The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
MAY
1944
Photo Minneapolis-Moline
FOO D S T IL L FIGHTS FOR FREEDOM
The Mid dl ewe st Did It Before— It W i l l Do It Aga in
BUY
U N IT E ©
STATES!
AND
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
How Country Banks Can Invest Their M oney Profitably
Page 15
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
«
« fr «
^
»
•> > »
>> ^
THE PROOF
Few banks in the mid-west carry as many accounts from cor
respondent banks, as does The Merchants National.
This is concrete proof of efficient correspondent banking re
lationship, where bcth routine service and unusual needs are
always cared for quickly and in a friendly fashion.
A CEDAR RAPIDS BANK
CEDAR
RAPIDS
SERVICING ALL IOWA
MERCHANTS
NATIONAL BANK
O FFIC ERS
James E. H am ilton , Chairman
S. E. Coquillette, President
H. N. B oyson , Vice President
Roy C. F olsom, Vice President
M ark J. M yers, V. Pres. & Cashier
George F. M iller, V. Pres. & Tr. Officer
Marvin R. Selden , Vice President
F red W. S m it h , Vice President
John T. H amilton II, Vice President
R. W. M an att , Asst. Cashier
L. W . Broulik , Asst. Cashier
Peter B ailey , Asst. Cashier
R. D, B rown , Asst. Cashier
O. A. K earney , Asst. Cashier
Stanley J. M ohrbacher, Asst. Cashier
E. B. Zba n e k , Building Manager
Cedar Rapids
Iowa
Member Federal Deposit Insurance Corporation
3
The Red Cross symbol is living, active
thousands of men and women, quietly
proof of mankind’s compassion for man.
and without fanfare, are at work cease
This simple cross— this battle flag of
lessly in the interests of humanity.
life— is present where the need is great
The story of their labor and devotion
est— staunching the wounds of war, shel
day and night is the story of life itself.
tering the homeless, feeding the innocent
For them, no medals, no citations, only
victims of war and disaster . . . helping
the knowledge that they have played
in uncounted ways.
their part— large or small— in bringing
It is the evidence that hundreds of
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
life in the midst of death.
This is the second o f a series o f advertisements dedicated to the American R ed Cross by
THE HOME INSURANCE COMPANY, NEW YORK
FIR E
•
A U T O M O B IL E
•
M AR IN E
Northwestern Banker
May
4
C
o n t in e n t a l
N
and
a t io n a l
T rust C
O F
S ta tem en t
of
I l l in o is
Bank
om pany
C H IC A G O
C o n d ition , A p r i l
13,
1944
RESOURCES
C a sh and D u e fro m B a n k s ......................................................................... $
465 ,6 6 9 ,7 9 8 .3 3
U n ite d States G o v e r n m e n t O b lig a tio n s,
D ir e c t and F u lly G u a r a n t e e d ...............................................................
1,440,4 4 8 ,1 9 5 .03
O th e r B o n d s and S e c u r it ie s ........................................................................
74,892 ,4 2 2 .7 2
L o a n s and D i s c o u n t s .......................................................................................
3 0 9 ,5 6 1 ,9 6 7 .1 9
S to ck in F e d e r a l R e s e r v e B a n k ..............................................................
3 ,6 0 0 ,0 0 0 .0 0
C u s t o m e r s ’ L ia b ility on A c c e p t a n c e s .................................................
6 5 0 ,230.05
In c o m e A c c r u e d but N o t C o l l e c t e d .....................................................
6 ,4 3 7 ,0 4 8 .3 0
Banking H o u s e ....................................................................................................
11,32 5 ,0 0 0 .0 0
$ 2 ,3 1 2 ,5 8 4 ,6 6 1 .6 2
LIABILITIES
D e p o s it s .................................................................................................................... $ 2 ,1 5 1 ,0 7 8 ,1 7 1 .7 4
A c c e p t a n c e s ...........................................................................................................
6 6 1 ,4 5 9 .1 8
R e s e r v e for T a x e s , In te re st and E x p e n s e s .....................................
1 1 ,5 4 4,524.07
R e s e r v e for C o n t in g e n c ie s ........................................................................
1 8 ,085,108.67
281,0 4 7 .2 8
In c o m e C o lle c te d but N o t E a r n e d ........................................................
C a p ita l S t o c k ......................................................................................................
6 0 ,0 0 0 ,0 0 0 .0 0
S u r p lu s .....................................................................................................................
6 0 ,0 0 0 ,0 0 0 .0 0
U n d iv id e d P r o fits............................................................................................
1 0,934,350.68
$ 2 ,3 1 2 ,5 8 4 ,6 6 1 .6 2
United States Government obligations and other securities c arried at
$448,432,418.27 are pledged to secure public and trust deposits and for
other purposes as required or permitted by law
M ember Federal D eposit Insurance Corporation
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 7944
We Say It Again...
THE CHECK IS AN INSTRUMENT
OF War
FQPLVICTORY
BUY
UNITED
STATES
It is now 29 months since Pearl Harbor. This
nation's production of ships, planes, tanks and
guns has astonished the world. Today, it is more
evident than ever how vital a part checks play
in the grim business of winning a war. » » Pay
.WAR
/BONDS
(stamps
LET’S ALL
BACK TH E ATTACK!
ments for labor . . . payments for service . . .
payments for the materials used in the myriad
manufacturing and business transactions es
sential to our war effort are, of course, largely
by check. » » La Monte Safety Paper, invented
in 1871, has long been used by leading banks
and corporations. W e do not make checks. Our
product is the paper which safeguards checks
against fraudulent alteration or counterfeiting.
For Samples ot La Monte Satety Papez see y o u r
Lithographer or Printer — o r w r i t e u s direct
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
GEORGE LA MONTE & SON, Nutley, N. J.
Note that the issuing organization's Trade-Mark is
IN the paper itseli—thus providing INDIVIDUAL IDEN
TIFICATION on both the front and back of the check.
6
THE CHASE
NATIONAL BANK
OF THE CITY OF NEW YORK
STATEMENT OF CONDITION, MARCH 31, 1944
RESOURCES
Cash and Due from B a n k s .............................................. $
U . S. Governm ent O bligation s, direct and fully
guaranteed
.........................................................................
State and M unicipal S ecu rities........................................
O ther S e c u r i t i e s ..................................................................
9 3 6 ,8 5 4 ,4 6 2 .5 2
2 ,6 9 1 ,9 9 0 ,1 6 6 .2 6
8 1 ,1 7 4 ,6 2 3 .7 8
1 0 6 ,2 8 1 ,7 3 3 .7 2
Loans, D iscounts and Bankers’ Acceptances
.
.
Accrued Interest R e c e i v a b l e ........................................
8 7 8 ,9 5 1 ,9 0 2 .0 8
8 ,0 4 6 ,3 0 3 .8 8
M o r t g a g e s ...............................................................................
Custom ers’ Acceptance L i a b i l i t y .................................
6 ,9 5 9 ,0 3 4 .4 6
5 ,3 9 3 ,7 0 2 .2 9
Stock o f Federal Reserve B a n k ........................................
7 ,0 5 0 ,0 0 0 .0 0
Banking H o u s e s ..................................................................
O ther Real E s t a t e ..................................................................
3 5 ,5 1 8 ,3 7 8 .8 5
4 ,9 7 9 ,0 7 6 .8 0
O ther A s s e t s ........................................................................
2 ,8 0 0 ,1 9 0 .5 8
$ 4 ,7 6 5 ,9 9 9 ,5 7 5.22
L IA B IL IT IE S
Capital Funds:
Capital S t o c k ..............................$ 1 1 1 ,0 0 0 ,0 0 0 .0 0
S u r p l u s ........................................
U ndivided Profits . . . .
1 2 4 ,0 0 0 ,0 0 0 .0 0
4 3 ,1 0 6 ,9 5 4 .5 5
$
2 7 8 ,1 0 6 ,9 5 4 .5 5
Reserve for C o n t in g e n c ie s ..............................................
Reserve for T axes, Interest, etc.......................................
9 ,3 9 0 ,2 7 5 .6 6
6 ,7 6 3 ,7 3 1 .4 2
D e p o s it s .....................................................................................
Acceptances Outstanding
.
. $ 1 1 ,7 2 4 ,8 2 1 .1 4
Less A m ount in Portfolio
.
5 ,7 7 1 ,7 9 1 .6 3
4 ,4 5 7 ,5 8 1 ,7 3 1 .3 9
5 ,9 5 3 ,0 2 9 .5 1
Liability as Endorser on Acceptances
and Foreign B i l l s ...........................................................
2 4 2 ,1 5 6 .3 6
O ther L i a b i l i t i e s ..................................................................
7 ,9 6 1 ,6 9 6 .3 3
$ 4 ,7 6 5 ,9 9 9 ,5 7 5 .2 2
United States Government and other securities carried at $ 1,0 3 4 ,2 8 1 ,0 2 5 .0 0 are pledged
to secure U . S. Government W ar Loan Deposits o f $832,817,443-23 and other public
funds and trust deposits, and for other purposes as required or permitted by law .
M e m b e r F e d e r a l D e p o s it In su ra n c e C o r p o r a tio n
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 1944
n o i # jH W e / t e r n
The following letters were received
from Northwestern Banker readers.
Your vien s and opinions on any sub
ject will be gladly published in this
column.
Oldest Financial Journal West of thefMississippi River
"Bank Examiners, Please Note"
“ A M ajor A1 W illiam s says in the pages
of a recent issue of Look Magazine, ‘ As
an aviator, I ’d say we can ’ t afford to. In
the cockpit of a modern fighting plane, the
pilot must be as emotionless as a bank
examiner. A flyer must do his hating on
the ground.’ ”
It. C. II.TERLEID, Assistant
Cashier, Security Trust and
Savings Bank, Decorah,
Iowa.
"Bank Earnings Good"
‘ ‘ 1 note that Marshall Corns ’ article in
your A pril N o r t h w e s t e r n B a n k e r speaks
of lower net earnings of banks.
“ A n April 10th Barron’s article states
that New York City bank earnings have
risen 32 per cent and stockholders may get
more.
Also, an article in the American
Banker of the same date states that New
York City banks show increased earnings
for quarter.
Twenty-two out of twentyfive banks had higher indicated earnings
for the first quarter of this year than for
the first quarter of 1943.
“ Indeed, it seems to me that better
earnings are universal all over the country,
or at least they could be if bankers would
grasp the numerous investment and other
opportunities which are presented to them. ’ ’
P r e s id e n t of a N e w Y o rk
I n v e s t m e n t S e r v ic e .
"I Pass It On"
“ Would you please send about four copies
each o f the pictures in the March and
April issues of the N o r t h w e s t e r n B a n k e r ,
nam ely ‘ W om a n D riv e r’ and ‘ Be It E ver
So H u m b le .’
“ W e enjoy the N o r t h w e s t e r n B a n k e r
very much and pass it on to the neighbors
when we finish reading it. ’ ’
M r s . F . C. M e y e r , Maynard,
Iowa.
IN T H IS M A Y , 1944, IS SU E
Editorials
A cro ss the D esk fro m the P u b lish e r.................................................................................... .
D e ar E d ito r ...........................................................................................................
F ro n tisp a g e ............................................................................................................................................. 11
A r e Good B ank D irectors A lw a y s Good B ank M a n a g e r s ? .............. L. S. Smith 12
W ill L ivestock H a ve E n ou g h to E a t ? ................................................. Ivan E . Bennett 13
Connect Y o u r B ank A d v e r tisin g w ith C u rren t C o nditions............................. ............
............................................. ......................................... S. P. Goodenough 14
H o w C o u n try B an ks Can In vest T h e ir M oney P ro fitab ly................ P. P. Butler • 15
A . B. A . P osition on B ro w n -M a y b a n k B ills ........................................................... ............ 16
N e w s and V iew s o f the B a n k in g W o r ld ............................................Clifford De P uy 18
Can a P ortion o f a C o n tra ct Be R escin d ed ?................................................. ...................... 20
Do Y ou T hink B ank A d v e r tisin g Is O v e r -E m p h a siz in g the B a n k e r’s P a r t
in W in n in g the W a r ? ..........................................................................
L ife on the H om e F r o n t.................................. ............... ...................................................... —
"Touched Me Deeply"
‘ ‘ It lias not been for quite some time
that a picture on ‘ H o m e ’ has touched me
(Turn to page 28, please)
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
29
Insurance
H ow I Sold a P erfe ct E s ta t e ...................................................................Geo. F . Garrison 31
State Banking News
M in n eso ta N e w s ..................................................................... ......................................................... 35
D u lu th N e w s .......... ............................ -.......................... ......................................................... 35
37
T w in C ity N e w s ............................................................- ....................................................
South D a k o ta N e w s ................................................................. ......................................................... 41
S iou x F a lls N e w s ............................................................ ......................................................... 41
N o rth D a k o ta N e w s ................................................................ ......................................................... 43
43
F a r g o N e w s ............... -...............-.................................. - ......................................................
45
N e b rask a N e w s ........................................................................ ...............................................
J u n io r B a n k ers N e w s .................................................. ................ ....John Lauritzen 45
A t the N e b ra sk a Group M ee tin g s— P ictures ......................................................... 47
O m aha C le arin gs .................................. ......................... ......................................................... 49
In v e stm e n t F e a tu res o f F H A M o r tg a g e s ......... ............................ H olger H olm 51
Iow a N e w s .............. ................................................................... ......................................................... 53
Iow a Group M ee tin g D a te s ....................................... ......................................................... 53
Io w a G roup M e e tin g P r o g r a m s ............................. 58, 60, 6 2, 64, 65, 6 6, 68, 70
The Directors1 Room
A F e w S h ort S tories to M ake Y o u L a u g h ............................................................................. 74
Conventions
curity State Bank, Mannaford, North Dakota.
8
Feature Articles
------- ................................................................................................................................. 74
"Home Sweet Home"
‘ ‘ I would like four extra copies of the
Home Sweet Home picture in the A pril
issue of the N o r t h w e s t e r n B a n k e r . ”
A . C. B r o w n , Cashier, Se
N U M B ER 682
F O R T Y - N IN T H Y E A R
•
•
N O R T H W E S T E R N B A N K E R , 527 Seventh St., Des Moines 9, Iowa, Telephone 4 -8 1 6 3
C L IF F O R D DE P U Y , Publisher
R A LP H W. M O O R H E A D
Associate Publisher
H EN RY H. H A Y N ES
Editor
RU TH K IL L E N
Associate Editor
E L IZ A B E T H C O L E
Advertising Assistant
M A R G U E R IT E B R O W N
Office Supervisor
BETTY M IL L E R
Circulation Department
N EW Y O R K O F F IC E
Frank P. Syms, V ic e President, 505 Fifth A v e ., Suite 1806
Telephone MUrray H ill 2-0326
8
Across the Desk
From the Publisher
jbea/i Senator BuSi+tet MaybanJz:
It has been a long time since any banking leg
islation in Congress has stirred up the fight and
fuss which has been going on concerning the
Brown-Maybank Bills.
According to your bill and that of Congressman
Paul Brown, they were “ To amend the Federal
Reserve Act as amended to provide that the ab
sorption of exchange and collection charges shall
not be deemed the payment of interest on depos
its.’ ’
As we have followed the progress of this leg
islation, Senator Maybank, we have observed that
5 developments have taken place.
1. The Federal Reserve Board has been OP
POSED to your bills.
2. The Federal Deposit Insurance Corporation
has been in FAVOR of the bills.
3. Some state associations have been in FAVOR
of and some have been OPPOSED to the legisla
tion.
4. The Federal Reserve Board in a recent ruling
has changed its ideas and says that “ If a bank
absorbs exchange as a matter of operating effi
ciency and not as an inducement to attract de
mand deposits, it is not in violation of Regulation
Q ”
5. American Bankers Executive Council which
met recently in Chicago is opposed to the passage
of your present bills and asks Congress to define
in the law ‘ ‘ What is the payment of interest. ’ ’
Perhaps, Senator Maybank, we could call this
legislation “ Shooting at par” on the “ Q ” course.
Political golf, as you well know, is played the
year round in Congress, but it has been some time
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 1944
since so many legislative “ clubs” have been
swung for and against par clearance of checks as
has happened recently in the discussion of these
bills.
At the present time there are about 2,500 non
par banks out of approximately 14,500 in the
United States and your Brown-Maybank Bills
would make it legal to absorb exchange and col
lection charges without having them deemed the
payment of interest on deposits.
That is what the “ shooting” has all been about.
It is our belief that the suggestions contained
in the A.B.A. Executive Council resolution are
worth considering and the last two of these read
as follow s:
“ W e suggest legislation which would have three
purposes: (a) That Congress undertake to define
in the law what is the payment of interest, (b)
That Congress state in the law the limitations un
der which all insured banks may be permitted to
absorb exchange charges in incidental and minor
amounts, and assure to the banks their right to
perform other banking services to their deposit
ors. (c) To postpone for a reasonable period of
time the effective date of the law relating to the
absorption of exchange charges, thereby allowing
for adjustments.
“ The association reasserts its previous position
in opposition to the forcing of universal par clear
ance by Federal law or regulation.”
Certainly if bankers and government officials
are not clear themselves on the definition and
interpretation of the present law as to, “ What is
the payment of interest” and other items, it is
high time that such points were defined by Con
gress and made more clear in the law.
9
^ b ea / i tf-'ia ttJ z ly + t cM oJ ib ± :
Your new book “ Gold, the Real Ruler of the
is interesting, fascinating and most
worthwhile reading.
Gold is powerful because it has always had in
trinsic value.
Coal or iron or aluminum could have been used
for the same purpose if the peoples of the world
had recognized it as having intrinsic value, but
they didn’t and they chose gold.
King Tut, who died in 1350 B. C. at the age of
18 after he had been on his throne for 6 years,
left many articles of gold in his tomb which was
discovered in November, 1922.
This gold, after all these centuries, still had
intrinsic value.
As you point out, Mr. Hobbs, we have about 22
billion dollars of gold in this country and a little
over 3 billion dollars is ear-marked at Federal
Reserve Banks for foreign accounts.
Aside from the actual amount of gold owned
by the United States, the balance of it is owned
by the Federal Reserve Banks, which in turn are
owned by member banks and which in turn are
owned by individual stockholders. Thus, the
majority of our gold holdings in the United States
are owned by individual citizens who have bank
stock in member banks.
Your point that this gold is not simply idle in
vaults and of no use in our present business trans
actions is well brought out in your diaper, “ Who
Owns the Gold?”
Certainly the United States today with its 22
billion dollars of gold is in the most strategic
position of any nation in the world to take its
place at the head of the parade when World War
11 is over.
And, as you also emphasize, our leadership and
our continued progress as a world power will de
pend on our ability to handle our gold supply in
the best possible manner, to stimulate our trade
with other nations.
There are at least 8 points which impress us
as worth remembering, Mr. Hobbs, and they are
these:
World, ’ ’
1. “ It is the law that 40c in gold be held in
reserve against each dollar of Federal Reserve
Notes outstanding.
2. “ Federal Reserve Banks own gold enough,
which United States Treasury is holding for them,
to furnish the legal gold backing for 3 times as
much currency as there is now in circulation,
should we ever need it.
3. “ W e are off the Gold Standard but our
money is still backed by gold.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
4. “ The fear of Printing Press money in the
United States is a fear absolutely without founda
tion in fact.
5. “ Every dollar in money now in circulation
in the United States is in reality backed by more
than a dollar in gold, plus the total asset worth,
plus the total taxing power of the United States
Government.
6. “ Germany in 1923 (with 8 billion marks for
one postage stamp) had absolutely nothing be
hind its printing press money, not even the guar
antee of the then bankrupt Republic.
7. “ We have the gold and the manner in which
we shall use it will determine whether the civil
ized people of the world will live in peace and
comfort or whether these people shall continue
to war against each other during the coming gen
erations of time.
8. “ The United States of America controls the
world’s gold. This gold is the master key to the
destiny of Nations. The key which will liberate
the peoples of the world.”
As keepers of the Golden Key, let us hope that
we can unlock those doors of trade and commerce
through which the peoples of the world can march
in peace, happiness and prosperity down through
the years of destiny which lie ahead.
3>ea^i
cMfcUmaA, cM. Q. ScU acltt
We think you are a snake in the grass and we
wouldn’t trust you around the corner.
You have always played both sides of the inter
national game and so far to your own benefit.
You have lived in America, you know American
business and banking methods, and when it was
to your advantage you played this side of the
ocean, and then when Hitler came to power, you
were first despised by him and then made yourself
apparently “ indispensable” and climbed on his
band wagon and became president of the reichsbank.
You are probably best described by Marshal
Hermann Goering as, “ Unloved, unwanted, and
indispensable. ’ ’
Also, Gustav Streseman, former foreign minis
ter, says that, “ Your high white celluloid collar
is the only clean thing about you.”
Therefore, as Germany’s defeat looms ahead,
we don’t want you or any of your kind to be
pushed forward by the crumbling Nazi govern
ment with the idea that you can win the peace
for them, because anything you win for them will
be to our loss and detriment.
It is even a sacrilege to a great American that
your initials “ II. G.” stand for “ Horace Greeley.”
Northwestern Banker
May 19bb
10
WHERE FRIENDLINESS IS A TR A D ITIO N . . .
WHERE THE P R O M PT . EFFICIENT H A N D '
LING OF EVERY CORRESPONDENT AND
TRANSIT ITEM IS AN INVIOLABLE RULE
" D o u ta i tf-'U e + id ly B a * v h "
T he C entral N ational
BANK AND TRUST COMPANY
M
MEMBER
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May
FEDERAL
a in e i,
DEPOSIT
9 o w a
INSURANCE
CORPORATION
11
I f you w ould lik e extra co p ies o f this p ictu re w e w ill b e glad to sen d them to y o u w ith our com p lim en ts.— T he N orth w estern B anker.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker
May
12
A re G ood Bank Directors
A lW C ty S
G oo d Bank Managers?
V e ry seldom, says this director, and su ggests that the selection of a
responsible bank personnel is one of the m ost im p o r
tant steps tow ard successful bank operation.
H
OW a lowly country bank director
can be expected to contribute
anything readable on this wellworn subject is not very clear, unless
perhaps the very humbleness of his
position in the banking scheme of
things might give him a somewhat
unusual viewpoint.
For quite a number of years I have
been a bank director of a small bank
in a comparatively small country town.
In such banks as ours bank directors
are not bankers. They don’t even
think they are.
For years they have had it drummed
into them that it is their duty to con
sider the bank as being the trustee of
the depositors’ funds and they have
learned this lesson thoroughly.
They also know full well that while
they are keeping safe the funds of the
depositors they must also find a way to
provide the bank with earnings which
will yield a fair profit.
The ordinary country bank director
may be fairly successful as a manufac
turer, merchant, or professional man,
but in most cases he couldn’t hold a
teller’s or a bookkeeper’s job in a bank
and a bank under his active manage
ment would probably find itself high
and dry on a rocky shore within four
or five years after he took charge of it.
No Racket
Country bank directors, looking
backward to the tough going of 1932,
1933 and 1934, don’t consider banking
to be an easy money, short hour racket.
They know the business for what it is;
a keenly competitive profession re
quiring exceptional skill, training, edu
cation and judgment. They know that
in it there are no present day oppor
tunities for quick and large profits, and
that on the contrary the interest earn
ings must be augmented by thousands
of tiny items taken in the form of serv
ice charges.
These are only a few of the present
day banker’s trials and tribulations.
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May
By Lucius A . Smith
Director
S t a t e Bank of F ar i bau l t
Far i bau l t , Mi n n e s o t a
They make no mention of the labor
shortage, mortgage loan payoff, keep
ing track of government trends and
policies and any number of others.
The experienced director will listen
with lack-lustre eye while you tell him
it is his duty to attend all bank meet
ings, be careful of the bank’s invest
ments and maintain good public rela
tions. He will casually agree to all of
these. He will also readily agree that
he is the trustee of the depositors’
money; that it is his duty to look first
to the safety of the depositor and sec
ond to the profits of the bank. But you
will scarcely gain his interest unless
and until you get to talking about bank
management.
More Than Luck
At that point his eye will kindle and
as likely as not you will begin to hear
about how well his own bank is being
managed. After hearing him through
perhaps you will politely remark that
the bank is very lucky to have such a
good man in charge of it, to which he
is likely to reply, “ Luck, hell! The
first duty of the board of directors of
a country bank is to find a top-notch
bank manager. He should be a pro
fessional banker with the skill and
experience of a Morgan partner and
the tact of a minister to Turkey. When
you find him, pay him his price, but
remember that in spite of his virtues
he is not immortal and that possibly
his feet are made of clay. This being
the case you must always have his
successor available. This is the board’s
second most important duty.”
Your director will be right. Under
present banking conditions no bank is
safe w ith o u t expert management.
Strange to say, ordinary business men
are better fitted to pick a bank man
ager than they are to run the bank the
manager will take charge of. It is
impossible to exaggerate the impor
tance of the making of such a selection.
The whole future of the bank, its de
positors and directors and, to quite a
large extent, the future of the city in
which the bank exists are directly con
cerned.
The directors, though they are not
bankers, are nevertheless men of expe
rience and some discernment. They
have friends and business acquaint
ances over a wide area and are able in
one way and another to command com
petent advice. If they realize the ex
treme importance of their undertaking
they will take the time and pains neces
sary to do this number one duty with
the utmost skill and thoroughness
Pat on the Back
When the job has been well done
they will find themselves passing men
tal resolutions of self-congratulation at
every directors meeting thereafter.
A banking organization with a wellselected bank manager at its head will
operate as perfectly as an All-American
football team with a coach at quarter
back. It is true, of course, that many
a director may never have the oppor
tunity to take part in selecting a bank
manager. On the other hand, he may
find the job on his hands at a mo
ment’s notice. Even the bank which
has a first-class man at its head is like
ly to lose him to the armed services,
the grim reaper, or to more lucrative
employment at any moment, in which
event the directors will immediately
find themselves faced with the impor
tant duty of selecting his successor.
Upon the manner in which they rise
to the opportunity so presented may
depend the whole future welfare of
their institution.
13
W ill Livestock Have
to Eat?
G iv e n Favo rab le W e a th e r A m e ric a n Farm ers Should Be A b le
To M ain tain Production
an excel
lent performance by our farm
ers last year in producing record
grain crops, considerable apprehen
sion is developing over the prospect
of a livestock feed shortage before the
current year’s new production be
comes available. Naturally the threat
of a short crop from drouth or other
causes would still further aggravate
the situation and result in rather ex
tensive liquidation of livestock, es
pecially should such a condition be ac
companied by an end of the war in
Europe. Fortunately, ample spring
rains have for the present removed the
drouth spectre, and calculations based
on at least an average crop appear
reasonably justified.
Cattle and hog numbers are at an
all time high, which means heavy corn
consumption. Sheep, as well as horses
and mules, are decreasing in numbers,
but not sufficiently to offset the in
crease in feed consuming units repre
sented by cattle and hogs. Increased
poultry production, also, has added to
the strain on our feed supply, but
recent low prices for eggs and shortage
of labor seem to be bringing about a
curtailment in that industry.
The principal feed scarcity encoun
tered up to now since the outbreak of
the war has been in the protein con
centrates and commercial mixing feeds
requiring such concentrates. This year,
however, there is every indication that
the shortage of carbohydrates may
prove even more serious than that of
proteins. In fact, it has been sug
gested that the rapidly developing
scarcity of carbohydrates, such as corn
and wheat, may reduce the outlet for
protein concentrates to commercial
feed mixers who use both in their
products. This possibility is offset by
the probable use of a higher percentage
of such proteins in the event carbohy
drates are unavailable in desired
volume. In fact, it is no doubt true,
as contended by some, that there never
has been at any time in the past a real
surplus of protein concentrates. What
appeared as a surplus at times would
undoubtedly have gone readily into
consumption had feeders then general
ly realized as fully as at present the
advantage of using such concentrates
in balancing the livestock ration.
o t w it h s t a n d in g
N
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
bushels (a larger supply than was ex
pected by some in the trade and 14
per
cent above the 1933-42 average)
Li ve S t o c k Nat i o na l Bank
the amount is nevertheless 261,000,000
Chicago
bushels less than was available on
the same date last year. Moreover,
the disappearance from farms during
the first three months of 1944 has
amounted to the record total of 882,000,000 bushels. It requires only a
simple mathematical calculation to
show that, at the same rate of disap
pearance, the remaining supply would
be entirely exhausted in less than four
months. Present commercial stocks
are not much of a factor—only about
12.000. 000 bushels on April 12th—but,
of course, as grass time arrives the
rate of corn consumption for livestock
feeding diminishes considerably. Fur
thermore, some liquidation is taking
place in both hogs and cattle which
will further reduce this rate of con
sumption. Also, considerable wheat
is being substituted for corn in live
stock feeding and low grade flour is
replacing ground corn in many com
mercial mixed feeds.
The wheat reserve situation is none
I V A N E. B E N N E T T
“ L e t’ s su rprise the p essim ists”
too comfortable either, but, fortunate
ly, Canada has reserves that can be
Industrial demands for corn are not drawn upon. The supply of wheat on
being met by the supply now moving farms April 1st was estimated at 218,from farms and some processing 000,000 bushels, as against 325,000,000
plants have been forced to shut down, bushels a year ago. Farm disappear
while others are operating on a sub ance during the three months from
stantially reduced schedule. The War January 1 to April 1, 1944, was
Food Administration is currently con 166.000. 000 bushels, slightly less than
sidering ways and means of inducing for the corresponding period last year
the movement of more corn from but still the second highest of record.
farms into commercial channels and However, commercial stocks totaled
before the new crop is available farm about 124,000,000 bushels on April 12th
reserves may diminish to the point and the Commodity Credit Corporation
where feeders running out of corn will feed wheat stock was reported as of
be unable to replace it. This will cer April 8th at about 115,000,000 bushels.
tainly be true, and is probably true Including importations expected to be
today, in many feed deficit areas that made from Canada up to 100,000,000 to
normally are dependent upon the in 150.000. 000 bushels before the end of
shipment of corn. The cornbelt states June, it is estimated that possibly by
are in a more favored position in this that date a total of 500,000,000 bushels
respect than other sections of the of wheat will have been used for feed
country, but are not so well situated during the crop year. Whereas the
as some in respect to the supply of carryover on June 30th last year was
proteins.
618.000. 000 bushels, it now appears that
we will arrive at the end of June this
Corn Reserve Low
year with a reserve of no more than
Although the recent Department of 300.000. 000 bushels. In the light of
Agriculture report shows corn on these figures, it is easy to understand
farms April 1st at about 1,113 million why importations of Canadian wheat
By Ivan E. Bennett
Vi ce P r e s i d e n t
Northwestern Banker
Mai/ 1.944
14
are being made as fast as transporta
tion facilities will readily permit.
Although the disappearance of oats
from farms between January 1 and
April 1, 1944, was substantially less
than a year ago at 291,000,000 bushels
compared to 377,000,000 bushels, the
total supply remaining on farms was
only 418,000,000 bushels compared to
505,000,000 bushels a year ago. Very
Connect Your Bank Advertising W ith
Current Conditions
By S. P. Goodenough
Vi ce P r e s i d e n t
L i n c ol n- Al l i an c e Bank & Tr us t C o m p a n y
R o c h e s t e r , N e w York
HE bank War Bond sales effort in
World War II has been no digni
fied and stuffy appeal. Bank after
bank has used effective, dramatic and
compelling art work and copy. The
bank’s name has been linked with live,
human interest appeal that would have
been sacrilege to the frock-coated bank
ers of a generation ago. W e’ve come
out of our marble and bronze lobbies
and mixed it up in the street where
real folks are. And this, I think, has
helped us as bankers a long way in the
growing estimation and respect of the
general public.
