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ROBERT I. STOUT P r e s id e n t, F ir s t N a tio n a l B a n k , T ek a m a h , N eb ra sk a P r e s id e n t, N eb ra sk a B a n k ers A s s o c ia tio n S ee p a g e 15. Financial Advertisers Favor Free Enterprise Nebraska Wartime Business Conference Page 13 Pages 15, 16, 17 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis For Speedy Collections Speed the business of your customers by sending your collection items to this bank. The unusual combination of favorable location, years of experience and a strong correspondent network enables the Merchants National Bank to render complete correspondent service to banks and bankers throughout the middle west. ACEDAR RAPIDS BANK C E D A I* R A P IO S SERVICING ALL IOWA M ERCHANTS NATIONAL BANK OFFI CERS J ames E. H am ilton , Chairman S. E . Coquillette , President H . N . BOYSON, Vice President R oy C. F olsom , Vice President Mark J. Myers , V. Pres. & Cashier George F. M iller , V. Pres. & Tr. Officer Marvin R. S elden , Vice President F red W. S m it h , Vice President J oh n T. H amilton II, Vice President R. W. M anatt , Asst, Cashier L. W. B roulik , Asst. Cashier P eter B ailey , Asst. Cashier R. D. B rown , Asst. Cashier 0. A. K earney , Asst. Cashier S tanley J. M ohrbacher , Asst. Cashier E . B . Zbanek , Building1Manager Cedar R apids Member Federal N o rth w e ster n B an k er, pub lished m o n th ly by th e D e P u y P u b lish in g C om nan v at 527 S e v e n t h S t D ec M ein « . ou E n tered as Second Class M atter J a n u a r y 1, 1895, at th e P o s t 05fficeST D e s StM o?n lsMI0o r ; un^ er https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Iow a Deposit Insurance Corporation $8*°° P* /F THF M R S //WADFD TOMORROW. Mm Suppose you picked up your newspaper some morn That’s why fire prevention, always important, is ing and found that the Japs, in a lightning raid extra important this year. That’s why, too, cutting on the Pacific Coast, had fired a California city— down fire losses is the concern not only of every and burned thousands of people alive! Suppose that manufacturer and home owner, but of every citizen. you learned that among them were 2,200 children And there is this final reason to make fire prevention less than nine years old— wouldn’t your blood boil? your concern— over a period of time the smaller the Wouldn’t you be roused to a higher pitch of fighting losses the less the property owner will pay for his spirit than you have ever been? insurance protection. Y t — 2,200 children under nine years of age are So, now of all times, be extra careful about fires. burned to death every year right here in the United States! But Carelessness, not the Japs, is the criminal. And— it’s a crime you can help stop. TH E E N E M Y ’S W O R K E I T H E R C A N DO "Yes, you can help save thousands, tens of thousands of other lives . . . and help prevent damage to war plants, damage seriously retarding our war effort with losses that mere dollars cannot replace today. a THE HOME * And, to make it more tragic, fire losses this year are about 16% above last year and are rising at an alarming rate. NEW FI RE AUTOMOBILE M ake Every JPeek Fire Prevention EEeek https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis YORK MARINE IN SURANCE 4 .T'HUEE FOLGST' : e UP S K V H l ú H HIGHE-PP R IC E S Seven things you should do: 1 . Buy only what you really need 2 . Pay no more than ceiling prices... buy rationed goods only with stamps 3 . Pay off old debts and avoid making new ones 4 . Support higher taxes ... pay them willingly 5 . Provide for the future with adequate life insurance and savings 6 . Don’t ask more money for goods you sell or work you do 7. Buy all the War Bonds you can afford — and keep them Keep prices down...use it up, wear it out, make it do, or do without This advertisement, prepared by the War Advertising Council, is contributed by this magazine in cooperation with the Magazine Publishers of America. Northwestern Banker November 19b3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BACK THE ATTACK - BUY WAR BONDS Invasion Currency is the polite name for the "money” reproduced here by special permission of the United States Secret Service. These three bills were circulated by the Nips in 1942 in one o f the countries over run by Japan’s armed forces. » Actually, this money is as phoney as Ambassador Nomura’s protestations of friendship to Secretary of State Cordell Hull on the morning o f December 7th, 1941. » It is counterfeitin the worst sense of the word. That "promise to pay” is backed by a loaded gun. Such money is worthless— o f course. And its purpose is vicious—for it was cir culated in an effort to disrupt the economic structure of the country and demoralize its people by shaking their faith in their currency. » Forged or altered checks are also troublemakers and saboteurs. They hamper the progress of our war effort and tend to destroy confidence in a medium of exchange which is the very life-blood of trade and commerce. » Thou sands of America’s leading Banks and Business Houses are well armed against this hazard. They pro tect themselves and those they deal with by having their checks lithographed or printed on La Monte Safety Paper—the paper that says "NO!” to the forger and counterfeiter. For samples o f La M onte Safety Papers, see your Lithographer or Printer—or write us direct. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis (3 THE CHASE NATIONAL BANK OF THE CITY OF NE W YORK STATEMENT OF CONDITION, SEPTEMBER 30, 1943 RESO U R C ES Cash and D ue from B a n k s ........................................... $ U . S. G overnm ent O bligations, direct and fully g u a r a n t e e d .................................................................... State and M unicipal S e c u r ities..................................... Stock o f Federal Reserve B an k..................................... O ther S e c u r i t i e s .............................................................. Loans, D iscounts and Bankers’ A cceptances . . B an kin g H o u s e s .............................................................. O ther R eal E s ta te .............................................................. M o r t g a g e s .......................................................................... C ustom ers’ A cceptance L i a b i l i t y ............................... O ther A s s e t s .................................................................... 8 3 3 ,5 3 2 ,8 9 8 .4 1 2 ,7 5 6 ,4 3 4 ,6 2 6 .6 4 9 1 ,0 1 0 ,8 9 4 .8 9 6 ,6 6 0 ,0 0 0 .0 0 8 7 ,6 6 3 ,3 3 6 .9 0 8 9 4 ,7 5 5 ,0 9 0 .7 1 3 5 ,9 9 2 ,9 8 6 .3 4 5 ,3 9 7 ,3 5 0 .0 0 7 ,0 0 9 ,5 8 0 .1 5 4 ,1 1 4 ,1 5 6 .3 8 1 7 ,4 9 7 ,6 3 9 .8 5 $ 4 ,7 4 0 ,0 6 8 ,5 6 0 .2 7 L IA B IL IT IE S Capital Funds: Capital S t o c k .........................$ 1 0 0 ,2 7 0 ,0 0 0 .0 0 S u r p l u s ..................................... 1 2 1 ,7 3 0 ,0 0 0 .0 0 U ndivided Profits . . . . 4 3 ,3 0 6 ,0 2 0 .4 0 $ Reserve for C ontingencies . . *............................... Reserve for T axes, Interest, etc..................................... D e p o s it s ....................................................... A cceptances O utstanding . . $ 7 ,4 3 8 ,7 0 7 .3 0 Less Am ount in P ortfolio . 2 ,6 4 9 ,9 4 7 .8 7 Liability as Endorser on A cceptances and Foreign B i l l s .............................................................. O ther L i a b i l i t i e s .............................................................. 2 6 5 ,3 0 6 ,0 2 0 .4 0 1 2 ,9 1 6 ,0 2 0 .7 9 5 ,1 4 1 ,1 1 8 .4 5 4 ,4 4 2 ,9 9 8 ,6 1 4 .1 9 4 ,7 8 8 ,7 5 9 .4 3 6 5 ,8 8 2 .0 9 8 ,8 5 2 ,1 4 4 .9 2 $ 4 ,7 4 0 ,0 6 8 ,5 6 0 .2 7 U n ite d States G o v e rn m en t an d o th e r securities carried a t $1,190,633,842.50 are p ledged to secure U . S. G o v e rn m en t W ar L o an D ep o sits o f $1,032,061,238.23 and o th e r p u b lic funds an d tr u s t d e p o sits, a n d fo r o th e r purposes as re q u ire d o r p e rm itte d by la w . Member Federal Deposit Insurance Corporation Northwestern Banker November 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IN T H I S C L IF F O R D D E PU Y Publisher IS S U E Editorials A c ro s s th e D e sk f ro m t h e P u b l i s h e r ............................................................................................ 8 R A LP H W. M O O R H E A D Associate Publisher Feature A rticles Frontispage ................................................................................................................... - 11 H EN R Y H. H A Y N E S Editor RUTH K IL L E N Associate Editor M A R G U E R IT E B R O W N Office Supervisor P l a n N o w f o r P o s tw a r B a n k in g ............................................................... E d w a rd H uw aldt F i n a n c i a l A d v e r tis e r s F a v o r F r e e E n t e r p r i s e ....................................Clifford De P u y M a k e T r u s t B u s in e s s P a y .................................................................................................................. N e b r a s k a W a r tim e B u s in e s s C o n fe re n c e ........................................... H enry H. H aynes N e b r a s k a C o n v e n tio n P i c t u r e s ......................................................................................... 