e paym ents on automotive vehicles,
accepting deals only on terms where the amount outstanding on
deferred payments is fu lly covered by the forced-sale value of
the; vehicle.
This gives you self-liquidating paper o f short maturity with a
good rate o f discount.
Give us an opportunity to place in your hands fu ll inform ation
regarding the Iowa Guarantee Mortgage Corporation, its plan of
doing business and the exceptionally attractive securities it o f­
fers for your consideration.
The officers of this Company are w ell known to the hankers of
the M iddle West. They are in a position to assist you in em­
ploying your idle funds profitably with absolute safety. The
financing of automotive vehicle sales meails larger output this
year in the greatest food-producing section of the world.

Iowa G uarantee M ortgage C orporation
402-404 V A L L E Y N A T IO N A L B A N K B L D G ., D E S M O IN E S , IO W A


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Federal Reserve Bank of St. Louis

97

m ÜR

98

I

NORTHW ESTERN

BANKER

May, 1919

MONTANA BANK NEWS
N E W B A N K B U IL D IN G .

The Commercial National Bank of Bozeman, Mont.,
the oldest banking institution of the city, has accepted
plans and specifications for a new bank and office
building to be erected on Main street and Black avenue,
the site of the present building. W ork will probably
be started within a few weeks. Fred W . W ilson, a
local architect, has gone to New York City to spend a
few weeks with Hoggson Brothers, the contractors, to
assist in working out the details of the plans and to
prepare to assist in supervising the construction of the
building. It is to be a’ four-story block, with 53 feet
fronting on Main street and extending back on Black
avenue 140 feet. The quarters for the bank will be in
the front and will extend 100 feet on Black avenue, a
store building to be at the south corner. The three
upper floors will be office suites.
T E N T H A N N IV E R S A R Y .

Two cakes on display in the window of the M er­
chants National Bank, Billings, .Mont., attracted con­
siderable attention as an illustration of the bank’s,
grow th since its opening 10 years ago. A small cake
had an-A m erican flag made of fronting, with a tiny
candle on top, and a card in front showing deposits of
$11,931.81, while the other had a large flag, surrounded
by ten smaller ones, each bearing a candle, with a card
announcing deposits o h $3,580,149.98.
C H A R L E S SP E A R P R E S ID E N T .

Charles. Spear has been elected, president of Ameri­
can Bank & T ru st Company, Billings, Mont.,, to suc­
ceed T. A. Snidow, and George H. W ichman, formerly
assistant cashier of the F irst National Bank of St. Paul,
has been elected cashier to succeed Joseph L. McClel­
lan. Messrs. Snidow and McClellan sold their stock in
the bank. They are contem plating the establishment
of a live stock exchange and loan concern in Billings.
They have acquired a large sheep and cattle ranch on
P ryor creek, to which they will give considerable at­
tention. The board of the “American” now consists
of W . M. Spear, R. M. Faddis, C. C. Simonson, H arry

fo A N D SAFETY
We have sold over $2,000,000 of our farm loans
without a dollar of loss-And there has never been a foreclosure by an investor.
These loans are made direct 't& farmers through our own
banks in North Dakota and Montana.
We frequently have bank stock and other choice in­
vestments to offer. Write us when you have funds for
profitable investment.

C u s t e r C o u n t y Ba n k
W . C. M cC lintock, President

MILES CITY,
MONTANA
Member Farm Mortgage Bankers’ Association.


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Federal Reserve Bank of St. Louis

I

Snydér/ Geo. W . Messick, Geo. H .1W ichman, J. W.
Filchie, O. W. Allen and Chas. Spear.
NEW BANK.

Btoadus, Mont., the county seat of the new county
of Powder River, is to have a bank, to be known as the
Po^yder River County Bank, with a capital of $25,000.
The directors will be Frank Kelsey, A. M ontgomery,
Chas. S. Einsei, C. W . Miles and A. T. Hibbatd. Stock-r
holders, in addition to the directors, include; L. M. Os­
good, W m. Broadus, E. Lee W ilson, J. W . Craig, C. H.
Miller, W m. Leitner, W . H. Peays, G. W . Casteel,
M argaret Trautm an, Byron H urt, A./-J. Haley, Roy
W . Lee, G. W . Taylor, Gene Michaels, C. W . Bryan,
A. W . Heide1, F. L. Funkenbusch and Ira D. Goodman.
M O N TA N A N E W S A N D NO TES.

G.
W. C. Ross of Minneapolis has been elected pres­
ident of the Carter State Bank, Carter, Mont., to fill
the vacancy caused by the death of O. I. Hegge.
E. W . Forrester has accepted a position with the
M ontana National Bank, Billings, Mont.
C. D. Livingston, formerly connected with the state
bank examiner’s office at Helena, has been elected as­
sistant cashier of the Drummond State Bank, D rum ­
mond, Mont.
The F irst National Bank of Fairfield, Mont., opened
for business recently with a capital of $25,000. E. J.
H irshberg of Choteau is president; H arry Radcliffe is
vice president, and H. M. M ontgom ery is cashier.
The First National Bank of McCabe, Mont., has ap­
plied for a charter. Capital, $25,000.
A. J,. Sheets, cashier, has resigned his position in the
Stockmen’s National Bank, Hardin, Mont., to become
cashier of the Little Horn State Bank, recently es­
tablished at W yola, Mont.
Newel R. Olson, formerly assistant cashier of the
First International Bank of Minot, N. D., has pur­
chased an interest in the State Bank of M artinsdale and
has been elected vice president.