I believe this humanizing—this re
vitalizing of our sales effort will stay
with banking. Let’s hope we’ve done
away with stiffness and an over-regard
for our dignity; with the inspiration of
the war effort back of us—most of us
will be going out after business with
all the zest, fervor and salesmanship
we’ve been putting into our wartime
advertising.
It is difficult for any one bank to tell
banking’s story in this war effort. It
has occurred to me that chartered
banking, as a whole, is missing a dra
matic opportunity in its public rela
tions program in not telling its story
through some concerted effort at this
time, when banking’s efforts and objec
tives are so obviously in line with
those of the general public.
With consumer credit loans running
off-—due to lack of purchasable goods,
autos, refrigerators, etc., with the need
of personal loans cut down by the larg
er earnings of many families—to say
nothing of restrictions of Regulation
W, there has seemed little point in vig
orously promoting small loans during
the past two years. The occasional
small loan ad has been chiefly, it
seems, to remind the public we’re still
in the business.
Safe deposit boxes for War Bonds
can be sold if you have any. In selling
boxes for War Bonds we’ve empha-
T
iNorthwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May
sized the value of keeping all one’s
important papers in the box. Our cir
cular contains a long list of such items
that may be checked off and serve as
a reminder to the new customer.
There seems to have been good busi
ness in promoting special checking
services—keying the appeal to the war
worker and especially to the women
war workers who are in the money
today.
I believe the tremendous increase in
the use of banking facilities by the
general public is going to remain with
us after the war if we continue to have
some regard for needs of that public.
The past two years has given us an
other opportunity that many banks
have taken advantage of—an oppor
tunity to introduce color into our bank
lobbies—in the form of the colorful
flags of our Allies. Color is very much
needed in most of our austere and for
mal, almost forbidding, bank lobbies
today. Color need not be garish or
gaudy—it can bring warmth and hu
man appeal to many a frozen banking
room.
Since Pearl Harbor, we’ve had flags
(3x5) of our Allies hanging in our
bank lobby. Every pilaster has car
ried a colorful recruiting or War Bond
poster. We just finished with an ex
hibit of 100 official war photographs.
It’s all part of the pattern we’ve been
working on and we try not to miss
an opportunity to humanize this bank
ing business.
Then, and this may sound a bit
crazy to you (but it’s not so crazy),
we broadcast music at intervals during
the banking day—throughout the bank
ing floor and up into the bookkeeping,
transit and statement departments.
I believe that a bank’s promotional
program gains strength and signifi
cance to the extent that it is tied into
what is currently of uppermost inter
est in the community it serves.—END.
little is moving into commercial chan
nels, and arrangements are now under
way for the importation from Canada
of at least 20,000,000 bushels along with
the wheat which is coming regularly.
Agencies of the Government are re
ported to be also exploring the possi
bility of obtaining supplemental corn
supplies from Argentina, but trans
portation difficulties are likely to prove
an obstacle, especially after the in
vasion is under way in Europe—and
up to this writing we still haven’t
recognized the new Argentina gov
ernment.
There is practically no feeding bar
ley available, maltsters using most
of what moves commercially, and the
situation with respect to mill feeds,
oilseed meals, brewers and distillers
grains, tankage, and other commercial
concentrates continues tight, but no
more so than a year ago except in the
case of the corn feeds, such as gluten
feed and meal. There is even some
indication of a slight betterment in
respect to the oil meals and particu
larly soybean meal. Also alfalfa meal,
especially of the medium grades, ap
pears to be in better supply compared
to the demand, but by and large the
supply of all these concentrates con
tinues to lag behind the demand and
will probably do so for the duration.
Many factors enter into this feed
situation — some unpredictable — and
nothing will be gained by undue alarm,
but it is an unescapable fact that our
grain reserves are rapidly being con
sumed and only by stretching the re
maining supply to the utmost can a
serious shortage be avoided. Ordina
ry prudence would certainly seem to
dictate that livestock operators adjust
their programs for the remainder
of this season to the feed now on hand
or of known availability, and be pre
pared to meet the situation should the
threatened depletion of our grain re
serves actually reach a critical stage.
Good pastures will carry cattle and
sheep through, but hogs and poultry,
as well as producing dairy cows, need
some concentrates in addition.
What the picture will be next year
is in the lap of the gods. The outcome
of this year’s crop is, of course, all
important. Fears have been expressed
that farmers, under the handicap of
confusing regulations and labor and
machinery shortage, will not be able
to hold the pace set last year in crop
production, but the American farmer
is a natural producer and given to
heavy production even under adverse
conditions.
He may grumble and
grouse at times, not without some
justification, but when the final test
comes he rolls up his sleeves and does
the job—even better than expected.
15
How Country Banks Can
Invest Their M oney
P r o fita b ly
Banks Differ, But the Basic Principles of Investm ent A re
M u c h the Sam e
AM not going to discuss our note
portfolio as it relates to our invest
ment program, except to caution
that, in our anxiety to increase our
loan income, we not compromise our
standard quality requirements. I feel
that under present conditions notes
are so few and far between that they
no longer represent much of a prob
lem. I shall confine my discussion to
other types of income investments.
To arrive at a program for our in
vestments in non-local assets, it be
comes necessary to first make a careful
study of the balance sheet of our own
bank and, particularly, to carefully
analyze the capital structure and de
posit liabilities. This analysis of cap
ital and deposits will enable us to de
termine the purpose for which we are
to invest. In the average bank, I think
that it will develop that investments
are to be made for the following pur
poses:
I
By P. P. Butler
E x- Vi ce P r e s i d e n t
F i r s t Nat i o na l Bank
Ho u s t on , Texas
Secondary Reserve
It must be realized that as a prac
tical matter there are certain limits of
size below which a secondary reserve
should not be allowed to fall. I wish,
again, that I could tell you of some con
P. P. B U T L E R
venient means of computation—some
Discusses Investment Portfolio
kind of slide rule method that might be
available by means of which we could
quickly find the size of a desirable
(b) The higher the ratio of total
secondary reserve for a particular deposits to capital structure, the great
bank, but, unfortunately, I know of er should be the liquidity of the sec
no such rule or means available. We ondary reserve.
must determine our secondary reserve
(c) The lower the liquidity of the
by an intelligent application of good assets in which capital funds are in
judgment based, partly, upon experb vested, the greater should be the
ence and, partly, upon a study of pres liquidity of the secondary reserve.
ent and future economic trends.
(d) The lower the amount of local
The determination of the liquidity
loans and discounts eligible for redis
required for the secondary reserve is count, the greater should be the liquid
quite important in the selection of in ity of our secondary reserve. It has
vestments for that purpose. There are been quite some time since this has
a number of factors that may assist been much of an item and yet it is one
in this determination, some of which, that must be reckoned with in this
with their effects, may be summarized determination.
briefly, as follows:
It is my judgment that for our sec
(a)
The greater the rapidity of de ondary reserve, we should confine our
cline of deposits in any given cycle, investments to Governments, Short
the greater should be the liquidity of High Grade Municipals, due within one
the secondary reserve.
to two years, if available, and, perhaps,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
some very High Grade Corporates.
Now as to the maturity of the Govern
ments for this purpose, there is a wide
difference of opinion. Some banks feel
for that purpose any maturity of gov
ernments are acceptable, but it is my
judgment that with the uncertainty of
these large deposits which most of us
have, the conservative thing to do is
to stay in short maturities.
I think it appropriate right here to
call to your attention the weekly offer
ings of Treasury Ninety Day Bills
which are presently being purchased
on a % of 1 per cent yield basis. In
order to encourage the smaller banks
to buy these Bills, the Federal has
simplified their purchase by eliminat
ing the bid feature and allocating to
each purchaser up to $100,000 at a fixed
% of 1 per cent yield basis and, to
guarantee their liquidity, have agreed
to take them off your hands on a
moment’s notice on the same yield
basis, granting you the re-purchase
privilege.
Also the different offerings of Cer
tificates of Indebtedness, running up to
12 months with coupons yielding % of
1 per cent, offer very attractive invest
ments for the short time secondary
reserve account. The Federal Reserve
now offers to loan par value against
any government bonds due within one
year at a rate of V2 of 1 per cent. These
two types of government securities
give liquidity almost like cash itself
and still give some earning.
We must depend upon investments
for purposes other than our secondary
reserve account to supply the greater
part of investment earnings.
Security for Special Deposits
Many banks have large deposits of
special funds, particularly public
funds, which must be secured by the
deposit of acceptable securities. In
the selection of investments for this
purpose, we must take into account
any particular restrictions which
might appear in our depository con
tract, the mean average of such de
posits and the time limit of the deNorthwestern Banker
May 1944
pository contract. Investments must
be selected that will meet the require
ments of the contract and which will
either have maturities corresponding
with the expiration of the contract, or
with a marketability which will rea
sonably assure our being able to liqui
date at the expiration of the special
deposit contract.
Investments for Specific Functions
There are certain instances, such as
depositing securities with the State
Treasurer to qualify to serve in fidu
ciary capacities, etc. In the selection
of securities for these specific special
purposes, it is, of course, also neces
sary that we comply with any restric
tive qualifications and that we try to
select maturities that will coincide
with the anticipated length of life of
the specific function.
Investment Account
The investment account of the bank
is set up for an entirely different pur
pose from that of the secondary re
serve account and this difference must
be fully realized before any attempt is
made to deal with either. The major
object of the secondary reserve ac
count of the bank, is to provide it with
liquidity; hence the principal char
acteristics of the assets incorporated
in this account are safety and liquidity,
with yield only a third consideration.
The investment account of the bank
should be organized to produce income.
For this reason, safety is the first con
sideration as no bank should hold as
sets that are not thoroughly safe.
Yield, however, not quality, is the sec
ond factor of importance, with liquid
ity third. Liquidity, however, in the
investment account can be no more
entirely overlooked than yield should
be in the secondary reserve account.
It may be seen then that the objects
of these two accounts are different and,
therefore, the characteristics of the
assets to be selected for them are also
different.
The second most important factor
in the selection of investments for this
account, is their maturity. The longer
the maturity of a bond at the time of
its purchase, the longer the time in
which it may deteriorate and hence the
greater should be the care in its orig
inal selection.
I believe that the use of the invest
ment account as a trading account for
country banks is pretty generally con
demned. In the case of the large city
banks, with their highly trained staff
of investment personnel to watch the
trend of the market and make their
switches before the market changes,
there is some justification. As a mat
ter of fact, the switching in and out of
the market by the large city banks con
tributes more than anything else to
making the market. But we old coun-
A . B. A . Executive Council States Position
on Brown-Maybank Bills
3. The Association believes that the
Brown-Maybank bills should not be
enacted because they constitute an
Maybank bills at its meeting in Chi inadequate and unsatisfactory solution.
4. We suggest legislation which
cago last month.
The position of the A. B. A. on the would have three purposes:
a. That Congress„undertake to define
Brown-Maybank bills which are now
in the law what is the payment of
before Congress is as follows:
1.
The Brown-Maybank bills seek to interest.
b. That Congress state in the law
correct a conflict which has arisen be
tween government supervisory author limitations under which all insured
ities out of divergent interpretations banks may be permitted to absorb ex
of the law. This conflict has subjected change charges only in incidental and
many of the banks of the country to minor amounts, and assure to the
confusion and inequity in important banks their right to perform other
banking services to their depositors.
aspects of their operations.
2.
These divergent interpretations of c. To postpone for a reasonable pe
the law by the government supervisory riod of time the effective date of the
agencies apparently can only be cured law relating to the absorption of ex
by Congress, putting into the law its change charges, thereby allowing for
own interpretations of what was adjustments.
5. The Association reasserts its pre
meant by the payment of interest in
the Banking Act of 1935. An interpre vious position in opposition to the
tation of the law should not be left forcing of universal par clearance by
to regulations of government agencies. federal law or regulation.—END.
ELOW is the position taken by the
Executive Council of the American
BBankers
Association on the Brown-
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May
try boys haven’t any business in there
because we usually find out about the
trend after the city boys have made
their shift and the change has taken
place—too late for us to do anything
about it.
At present it seems that about all
that we can hope to get for our invest
ment account are Governments, High
Grade Municipals and, perhaps, a small
percentage of good Corporates.
Governments
Now about Governments. I think
that we all realize and are agreed that
the needs of the Treasury which will
be very large for some time to come,
will completely dominate the money
market, at least, during the War and
for a short period thereafter. We
agree, also, that the power of monetary
management—the Federal Reserve
Board, the Reserve Banks and the
Treasury will keep money rates low
for the duration of the war and for
that post war period in which we will
continue to have large deficit financ
ing. The policy as to the rates to be
paid for the money necessary to
finance the war, as annunciated at the
beginning of the war, have been ad
hered to and it seems apparent that
they will continue to be adhered to
because those powers that have the
authority to fix the rates have the
power to control them.
The general level of prices obtaining
in the Government bond market is a
product of the very processes which
have encouraged growth in the supply
of money. Steps taken to encourage
a reduction in money supply must, of
necessity, tend to stiffen money rates
and hence to reduce bond prices. We
know that the Treasury will be under
the necessity of offering many funding
and refunding issues in the post war
years and hence have about the same
reason to desire low interest rates then
as in the past and, in addition, the
banks with so large a part of their
assets in these Government Bonds
have almost as vital an interest in the
maintenance of the prices of these se
curities.
It is very difficult for those who ex
perienced the decline in the market of
Governments after the last war to
have confidence in the stability of the
market after the close of this war and
I do not pretend to be smart enough
to say to you that there will not be a
decline, but I do say that factors which
influenced the market at that time and
those that exist now are quite different.
It seems to me then that we can,
with propriety, invest a large per
centage of our funds for investment
account in medium Government se(Turn to page 50, please)
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
17
Northwestern Banker
May t9\\
18
N e w s a n d V ie w s
OF THE BANKING WORLD
By Clifford DePuy
T
HE SPRING meeting of the Execu
tive Council of the American Bank
ers Association held at the Stevens
Hotel last month was very well at
tended. In fact, it followed almost
immediately after the Reserve City
Bankers annual gathering at the Edgewater Beach.
The lobbies, the lunchrooms and the
cocktail lounges all buzzed with a dis
cussion of the Brown-Maybank bills
and whether the absorption of ex
change fees by city banks was to be
considered interest paid on demand
deposits.
While the A. B. A. Executive Coun
cil was meeting, the Federal Reserve
Board in Washington ruled that if a
bank absorbs exchange “as a matter
of operating efficiency” and not as an
inducement to attract demand de
posits it is not in violation of regula
tion Q.
Bankers immediately asked “How
will the Federal Reserve Board or
anyone else decide such a point?”
He said they flew from Newfound
land and it took 24 hours. The leav
ing time over here is arranged so that
they will arrive in England in the
morning. He said they had “smooth
sailing” and he enjoyed very much
his 30-day visit in the British Isles.
Robert V. Fleming, president of the
Riggs National Bank, Washington, and
past president of the A. B. A., was
elected president of the Association
of Reserve City Bankers at the annual
meeting in Chicago.
He succeeds
Colonel Dunlop C. Clark, wellknown banker of Kalamazoo, attended
the Executive Council meeting and
looked very stunning in his Army uni
form. Colonel Clark is stationed in
Washington with the general staff and
is Chief of the Fiscal Branch of a
special division of the War Depart
ment Special Staff.
tional Bank, Parkston, South Dakota,
asked Barry O. Olson, vice president
of the Midland National Bank and
Trust Company of Minneapolis, “Will
you pay exchange on my checks?”—
and Barry said, “ I always have and I
never will.”
The Hotel Stevens now has 2,300 of
its 3,000 rooms open for guests and
was turning them away on the Satur
day night previous to the convention.
This $25,000,000 “largest hotel in the
world” was recently sold by the Gov
ernment to the present owners for a
little over $5,000,000.
Tickets to the show “Oklahoma” in
Chicago have been sold out to August.
W. B. Hemingway, president of the
Mercantile-Commerce Bank and Trust
Company and past president of the
A. B. A., told us of his recent trip to
England and his airplane ride across
the Atlantic.
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May
Frank Warner, secretary of the
Iowa Bankers Association, is famous
for many things but especially so for
eating “grape-nuts at midnight”. Ap
parently this midnight habit is also at
tracting new converts as several other
bankers joined Frank in this gastronomical delight on two different occa
sions during the convention. These
new “grape-nutters” were R. A. Sweet,
vice president of the Story County
State Bank, Story City, and Charles R.
Gossett, president Security National
Bank, Sioux City.
Preston E. Reed, executive vice pres
ident of the Financial Advertisers As
sociation, tells us that, “The N o r t h
w e s t e r n B a n k e r is better every issue.
Don’t know how you do it. Our mem
bers and all bankers should appreciate
your articles on ‘good will’ and ‘pub
lic relations’ as they are their most
important assets.”
Wm. C. Rempfer, cashier First Na
Beo D. Kelly, vice president of the
Mercantile-Commerce Bank and Trust
Company of St. Louis, was connected
with the Santa Fe railroad before he
entered the banking business.
seen since he graduated from the Uni
versity of Iowa. The doctor had re
cently returned on the Gripsholm and
was a Japanese prisoner in Manila for
two years, along with 4,000 other
Americans. He said the American
military prisoners are treated worse as
a rule than the non-combatant prison
ers. The doctor had originally been
in China with the Rockefeller Foun
dation.
ROBERT
V. F L E M I N G
Mark A. Brown, vice president of the
Harris Trust & Savings Bank, Chicago,
president last year.
Elected vice president of the Asso
ciation was Walter Kasten, president
of the First Wisconsin National Bank,
Milwaukee, who succeeds J. H. Frost,
president of the Frost National Bank
of San Antonio, Texas.
Wallace M. Davis was re-elected
treasurer of the Association. He is vice
president of the Citizens Union Trust
& Savings Bank, Louisville. Joseph
J. Schroeder, Chicago, was re-elected
secretary for the 20th year.
Eugene B. Voss, assistant vice presi
dent Continental Bank and Trust
Company of New York, while standing
in the lobby at the Stevens met a
doctor friend of his whom he had not
William C. Miller, vice president of
the City National Bank and Trust
Company, Chicago, has been taking a
month’s vacation and rest at the Park
Hotel, Hot Springs, Arkansas.
R. O. (Ted) Byerrum, executive vice
president of the First Trust and Sav
ings Bank of Davenport, had Mrs.
Byerrum and their charming daugh
ter, Mary, with them at the Stevens.
Mary, who is 19, was on her way back
to school at Georgian Court College at
Lakewood, New Jersey.
Bt. Col. Banning MacFarland, vice
president of the Northern Trust Com
pany, is now on duty in the Balkans,
with Cairo as his base of operations.
The three “youngest men” at the
Council meeting were A. P. Giannini,
(Turn to page 26, please)
19
A n o th er le a d in g b a n k using H am m e rm ill S a fe ty
It is gratifying to us that checks of the Union National Bank in Kansas
City, Mo., are on Hammermill Safety. It has been our privilege to serve this
distinguished midwestern financial institution for many years.
The check shown below is on straight line Hammermill Safety paper in
buff with the surface seal of the Union National Bank.
w
Unionisation
*9 Kansas
MANUFACTURED
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BY
HAMMERMILL
PAPER
COMPANY,
ERIE,
PA. ,
FOUNDED
18 9 8 \V
Northwestern Banker
May 1944
Can a Portion oí a Contract
Be Rescinded?
a North Dakota banker, en
tered into a contract with Dietler
Bto URKE,
purchase a tractor, a three-bottom
plow, and two breaker bottoms for a
total purchase price, although in ar
riving at such total price the prices of
the three articles were separately
itemized. Subsequently Burke sought
to rescind the contract as to the tractor
and, at the same time, keep it in force
as to the other articles. Would such
action on his part be legal?
No. A right to rescind applies to the
whole of a contract and cannot be ex
ercised as to a part only. Where a
severable contract is involved, which
is not the case here, a partial rescission
may he had if justified;
An aggressive cashier of a bank was
confronted with the problem of col
lecting an overdue promissory note
from a saloon keeper. The cashier
obtained a judgment against the debtor
but could find no tangible property
owned by him upon which to levy.
Finally, the cashier hit upon the idea
of levying execution upon the saloon
keeper’s license to sell alcoholic bever
ages. Could he do this?
Yes, in certain circumstances. The
general rule on these matters is that
wherever the courts consider a license
to sell intoxicating liquors as trans
ferable property, it will he held sub
ject to execution, attachment or gar
nishment. On the other hand, where
they consider such a license a privilege
and not a property right, they will
hold it not subject to execution or at
tachment,
Many states, including Iowa, Idaho
and Texas, have statutes authorizing
the appointment of special or tempor
ary administrators of estates of dece
dents when, for some cause, such as
the pendency of a will contest suit, reg
ular administration is delayed. Re
cently, in Idaho, the question was
raised as to whether such an adminis
trator had the power to surrender
a warehouse receipt for wheat in stor
age for the full market price. Such ad
ministrator did not obtain special pro
bate authority for the surrender, but
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May Í9Ü
These and O th e r Timely Legal
Q u e stio n s A re A n sw e re d
By the
LEGAL DEPARTMENT
it was reasonably necessary that he
do so. Could he properly surrender
the receipt?
Yes, according to a recent Idaho
Supreme Court decision. In so hold
ing the court gave considerable weight
to the fact that, if the receipt had
not been cashed, the estate would
have been chargeable with expenses
in connection with the continued stor
age of the wheat.
As an incident to working out es
tate plans, the problem sometimes
arises of whether it is possible to pro
vide legally in a will for the amount
payable out of the estate for attorneys’
fees. Would it be your view that
such provisions are valid?
Although there is some doubt as to
whether an absolute restriction, such
as a maximum amount, placed by the
testator on the fees to be paid to
attorneys for the estate will be upheld,
since it may impede the executor
and the court in the proper administra
tion of the estate, the majority of the
few cases in which the question has
arisen hold that, generally speaking,
provisions in a will regarding the
amount payable out of the estate for
attorneys’ fees are valid and enforce
able.
Chew, in fraud of his creditors, con
veyed to Yargee certain real estate.
Both Chew and Yargee owed their
respective banks money that was due
and payable. Both banks moved in
court to subject the property to the
payment of their claims. Should the
bank which is first in point of time
in perfecting a lien against the prop
erty by judicial proceedings prevail?
Yes, under the general rule. Such
rule is that, as between a creditor
of a fraudulent grantor and a creditor
of the grantee, the one who is first
in point of time in perfecting a lien
against the fraudulently conveyed
property by judicial procedings will
prevail. Among the various courts so
holding, is the Supreme Court of Iowa.
Clemm. a South Dakota banker, pur
chased certain shares of stock in a
corporation authorized to do business
in that state. Subsequently, he learned
that the officers had mismanaged the
company. He sued on behalf of him
self and other stockholders similarly
situated to recover. At the trial, it
developed that the mismanagement
had occurred prior to the time the
banker acquired the stock. Can he
recover?
No. In South Dakota a stockholder
may not maintain an action on behalf
of himself and of other stockholders
similarly situated for alleged misman
agement and malfeasance on the part
of officers of the corporation prior to
the complainant’s acquisition of his
stock. This rule is also followed in
Iowa arid Nebraska. Decisions to the
contrary may be found in Michigan
and New York.
Hippie owed Russell $5,000 in West
Virginia for goods had and received.
Subsequently, Hippie entered into an
agreement with Russell to pay the in
debtedness when he, Hippie, was able
to effect the sale of certain real estate
owned by him. Was Hippie required
to pay the debt within a reasonable
time, irrespective of whether he sold
the real estate?
Yes. An agreement to pay a pre
existing debt when the promisor shall
be able to effect the sale of certain
real estate which he owns requires the
payment to be made upon the accrual
of reasonable time for accomplishing
such sale. Holdings to this effect may
he found in Illinois, Michigan, Nebras
ka, and Wisconsin.
Wilson, a Minnesota banker, owned
and operated in Minneapolis ten inde(Turn to page 42, please)
21
I r v in g
T
C
r u s t
ONE
WALL
o m p a n y
STREET
* NEW YORK
Statement of Condition, March 31, 1944
ASSETS
Cash on Hand, and Due from Federal Reserve Bank and Other Banks . . .
U. S. Government S e c u r itie s ..........................................................................................
$ 2 0 9 ,1 6 3 ,2 6 0 .6 6
6 8 0 ,1 1 8 ,6 0 3 .4 0
State, County and Municipal S e c u r it ie s .....................................................................
Other S ecu rities....................................................................................................................
Stock in Federal Reserve B a n k ......................................................................................
4 ,3 2 0 ,0 0 0 .0 0
1 ,9 4 1 ,3 9 8 .0 7
3 ,0 8 8 ,1 0 0 .0 0
Loans and D isco u n ts...........................................................................................................
First Mortgages on Real E s ta te ......................................................................................
2 1 3 ,2 3 0 ,7 4 5 .6 3
8 ,2 7 8 ,9 3 0 .2 7
Headquarters B u ild in g .......................................................................................................
Other Real E s t a t e ................................................................................................................
1 6 ,7 0 2 ,2 0 0 .0 0
7 7 ,8 0 2 .1 5
Liability o f Customers for A c c e p ta n c e s .....................................................................
Other A s s e t s ........................................................................................................................
1 ,9 8 8 ,8 3 7 .8 9
3 ,5 9 0 ,1 2 7 .2 9
$ 1 ,1 4 2 ,5 0 0 ,0 0 5 .3 6
LIABILITIES
D e p o s i t s ............................................................
Official C h e c k s ...............................................
$ 1 ,0 1 9 ,9 5 6 ,7 5 2 .0 6
7 ,5 4 4 ,3 4 2 .1 5
$ 1 ,0 2 7 ,5 0 1 ,0 9 4 .2 1
A ccep tances................. ......................................
Less Amount in P o r t f o l i o ..........................
$ 4 ,2 5 3 ,5 2 2 .5 9
1 ,8 3 4 ,9 3 5 .2 1
2 ,4 1 8 ,5 8 7 .3 8
.............................................................................. 3 ,9 7 8 ,2 5 3 .1 4
.............................................................................. 7 5 0 ,0 0 0 .0 0
.............................................................................. 9 7 0 ,2 0 5 .0 4
Reserve for Taxes and Other Expenses .
Dividend payable April 1, 1944
. . . .
Other L iabilities...............................................
$ 5 0 ,0 0 0 ,0 0 0 .0 0
5 6 ,8 8 1 ,8 6 5 .5 9
Capital S t o c k ....................................................
Surplus and Undivided P r o f i t s .................
1 0 6 ,8 8 1 ,8 6 5 .5 9
$ 1 ,1 4 2 ,5 0 0 ,0 0 5 .3 6
United States Government Securities are stated at amortized cost. Of these, $187,815,562.00
are pledged to secure deposits of public monies and for other purposes required by law.
Member Federal Deposit Insurance Corporation
BOARD
HARRY E. W ARD
Chairman of the Board
O. L. ALEXANDER
President
Pocahontas Fuel Company
Incorporated
HENRY P. BRISTOL
President
Bristol-Myers Company
JOHN F. DEGENER, Jr.
C. A. Auffmordt & Co.
REID L. CARR
President
GEORGE F. GENTES
Columbian Carbon Company Vice President
EDWARD H. CLARK
Chairman of the Board
HAROLD A. HATCH
Cerro de Pasco Copper
Vice President
Deering Milliken & Co., Inc.
Corporation
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
DIRECTORS
WILLIAM N. ENSTROM
President
JAMES W . HUBBELL
President
New York Telephone Company
WILLIAM K. DICK
K. LUKE
Chairman, Executive Committee ADAM
Vice President and Treasurer
National Sugar Refining
West
Virginia
Pulp and Paper
Company
Company
W . GIBSON CAREY, Jr.
HENRY FLETCHER
President
The Yale & Towne Mfg. Co. Fletcher & Brown
J
OF
HIRAM A. MATHEWS
Vice President
J. W HITNEY PETERSON
Executive Vice President
United States Tobacco Company
JACOB L. REISS
President, International
Tailoring Company
FLETCHER W . ROCKWELL
President, National Lead Company
MICHAEL A. MORRISSEY
WILLIAM SKINNER
President
President
The American News Company, Inc. William Skinner & Sons
AUGUSTUS G. PAINE
Chairman of the Board
New York & Pennsylvania Co.
FRANCIS L. WHITMARSH
President
Francis H. Leggett & Cempany
Northwestern Banker
May 194-b
22
Question: " D o you think
b a n k a d v e r t i s i n g is
o v e r - e m p h a s i z i n g the
banker's part in 'win
ning the war'?"
A banker says: “The banks of the
country have been very modest in ad
vertising their part in the war effort
and rightfully so, because after all
we are but doing the things in which
we are skilled—should we do less we
Production Lines are Battle Lines
W AR-TIM E B A N K IN G
SE RV ICE
adapted to the requirements
o f Correspondent Banks
would fail in our duty as American
citizens. All of our efforts combined
with those of industry only serve
to make it possible to keep our boys
in the front line of attack, well
equipped and well trained. In seeking
commendation from the public through
advertising our part in ‘winning the
war,’ we would run a poor second to
the boys who are giving their lives for
the same purpose.”
J. M. Easton, second vice president,
Northern Trust Company, Chicago:
“ I think that bank advertising gener
ally understates the banker’s part in
‘winning the war.’ Most of the ad
vertising of banks, coast to coast, is
written with restraint yet it effective
ly tells the story of the banks’ wartime
services to industry, the military per
sonnel and the civilian population.
Not all banks have taken advantage of
this opportunity to be articulate. It
is not too late for them to contribute
to the public’s understanding and ap
preciation of the growing usefulness
of our financial institutions.”
Dale E. Chamberlain, vice president,
Drovers National, Chicago: “On De
cember 8, 1941, we hurriedly pre
pared an advertisement entitled
“Teamwork—for All of Us, It’s AllOut Now to Win This Grimmest of
All Wars.” Since that time we have
used the ‘war theme’ in many of our
advertisements, but always in con
nection with the livestock grower’s
important place in the Food-ForVictory program.
“ I have noticed that the advertise
ments of other banks seem to be pre
pared with this same principle in
mind. Therefore, I would say that
bank advertising has not over-empha
sized the banker’s part in winning
the war, but I do think they have been
an important force in the promotion
of the war effort.”
in serving a Nation at war
Harold P. Klein, vice president,
Iowa-Des Moines National Bank &
Trust, Des Moines: “No.”
Bankers T rust Company
W . M. Sherrill, advertising manager,
First National, St. Louis, Missouri:
. . . “ If you refer to all bank adver
tising throughout the country, during
the entire period of the war, my an
swer is, ‘No.’ However, there have
been instances where it seemed to me
the banker’s part in ‘winning the war’
was rather overstated. This is, of
course, a matter of individual opinion,
but over-statements are likely to cause
unfavorable public reaction, and par
ticularly on the part of those in the
combat services.
It has happened
in the case of some industrial ‘war’
NEW
YORK
M em ber o f the Federal Deposit Insurance Corporation
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May Í.944
23
advertising. I believe bankers should
bear this in mind. It is a subject
which deserves thought, in any event.”
W. E. Brockman, vice president,
Midland National Bank and Trust,
Minneapolis: “Banks in this part of the
country have not over-emphasized
their share in winning the war, ac
cording to my judgment. We have
followed a policy of being most active
in war loan drives, Red Cross work
and other war efforts, and have pre
ferred to let our actions speak for
themselves. I believe we have ac
complished the same purpose and left
a better feeling than if we attempted
to call attention particularly to our
participation in the war effort.”