15, 16, N e w s a n d V ie w s .............................................................. ........................................... ............................. W h e n Is a P o lic y D e liv e re d ? — L e g a l D e p a r t m e n t ............................ ................................. 12 13 14 15 17 18 20 Insurance B u y N o w , M r. P r o s p e c t ....................................... W h y P e o p le A re W o r r i e d .................................. H. W. S ta n ley 27 ................................ 29 E L IZ A B E T H C O L E Advertising Department BETTY M IL L E R Bonds and Investments B e tt e r B u y G o v e rn m e n ts N o w ......................... T h e F i r s t “ J e e p ” ...................................................... J a m e s H. Clarke 31 ................................. . 35 Circulation Department State Banking News 527 Seventh Street, Des Moines 9, Iowa Telephone 4-8163 N E W 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 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M in n e s o ta N e w s ..................................................... P r e s i d e n t K u r t h N a m e s C o m m itte e s.. T w in C ity N e w s .............................................. S o u th D a k o ta N e w s ................................................ 1943 G ro u p M e e tin g s ...... .............................. S io u x F a l ls N e w s ...... ................................... N o r t h D a k o ta N e w s ................................................. N e b r a s k a N e w s ........................................................ T h e y S o ld W a r B o n d s .................................. J u n i o r N e w s .................................................. . O m a h a C le a r in g s ........... .............................. L in c o ln L o c a ls .............................................. Io w a N e w s ................................................................ 6 0 -Y e a r-O ld C h a r t e r R e n e w e d ............... T h ir d W a r L o a n D r iv e ................................ T w e n ty -fiv e Y e a r s A go'............................... C o u n tr y B a n k C o m m issio n P ro g ra m ... D e a r E d i t o r ...... ..................... ........................ .............................................. . 37 ................................................ 37 Jam es M. S u th erla n d 41 ............................. 43 ................. 43 ................................................ 43 ................................................ 45 ................................................ 47 ................................................. 47 ............. John L a u ritze n 48 ........................................... 49 ...................... 51 ................................................ 53 ................. 58 ................................................. 60 ................................................ 61 ................................................. 70 ................................................. 73 The Directors’ Room A F e w S h o r t S to r ie s to M a k e Y o u L a u g h 74 Across the Desk From the Publisher 3 ) east A . Jt. M . tyJufCfi+i'L: You have been elected president of the A m eri can B ankers Association and th a t is a high honor, b u t you are also president of the B ank of H artsville, South Carolina, and th a t is very im portant because the m ajo rity of the bankers of the U nited S tates are country bankers, and you should have th eir viewpoint. Also, in your recent addresses you have been fighting the governm ent agencies which are com p eting w ith banks and have shown th a t you believe in the free enterprise system and the real fu n d a m entals w hich have m ade Am erica great. In your recent address, “ Freedom to A chieve,” we were in terested in your rem arks when you said, “ The one prime and altogether unique es sential in the postwar period of recovery and ex pansion is jobs. But this does not mean raking leaves or selling apples. It does not mean compul sory labor or government projects at sub-standard wages, nor does it mean a dictatorial challenge to work or starve. A job in the American sense means an opportunity to do something interesting; to perfect a skill; to compete and to excel. A job means the right to create and to enjoy the fruits of that effort without restrictions. A job means the chance to save and to invest the savings ac cording to one’s own judgment, even to the point of risking the loss of all, rather than accepting a program of state investment dictated by decree. We are supposed to be fighting for freedom, but if the sacrifices of this war were to bring nothing but a managed economy in the hands of a super state, the whole effort would be lost. “ We have listened too long to mealy-mouthed words about social welfare. The acceptance of responsibility for the well-being of the handi Northwestern Banker November Í9b3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis capped and the helpless is the highest expression of civilization which man has thus far achieved, but unless social welfare can be paid for, it is meaningless. To live in a bankrupt state means to lose all of the benefits of social organization. This is the fundamental reason why made work is a fallacy and why subsidies destroy rather than encourage. Wealth has to be created by labor in all classifications, including management, and by sacrifice. There is no other way.” Of course, th ere is no other way, Mr. W iggins, and we d o n ’t care w hether you are a banker, a school teacher, a publisher, or a m em ber of a union, w ealth is not created by w aving a magic wand, but it can only be created by sacrificing, and by w orking and achieving. A nd if the privilege to accom plish these things is tak en aw ay from us, as you have m entioned, by a “ su p e rsta te ,” the w ar will have been fou g h t in vain and we will have lost the freedom which we th o u g h t we once had. As another prom inent gentlem an has said, “ People should support the government, and the government should not support the people.” lÒ e a ^ i 'W e n d e ll J l . W i l l h l e : W heth er you will be the R epublican nominee for president rem ains to be seen. W heth er you will be elected if you are nom inated is also in the realm of the speculative. B ut w hether either one, or neith er one of these things tran sp ire we still believe your bold and fearless discussion of c u rren t topics of the day is a h ealthy and helpful tonic for our present po litical thought. R ecent w riters on the E uropean situatio n indi- 9 cate th a t th ere is already a definite tre n d tow ard Communism in F rance and Italy as well as E n g land. People in these countries are adm iring w hat Russia is doing to lick the Germans, but they are adm iring the R ussian experim ent and w hat it is doing today ra th e r th an the revolutionary form and the internationalism which it exhibited at its beginning a q u a rte r of a century ago. A prom inent m em ber of the labor p a rty in F ran ce said recently th at, “ France must have a racy m eans anything it m eans freedom of speech and we certainly need more men in Am erica to day, no m atter w hat th eir political faith may be, who are w illing “ to stan d up and be co u n ted ” on the trem endously im portant complex domestic and w orld problem s, the solution of which will dem and the best th o u g h t of the best m inds of our nation. Keep h ittin g the ball, Mr. W illkie, w hether everyone agrees w ith you or not. social economic order that would be truly new and that would perhaps include government own ership of essential industries such as railroads, marine transport, banks, power and production.’’ 