We Can Pay You

6 P er Cent
on our certificates of deposit for eight months. Will
furnish corporate surety bond if required. Bank well
and conservatively managed and with responsible
stockholders.

F irs t S ta te B an k
Buffalo, Montana.

May, 1919

THE

NORTHWESTERN

BANKER

99

A Hundred Years Hence
the w orld w ill still revel in
the beauty of Anna Case’s voice
A N N A CASE
singing in direct comparison w ith the
N ew Edison and proving th a t h er
performance and th a t of th e instrument
are indistinguishable.

Yes, a century from now, when a new generation refers
to the primitive days of 1918 , the great diva’s superb voice
will thrill vast audiences. Thanks to the genius of
Thomas A. Edison it has been Re-Created and preserved
in all its glory for our descendants. The men of to-morrow
will hear, not a mere imitation, you understand, but the
voice itself—pure, bubbling and spontaneous. For it has
been Re-Created on

**The Phonograph with a Soul **
This means that it has been Re-Created with such fidelity; so perfectly
and completely, that no human ear can distinguish artist from instru­
ment. The famous Edison tone tests have proved this beyond question.
Before audiences totaling more than a,000,000, great artists, stars of
Metropolitan Opera, have sung in direct comparison with their own
voices on the instrument And not one listener has been able to
detect a shade of difference.
Come into our store to-morrow and hear Anna Case on the New Edison.

H arger & Blish, Inc.
“33 Y ea rs in th e M u sic B u sin ess”

D es M oines


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Federal Reserve Bank of St. Louis

S iou x C ity

THË

1ÖÖ

NORTHWESTERN

BANKER

May, 1919

| SO. DAKOTA BANK NEWS |
C H A N G E IN B A N K IN G C IR C L E S.

quaintance in Sioux Falls and tributary territory. Sev­
eral other local capitalists have also acquired an in­
terest.

Another change in Sioux Falls banking circles took
place recently when a group of Sioux Falls and Madi­
son business men purchased a controlling interest in
the Security Savings bank. They will at once enlarge
N EW BANK.
it, adding to the strictly savings feature, a commercial
A rrangem ents have been completed for the organiza­
banking department. They have purchased the fivestory brick and granite building on N inth street be­ tion of a new bank at Gettysburg, S. D. It will be in­
tween Phillips and Main, formerly the home of the Se­ corporated under the name of the Farm ers and Stock
curity National, and will occupy it in a short time, Growers State Bank and will have a capital of $25,000.
although the present quarters on Eighth street near
Phillips will be retained for the present.
C. L. Norton, the former cashier, will retain an in­
terest in the bank which he has built up to its present
standing, and has been selected president, succeeding
the late John N. W eston. C. E. Olstad, well known in
Sioux Falls banking circles through his presidency of
the F irst National bank of Madison, a million dollar
bank, and of a string of smaller institutions in eastern
South Dakota, will b e ’vice president and director al­
though he will retain his home and business activities
in Madison. E. E. Olstad, his brother, with manv
years’ banking experience here and lately connected
w ith the First National at Madison, will be active man
in charge as cashier and a director. He has a wide ac­

T u rn Y our Bank’s
A d v e rtisin g O v e r
to Craddick
Why bother about your advertising when for a
few dollars each month you can shift the burden of
your publicity to the Craddick Service Organization?
And at the same time your advertising will be­
come an actual paying investment.

N ow is the Time to Advertise
—Ask for a Proposal

The Solution of Your Advertising Problems
Employed b y 5 0 0 Banks in 35 States

MINNEAPOLIS


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Federal Reserve Bank of St. Louis

::

MINNESOTA

JOHN W. WADDEN,
President Sioux Falls National Bank.

The incorporators a re : Sam Myers and Alice Myers of
O nida; A. A. Goodburn, Sioux City, Io w a ; John Brown,
Gettysburg, and F. J. Eager, Onida. Mr. Goodburn
will be president.
RESULTS AT W AK O NDA.

The first of the Agricultural Extension Division Ac­
count Books were placed in this territory in January,
1918, through R. A. Goodwin, vice president of the
W akonda State Bank. Mr. Goodwin spent consider­
able time going over the three fundam ental principles
of thè farm account book with the farmers, namely :
1, Sales; 2, Expenses; 3, Inventories, or amount and
value of Live Stock, Machinery, Feed, Grain and Sup­
plies. The work started by Mr. Goodwin has helped
a large num ber of farmers to place their farms upon
a sound business basis. One man found th at two old
horses w orth $20 had each eaten $135 w orth of feed

May, 1919

THE

NORTHWESTERN

BANKER

during the year. A nother man, using seven horses,
by rearranging his work could easily get along with
four good horses, thereby saving $418 in feed. Every
man who had kept his records so th at he could have his
book analyzed was satisfied that he could make changes
in his business or make an improvement upon his farm
which would save him from $100 to $500 per year.
These figures are not exceptions in South Dakota.
Similar conditions have been found to exist in every
community in which this work has been carried on.
F O R E S T B U R G B A N K C H A N G E S.

Several changes in the personnel of the Forestburg
State bank, Forestburg, S. D., have been made during
the last few weeks and the new officers are: Frank
Smith, president; V. W . Abeel, vice president; M. S.
VanDyke, cashier; J. C. Daniels, assistant cashier; and
M. J. VanDyke, assistant cashier.
N E W B A N K A T D E SM ET.