John Lauritzen, advertising man
ager, First National, Omaha, Nebras
ka: “No . . . The vast majority of
banks are urging the public to buy
or keep more War Bonds, or to keep
prices down, with no mention made as
to how the bank fits into the picture
(other than buy your War Bonds from
us). And in no case that I have seen
has a bank pointed out to the public
the amount of work done, the dollars
spent, the public relations job done,
the increased clearings taken care of,
the changing of hours, and the many
specific things banks have done to aid
in the war effort. With an exception
here and there banks are not telling
the public what they are doing for the
war effort, where they fit into the
scheme of things, and why they are
important. While on the other hand
industry is telling the public what a
grand job they are doing; they are as
subjective as banks are objective. Thus
I would say that banks are not over
emphasizing their part in winning the
war, but whether their present type of
advertising is wrong or not is an en
tirely different subject with too many
ramifications to discuss.”
Ben S. Woodworth, advertising man
ager, First National Bank, Minne
apolis: “There have come to my at
tention very few indications that bank
advertising is over-emphasizing the
banker’s part in winning the war. With
very few exceptions banks have shown
remarkable restraint and creditable
good taste in advertising relating to
war activities.”
T H E
PHILADELPHIA
NATIONAL
S T /ie
< m r / Ç ^e-ryeà't
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
rjt
y
rsr
% 'y rrn ezcr/ J <ŸÛ,a
Statement o f Condition, March 31, 1944
RESOURCES
Cash and due from B a n k s .................................... $171,887,883.41
U. S. Government S e c u r i t i e s ........................
422,360,166.67
State, County and Municipal Securities
14,448,981.47
Other S ecu rities.................................................
31,148,545.92
Loans and D i s c o u n t s .....................................
94,882,036.07
Bank B u ild in g s .................................................
2,200,000.00
Accrued Interest R e c e i v a b l e .........................
2,548,369.84
Customers’ Liability Account o f Acceptances .
1,855,648.44
$741, 331,631.82
LIABILITIES
Capital S t o c k ....................................................... $ 14,000,000.00
S u r p l u s .............................................
21,000,000.00
Undivided P r o f i t s ..........................
15,113,754.91
Reserve for C o n tin g e n c ie s..............
3,016,856.57
Reserve for T a x e s ..........................
2,871,797.58
Dividend (Payable April 1, 1944).
.
.
.
Unearned Discount and Accrued Interest .
A c c e p ta n c e s .......................................
875,000.00
.
154,973.70
2,296,494.17
Deposits
United States Treasury
. $118,507,932.73
All Other Deposits
. 563,494,822.16
A Des Moines banker: “Banks have
been much too modest in telling the
public of the many contributions they
are making in the war effort. The
public has not been properly informed
or educated through the medium of
advertising; as a result, proper appre
ciation and understanding is woefully
lacking as to the part banks are play-
BANK
.
682,002,754.89
$741, 331,631.82
Philadelphia, Pa.
Member o f the Federal Deposit Insurance Corporation
Northwestern Banker
May 7.944
24
ing in winning the war and the many
services they are rendering as an
integral part of the economic life of
the community.”
ield Warehousing
Needs No Post War Plans....
FIELD WAREHOUSING SERVES IN WARTIME
Our Field Warehouse Receipts have provided security for millions
of dollars in bank loans issued against tremendous inventories of
raw, semi-finished or finished products . . . inventories essential to
Chester L. Price, advertising and
publicity manager, City National Bank
& Trust, Chicago: “My answer to your
question is definitely no! When you
compare what the banks have done
with this war theme in advertising
with that of the product and indus
trialist advertisers, the banks appear
as shrinking violets. The fact now
is that the public is not aware of the
burden the banks have assumed in
processing and selling war bonds. The
out-of-pocket expense runs into the
millions and the precious manpower
hours also reach these figures. Who
knows about this except those en
gaged in banking? Who is going to
tell them?”
fulfillment of the overwhelming production schedules in our war
time economy . . . inventories which, through the medium of
Field Warehouse financing are in the right place, at the right
time and in sufficient volume.
Specialized inventory control service makes available to the over
taxed personnel of both industry and the banks an immediate,
complete picture of stocks on hand at all times.
The Field Warehouse method of financing inventory loans is meet
ing the extraordinary demands for working capital — necessary to
meet expanded payrolls and the rising costs of doing business.
Leslie K. Curry, vice president, Mer
cantile Commerce Bank & Trust Com
pany, St. Louis, Missouri: “Quite the
contrary. Bank advertising should go
further than it does in emphasizing
the contributions that banks every
where are making. There is no doubt
in my mind that banks are as essen
tial to the war effort as any manu
facturer of war material, because of
our participation in the financing of
manufacturers—handling pay rolls—
selling bonds—ration banking—par
ticipating in war loan drives, etc. The
public has a right to know these
things and we have the right to tell
them.”
"B u sine ss C h e c k s "
-+ C
FIELD WAREHOUSING IS PREPARED FOR V-DAY
W hen the war ends, Field Warehousing is prepared to aid banks
in putting dollars to work in helping stabilize the reconversion
A cure for “headache business
checks”—checks that waste the valu
able time of bank tellers and book
keepers because of confusing design—
is offered in a new free book, “ Busi
ness Checks, Their Proper Planning
period —to facilitate liquidation of wartime inventories—and to
get peacetime business off on an even keel into the projected
greatly expanded economy.
Oun ilecond S tandd: fjeueA do m uch ad one
d olla r o f laid an C -ield W anelxfudlny Ô penalion
ta len d in g Accent, ß on d in y C om pany on Oundeleted.
New Book on
“ Business
Checks”
and Design,” just published by the
Hammermill Paper Company.
The book points out, with actual
examples, how poor arrangement of
information on a check, or confusing
typographical design, can cause errors
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May Í944
25
and loss of time, sometimes loss of
money in handling. It then illustrates
a recommended model of a wellplanned draft-style check and discusses
the eight essentials of good check de
sign. The book was written by John Y.
Beaty, an authority on checks and
check handling.
Bankers who wish a copy of “ Busi
ness Checks” can secure it free by writ
ing, on their bank letterhead, to Safety
Paper Division, Hammermill Paper
Company, Erie, Pennsylvania.
Wisconsin had graduated from
territorial status only five years
before . . . and the population
of Milwaukee was only 20,000
. . . when this bank was estab
lished ’way back in 1853.
Jam e s A . Jackso n
N e w President
With his election as president of the
Continental Bank and Trust Company
of New York, James A. Jackson returns
to the field of commercial banking after
'HIS bank has weathered three wars
JA M ES A. JACK SO N
President
eight years as a partner in the invest
ment banking firm of Lazard Freres &
Company. He fills the vacancy left by
the death of Frederick H. Hornby in
1942 and which has been the additional
responsibility of Frederick E. Hasler,
chairman of the board of the Continen
tal.
Mr. Jackson, who is the son of a pres
ident of the Peoples Bank of Troy,
Missouri, where he was born, was grad
uated from the University of Missouri
in 1910. His first assignment was with
the Gate City National Bank of Kansas
City. In 1915 he went to Fort Worth,
Texas, in the farm mortgage business
and two years later became a traveling
representative of the National City
Bank of New York, with headquarters
in Kansas City, and it was while he
was in this position he became well
known throughout the Middle West.
Recognition as a commercial banker
brought him the successive offices of
assistant cashier, assistant vice presi
dent and later, in 1922, he was chosen
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
in the past 91 years . . . and is now
serving in a fourth, serving in all the many vital
ways that all American banks are playing a part
in our nation’s latest, greatest struggle for freedom.
As a large bank — largest in the state, and
one of the oldest — the First Wisconsin main
tains complete modern facilities keyed to wartime
needs. And over 85 per cent of all the banks in
Wisconsin are First W isconsin correspondents.
BANKS AND BANKERS DIVISION: G e o r g e T . C a m p b e l l , Vice-President
R i c h a r d J. L a w l e s s , D o n a l d A . H a r p e r - -
Member of the Federal
Deposit Insurance
Corporation
Assistant Vice-Presidents
FIRST WISCONSIN
NATIONAL BANK
OF M ILW AU KEE
'Northwestern Banker
May 1944-
26
vice president of the National City
Bank in charge of the Chicago, St.
Louis, Kansas City, Minneapolis, Dallas
and San Francisco Federal Reserve dis
tricts, a position he held until joining
Lazard Freres & Company.
Mr. Gayler succeeds A. A. Schuneman,
who recently was made president of
the First National Bank in Pampa,
Texas, an $8,000,000 institution. Mr.
Gayler will have for his traveling terri
tory, Missouri and Oklahoma.
Becom es A ssista n t
Vice President
N e w A ssista n t C a sh ie r
James R. Gayler, assistant bank com
missioner of Oklahoma and a member
of the Oklahoma Banking Department
since 1932, became assistant vice presi
dent of the City National Bank & Trust
Company of Kansas City on May 1st.
Elected Vice President
Mark B. Peck has been elected a
vice president of The Continental Bank
& Trust Company of New York follow
ing his resignation as executive vice
president and director of The Bank of
Westchester. Mr. Peck was a member
The Philadelphia National Bank has
appointed Harold K. Koch an assist
ant cashier. Harold W. Wallgren, for
the past several years an assistant
cashier, is leaving shortly for service
in the United States Navy.
BONDS
Public Utility
Industrial
Railroad
Municipal
M A R K B. P E C K
Elected a V i c e President
A .C . A L L Y N and c
o m p a n y
Incorporated
lOO W e s t M on roe S tre e t, C h ic a g o
N ew Y ork
R e p r e s e n ta t iv e s :
M ilw a u k e e
W a t e r lo o
B o sto n
M in n e a p o lis
M oline
of the board of governors of the West
chester County Clearing House Asso
ciation and is a former officer of the
National City Bank of New York. He
is a director of the Hudson-Harlem
Valley Servicing Corporation and the
Westchester Realty Management Com
pany.
N E W S A N D V IE W S
Federal Home Loan Bank oí Des Moines
DES MOINES, IOWA
STATEMENT OF CONDITION, APRIL 1, 1944
RESOURCES
U. S. Government Obligations and Securities fully guaranteed by U . S.
Advances to Members.............................................................................................
Accrued Interest Receivable................................................................................
Deferred Charges and Other Assets.................................................................
Furniture and Equipment (Cost $10,361.06)...................................................
$ 4,200,451.36
11,089,771.25
5,534,980.00
27,874.10
9,527.94
1.00
$20,862,605.65
LIABILITIES AND CAPITAL
Deposits— Members ...........
Accrued Interest Payable . .
Accounts Payable ...............
^Debentures Outstanding . .
Capital Stock Subscriptions
Surplus:
Reserves .......................
Undivided Profits . . . .
$ 1,478,294.70
21,083.80
7,000,000.00
11,285,500.00
$746,067.17
331,148.43
1,077,215.60
$20,862,605.65
*Participation in $64,300,000 Consolidated Federal Home Loan Bank Debentures outstanding,
which are the joint and several obligations of the twelve Federal Home Loan Banks.
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 1944
(Continued from page 18)
chairman of the board Bank of Amer
ica NT&SA, San Francisco (74), Col
onel W. G. Edens of Chicago (80) and
Harry Wilkinson, former publisher of
the Chicago Banker, who is now 86.
They knew most everyone by his first
name.
Mrs. Vincent P. Cullen, wife of the
executive vice president of the Nation
al Bank of Burlington, had a “touch
of the flu” the night of the banquet
and unfortunately had to stay in her
room. She told her friends that “she
could be sick at home and didn’t see
why she had to come to Chicago for
that purpose.”
Ray R, Ridge, vice president of the
Omaha National Bank, brought his
beautiful and charming wife with him
to the Spring meeting.
27
The “ Family Dinner” of the A. B. A.
Executive Council was held on the
birthday of William Duncan, Jr., sec
retary of the Minnesota Bankers As
sociation, Minneapolis, and Frank P.
Powers, president Kanabec State
Bank, Mora, Minnesota, presented Bill
with a gift at the banquet in behalf
of his friends and Bill replied “that he
was sorry he would never he 38
again.”
FHA INSURED LOANS Plus
Extra Safeguards at Par
W. F. Keyser, secretary of the Mis
souri Bankers Association, Sedalia,
Missouri, was given special recogni
tion at the banquet because he had just
finished 40 years of service with the
Missouri Association.
Mrs. Lois Halvorsen, acting secre
tary of the South Dakota Bankers As
sociation of Huron, South Dakota,
while George M. Starring is in the
Army, was on hand to keep everything
running smoothly for the South Da
kota members in attendance at the
Council meeting.
Tom N. Hay ter, vice president of
the First National Bank and Trust
Company of Sioux Falls and presi
dent of the South Dakota Bankers As
sociation, also made a personal report
of the sessions which he attended.
The president of a bank with $18,000,000 dollars said, “Our exchange
charges are $1,500 a month and we do
not absorb that amount, nor do we
intend to, hut we simply charge it
back.”
Frank Warner, Jr., son of Secre
tary Frank Warner of the Iowa Bank
ers Association, is in the Ordnance
Division of the Army and is stationed
at Camp Hood, Texas.
Wm. Feiek, vice president Irving
Trust Company, was the promoter of a
poker party one night during the Chi
cago gathering of Executive Council
ors. He was ably assisted by Wm.
Enstrom, president of the Irving.
What the final results were we do not
know but we think some Chicago
money was transferred to New York.
President A. L. M. Wiggins presided
at the “Family Dinner” and said,
“While the American Bankers Associa
tion is famous for its many divisions
—we are one in our purpose and ob
jectives.”
Attending the Spring meeting of the
Executive Council were 11 past presi
dents of the American Bankers Asso
ciation, including Orval W . Adams,
All Risk Rem o veil
th r o u g h th e
A . XI. I. Plan!
O u r Cl-point A . M . I. P la n :
1. It delivers FHA Insured Loans at PAR, backed by
the government guarantee of principal.
2. It eliminates ALL elements of loss.
3. It removes all technical risk.
4. It does away with all out-of-pocket expense.
5. It assures you complete return of principal and a
substantial net yield whether you hold the loans
one day, six months or to maturity.
6. If foreclosure should by chance arise, it eliminates
any legal action or expense whatsoever on your
part.
All these safeguards—and more—have been
pioneered and developed by AMORTIZED
MORTGAGES, INC. If interested, our rep
resentatives will call and present our plan
without obligation to you!
AMORTIZED MORTGAGES,
753 NorthWater Street
Milwaukee, Wisconsin
Trained field men in sixteen states and the
District o f Columbia
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IT I
1
I
; I
I II
[i
I
i II .■(IMIlill:! I'll, i
II, ■[
May 194-b
2-8
Salt Lake City; Tom K. Smith, St.
Louis; Rudolf S. Hecht, New Orleans;
F. O. Watts, St. Louis; F. 1). Houston,
Nashville; W. L. Hemingway, St Louis;
Robert M. Hanes, Winston Salem,
North Carolina; Francis M. Law,
Houston: Harry J. Haas, Philadelphia,
and Richard S. Hawes, of St. Louis,
the latter having been president 25
years ago.
After the banquet, Frank C. Welch,
president of the Peoples Savings Bank
of Cedar Rapids, Iowa, and his charm
ing wife, Edith, invited about 16
friends up to their “parlor, bedroom
and bath” for a little “night-cap” and
specially prepared chicken salad sand
wiches.
Frank is famous among
Council members for his hearty and
reverberating laugh, which is both
infectious and contagious, and Edith
is considered one of the best dancers
and story tellers of any of the Council
members’ wives.
The Irving Trust Company of New
York produces a very fine magazine
for its own organization, known as
*
T
he
B a n k s a n d B a n k e r s D iv is io n
o f T h e First N a tio n a l B an k o f
Chicago is composed o f officers w ho,
official number as a member of the
New York Clearing House Associa
tion.
On the opposite page are some car
toons from the April issue of “Sixty
Seven” showing “Life On the Home
Front” as depicted by Alfred F. Rilton,
the “official” artist at the bank.
—
—
—
Frank G. Burrows, advertising man
"S ix ty S e v e n " Reports
O n Irving Trust
*
“Sixty Seven,” which is the Irving’s
ager of the Irving Trust Company, has
the official title of “layout editor” for
this publication, which is a “news mag
azine for, by and about Irving people
everywhere.”
Other members of this very efficient
editorial staff are Theodore W . Egly,
editor; Helvi I. Johnson, secretary;
Everett F. Clark, photos; May F. MeCusker, social, and Leslie O. Pehrson
and William H. Sibrava, news.
Over 310 members of the Irving or
ganization have entered the various
armed services and a copy of “Sixty
Seven” is sent to every one of them or
his or her family.
H. E. Ward, chairman and William
N. Enstrom, president of the Irving
Trust Company, as well as all the other
officials, can take justifiable pride in
this very fine publication.
because of long years of experience and
D E A R E D IT O R
nation-wide contacts, assure correspond
(Continued from page 7)
ent banks of exceptionally prompt and
so d eep ly as the one in y ou r A p r il n u m
ber o f N o r t h w e s t e r n B a n k e r .
efficient handling of all bank-to-bank
‘ ‘ I am going to ask you to do me the
favor of forwarding six pictures.
transactions*
‘ ‘ M y reason for this number is I not
only want one for my own home, but that
each of my own children may have one
for their homes.
W e invite your Chicago business*
Ba n k s a n d
B a n k e r s D iv is io n
“ I will appreciate the trouble you are
put to in the matter. ’ ’
A . P. P il g e r , Cashier, The
First National Bank, Stan
ton, Nebraska.
John J. Anton
Thom as J. Nugent
Vice-Presidents
Harold W . Lewis
M elvin H . T'hies
"Cover to Cover"
Verne L . Battling
Assistant Vice-Presidents
Leland L . Hobbs
Charles F. Newhall
“ W e always enjoy reading the N o r t h
B a n k e r and read it from cover
to cover. ’ ’
E. A.
H a y e s , President,
w estern
Edward D ecker
Assistant Cashiers
The First National Bank
o f Chicago
Building with Chicago since 1863
Central States Mutual In
surance Association, Mount
Pleasant, Iowa.
"Tops With Me"
‘ ‘ I wish to say, that of all the nice pic
tures you have shown in the N o r t h w e s t e r n
B a n k e r ,, the picture for the month of April
is tops with me.
‘ ‘ M ay I take advantage of your
below the picture, for extra copies?
‘ ‘ I would like six copies for nieces and
nephews who are newlyweds. ’ ’
B. F .
Iowa.
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 194b
offer,
F eldt ,
St.
Ansgar,
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
30
MAY
WE SUGGEST THAT
You check your insurance program and find for yourself
the answer to the question "Are our customers fully covered
by the program we have to offer?"
For complete protection
of Homes— Automobiles— Mercantile— Contents
CALL
WESTERN MUTUAL
F I R E I N S U R A N C E CO.
Des Moines, Iowa
“
Over a Third of a Century of Safety and Service with Savings"
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Mai)
How I Sold a
Perfect Estate
It C o s t s This Farm er O n ly $ 1 49 .99 for C o m p le te C o v e ra g e
AST summer one of my policyhold
ers was burning stubble out in a
cornfield, and in some unknown
manner his clothes caught fire and he
was found, burned to death, in the mid
dle of the burned out area. I obtained
from his widow a list of friends who
could carry more life insurance and
who she thought could pass the doc
tor’s examination.
One of these was a farmer who was
40 years of age, had a nice clean farm
of about 160 acres, with a wife and
three grade school children. I checked
the mortgages at the courthouse and
found a mortgage made about five
years ago for $10,500. An appointment
was made for that evening so I could
talk with the wife and husband to
gether. I will not claim to have had a
fierce battle in which I won out. There
hadn’t been a good funeral in the com
munity (no one but a few old folks,
and people generally expect that) for
a long time, so people had grown sort
of callous about their insurance. This
untimely end to a young farmer, leav
ing a wife and some small children,
brought them up with a jerk.
There were no foolish arguments
given me about not buying the insur
ance. They had only one $2,000 policy,
taken to pay last expenses—the man
must have figured he had a lease on
life as far as his family was concerned,
but wanted to be sure he had a good
funeral if he miscalculated on the time
in the lease.
I learned their mortgage was now
about $7,500, so I suggested an ordi
nary life $5,000 annual dividend pol
icy (I started in with a $7,500 sugges
tion to cover the mortgage in full, but
soon found out that a mortgage twothirds covered was better than a $7,500
mortgage with no coverage, so I got
down to business on $5,000). He ex
pected to continue to pay $500 and in
terest each year on the mortgage, so in
L
By Geo. F. Garrison
C e n t r a l Life A s s u r a n c e S o c i e t y
Wi c h i t a, Kansas
the Central Life would drop part of his
premium (all of his third premium) in
a jack-pot which would grow until
when he was 65 he could get nearly all
his money back.
All this, and Heaven, too, for less
than $149.99 per year.
He bought the ticket.
Issues W a rn in g
G E O R G E F. G A R R I S O N
“ AU this, and Heaven too”
five years the $5,000 policy would com
pletely cover and in 10 years the $5,000
insurance would be in full, with the
farm paid for, assuming, of course, that
he wouldn’t be the second and next
person to frighten the community with
an untimely death.
The fact was impressed on him that
if his family did not need the insurance
on the mortgage, they could receive the
proceeds at the rate of $75 per month
for about six years, or $50 per month
for nearly 10 years after his death or
almost any arrangement they desired.
The selfish part of the contract—an
income to him at 65 for life—was also
stressed and the big monthly income
for the amount invested did the case
no harm.
He could use his policy loan value
for premium loans when necessary,
even use his policy for additional moral
security on possible future loans for
worthwhile purposes.
Each year, beginning in three years,
Thousands of crooked schemers are
readying their choicest confidence
games to separate the returning war
veteran from his mustering-out pay.
They are already grabbing for the War
Bond savings of his family, warns the
Northwestern National Life Insurance
Company, in a report by its family
economics bureau.
Job hungry veterans are liable to be
easy prey for plausible employment
baits, the report says. Swindlers ad
vertise attractive jobs, but require ap
plicants to deposit a cash bond; then
disappear with the accumulated depos
its. Certain fake employment agencies
collect a substantial registration fee,
and do nothing in return. Partner
ships are sold in juicy looking business
propositions that turn out to be unprof
itable and debt-ridden, or complete
snares.
Shares in inventions for postwar
manufacture, of doubtful practicability
or downright fakes, worthless or over
priced farm lands, “territorial rights”
for the sale of some article or service,
said rights offered for a fancy price
and frequently sold to several others
for the same territory—any of these is
likely to tempt the veteran with a
starting stake of several hundred dol
lars in his pocket from Uncle Sam, and
eager to get going at something pro
ductive.
Better Business Bureaus in various
cities report that “bird dogs,” as they
are known in the racket field, are al-
Scarborough ^ C ompany
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
< y y i & U !lC lflC 'X y ù }a »yc£ù à i / ß m t k i
First National Bank Building, Chicago
Horace A. Smith, Iow a Representative
Des Moines, Iowa
Northwestern Banker
May
32
ready operating telephone campaigns
to find out who owns War Bonds, and
how much his or her savings amount
to. The impression is skillfully con
veyed that the inquiry is being made
by a government or civic organization.
In this way extensive “ sucker lists” are
undoubtedly being compiled, the report
says, for the avalanche of new and re
modeled frauds and rackets just begin
ning to break into the open.
Families of war heroes are already
being solicited by various biographical
and historical rackets, ostensibly com
piling volumes of laudatory biographi
cal records. As distinguished from
legitimate publishing projects, the
It Fays
To Insure Crops
with
SQUARE DEAL
Largest Exclusive Hail
Company Operating in
Iowa and Missouri
A Mutual Company with a rec
ord of 23 years of successful
operation.
Losses paid within 10 days after
adjustments are approved.
Total Admitted Assets
$ 605,420.58
Policyholders' Surplus
$ 591, 342.90
racketeer’s request for biographical
data is generally accompanied by a
cleverly disguised “authorization” to be
signed, which turns out to be a pur
chase contract to buy a set of the vol
umes at a high price, or else he later
requests advances of money for photo
graphs, engravings, or on other pre
texts. In this type of racket the vol
umes may never be published, or else
only enough are printed to supply the
victimized families who have con
tracted to pay fancy prices for them.
Racket benefit affairs from which the
promoter gets all or nearly all of the
benefit, are now presented in wartime
disguises, ostensibly to help some al
leged war activity. The schemer who
lives by his wits is the most alert and
adaptable of gentry; our mounting bil
lions of war savings, plus over three
billion dollars in mustering-out pay
that will be loose in veterans’ pockets,
altogether offer tempting loot, the re
port warns.
The returning veteran’s family must
be on the lookout to see that neither
he nor they fall victims to the slick
and plausible schemes now being care
fully prepared to provide crooks with
postwar prosperity. The surest safe
guard is painstaking investigation be
fore investing, donating or signing
even an apparently innocent form
which may turn out to be an iron-clad
contract.
Most rackets are familiar stuff to the
Better Business Bureaus, which fur
nish information without charge. The
nearest of these organizations should
be consulted, the report suggests. Or
if none is near, then the city or county
attorney, banker or commercial club
secretary can usually get the neces
sary facts. The honest business man
will welcome investigation, the report
points out; the crook will probably get
angry, but what if he does?
the company and the type of agents
that represent it, but also the type of
business on its books.”
H e a d s W a lto n League
Paul Clement, secretary, Minnesota
Commercial Men’s Association. Minne
apolis, has been signally honored by
election to the presidency of the Na
tional Izaak Walton League of Amer
ica, Inc. This is only the second time
that a president has been chosen from
west of Chicago.
Mr. Clement has been a member of
the Izaak Walton League for 12 years
SINCE
19 19
vV
Hawkeye Mutual Hail
I n sur ance A s s o c i a t i o n
Carver Bldg.
$ 150, 000.00
SQUARE
DEAL
INSURANCE CO.
C.
F R E D M O R G A N , President
Valley Bank Building
Des Moines 8, Iowa
A G E N T S — A few desirable open
ings in our agen cy force in Iow a
and M issouri. W rite .
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May
Fort Dodge, Iowa
D e s M oin es, Iow a
A d d itio n a l p ro te c tio n in
R e in su ra n c e t o t a lin g
*
vec*°
A n n ive rsa ry
The Merchants Mutual Bonding Com
pany, Des Moines, of which E. H.
Warner is president, recently cele
brated the tenth anniversary of its
founding. After ten years of building
Iowa’s oldest bonding company, Mr.
Warner says:
“ The growth of our little company
has been substantial but not spectac
ular. We have had no desire for big
ness. Mere premium income does not
make a company. That has been dem
onstrated time and again, both by stock
and mutual companies. Furthermore,
bigness would defeat the factor which
makes it possible for us to render a
personal service. The strength and
stability of a mutual company is made
up not only of the financial status of
BANKER
AGENTS
WANTED
A
stro n g
year
m u tu a l
o ffe r s
com pany
lib e r a l
in
agency
its
52nd
con tracts
c o v e r in g —
•
AUTO INSURANCE
•
TORNADO INSURANCE
•
TOWN DWELLING INSURANCE
•
HAIL INSURANCE
on G r o w in g C r o p s
S u r p lu s
to
P o lic y h o ld e r s
$ 1 ,3 2 7 ,1 7 1 .0 8
51
years
of p roven
p r o t e c t io n .
W r ite io r our lib era l p rop osition to
bank rep resen ta tives.
33
and has served in various capacities,
from secretary of the Minneapolis
Chapter to president of the State Divi
sion. He has taken part in many state
and national projects, such as the es
tablishment and maintenance of the
Superior National Forest and the pres-
enth as many. At the same time, the
number of banks in higher classifica
tion with $25,000,000 and over of re
sources, increased from 384 to 607. If
we make a dividing point at $1,000,000,
we find that in 1939 there were 9,434
banks with less than a million dollars
in resources, and 5,811 with over a mil-
lion dollars in resources. To compare
with that we find that in 1943 we had
almost the exact reverse. There were
5,243 banks with less than a million,
and 9,511 with over a million. The
total resources of all banks has not
quite doubled, but it has increased
$54,814,309,000 in the last five years.
M E R CMUTUAL
H A N T S
iHE
ItL
$20,000,000
BONDING
COMPANY
Incorporated 1933
Directly Placed in Our
Selected Associations
3
Home Office
V A L L E Y BANK BUILDING
E
Des Moines, Iowa
W e Analyze
400 Federally
Insured Savings &
Loan Associations
AL
21
PAUL CLEM EN T
N ational President
F inancial Statements
O perating Statements
C om plete History
ervation of the Upper Mississippi Wild
life Refuges. He has also served as
national director and member of the
National Executive Board.
•
This is Iowa’s oldest surety company.
A progressive company with experi
enced, conservative management. We
are proud of our hundred and fifty
bank agents in Iowa.
To be the exclusive representative of
this company is an asset to your bank.
•
O P A A p p o in tm e n t
William N. Plymat, Des Moines at
torney. has been appointed price attor
ney for the Des Moines district of the
Office of Price Administration.
Mr. Plymat succeeds James M. Stew
art who has formed a law partnership
in Des Moines.
The Des Moines district comprises
79 counties.
Mr. Plymat has taken a leave of ab
sence from the Mutual Surety Com
pany of Iowa, of which he is president,
and the State Automobile Insurance
Association, of which he is vice presi
dent.
Write to
IN C .
E. H. WARNER
Secretary and Manager
F o r Y o u r F a r m e r C lien ts
Low Cost, Non-Assessable
FARM LIABILITY INSURANCE
Allied Mutual pioneered this worry-free protection
which defends the farm owner in case cattle get
FARM
into neighbor’s corn, loose horse injures motorist
on highway, hired man is hurt by tractor— or any
Fewer Small Banks—
M o re Large Banks
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
•
NOT
OW NERS
The first 1944 edition of the Rand
McNally Bankers Directory, the Blue
Book, shows the rapid movement of
the smaller banks into higher brackets.
Billion dollar banks are now found
from coast to coast—New York, Bos
ton, Detroit, Chicago, Los Angeles, and
San Francisco.
On June 30, 1939, we had 2,871 banks
with total resources under $250,000.
On December 30, 1943, there were only
440 in this classification, only one-sev
•
Not
living
farm s
need
p ro t e c t i o n .
on
one of a hundred other common farm hazards.
this
Up to $250 medical, surgical, hospital payments
W rite
for hired men or girls regardless of responsibility.
for fa c ts today.
Essential protection.
Easy to interest farmer.
vestigate for your agency.
In
Write
ALLIED M U T U A L
CASU ALTY COM PANY
Harold S. Evans,
u
H ubbe ll Building
P re sid e n t
Des Mo ines, I o w a
Northwestern Banker
May
34
STATEMENT
OF
CONDI TI ON
First National Bank o f Minneapolis
as at April
13, 1944
D I R E C T O R S
RESOURCES
Henry E. Atwood,
$ 78,432,825.24
185,236,636.57
Cash on Hand and Due from Banks .
United States Government Bonds
(.Direct and Fully Guaranteed )
V ic e P r e s i d e n t ,
T h e B . F . N e lso n M j g . C o .
Russell H. Bennett,
M i n i n g E n g in e e r
Daniel F. Bull,
P r e s id e n t ,
T h e C ream o f W h ea t C orp.
600,000.00
Guaranty F u n d .........................................
( United States Bonds with State Treasurer to
guarantee performance o f Fiduciary Duties)
J. G. Byam, V ic e P r e s id e n t
E. L. Carpenter, R e t ir e d
John Cowles, P r e s id e n t ,
M i n n e a p o l i s S ta r J o u r n a l a n d
36,830,942.12
Loans and D is c o u n t s .................................
9,605,095.60
Other Bonds and Securities . . . .
29,641.20
O v e r d r a f t s .................................................