3 ) e a * / ¡ d a l / « J iitle M You have argued, Mr. W illkie, th a t dem ocracy should have no fe ar of being com pared w ith com m unism because dem ocracy in the U nited States has given an excellent account of itself during the past 160 years of our developm ent, b u t as you point out A m erican initiative and A m erican cap ital m ust not be so ham pered and im peded th a t freedom of enterprise will cease to have an op p o rtu n ity to continue to grow and develop. W e quite agree w ith your statem ent th at, “ Risk capital is the name today for money which people stand ready to risk in backing any pioneering en terprise. And risk capital is not, as the Adminis tration would have us believe, the private posses sion of big business. Every farmer who takes a chance and buys the nextdoor farm on a shoe string is risking his savings. When a family saves pennies and sends a boy to college, that is risk capital. When that boy does chores to help pay his tuition he is risking capital. It is by such risks that men in America have got ahead.” t Y Dem ocracy has m ade it possible for men to in vest th eir surplus savings in th e ir own business or in o ther business in the U nited States b u t if these opportunities are im peded in the fu tu re by gov ernm ent com petition or by governm ent ow nership or control of the various business functions of the nation then we will be on the road to socialism and communism, n eith er of w hich have helped to m ake A m erica great. If G erm any or Italy, along w ith Russia, p refer communism as th e ir form of governm ent, we know th a t you, Mr. W illkie, will continue to speak out boldly for the A m erican plan, for the free en terp rise plan, for the capitalistic plan w hich has m ade A m erica the m arvel of the w orld and the envy of Russia. So we congratulate you on your independent th in k in g, your w illingness to express your own opinions and stan d by them , because if democ As a ru ler who has desecrated churches, blasted cathedrals, and to rn down religious shrines— as a ru le r who has outlaw ed every form of w orship w hether it was Catholic, P ro te sta n t or Jew ish, we read w ith considerable in terest your recent speech when you broke a six m onths silence in an attem p t to rally the Germ an people, and especially were we interested in your reference to the Deity. As you approach the end of your reign of hate and terro r, you seem to feel th a t God is on your side. If there is any gang of villianous, treacherous, diabolically inspired in tern atio n al cut-throats who are fa rth e r from God and all of his teachings th an your Nazified pillagers, we w ould not know where to look. In your speech you said, “ I, for myself, am un speakably proud to be fuehrer of this people and I thank GOD for every hour HE gives me which enables me to turn the greatest struggle of our times into a successful one. “ To the people who have passed these trials of destiny, the LORD in the end will present the laurels of victory and the price of life. This must and will be Germany.” In the end, D ear Adolf, it will be the Allied guns, and the soldiers of the U nited Nations, who will secure the laurels of victory, and not you or your soldiers, but our valiant fighters who, for the second tim e in 25 years, are suppressing the mad fu ry of the Germ ans who thought they were a super race, and they will obliterate you— a paper hanger from A ustria who thought you could be the super colossal d ictato r of the world. So we th in k it is a little late, Adolf, to consider the Lord as one of your p a rtn e rs—we know HE chooses b e tte r associates. Northwestern Banker November 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10 -- W e are d e e p ly Tkankful fo r tk e e v e r in c r e a s in g n u m k e r o f C orresp on d en t A c c o u n t s it is ou r p le a su r e to se r v e . C e n t r a l N a t io n a l B a n k & T rust Co m pa n y ★ Des Moines, i o w a https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 11 If you would like extra copies of this picture we w ill be glad to send them to you with our compliments.— The Northwestern Banker. Northwestern Banker November 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 12 Plan Now for PûStWQf Bdftkttig The Report of the Nebraska Bankers Association Committee on Postwar Planning E R E A L IZ E th e re are some m ake su re you have adequate in su r By Edward Huwaldt am ong us w ho feel th a t p o st ance protection. Com mittee Chairman w ar p lan n in g is b u n k and th a t 4. A ppraise y o u r collateral in th e Vice President we should devote all of o u r efforts to light of to m o rro w ’s values. Good young Com m ercia l National Bank w inn in g th e w ar first, and tackle post cows passed th ro u g h th e sale rin g at G ra n d Island w ar problem s a fte r th e w ar is won. $18 per head 10 y ears ago. Do you It is tru e, we do not know w h e th e r rem em ber? Quite a slum p from to th e w ar w ill end in absolute victory or d ay’s price of $150. in circum stances w hich w ill req u ire a A nd here are a few general sugges Committee Members large m ilitary organization. N eith er tions. do we know w h e th e r th e w ar w ill end 1. T h irty y ears ago we w ere purely S. R. FLORANCE, President in one m onth, th re e m onths, six lending in stitu tio n s. Today w e are Peoples Webster County Rank m on th s or in one to th re e years. service in stitu tio n s as well. W e ren d er Red Cloud W e do know th e re are circum stances indispensable service to our nation, th a t could plunge us headlong into our com m unities, and to the individ WALLACE ROBERTSON, President uals in our com m unities. W e m ust first peacetim e problem s before we have Beatrice National Bank m ade any p rep aratio n s for them . W e th o ro u g h ly realize th a t ourselves, th en ¡also know th e re w ill be problem s of th ro u g h pro p er public relations edu Beatrice security, unem ploym ent, m oney, p e r cate and convince our custom ers. The C. H. ROWAN, President haps changed in form , b u t in essence success of our recen t W ar Loan drives th e sam e old problem s th a t faced us is an o u tstanding exam ple of our serv Nebraska State Bank afte r th e F irs t W orld W ar. T h ere are ices to th e nation. W e are en titled to Broken Bow about as m any m en in th e arm ed fair rem u n eratio n for the service we R. I. STOUT, President forces today as th e re w ere on th e re render, and if w e w ill b u t have the lief rolls 10 y ears ago. T hese m en w ill courage to m ake a ju st charge, our First National Bank have to be dem obilized and absorbed services w ill be appreciated as they Tekamah into ind u stry . T hen th e re is an o th er should be. arm y. W e now have 3,000,000 gov ern 2. T here m ay be an in d u strial re m en t em ployes. E ig h t tim es as m any vival afte r th e w ar, b u t th e shocks will as we h ad 10 y ears ago. T his arm y come. D on’t be fooled about that. positively m u st also be demobilized. 3. You m ay be tak in g a lot of price T here is a type of p o stw ar p lan n in g to and credit as yo u r deposits go up, and w hich we do not subscribe. W e do not perh ap s you deserve it. B ankers are have th e w isdom n o r th e stre n g th to th e only people w ho brag of th e ir in reform th e w hole w orld, as advocated creasing liabilities. B ut rem em ber you by some of our natio n al political lead can ’t side-step responsibility on the ers. w ay down. Get ready for the tobog W hen th e peace comes w ith its m any gan now. perplexing problem s, and it m ay b reak 4. You need loans badly. It w ill be upon us w hen we least expect it, we tem p tin g to load up w ith them w hen in the b an k in g business w ill be m uch th e business revival starts. At th a t b e tte r off w ith plans th a t have to be tim e we w ill m ake our largest and changed, th a n w ith no plans a t all. g reatest nu m b er of m istakes. Your com m ittee decided to avoid 5. E ncourage new industries, b ut generalities and devote itself to th e don’t fail to m ake ag ricu ltu re your first consideration of concrete problem s love. th a t we m ay be facing tom orrow . As 6. D on’t be m isled into rash n ess by a basis for our deliberations we de new spaper articles w hich appear to ex cided our first d u ty is to “preserv e press th e opinion of high governm ent and stre n g th e n our capital s tru c tu re s.” and financial circles. D ebunk propa No b an k is stro n g e r th a n its assets ganda. S tart now to do your own thinking. and its earn in g pow er, so we w ill first consider them . 7. Be ready to assum e leadership in EDW ARD H UW ALDT U nder th e heading of loans we m ake y o u r com m unity to solve th e m any four ra th e r trite suggestions: edge of your loans, and your in terest p o stw ar problem s. U nem pulom ent will 1. Clean out borderline cases. It is in y o u r bank, is v astly g re a te r th a n his. be one of yo u r problem s. C reate jobs. tim e now to p u t y o u r house in order. 