I t was announced recently that men prominent in
banking circles in Sioux Falls, S. D., have arranged to
establish a new banking institution in De Smet, S. D.,
county capital of Kingsbury county, which are cred­
ited with being among the most prosperous towns and
counties in South Dakota.
The new bank will be incorporated under the name
of the Farm ers’ State bank, and will have a capital of
$15,000. The charter for the new bank has been applied
for. T he incorporators are: A. L. Casey, W . W . Mc­
Kay, Vere H. Masters, Tom Costello and C. E. W eb­
ber, all of whom have been connected with Sioux Falls

E v ery H aw keye T ru ck th is C om pany h a s m an u factu re d has
been b u ilt honestly an d rig h t, a n d we have nev er h ad a dis­
satisfied custom er. T his is a • rem arkable sta te m e n t fo r an y
com pany to be able to m ake.

HAWKEYE
M OTOR T R U C K S
Are th e logical tru ck s fo r w estern farm ers.
T he H aw keye is
b u ilt fo r year-round service un d er all fa rm hauling conditions.
I t is b u ilt lower to th e ground to load easily, y e t has am ple road
clearance. I t has p len ty of speed an d a surplus of power.

For full information and letters from
present Hawkeye Track users write

HAWKEYE TRUCK CO.
R . A . B E N N E T T , P re s .
S IO U X C IT Y , IOW A

Internationally
Known
The famous flour mills of Minneapolis
are known throughout the world. An
immense exporting business is done.
This view, sketched by our artists from
beneath an arch, of a bridge spanning
the Mississippi, shows a part of one of
these mill groups.

Up-to-the-Minute Minneapolis

Flour Mill D istrict

Much business connected with export­
ing and importing is transacted by this
bank. It maintains foreign connections
throughout the entire world. If you or
your clients desire .assistance in the. fur­
therance of any European, South American
or Oriental business, write our Foriegn
Department.

The Northwestern National Bank
M inneapolis, Minnesota


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Federal Reserve Bank of St. Louis

Resources $57,000,000

101

102

THE

NORTHWESTERN

BANKER

May, 1919

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T h e E v a n s H o te l

|

SOUTH DAKOTA

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banks for some time and are among the most expe­
rienced banking men in the city and state.
The officers of the new bank will b e : President, A.
L. Casey; vice-president, Vere H. M asters; cashier, W.
W. McKay.
For the present the new bank will occupy tem porary
quarters. It is planned to erect a new bank building,
and this will be occupied as soon as completed.
A num ber of the m erchants of De Smet and leading
farmers of De Smet territory will be stockholders in
the new bank, which will be one of the strongest bank­
ing institutions in the eastern section of the state.

HOT SPRINGS
SOUTH DAKOTA
“T h e C arlsbad of A m erica”

A RESORT HOTEL OPEN

ALL THE YEAR
Visit Hot Springs, South Dakota,
the beauty spot of the Black Hills
FOR HEALTH A N D
PLEASURE
W r ite U s fo r R eserv atio n s
T H E EVANS HOTEL COMPANY, Owners
GEO. P. BENNETT, President
I. M. HUM PHREY, Secretary-Treasurer
ARTHUR F. OTTMANN, Manager

RUFUS

RICKER

CERTIFIED PUBLIC ACCOUNTANT
Fellow Iowa Society of
Certified Public Accountants

[rTT]

508 Security Bank Bldg.
Telephone 3227

Member American Institute of Accountants

CEDAR RAPIDS, IOWA

B ankers in a Radius of 100 M iles of
M ason City—W e w ill g iv e your
c lien ts quick se r v ic e

F. L. FINNEGAN
P u b lic A c c o u n ta n t a n d E x a m in e r

M ASON CITY, IOW A

“As N early P erfect As You Can Procure”

IOWA SHIELD BRAND SEEDS
Corn, A lfa lfa , Sw eet Clover, Tim othy, Blue
Grass, Cane, M illet, Sudan Grass and other
farm seeds.

SEED CORN OF BEST QU A LITY
Sam ples, prices and sp ecial term s on ap p li­
cation. Onr seed s m ust p lease you or th ey are
returnable to ns.

IOWA SEED CO.

DES MOINES, IOWA

G R O U P 7—W A T E R L O O , I O W A
Special care will be taken of bankers attending—Write
or phone for réservations

THE NEW OWENBACH
O p p o s ite t h e B la c k h a w k a n d L e a v it t & J o h n s o n
N a t io n a l B a n k . R e s e r v a t io n s M a d e

WATERLOO


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Federal Reserve Bank of St. Louis

-

IOWA

M. C. &MITH,
Vice President Sioux Falls National Bank.

SOUTH DAKOTA NEWS AND NOTES.
The State Bank of Hum boldt, S. D. will erect a new
bank building this summer.
A $40,000 bank building is to be erected for the
Gregory State Bank of Fairfax, S. D.
W. L. Baker recently celebrated the thirtieth anni­
versary of his connection with the M innehaha Na­
tional Bank, Sioux Falls, S. D. He at once took up
the duties of cashier of the M innehaha National and
has ever since been connected with that institution and
has from time to time been promoted until for the past
several years he. has been president of the bank.
A new bank has been organized at De Smet, S. H.,
and will be known as the Farm ers State Bank and will
have a capital of $15,000.
Paul F. Heberlein has accepted a position with the
First National Bank of W essington Springs, S. D.
Fred H. Klawon, formerly cashier in the F irst Na­
tional Bank, Heaton, Minn., and until recently of
Sioux Falls,' S. D., where he was connected with the
Security National Bank, has accepted a position with
a large motor corporation in South Dakota, which has
recently been organized.