480,903.50
Bank B u i l d i n g s .........................................
108,419.12
Customers’ Acceptance Liability .
692,912.72
Interest Earned but not Collected
12,272.99
Other A s s e t s .................................................
$312,029,649.06
Total Resources . . . .
T r ib u n e C o .
Franklin M. Crosby,
V ic e P r e s id e n t , G e n e r a l M i l l s , In c .
Paul V. Eames,
P r e s id e n t ,
S h e v lin , C a r p e n te r
&
John H. Hauschild,
C h a s.
C la r k e C o .
P r e s id e n t ,
W . S ex ton C o .
Horace M. Hill,
P r e s id e n t ,
J a n n e y , S em p le, H i l l &
C o.
W. L. Huff,
V ic e P r e s id e n t a n d T r e a s u r e r ,
M i n n e a p o l i s -H o n e y w e l l
R e g u la to r C o .
C. T. Jaffray,
M . , S t. P .
C h a ir m a n ,
&
S . S te . M .
R y. C o.
John H. MacMillan, Jr.,
P r e s id e n t , C a r g i l l , In c .
LIABILITIES
Sumner T. McKnight,
P r e s id e n t , S .
6,000,000.00
Capital S to c k ................................................. $
S u r p lu s ......................................
8,000,000.00
Undivided P ro fits .....................
3,432,982.93
Reserve for Interest, Expenses, Taxes, etc.
1,314,649.84
Interest Collected but not Earned
.
.
54,860.12
Letters of Credit and Acceptances
.
.
108,419.12
Other L ia b ilitie s .....................
93,523.12
D ep o sits.....................................
293,025,213.93
( * United States Government
* U n ite d
S ta t e s G o v e r n m e n t
W a r Loan
N o r t h S ta r
S. G. Palmer,
S. G .
P r e s id e n t ,
P a lm e r C o .
A. F. Pillsbury,
Lyman E. Wakefield, P r e s i d e n t
Robert W . Webb, V ic e P r e s i d e n t
H. R. Weesner, C h a ir m a n B o a r d ,
W a b a s h S creen D o o r C o .
F. B. Wells,
F. H.
V ic e P r e s id e n t ,
P ea vey &
C. J. Winton, Jr.,
P r e s id e n t ,
.
.
D e p o s its .
A f f i l i a t e d
P r e s id e n t a n d
G en eral M a n a g e r , M in n ea p o lis
.
.
$312,029,649.06
.
$ 4 0 ,8 8 1 ,6 3 3 .9 4
E le c tr ic S te e l C a s t i n g s C o .
Edgar F. Zelle,
J e f fe r s o n
Member Federal Deposit Insurance Corporation
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C o.
Sheldon V. Wood,
a re d e p o s it e d to se c u r e p u b l i c f u n d s a n d f o r o th er p u r p o s e s r e q u ir e d b y l a w .
May 19fit
D ir e c to r ,
P illsb u r y F lo u r M i l l s C o .
w i t h
f i r s t
b a n k
s t o c k
c o r p o r a t i o n
P r e s id e n t ,
T r a n s p o r ta t io n C o .
U . S . G o v e r n m e n t o b li g a t i o n s a n d oth er s e c u r itie s c a r r ie d at S Q 1 , 7 9 0 , 7 7 9 . 6 7 in th e f o r e g o i n g s t a te m e n t
Northwestern Banker
P r e s id e n t ,
W o o le n M i l l s C o .
W in to n L u m b er C o .
W ar Loan Deposits included)
Total Liabilities
T . M c K n ig h t C o.
W. G. Northup,
of Duluth, Minnesota, and his 55th
year as a bank employe and officer in
that city.
Known to thousands of Duluthians
as “Dan,” Mr. Mahoney arrived in the
Head of the Lakes city in 1889, got a
job in a bank, and he’s been at it ever
since. Today he is vice president and
senior officer in service at First and
American National Bank, largest bank
ing house in the Twin Ports.
His career started with the Ameri
W IL L IA M DU N CAN , Jr.
can Exchange State Bank, which later
Secretary
Minneapolis
became the American Exchange Na
tional Bank, which in turn was merged
in shipbuilding. Five Duluth-Superior with the First National in 1929 to be
shipyards accounted for 230 new ves come the First and American National
sels launched up to the first of this Bank.
Mr. Mahoney didn’t get much work
year from the start of the war output
program in 1941, and a number of done the week he observed the 55th
April-May-June launchings were on anniversary. Hundreds who heard
schedule with the break-up of ice in about the occasion dropped in to shake
hands. The Mahoney countenance
Duluth-Superior harbor.
Striking comparisons are drawn in beamed behind a huge bouquet of
an analysis of the Duluth debits statis roses. Banking and people have been
tics. The three-month volume was 69 the 75-year-old banker’s principal hob
per cent greater than in the first quar bies, and associates declare he prob
ter of 1940, and 23 per cent greater ably knows more persons in Duluth by
than in the first quarter of 1943, and their first names than any man living
debits for each month, January, Feb in the city today.
In his younger years, Mr. Mahoney
ruary and March, represented all-time
highs in Duluth banking annals.
The 1944 first quarter figure of $209,359,300 for Duluth’s 11 banks compared
with $170,727,100 in the first quarter
of 1943, and $123,924,700 in the first
quarter of 1940.
Debits in January were $72,117,600;
February, $62,865,400; March, $74,376,300. The figures in 1943 were: Janu
ary, $58,102,800; February, $48,408,200;
March, $64,216,000. The figures in 1940
were: January, $43,326,200; February,
$35,112,300; March, $45,586,200.
Bank clearings of the five “down
town” Duluth banks in the first quar
ter this year amounted to $49,994,400
against $36,765,700 in the first quarter
of 1940.
M IN N E S O T A
NEW S
H. R . K U R T H
President
Hutchinson
Returns from C alifo rnia
L. E. Sell, cashier of the State Bank
of Lismore, Lismore, Minnesota, has
returned to his post in the bank after
two months in California.
A ssista n t C a sh ie r
Formerly with Drovers National in
Chicago, N. H. Gutteboe is now assist
ant cashier of the First State Bank of
Okabena, Minnesota. The bank is be
ing redecorated and modernized.
In 60th Y e a r
The Adrian State Bank, Adrian, Min
nesota, is celebrating its 60th anniver
sary this year. Opened as a private
bank in 1884 as the Mylius Brothers
Company, it became the Adrian State
Bank in 1889. The present manage
ment took over in 1906.
N e w Ulm C a sh ie r
The board of directors of the Farm
ers and Merchants State Bank of New
Ulm, Minnesota, last month elected
George H. Vetter cashier of that bank,
to succeed H. E. Fay, who died some
weeks ago.
Mr. Vetter has been cashier of the
Klossner State Bank 25 years. He was
employed in the National Citizens
Bank at Mankato and was cashier of
the Gibbon State Bank for a number
of months. The Klossner State Bank
was organized and Mr. Vetter was
elected cashier in March 25 years ago.
Duluth News
Lt. (s.g.) Ronald W. Hoel, 28, USN,
son of Mr. and Mrs. Alfred Hoel, Du
luth, is credited with destroying a Jap
Zero in raids against enemy shipping
at Paula Islands in the Pacific, accord
ing to information received in Duluth
through naval channels from the Caro
lines. A navy fighter pilot operating
one of the single-seater Grumman Hell
cats, Lt. Hoel was transferred to over
seas services last December. His fath
iner is president of the Western National
Bank in AVest Duluth. His twin broth
er, Pvt. Raymond Hoel, is with the
army medical corps in the Hawaiian
Islands.
OLUME of Duluth bank debits in
the first three months of 1944 was
the greatest for any similar period
the city’s banking history aggregating
$209,359,300 for the quarter, it was re
ported by Sylvester T. Strain, manager
of the Duluth Clearing House Associa
tion.
Dean of the banking fraternity in
The debits figure reflected undimin
ished tempo in war production plants Duluth, J. Daniel Mahoney last month
at the Head of the Lakes, particularly celebrated his 55th year as a resident
V
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
J. D. M A H O N E Y
Celebrates A nniversary
was one of the Duluth Boat Club stal
warts, pulling a blade in a four-oared
crew which won honors in many col
orful regattas in the Duluth harbor.
If folks living on Duluth’s Park Point
wonder where all those willow trees
came from which surround the Boat
Club site today, the secret is out.
Former oarsmen recall how Dan Ma
honey stuck a willow branch in the
ground every time his crew won a
race. After all these years he hasn’t
lost a tree yet.
A favorite Mahoney diversion after
banking hours is to ease out the side
door, amble over to a one-armed eat
ery in downtown Duluth, and there
Northwestern Banker
May
36
•MINN ESOT A
have pie and coffee, and listen in while
old-timers he’s known for many years
talk people and politics, war and post
war, and settle all the affairs of the
world. He likes that better than going
to a show.
NEWS*
charter. A president will be chosen to
succeed the late Douglas H. Lewis.
Three new directors have been
added to the board of Pioneer National
Bank in West Duluth. They are Wil
liam (Billy) Petrolle, the former “Far
go Express” of ring fame, who is now
chairman of the board of Duluth Orna
mental Iron & Steel Company; William
C. Hanson, president of National Iron
Company, Duluth, and Dr. C. D. East,
West Duluth dentist and former city
school board member.
Addition of Dr. Anthony J. Bianco,
Duluth physician, to the board of di
rectors of Central State Bank in GaryNew Duluth was announced by Lester
Johnson, vice president and cashier.
The bank’s annual election will be
held next July under provisions of its
s ’ ls,s
A new director at City National
Bank in Duluth is Dr. Olin W. Rowe,
pediatrician with the Duluth Clinic,
which he assisted in founding.
Northern National Bank in Duluth
announced the promotion of Sig J.
Nelson, an employe of the bank for 24
years, to the position of assistant cash
ier, and Charles E. Taylor, an employe
for 20 years, to the position of auditor.
Richard W. Northrup, Duluth real
estate man and former president of
the Family Welfare Society, social wel
fare agency, is a new member of the
board of directors of Northwestern
State Bank in Duluth. He is president
of the real estate firm which bears his
name.
Matt W. Koneczny, Duluth west end
civic leader and clothier, was elected a
new director of Duluth National Bank.
He is president of Morterud-Koneczny
Clothing Company, retail apparel firm,
and is a former president of the West
End Business and Civic Club.
B. Murray Peyton, president of Min
nesota National Bank in Duluth, has
announced the appointment of Clar
ence A. Eng as auditor of the bank.
Mr. Eng has been associated with the
bank for 20 years and has long been
identified with Norwegian-American
activities in Duluth.
•••an d
bank
m ore
to
serve
th a n
you*
4 9 0
bran ch es
o f
th is
Present and post-war business
Palmer N. Hegvold, a vice president
and director of Duluth National Bank,
has been elected a new member of the
board of directors of the Duluth Com
munity Fund, citywide welfare agency.
opportunities in California command the interest of bankers
and executives throughout the country. In the development of
their interests in this market m any of these men are finding
that the unique statewide service of Bank of America offers
numerous advantages. Inquiries receive prompt attention.
◄
C A P IT A L F U N D S . .
D E P O SIT S . . . .
RESO URCES
. . .
$
166,384,994.51
3,49 8 ,1 5 3 ,2 0 9.87
3 ,6 97,912,674.78
( A s o f December 31, 1943 )
H & m tk o f A m e r i c a
N A T IO N A L
Ja v p n g s
ASSOCIATION
MEMBER . . . FEDERAL RESERVE SYSTEM — FEDERAL DEPOSIT INSURANCE CORPORATION
Complete Banking Facilities - Commercial - Savings - Trust - Safe Deposit
Main offices in two reserve cities of California . . . San Francisco - Los Angeles
B lu e an d G o ld B A N K o f A M E R IC A T R A V E L E R S C H E Q U E S
are availa b le thro u gh au th o rize d banks an d agencies
e ve ryw h e re . C a rry them w hen yo u trave l.
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 194-4
The Duluth Clearing House Associa
tion, composed of the city’s five “down
town” banks, has named the following
officers for 1944: President, Willis D.
Wyard, president, First and American
National Bank; first vice president,
Lewis G. Castle, executive vice presi
dent, Northern National Bank; second
vice president, Herman C. Matzke,
president, City National Bank, secre
tary-treasurer, Julian V. Hagberg, vice
president, Duluth National Bank; man
ager, Sylvester T. Strain, cashier. First
and American National Bank.
\
Harry W. Zinsmaster, a director of
First and American National Bank,
Duluth, and president and general
manager of Zinsmaster Bread Com
pany, was re-elected a director of the
Northern Pacific Railroad Company at
the railway’s annual meeting in St.
Paul in April.
37
Twin City News
ITIZENS Morris Plan Co., oper
ating offices in Minneapolis and
St. Paul, has liquidated and its
bills, notes and accounts receivable
have been purchased by Northwestern
National Bank, Minneapolis, and Em
pire National Bank, St. Paul.
C
Shirley S. Ford, president of North
western, pledged the bank to exert
its best efforts to “continue the fine
service to the borrowing public here
tofore extended” by the Morris Plan
Bank.
This service will be carried on
through the installment loan depart
ments of the purchasing banks. Em
ployes also were taken over by the
two banks.
Walter M. Paulson, 60, Minneapolis
manager of Merrill Lynch, Pierce,
Fenner & Beane, died early in April
following a three-week illness.
A
resident of Minneapolis since 1902, he
entered the investment business near
ly 15 years ago.
Directors of Northwest Bancorporation have declared a dividend of 25
cents a share on the bank holding
company’s stock, payable May 25th, to
stockholders of record May 10th, ac
cording to J. Cameron Thomson, pres
ident.
A. E. Felstad, advertising manager
of First National Bank, St. Paul, has
been appointed to a St. Paul Associa
tion of Commerce committee to publi
cize the city, its institutions and op
portunities it offers industry and busi
ness. The committee was named by
Clarence A. Cushman, association pres
ident.
By James M. Sutherland
Special C orre sp o n d en t
will take office June 1st, with other
new officers.
They are Maurice G. Carlson, First
National Bank, first vice president;
Robert H. Baker, Northwestern Na
tional Bank, second vice president,
and William A. O’Brien, Federal Re
serve Bank, treasurer. Elected to the
board of governors for three-year
terms were Julia Cummings, St. An
thony Falls office of First National
Bank; Dorothy McMillen, Midland Na
tional Bank and Trust Co., and Walter
N. Benson, First National Bank.
Karl O. Knutson, recently made
cashier at Farmers State Bank, Pequot
Lakes, Minnesota, has taken a new
position as assistant cashier of West
ern State Bank, St. Paul.
Minnesota War Service Fund has
re-elected two top Twin City bankers
as officers for the coming year. J.
Cameron Thomson, president of North
west Bancorporation, continues as
chairman and Julian B. Baird, vice
president of First National Bank, St.
Paul, as treasurer.
William F. Kunze, vice president of
Marquette National Bank, Minneap
olis, has again tossed his hat in the
political ring. A former Minnesota
legislator and mayor of Minneapolis
from 1929 to 1931, Mr. Kunze has filed
as candidate for the post of Hennepin
county commissioner.
Final D ividend
Christian Kies of Federal Reserve
Bank of Minneapolis, has been elected
president of the Minneapolis Chapter,
American Institute of Banking, and
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Judge Alfred P. Stolberg of the dis
trict court approved the final account
of Lawrence W. Linner and W . C.
Krog, as trustees of the pooled assets
of the Farmers and Merchants State
Bank, Stillwater, Minnesota, recently,
and directed the payment of a final
dividend. Upon payment of the final
dividend creditors of the Trust Fund
will have received a total of 85 per cent
of their original deposits.
Fills Position
Henry J. Jensen, Minneapolis, bank
er for the past 20 years, has been em
ployed by the Commercial State Bank
of Two Harbors, Minnesota, as assist
ant cashier, a position left vacant by
the resignation of Clarence Lund.
H o n o re d
Honoring his 90th birthday anniver
sary, stockholders, directors and em
ployes and their wives of the First
National Bank of Chatfield, Minnesota,
gave a dinner party at Hotel Chatfield
for Joseph Underleak. He had been
associated with the bank for 36 years,
retiring recently. At the dinner talks
were made, including one by the new
president of the bank, Frank S. Gra
ham.
A sso c ia tio n Elects
A. P. Garnatz, president of the Farm
ers State Bank at Lyle, Minnesota,
was elected president of the Mower
County Bankers Association at its an
nual meeting recently in Austin.
A1 Haakenson of the Austin State
Bank was elected vice president, and
Kenneth Kramer, of the First National
Bank, Austin, secretary-treasurer. Mr.
Garnatz succeeds as president George
Deppe, of the State Bank of Grand
Meadow. All 11 banks of the county
were represented at the meeting held
in the Fox Hotel.
C h a n g e O ffice rs
Mrs. Sedate Finch Stearns resigned
her position as assistant cashier at the
Northwestern Banker
May Î9 44
38
Security State Bank of Ellendale, Min
nesota, last month. Her position at the
bank will be taken by Genevieve Paul
son, while Mrs. Genevieve Olson will
assume Miss Paulson’s duties as teller
and bookkeeper.
A $5,000.00 Accident Policy Paid Up in Full to the
15th of Next June for Only $2.00
Write for Application and Literature Describ
ing this Insurance Bargain for Select Risks
H e rm an Banker Dies
Ernest E. Peck, 69 years old. banker
at Herman, Minnesota, died recently.
Mr. Peck went to Herman in 1901
and helped to open the Peoples Bank,
as an officer and stockholder. This
bank was later reorganized and became
the First National Bank of Herman.
For many years Mr. Peck was cashier.
In recent years he was elevated to the
office of president of the bank.
Application and Literature Upon Request
W e ll Represented in Service
MINNESOTA COMMERCIAL MEN S ASSOCIATION
Paul Clement, Secretary, 2500 Pillsbury Ave.
MINNEAPOLIS 4, MINN.
Guaranty Trust Company o f New York
Fifth Ave. at 44th St.
'
London: 11 Birchin Lane, E. C. 3;
-
Madison Ave. at 60th St.
Busli House, \Y. C. 2
Condensed Statement o f Condition, March 3 1 , 1 9 4 4
RESOURCES
Cash on Hand, in Federal Reserve Bank, and
Due from Banks and Bankers.................................$
U. S. Government Obligations.................................
Loans and Bills P u rch ased.....................................
Public Securities...................
$ 68,622,167.98
Stock of the Federal Reserve Bank
7,800,000.00
Other Securitiesand Obligations .
15,229,273.86
Credits Granted on Acceptances .
2,556,960.32
Accrued Interest and Accounts
R eceivable................................
7,880,235.63
Real Estate Bonds and Mortgages .
1,682,339.44
Bank Buildings............................................................
Other Beal E state.......................................................
Total Resources .
LIABILITIES
C a p it a l..........................................$ 90,000,000.00
Surplus F u n d ................................. 170,000,000.00
Undivided P r o fits .......................
34.264,976.86
Total Capital Funds..................................... $
D eposits........................................$2,914,354,698.56
Treasurer’s Checks Outstanding
25,824,627.82
Total Deposits . . . . “
! 7 ! TL '.
Federal Funds Purchased..........................................
A cceptances................................ $ 5,859,345.22
Less: Own Acceptances
Held for Investment . . . .
3,302,384.90
$ 2,556,960.32
Liability as Endorser on Accept
ances and Foreign Bills . . .
92,379.00
Foreign Funds Borrowed . . .
152,550.00
Dividend Payable April 1, 1944
2,700,000.00
Items in Transit witli Foreign
Branches and Net Difference in
Balances between Various Of
fices Due to Different Statement
Dates of Foreign Branches . .
1.075,812.78
Accounts Payable. Reserve for Ex
penses, Taxes, etc........................
15,857,664.97
519,379,622.74
1,965,799,931.81
675,241,256.40
Appointment of Mrs. Magdalene
Sparrow as assistant cashier of the
First State Bank, Ortonville, Minne
sota, was announced by the board of
directors recently.
Ben Zimmerman, former cashier,
who left for army service, is now in
the finance department of the Army
Air Corps at Sheppard Field, Texas.
John H. Sparrow, another former
employe, is now a Staff Sergeant at
Fort McClellan, Alabama, while Claude
P. Shellenbarger, who left the bank at
the army call, is now in the Medical
Corps somewhere in the South Pacific.
Then Miss Gretchen Cornelisen, for
many years a bank employe, who en
listed in the WAC, is serving her coun
try at Lake Charles Army Air Field,
Louisiana.
Directs W o o d Lake Bank
103,770.977.23
10,119,584.19
868,297.94
$3,275,179,670.31
Herman Hamre will be the cashier
of the Wood Lake, Minnesota, State
Bank after some date early in May,
it was announced together with a new
ownership of the institution. W. C.
Frank, the present cashier, will retire.
C. C. Elkjer of Clarkfield, John Lynner of Clarkfield, Alfred Larson of
Montevideo, and H. G. Hamre of Gran-
294,264,976.86
2,940,179,326.38
18,300,000.00
J a m ie s o n
&
Com pany
Members
New York Stock Exchange
and
Other Principal Exchanges
★
22,435,367,07
Total Liabilities..................................... $3,275,179,670.31
STOCKS
BONDS
COMMODITIES
★
S e c u r it ie s c a r r ie d at $ 7 5 7 , 5 6 6 , 9 1 6 . 1 1 in th e a b o v e S ta tem en t a re p le d g e d t o q u a lif y fo r
fid u c ia ry p o w e r s , t o s e c u r e p u b l ic m o n e y s as r e q u i r e d b y law , a n d fo r o t h e r p u rp o s e s .
T h is S ta tem en t in c lu d e s th e r e s o u r c e s a n d li a b i li t ie s o f th e E n g lis h B r a n c h e s as o f
M a rc h 2 6 , 1 9 4 4 , F r e n c h B r a n c h e s as o f O c t o b e r 3 1 , 1 9 4 2 , a n d B e lg ia n B r a n c h as
o f O cto b e r 3 1 , 1 9 4 1 .
M em ber Federal Deposit Insurance Corporation
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 194-4
MINNEAPOLIS
ST. PAUL
DULUTH
FARGO
GRAND FORKS
SIOUX FALLS
PRIVATE WIRES
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
39
Statement of Condition
NORTHWESTERN N A T IO N A L BANK
OF MINNEAPOLIS
MINNEAPOLIS, MINNESOTA
(A p ril 1 3 , 1 9 4 4 )
RESOURCES
Cash and Due from Federal Reserve and Other Banks--------------------------- $ 80,576,663.26
U. S. Government Securities, direct and fully guaranteed*--------------------- 195,571,563.64
Other Bonds* ________________________________________________________
9.340,855.04
Loans and Discounts---------------------------------------------------------------------------- 47,995,622.87
Stock in Federal Reserve Bank in Minneapolis-------------------------------------360.000.00
Customers' Liability on Letters of Credit and Acceptances--------------------866,400.^2
Interest Earned but not Collected--------------------------------------------------------795,912.4 <
Banking H ou se_______________________________________________________
3,800,000.00
Other Resources ____________________________________________________ -_______ 44,882.90
Total Resources__________________________________________________ $339,351,900.90
LIABILITIES
Capital Stock_________________________________________________________ $
Surplus ______________________________________________________________
Undivided Profits ____________________________________
Reserve for Contingencies--------------------------------------------------------------------
5,000,000.00
7,000,000.00
739.003.82
2,509,458.69
Total Capital Accounts--------------------------------------------------------------------------
15,248,462.51
Reserve for Interest, Taxes and Other Expense-----------------------------------Interest Collected but not Earned--------------------------------------------------------Letters of Credit and Acceptance-----------------------------------------------------------
1,063,501.50
296,638.34
866,400.72
321.876. 897.83
Deposits _____________________________________________________________________
( U . S. G o v er n m en t W a r Loan D eposits included $ 4 4 ,9 2 9 ,6 f { 3 M 6 )
Total Liabilities_________________________________________________ J$339,351,900.90
♦United States Government and other securities carried at $75,545,417,40 are pledged to secure U. S. Government War Loan
Deposits and other public funds and trust deposits and for other
purposes as required or permitted by law.
. *
A
For seventy-two years through peace and
e r — good times and bad — this bank
has served banks and bankers in this terVor im m ed ia te s e r v ic e
i
ritory. We offer experienced correspond
ent banking service based on a policy ol
p r o m p t, con stru ctive, frien d ly coopera tion .
w rite, plu m e or wire the I\<prthwestern l\ational Dank
★
USE “ NORTHWESTERN” SERVICES
W m
N
J oh nson
Vice Presiden t
F. W . C o n r a d
Asst. V ice P residen t
D.
A sst.
E.
Ck o u le y
L
V ice P residen t
A . F . J u n g E, R epresentative
P . G is v o l d
Asst. Cashier
NORTHWESTERN N A T IO N A L BANK
OF MINNEAPOLIS
Marquette Avenue — 6th to 7th Streets
MEMBER
FEDERAL
DEPOSIT
INSURANCE
CORPORATION
Norlhivestern Banker
Mai) 19^4
40
•MINN ESOTA
ite Falls, have bought the Wood Lake
Bank. Mr. Hamre will have active
management of the bank.
Takes O v e r C a sh ie rsh ip
John W. Anderson, county treasurer
of Corson county, resigned last month
to accept a position as cashier of the
Security State Bank of McIntosh, Min
nesota.
The position he will fill has recently
been handled by William Wenzel, who
is returning to Iowa to resume the
practice of law.
NEWS-
Vice President of Bankers
H o m e on Furlough
George A. Beito, president of the
Northern State Bank of Thief River
Falls, Minnesota, last month was en
dorsed for vice president of the Minne
sota Bankers Association at a recent
meeting of the Red River Valley Clear
ing House Association.
Eddie Blycher, formerly with the Se
curity State Bank at Hector, Minne
sota, has returned to his station in
Texas after a furlough at home. He
is in the air corps.
In C a n a d a
Henry A. Thoeny, president of the
First National Bank of Glencoe, Minne
sota, has been in western Canada on a
business trip.
y
O v e rse a s
With the headquarters company of a
mechanized cavalry unit, Tech. Sgt.
Wallace W. Kurth, former employe of
the Citizens Bank of Hutchinson, Min
nesota, has been sent overseas. A
nephew of President H. R. Kurth, he
has been in the service for a long time
and for the past few months has been
stationed at Fort Benning, Georgia.
Selects A ssista n t C a sh ie r
The Freeport State Bank, Freeport,
Minnesota, has appointed Rita M. Rose
assistant cashier in their banking in
stitution.
K lossner Bank A p p o in tm e n ts
Friendliness Not
“Rationed”
C. L. FRED RICKSEN
President
M. A. W IL S O N
V ice President
At the Live Stock National Bank in Sioux
W. G. NELSON
Assistant V ice President
City, service is highly personal.
It in
cludes the sincerity that goes with real
W. C. SCHENK
Cashier
H. C. L IN DU SKI
Assistant Cashier
and Manager of
Air Base Facility
friendship which is unchanging and non-
Twin C it y Federal 21
rationed.
Last month marked the 21st birthday
of the Twin City Federal Savings and
Loan Association. Since the day they
opened their doors they have made
nearly 17,000 loans to homeowners in
Minneapolis and St. Paul. These loans
amount to more than $38,000,000. In
addition, they have paid 42 consecutive
dividends to association members ag
gregating $3,500',000. With resources of
over $27,000,000, the institution is now
the largest insured association in the
northwest and the fourth largest in the
United States.
Present officers of the company are
A. M. Blaisdell, chairman of the board;
Roy W. Larsen, president; Henry
Rines, vice president; B. N. Bell, secre
tary-treasurer; C. I. Welch, H. E. Mey
ers and Russell M. Johnson, assistant
secretaries, and M. L. Jordan, assistant
treasurer.
W e look forward to seeing our m any
C. L. ADAM S
Assistant Cashier
friends this month at various group meet
ings where the Live Stock National Bank
J. S. H A V E R
Assistant Cashier
officers alw ays take an active part.
JAMES L. SM ITH
Auditor
That,
too, will be a good time for you to ask us
more
about
our efficient
correspondent
service in Sioux City.
T
H
E
L ive St o c k
N
a
t
OF
i o
n
a
SIOUX
B
l
CITY.
M E M B E R !
'J k e
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
The Klossner State Bank, Klossner,
Minnesota, last month elected Victor
J. Sondag, who has been assistant cash
ier there for the past 17 years, as cash
ier, to succeed George H. Vetter, who
became cashier of the Farmers & Mer
chants State Bank of New Ulm re
cently.
Mrs. Delores Bestick was appointed
as teller.
n
k
IOWA
F, 0 . 1 .C .
t/ c e
May 1944
a
't y t iS v t / s
J
Buys Iowa Bank
After 22 years of partnership, E. W.
Mussmann has sold his interest in the
Welcome, Minnesota, State Bank to
W. C. Bicknase and left for Hopkinton,
Iowa, May 1st, where he has purchased
the controlling stock in a bank.
>
41
Sioux Falls News
SOUTH
presi. dent of the Union Savings Bank
C
and candidate for delegate to the Re
A.
D A K O T A
NEW S
T. N. H A Y T E R
President
Sioux Palls
A ctin g Secretary
L O IS J. H A L V O R S E N
G E O R G E M. S T A R R IN G
Secretary-Treasurer
H uron
(In the Service)
Plaques Bank G ift
A ssista n t C a sh ie r
The Security Bank & Trust Com
pany, Madison, South Dakota, is of
fering glass service plaques to families
of servicemen in Lake County. More
than 300 of these plaques have al
ready been distributed.
Selmer Smebakken, former secre
tary of the Battle Mountain Farm
Loan Association, was elected assistant
cashier of the Hot Springs branch of
the First National Bank of the Black
Hills, recently.
Branch Banker N a m e d
Joins Bank Staff
J. J. Warkentin, manager of the
Britton branch of the First National
Bank of Aberdeen, South Dakota, re
cently was named vice president of the
parent bank, succeeding Fred Roesch
who resigned to enter private busi
ness, it was announced by F. B. Stiles,
president.
Warkentin while assuming his new
duties will remain in charge of the
Britton Bank until a successor is
found to take his place.
O fficial Banks
The Citizens Bank and the National
Bank of South Dakota, both of Ver
million, and the Security State Bank,
Wakonda, South Dakota, were named
as the official banks of Clay County
at a meeting of the board of county
commissioners.
Morris Winter, Parkston, joined the
staff of the Northwest Security Na
tional Bank, Brookings, South Dakota,
recently in the capacity of teller. He
is a recent graduate of the business
administration school of the Uni
versity of South Dakota, Vermillion.
R. M. DePuy, formerly vice presi
dent and manager of the Brookings
branch, Northwest Security National
Bank of Sioux Falls, has taken the
state agency of Midland National Life
Insurance Company, Watertown, at
Jamestown, North Dakota. He will
serve that state and northwestern
Minnesota.
DePuy was chairman of the South
Dakota Bankers Association Agricul
tural Committee from 1941 to 1943. In
1942 and 1943, he was ninth district
representative on the American Bank
ers Association
Food-For-Freedom
Committee.
H e rrie d G e t s Bank
Campbell County Bank of Herried,
South Dakota, recently opened for
business. The capital stock is listed
at $30,000, held in equal shares by 25
Herried, Artas and Mound City men.
There is no other bank in Campbell
County.
N a m e O fficers
The Farmers State Bank of Lyons,
South Dakota, recently elected Dan
Eitrheim, C. H. Edwards, Morris Visser and L. H. Feahy as directors. Mr.
Eitrheim and Mr. Edwards were unan
imously elected president and vice
president of the board.