3. Go over yo u r loans carefully. H elp re-establish closed shops, no m at 2. Do not rely on th e b an k exam iner A nalyze and inspect. Be sure of your te r how sm all, if your com m unity to keep y o u r b an k clean. Y our knowl- collateral. D on’t guess. Check up to (T u rn to page 28, please) W Northwestern Banker November 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 13 Financial Advertisers Favor Free Enterprise F A A Holds Twenty-eighth Annual Convention in Chicago ORE th a n 300 m em bers of th e F in an cial A dv ertisers Associ ation, those w ho prom ote pub lic relatio n s in th e larg er b an k s of th e nation, m et in Chicago last m o n th for th e 28th a n n u al convention of th e o r ganization. L ew is F. Gordon, vice p resid en t of th e Citizens & S outhern N ational B ank, A tlanta, Georgia, w as elected president. O ther officers of th e association nam ed were: first vice president, J. L ew ell Lafferty, vice president, F o rt W o rth N ational B ank, F o rt W orth, Texas; second vice p resi dent, D ale B row n, a ssista n t vice p re si dent, N ational City Bank, Cleveland, Ohio; th ird vice president, S w ayn e P. G oodenough, vice president, L incoln A lliance B ank & T ru s t Co., R ochester, N. Y.; tre a su re r, Fred AY. M athison, a ssista n t vice president, N ational S ecurity B ank, Chicago, 111.; executive vice p resident, P reston E. Reed, 231 S. La Salle St., Chicago, 111. M Publisher The Northwest ern Banker Directors P hilip K. B arker, a ssista n t vice p resi dent, G ran ite T ru st Co., Quincy, M assa chusetts; L eland C. B erry, a ssista n t vice president, U nion T ru st Co., P itts b urgh, P ennsylvania; Mrs. Mabel S. B lanton, a ssista n t cashier, F irs t N a tional B ank, B ound Brook, N ew J e r sey; A llen Craw ford, vice president, B an k ers T ru st Co., D etroit, M ichigan; J. M. E aston, second vice president, T he N o rth e rn T ru st Co., Chicago, Illinois; R obert L indquist, ad v ertisin g and publication officer, A m erican N a tional B ank & T ru st Co., Chicago, Illinois; Rod M aclean, ad v ertisin g m a n ager, C alifornia B ank, Los Angeles, California; E. L. P earce, executive vice president, U nion N ational B ank, M ar quette, M ichigan; W m. M. Sherrill, ad v e rtisin g m anager, F irs t N ational B ank, St. Louis, M issouri; V ern C. Soash, m an ag er savings departm en t, M innesota F ed eral Savings & Loan A ssociation, St. Paul, M innesota; Ju liu s J. Spindler, president, F a rm e rs & M erchants B ank, H ighland, Illinois; G. L o m e Spry, ad v ertisin g m anager, Canada T ru st Co., London, Ontario; Geo. L. Todd, vice president, The Todd Co., R ochester, N ew York; George G. tak en over by th e state or th e govern m ent. By Clifford De Puy Mrs. W arren Garst, w hose husband is p resid en t of the H om e S tate Bank, Jefferson, Iowa, decided to do some shopping at M arshall Fields w hile W arren w as atten d in g th e FAA m eet ings, and w hen she reached th e d ep art m ent store she found she needed some m oney and so she w ent to th e credit m anager and asked him if he w ould cash a check for $25. H e asked h er for identification and all she had w as h er calling card. The credit m anager said anyone could carry around fake personal cards and th en he w an ted to know w h at h er husband did and she told him th a t he w as cashier of the bank w here he w orked. The credit m anager excused him self, came back in a few m inutes and said he w ould let h er have th e m oney b u t said, “D on’t you ever tell your husband th a t I let you have the m oney on such a flimsy identification.” L E W I S F. G O R D O N H e a d s F in a n c ia l A d v e r tis e r s W are, president, F irs t N ational Bank, L eesburg, Florida; K. W inslow , Jr., vice president, Seattle T ru st & Savings B ank, Seattle, W ashington; H a rry B. W insor, vice president, Second F ed eral Savings & Loan Association, Cleveland, Ohio. News and Views rep resen tativ e of . the B ritish In form ation S erv W ices of London told th e convention th a t J. H IN TO N , “An econom ist is a m an w ho has a Phi Beta K appa key on one end of his w atch chain, and no w atch on th e o th er.” He also said th a t collective and state control is m uch m ore active in E n g land th an in th e U nited States and he pointed out th a t it w ould be a great m istake if th e banks in E ngland w ere If you have not yet dined in th e new officers’ dining room of the N o rth ern T ru st Com pany of Chicago, you have m issed a real treat. J. M. E aston, b et te r know n to his friends as Pete, and second vice p resid en t of th e bank, w as our host w hen we enjoyed his hospi ta lity and a m ost delightful m enu, w here even a second cup of coffee w as not against th e law. F rank P. Sym s, vice p resid en t of the B a n k e r , in charge of our New York office, bro u g h t his beau tiful and charm ing wife, E lizabeth, to th e E dgew ater Beach convention and th ey also w ere celebrating a w edding an n iv ersary w hich in th e ir case added up to fifteen years. N o rth w ester n L ew is F. Gordon said m any in te re st ing th ings d uring his various speeches at th e convention and none w as m ore ap p ro p riate th a n w hen he stated, “It is not how good your bank is, but only h ow good the public th in k s you r hank is that really cou n ts.” Ben E. Y oung, vice p resid en t of the N ational B ank of D etroit, spoke on Northwestern Banker November 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 14 “B ank Policies W hich Affect Public R elations,” and am ong o th er th in g s he said w as th is v ery in te re stin g o bserva tion, “I do n o t know ju s t how m uch m oney individuals have saved d u rin g th is w ar period, b u t it m u st am o u n t to $75,000,000,000 to $100,000,000,000 w hen you count up th e to tal of W ar Bonds held, m oney deposited in sav ings accounts and cu rren cy on hand. T his re p re se n ts a trem en d o u s n atio n al resource and it has deep im plica tions—economic, social and political. “It is one th in g to m ake a radical of a m an w h o is head over h eels in debt, w h o can’t find m oney enough to get the k id s’ ton sils out, to w hom the loss Make “W h eth er he realizes it or not, this m an is a capitalist and he th in k s as capitalists think. We are a capitalistic n ation and if ever th ere w as a chance to socialize us or com m unize us it is gone now unless we do some very foolish th in g s.” (T u rn to page 64, please) Trust Business Pay UR social econom y req u ires a th riv in g tr u s t business, and tr u s t business as a w hole can be p rof itable only if each tr u s t d ep artm en t in th e co u n try is profitable,” b an k ers w ere told by H en ry A. Theis, p resi d en t of th e tru s t division, A m erican B ank ers A ssociation, and vice p resi den t of th e G u aran ty T ru st Com pany of N ew York, w ho discussed fees and costs before th e M id-Continent W artim e T ru s t C onference in Chicago. “T ru st service should be available to all people—of sm all or large m eans— w ho need it,” Mr. T heis said. “Only a th riv in g tr u s t business can fu rn ish th e q u ality of service w hich th e ch aracter of th e b u siness dem ands. T ru st b u si n ess can th riv e only if it is profitable. I n no o th er w ay can it fulfill its tru e functio n .” Mr. T heis review ed optim istically th e progress th a t has been m ade am ong tr u s t in stitu tio n s th ro u g h o u t th e co u n try to w ard ascertain in g th e costs of doing tr u s t business, com pil ing equitable fee schedules, and ap p raisin g th e value of tr u s t services not reducible to fee schedules, and o u t lined th e beneficial re su lts of cost s u r veys conducted u n d e r state b a n k e rs’ association auspices in vario u s sections of th e country. “W e shall probably n ev er know th e beneficial resu lts to date to tr u s t in sti tu tio n s th ro u g h o u t th e country, and th e social econom y in general, flowing from th is w o rk ,” he said. “T he im p rovem en t in th e earn in g s of individ u al in stitu tio n s, inevitab ly follow ed by a h ig h e r q u ality of service rendered, w ill probably n ev er see th e light of day, b u t lie b u ried in th e records of th e tru s t in stitu tio n s. T h ere have been some tangible re su lts from these stu d ies w hich are know n an d w hich indi cate th a t th e w o rk has not been in vain. O Northwestern Banker November 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis of one w ee k ’s w ork m eans public w el fare. It is quite an oth er th in g to m ake a radical of a m an w h o has W ar B onds tucked aw ay and m oney in the bank, w h ose norm al fam ily budget encom passes life insurance and h ospitaliza tion insurance for h im self and fam ily, w ho can afford to look around a m onth or tw o for the .job he w ants. “In New York, a statew ide cost su r vey w as m ade by th e New Y ork State B an k ers A ssociation, w hich revealed th a t th e personal tru s t business, other th a n executorships, w as ru n at a loss. H E N R Y A. T H E IS P r e s id e n t T r u st D iv is io n T his revelation aroused the in terest of th e New York S tate B anking De p artm e n t, and it in stitu te d an inde p en d en t cost study of its own, the find ings of w hich quite closely confirm ed th e resu lts show n by th e study of the N ew Y ork S tate B ankers Association. T he outcom e of th e banking d ep art m e n t’s re p o rt w as an increase in th e New Y ork personal tru s t fee schedules by legislation. So far as I know, this is th e first instance of a state su p er v isory a u th o rity concerning itself w ith th e tr u s t d ep artm en t earnings on the ground th a t it affected th e safe con duct of banking. “It is ra th e r su rp risin g th a t m ore state su p ervisory au th o rities have not in terested them selves in tru s t d ep art m ent operations in m easuring th e gen eral condition of th e tru s t institution, th e ch aracter and ability of th e m an agem ent, th e m ake-up of its assets and deposit liabilities, th e volum e of tru s t business handled, and th e earn in g pow er of th e tru s t departm ent. “T he F ed eral R eserve Board, in g ran tin g a new license to banks en gaging in tru s t business, does take in to consideration tru s t d ep artm en t ac tivities and earnings. In th e exam i nation of tru s t in stitu tio n s already do ing a tru s t business it req uires the exam iner to ‘com m ent on earnings and expenses in connection w ith fiduciary activities, and, if th ey are unprofitable, state a p p aren t cause an d th e reasons given by th e in stitu tio n for continuing such activities.’ “A fter all, we should not im pose u p on g o vernm ent bureaus, F ed eral or state, th e responsibility of com pelling tru s t in stitu tio n s to ru n th e ir tru s t business on a sound and profitable ba sis. T h at is th e function of m anage m ent. T here are still m any tru s t de p artm en ts th ro u g h o u t th e co untry not show ing a profit, and this is a chal lenge to th e m anagem ent. If a solu tion is n ot found from w ith in one w ill be prescribed for us from w ithout, and th e n we w ill com plain about b u re a u cratic in terferen ce.” A fter outlining some of th e ques tions to w hich consideration should be given in m aking an unprofitable tru s t d ep artm en t profitable, Mr. Theis told his listeners, m ost of w hom w ere tru s t d ep artm en t executives: “W hen you have given consideration to all th e ele m ents th a t co n stitu te th e economical and efficient adm in istratio n of tru s t services, w h e th e r or not yo u r d ep art m ent as a w hole show s reasonable profits, you w ill w a n t to know w hich accounts on yo u r books show eith er a reasonable profit, an insufficient profit, or a loss. You w ill w an t to readjust, w herev er possible, the com pensation on those accounts producing inade quate profit, and on those producing a loss. “W ith accurate reliable figures p re pared by th e application of a sound cost analysis, and w ith good custom er relations, th is should not be difficult. The A m erican public does not expect good services for inadequate pay. It is generally fair, reasonable and u n derstanding. M any tests in various p a rts of th e co u n try have borne this out. Fair-m indedness on both sides can only re su lt in a good custom er relatio n sh ip .” y 15 Nebraska Wartime Business Conference Cornhusker Bankers Celebrate Subsidized Lending Campaign Victory in Lincoln R OBERT l. STOUT, p resid en t of th e F irs t N ational Bank, T ekam ah, w as elected p resid en t of th e N e b rask a B an k ers A ssociation a t th e forty-sixth an n u al convention and w a r tim e business conference held in L in coln last m onth. Mr. Stout has long been active in N ebraska A ssociation af fairs, head in g m any im p o rta n t com m it tees of th e association and, of course, has been p resid en t of his group. E dgar M cBride, p resid en t of th e Com m ercial B ank, Blue Hill, w as nam ed vice p resid en t of th e N ebraska A ssociation. The office of vice p resi den t w as new ly created by am en d m en t to th e N ebraska co n stitu tio n and b y law s im m ediately preceding th e a n nual election of officers. C. W. B attey, cashier of th e C ontinental N ational B ank, Lincoln, w as elected tre a s u re r of th e association and, of course, A\7illiam B. H u gh es co ntinues as secretary. N ew ch airm an of th e executive com m ittee of th e N ebraska A ssociation w ill be John Stocker, p resid en t of th e Otoe C ounty N ational Bank, N ebraska City. O ther m em bers of th e executive com m ittee are H ow ard F reem an, cash ier of th e F irs t N ational B ank, L in coln; AV. A, S aw tell, president, Stock Y ards N ational B ank, Omaha; E. D olpher, president, F irs t N ational Bank, David City; B. E. B eckheim er, H ay Springs, and F. H. W hitelake, p resid en t and cashier, Citizens Secu rity B ank, W allace. R. W. Trefz, p resid en t of th e B ea trice S tate B ank, w as appointed ABA state vice president, im m ediately fol low ing th e A m erican B an k ers Asso ciation convention. ABA re p re se n ta tives elected at th e m eeting in Lincoln w ere C. J. M ortensen, president, N e b rask a S tate B ank, Ord, m em ber, nom- AT T H E N E B R A SK A B A N K E R S CON V E N T IO N — F ro m le f t to r ig h t: 1— R. I. Stout, p re s id e n t F i r s t N a tio n a l B a n k , T ek a m a h , a n d new p re s id e n t of th e N e b ra s k a B a n k e rs A s so c ia tio n ; W illiam B. “ B illy ” H ughes, A s so c ia tio n s e c re ta ry ; a n d E dgar M cBride, p re s id e n t C om m ercial B a n k , B lue H ill, a n d new v ice p re s id e n t of th e A s so c ia tio n . 2— W ade M artin, N e b ra s k a d ire c to r o f b a n k in g , L in c o ln ; L. W. Gibson, c a s h ie r N e b ra s k a S ta te B a n k , G ibson; a n d G. F. R oetzel, s u p e rv is in g e x a m in e r F D IC , F e d e ra l R eserv e B a n k , K a n s a s C ity. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis By Henry H. Haynes Edito r The Northwest ern Banker m ating com m ittee, and G. S. Lyon, cashier, R ichardson County Bank, F alls City, altern ate. ABA divisional vice p residents w ere nam ed as follows: N ational, A. J. K oelling, president, City N ational Bank, H astings; state, J. E. Conklin, president, H ubbell Bank, Hubbell; savings, V ernon R ice, cashier, Com m ercial N ational Bank, G rand Is land, and tru st, R oland Larm on, p resi dent, F irst N ational Bank, McCook. The N ebraska convention th is year w as strictly business w ith no frills. T he m ethod of reg istratio n consisted of distrib u tio n of cards for th a t p u r pose on th e chairs of th e m eeting room, to be filled out and tu rn e d in to th e secretary. Identification badge w as the top p a rt of th e program , w ith a space to w rite in th e nam e of th e delegate and the b ank he represented. The program w as cut to fit th e b reast pocket of th e coat, and w hen tucked in th a t pocket took th e place of the usual badge. The d in n er th e evening of October 11th w as strictly inform al, w ith singing led by E. A. Becker, vice presid en t of th e C ontinental N ational Bank, Lincoln, and tw o speakers, one of them an air corps officer. More 16 th a n 500 atten d ed th e d in n er and, w hile no accurate count could be made, the convention reg istratio n probably ap proxim ated th is sam e figure. H erbert V. P rochnow , a ssistan t vice presid en t of th e F irs t N ational Bank, Chicago, addressed th e convention on “C u rren t Econom ic and B anking P ro b lem s.” He asserted th is co u n try ’s expendi tu re s h ad increased enorm ously not only du rin g th e w ar, b u t also in the 10 y ears preceding. “T his debt is n ot essentially re p re sented by economic assets th a t can earn profits,” he said, “b u t in p etro leum w hich has been burned, ships Aiink, and planes dow ned.” A bout h alf of th e w ealth of our co u n try is being destroyed as fast as it is made, he declared. H arry B. Coffee, presid en t of the U nion Stock Y ards Com pany of Omaha, in his v ery fine speech before th e Ne brask a convention said, “W e m u st elim inate unn ecessary expenditures in W ashington and reduce th e n um ber of people on th e F ed eral payroll on w hich th e re are now 3,000,000 employes, w hich is one-third as m any people as we now have in th e arm y. “Also we cannot fu rn ish every H ot ten to t in th e w orld w ith a bottle of m ilk as has been suggested.” Robert I. Stout, new ly elected p resi dent of th e N ebraska B ankers Asso ciation and presid en t of th e F irs t N a tional B ank of Tekam ah, expressed the opinion th at, “The b an k ers of Ne brask a should hold m ore m eetings to discuss th e ir m u tu al problem s and n ex t y ear should have th e ir reg u lar group m eetings w hich w ere not held th is y ear.” A T T H E N E B R A S K A B A N K E R S CON V E N T IO N — F ro m le f t to rig h t. 1—E. E. Erickson, v ice p re s id e n t a n d c a sh ie r T oy N a tio n a l B a n k , a n d Mark Wilson, vice p re s id e n t L iv e S to c k N a tio n a l B a n k , b o th o f S ioux C ity ; a n d C. H. Sudman, v ice p re s id e n t G u a rd ia n S ta te B a n k , A lliance. 2—Myrtle Louise Johnson, d a u g h te r of Alvin Johnson ( c e n te r), p re s id e n t of th e L iv e S to c k N a tio n a l B a n k , O m ah a; an d Jane Robertson, d a u g h te r of Wallace Rob ertson, p re s id e n t o f th e B e a tric e N a tio n a l B a n k . 3— W. H. Swartz, p re s id e n t F ir s t N a tio n a l B a n k , L o o m is; W. L. Bunten, v ice p re s id e n t a n d c a s h ie r G oodland S ta te B a n k , G oodland, K a n sa s, a n d m em b er F e d e ra l R e se rv e B o a rd ; D. W. Woolley, vice p re s id e n t F e d e ra l R e se rv e B a n k , K a n sa s C ity ; a n d E. W. Rossi ter, p re s id e n t B a n k o f H a rtin g to n . 4—Mrs. and Mr. J. Milo Spaulding, th e l a t t e r te lle r in th e S ta te B ank, B enkehnan. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis E. E. P lacek, p resid en t of th e F irs t N ational B ank of W ahoo, N ebraska, in his re m a rk s before th e convention said, “W e owe a g re a t debt of g ra titu d e to W m . B. H u gh es, secretary of th e N eb rask a B an k ers A ssociation, w ho is looking a fte r our in te re sts n ig h t and day.” One b a n k e r told us th a t farm ers once had m ore tim e than m oney, but now th e y h ave m ore m oney than tim e. J. F. R ingland, vice p resid en t of th e G u aran ty T ru s t C om pany of New York, a tten d ed th e N eb rask a conven tio n and felt rig h t a t hom e in th e state w h ere he has so m an y friends. A t th e conclusion of his re p o rt as ch airm an of th e com m ittee on su b sidized lending, E m il P lacek, p resid en t of th e F irs t N ational B ank, W ahoo, paid h igh trib u te to th e u n tirin g ef fo rts of E. AY. R ossiter, p resid en t of th e B ank of H artin g to n , in h elping to b rin g about n atio n al recognition of th e dan g er to co u n try b an k s of gov ern m en t lending com petition, and p re sented Mr. R ossiter w ith a plaque re a d ing as follows: To EM M ETT W. R O SSITER F o r G allant L eadership and C onspicuous P erso n al A chievem ent In defense of A m erican B anking ag ain st th e a ttack s of organized B u reau cracy in th e la tte r’s efforts to es tab lish Socialized C redit in th e U nited States. N EBRA SK A BA N K ERS ASSOCIATION announces th is CITATION F o r O u tstanding Service P resen ted by N eb rask a B an k ers A ssociation in convention assem bled at Lincoln, Ne(T u rn to page 33, please) AT T H E N E B R A SK A B A N K E R S CON V E N T IO N — P ro m le f t to r ig h t: 1— A. L. Coad, p re s id e n t P a c k e rs N a tio n a l B a n k , O m a h a; R. I. Stout, T e k a m a h ; E arl H. W ilkins, p re s id e n t G e n ev a S ta te B a n k ; an d E m il P lacek , p re s id e n t F i r s t N a tio n a l B a n k , W ahoo. 2— T. S. Jackson, m a n a g e r field w a reh o u se d iv isio n , S t. P a u l T e rm in a l W are h o u se C om pany, S t. P a u l; J. F. R ingland, v ice p re s id e n t G u a ra n ty T ru s t Com p a n y , N ew Y o rk ; a n d Tom C. Cannon, d iv i sion m a n a g e r, S t. P a u l T e rm in a l W a re house, D es M oines. 3— Mrs. A x ie Bouslough, W aco, N e b ra s k a ; Mrs. R. W. Sm ith, Y o rk ; Mrs. H. E. L ey, W a y n e ; Mrs. E. W. R ossiter, H a r tin g to n ; a n d Mrs. T. M. Shepherd, P a te h o g u e , L o n g Is la n d , N ew Y o rk . 4— V ern M eyer, a s s is ta n t c a sh ie r F i r s t N a tio n a l B a n k , S t. Jo se p h , M isso u ri; M arl F ullreide, a s s is ta n t c a s h ie r F a rm e rs B a n k , N e b ra s k a C ity ; a n d A. G. Gunner, C om m erce T ru s t C om pany, K a n s a s C ity. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 18 N ew s a n d V ie w s OF THE BANKING WORLD th e ir bank have show n th e following changes: 1940 1943 L o a n s .................... $ 703,000 $ 555,000 D eposits ................ 1,111,000 2,052,000 G overnm ent bonds 44,750 954,000 Savings D ep o sits. . 401,000 502,000 By Clifford DePuy S ENATO R ROBERT T A F T of Ohio does not favor th e recen t sugges tions for a proposed w orld b an k w hich he says is a “p a rt of th e gen eral New Deal program to create new m ethods of deficit spending. “In effect, all of th e m oney to be loaned abroad by th e b ank w ould come from th e U nited States. It seem s to me th a t a fte r th e w ar we are going to have to m ake em ergency loans to o ther countries for w orking capital and reh ab ilitatio n of p lan ts and m a chinery, b u t I believe those loans ought to be m ade directly by th is gov ern m e n t u n d e r a u th o rity of C ongress.” Gale F. Johnston, vice p resid en t of th e M etropolitan Life In su ran ce Com pany, has been elected a m em ber of th e advisory board of th e F ifth A ve nue at 29th S treet Office of th e Chem ical B ank & T ru st Company. Mr. Jo h n sto n is also president, p u b lish er and d irecto r of th e Intelligencer P ub lishing Company, Mexico, Mis souri, and w as born in Jonesboro, Mis souri, is a grad u ate of P rinceton U ni versity, class of 1924, and w as a tru s tee of N ational A ssociation of Life U n d erw riters in 1940-1942. A nu m ber of inquiries have been re ceived by us w an tin g to know w hy F rederick W. Conrad, a ssistan t vice p resid ent of th e N orth w estern N ation al B ank of M inneapolis, has not y et tu rn e d over to T. S. Jackson, m anager, field w arehouse division of th e St. P aul T erm inal W arehouse Company, the w edding p resen t w hich he p re pared for him some tim e ago. H. W . Onren, vice presid en t of the H arlan N ational Bank, gave us some in te re stin g figures about his bank w hen we w ere visiting w ith him re cently. D uring the last th ree years, or from 1940 to 1943, four principal item s in Gifts for the Armed Forces H arold P. K lein, vice p resident of th e Iowa-Des M oines N ational B ank & T ru st Company, m ade a m ost envi able record as general cam paign ch air m an of th e 1943 com m unity an d w ar chest cam paign w hen th e total sub scriptions su rpassed th e goal of $627,931 by $24,402. The cam paign ended on H arold’s b irth d ay and he probably received no finer recognition of this event th a n th e fact th a t he headed th e com m unity chest cam paign during th e y ear w hen it reached an all-time high in to tal subscriptions. M. G. A ddlcks, vice presid en t of the Citizens S tate B ank of Donnellson, Iowa, has for th e p ast num ber of years been living in P ortland, Oregon, w here he w as associated w ith th e F irs t N a tional B ank of P ortland. In a recent le tte r to th e N orthwestern B anker he said, “I certain ly enjoy th e N orth western B anker and read it w ith a great deal of in terest, and especially so w hen I w as living in P ortland, w here I w as associated w ith th e F irst N ational B ank of P ortland, and I fre qu en tly show ed th e N orthwestern B anker to friends of m ine out th ere and gave th em an idea of w h at a real b an king publication should look like.” Edw ard M. W arner, p resid en t of the City N ational B ank of Clinton, w as ch airm an of th e city w ar chest com m u n ity federation drive for $75,000, w hich w en t over th e top last m onth. The idea of th e w ar chest drive w as to m ake one appeal for all w ar projects w ith th e exception of th e Red Cross. P a c k a g in g o f C h ristm a s g if ts fo r m en in th e a rm e d fo rce s, b y m em bers of th e E ed Cross u n it of th e F ir st N ation al B ank o f Chicago g o t u n d e r w a y e a rly , as 80 or 85 of th e 459 m en w ho h a v e gone fro m th e b a n k ’s se rv ic e in to t h a t of U ncle Sam a re now o v erseas. E ac h p a c k a g e c o n ta in s seven ite m s— som e u se fu l, som e to e at. T he B a n k E ed Cross u n it cam e in to e x iste n ce soon a f te r P e a r l H a rb o r, a n d m ore th a n 1,300 of th e sta ff h a v e p a r tic ip a te d in its a c tiv itie s as stu d e n ts a n d w o rk e rs. T he u n it o p e ra te s u n d e r d ire c tio n o f K a th e rin e E . K e an e , s e c re ta ry to Edw ard E. Brown, p re s id e n t of th e b a n k , a n d A nne M c K e n n a, as co-chairm an. Northwestern Banker November 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis John C hangstrom , vice p resid en t of th e Om aha N ational Bank, is a farm er, as w ell as a banker. He ow ns several h u n d red acres of excellent farm land n ear Sidney, Iowa, and w hile in his b an k recently we saw sam ples of some of his corn grow n on his farm this year. T he ears m easured about a foot in length, w ith well-filled b u tts and tips, and w ould do credit to any prize display. The popular presid en t of th e N o rth w est Security N ational B ank of Sioux Falls, Ralph M. W atson, and w ho for th e p ast y ear has been vice p resid en t (T u rn to page 34, please) 19 E q u ip p e d F o r A ll B A N K IN G N eeds Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker November 1943 W h en Is a Policy I T IS not uncom m on to find proviI sions in in su ran ce policies statin g th a t th e in su ran ce does n o t becom e effective u n til th e re is a “d eliv ery ” or an “actual d eliv ery ” of th e policy. W here such is th e case, does th e depos iting of th e policy in th e m ails ad dressed to e ith e r th e in s u re r’s agent or th e in su red satisfy th e delivery p ro vision? Yes, as a gen eral rule. T here are a num ber of jurisd iction s, notably A la bama, A rkansas, Georgia, and the fed eral courts, in w hich it has been held that the d ep ositing of a p olicy in the m ails, addressed to eith er the in su rer’s agen t or the insured, am ounts to a de livery w ith in a p rovision in the p olicy requiring a “d eliv ery ” or an “actual d eliv ery ” of the policy. H orton b ro u g h t an action against S h erre r for an accounting as a tru ste e of an estate, for his rem oval as tr u s tee, and for a personal ju d g m en t as an incident to his activities as tru stee. S h erre r w en t into th e arm y before th e case w as tried. W as S h e rre r en titled to a stay of th e proceedings as an abso lute right? No. The gran ting or denial of a stay on the ground that a party is absent in the m ilitary service and that his prose cution or d efen se of the action w ill be m aterially affected by h is absence is w ith in the d iscretion of the trial court. The U nited States Suprem e Court has so stated in a recent decision in w hich it upheld a low er court’s denial of a stay w h ere it had been sh ow n th at the defendant had been able to get aw ay from h is m ilitary d uties for other pur poses, had