May, 1919

THE

NORTHWESTERN

Incorporation papers have been filed for two new
state banks, the F irst State Bank of Renner, and the
First State Bank of Ellis, S. D. The incorporators a re .
the same for each bank and are M. C. Smith, Eugene
Reiley, C. E. McKinney, Louis À. Gray and R. S.
Mackay. Each bank is incorporated for $15,000.
Several changes were made in the personnel of the
Forestburg State Bank, Forestburg, S. D., and the
new officers are: Frank Smith, president; V. W.
Abeel, vice president; M. S. Van Dyke, cashier; J. C.
Daniels, assistant cashier and M. J. Van Dyke, assist­
ant cashier.
The newly organized Farm ers bank at Lesterville,
S. D., will erect a new bank building, at a cost of about

12, 000.
Rosa A. Kleven has been elected assistant cashier
of the Farm ers State Bank, Brentford, S. D.

$

C aliforn ia B ank
In farming district, $16,000.00 buys
control at a small premium.

R. C. W illiam s, J r.
BANK INTERESTS BOUGHT AND SOLD

541 C itiz e n s N a tio n a l B a n k B u ild in g

Los A n geles,

California
:

BANKER

103

SIOUX FALLS, S. D.
Hie
Sioux Falls National Bank
R eal Direct S ervice on Item s
to Banks and Bankers

CALL OR WRITE US

WILLIAM

I. H U L L

Public A uditor and
System atizer
711-712 S n ell B u ild in g

P h o n e 1305

FORT DODGE, IOWA
The H otel lor Bankers

The New Pullman
E u rop ean

B u ilt in 1916

R ESERVATIO NS MADE

CEDAR RAPIDS

-

-

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

Live Stock Banking
F o r tw en ty -tw o years financial in stitu tio n s
of th e g reat N o rth w e st have fo u n d th e Stock
Yards N a tio n a l B ank ready to co-operate w ith
th e m in fin an c in g farm ers an d grow ers in this
g reat c a ttle belt.
C o rresp o n d en ce reg ard in g th e facilities of
th is in s titu tio n —T H E O L D E S T A N D L A R G ­
E ST L IV E S T O C K B A N K IN T H E N O R T H ­
W E S T —is invited.

STOGK YARDS NATIONAL BANK
SO, St, Paul, Minn.
We Loan Money to Grow Cattle and Sheep


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Federal Reserve Bank of St. Louis

-

........

IOWA
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THE

104

NORTHWESTERN

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I

BANKER

May, 1919

.......

NO. DAKOTA BANK NEWS

NEW NONPARTY BANK AT BISMARCK.
Bismarck was chosen recently as the location for the
Bank of N orth Dakota, created by the last legislature.
The action was taken by the state industrial board.
James H. W aters, state bank examiner, was chosen
m anager of the institution. The bank is to be opened
immediately.
The board adopted a resolution to employ as counsel
W illiam Lemke and Frederic A. Pike of St. Paul,
former assistant United States attorney, who drew up
the Nonpartisan league program of bills.

no nation is better equipped to go into them than we
are. W ith this new order of things will come many
unsuspected opportunities for profitable investm ent;
for expanding your business; for the betterm ent of
your present condition, but they can only be taken ad­
vantage of if you are prepared. To ask you to prepare
is the purpose of this letter. To help you prepare is
the business of this bank. D uring the readjustm ent
period, strive to earn, save and bank all you possibly
can. Buy thoughtfully, spend judiciously; keep your
money liquid so that when opportunity presents itself
you will be ready.”

NEW BANK OPENS.
FIRST NATIONAL, BUFFALO, N. D.
In a recent letter sent out by the F irst National
Bank, Buffalo, N. D., they give the following very
good advice ; “If there ever was a time when you can
make profitable use of the services and backing of a
strong, well-managed bank, that time is now, just as
this country is entering in earnest into w hat is known
as the ‘reconstruction’ or ‘readjustm ent’ period. Very
prosperous times for us are predicted once we get back
on a peace footing. W orld-m arkets of tremendous pro­
portions are crying for goods of every description and

CORN BELT PACKING
COMPANY
A. B. McCue, President.
DUBUQUE, IOWA
PORK AND BEEF PACKERS
Capital Stock $3,000,000.00
DAILY CAPACITY
2500 Hogs
200 Cattle
500 Sheep and Calves

This magnificent plant, covering 14 acres of ground,
is of the most modern and efficient construction,
located on the main line of the Chicago Great
Western Ry., with direct switching connections with
the Illinois Central, C. B. & Q. and C. M. & St. P.
railroads.
Shippers to the Corn Belt from Iowa and north­
western Illinois save freight and have no commis­
sions, yardage or terminal charges to pay.
The Corn Belt Packing Company is owned by ap­
proximately 1,500 Stock raisers, Farmers and Bank­
ers of Iowa. Its management is madè up of men who
have had years-of experience in the packing busi­
ness.
We extend to the Farmers, Stock raisers. Bank­
ers and others throughout Iowa and Illinois, a cor­
dial invitation to visit our plant, which is considered
by the best engineering authorities of the country
to he the most up-to-date packing plant in the
country.