Andrew C. Lemme, the remaining
director, was re-elected cashier of the
bank and secretary of the board.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
To Direct A sso c ia tio n
Southeastern South Dakota ClearingHouse Association met in the First Na
tional Bank of Beresford, South Da
kota, recently and elected for the
coming year: President, O. D. Hanson
of Elk Point; vice president, Merle
Deane of Canton; secretary-treasurer,
J. T. Sanger of the Bank of South Da
kota, in Vermillion.
N e w Bank's O fficers
Officers were elected and arrange
ments made recently for opening the
new Leola State Bank, Leola, South
Dakota. The stockholders named the
following as officers: J. F. Holdhusen,
president: E. W. Hilgemann, vice pres
ident, and C. Knudson, cashier.
CHRISTOPHERSON,
publican National Convention on an
uninstructed ticket, announced strong
preference for Governor Dewey of
New York as the presidential nominee
and for Governor Warren of California
as the vice presidential candidate. Fol
lowing the withdrawal of Willkie from
the nomination race, Christopherson
expressed the belief that Dewey would
be nominated on the first ballot. The
uninstructed slate of delegates is op
posed by one pledged to Lt. Comdr.
Stassen of Minnesota.
All bankers of Sioux Falls are active
ly cooperating in a campaign to raise
a $100,000 postwar building fund for
Augustana College in Sioux Falls. One
of the division leaders in the drive is
B. C. Grangaard, assistant cashier of
the National Bank of South Dakota.
As president of the Sioux Falls
Chamber of Commerce, Ralph M. Wat
son, president of the Northwest Secu
rity National Bank, presided at a
“gridiron banquet” given by the serv
ice clubs of Sioux Falls in honor of
officers at Sioux Falls army air field.
The event was highlighted by comedy
skits staged by officers and business
men, plus the traditional lampooning
of all present.
Watson is also busy these days com
pleting arrangements for a meeting
May 16th, at which Paul Hoffman, na
tional chairman of the committee for
economic development, will speak.
Watson will preside at a dinner in
Hoffman’s honor, to which business
men from throughout the midwest
have been invited. Among the guests
expected to arrive with Hoffman is .1.
Cameron Thomson, Minneapolis, presi
dent of the Northwest Bancorporation.
With many employes nearing induc
tion under the stepped-up father draft
rate, most Sioux Falls bank officials
are casting around for new workers.
Recently joining the staff at the North
west Security National Bank were
Harlan Hite, who moved into the gen
eral bookkeeping department, from the
Minnehaha county treasurer’s office,
and Louis Hagen, who entered the
trust department from employment
with the Andrew Kuehn Wholesale
Grocery Company.
Carl J. Odegard, vice president and
manager of the Huron branch of the
Northwest Security National Bank,
Northwestern Banker
May Í.944
42
>
•
SOUTH
took part in a panel discussion of farm
chemurgy at a conference of the 119th
district Rotary at Sioux City.
Fred H. Hollister, chairman of the
board of directors of the Northwest
Security National Bank, recently re
turned here after two months in Flor
ida.
Plans for the 1944 edition <of the
Sioux Empire Fair are now being
made, with indications that some form
of entertainment will be restored this
year. Last year the event was con
fined to an agricultural exhibit. Treas
urer of the fair board is Frank J. Ginkle, cashier of the National Bank of
South Dakota.
M a d e A ssista n t C a sh ie r
Julius Goehring has been advanced
to assistant cashier of the Farmers &
Merchants Bank, Wessington Springs,
South Dakota, to take the place of
Alma Thomson, it was announced by
F. W. Bunday, cashier.
M E M B E R
R
E S E R
OF
V E
DAKOTA
NEWS
Adolph Lodmell, assistant trust offi
cer of the Northwest Security National
Bank, spoke on postwar planning at a
meeting of the Sioux Falls Athenian
Club.
L E G A L Q U E S T IO N S
(Continued from page 20)
pendent gasoline and oil filling sta
tions, at which automobile accessories
and other merchandise were sold. By
appropriation and use the stations
came to be designated by a distinctive
trade name. Tilley operated a similar
station in another Minnesota city
some 100 miles away, and, subsequent
to the adoption of the trade name by
Wilson, came to use the same trade
name. Wilson’s stations and Tilley’s
M E M B E R
OF
N E W
Y O R K
C L E A R I N G HOUSE A S S O C I AT I ON
T he CONTINENTAL
&
TRUST
COMPANY
o f NEW YORK
S T A T E M E N T OF C O N D IT IO N
Close of Business March
31,
1944
R E S O U R C E S
Cash and Due from B a n k s ........................................................... $31,309,996.31
U. S. Government O b l i g a t i o n s ...............................................
64,504,868.13
New Y ork City S e c u r i t i e s .............................................................
6,888,079.93
Other S e c u r it ie s .................................................................................
1,439,672.96
Federal Reserve Bank S t o c k ......................................................
240,000.00
Loans and D i s c o u n t s ...................................................................
41,654,447.27
Accrued Interest R e c e i v a b l e ......................................................
307’,321.97
Custom ers’ L iability Under Acceptances Outstanding .
524,683 94
Other A s s e t s .......................................................................................
193,050.22
$147,062,120.73
L I A B I L I T I E S
Capital Stock ............................................................$4,000,000.00
Surplus F u n d ......................................................
4,000,000.00
Undivided P r o f i t s ............................................
1,388,625.50
Dividend Payable A pril 1, 1944 ...............................................
Other L i a b i l i t i e s ................................................................................
Acceptances:
Outstanding
..................................................$1,421,093.99
Less A m ount in P ortfolio
. . . .
816,341.95
D e p o s i t s ..............................................................................................
$9,388,625.50
80,000 00
355,530.67
604,752.04
136,633,212.52
$147,062,120.73
Frederick E. H asler
Chairman of the Board
James A. Jackson
President
MAIN OFFICE: 30 BROAD STREET, NEW YORK
Branch O ffices:
MEM BER
N o rth w estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
3 4 5 M a d is o n A v e n u e - 5 12 S e v e n t h A v e n u e
FEDERAL
Mai)
D E P O S IT
station were so far apart there was,
as a practical matter, no competition
between them. Wilson sought to en
join Tilley from using the trade name.
Could he do so?
C.
A. Christopherson, Jr., Sioux Falls
No. In Minnesota an operator of
attorney and son of the president of
gasoline and oil filling stations at
the Union Savings Bank, has been
commissioned a lieutenant (j.g.) in the which automobile accessories and
navy and will begin training at Tuc other merchandise are sold, who by
appropriation and use has acquired a
son, Arizona.
FEDERAL
SYSTEM
BANK
•
IN S U R A N C E
C O R P O R A T IO N
trade name, is not entitled to protec
tion of the trade name against the
operator of a similar station in a mar
ket where he has no station and where
he does not compete for business.
Von Horbeck, a banker, leased cer
tain real estate to Pomeroy for five
years. At the end of the second year
Pomeroy assigned the lease to Crelly.
Crelly did not, as an incident to the as
signment, assume the performance of
the covenants of the lease. At the end
of the fourth year of the lease, Crelly
assigned the lease to Paine. Pomeroy,
Crelly and Paine occupied the prem
ises during the respective periods that
they were entitled to do so and all but
Paine paid the rents that came due
during such period. Von Horbeck
sought to recover from Crelly for the
rent due during the period of Paine’s
occupancy. Could he do so?
No, generally speaking.
An as
signee of a lease who does not assume
the performance of the coA^enants of
the lease holds the lease merely under
a privity of estate which, Avhile suffi
cient to hind him for the payment of
rent to the lessor Avhile in occupation
of the premises as a tenant, is termi
nated by a reassignment in good faith
of the lease to another, and thereafter
the assignee is not liable to the lessor
for rent accruing subsequent to the
reassignment. Decisions to this effect
may he found in Illinois, Michigan,
Minnesota, Nebraska, Wisconsin and
other jurisdictions. There are a few
decisions to the contrary in Texas.
i
■y
-f
y
>
♦-
<
Ì
A rm y -N a v y " E "
War production’s banner of excel
lence, the Army-Navy “E,” was for
mally presented to the Burroughs Add
ing Machine Company, Detroit, by
Capt. A. V. Magly, U.S.N., in recogni
tion of outstanding achievement in the
production of war materials. Lieut.
Col. Harvey G. Beeson, executive officer
of the Sixth Service Command, United
States Army, presented lapel pins for
the employes.
V
43
Fargo News
NORTH
D A K O T A
NEW S
H . A . F IS C H E R
President
W ashburn
0 . C. W A T T A M
Secretary
Fargo
To A m e n d C h a rte rs
Physician Elected President
At a meeting of the North Dakota
State Banking Board, held last month,
applications of nine banks for permis
sion to amend their Articles of Asso
ciation to provide for increase of com
mon stock were approved, announces
J. A. Graham, state examiner.
Dr. E. J. Larson of Jamestown was
elected president of the First Security
Bank, Underwood, North Dakota, re
cently to succeed the late Krist Kjelstrup. Dr. Larson has been vice presi
dent for the last 15 years.
M. K. Kjelstrup was elected a direc
tor and vice president. C. O. Thomp
son will continue as cashier.
The banks and the amount of in
creases are as follows:
McIntosh County Bank, Ashley—
from $15,000 to $35,000. Foster County
State Bank, Carrington—from $30,000
to $50,000. Drayton State Bank, Dray
ton—from $15,000 to $25,000. Sargent
County Bank, Forman—from $21,600
to $25,000. Garrison State Bank, Gar
rison—from $15,000 to $40,000. State
Bank of Marion, Marion—from $15,000
to $25,000. Bank of Steele, Steele—
from $15,000 to $25,000. State Bank of
Burleigh County, Sterling — from
$15,000 to $25,000. Farmers Security
Bank of Washburn—from $15,000 to
$50,000.
Farm er N a m e d D irector
Ervin Bourgois, well-known Bur
leigh county farmer, recently was
elected a member of the board of di
rectors of the Dakota National Bank
and Trust Company at Bismarck,
North Dakota.
Announcing his election, F. B.
Heath, bank president, said the officers
of the bank and the board of directors
have felt for some time that they
needed a man who is thoroughly fa
miliar with the ranching and farming
problems of this area to advise them
on agricultural matters and applica
tions for farm loans.
O n the J o b 30 Y ears
A. J. Rulon has completed a period
of 30 years with the James River Na
tional Bank, Jamestown, North Da
kota.
Mr. Rulon, now vice president of the
bank, began with the institution when
a very young man.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Jam es G r a d y Dies
Prominent in Fargo and Valley City
banking and real estate circles for 25
years, James Grady, 75, died recently
in Fargo, North Dakota.
A d d e d to Board
All officers and directors of the Citi
zens State Bank of Lankin, North Da
kota, were re-elected at the annual
meeting held recently. Added to the
board of directors were H. J. Vorachek
and Mrs. Mayme E. Vorachek. The
report showed a very substantial in
crease in business for the past year.
Georgetta I. Vorachek has been
elected cashier, succeeding W. J. Vor
achek, who had resigned.
State D ebit Rep orts
Following are the debit reports from
selected North Dakota cities, as re
cently reported by the Federal Reserve
Bank of Minneapolis, with 000 missing.
% Mar.
Mar.
Mar.
’44 of
North Dakota
1944
1943 Mar. ’43
Bismarck
. $20,206 $13,637
148
Devils Lake .
2,156
2,178
99
Dickinson ...
2,926
2,063
142
Fargo ............ 34,176 33,429
102
Grafton . . . . . .
2,738
3,040
90
Grand Forks . 11,317
9,292
122
Jamestown . .
3,375
2,717
124
Lisbon
596
555
107
Mandan .........
1,716
1,316
130
Minot
.........
7,806
5,818
134
Valley City . . 2,031
1,692
120
Wahpeton . .
1,759
1,651
107
Williston
4,726
2,778
170
F A. IRISH, chairman of the board
I , of the First National Bank and
Trust Company of Fargo, is greatly im
pressed with Chester Bowles, director
of the Office of Price Administration,
he said upon his return from Washing
ton, where he attended a meeting of
the board of directors of the United
States Chamber of Commerce. Mr.
Bowles addressed the meeting.
“Mr. Bowles strikes me as a man
who has both feet solidly on the
ground of good sound business judg
ment and that if he is left to work out
his own plans for the OPA, he will
bring about a good, workable pro
gram,” Mr. Irish said.
“He found something of a chaotic
condition and already he has gone a
long way toward clearing it up. He
told us that he took the job with the
definite understanding and assurance
that he was to be his own boss, and
was not to be subjected to political or
any other kind of pressure. He has a
very pleasing personality and made a
very favorable impression.”
Mr. Irish also said he was more im
pressed than ever with the thought
that Eric Johnson, president of the
United States Chamber of Commerce,
is one of America’s great leaders.
Said Mr. Irish:
“By his liberal ideas, particularly
toward labor and his insistence on the
necessity for widespread reforms in
business and industry, Mr. Johnson
has brought about a better understand
ing between groups that for long have
been at odds in America.
“He has won the warm friendship of
the nation’s labor leaders and has
broken down a lot of prejudices and
old-fogie ideas on the part of business
toward labor.
“ It seems like an act of providence
to have such a man at the head of the
Chamber of Commerce in this time of
national crisis.
“Mr. Johnson also is playing a great
role in our international affairs. He
has been invited to go to Russia and
the Russian government has assured
him that he will be taken anywhere he
wants to go, to the battle fronts or into
their great industrial areas, see all he
desires to see without any restrictions
whatsoever.
“He plans to make that trip and I
am sure his report on what he finds
will be of immense value in informing
the American people as to Russia and
its future, and what that portends for
America and the world.”
Northwestern Ranker
May 7.944
«asgiüfppi
.
¡1
111
I
P •'
; ilil
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
rp
1
i The United S t a t e s Nationa
Ke Directors of
fl(l in crease of
Bank of 0 m a h “hLans”t" , ltls account, bringing
$ 3 0 0 ’r T s u r k U , to $ 2 ,5 0 0 ,0 0 0 .0 0 .
ith undivided profits and re^
$3>000 ,000.00.
C<tP
"
Capital accounts
serves for contingencies
I
SOUND BANKING SINCB - 5 6
D IR EC TO R S
LINN
A RTH U R A. LO W M A N
P. C A M P B E L L , President
B yron R eed C o m p a n y , In c.
E D G A R M. M O R S M A N , J R ., A tto r n e y
S A M U E L L. C O O P E R , President
O rchard
R O Y P A G E , V ic e President and G eneral M anager
6? Wilhelm C om p a n y
N ebra ska P o w e r C om p a n y
ED W IN A. D U FF
EDW ARD
C h ica g o,
H E N R Y W . PIER P O N T , President
F L Y N N , E xecutive V ic e President
Burlington 6s? Q u in c y
R ailroad C o .
Standard Oil
ABRAHAM
R U S S E L L J . H O P L E Y , President
N o r th w es ter n B ell T ele p h o n e C om p a n y
J O H N W . H U G H E S , President
G uarantee
GLENN
Mutual
L ife C om p a n y
E. J E N N I N G S , President
Wright 6? Wilhelmy
C om p a n y
C om p a n y o f N ebraska
L. R E E D , Chairman o f the Board
B yron R e ed C o m p a n y , In c.
H A R R Y F. R E E D , President
L . G . D o u p C om p a n y
ELLSW ORTH
M O S E R , E xecutive V ic e President
H E R B E R T M . B U S H N E L L , President
'T h e
UNITED STATES
A.NK of(Pm aAa
SLZP/C.
45
which is a newly formed consolidation
of the Elba, Loup Valley, Cotesfield
and Sherman County National Farm
Loan Associations in Nebraska.
NEBRASKA
Bouquets to N elson Bank
NEW S
R. I. STOU T
President
Tekamah
W M. B. H U G H E S
Secretary
Omaha
38 Y e a rs of Service
O b se rv e 60th Birthday
When Miss Mamie Wood left the
First National Bank of York, Nebras
ka, recently she left behind her a rec
ord of 38 years of continuous service.
Miss Wood will go to Washington,
D. C.
From a bank clerk she reached the
position of assistant cashier.
Congratulations and flowers from
banking institutions all over the coun
try filled the offices of the First Na
tional Bank of Holdrege, Nebraska,
on the observance of their sixtieth
birthday anniversary, which took place
last month.
J. Wiley Green, cashier of the AVauneta Falls Bank, Wauneta, Nebraska,
reported in Omaha last month for
duty in the United States Navy.
Pioneer Su ccu m b s
Jay AVilley, one of the pioneer citi
zens of Marietta precinct died recently
in Lincoln. He was president of the
State Bank of Mead, Nebraska, for
many years.
C h a n g e s to N ational
National banking facilities became
available at Kearney, Nebraska, with
the change of the Fort Kearney State
Bank to the Fort Kearney National
Bank.
There was no change in officers or
directors, deposits were automatically
transferred, and checks drawn on the
state bank will be honored by the na
tional bank.
The bank recently increased its
capital stock to $100,000.
Increase Surplus A c c o u n t
The directors of The United States
National Bank of Omaha have an
nounced an addition of $300,000 to the
surplus account, bringing the capital
and surplus to $2,500,000.
This action makes the total capital
accounts of the bank, with reserves
and undivided profits, more than
$3,000,000.
In making the announcement, offi
cials of the bank stated that the action
was taken to keep pace with the con
tinued increase of deposits and to pro
vide a broader loaning capacity.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
In the Service
Clarence Clason, who has been em
ployed in a bank at Chadron, Nebras
ka, has been called to service.
Form er Polk Banker Dies
George Krumm, executive vice pres
ident of the National Bank of Neligh,
Nebraska, who has been connected
with that institution since 1930, has
resigned. Willis Bowen, formerly of
Orchard, has been elected to fill the
vacancy.
The death of Dan B. Carter, 59, oc
curred at his home in Omaha, Ne
braska, last month. Mr. Carter was a
former Polk resident, having been af
filiated with the Bank of Polk for
several years. He left Polk in 1928,
going first to Sutton and later to
Omaha, where he has made his resi
dence for several years.
Prom oted to C a sh ie r
N e w Em ploye
The Genoa, Nebraska, National
Bank announced recently the election
of W. M. Winell as cashier. Mr. AVinell has been employed by the Genoa
National Bank since 1925 and has
served as assistant cashier prior to
his election as cashier.
Helen Conklin, who has been em
ployed at the Citizens State Bank,
Tekamah, Nebraska, since last June,
severed her connections, recently, and
Mrs. Betty Newton is taking her place.
Vice President Resigns
C a s h ier N o w in Blue
The Commercial Bank, Nelson, Ne
braska, last month celebrated its
fiftieth anniversary of the organization
of the bank. Huge baskets of snap
dragons, carnations and roses filled
the lobby, the gifts of correspondent
banks in Kansas City, Omaha, Lin
coln, St. Joseph, Chicago, and New
York.
O ffice rs Shifted
With the retirement of Charles S.
Stone of the Harvard, Nebraska, State
Bank, W. G. Schwenk has been elected
president. L. A. Robertson is vice
president.
Successor to Stone is C. A. Perlen
fein of Mount Ayr, Iowa. He has been
in Iowa several years but was formerly
engaged in the banking business at
Wolbach.
Resigns as C a sh ie r
J. J. Rothmeier has disposed of his
stock in the State Bank at Alexandria,
Nebraska, to George Apking of Daykin, and has resigned as cashier of the
institution, which position he has held
for the past 14 years.
M e rg e d A sso c ia tio n s M e e t
H. A. Viergutz, vice president of the
Fedeal Land Bank of Omaha, spoke
at a meeting of the Howard-Sherman
National Farm Loan Association,
Junior N ew s
From the Nebraska
Junior Bankers Association
John Lauritzen, Fjditor
OGER PARSON, formerly of the
Bank of Valley, is now stationed at
R
Abilene, Texas, where he is a sergeant
in the United States Army.
Frances Green, daughter of T. F.
Green, cashier of the Bank of Valley,
was recently married to James Rob
erts of Omaha. She is now assistant
cashier at the Bank of Valley.
Recently the Bank of Valley, for the
first time in its history, had a total
footing in excess of one million dollars.
Miss Marianne Jelinek is a new em
ploye of the First National Bank of
AVahoo. Miss Jelinek is a graduate of
the Wahoo High School, in the class of
1942; also she has taken a course in the
Northwestern Banker
May L944
46
• NEBRASKA
N E WS*
Burroughs accounting department in
Omaha. Miss Jelinek is the grand
daughter of L. J. Kudrna, president of
the First National Bank of Wahoo, and
a niece of James B. Kudrna, cashier of
the same bank. She has been helping
E. E. Placek, president of the First
National Bank, in the recent War Bond
drive.
is more wrong with him than he
thinks, his civilian days are numbered
and consequently he will be unable to
continue the good work he has done
in behalf of the Nebraska Junior Bank
ers Association. Incidentally, Chase
reports that his bank made no charge
to their customers for the making out
of income tax returns.
C. C. Neumann, cashier at the Farm
ers & Merchants National Bank of
Oakland, Nebraska, is about to take
his pre-induction physical examination
for the army. He reports, unless there
New employes at the First National
Bank of Tekamah, Nebraska, include
Arch Briggs, recently given a medical
discharge from the army. Also a new
employe is Margaret Healea.
The wife of H. J. Wragge, cashier of
the First National Bank of Tekamah,
and also the wife of B. B. Boerch, as
sistant cashier of the Bank of Teka
mah, have both been in the hospital.
Mr. Wragge has had charge of the
bond drive for Tekamah, and is treas
urer of the Burt County Red Cross.
Director J. T. Stanton, a local attor
ney and director for the Stromsburg
Bank in Stromsburg, Nebraska, is now
a Marine major, stationed at Pendle
ton, California.
Assistant Cashier Kenneth Hultquist, a sergeant in the medical corps,
formerly with the Stromsburg Bank, is
attached to the coast artillery.
(o n i m e re e j r u s t ( b m p a n y
18-1
Wesley Ericson, one of the rural mail
carriers out of Stromsburg, Nebraska,
has been employed each afternoon as
a teller and bookkeeper for the Stroms
burg Bank.
E. C. Nordlund, president of the
Stromsburg Bank, is treasurer of the
Polk County Chapter of the American
Red Cross, a position which he has
held for the past twenty years.
Established 1865
Kansas City, Missouri
Member Federal Reserve System
Statement of Condition at Close of Business April 13, 1944
RESO UR CES
Cash and Due from Banks________________________$106,148,329.57
U . S. Obligations, Direct and Fully Guaranteed- 162,988,531.53
State, Municipal and Federal Land Bank Bonds-
20,963,448.58
Stock of Federal Reserve Bank___________________
360,000.00
Other Bonds and Securities______________________
269,136,861.10
T he
2,930,891.42
24,254,340.00
Loans and Discounts______________________ _________________________
54,832,106.29
1,872,500.98
Bank Premises and Other Real Estate Owned___________________
Customers’ Liability Account Letters of Credit__________________
Accrued Interest Receivable______________________________________
Overdrafts
27,689.61
N e w Y o r k T rust
Co m p a n y
Capital Funds . $45,000,000
633,690.96
----------------------------------------------------------------------------------------
6,402.87
Other R e so u rces_________________________ 1__________________________
5,085.44
IO O B R O A D W A Y
Total Resources
$350,768,677.25
M A D IS O N A V E N U E
L IA B IL IT IE S
AN D 40T H
Deposits:
U. S. Government Deposits.
.$ 28,486,831.16
Other Deposits ____________
305,866,978.53
$334,353,809.69
STREET
TEN
ROCKEFELLER
Capital ---------------------------------------------------------
6,000,000.00
S u r p lu s---------------------------------------------------------------------
6,000,000.00
Undivided
3,813,790.94
Profits _______________________________
PLAZA
15,813,790.94
Liability Account Letters of Credit_______________________________
27,689.61
Accrued Interest, Taxes and Expense____________________________
571,566.09
Other Liabilities ___________________________________________________
Total Liabilities
$350,768,677.25
M em ber Federal D ep osit Insurance C orporation
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
1,820.92
Mai]
★
BUY
WAR
BONDS
Member of the Federal Deposit Insurance Corporation
47
A t the Nebraska Group Meetings
S THIS May issue of the N o r t h tion should be revised and brought
w estern
B a n k e r goes to press,
up to date. He also feels that the As
several of the Groups of the Ne sociation needs an executive commit
braska Bankers Association have held tee or executive council to pass on im
their meetings, and others are just portant matters that should not be
getting started, those at Holdrege and the entire responsibility of the officers.
Kearney taking place a week later
Bankers, Mr. Stout said, will face
than usual.
many problems when the war is won,
At the kick-off meeting of Group such as that of providing for the return
One in Lincoln, O. J. Mayborn, presi of men in the service, who if they
dent of the Differ State Bank, was come back into the banks they left,
elected president of the Group; R. A. will do so at a greater age and may
Kovanda, cashier of the State Bank of not be satisfied with the minor posi
Elk Creek, vice president; and Ray tion they held when they entered the
Becker, assistant cashier of the First service. Bankers should show some inNational Bank, Lincoln, secretary and
treasurer. The registration at Lincoln
ran from about 150 early in the after
noon to 200 at the annual dinner in the
evening.
Group Three bankers, meeting at
Norfolk, elected as president of the
Group, E. W. Rossiter, president of
the Bank of Hartington, succeeding
E. M. Gallagher of O’Neill. Other offi
cers chosen were Robert Larson, vice
president and cashier of the Farmers
National Bank, Pilger, as vice presi
dent; D. Harris, of Stanton, secretary,
and Paul Zutz, cashier of the DeLay
National Bank, Norfolk, treasurer.
Two hundred attended the luncheon in
Norfolk, and reservations of 350 were
anticipated for the dinner that evening.
Group Two bankers met in Colum
bus on the same day as the Norfolk
meeting, April 22nd, and had among
the speakers on the afternoon pro
gram, Wade Martin, Nebraska super
intendent of banking; Edgar McBride,
vice president of the Nebraska Associa
tion, and Dr. Paul F. Cadman, econo
mist for the American Bankers Asso
ciation. A question box conducted by
John Changstrom, vice president of
the Omaha National Bank, concluded
the afternoon session. At the annual
dinner in Columbus, the 250 guests
heard Tom Coffins, publicity director
of the City National Bank & Trust
Company, Kansas City, give the ad
dress of the evening.
Speaking at several of the meetings,
Robert I. Stout, president of the Ne
A J i H t N E B R A S K A GR O U P M E E T IN G S — Reading from left to right,
braska Bankers Association, suggested
1—William B. Hughes, secretary of the Nebraska Bankers A ssociation; and
a number of items which he con
Edgar McBride, vice president of the Nebraska Association. 2—Leonard Hales,
sidered important for Association con
cashier Brunswick State B a n k ; Ted Goeres, cashier Osmond State B a n k ; L. N.
sideration in the future. The consti
Larson, assistant cashier Commercial State Bank, W a u sa ; and S. W. Brion,
tution and by-laws of the Nebraska
cashier Farmers State Bank, E w ing. 3— H. J. Bornholdt, cashier Commercial
Association have been changed but
State Bank, W a u sa ; Mark A. Wilson, vice president L ive Stock National Bank,
little since they were drawn up many
Sioux C ity ; G. W. Krumm, executive vice president N ational Bank o f N eligh ;
years ago, but banking operating con
and J. J. Ryan, vice president The Tilden Bank.
4— J. Guy Edloff, cashier
ditions have changed materially, and
Stephens N ational Bank, Frem ont; W. E. Moor, vice president Farmers State
Mr. Stout believes it is high time the
Bank, EJkhorn, and newly-elected president o f Group T w o ; and Verne Bartling,
rules governing the Nebraska Associa
assistant vice president First N ational Bank, Chicago.
A
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker
May t9bb
48
NEBRASKA
terest ill the business and investment
activities of their customers—try to
make money for them—even though
it means that money will have to leave
the community in order to do so.
Too many bankers, Mr. Stout said,
try to keep all possible community
money at home, in their bank, many
times to the detriment of the customer.
Bankers should get together oftener,
and exchange ideas — postwar will
bring many changes, and bankers must
be ready for these changes. It is more
aggressiveness on the part of bankers
that will offset further Government
NEWS
infringement in the banking field—
the banker who sits back with a
what’s-the-use attitude soon will have
no bank to sit back in, according to the
speaker.
The amount of capital stock in the
Piekrell State Bank, Pickrell, Nebras
ka, was increased $6,200 by the vote
of the stockholders, recently.
Death Takes Banker
Son in A ir C o r p s
George W. Ashford, 68, prominent
Dakota County landowner and former
banker, died recently. He was presi
dent of the Security State Bank at
Homer, Nebraska, for years and was
secretary-treasurer of the Dakota
County Federal Land Bank.
Increases Stock
C. H. Verber, assistant cashier of
the First National Bank of Omaha, re
ports that his son, Jack, has graduated
from the Childress, Texas, Bombardier
and Navigation School, and now as a
Lieutenant is awaiting possible over
seas duty with the air crops.
Vice President a Lieutenant
AM ERICAN NATIO N AL BANK
AND TRUST C O M PAN Y
OF C HI C AG O
«1
GT
ON
L A S A L L E ST REET . ii |f AT W
n aAsSnHiIN
nu
iw
n
-----------------------■>#'
------------------- .
Member Federal Deposit ' s 5 IllsJK 1 Insurance Corporation
S T A T E M E N T
A T
T IIE
C L O S E
O F
O F
C O N M IT IO N
B U S IN E S S
13 , 10 14
A P R IL
John F. Davis, vice president of the
First National Bank of Omaha, recent
ly enlisted in the United States Navy
and was awarded a commission of
Lieutenant (j.g.). Mr. Davis reported
last month at Hollywood Beach, Flor
ida, where he will attend the Naval
School for a period of two months and
then be assigned to duty. Mr. Davis
is the grandson of F. H. Davis, former
president of the First National Bank
of Omaha, and the son of T. L. Davis,
its present president.
A Selective Service D irector
RESOURCES
C ash and due from b a n k s .............................................$ 4 2,7 8 5 ,2 9 4 .7 1
U n ited States G overnm ent obligations — direct
and fully g u a ra n te e d ...................................................
M unicipal and other m arketable securities
.
7 0 ,5 6 4 ,6 3 0 .4 8
.
1 3 ,1 8 1 ,4 3 6 .4 7
Loans an<l d isc o u n ts.........................................................
3 0 ,5 7 0 ,9 2 6 .1 2
Federal Reserve Bank s t o c k ......................................
1 50 ,0 00 .0 0
C u stom ers’ liability on acceptan ces..........................
2 0 ,6 5 0 .0 0
A ccrued interest r e c e i v a b l e .......................................
3 5 6 ,5 0 3 .4 0
R eal estate o w n e d .........................................................
' M
Other a s s e t s ..........................................................................
1 0 2 ,3 6 5 .9 6
$ 1 5 7 ,7 3 1 ,8 0 8 .1 4
LIABILITIES
C apital s t o c k ...................................................................... $
2 ,0 0 0 ,0 0 0 .0 0
S u r p l u s ...................................................................................
3 ,0 0 0 ,0 0 0 .0 0
U ndivided p r o f i t s .........................................................
6 0 6 ,7 1 5 .9 2
Reserve for taxes, interest, contingencies, etc.
.
8 6 7 ,9 4 9 .7 8
Unearned d i s c o u n t ..........................................................
3 3 1 ,4 8 8 .2 7
Liability on a c c e p t a n c e s .............................................
2 0 ,6 5 0 .0 0
Lieutenant Colonel Emmett G. Solo
mon, assistant trust officer of the First
National Bank of Omaha, is now on
leave with the Armed Forces, and has
flown back to Washington, D. C., to be
present at a discussion concerning
Selective Service for the Territory of
Hawaii. Colonel Solomon has been
serving as acting selective service
director for the Territory of Hawaii.