conducted other litigation w h ile in the m ilitary service, and had had lon g notice of the trial date. A N ebraska b a n k e r w as th e adm in istra to r of th e estate of a decedent there. One of th e m a tte rs w ith w hich he w as com pelled to deal w as a claim by an alleged child, b o rn out of w ed lock, for su p p o rt and m aintenance. The child asserted th e decedent w as his fa th e r and th a t he, th e child, w as entitled to su p p o rt and m aintenance for th e period subseq u en t to th e d eath of th e decedent. Should th e claim be allowed? No. T here is no statu te in N ebraska a llo w in g such claim s, and, w here th is Northwestern Banker November 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis VßllVßtßä? These and Other Timely Legai Questions Are Answered By the LEGAL DEPARTMENT is the case, the courts do not have pow er to charge the estate of a de ceased alleged fath er of a child born out of w edlock w ith the support and m aintenance of such child for the pe riod su bsequ en t to the alleged fath er’s death. Schom m er borrow ed $5,000 from an Iow a b ank giving it a note and m o rt gage as security. T he m ortgage w as re g u la r in all respects except th at, th ro u g h oversight, th e am ount w as om itted in ty p in g th e in stru m en t. The m ortgage w as duly recorded. T h ere a fte r Schom m er sold th e p ro p erty m ortgaged to A nderson. Did th e fact th a t th e fau lty m ortgage w as recorded p u t A nderson on notice of th e exist ence of th e m ortgage? Yes. In the m ajority of the cases it is held that a recorded m ortgage is valid as to third persons, or is suffi cien t notice of the debt secured th ere by, even though there is an om ission in the m ortgage of the am ount of the debt, or on ly a general description of the debt w ith o u t a sta tem en t as to the am ount. Iow a, M ichigan, Illin ois, and other states fo llo w th is rule. A South D akota resid en t w as sen tenced to a y ear in jail for deserting his w ife and child. T h ereafter he p ro cured a stay of sentence as an incident to w hich he agreed to pay his w ife a stated sum m onthly for th e su p p o rt of th e ir child and to fu rn ish a bond signed by a su rety gu aran teein g his ag reem ent to pay su p p o rt money. He died before th e paym ents w ere com pleted in line w ith his agreem ent. Did his d eath discharge th e su rety on th e bond? No. The su rety on a h usband’s bond for the perform ance by him of an agreem ent to pay h is w ife a stated sum m onthly for the support of th eir child, w hich agreem ent and bond w ere furnished as a condition precedent to a su sp en sion of the husb and ’s senten ce to a jail term for w ife and child de sertion, is not discharged from liab ility on the bond by the death of the h u s band. The South Dakota Suprem e Court so held in a recent decision in v o lv in g the facts outlined. A g rain elevator com pany w as incor porated in th e state of D elaware, b u t tran sacted no business there. A ctu ally its principal office w as in M inne sota and it m anaged and directed its business from th a t office, w hich busi ness extended into o ther states. W as th e com pany subject to tax atio n by the state of M innesota on its intangibles? Yes. A ccording to a recent M inne sota Suprem e Court decision, w here a corporation, organized under the law s of one state tran sacts no b u sin ess th erein and estab lish es its principal office in an oth er state w here the cor poration m anages and directs its b usi ness, it acquires a “com m ercial dom i cile” there by virtu e of w h ich it is sub ject to taxation there upon its in tan gib les even thou gh its b u sin ess m ay extend into other states. N um erous cities, counties and other political subdivisions operate un d er constitutional debt lim itation provi sions. W here th ey lease p ro p erty for a period of tim e w ith an option to p u r chase is it necessary th a t eith er or both th e optional p u rchase price or the aggregate of all th e ren tals for the en tire term of th e lease be treated as th e am ount involved in determ ining w h eth er th e debt lim itation provisions are violated? No, as a gen eral rule. The leasin g of property by a city, county, or other p olitical su bd ivision, w ith an option to purchase, does not g iv e rise to an in debtedness or liab ility of the public body for the stip ulated optional pur chase price or for the aggregate of all the rentals for the entire term w ith in the p u rview of debt lim itation law s, provided the in stru m en t is in fact a lease, and not a contract of purchase on the in sta lm en t plan. It has been so held in Oklahoma, Indiana, Texas, M ontana and California. Axelson, a N o rth D akota banker, w as appointed executor of an estate there. As such he dealt w ith all m atters p er tain in g th e re to as req u ired by law. In d eterm ining th e com m issions th a t should be paid to him for his services 21 C o n t in e n t a l I l l in o is N a t io n a l B a n k a n d T rust C o m pa n y O F C H IC A G O S t a t e m e n t o f C o n d itio n , O c to b e r 18, 1943 R ESO URCES C a sh an d D u e from B a n k s ........................................... .......................... $ 472,0 3 5 ,7 4 2 .0 2 U n it e d S ta te s G o v e r n m e n t O b lig a tio n s, D ir e c t an d F u lly G u a r a n t e e d ................................. .......................... 1 ,6 2 3 ,986,236.68 O th e r B o n d s and S e c u r i t i e s ........................................... ......................... 6 6 ,8 52,417.88 L o a n s and D i s c o u n t s ......................................................... .......................... 3 5 3 ,7 04,821.70 ......................... 3 ,0 0 0 ,000.00 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 ................... .......................... 1,237,574.42 S to c k in F e d e r a l R e s e r v e B a n k ............................... In c o m e A c c r u e d b u t N o t C o l l e c t e d ........................ .......................... 6,709,588.51 B a n k in g H o u s e ..................................................................... .......................... 11,475,000.00 $2,539,001,381.21 LIABILITIES D e p o s i t s ..................................................................................... ..........................$ 2 ,3 8 5 ,6 8 5 ,2 2 9 .4 6 A c c e p t a n c e s ............................................................................ .......................... 1 ,237,574.42 R e s e r v e fo r T a x e s , I n te r e s t a n d E x p e n s e s . . . . ........................ 8,1 3 6 ,9 6 7 .1 8 ......................... 17,391,160.60 In c o m e C o lle c t e d b u t N o t E a r n e d .......................... .......................... 2 92,481.80 C o m m o n S t o c k ..................................................................... .......................... 5 0 ,0 00,000.00 S u r p lu s ........................................................................................ .......................... 50,0 0 0 ,0 0 0 .0 0 U n d iv id e d P r o f it s ................................................................ .......................... 26,2 5 7 ,9 6 7 .7 5 R e s e r v e for C o n t in g e n c ie s ........................................... $2,539 ,0 0 1 ,3 8 1 .2 1 United States Government obligations and other securities carried at $671,783,156.78 are pledged to secure public and trust deposits and for other purposes as required or permitted by law MemberFederalDeposit InsuranceCorporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker November 19?i3 22 the problem arose of w h e th e r the de cedent’s land in w hich his w idow had hom estead rig h ts should be included as p a rt of th e estate in m aking th e com putation. W h at w ould be y o u r view as to th is feature? In a recent decision the N orth D a kota Suprem e Court held that, in view of the statute au th orizin g an execu tor to receive com m ission s on the am ount of the w hole estate accounted for by him exclu din g all property not ranked as assets, a d ecedent’s land in w hich h is w id ow has hom estead righ ts is to be included as part of the d ecedent’s estate in d eterm in in g th e execu tor’s com m issions. Snow m aintained a checking account in a bank. He did n ot lock up his check book, b u t kept it in an unlocked d raw er in his desk. One of his clerks ab stracted one of th e blan k checks therefrom , forged his sig n atu re th e re to, and collected th ereo n from the bank. W as the b ank liable to th e de positor for honoring th e forged in s tru m en t in such circum stances? Yes. The m ere fact that a depositor leaves his check book ly in g around does not con stitu te such n egligen ce as w ill free the hank from liab ility to him , w here a clerk of the depositor, tak in g advantage of the opportunity, abstracts one of the check blanks, H e re /s H o w W e F it In to T h e B anking P ictu re W e are exp erien ced , exten sive and responsible operators of Field W areh ou ses. W e h a v e d ev elo p ed a proven m ethod of converting bor rowers' inventories, no