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Federal Reserve Bank of St. Louis

The First. Farm ers B ank1 of Minot, NUT)-, h co­
operative institution w ith 2,600 stockholders, was
formally opened recently, at a mass m eeting of farmers
and business men, at which W alter W . L iggett and
Lieutenant Paul McConnell,> N onpartisan speakers,
and General W illiam Langer were on the program for
addresses. Grant Youmans and Anthony W alton are
at the head, of this bank.

ACCEPTS POSITION AT MINOT,
E. E., Neiss, who for some time has-been with the
Citizens National Bank of Northwood, N. D., left re4
cently for Minot, N. D.I where he has accepted a' po­
sition as assistant cashier of the F irst Farm ers Bank..

NORTH DAKOTA NEWS AND NOTES.
The new Farm ers State Bank, of Mayville, N. D.y
opened its doors to the public recently. A. M. Fruh
is president.
O. E. Hanson, formerly cashier of the F irst National
Bank at Lansford, N. D., succeeds J. W . H. Fisher as
cashier of the First State Bank, of Balfour, N. D., and
H arry W. W oodard succeeds A. H. Scofield as cashier
of the First State Bank of Velva, N. D.
A charter was granted to the Farm ers State Bank of
W indsor, N. D., Stutsm an county, capital $15,000.
Shareholders and directors are : E. A. Hoff, Ypsilanti ;
L. B. Niemeyer, C. A. Klaus, W . M. H alstead and R.
R. W olfer, all of Jamestown.
The First State Bank of Regent, N. D., increased
their capital stock from $10,000 to $25,000.
H.
M. Thomas has been appointed assistant cashier
of the Farm ers State Bank, W atford City, N. D.
J. A. Kooker has accepted the cashiership of the
F irst State Bank of Dawson, N. D.
The Security National Bank of Valley City, N. D.,
has applied for a charter, with a capital of $50,000.
J. T. Aim, formerly cashier of the Goose River Bank^1
of Mayville, N. D., is now advanced to vice president
of this institution and H. M. Soliah succeeds Mr. Aim
as cashier.
J. I. Hegge, a brother of the late O. I. Hegge of the

May, 1919

NORTHWESTERN

IF INTERESTED IN THE
SALE OR PURCHASE OF

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31
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THE

BANKER

105

BANK STOCK

Communicate with the OLD RELIABLE and “ Time Tried” Walters System.

Everything Confidential.
No Publicity.
THE CHARLES E. WALTERS COMPANY
1422-1430 First National Bank Building
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First National Bank at Minnewaukan, N. D., will suc­
ceed his brother as president of the institution, and
will continue to operate the Heggen line of banks-on
the same policies as heretofore.
S. F. Baron has been made cashier of the Farm ers &
M erchants Bank of Grace City, N. F). H. S. Halvorson
is now president of this institution.
The Farm ers State Bank, of Thompson, N. D., has
increased its capital stock from $15,000 to $25,000.

OMAHA, NEBRASKA

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A. H . H AM M ARSTRO M
CERTIFIED PUBLIC ACCOUNTANT
Member--American Institute of Accountants
Fellow--Iowa Society of Certified Public Accountants
20S Weston Bldg.

CLINTON, IOW A

E . F . K N IG H T & CO.
SAFE EXPERTS

Tillman Fortney succeeds E. G. Anderson as cashier
of the Farm ers & ^Merchants State Bank of Bowden
N. D.
•

A ll Work Guaranteed
4 0 7 Douglas St.

Financial Investigations
Anto Phone 9588
Audits, Cost and Accounting S y s te m s

837-838 Frances Building

S io u x C ity , I o w a

SIO UX CITY, IOWA

EDWIN J. BISHOP

CERTIFIED PUBLIC ACCOUNTANT

W m . G u th r ie & C o .
Certified Public Accountants

We Go A nyw here on Short N otice
Day or Night

Member of American Institute and
Minnesota Society of Accountants
A u d its —C r e d it I n v e s t ig a t i o n s —S y s t e m s
ST. PAUL
Globe Building

FARGO, N . D .
Fargo National Bank Building

MINNEAPOLIS
Wilmac Building

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.
I Made Good in the Army— I Can Make Good with You_

Want position in bank where honesty and intelligence will lead
to promotion. Liberal Arts and Law education. Age 27 Ref­
erence of authority. Address No. 22$4 The Northwestern
Banker—5.
Young man wants position in country bank. Understands
Burrough’s Ledger Poster. Thorough and accurate in all work.
Good recommendations. Can commence at once. Address No.
2285 The Northwestern Banker—5.
Position wanted by a young lady who has studied bookkeepmg and stenography and possesses thorough knowledge of
same. Can use Burrough’s Ledger Poster. Address No 2286
The Northwestern Banker—5.
Young lady wants position as bookkeeper and stenographer.
Operates Posting Machine. Three years’ experience in coun­
try bank. Best of references. Address No. 2287 The North­
western Banker—5.
~
P °s't'or> wanted Young man 28 years old, married, desires
to purchase minority interest in a bank to hold position of
cashier or assistant cashier. Can furnish references. Address
No. 2288 The Northwestern Banker—5. _____
Situation wanted by young man, age 37, married. Five years’
experience in two largest banks in St. Louis, as Savings Teller,