Previous to that, he had done much for
setting up the Selective Service Sys
tem for the United States proper.
Prom otion
Edward E. Brown, president of The
First National Bank of Chicago, after
the regular meeting of the board of
directors on April 14, 1944, announced
the promotion of Clarence E. Carlson
from assistant vice president to vice
president.
Not the T yp e
D e p o sits:
Wife: “Why don’t you want me to
join the WAVES?”
Husband: “ Because you wouldn’t
enjoy it—it’s non-combatant duty.”
D e m a n d ......................................... $ 1 2 6 ,6 5 7 ,9 7 3 .4 7
United States Governm ent .
Other public funds .
. . .
3 ,2 7 4 .2 8
S a v i n g s ......................................
Other tim e deposits
.
.
1 5 ,7 5 5 ,4 7 5 .3 0
8 ,45 8 ,2 8 1 .1 2
.
3 0 ,0 0 0 .0 0
1 5 0 ,9 0 5 ,0 0 4 .1 7
$ 1 5 7 ,7 3 1 ,8 0 8 .1 4
United States Government obligations and other securities carried at $35'.,689,931.83 are pledged
to secure public and trust deposits and f o r other purposes as required or permitted by law.
BANKS
Bought and Sold
Confidentially and with becoming dignity
BANK E M P L O Y E E S P L A C E D .
39 Y e a r s S a t i s f a c t o r y S e r v i c e
THE CHARLES E. WALTERS CO.
OMAHA. N E B R A S K A
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St./Louis
May 19à'r
49
vice president of the Omaha National
Bank; Gordon Taft, another former
Omaha investment banker now in gov
ernment work, and Major Lloyd
Smith.
George W. Johnston, 76, long active
in Omaha civic and business enter
prises and a director of the Stock
Yards National Bank of Omaha, died
recently. He was a past district gov
ernor of Rotary International and a
past president of the Omaha Rotary
Club.
UPPOSE a Nebraskan stops at a members of the reserve bank system,
filling station over in Iowa to buy Neiman said.
some gas but finds he hasn’t any
money. He offers the station man a
Robert H, Hall, Omaha banker, was
check, say for $2.
elected chairman of the executive com
When the check is returned through mittee and president of the Children’s
his own bank, he finds that the Iowa Memorial Hospital at Omaha recently.
bank where the check was originally
Mr. Hall, who is executive officer of
cleared did not charge him a dime, or the North Side Bank of Omaha, has
20 cents for clearance.
been a hospital director and chairman
That wasn’t always the case before of the hospital publicity committee.
the Iowa legislature passed a law, ef He has a long record of community
fective last July, requiring all banks to service. He is an Ak-Sar-Ben council
clear such checks at par, Don E. Nei- lor, past president of the North Side
man, manager of the Des Moines Asso Kiwanis Club, treasurer of the North
ciation of Credit Men, told 100 mem Omaha Boy Scouts and of the Catholic
bers of the Omaha Credit Men’s Asso Charities, and a member of the Y. M.
C. A., Camp Fire and United War Fund
ciation recently at a meeting.
Neiman proposed the Iowa law as a and Community Chest boards.
model for Nebraska. The Omaha asso
ciation previously failed in its efforts
Harry Greenway, Omaha investment
to obtain passage of such a law by the banker, has returned from a stay in
Nebraska unicameral legislature, Gus Washington, D. C. He saw a number
Horn, executive secretary of the Oma of former Omahans in the capital and
ha credit group, said. The effort will had lunch one day with Col. W. B.
be renewed at the next session. In Millard, Jr., wartime king of Ak-SarNebraska there are 164 banks not Ben and on leave from his duties as
S
Nels Kraschel, general agent at
Omaha for the Farm Credit Adminis
tration and former governor of Iowa,
was among those whose names figured
in discussion of possible choices to suc
ceed Dr. A. G. Black as governor of
the FCA, according to Washington dis
patches.
Another possibility was N. E. Dodd,
AAA chief and- a native of Oregon.
Secretary of Agriculture Wickard rec
ommended to the White House, upon
Dr. Black’s resignation, that I. W.
Duggan of Georgia, deputy FCA gov
ernor and former AAA director for
the south, be elevated to the $10,000
a year governorship post.
Dale Clark, president of the Omaha
National Bank, who recovered recent
ly from pneumonia, went to Arizona
to recuperate. He and Mrs. Clark
planned to remain at Phoenix until the
middle of April and were to stop at
Los Angeles en route home.
Alvin E. Johnson, president of the
Live Stock National Bank of Omaha,
was guest speaker at the Audubon
County Beef Producers Association an
nual banquet at Audubon, Iowa. Toast
master was Nels Kraschel.
Chairman of Omaha’s ration board
P i r s t N a tio n a l
iBank, ot O m a h a
At
The Cr o s s r o a ds
Of O m a h a
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Oldest Notional Bank
From Om a h a West
MEMBER FDIC
Northwestern Banker
May 19'i'f
50
•
No. 1 for almost two years before his
resignation last fall, Charles D. Saun
ders, vice president of the First Na
tional Bank of Omaha, received his
reward in the form of a “certificate of
award” signed by President Roosevelt
and OPA officials. He was presented
O
u
t - o f - T
NEBRASKA
NEWS
with the certificate recently by John
G. Aldrich, acting district director of
OPA at Omaha. The award cited
Saunders “in sincere appreciation for
his devotion to his country’s needs.”
Gains in Omaha business are re-
o w
n
R
a
n
k
s
O u t-o f-to w n banks and bankers w ill find here
c o m p le te b a n k in g fa c ilitie s fo r p ro m p t and
econom ical handling o f accounts in Chicago. W e
•
flected in a table recently released by
the Omaha Chamber of Commerce in
dustrial department.
Increases between 1940. and 1944 in
cluded:
Bank debits, 220.6 per cent; bank
clearings, 174.3 per cent; grain ship
ments, 213.4 per cent; livestock slaugh
tered, 105.2 per cent; livestock re
ceipts, 98.3 per cent; grain receipts,
74.3 per cent; postal receipts, 21.1 per
cent; building permits, 6.7 per cent.
For March, 1944, compared with the
same month in 1943, the increases in
cluded:
Bank debits, 36.9 per cent; bank
clearings, 7.9 per cent; building per
mits, 503.2 per cent; livestock receipts,
59.8 per cent; livestock slaughtered,
35.4 per cent.
would appreciate the opportunity o f serving you.
HOW
!
C i t y N a t io n a l B a n k
AND
TR U ST
2 0 8
S O U T H
of Chicago
C O M P A N Y
L A S A L L E
S T R E E T
( Member Federal Deposit Insurance Corporation)
QUALIFIED
in every way
to serve as your
St. Joseph Correspondent
Experience
Resources
Facilities
Performance
Personnel
O F K IC E K S
F R A Z E R 1.. F O R I)
P re sid e n t
.1. A . G R E E N F I E L D , J R .
V ic e -P r e s id e n t
H A R R Y H. M O H L E R
V ic e -P r e s id e n t
RAY
VV. S N Y D E R
C a sh ie r
T. j . m c c u l e o u g h
A s s is t a n t C a sh ie r
M. E . B L A N C H A R D
A s s is t a n t C a sh ie r
fy iA A i S t . ¡jo A e fiU
STOCK YARDS BANK
S o -. S t .
M em ber
M iA A o44sU
F e d e ra l D e p o sit In su ra n c e C o rp o ra tio n
“ O n ly Bunk in the Sttn-k Yards'’ '
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 19b'i
T O IN V E S T M O N E Y
P R O F IT A B L Y
(Continued from page 16)
curities, running up to ten or twelve
years, perhaps some longer, maintain
ing as far as possible the program of
staggered maturities.
High grade municipals have been
very scarce, but there are still some
being offered from time to time and
these, also in staggered maturities up
to six or seven years, are attractive for
our investment account, especially
where we need tax exempt income.
I do not believe that a country bank
can or should buy many corporates for
its investment account because the
price of the grade which should be ap
proved for this account is so high that
when compared with Governments
and Municipals there is not enough
difference to justify buying Corporates.
Of course, there may be cases where
you are particularly familiar with
some very high grade corporates and
you would be perfectly justified in
including some in your investment ac
count.
I want to strongly recommend to
those banks that have not done so,
that they take advantage of the War
Loan Deposit Account. Aside from be
ing a praiseworthy effort in support of
War Financing, it can be a profitable
account. You can invest these funds
in Treasury Ninety Day Bills at almost
a free profit, since there is no FDIC
assessment, nor are we required to
keep a reserve against these funds.
The possibilities of the War Loan De
posit Account are worthy of very care
ful consideration by every bank and
should be utilized to the fullest extent.
51
Important Investment Features of F H A
Mortgages
By Holger Holm
D i r e c t o r , F e d e r a l H ousing A d m in is t r a t io n f o r I o w a and N e b ra s k a
IN TALKING with various bankers
1 I have found a great many are not
entirely familiar with the investment
features of FHA insured mortgages.
With the thought of perhaps clearing
up some of these points by means of
a brief and compact summary, I will
here outline the factors which I con
sider important in connection with in
sured FHA mortgages under Section
203 of the National Housing Act.
In the investment of funds, the
safety, liquidity and yield are of major
importance. For the FHA insured
mortgage, the following may be said:
For SAFETY we have:
1. The value of the property covered
by the mortgage.
2. A mortgage on a man’s dearest
possession,
his
home,
amortized
monthly.
3. A mortgage providing for monthly
payment of taxes and hazard insur
ance.
4. The financial strength of the
mortgagor who assumes an obligation
within his reasonable ability to pay.
5. The most important of all is the
2 % % debenture which may be re
ceived for the property in the event of
foreclosure.
For LIQUIDITY we have the follow
ing features:
1. Federal Home Loan Banks are
authorized to loan up to 90% of the un
paid principal of an insured mort
gage.
2. Insured mortgages are eligible as
collateral at Federal Reserve Banks.
3. They may be sold to RFC, FNMA,
or other approved mortgagees.
H O L G E R H OLM
Iow a and N ebraska D irector
1. First, an obligation of the mutual
mortgage insurance fund and are fully
guaranteed by the United States Treas
ury.
2. Debentures are negotiable, thus
permitting institutions to sell them
and reinvest in insured mortgages or
other security.
3. They bear interest at the rate of
2%% payable semiannually.
4. They mature three years after the
maturity of the mortgage.
5. They are callable on three months
notice.
6. They are dated as of the date
foreclosure proceedings are started.
Thus a return is assured on the invest
ment from this date regardless of the
time required to acquire the property
through foreclosure.
The debentures are issued for:
1. The entire unpaid principal
amount of the mortgage.
2. Taxes paid by the mortgagee dur
ing foreclosure.
3. Hazard insurance paid during the
course of foreclosure.
4. Mortgage insurance paid during
the course of foreclosure.
5. If, at the time of foreclosure, the
unpaid principal exceeds 80% of the
FHA valuation, debentures also in
clude foreclosure cost of 2% with a
maximum of $75.
Therefore, the mortgagee has practi
cally everything included in the de
bentures with the exception of fore
closure costs, and in some instances, a
portion of foreclosure costs is included.
In addition to the debentures, the
mortgagee is issued a Certificate of
Claim bearing 3% interest and in
cluding any other expenses not in
cluded in the debentures. The Cer
tificate of Claim becomes payable, if at
all, upon sale of the property by the
Federal Housing Administration. If
the property sells for an amount in
excess of the expense incurred by the
FHA, the excess goes first to cover the
Certificate of Claim and any balance
above the Certificate of Claim goes to
the mortgagor.
This bank offers the very best
kind of friendly, helpful corre
YIELD:
The maximum yield permitted of
4% % is much greater than that of any
other government obligation. It is
estimated that if 10% of the mortgages
resulted in foreclosure, the average
yield would still be 4.36%.
The debentures which may be ob
tained in exchange for foreclosed
properties are of particular interest
to all investors. They are:
YOUR STATE BANKERS ASSOCIATIO N
O FFICIA L SAFE, V A U L T AN D
TIMELOCK EXPERTS
F. E. DAVENPORT & CO.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
spondent bank service to you
and your customers in Lincoln.
C
o n t in e n t a l
B
R
a t io n a l
ank
L IN C O L N
Member Federal Deposit Insurance Corporation
OM AHA
Northwestern Banker
May 1944-
52
LIVE S TOC K N A T I O N A L BANK
O M A H A , NEBRASKA
Statement of Condition April 13, 1944
RESOURCES
Loans and Discounts......................................................... $ 6,708,702.96
Bonds and Other Securities............................................
12,813.54
Stock in Federal Reserve Bank.....................................
45.000.00
Banking House and Fixtures..........................................
1-00
Other Real Estate................................................................
None
Interest Earned Not Collected........................................
196,035.68
U. S. Government Securities.......... $33,547,375.50
Cash and Sight Exchange............... 16,422,433.07
49,969,808.57
$56,932,361.75
LIABILITIES
Capital Stock (Common).................................................. $
500,000.00
Surplus (Earned) ................................................................
1,000,000.00
Undivided Profits ................................................................
209,433.64
262,720.20
Reserved for Taxes, Interest, Etc..................................
Unearned Discount ............................................................
4,050.99
Dividends Unpaid ..............................................................
222.00
Deposits .................................................................................. 54,955,934.92
$56,932,361.75
OFFICERS AND DIRECTORS
ALVIN E. JOHNSON
President
R. H. KROEGER
HENRY C. KARPF
V ice President
V ice President
PAUL HANSEN
V ice President a n d C ashier
H. H. ECHTERMEYER
W . DEAN VOGEL
V ice President
V ice President
L. V. PULLIAM
Asst. Cashier
EARL R. CHERRY
C. G. PEARSON
Asst. C ashier
Asst. C ashier
TOM J. PRICE, JR.
Asst. Cashier
W . P. ADKINS
H. B. BERGQUIST
O m aha
C oal an d Grain
L, S. BURK
JAS. J. FITZGERALD
C h ica go
T. E. GLEDHILL
Pres. C om m ercial Sav. &
Loan Assn.
LEO T. MURPHY
Farmer
M gr. A llied M ills, Inc.
JAMES L. PAXTON, JR.
HERMAN K. SCHAFER
Pres. Paxton-M itchell Co.
CARL A. SWANSON
Pres. Jerpe Com. & Cold
Storage Co.
Pres. M o n e y M illing Co.
J. L. WELSH
Butler-W elsh G rain Co.
M ember of Federal Reserve System and Federal Deposit Insurance Corporation
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 19U
53
J. E. Fierce, Wayne Overholtzer, Dr.
J. A. McIntosh, and O. W. Roush.
H e a d s Bank G r o u p
IO W A
V . W . JO H N SO N
President
Cedar Falls
FRAN K W ARN ER
Secretary
Des Moines
A k ro n Bankers
Pla ns Bricker Tour
Officers of the Akron Savings Bank,
Akron, Iowa, are Arden E. Ross, pres
ident; D. G. Ross, vice president; H. E.
Gossard, cashier. Arden E. Ross, at
present, is attorney for Federal Home
Loan Bank of Tulsa, Oklahoma, and
also special attorney for Amerada Oil
Corporation, Tulsa, Oklahoma. H. E.
Gossard, new cashier, has been with
the State Banking Department of Iowa
for the past 10 months and prior to
that was with the Iowa State Bank of
Hull, Iowa, for seven years.
Rodney Lien, of Cleveland, Ohio, a
former Waterloo banker, announced
that Ohio Governor John W. Bricker
may tour Iowa this month in Bricker’s
campaign for the Republican presiden
tial nomination.
Lien served in Waterloo as assistant
to the receiver of the former Pioneer
National and Commercial National
Banks and later was president of the
National Bank of Waterloo.
D a v e n p o rt Banker Dies
Dr. O. C. Lohr, chairman of the
board of First State Bank, Churdan,
Iowa, passed away at the Greene
County hospital in Jefferson, last
month. Dr. Lohr practiced medicine
in Churdan for the past 45 years.
He had been connected with the First
State Bank as a director for 40 years
and was an extensive landholder.
Frank W. Mueller, 81, president of
the Mueller Lumber Company and
secretary-treasurer of the Christian
Mueller Land & Timber Company, died
last month at Davenport, Iowa.
In addition to being head of the
Mueller Lumber Company, he served
as director of the former First National
Bank and of the Union Bank & Trust
Company there.
Jo ins G risw o ld Bank
Tingley O fficers
Pauline Sasse has been selected as
bookkeeper in the Griswold State
Bank, Griswold, Iowa, and assumed
her duties last month. She takes the
place of Shirley Smith.
Tingley State Savings Bank, Tingley, Iowa, last month elected the fol
lowing officers:
President, O. W. Roush; vice presi
dent, H. W. Edwards; cashier, J. E.
Fierce; assistant cashier, Margaret
Eighme. Directors: H. W. Edwards,
C h u rd a n D irector Dies
Bankers N a m e O fficers
Bruce Townsend of the City Nation
al Bank of Clinton was elected presi
dent of the Clinton County Bankers
Association last month. Mr. Town
send succeeds John Thomsen of the
Teeds Grove Savings Bank as presi
dent.
Other officers chosen were: L. J.
Stotesbery, Union Savings Bank of
Grand Mound, vice president; M. J.
Jensen, Union Savings Bank of Grand
Mound, treasurer, and E. H. Jorgen
sen, City National Bank of Clinton,
secretary.
To Bank Position
A. A. Nahnsen, Denison, Iowa, last
month left for Fonda where he has
accepted a position in a bank.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Francis R. LaBarre, assistant cash
ier of the Waterloo Savings Bank, was
elected president of the Black Hawk
County Bankers Association at a din
ner meeting last month in Waterloo.
He will succeed L. G. McGill, cashier
of the La Porte City State Bank.
Other officers elected included A. J.
Burk, assistant cashier of the National
Bank of Waterloo, first vice president;
Robert Stewart, cashier of the Hudson
State Bank, second vice president;
William A. DeWees, cashier of the
Peoples Savings Bank, secretary, and
Hoyt Messerer, assistant cashier of
the First National Bank, Cedar Falls,
treasurer.
Banking Leader Dies
Death came to Clarence F. Murphy,
prominent Elkader lawyer, last month.
He was active in banking institu
tions of Clayton county, many of
which had been established by his
father. He expanded the banking
business throughout the county, being
interested in Elkport, Guttenberg, St.
Olaf and Elkader banks. He was also
a leader in state banking circles and
was the author of and instrumental in
the passage of a banking law which
is generally known as Senate File 111,
by means of which many banks were
able to continue operation during the
depression.
Buys U n d e rw o o d Bank
The State Savings Bank of Council
Bluffs has purchased the Underwood
Savings Bank, Underwood, and has
now established a branch of the local
bank in that community, Clyde A.
Blanchard, executive vice president of
the institution, announced last month.
Ed Hubbard, who served as cashier
Iowa Group Meetings
G RO U P
DATE
PLA C E
5 Tuesday, May 9th...........................................Council Bluffs
6 Wednesday, May I 0th ............................... Boone
10 Thursday, May N th .................................... Centerville
8 Friday, May 12th..........................................Davenport
2 Tuesday, May 16th........................................Fort Dodge
3 Wednesday, May 17th................................Mason City
7 Thursday, May 18th.....................................Waterloo
4 Friday, May 19th...........................................Decorah
Northwestern Banker
May 1944
54
•
of the Underwood Savings Bank, joins
the State Savings Bank as manager
of the Underwood branch.
In addition to Underwood, the local
bank now operates branches at Mace
donia and Henderson.
Directors of the State Savings Bank
added Dr. Harry N. Boyne to the
board.
CONDENSED
IOWA
NEWS
•—
Takes O v e r
Marion George, Washington County
treasurer, is at the National Bank of
Washington, Iowa, to take the place
of Ray Whitehead, assistant cashier,
when the latter goes into the Navy.
Sells O u t
E. L. Wright, president of the Citi-
STATEMENT
FIRST NATIONAL BANK
zens State Bank, at Hopkinton, Iowar
the last five years, announced that he
has sold his interests in the bank to
E. W. Mussman, Welcome, Minnesota,
who will assume his new duties of
operating the bank this month.
A u c tio n e e r Becom es Banker
Robert Staley, formerly an autioneer, is the new assistant cashier of the
Ute State Bank, Ute, Iowa, replacing
D. A. Hodgdon who has entered Civil
Service.
IN ST. LOUIS
A t tbe Close oj Business, April 13, 1944
RESOURCES
Cash and Due from Banks
U. S. Government Securities
Loans and Discounts
Other Bonds and Stocks
Stock in Federal Reserve Bank
Banking House, Improvements, Furniture
and Fixtures
Other Real Estate Owned
Customers’ Liability a /c Letters of Credit,
Acceptances, etc.
Accrued Interest Receivable
Overdrafts
Other Resources
$101,598,397.97
219,321,337.83
83,971,676.17
5,252,836.01
462,000.00
435,010.15
1,176,568.16
1,341,821.41
799,389.17
1,952.42
5,228.70
$414,366,217.99
LIABILITIES
$ 10, 200,000.00
Capital Stock
5, 200,000.00
Surplus
787,581.48
Undivided Profits
500,000.00
Reserve for Contingencies
184,566.99
Reserve for Taxes, Interest, etc.
102,897.23
Unearned Discount
357,749.41
Liability a /c Letters of Credit, Acceptances, etc.
8,070.48
Other Liabilities
Individual Deposits
$213,477,541.87
Savings Deposits
37,018,855.54
Bank Deposits
96,247,493.88
U. S. Government Deposits
39,803,349.08
City of St. Louis and Other
Public Funds
2,478,112.03
389,025,352.40
Total Deposits
$414,366,217.99
ROBERT STALEY
A ssistant Cashier
addition to the bank and one who
should do well in the banking business.
O . B, Taylor Dies
O.
B. Taylor, 62, vice president of
the Henry County Savings Bank, Mt.
Pleasant, Iowa, died recently. He was
formerly a banker in Lawler, Iowa.
R o ta ry H e a d
Broadway
*
Locust
*
Olive
Member Federal Deposit Insurance Corporation
'Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 19't't
Childs Emmert of the Atlantic State
Bank, Atlantic, Iowa, was elected pres
ident of the Atlantic Rotary Club at
a recent meeting.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
55
A LLEY
AVING
BANK
OES MOINES
offers Iowa bankers
complete facilities and
prompt, efficient service
...rendered in a spirit of
friendly cooperation
Frederick M . Morrison, President
Winfield W . Scott, Vice President
J. E . Astley, Cashier
Edward P. Kautzky, Asst. Vice Pres.
Frank M . Thompson, Asst. Cashier
Roy E. Huber, Asst. Vice Pres.
Ray Thompson, Asst. Cashier
M e m b e r F e d e ra l D e p osit In su ra n ce C o rp .
Northwestern Banker
May i9H
56
•
A t C u m b e rla n d Bank
Mrs. Edward Blankinship has ac
cepted a position in the Cumberland
Savings Bank, Cumberland, Iowa. Mrs.
Nancy Norris, formerly employed at
the bank, resigned.
Fill V a ca n cie s
Keith Robertson, assistant cashier
at the Columbus Junction State Bank,
who recently passed army tests, will
enter the service soon. Miss Mary
I O W A
N E W S
•
Cassabaum, bookkeeper, has resigned
to go to Arlington, Virginia, where she
will have a government position. Mrs.
William Jeide has been appointed tell
er and bookkeeper and Miss Lola
Lewis bookkeeper in the bank.
Ira L. Hays, cashier of the City Na
tional Bank, Council Bluffs, Iowa, will
head the Council Bluffs Community
War Chest campaign committee to
raise funds for 1945.
Takes Position
Banker Dies
Miss Doris Elliott, who has been em
ployed in Cedar Rapids, began work
at the North Linn Savings Bank, Cen
ter Point, Iowa, recently.
L. E. (Ed) Bopp died recently. He
was in the banking business in Minne
sota and in Hawkeye for many years.
H e a d s C om m u n ity C h e st
D irector a C a n d id a te
A. G. Redman, well known Sac City,
Iowa, business man and farm operator,
is a candidate in the June primaries
for nomination as State Representative
from Sac county. He is president of
Iowa Association of School Boards and
director of the Sac City State Bank.
Death Takes Ex-Banker
Charles S.
Cityan, died
Some years
president of
Sioux City.
Ì
Carey, 62, former Sioux
in Los Angeles recently.
ago Mr. Carey was vice
the Continental Bank in
Renam ed
SV' l'\
“ T h o s e w h o d e n y f r e e d o m to o t h e r s
•. I
I :
it
n
o
t
t
k
e
m
s
e
l
v
e
s
,
a
n
d
,
u
n
d
e
r
l es er ve
a just
God,
cannot
long
retain
itA
Abraham Lincoln
M ERCAN TILE
B a n k and
ST-LOUIS1
COM M ERCE
Trust Company
' S o f f i l i ' MISSOÜRI
The Farmington State Bank, Farm
ington, Iowa, has changed the name of
the bank to Des Moines Valley State
Bank.
For a number of years the bank
has maintained offices at Bonaparte
and Salem, Iowa. These offices ac
count for a substantial portion of the
bank’s business, and it is felt Des
Moines Valley State Bank is a more
appropriate name, considering the ter
ritory served by this bank.
This change in name is in no way a
reorganization of the bank. The offi
cers, directors and employes remain
the same.
Farm Loan M a n a g e r
Max W. Burrell has resigned his posi
tion with the Connecticut General Life
Insurance Company as manager of
their Iowa Farm Loan Branch Office
at Ames, Iowa. Mr. Burrell has done
an outstanding job.
Harold B. Hall will succeed him as
manager of this office. Mr. Hall has
been with the organization as field
representative in western Iowa and
has had twenty years’ experience in
the farm loan business.
N e w A ssista n t C a sh ie r
ME MBE R
FEDERAL
DEPOSIT
;
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 19kb
INSURANCE
CORPORATION
All officers and directors of the Jas
per County Savings Bank of Newton,
Iowa, were re-elected recently. Marie
Van Gilst was newly elected an assist
ant cashier.
57
A n y b u s i n e s s , w h e r e i n v e n t o r y is p r e s e n t , l e n d s i t s e l f
id e a lly to o u r F ie ld
W a reh o u sin g
S e rv ice
Sound
I n v e n t o r y Loans
Field
W arehousing,
as
developed b y
the St.
Paul Terminal
W arehouse Com pany, is the ideal w a y to convert borrowers'
Inventories into SOUND BANKING COLLATERAL!
Our Field W arehousing Service can be applied to almost any
business— Manufacturing, Processing or W holesaling— which has
an Inventory on hand.
St. Paul Terminal W arehouse receipts, issued against an Inven
tory, no matter where stored, are Prime Collateral for Bank Loans
because:
1. They give a Bank first Security on the borrower’s
inventory.
2. They guarantee rigid control over the Inventory
and the sale of it . . .
and, importantly, they afford a bank the opportunity to employ
its resources safely and profitably.
W ith o u t o b lig a tio n , o u r r e p re s e n ta tiv e
e x p la in
how
our
W a reh o u sin g
se rv ice
w ill c a ll on r e q u e s t a n d
m ay
be
a p p lie d
to
bank
lo a n s.
§&L$ a u l
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
te r m in a l 3® aref)ou £e C o .
ST. PAUL. MINN.
— Iowa Office —
510 lowa-Des Moines National Bank Building
DES MOINES
T. C. CANNON, DISTRICT MANAGER
TELEPHONE 4-2353
" T h e o n l y c o m p a n y e n g a g e d in F i e l d
— Other Offices —
MINNEAPOLIS MILWAUKEE CHICAGO DETROIT
NEW YORK
BOSTON
PHILADELPHIA
PITTSBURGH
SYRACUSE
MEMPHIS
ATLANTA
ALBANY, GA.
CHARLOTTE
W a r e h o u s i n g w i t h a n o f f i c e in I o w a "
Northwestern Banker
May 1944
58
Iowa Group Meetings Open at
Council Blufis
HE 1944 Group Meetings of the
Iowa Bankers Association will get
off to a flying start in Council
Bluffs on Tuesday, May 9th, when
Group Five will stage the first of eight
such gatherings to be held throughout
the state during that and the week
following:
T
With S. R. DeCou, cashier of the
First National Bank of Woodbine, and
cashier of the Group, presiding, the
meeting will open with a luncheon at
the Hotel Chieftain, and the afternoon
session will continue at the same place.
Speakers will include V. W. John
son, president of the Iowa Bankers As-
GROUP MEETING TIME
Afternoon
1:30 Call to order, S. R. DeCou, chair
man Group 5, cashier, First Na
tional Bank, Woodbine.
Naming committees:
Resolutions.
Remarks, Chairman DeCou.
1:45 Address, V. W. Johnson, presi
dent, Iowa Bankers Association,
president First National Bank,
Cedar Falls—“ Iowa Bankers and
Wartime Banking.”
2:00 Address, Harry B. Coffee, presi
dent, Union Stock Yards Co.,
Omaha—“ Safeguarding the Live
stock Industry.”
2:00 Address, John K. Langum, vice
president,
Federal
Reserve
Bank, C h i c a g o — “Wartime
Growth and Postwar Trends in
Bank Deposits.”
3:30 Chart talk, Ellis and Bunce, R .
P. A.’s*—“How 9 Per Cent Be
came 30 Per Cent.”
*Riskless Profit Advocates.
4:00 Report of committees:
Resolutions.
Comments, Frank Warner, secre
tary, Iowa Bankers Association,
Des Moines.
4:15 Adjournment.
Immediately following close of
Group Meeting a conference will
be held in this room of Officers
of the County Bankers Associa
tions with Group Chairman S. R .
DeCou and Group Secretary Don
C. Dougan, President V. W.
Johnson and Secretary Frank
Warner.
Like pumpkins in the fall — or Holly at
Christmas — May, in Iowa means Iowa
Group Meetings.
Officers of this bank are
always delighted to cooperate in these
helpful conventions.
Helpful, too, is First National correspond
ent service— and we invite you to use this
bank for all your Sioux City items.
A . G. Sam,
J. P. Hainer, Vice President
Fritz Fritzson, Vice Pres, and Cashier
J. T . Grant, Assistant Cashier
sociation; Harry B. Coffee, Omaha,
president of the Union Stock Yards
Company; John K. Langum, vice pres
ident of the Federal Reserve Bank,
Chicago; that famous team of Riskless
Profit Advocates, Mel Ellis and Ralph
Bunce, and Frank Warner, secretary
of the Iowa Bankers Association.
The program, in detail, reads as fol
lows:
Forenoon
12:15 Luncheon, Hotel Chieftain.
President
J. R. Craning, Assistant Cashier
E. A . Johnson, Assistant Cashier
W . F. Cook, Auditor
Donnellson Banker Dies
*
*
*
/f t
★
S '/O U X C / f t f
Member F D IC — Member Federal Reserve System
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May Í944
*
*
*
Valentine M. Schmitt, director of
the Citizens State Bank, Donnellson,
Iowa, and Lee County Fair Association
and a former mayor of Donnellson,
died at his home near Donnellson last
month.
59
Council Bluffs
Tuesday
Group 5
May 9th
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C o u n cil Bluffs
9
Bankers
Council
of
Pottawattamie
Bluffs
are most
C ou n ty
happy
to
and
have
bankers of Group Five meet with us Tues
day, May 9th, in Council Bluffs.
W e want you to have a very pleasant and
profitable meeting.
W e are planning a fine
program and we hope that you will make it
possible for us to have a good attendance.
M A Y W E COUNT ON YOUR PRESENCE
T U E S D A Y — M A Y 9?