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

Exchange Teller, City and Country bookkeeper and utility
man. Six years’ experience in general office work as bookeeper, sales clerk, order clerk, collection and credit man
Eleven years in large railroad office. Past and accurate at
figures. A-l references. Address No. 2289 The Northwestern
Banker—5.
fi"® set of J } ™ quartered oak bank fixtures and complete
outfit for small bank for sale. Address No. 2290 The North­
western Banker—5.
a ^or Sale—One Victor Patent Screw Door, Triple Yale Lock
bate. Two Vault Doors, Counters and other fixtures. Address
J. B. Beilstein, Williamsburg, Iowa—5.________ ^
Wanted— Cashiership by young man of 24, now engaged as
cashier, best of references, 3 years of good experience from
the ground floor up, in banking, real estate and insurance
Reason for change, present owners of controlling interest of
stock are disposing of part of it to a party who desires to
assume the management himself. Address No. 2291 The
Northwestern Banker—5.
Position Wanted—Of assistant cashiership and bookkeeper
m country bank in a good farming community with two years’
experience with a chance of advancement. Best of references.
Address No. 2291 The Northwestern Banker—5.

THE

106

NORTHWESTERN

May, 1919

BANKER

PUBLICITY THE LIFE OF TR A D E
By Earl D. Babst
der, the noble enterprise would be like a “painted
ship upon a painted ocean.” It would be equally
true were either of the other two elements lack­
ing. M erit alone is not sufficient; merit and men
together would mean merely drifting w ith no cer­
tainty of reaching the h a rb o r; it needs the help of
the fair trade winds of publicity upon the strong
sails of good will, held fast by the stout ropes of
trade-m ark property, to bring ship, crew and
cargfo into the harbor of Perm anent Success.

Publicity has earned the right to share with
competition the honor of being the life of trade.
For the producer it is the public crier, with
countless tongues. For the consumer it gives
sight for the trade-m ark and hearing for the tradename.
The ship may be staunch and the cargo of qual­
ity and variety, the winds of publicity may blow
favorably on the sails of good will, but w ithout
men trained to man the yards and to steer the rud-

I N D E X T O A D V E R T IS E R S
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2 M c N a m a r a - K e n w o r th y C o..........................48
93 F e d e r a l L a n d B a n k , O m a h a ...................
e c h a n ic s & M e ta ls N a t i o n a l B a n k . 19
65 F e d e r a l D e p o s it & T r u s t C o . . , ............ 75 M
M e r c h a n ts N a t ’l B a n k , B u r l i n g t o n . . . 85
F i n n e g a n , F . L ............................... • • • • • •
M e r c h a n ts N a t ’l B a n k , C e d a r R a p id s . 82
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2 N a t i o n a l B a n k o f t h e R e p u b l i c ----- ...107
12 F i r s t N a t i o n a l B a n k , D a v e n p o r t ----63 F i r s t N a t i o n a l B a n k , D u b u q u e ......... 81 N a t i o n a l C ity B a n k ................................ 23
F i r s t N a t i o n a l B a n k , D u l u t h ................ 96 N a t i o n a l C ity C o........................................... lb
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95 F i r s t N a t i o n a l B a n k , N e w t o n .............. 37 N a t i o n a l S t a t e B a n k ................................ °7
B a c k e r , J a c o b ..............................
B a n k e r s ’ A c c id e n t I n s u r a n c e C o ___ 62 F i r s t N a t i o n a l B a n k , S io u x C ity . . . .2 -3 0 N e w O w e n b a c h .............................................102
B a n k e r s A u to I n s u r a n c e C o ..............• 61 F i r s t N a t i o n a l B a n k , S t. P a u l ................ 93 N e w P u l l m a n .........................
103
B a n k e r s H o ld in g a n d I n v e s t m e n t Co. 95 F i r s t N a t i o n a l B a n k , S p i r i t L a k e . . . . 41 N ic o ll t h e T a i l o r .........................
22
B a n k e r s L if e I n s u r a n c e C o .................. 62 F i r s t N a t i o n a l B a n k , S h e l d o n .............. 39 N o rd , C a r l E ......................
49
B a n k e r s M o r tg a g e C o .............................. 70 F i r s t N a t i o n a l B a n k , S to r y C i t y ......... 45 N o r t h e r n T r u s t 'C o ............ ......................... 25
B a n k e r s S e rv ic e C o ......... ........................... 95 F i r s t N a t i o n a l B a n k , W a t e r l o o . . . .36-79 N o r t h w e s t e r n N a t i o n a l B a n k .............101
____________________
107 F i r s t S t a t e B a n k ,
B a n k e r s T r u s t Co.,I _____
D e s M Io in e s
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. 53 N o r t h w e s t e r n S ta m p W o r k s .............. 96
B e c h te l, G eo. M. & C o ................................ 66 F r a n k l i n C o u n ty S t a t e B a n k . . .
. 43
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. 19 Office E q u ip m e n t & S u p p ly C o ............ 53
B is h o p , E . J .......................................................105
O m a h a N a t i o n a l B a n k ............................ 91
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G o rd o n -V a n T in e C o .................................. 55 P a c k e r s N a t i o n a l B a n k .......................... 91
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G u a r a n t y C a tt l e L o a n C o ....................... 11 P e o p le s T r u s t & S a v in g s B a n k .
C e d a r R a p id s N a t i o n a l B a n k .............. 83 G u a r a n t y L if e I n s u r a n c e C o ................ 56 P e o r i a L if e I n s u r a n c e C o ..............
C e d a r R a p id s S a v in g s B a n k ................ 79 G u a r a n t y M o r tg a g e & F i n a n c e C o . . . 68 P l a n k i n t o n H o t e l
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C e n tr a l N a t i o n a l F i r e I n s . C o . . . . . . . 58 G u a r a n t y T r u s t C o..................................... 28
C e n tr a l S t a t e B a n k , D e s M o in e s ......... 78 G u th r ie , W m . & C o ......................................105 R ic k e r , R u f u s ............................................... 162
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C h ild s , C. F . & C o ...........................
70 H a m m a r s t r o m , A. H ................................... 105 S c h la m p p , F r a n k , C o ................................ 71
C itiz e n s N a t i o n a l B a n k ............................ 43 H a n o v e r N a t i o n a l B a n k . .......................
2 S e a b o a r d N a t i o n a l B a n k ....................... 95
C itiz e n s S a v in g s B a n k .............................. 85 H a r g e r & B l i s h ............................................ 99 S e c o n d N a t i o n a l B a n k .............................. 80
C ity N a t i o n a l B a n k , K e a r n e y , N e b . . 90 H a w k e y e S é c u r ité s F i r e I n s . C o . . . . 65 S e c u r ity N a tio n a l B a n k .......................... 77
C ity N a t i o n a l B a n k , C l in to n . . . . . . . . 75 H a w k e y e T r u c k C o ................................... .101 S e c u r ity S a v in g s B a n k ............................ 80
C ity N a t i o n a l B a n k , C o u n c il B lu f f s . , 26 H o lla r , F . P . & S o n ................................... 74 S h e ld o n N a t i o n a l B a n k ............................ 39
C ity Natio.na-1 B a n k , M a so n C i t y . . . . 79 H o m e s te a d C o m p a n y ................................ 54 S h e ld o n S a v in g s B a n k ............................ 39
C la r k , B y e r s & H u t c h i n s o n ..................... 44 H o m e S e c u r itie s C o .................................... 69 S in c la ir, J o h n F . & C o .............................. 94
C lip le s s P a p e r F a s t e n e r C o ...................107 H u ll, W m . 1.......................................................103 S io u x F a l l s N a t i o n a l B a n k ....................103
S n a p p H o t e l ................................................... 44
C o m m e r c ia l N a t i o n a l B a n k , C o u n c il
B lu ffs ........................................................... 26 I n v in c ib le M e ta l F u r n i t u r e C o .............. 18 S p i r i t L a k e N a t i o n a l B a n k ..................... 41
C o m m e rc ia l' N a t i o n a l B a n k , W a t e r ­
I n t e r - S t a t e N a t i o n a l B a n k ................... 103 S t a t e C e n tr a l S a v in g s B a n k ................ 84
loo ......................................................... 37 & 81 I n t e r - S t a t e R u r a l L i g h t C o . . . ............ 72 S t a t e S a v in g s B a n k , C o u n c il B lu f f s . 27
C o rn B e lt P a c k i n g C o ............................. 104 I o w a B o n d in g & C a s u a l t y C o .............. 59 S t a t e S a v in g s B a n k , H a m p t o n .............. 43
S to c k Y a r d s N a t i o n a l B a n k , O m a h a . 90
C o rn E x c h a n g e N a t i o n a l B a n k ............ 14 I o w a G u a r a n t e e M o r tg a g e C o r p o r a ­
C o n t i n e n t a l a n d C o m m e r c ia l N a t i o n a l
t i o n ................................................................ 97 S to c k Y a r d s N a t i o n a l B a n k , S o u th
S t. P a u l ........................................................ 103
B a n k .............................................................. 15 I o w a L if e I n s u r a n c e C o . ......................... 62
C o m m e r c ia l S a v in g s B a n k , M a so n
I o w a L it h o g r a p h i n g C o ............................. 54 S to r y C ity N a t i o n a l B a n k . ..................... 45
C ity ...........................................
71 I o w a L o a n & T r u s t C o ............................ 30 S to w & D a v is F u r n i t u r e C o ................... 49
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I o w a M u tu a l L ia b i l i t y I n s . C o . . . . . . 60 S t. P a u l S ta m p W o r k s .............................. 94
M o i n e s .................................. , . . . . . • .............83
I o w a N a t i o n a l B a n k , D e s M o in e s . . . . 29 S u c c e s s f u l F a r m i n g ................................... 21
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I o w a N a t i o n a l F i r e I n s u r a n c e C o . . . 57 S u p e r io r F i x t u r e C o.................................. 52
C o u n c il B lu ffs S a v in g s B a n k ................ 27 I o w a N a t i o n a l B a n k , D a v e n p o r t ......... 77 S w if t & C o ........................................................ 73
.100 I o w a S eed C o ................................................... 102 S y n d ic a te T r u s t C o...................................... 69
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C u p p le s E n v e lo p e C o......................
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. 86 K n a u t h , N a c h o d & K u h n e . . ................ 22
D e s lyioines T r u s t C o .....................
. 95 K n i g h t , E . F ., C o........................................ -105 V a lle y N a t i o n a l B a n k .................. : . . . . 85
D r a k e - B a lla r .d C o .............................
.108 K o c h B r o s ......................................................... 48
w
D r o v e r s N a t i o n a l B a n k ..............
. 77
D u b u q u e N a t i o n a l B a n k ..............
W a h k o n s a H o te l ....................................... 86
L
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L a rm o n , L . L .................. '. ............................. 90
E m m e t s b u r g N a t i o n a l B a n k ................ 81 L e a v i t t & J o h n s o n N a t i o n a l B a n k . 35-82 W a t e r l o o B a n k & T r u s t C o ................... 76
E m p i r e L o a n & T r u s t C o ...................... 39 L e a v i t t & J o h n s o n T r u s t C o ................
2 W a t e r l o o S a v in g s B a n k ......................... 82
E q u it a b l e L if e I n s u r a n c e C o .............. 59 L e M a r s P r i n t i n g C o .................................. 48 W e s t e r n L if e I n s u r a n c e C o ................... 61
E v a n s H o te l ....................................................102 L iv e S to c k E x c h a n g e N a t ’l B a n k . . . 17 W h i t e C o m p a n y ......................................... 72
L iv e S to c k N a t i o n a l B a n k , O m a h a . . . 76 W illia m s , R . C., J r ..............................* . . . 1 0 3
F
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F a r m e r s L iv e S to c k I n s u r a n c e C o . . . 65 M id la n d N a t i o n a l B a n k .......................... 92 Z a is e r , W . H . S p e c ia lty C o.
55
51
F a r m e r s & M e r c h a n ts B a n k ................ 41 L y tl e C o...........................