CITY NATIONAL BANK
STATE SAVINGS BANK
FIRST NATIONAL BANK
COUNCIL BLUFFS SAVINGS BANK
Northwestern Banker
May
60
Group Six Convenes at B 00/16
T IS in Boone that Group Six will
hold its meeting May 10th.
One of the most centrally located
cities of Iowa, Boone is a little metrop
olis of friendly people. Designated by
the United States Department of Agri
culture as a “Typical Midwest City,”
it has a population of 12,000 and was
named for a relative of Daniel Boone,
American pioneer.
The county seat of Boone county, it
has excellent transportation facilities
by rail and highway. It is the Iowa
division point for the North Western
Railroad as well as headquarters for
the Ft. Des Moines & Southern Elec
tric Railway. There is a branch con
nection with Des Moines and the
main Milwaukee line at Madrid.
Road No. 30 (Lincoln Highway)
traverses one of Boone’s most beau
tiful streets. Highway No. 60 connects
with No. 30 a short distance east of
Boone while Highway F^o. 169 inter-
★
★
BANK RELATIONS
ARE MUTUALLY HELPFUL
T
hey
are far fr o m
o n e -s id e d . . . o u r corre
s p o n d e n t b a n k r e la t i o n s .
O u t-o f-t o w n
ban k ers u s in g th is in stitu tio n as their C h ic a g o
c o r r e sp o n d e n t serve as h u n d r e d s o f "li s t e n in g
p o s t s ’ ’ in th e o p e r a tio n o f o u r b u sin e ss. T h e ir
visits t o th e b a n k a n d o u r calls u p o n th e m p r o
v id e m u tu a l o p p o r tu n itie s fo r e x c h a n g in g ideas
a n d in fo r m a tio n . W e v a lu e o u r rela tio n s w ith o u r
c o r r e sp o n d e n ts a n d
th e o p p o r t u n ity t o serve.
THE N O R T H E R N
TRUST COMPANY
Northwestern Banker
JAY A. WELCH
B A N K BROKER
Haddam, Kansas
*
May
sects No. 30 nine miles to the west
at the town of Ogden. Bus lines oper
ate in all directions out of Boone with
connections throughout the state.
Situated in one of the most scenic
sections of Iowa, Boone looks down
on the Des Moines River valley gorge.
A few miles to the south on Highway
164 is Ledges State Park, one of the
largest attended of the corn state’s
outdoor recreational areas.
Club life is an integral part of
Boone’s social life. There is the Ma
sonic Temple with its beautiful lodge
room and recreational facilities; the
Elks lodge maintains rooms of out
standing beauty, convenient arrange
ment and spaciousness; the Loyal
Order of Moose has newly-decorated
quarters with adequate facilities for
its 1,000 members, and the Fraternal
Order of Eagles extends its facilities
to visiting members.
Located in Boone is the Iowa East
ern Star-Masonic Home where the aged
spend their declining years. There
is also the Swedish Old Peoples Home,
a national institution.
The typical Midwest City is a me
tropolis of parks. To the south of
the municipal boundary is McHose
Park, a wooded tract of 200 acres. In
the park confines is the modern, sani
tary swimming pool and all kinds of
picnic facilities. There is Memorial
Park, tn memory of World War I dead,,
and City Park adjacent to the high
school.
To the west edge of Boone are coal
mines and beyond them the North
Western viaduct over the Des Moines
River. It is the second highest double
track span of its kind in the world.
Southwest from Boone is the home of
Kate Shelley, the heroic Boone county
girl whose name was flashed over the
world when she averted a train wreck
in a wild storm.
Boone county well qualifies as the
“camp county” of Iowa. A few miles
from the city, strung along the Des
Banks Sold or Bought!
M em b er Federal Deposit Insurance Corporation
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Editor
Boone N e w s Re pu bli ca n
quietly, quickly and in a personal manner
50 SO U T H LA SALLE STREET, CH ICA G O 90, ILLINOIS
★
By Ken Goodrich
“35 Years Practical Banking Experience”
(il
• IOWA
Moines River, are highly improved
camps for the Boy Scouts, Camp Fire
Girls, the Y. M. C. A., the Y. W. C. A.,
the Salvation Army and the Girl
Scouts. At these outdoor spots, thou
sands of boys and girls gain a knowl
edge of nature and practice the les
sons of citizenship.
It has been said—-“Try Boone—
You’ll Stay—Until Your Money’s Gone
and You Can’t Get Away.”
The program for the Group Six
meeting reads as follows:
Forenoon
9:30 Registration and Visiting—Holst
Hotel. (Registration fee $1.50).
Afternoon
12:15 Luncheon—Holst Hotel.
f
1:30 Meeting Called to Order and Re
marks—H. L. Bass, chairman,
Group Six, executive vice presi
dent, City State Bank, Ogden.
Invocation — Rev. J. Stewart
Brown, pastor, First Presbyte
rian Church, Boone.
Address of Welcome—Col. T. L.
Ashford, president, Boone State
Bank & Trust Company, Boone.
Response to Address of Welcome
-—Walter T. Robinson, vice presi
dent, Newton National Bank,
Newton.
Appointment of Committees—
(a) Resolutions.
(b) Nominating.
Musical program.
Talk—“ Iowa Bankers and War
time Banking,” V. W. Johnson,
president, Iowa Bankers Asso
ciation; president, First National
Bank, Cedar Falls.
Address—“ Feeder Cattle Prices
—Reach Danger Point,” Rex
Beresford, Extension A n i m a l
Husbandman, Iowa State Col
lege, Ames.
Talk—-“The A. B. A. ‘Home
Front’ Pamphlet,” Warren Garst,
member, Agricultural Commis
sion of A. B. A.; cashier, Home
State Bank, Jefferson.
Address—“ The Banker and His
Community,” Cullen N. Wright,
Union Stock Yards Company,
Omaha, Nebraska.
A Chart Talk—“How 9 Per Cent
Became 30 Per Cent,” Ellis &
Bunce, R.P.A.’s*. *Riskless Profit
Advocates.
Address — “Farm Land Values
and Farm Market Conditions,”
Walter B. Garver, Agricultural
Economist, Research and Sta
tistics Department, Federal Re
serve Bank of Chicago.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NEWS
•
Talk—“Why Service Charges on
Savings Accounts and How It Is
Working for Our Bank,” H. A.
Boehm, president, Boone County
Bankers Association; assistant
cashier, City State Bank, Ogden.
Some “Wartime” Banking Sub
jects for Discussion — Leader,
Hugh McCleery, secretary, Group
Six; cashier, Peoples Savings
Bank, Laurel.
Remarks—Frank Warner, secre
tary, Iowa Bankers Association,
Des Moines.
4:15 Committee Reports—
(a) Resolutions.
(b) Nominating.
Any other business.
4:30 Adjournment.
4:35 Special Conference—County As
sociation Officers.
Conference of the officers of the
county bankers associations with
the group officers and President
V. W. Johnson, which customar
ily comes following the close of
each Group Meeting, will this
year have an added feature be
cause there are being invited to
(Turn to page 72, please)
Welcome to
BOONE!
It is our privilege to entertain bankers of
Group 6 at our annual group meeting on
W ednesday, M ay 10th. The key to the city is
yours— and the bankers of Boone County want
you to enjoy our hospitality.
This invitation includes all Iowa bankers
from our own or other groups and all visiting
bankers.
BOONE COUNTY BANKERS ASSO C IATIO N
Members
Boone State Bank and Trust Co.
The Citizens National Bank. Boone
City State Bank. Madrid
City State Bank, Ogden
Northwestern Banker
May 1944
62
Group Ten Bankers w ill enjoy the beautiful Centerville, Iow a, G olf and Country Club
as daytime headquarters for their M ay meeting.
Centerville
ENTERVILLE, where members
of Group 10 of the Iowa Bankers
Association will meet on Thurs
day, May 11, is located in the southern
tier of Iowa counties, 88 miles south
east of Des Moines, the county seat of
Appanoose. It sets in a gently rolling
terrain and boasts of the largest city
square, four square blocks, in this
part of the country.
Your conference will be held at the
Centerville Golf and Country Club
through the day where you will enjoy
a beautiful and spacious country club
building surrounded by a nine hole
grass green golf course. The facilities
at the club are exceptional and offer
a full measure of convenience and
comfort. Your evening banquet and
meeting at the Christian Church, with
in the city, will be served by Center
ville’s best connoisseurs and you can
C
m cf
w . „
C
o u
n s
D.
B
By A . M. Farber
Secretary
A s s o c i a t i o n of C o m m e r c e
C en terville, Iowa
depend on a mighty tasty, palatable
dinner in a pleasant atmosphere. The
banquet room is well adapted for con
ference speakers. Your pleasure will
be well served.
Centerville’s . business district is
exceptional, attracting 16 per cent
more retail dollars than the average
of ten other Iowa county seat towns
in which the population is within one
thousand of that of Appanoose County.
Quality merchandise carries the same
trade-mark as merchandise which can
be found in larger cities except that
the merchandise at Centerville, you
will find, is 20 to 25 per cent less in
Plan to use an a d vertisin g program o f
w ell w orded m essa g es crea ted
by
W es slin g S er v ices , D e s M oin es, Iow a
S ee r u t c e ó
e
Greets Group Ten
a
P u b i
R
l
a
t
i
R . W E S S L IN G . P R E S ID E N T
2 ) , eó
orneó
9, Jo
cost to you. A courteous and friendly
reception is outstanding among the
retail and professional establishments.
An outstanding friendly welcome
with southern Iowa’s warmest hospi
tality awaits you at the B. P. O. Elks
Home, the Masonic Lodge, the Odd
Fellows, the Knights of Columbus,
The American Legion, the B. P. W.
and P. E. O., Women’s Club, Junior
Women’s Club, Eastern Star, Ameri
can Legion Auxiliary, the Farm
Bureau and Association of Commerce.
All of these and many more organi
zations will be awaiting your call.
For directions inquire at the Associa
tion of Commerce office located on
North 13th (Midway) above the Tip
Top Grocery Store.
Your visit to Centerville industries
will be both informative and educa
tional. They include the first Iowa
soybean processing mill, now owned
by Pillsbury Feed Mills; the Center
ville Clay Products Company, the
Hercules Manufacturing Company,
now making steel castings for the war,
and employing over 300; the home
office of the Iowa Southern Utilities,
operating in 25 southeast Iowa coun
ties; Swift and Company, produce and
S carborough ¿¿Company
C o u m ík S i 9 t c rß a n :S .
First National Bank Building, Chicago
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 1944
Horace A. Smith, Iowa Representative
Des Moines, Iowa
63
•
dairy plant; the Beatrice Creamery
Company, butter, cheese and milk
plant; the Reliable Culvert Company,
Iowa’s only corrugated metal culvert
fabricator; the home of Iowa’s most
precious black diamonds, over 60
mines producing Iowa’s best bitu
minous coal; lime quarries producing
over 100,000 tons per year, and gypsum
deposits 99 per cent pure, at the pres
ent time not being worked.
You will not forget Centerville’s
warm reception.
Mighty friendly
people will impress your memory
with your visit here.
Group Ten plans the following pro
gram;
Afternoon
12:15 Stag Dutch Lunch — Country
Club.
1:30 to
4:30 Golf—Courtesy of Centerville
banks.
4:30 A conference will be held at the
Club House of officers of the
C o u n t y Bankers Associations,
with Group Chairman H. L. Pol
lard and President V. W. John
son and Secretary Frank Warn
er.
4:00 to
6:00 Registration—Central Church of
Christ, Drake Avenue, Center
ville ($1.50 per person).
Evening
6:15 Dinner — Central Church of
Christ, Drake Avenue, Center
ville.
7:30 Meeting Called to Order and Re
marks—H. L. Pollard, chairman,
Group Ten, I. B. A.; vice presi
dent. Union Bank & Trust Com
pany, Ottumwa.
Invocation—Rev. H. E. Trimble,
pastor, Central Church of Christ,
Centerville.
Address of Welcome — W. O.
Steel, president, First National
Bank, Centerville.
Response to Address of Welcome
— P. T. Grimes, president, Davis
County Savings Bank, Bloom
field.
Appointment of Committees—
(a) Resolutions.
(b) Nominating.
Musical program.
Talk—“ Iowa Bankers and War
time Banking,” V. W. Johnson,
president, Iowa Bankers Asso
ciation; president, First National
Bank, Cedar Falls.
A Chart Talk—“ How 9 Per Cent
Became 30 Per Cent,” Ellis &
Bunce, R.P.A.’s*. *Riskless Prof
it Advocates.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
IOWA
NEWS
•
Address — “ The Current Food
and Agricultural Situation,” Wal
ter B. Carver, Agricultural Econ
omist, Research & Statistics De
partment, Federal Reserve Bank
of Chicago.
Some “Wartime” Banking Sub
jects for Discussion.
Remarks—Frank Warner, secre
tary, Iowa Bankers Association,
Des Moines.
Report of Committees—
(a) Resolutions.
(b) Nominating.
10:00 Adjournment.
C o u n ty Bankers M e e t
At the meeting of the Cerro Gordo
County Bankers Association, held at
Mason City, Iowa, last month, M. A.
Arneson, president of the Clear Lake
Bank and Trust Company, Clear Lake,
was elected president and R. C. Keister,
assistant cashier of the First National
Bank of Mason City, was elected secre
tary-treasurer.
Laughter
He who laughs last is trying to think
of a dirty meaning!
Come to
CENTERVILLE
Thursday, May 11th
Bankers of Appanoose County and Cen
terville are happy to invite bankers ol
Group 10 as their guests on Thursday,
May 11th.
We want you to have an
enjoyable and profitable day with us.
This year our program will be *4streamlined” — a typical war conference in line
with the times. It will give you the
answers to many problems with which we
are all confronted.
APPANOOSE
COUNTY
BANKERS
A S S O C IA T IO N
M em b ers
Centerville National Bank, Centerville
First National Bank, Centerville
Iowa Trust and Savings Bank, Centerville
Northwestern Banker
May 1944
64
MaSOtì City
c i t y will be host to
Group Three b a n k e r s on
Wednesday, May 17.
The
luncheon will be at the Hotel Han
ford, with the program immediately
following. Cullen Wright, Union Stock
Yards Company, Omaha, and John
Langum, Federal Reserve, Chicago,
appears on this program, as they do
at several of the other meetings.
The complete program is as follows:
ason
M
Host to Group Three
Forenoon
10:00 Registration and visiting, Hotel
Hanford. (Registration fee $2.00
per person.)
12:00 Luncheon—Hanford Hotel.
Music—Mason City High School
Music Department.
Afternoon
1:30 Meeting Called to Order and Re
marks—Harry S. Lekwa, chair
FQKVICTORY
BUY
U N ITE D
STA TE S
★
★
★
★
★
★
.WAR ★
BON DS
★
★
★
★
★
______________________________________________
ANNUAL MEETING
Group 3 . . . Mason City
Wednesday, May 17
liour host— the Cerro Gordo County Bankers Association
Members of the Cerro Gordo County Bankers
Association
extend
a
hearty
welcome
to
Iowa
hankers and their friends to come to our annual
meeting of
Group
3,
Wednesday, May
17th
at
Mason City.
man, Group Three; vice presi
dent and cashier, Ackley State
Bank, Ackley.
Invocation—Rev. Geo. O. Marsh,
pastor, Christian Church, Mason
City.
Address of Welcome—Hon. Ray
E. Pauley, mayor, city of Mason
City.
Response—E. A. Heiden, cashier,
Osage Farmers National Bank,
Osage.
Appointment of Committee—
(a) Resolutions.
Talk—“ Iowa Banks and War
time Banking,” V. W. Johnson,
president, Iowa Bankers Associ
ation, president, First National
Bank, Cedar Falls.
Address — “Where A r e W e
Headed For?” Cullen N. Wright,
Union Stock Yards Company,
Omaha, Nebraska.
A Chart Talk—How 9 Per Cent
Became 30 Per Cent,” Ellis &.
Bunce, R. P. A.’s.*
Address—“ Banking in the Post
war Era,” John K. Langum, vice
president, F e d e r a l Reserve
Bank, Chicago.
Remarks,—Frank Warner, sec
retary, Iowa Bankers Associa
tion, Des Moines.
Committee Reports—
(a) Resolutions.
4:30 Adjournment.
4:35 Conference will be held in this
room of Officers of the County
Bankers Association with Group
Chairman Harry Lekwa and
Group Secretary H. L. Ollenburg, President V. W. Johnson
and Secretary Frank Warner.
W e prom ise yo u an excellent program,
*Riskless Profit A dvocates.
and
the
kind o f
hospitality
that
will
make yo u always rem em ber Mason C ity!
CERRO
GORDO
COUNTY
BANKERS
A S S O C IA T IO N
M em bers
C le a r L a k e B a n k a n d T r u s t C o ., C le a r L a k e
F ir s t N a t io n a l B a n k , M a s o n C ity
U n ite d H o m e B a n k a n d T r u s t C o ., M a s o n C ity
Trust Pays 10 Per C e n t
Trustees of the Commercial Savings
Bank Trust, Carroll, Iowa, announced
recently that another 10 per cent was
to be paid out on the assets of this
trust. This brings to 84 per cent the
total paid on trust assets since the
trust was set up under the Iowa “ Hun
dred and Eleven Law.”
F a r m e r s S a v in g s B a n k , R o c k F a lls
F ir s t S tate B a n k , T h o r n t o n
V e n tu r a S ta te B a n k , V e n tu r a
YOUR STATE BANKERS ASSO CIATIO N
O FFICIA L SAFE, V A U L T AN D
TIMELOCK EXPERTS
F. E. DAVENPORT & CO.
OM AHA
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 19M
65
DdVCnpOft Host
AVENPORT will entertain Group
Eight of the Iowa Bankers As
sociation this year with an after
noon session and dinner on Friday,
May 12th. Officers of the group are P.
A. Dietz, president of the Walcott
Trust & Savings Bank, chairman, and
C. H. Haesemeyer, president of the
Union Trust & Savings Bank, Stanwood, secretary.
After a forenoon of registration and
visiting, Chairman Dietz will call' the
meeting to order in the Gold Room
of the Blackhawk Hotel. Among the
speakers will be Senor Roberto de la
Rosa, a graduate of the University of
Mexico, and Bob Burlingame, wellknown news commentator of radio
station WHO. Following a social hour
at 5:00 p. m., the banquet will be held
in the Gold Room at 6:00, with enter
tainment.
The program for Group Eight reads
as follows:
Forenoon
10:30 Registration and visiting—Mez
zanine Floor, Blackhawk Hotel.
D
Afternoon
Davenport has ample fine eating
places.
1:00 Meeting of the Officers of the
County Bankers Associations
and Group Chairman P. A. Dietz
and Secretary C. H. Haesemeyer
with President V. W. Johnson
and Secretary Frank Warner,
Mezzanine Floor, Blackhawk
Hotel.
1:30 Meeting, Gold Room, Blackhawk
Hotel.
Meeting called to order, P. A.
Dietz, chairman Group Eight,
president, Walcott Trust & Sav
ings Bank, Walcott.
Address of welcome, A. R. Kroppach, mayor, City of Davenport.
Appointment of committees:
(a) Resolutions.
(b) Nominations.
Talk, V. W. Johnson, president,
Iowa Bankers Association; pres
ident, First National Bank,
Cedar Falls.
Address, Senor Roberto de la
Rosa—“Mexico and Her Rela
tions with the United States.”
A chart talk, Ellis and Bunce,
R. P. A.’s*—“How 9 Per Cent
Became 30 Per Cent.”
Address, Bob Burlingame, News
Comentator, Radio Station WHO
to Group Eight
—“America and the Four-Front
War.”
Remarks, Frank Warner, secre
tary, Iowa Bankers Association,
Des Moines.
Reports of committees:
(a) Resolutions.
(b) Nominations.
4:30 Adjournment.
5:00 Social Hour, Empire Room,
Blackhawk Hotel.
Guests of
Scott County Bankers Associa
tion and Investment Bankers of
Davenport.
6:00 Banquet, Gold Room, Black
hawk Hotel—Entertainment.
Federal Intermediate Credit Bank
Consolidated Debentures O ffer...
Safe Employment
fo r Reserve Funds
EETING the short term investment
M
needs o f commercial and savings
banks, insurance companies, industrial,
railroad, utility corporations, monthly
offerings o f the Debentures are readily
received. Purchasers o f these joint and
several obligations o f the twelve issuing
banks may thus earn a fair income on
otherwise idle cash balances, with assur
ance o f principal available on matu
rity dates selected. The Debentures also
enjoy broad
secondary marketability.
THE FEDERAL INTERMEDIATE CREDIT BANKS
Further information may he obtained from
C H A R L E S R. D U N N , Fiscal Agent
31 N
assau
St r e e t
N
ew
Y
ork
5, N . Y.
*Riskless Profit Advocates.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker May 1944
66
Group Seven Coming to
HE meeting of Group Seven in
Waterloo on Thursday, May 18th,
will be called to order by Charles
McKinstry, chairman of the Group,
and vice president of The National
Bank there. The luncheon and the
afternoon meeting will be held at the
Russell-Lamson Hotel. The program
follows:
T
Forenoon
10:00 Registration and visiting, Rus
sell-Lamson Hotel.
Afternoon
12:15 Luncheon—Russell-Lamson Ho
tel.
Music.
1:30 Meeting Called to Order and Re
LIVE STOCK
'A td w 'n til BANK
• T E L E P H O N E YA R D S 1 2 2 0
ten/
j t r if if o i*
April 13, 1944
RESOURCES
Cash and due from banks.................................... $16,832,995.31
U. S. Treasury certificates and notes................. 22,3 50,000.00
U. S. Government bonds.....................................
790,300.00
State and municipal securities............................
481,12 3-96
Other marketable bonds.....................................
7 78,418.07
Loans and discounts.............................................
6,152,303.18
Federal Reserve Bank stock................................
7 5,000.00
Bank building........................................................
400,000.00
Interest earned, not collected.............................
45,585.23
Current receivables and other assets.................
13,950.70
$47,919,676.47
L I A B I L I T I E S
Capital.............................................................. $
Surplus....................................................................
Undivided profits and reserves..........................
Unearned discount...............................................
Deposits..................................................................
Frederick
R obert
h.
P rince
'V lL L I A M J. O C O N N O R
Investments
General M anager, Union Stock
Y a rd & Transit Co.
„ tt
R ichard Hackett
RALPH M . SHAW
General Manager, Central
Manufacturing District
Winston, Strawn & Shaw
T homas
henkle
Executive Vice-President,
Union Stock Yard & Transit Co.
D avid H.
1,500,000.00
247,904.64
2 3,92 5.80
45,147,846.03
$47,919,676.47
President, Union Stock Yard
& Transit Co.
. Dunham
O rvis T.
1 ,0 0 0 ,0 0 0 .0 0
A rthur G. Leonard
_
j
e.
W ilson
Chai™ ? n ° { thJ B° ard’
Wilson & Co., Inc.
reimers
President, The Live Stock National Bank o f Chicago
S E R V I N G
A G R I C U L T U R E
A N D
I N D U S T R Y
¿ P titc e < J 8 6 8
ME MB ER
F E D E R A L
D E P O S I T
marks—C. S. McKinstry, chair
man, Group 7; vice president,
National Bank of Waterloo.
I N S U R A N C E
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May Î944
t
Address of Welcome.
Response.
Appointment of Committee—
(a) Resolutions
>
Talk—“When the War Is Over,”
Hon. John M. Grimes, Iowa
State Treasurer, Des Moines.
Address—“ The Ghost of George
III,” Ben F. Swisher, attorney,
Waterloo.
Address—“Where Are We?” Cul
len N. Wright, representative,
Union Stock Yards Company,
Omaha; “Will Rogers of Ne
braska.”
A
A
Talk—“ Selling War Bonds,” G.
O. Van Derveer, chairman of I.
B. A. War Bond Committee;
cashier, State Bank of Waverly,
Waverly.
À
A Chart Talk—“ How 9 Per Cent
Became 30 Per Cent,” Ellis &
Bunce, R. P. A.’s.*
t-
Address—“Wartime Growth and
Postwar Prospects for Bank De
posits,” John K. Langum, vice
president, Federal R e s e r v e
Bank, Chicago.
i
Some “Wartime” Banking Sub
jects for Discussion—Leader, E.
G. Engelbrecht, secretary. Group
7; cashier, Waverly Savings
Bank, Waverly.
Remarks—Frank Warner, sec
retary, Iowa Bankers Associa
tion, Des Moines.
Committee Report—
(a) Resolutions.
4:30 Adjournment.
4:30 Conference will be held in this
room of Officers of the County
B a n k e r s Associations with
Group Chairman C. S. McKin
stry and Group Secretary E. G.
Engelbrecht, President V. W.
Johnson and Secretary Frank
Warner.
C O R P O R A T I O N
*Riskless Profit Advocates.
'Northwestern Banker
V
Invocation.
Talk—“ Iowa Bankers and War
time Banking,” V. W. Johnson,
president, Iowa Bankers Asso
ciation; president, First National
Bank, Cedar Falls.
£ T / ic
U N I O N S T O C K YARDS
WotGtlOO
5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
67
WATERLOO
WELCOMES YOU
Bankers of Black Hawk County and Waterloo extend
heartiest greetings to members of Group Seven and
other bankers in anticipation of our annual Group meet
ing here THURSDAY, MAY 18th.
Make this holiday a
day of profit and pleasure, by coming to our meeting.
We look forward to your arrival, anxious to make
new friendships and renew old ones.
Come to Waterloo
and enjoy our hospitality.
★
★
Black Hawk County Bankers
Association
Cedar Falls Trust and Savings Bank
First National Bank, Cedar Falls
Gilbertville Savings Bank, Gilbertville
Hudson State Bank, Hudson
La Porte City State Bank, La Porte City
T he National Bank o f W aterloo
Peoples Savings Bank, W aterloo
W aterloo Savings Bank, W aterloo
Northwestern Banker
May Í944
68
f
This is how Fort Dodge will look to members o f Group Two in the event they fly to
the meeting of Group Two. Otherwise they may cross the beautiful bridge seen in the
foreground of this airview.
a
Group Two Is Guest of Ft. Dodge
ORT DODGE bankers have been
busy with arangements for the Iowa
Bankers Association’s May 16 meet
ing of Group Two. They will welcome
its members to “an industrial city in
the heart of the cornbelt.”
This trading and jobbing center of
northwest Iowa is famous as the larg
est single producing locality of gypsum
and clay products in the world. It
has the world’s largest animal serum
F
manufacturing plant and has impor
tant meat packing industries, along
with other manufacturing plants. The
pottery clay found at Fort Dodge is
adaptable to the manufacture of
stoneware, pottery, terra cotta, tile
roofing and is sent all over the world
from their four plants.
The following program outlines the
events to take place at the Group Two
meeting:
Forenoon
10:00 Registration and Visiting—Wakonsa Hotel (registration fee
$2.00 per person).
For the Ladies—After registra
tion the ladies are invited to go
to the Ball Room Lounge, second
floor. Hostesses, wives of Web
ster county bankers.
12:00 Luncheon. Fort Dodge has am
ple fine eating places.
10th Anniversary
NATIONAL
MARCH 15, 1934
BANK,
NEVADA,
MARCH 15, 1944
RESOURCES
L o a n s a n d D i s c o u n t s ........................................................................................................................ 5
1 3 ,3 3 0 .3 8
U n it e d S t a t e s B o n d s ........................................................................................................................
1 ,2 4 8 .2 7
I n d u s t r ia l B o n d s ..............................................................................................................................
F e d e r a l R e s e r v e B a n k S t o c k .....................................................................................................
F u r n i t u r e a n d F i x t u r e s ...........................................................................................................
1 7 ,3 6 5 .8 8
1 ,8 0 0 .0 0
1 ,0 0 0 .0 0
C a s h & S i g h t E x c h a n g e ..................................................................................................................
IOWA
L o a n s a n d D i s c o u n t s ..................................................................................................................$
5 3 6 ,1 7 8 .2 3
U n it e d S t a t e s G o v . B o n d s .....................................................................................................
1 ,6 4 5 ,0 6 0 .8 2
I n d u s t r ia l B o n d s ........................................................................................................................
2 6 ,8 1 2 .7 4
F e d e r a l R e s e r v e B a n k S t o c k ..................................................................................................
3 ,0 0 0 .0 0
B a n k in g B u i l d i n g
.......................................................................................................................
1 6 ,2 0 0 .0 0
F u r n i t u r e & F i x t u r e s ...............................................................................................................
4 ,6 2 0 .0 0
O v e r d r a ft s
........................................................................................................................................
2 ,3 8 4 .5 2
I n t e r e s t P a id o n U . S . B o n d s .
6 ,2 3 8 ^ 2 4
C a s h & S i g h t E x c h a n g e ........................................................................................................
5 3 9 ,1 7 1 .6 1
4 6 4 ,2 4 8 .5 7
5 4 9 9 ,0 7 0 .1 2
5 2 ,7 7 9 ,6 6 6 .1 6
LI A B I
C o m m o n S t o c k S u b s c r i b e d ........................................................................................................ $
P r e f e r r e d S t o c k , R F C ...............................................................................................................
S u r p lu s
.......................................................................................................................................
L o c k B o x R e n t s ..................................................................................................................................
D E P O S IT S
..............................................................................................................................................
2 5 ,0 0 0 .0 0
2 5 ,0 0 0 .0 0
1 0 ,0 0 0 .0 0
1 .0 0
4 3 9 ,0 6 9 .1 2
HIES
C o m m o n S t o c k .............................................................................................................................. $
P r e fe rr e d
S tock
...............................................................................................................
S u r p lu s
.................................................................................................................................................
R e s e r v e t o R e t ir e P r e f e r r e d S t o c k .....................................................................................
R e s e r v e f o r C o n t i n g e n c i e s .....................................................................................................
U n d i v i d e d P r o f it s
...............................................................................................................
D E P O S I T S ...........................................................................................................................................
5 4 9 9 ,0 7 0 .1 2
5 2 ,7 7 9 ,6 6 6 .1 6
COMPARATIVE STATEMENT ANNUAL CAPITAL ACCOUNT
1939
..................................... ...
1940
1941
1942
1943
1944
1 1 9 ,0 0 0 .0 0
5 1 2 3 ,0 0 0 .0 0
. .
......................
. .
1934
COMPARATIVE STATEMENT ANNUAL DEPOSITS
1934
1 2 8 , 0 0 10 9. 03 05
1 3 5 , 0 0 10 9. 03 06
1 3 8 , 0 0 10 9. 03 07
1 5 0 , 0 0 10 9. 03 08
1939
.............................................5
............................................
4 3 8 ,0 7 0 .0 0
8 4 9 ,0 0 0 .0 0
9 6 8 ,4 7 7 .0 0
1 ,2 3 8 ,0 0 0 .0 0
1 ,1 5 2 ,0 0 0 .0 0
1 ,2 7 0 ,0 0 0 .0 0
Substantial Cash dividends have been paid on Common Stock
Northwestern Ranker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 1944
3 1 ,0 0 0 .0 0
1 9 ,0 0 0 .0 0
5 0 ,0 0 0 .0 0
1 9 ,5 0 0 .0 0
1 0 ,0 0 0 .0 0
1 6 ,9 0 4 .6 3
2 ,6 3 3 ,2 6 1 .5 3
1940
1941
1942
1943
1944
. . . . . . . . . . . . . . 5 1 ,3 4 5 ,0 0 0 .0 0
1 ,3 2 4 ,0 0 0 .0 0
............................................. 1 , 5 0 0 , 0 0 0 . 0 0
............................................ 1 , 9 8 7 , 0 0 0 . 0 0
.