A m e r ic a n B a n k P r o t e c t io n C o . . . . . . .
A m e r ic a n B o n d in g a n d C a s u a l t y C o ..
A m e r ic a n C o m m e r c ia l a n d S a v in g s
B a n k .............................................................
A m e r ic a n F i x t u r e C o........................... •• •
A m e r ic a n M o r tg a g e a n d S e c u r itie s
C om pany
................................................
A m e r ic a n N a t i o n a l B a n k ................. 92
A m e r ic a n P e r f o r a t o r C o .................... 17
A m e r ic a n S a v in g s B a n k ................... 33
A m e r ic a n S t a t e B a n k .......................... 74
A tla n tic N a tio n a l B a n k .
A u to T r a d e M u t u a l ...........

.............................................................................................................................min... ................................ immmmmmmmmiiwiimmimmmimmmimiimmiimmminiiiniimmmimmmmmiimmmimmmiimuiiiHiiiiiiHiiiUlllllllltllllllUUIIIIIUUIUk.^


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Federal Reserve Bank of St. Louis

May> 1919________ ’__________ T H E

NORTHWESTERN

BANKER

107

M a in ten a n ce o f in d iv id u a lity is an in h eren t principle.

T he N ational B ank of the

REPUBLIC
O F

C H I C A G O

O r g a n i z e d , developed and conducted on the principle of constructive and conservative hanking along progressive lines, has preserved its individuality intact
during a period of over a quarter of a century when the tendency to consolidation
has been general. It has gained a little each day in strength, m scope, and in the
confidence of a public which has recognized the right relationship between service
and recompense. W ith the co-operation of the friends it has made, to whom
it acknowledges itself indebted for whatever success it has attained, it expects to
continue to grow, Loth in its capacity and its opportunity to serve, and to that
end invites the patronage to which it believes it has proved itself entitled.

R esources
F o r ty - o n e
M i l l io n
F) o il a rs

F g ro w th is an in d icatio n of good service,
su rely th is re c o rd of g ro w th in deposits m eans
som ething to y o u ,

I

June 1,1917 $485,35304

Dec. 1, 1917

June 1,191$
Dec. 1,1918

M arch 1,1919

$1,188,241.06

$1,603,501.92
$1,836,298.74

$2,308,003.47

For nearly two years the determ ination of this
bank to make ours a better kind of_ service and
uniformly good service 365 days in the year
have been steadily increasing our patronage from
country banks.
D rop in and get acquainted
next time you are in Des Moines.

N otice your corres­
pondence. All your
b u sin ess friends use
the CLIPLESS.
Either
m achine
delivered

$3.50

Member Federal Reserve System

B. F. Kauffman. President
G. H . Stephenson, Cashier

BANKERS

TRUST COMPANY

CORNER F IF T H AND W A LN l/T S T R E E T S

C A P IT A L O N E M IL L IO N D O L L A R S
Ashton Clemens
C. H. Stephenson
F. W. Sargent

DIRECTORS
Dr. O. J. Fay
J. W. Howell
S. Sheuerman

H. H. Polk
B. F. Kauffman
R. R. Rollins

C L IP L E SS P A P E R FA ST E N E R CO.
NEW TON, IOW A


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

108

NORTHWESTERN

BANKER

May, 1919

JÎSçi]

THE

Here is an actual photograph of the map of IOWA showing the many banks
who are receiving the benefits of DROVERS SERVICE. Banks transact their
business where they can get prompt attention to their affairs, intelligent service
and personal co-operation from their correspondent.

DROVERS SERVICE is Founded on These
Principles
Correspondence Invited

Drovers National Bank of Chicago
W illiam C. Cummings, President
Gates A. Ryther, Vice President
Frederick N. Mercer, Vice P resident
George A. Malcolm, Cashier
H arry P. Gates, Asst. Cashier
Dale E. Chamberlin, Asst. Cashier


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