NEVADA
2 ,6 3 3 .0 0 0 .0 0
á
V-
4
69
• I O W A
Afternoon
American Legion Hall (1 block east
and 1 block south of Wakonsa Hotel)
1:15 Special music.
' 1:30 Meeting Called to Order and Re
marks—Harry T. Huff, chair
man, Group 2, cashier, The State
Bank. Fort Dodge.
Invocation—Dr. James J. Davies,
pastor, First Methodist Church,
Fort Dodge.
Address of Welcome — E. M.
Klapka, president. Fort Dodge
Chamber of Commerce.
Response to Address of Welcome
—Edward P. Prince, president,
First State Bank, Webster City.
Appointment of Committees—
(a) Resolutions.
(b) Nominating.
Talk—“ Iowa Bankers and War
time Banking,” V. W. Johnson,
president, Iowa Bankers Asso
ciation: president, First National
Bank. Cedar Falls.
A Chart Talk—“ How 9 Per Cent
Became 30 Per Cent,” Ellis &
Bunce, R.P.A.’s*.
Address—“Wartime Growth and
Postwar Prospects for Bank De
posits,” John K. Langum, vice
president and economist. Federal
Reserve Bank.
Talk—Robert G. Lexvold, presi
dent, Iowa Junior Bankers Asso
ciation; assistant cashier, Farm
ers Trust & Savings Bank, Spen
cer.
Talk—“ The A. B. A. ‘Home
Front’ Manual,” K. J. McDonald,
chairman, A. B. A. “ Commission
on Country Bank Operations;”
president, Iowa Trust & Savings
Bank, Estherville.
Talk—“ Selling War Bonds,” G.
O. Van Derveer, chairman, War
Bond Committee of I. B. A.; cash
ier, State Bank of Waverly, Waverlv.
Some “Wartime” Banking Sub
jects for Discussion — Leader,
Ben W. Olson, secretary, Group
2; president, Security Savings
Bank. Eagle Grove.
Remarks—Frank Warner, sec
retary, Iowa Bankers Associa
tion, Des Moines.
4:15 Committee Reports—
(a) Resolutions.
(b) Nominating.
Any other business.
4:30 Adjournment.
N E W S
•
Special Conference
County Association Officers
4:35 Conference of the Officers of the
County Bankers Association
with Chairman Harry Huff, Sec
retary Ben Olson, President V.
W. Johnson and Secretary Frank
Warner.
Evening
6:15 Dinner — Ball Room, Wakonsa
Hotel.
Music.
7:30 Meeting Called to Order—Chair
man Harry T. Huff.
Special Music.
Address — Dr. Walter Aitken,
former pastor for 24 years, M. E.
Church, Lincoln, Nebraska.
Humorist—-Naturalized Scots
man.
“Colored Spectacles.”
9:00 Adjournment.
Sells 100 Shares
The Donahue Savings Bank, Dona
hue, Iowa, has increased its capital
to $30,000 and its surplus to $25,000
through the sale of 100 shares of new
stock.
RANGE COUNTRY...A Reservoir of Beef
Alw ays, the vast grassland of the western states has given
life to grazing herds.
Huge droves of shaggy buffalo dwin
C A T T LE ON R A N G E
dled, only to make a place for the Longhorn cattle of pioneer
rangers.
Gradually the big, rangy Longhorns have disap
peared as breeders developed blocky, quality beef-type cattle.
But cheap, broad expanses of range remains America's reser
In W estern S ta tes
1944
Total N o ..........13,800,000
Total v a lu e __ $933,326,000
1943
voir of feeder cattle for the Corn Belt.
Since 1882, the Drovers National Bank has kept pace with
progress in the livestock industry and always the essential
of friendly service has been foremost in its dealings.
Drovers
Total N o ......... 13,028,000
Total v a lu e __ $898,244,000
1933-42
A v . No. per y r .. 11,470,000
A v. v a lu e ____$391,486,000
officers are in close, constant touch with changing details of
livestock
trends
and
transactions.
WE
INVITE YOUR
IN
S o u r c e : US D A
QUIRY.
Members Federal Deposit Insurance Corporation
DROVERS NATIONAL BANN
DROVERS TRUST & SAVINGS BANK
U N I O N
S T O C K
Y A R D S .
C H I C A G O
R isk le ss P r o fit A d v o ca tes.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker
May 19hk
70
)
decorah Awaits Group Four Bankers
HE last, but not least, of the series
of eight Iowa Group Meetings will
be held in Decorah when Group
Four meets there on Friday, May 19th.
Registration will start in the morning
at the Grand Theatre. The luncheon,
to be followed by the program, will
be held at the Winneshiek Hotel. C.
H. Megorden, cashier of the Waukon
State Bank and chairman of the Group,
will preside. The program follows:
T
• ..............
Forenoon
10:00 Registration and v i s i t i n g —
Grand Theater.
Music.
Address of Welcome—Geo. A.
Baker, mayor, Decorah.
Afternoon
12:15 Luncheon—Winneshiek Hotel.
1:30 Meeting Called to Order and Re
marks—C. H. Megorden, chair
man, Group Four; cashier, Wau
kon State Bank, Waukon.
Invocation.
Response—Guy W. Eaton, vice
president, Waukon State Bank,
Waukon.
'wm
Statement of Condition, April 13, 1944
R E S O U R C E S
U.
and
S.
Due
fr o m
G overnm en t
(In c lu d in g
B a n k s .......................................................................$
S e c u r i t i e s .................................................................
th ose
p le d g e d
$ 5 2 ,0 2 4 ,5 0 0 .0 0 )
O t h e r B o n d s a n d S e c u r i t i e s .......................................................................
9 , 8 9 6 , 6 8 4 .0 1
F e d e r a l R e s e r v e B a n k S t o c k ....................................................................
Loans
U
and
C r e d it
R eal
on A c c e p ta n c e s
and
L e tt e r s
4 4 ,5 9 6 ,7 8 0 .2 9
of
......................................................................................................................
E sta te
A ccrued
2 5 2 ,0 0 0 .0 0
D i s c o u n t s ......................................................................................
C u s t o m e r s ' L i a b i li t y
3 1 8 ,8 5 3 .1 5
.............................................................................................................
E a r n in g s
O v e r d r a fts
R e c e iv a b le
6 8 7 ,3 8 4 .1 8
( N e t ) ...............................................
5 6 2 ,0 0 5 .2 3
................................................................................................................
O th e r R e so u rc e s
4 4 ,3 0 4 ,1 8 7 .6 9
1 0 4 ,4 3 5 ,7 8 3 .6 8
2 ,8 0 0 .0 5
.................................................................................................
6 0 ,4 6 0 .0 5
$ 2 0 5 ,1 1 6 , 9 3 8 . 3 3
LI ABI LI TI ES
C a p ita l
.........................................................................................................................$
S u r p lu s
and
U n d i v i d e d P r o f i t s ..................................................................
D iv id e n d D e c la r e d , P a y a b le
M ay
A ccru ed
and
and
In te re st,
O th e r
A cc e p ta n c es
O th e r
E xp en ses
R eserves
and
L ia b ilit ie s
1, 1 9 4 4 ................................
Taxes
P a y a b le
6 , 0 0 0 , 0 0 0 .0 0
4 ,6 1 0 , 9 1 5 .1 1
9 0 ,0 0 0 .0 0
(N e t)
............................................................................
1 ,4 3 5 ,5 5 4 .7 9
o f C r e d i t ......................................................
3 1 8 ,8 5 3 .1 5
.................................................................................................
9 3 ,1 0 5 .1 4
L e tt e r s
* Riskless Profit Advocates.
U . S . G o v e r n m e n t , a n d O t h e r P u b lic
Funds
.......................................................................$
O th e r D e p o s its
........................................................
(Turn to page 72, please!
3 5 ,4 1 7 ,7 0 9 .2 4
1 5 7 ,1 5 0 ,8 0 0 .9 0
1 9 2 ,5 6 8 ,5 1 0 .1 4
$ 2 0 5 ,1 1 6 , 9 3 8 . 3 3
:
EXCELLENT
i i
M em ber Federal Deposit
Insurance Corporation
89 Y ears
of Banking Experience
■
¡»ij
■;
A; 'U,
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 19kb
?
Talk—“ Iowa Bankers and War
time Banking,” V. W. Johnson,
president, Iowa Bankers Asso
ciation; president, First National
Bank, Cedar Falls.
4:30 Adjournment.
D e p o sits:
t
(b) Nominating.
Talk—“ The A. B. A. ‘Home
Front’ Manual,” K. J. McDonald,
chairman, A. B. A. “Commission
on Country Bank Operations” ;
president, Iowa Trust & Savings
Bank, Estherville.
Address—“Where Are We Head
ing For?” Cullen N. Wright, rep
resentative, Union Stock Yards
Company, Omaha, “Will Rogers
of Nebraska.”
A Chart Talk—“ How 9 Per Cent
Became 30 Per Cent,” Ellis &
Bunce, R. P. A.’s.*
Address—“ Farm Land Values
and Farm Market Conditions,”
Walter B. Garver, Agricultural
Economist, Research and Statis
tics Department, Federal Re
serve Bank of Chicago.
Talk—“ History of Group Four,”
W. F. Baker, assistant cashier,
Decorah State Bank, Decorah.
Some “Wartime” Banking Sub
jects for Discussion.
Remarks—Frank Warner, sec
retary, Iowa Bankers Associa
tion, Des Moines.
Committee Reports—
(a) Resolutions.
(b) Nominating.
S T . L O U IS 2, MISSOURI
C ash
Appointment of Committees—
(a) Resolutions.
>
O P P O R T U N IT Y
P osition open fo r m an o f a b ility
and initiative in old established
firm.
M u st be capable o f sellin g
financial service to bankers and
business executives and m a n a g in g
branch office. Som e tra v elin g nec
essary.
B est referen ces required.
Give fu ll details o f experience.
W rite
RWZ
c /o
N o rth w e ste rn
B an ker, 527 7th S t., D es M oines, la .
4
71
Ue4f, JßÜze, 9 t"
" A n e x c e lle n t d ir e c t o r y . "
F ir s t S t a t e S ank, Belm ond, Io w a
"We
to ry
s u b s titu te
your
f o r th e la rg e
e x c e lle n t
d ire c
d ire c to ry ."
S t a t e Bank of L ib e r t y . N e b ra s k a .
" It's
th e b e s t d ir e c to r y p u b lis h e d a nd
j u s t th e r ig h t s iz e so one can c a rry it
in th e p o c k e t d a i l y . "
B e n n ett S t a t e Bank, Bennett, Io w a .
" Y o u r b a n k d ir e c t o r y is a v e r y h a n d y
a n d c o m p le te b o o k ."
Lexing to n S t a t e Bank, Le x in g to n , N e b ra s k a .
NOW READY
The new 1944 edition of the lowa-Nebraska Bank Directory is now
off the press. In it you'll find the most complete and latest infor
mation on Iowa and Nebraska banks, including personnel, capital,
surplus, deposits, loans and discounts, bond holdings, correspond
ent banks and other valuable data.
ORDER NOW YOUR
1944 lowa-Nebraska
Bank Directory
Use the handy coupon at the right
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
lowa-Nebraska Bank Directory ----------------------------------------------- 1944
527 Seventh Street
Des Moines, Iowa
Gentlemen:
Please send____________copies of your 1944 lowa-Nebraska Bank
Directory to us, and we will remit at the rate of $2 per copy
upon receipt of your Directory.
Bank__________________________________________________________________
Officer________________________________________________________________
City_________________________________ State------------------------------------------
Northwestern Banker
May 19Ü
72
BOON E PROGRAM
BANKERS
WANTS
M a y W e Help You ?
R ate— 5c per word with order
N O R T H W E STE R N BAN KER
527 Seventh Street, Des Moines 9, Iowa
WANTED
ASSISTANT CASHIER
G erin g, N e b rask a, is the county
se a t and the center o f prosperous
Scotts B lu ff C ou n ty, the f a s t g r o w
in g irrig ated section o f N eb rask a.
This B ank has now to ta l re
sources o f ju s t under three m illion
dollars. W e m u st have a new a s
sista n t cashier. W ill m ake sala ry
sa tisfa c to ry w ith fu rth er advan ce
m ent.
W r ite or w ire p ro m p tly — A . N .
M ath ers, P resid en t, G erin g N a tio n
al B an k, G erin g, N e b ra sk a .
M an w ith ten years C om m ercial bank
and fifteen years diversified senior e x a m
in in g experience desires bank connection
inv olvin g au d itin g a n d /o r m an agersh ip
o f p ersonal loan d ep artm en t.
M em ber
N a tio n al
A sso cia tio n
B ank
A u d itors.
A g e fo r t y -e ig h t, m arried , A . E . F . v e t
eran, n ow em p loyed, seek in g w ider o p
p ortu n ities, top referen ces. W r ite J .L .S .,
c /o N o rth w estern B a n k er, 527 7th S t.,
D es M oin es, Iow a.
E xecu tive w ith sin gle and group ban k
ing experience, including T ru sts, w an ts
connection w ith m edium sized bank in
fa ir sized city.
W ill m ake in vestm en t.
A ddress A G C , c /o N o rth w estern Banker,
527 7th S treet, D es M oin es, Iow a.
S a fe fo r S a le :
V ic to r
sa fe , w ith triple tim e lock.
condition.
A d d ress J. L .
verne, Iow a.
(Continued from page 61)
sit in on this customary annual
conference the members of our
State Association’s County Agri
cultural P l a n n i n g Committee
from this group to hear and dis
cuss such plans as may be pre
sented by either one or both of
the following Iowa bankers:
(1) Warren Garst, cashier, Home
State Bank, Jefferson; mem
ber, A.B.A. Agricultural Com
mission -and/or
(2) K. J. McDonald, president,
Iowa Trust & Savings Bank,
Estherville, chairman, A.B.A.
Commission on C o u n t r y
Bank Operations.
At the re-organization meeting of the
board, G. J. Hurlbutt was re-elected
president; C. E. Nickerson was elected
vice president, and Thos. J. Neessen
became cashier. Mrs. Kathryn Carney,
Experience
Service
Cooperation
Manned by officials with years
of experience, our Correspon
dent Bank Division renders a
complete service, conducted in
an intimate and personalized
D EC O R A H PROGRAM
manner.
(Contiriued from page 70)
The guiding policy is one of
Special Conference
County Association Officers
4:35 Conference of the Officers of
the County Bankers Associations
with Chairman C. H. Megorden,
President V. W. Johnson, and
Secretary Frank Warner,
cooperation in all matters of
mutual interest.
<777?*?
PublicNational
BANIC AND
Bank President Dies
Irvin B. Bleeker, 58, president of
the Citizens State Bank in Iowa Falls
since its organization in 1935, died sud
denly last month. He was associated
with banks in Cedar Rapids and
Klemme, and from 1915 to 1934 was
associated with a bank at Ackley.
Beaman Bank Meets
Stockholders of the Farmers Savings
Bank at Beaman, Iowa, met last month
and all directors were re-elected for
the ensuing year.
Screw door
E x tr a good
L ich ty, L u -
COMPANY
OF
TRUST
NEW
E S T A B L I S H E D
I
M
Mem b er: N e w
Y ork
YORK
19 08
C le a r in g
H ou se
A s s o c ia t io n , F e d e r a l D e p o s it In su r a n c e
C o r p o r a tio n /
\
DES M OINES BUILD IN G -LO AN &
SAVINGS ASSOCIATION
Oldest and Largest in Des Moines
411 6th Ave.
Dial 4-7119
ELMER E. MILLER
Pres, and Sec.
HUBERT E. JAMES
Asst. Sec.
FOR YOUR ENJOYMENT . . .
A p rogressive bank w an ts an exp eri
enced m an or lad y f o r h an dling details
in closin g real estate loans.
Good s a l
ary.
Give experience and p articu lars in
first letter.
W r ite A . B. A . c /o N o r th
w estern B an ker, 527 7th S t., D es M oines,
Iow a.
L ate B u rrou gh s E le ctric A d d in g , P ro o f
and R em ittan ce M achine, A u to m a tic ca r
ria g e , sp lit p la ten , check count fo r an
a ly sis, A - l Condition, priced to sell.
W r ite Iow a S tate B an k & T ru st Co.,
Fairfield, Iow a.
W a n te d :
U sed S ta a ts N o . 1, or E X ,
or
sim ila r
m on ey
ch an ger.
Secu rity
S tate B an k, A lle n , N e b rask a.
F or S a le : No. 5 L. C. Smith & Bros.
Typewriter 10% inch carriage. Seventy
Five Dollars. Write The National Bank
of Washington, Iowa.
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Mai) L9M
Listen to the
“ WORLD OF MUSIC”
KSO, 1460 KC
May we show you samples
of our bookbinder s
craftsmanship and new,
original creative printing?
ch
B roth ers
ESTABLISHED ,
STATIONERS V
1889 V BOOKBINDERS
OFFICEOUTFITTERS^^Wj^^BUSINESS MACHINES
G rand Av e . at Fourth
De s M o in e s , I a .
9:30-10 :00 a. m. Sundays
73
teller, and Jaunetia Eatinger, book
keeper, were also reappointed for the
ensuing year.
have received 110 per cent of their
funds, President Frank C. Moeller said.
Anniversary Celebration
Formerly of Pomeroy
M. F. Mullan, 89, died in Odebolt last
month at the home of his son, Don G.
Mullan. Mr. Mullan operated a drug
store for 40 years in Pomeroy. He was
also vice president of the Pomeroy
State Bank for nine years before going
to Odebolt to live with his son.
Replaces Serviceman
Henry Janssen, former Hampton
man, has accepted a position as an
assistant cashier in the First National
Bank in Hampton. Mr. Janssen served
as assistant cashier of the Farmers
Savings Bank at Steamboat Rock for
the last three years. He is taking the
position of Fred A. Keepf, who recent
ly entered the United States Navy as
the third man from the bank’s staff to
be in the armed forces. David Beed
and Robert Schaeffer have been in the
service for some time.
The Nevada National Bank, Nevada,
Iowa, recently celebrated its tenth an
niversary. An open house was held for
customers and Token coin purses and
flowers were given to the visiting la
dies and decorated pencils were given
to the children. In the evening a share
holders banquet was served at the
Story Hotel, with 80 in attendance.
Ten correspondent bankers visited
the Nevada National Bank during the
day and several floral pieces were sent
to the bank by correspondent banks.
Deposits of the Nevada National
Bank have grown from $438,070 in
FIT TO BE
USED!
Pay Final Dividend
A final dividend of 30 per cent of
the Fort Dodge National Bank deposi
tors’ trust fund was paid last month.
With this payment depositors will
W ise Man
Sunday School Teacher: “Why was
Solomon the wisest man in the world?”
Sarkis: “ Because he had so many
wives to advise him.”
M a n ia ge
It takes two to make a marriage—a
single girl and an anxious mother.
•••
• * Size..Style..Weight..Strength
.. Color . So much about your en
velopes must fit your own particu
lar needs. And Tension — with 5
factories and60years of experience
— can fill those needs exactly.
Tension knows how!
To Westside
Mildred Tews of Arcadia will take
employment in the Westside Savings
Bank at Westside, Iowa.
1934, when it was organized, to the fig
ure of $2,633,000 as of March 15, 1944.
In the same 10-year period the bank’s
capital account has increased from
$60,000 to $150,000'.
In addition, says L. R. Bassett, cash
ier of the bank, “ During this period we
have paid common stock dividends of
more than $120 per share.”
Tension Envelope Corp.
BERKOWITZ ENVELOPE CO.
1912 Grand A ve., Phone 4-4126, Des Moines 14, Iowa
Index To Advertisers
A
A llie d M u tu a l C a s u a lty C o m p a n y ...............
A lly n , A . C. an d C o m p a n y ................................
A m e ric a n N a tio n a l B a n k and T r u s t Co.
— C h ic a g o .............................................................
A m o rtize d M o r tg a g e s , In c .......................
A p p a n o o se C o u n ty B a n k e r s A s s n ..............
B
B a n k o f A m e r ic a ...................................................
B a n k e rs T r u s t C o m p a n y — D es M o i n e s ..
B a n k e rs T r u s t C o m p a n y — N ew Y o r k . . .
B la ck H a w k C o u n ty B a n k e r s A s s n ............
B oone C o u n ty B a n k e r s A s s o c i a t io n ..........
C
C e n tra l N a tio n a l B a n k an d T r u s t C o.—
D e s M o i n e s ...........................................................
Cerro G ordo C o u n ty B a n k e r s A s s n .........
C h ase N a tio n a l B a n k ..........................................
C ity N a tio n a l B a n k and T r u s t C o m p a n y
— C h ic a g o .............................................................
C o m m e rce T r u s t C o m p a n y .............................
C o n tin e n ta l B a n k and T r u s t C o m p a n y —
N e w Y o r k ........................................................
C o n tin e n ta l Illin o is N a tio n a l B a n k and
T r u s t C o m p a n y ...............................................
C o n tin e n ta l N a tio n a l B a n k — L i n c o l n ...
C o u n cil B lu ffs B a n k s ..........................................
33
26
48
27
63
36
75
22
67
61
10
64
6
50
46
F e d e ra l In te r m e d ia te C re d it B a n k s ..........
F in a n c ia l D e v e lo p m e n t C o m p a n y ...............
F ir s t N a tio n a l B a n k — C h ic a g o ....................
F ir s t N a tio n a l B a n k — M in n e a p o lis ..........
F ir s t N a tio n a l B a n k — O m a h a ......................
F ir s t N a tio n a l B a n k — St. L o u i s ....................
F ir s t N a tio n a l B a n k — S io u x C i t y ...............
F ir s t St. J osep h S to c k Y a r d s B a n k ..........
F ir s t W is c o n s in N a tio n a l B a n k .................
O
G u a r a n ty T r u s t C o m p a n y o f N e w Y o r k .
H a m m e r m ill P a p e r C o m p a n y ......................... 19
H a w k e y e M u tu a l H a il In su ra n c e A s s n .. 32
H o m e In s u ra n c e C o m p a n y .............................
3
1
I o w a -D e s M oin e s N a tio n a l B a n k &
T r u s t C o m p a n y .................................................
I o w a -N e b r a s k a B a n k D ir e c t o r y .................
I r v in g T r u s t C o m p a n y .......................................
76
71
21
.1
J a m ie so n and C o m p a n y .....................................
4
n
38
II
42
51
59
65
33
28
34
49
54
58
50
25
K o c h B r o th e r s
lv
......................................................
38
72
L,
G e o rg e L a M o n te and S o n ................................
L e s s in g A d v e r tis in g C o m p a n y ....................
L iv e S to c k N a tio n a l B a n k — C h ic a g o . . . .
L iv e S to c k N a tio n a l B a n k — O m a h a ..........
L iv e S to c k N a tio n a l B a n k — S io u x C ity . .
5
72
66
52
40
F
F a r m e r s M u tu a l H a il In su ra n c e C o m
p a n y o f I o w a ........................................................ 32
F e d e r a l H o m e L o a n B a n k ................................ 26
M
M e rc a n tile C o m m e rc e B a n k and T ru s t
C o m p a n y ................................................................ 56
M e rc h a n ts M u tu a l B o n d in g C o m p a n y . . . 33
2
38
70
N
N e v a d a N a tio n a l B a n k ....................................... 68
N e w Y o r k T r u s t C o m p a n y ............................. 46
N o rth e rn T r u s t C o m p a n y ................................ 60
N o r th w e s te r n N a tio n a l B a n k — M in n e
a p o lis . : .................................................................. 39
o
O m ah a N a tio n a l B a n k .......................................
17
P h ila d e lp h ia N a tio n a l B a n k ...........................
P u b lic N a tio n a l B a n k .........................................
28
72
S
St. L o u is T e r m in a l W a r e h o u s e C o............ 24
St. P au l T e r m in a l W a r e h o u s e C o.............. 57
S c a rb o r o u g h and C o m p a n y .................. 3 1 -5 4 -6 2
S q uare D e a l In s u ra n c e C o m p a n y ............... 32
T
T e n sio n E n v e lo p e C o r p o r a tio n ....................
D a v e n p o rt, F . E . and C o m p a n y ................ 51-64
D es M o in e s B u ild in g , L o a n and S a v in g s
A s s o c ia tio n ........................................................... 72
D r o v e r s N a tio n a l B a n k ..................................... 69
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M e rc h a n ts N a tio n a l B a n k ................................
M in n e so ta C o m m e rc ia l M e n 's A s s n ............
M is s is s ip p i V a lle y T r u s t C o m p a n y ..........
73
TJ
U n ite d S ta te s N a tio n a l B a n k — O m a h a /.
44
V
V a lle y S a v in g s B a n k ..........................................
5a
W
IV a n t A d s .............................................................. 7 0-72
W a lt e r s , C h a rle s E ................................................ 48
W e lc h , J ay A ............................................................ 60
W e s s lin g S e rv ic e s .............................................. 62
W e s t e r n M u tu a l F ire In s u ra n c e C o ......... 30
Northwestern Banker
Mai7 U944
74
IN THE DIRECTORS' ROOM
Speed
Soaked
GI: “ Darling, I love you.”
Sally: “Why, I only met you ten
minutes ago.”
GI: “Yeah, I know, but I’m here on
a six hour pass and I gotta work fast.”
1st Soak: Why do they call them
“pink elephants” ?
2nd Same: ’Cause they’re beasts of
bourbon.
N O te$
“Waiter, do you call this meat pie?”
“Yes, sir.”
“There isn’t enough meat in it to
flavor it.”
“ It isn’t supposed to flavor it, sir—
just christen it.”
*
Difference
Dear Dad: Gue$$ what I need mo$t
of. That’$ right. $end it along. Be$t
wi$he$.
Your $on,
Ru$$.
Dear Russ: Nothing ever happens
here. We kNOw you like your school.
Write us aNOther letter. Jim was ask
ing about you at NOon. NOw we must
say goodbye.
As ever,
Dad.
K issed
Wife: That brazen Miss Vamp boasts
she’s been kissed by every married
man in town except one.
Husband (absently): Wonder who
he is?
R ecovery
Lady: You say you recover umbrel
las. I’d like mine recovered.
Storekeeper: Yes, ma’am. Where is
it?
Lady: I don’t know. I thought you
said you could recover it.
M ore Than a Blackout
Pvt.: “You’ve never kissed me like
that before, Mary. Is it because we’re
in a blackout?”
Girl: “ No, it’s because my name
isn’t Mary.”
H is Choice
The one fellow who can’t be criti
cized for picking a soft spot is a para
trooper.
W rong W a y
Nosy passenger (inquiring as to de
lay on Mississippi steamboat): Fog,
you say, I can see the stars overhead.
Captain: Wal, unless that loose boil
er busts, we ain’t goin’ that way.
Too B u sy
Nell: Be sure to write us often.
WAC: I’ll try, but judging by my
first few days’ experience, I’ll be busy
saying “Yes, sir” all day—and “ No, sir”
during the evening.
H onors Even
The street-corner orator had been
called on to answer more questions
than he expected and he was becoming
rather muddled.
“ Tell them all you know,” shouted a
heckler during an awkward pause. “ Tt
won’t take you long.”
“ I’ll tell them all we both know,” re
plied the orator, “ and it won’t take me
any longer!”
Trains
Thanks
A German mother was telling her
young son that for the many blessings
that life had given him he should thank
God and thank Hitler.
After a moment of meditation the
boy asked: “What should I do if Hitler
dies?”
The mother answered: “Just thank
God.”
Shhhhh
The family was seated at the table
with a man who was a business ac
quaintance of the father, when the fiveyear-old blurted out: “ Isn’t this roast
beef?”
“Yes,” said the mother, noting his
surprised look. “What of it?”
“Well, daddy said this morning that
he was going to bring a big fish home
for dinner.”
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
May 1944
Traveler: What’s the use of print
ing time tables if your trains don’t run
accordingly?
Porter: How can you tell they’re
late if you don’t have one?
Lost
Annoyed woman (to man searching
under theater seat): What did you
lose?
Man: A caramel.
Woman: All that fuss over a mere
caramel?
Man: It had my teeth in it.
Safe
Liza: That no ’count Mose told me
last night ah looked positively ethereal
in de moonlight.
Mandy: Whut did he mean?
Liza: Ah dunno, but ah done slapped
his face just to be on the safe side.
Lots o f It
Smith: I understand your wife’s
brother is an author. Does he write
for money?
Jones: Yeh—in every letter we ever
get.
4
The End
Boss to Secretary: Our typewriter’s
busted; our writer’s been drafted; our
paper supply is short, and now you
drop our eraser out the window.
X
M ules
Joe: The boss told us when he was
a boy on a farm they had a mule that
was just like one of the family.
Jim: Yeah, and I know which one.
N o Present
“When were you born?” the squad
ron clerk asked the rookie.
No reply.
“ I say, Soldier,” the clerk repeated,
“when’s your birthday?”
“What do you care?” replied the re
cruit sullenly. “You ain’t going to give
me anything.”
CONVENTIONS
May 15-17, M IS S O U R I, Kansas City
May 24-26, IL L IN O IS , Palmer House,
Chicago
June 6-8, A M E R IC A N IN S T IT U T E
OF B A N K IN G , Statler Hotel, St.
Louis
June 8-9, W IS C O N S IN , Pfister Hotel,
M ilwaukee
June 9-10, S O U T H D A K O T A , Alonzo
Ward Hotel, Aberdeen
June 30-July 1, N O R T H
Gardner Hotel, Fargo
June 13-14, M IN N E S O T A ,
Hotel, St. Paul
DAKOTA,
St.
Paul
Sept. 3-4, IO W A , Fort Des Moines Ho
tel, Des Moines
Sept. 24-27, A M E R IC A N B AN K ER S
A S S O C IA T IO N , Chicago
Oct. 25-29, F IN A N C IA L A D V E R
TISER S ASSN ., Edgewater Beach
Hotel, Chicago
)
TODAY'S MENU
America's fighting forces are at an all-time peak
— eleven million men under arms— men whcse
daily needs require sixty million pounds of food.
Food is not so spectacular as tanks, guns and
planes, but equally basic to a fighting nation.
Without it, all other effort would fail.
Greatly increased amounts of food are needed
also for our Allies, for our war workers and for
the entire home front which must keep backing
the attack with full energy, day after day.
This is Iowa's great responsibility. Iowa farmers
will meet this challenge with increased produc
tion and Iowa banks will play a vital part in
financing this all-out food effort.
W e are glad to cooperate with correspondent
banks throughout Iowa in giving farm customers
every possible aid in meeting today's increased
demand for food production.
1 BA NK ER S T R U S T
W COMPANY
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
JA A C M R C D C C n C D A I
n C P n C I T IKJC! ID A K i r C r O D D O D A T i n M
6th and
Locust
FOgAICTORY
BUY
j
V f * Ltt
U N IT E D
STATUS
f i T WAR
m
Sj W b o n d s
Jtff* | \ STAMPS
.. TO GROW
MORE
Iowa's farming productivity continues to be vital to success
ful prosecution of the V^ar.
A n even greater tonnage of
food must be grown this year to feed hungry fighting men
and hungry civilians in many parts of the world.
Just as they did in 42 and 4 3 , Iowa Banks and Bankers
are making an important contribution to the NVar effort by
continuing to finance, encourage and cooperate with individ
ual farmers in every community to obtain all-out mobilization
of our State's great food-producing resources.
Farmers and Bankers, working closely together as a V icto ry
team, provide assurance that Iowa will
G row M ore in 44
despite the handicaps resulting from a cold, wet Spring season.
I owa-D es M oines N ational B ank
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
& TRUST COMPANY
A
M e m b e r F e d e r a l D e p o s i t In s u ra n c e C o rp o ra tio n
\
@FedFRASER