matter w here located, into SOUND BANKING COLLATERAL. W ithout cost or obligation, ask our Iow a office about Field W arehousing service covering su ch inventories a s se e d corn and field seed s; shell, frozen and p ow d ered eg g s; w ool; so y b ean s; can n ed goods; w h o le sa le groceries; and how Field W arehousing works to safegu ard lo a n s . . . to in crease profits for Banks. ST. PAUL TER M IN A L WAREHOUSE COMPANY St. Paul, Minn. --------------- IOW A OFFICE ---------------510 Iow a-D es M oines N ational Bank Building D es M oines, Iow a T. C. CANNON, District M anager T elephone 4-2353 O th er O ffices at C h ica g o - N e w Y ork - M ilw a u k e e - D e t r o it - M e m p h is - A tla n ta Northwestern Banker November 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis forges the depositor’s signature, and collects on the check from the hank. Glenn, a seam an in th e U nited States N avy and th e son of the South Caro lina retire d banker, w as killed in the su rp rise Jap an ese bom bing attack at P earl H arbor. At th e tim e of his death he carried certain life insurance nam ing his fa th e r as beneficiary. The pol icy provided for double indem nity pay m ents, b u t fu rth e r provided th a t they should not be paid if death occurred w hile the in su red w as “engaged in m il ita ry or naval service in tim e of w ar.” T he in su ran ce com pany refused to pay on the policy u n d er the double indem n ity provisions and the fath er sued in the state in w hich he lived. T here w as no provision in th e policy m aking South Carolina law inapplicable. Can he recover? Yes. The South Carolina Suprem e Court has so held in a recent decision in v o lv in g facts sim ilar to those out lined. It w as the conclusion of the court that the on ly w ay that the U nited States could he placed in a state of w ar w ith an aggressor nation w as by a declaration of C ongress, and th a t the in surance contract had been entered into by the p arties in contem plation of that law and that th ey w ere bound by it. New Entertainment Feature T he resu lts of a survey recently m ade by th e m anagem ent of the Tw in City F ederal Savings and Loan Asso ciation indicated th a t a d in n er or sup p er hour radio program , com prised of m edleys of popular music, w ould be m ost welcom e to the radio public. W ith this th o u g h t in m ind, th e Tw in City F ederal Savings and Loan Asso ciation b ro u g h t last m onth to th e en te rta in m e n t w orld a new radio pro g ram —“S uppertim e Serenade.” On this program w hich ru n s for th irty m inutes, from 6:15 to 6:45 p. m., on Sta tion WDGY, is h eard th e recorded m usic of such w orld-renow ned “nam e” band leaders as H orace H eidt, Dave Rose, A ndre K ostalonetz, and F red W aring. The selections w ill be care fully chosen by m usic au th o rities and assure th e listen er of the type of m usic m ost enjoyed. This is in keeping w ith the home service policies of the T w in City F ed eral, w hich as the leading hom e financ ing in stitu tio n in th e Tw in Cities is alw ays desirous of prom oting th e se cu rity and enjoym ent of the A m erican home. T he Tw in City F ed eral Savings and Loan A ssociation, w hich is a locally ow ned and operated in stitu tio n , ran k s 23 I r v in g T r u s t C o m p a n y ONE WALL STREET ♦ NEW YORK Statement of Condition, September 30, 1943 ASSETS Cash on Hand, and Due from Federal Reserve Bank and Other Banks . . . U. S. Government S e c u r itie s .................................................................................. State, County and Municipal S e c u r itie s ................................................................. Other S ecu ritie s............................................................................................................. Stock in Federal Reserve B a n k ................................................................................. Loans and Discounts ................................................................................................. First Mortgages on Real E sta te ................................................................................. Headquarters B u ild in g ................................................................................................. Other Real E s t a t e ......................................................................................................... Liability of Customers for A c c e p ta n c e s................................................................. Other A s s e t s ................................................................................................................... $189,769,491.10 646,927,336.50 6 , 0 0 0 , 0 0 0 .0 0 1,430,047.73 3,088,100.00 2 1 2 , 6 3 2 , 20 0 .6 8 9,046,295.95 16,825,800.00 427,297.50 1,283,998.52 4,067,721.06 $1,091,498,289.04 LIABILITIES D e p o s i t s ......................................................................................... $976,124,541.70 Official C h e c k s ......................................................................... 2,625,000.51 A cceptances................................................................................. $2,396,286.13 Less Amount in P o r t f o l i o ........................................................ 862,627.96 Reserve for Taxes and Other E x p e n s e s ................................................................. Dividend payable October 1, 1943 ......................................................................... Other L iabilities............................................................................................................. Unearned and Deferred I n c o m e ............................................................................. Capital S t o c k ............................................................................. $50,000,000.00 Surplus and Undivided P r o f it s ............................................. 55,621,586.57 $978,749,542.21 1.533.658.17 2,255,525.00 750,000.00 601,198.91 1.986.778.18 105,621,586.57 $1,091,498,289.04 U n ited States G overnm ent Securities are stated at am ortized cost. O f th ese, $ 2 05,987,624.30 are p led ged to secure d ep osits o f p u b lic m on ies and for other purposes required by la w . Member Federal Deposit Insurance Corporation BOARD OF DIRECTORS W IL L IA M N . E N ST R O M H A R R Y E. W A R D President Chairman of the Hoard O . L. A L E X A N D E R E D W A R D H . CLARK President Pocahontas Fuel Company Incorporated Chairman of the Board Cerro de Pasco Copper Corporation H E N R Y P. B R ISTO L President Bristol-Myers Company W . G IB S O N C A R E Y , Jr. President The Yale & Towne Mfg. Co. J O H N F. D E G E N E R , Jr. C. A. Auffmordt & Co. J. W H I T N E Y P E T E R S O N Vice President Deering Milliken & Co., Inc. Executive Vice President United States Tobacco Company A D A M K . LUKE JA C O B L. REISS Vice President and Treasurer West Virginia Pulp and Paper Company President, International Tailoring Company FLETCHER W . RO C K W ELL W IL L IA M K . D IC K H IR A M A . M A T H E W S President, National Lead Company Chairman, Executive Committee Vice President National Sugar Refining W IL L IA M S K IN N E R Company M IC H A EL A . M O R R ISSE Y President President H E N R Y FLETCHER The American News Company, Inc, William Skinner & Sons Fletcher & Brown R E ID L. CARR President Columbian Carbon Company HAROLD A. HATCH A U G U S T U S G . P A IN E GEO RG E F. G E N T E S Vice President Chairman of the Board New York & Pennsylvania Co. FR A N C IS L. W H IT M A R S H President Francis FI. Leggett & Company Northwestern Banker Novem ber 19i3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 24 as th e fo u rth largest F ederal savings and loan association in th e U nited States, w ith to tal resources now in ex cess of $23,500,000. Named General Auditor P H IL A D E L P H IA NATIONAL BANK Organized l8o3 September 30, 1943 RESO URCES Cash and due from Banks . . . . $176,376,107.05 U. S. Government Securities. . . . 488,878,830.95 State, County and Municipal Securities 14,377,362.55 Other S e c u r itie s.................................... 3 2,085,409.45 Loans and D i s c o u n t s .......................... 92,176,242.46 Bank B u i l d in g s .................................... 2,600,000.00 Accrued Interest Receivable . . . . 2,82 5,407.04 Customers Liability Account of Acceptances 1,332,228.70 A nother Iow a m an has been ap pointed to th e staff of F inancial Devel opm ent Com pany of Chicago. H enry D. MacDonald, w ho for m ore th a n six teen y ears w as d ep artm en t m anager for th e G rinnell Com pany of P rovi dence, Rhode Island, w ith offices in Des Moines, is appointed to th e post of general au d ito r for F inancial De velopm ent Company. Mr. M acDonald is a native of Boston, M assachusetts, and received his educa tion at M assachusetts Technological In stitu te of Boston. P rio r to his posi tion as d ep artm en t m anager of the G rinned Com pany of Providence, he w as identified w ith Kellogg-Mackey E q uipm ent Com pany for a num ber of years. Mr. M acDonald brings to F i nancial D evelopm ent Com pany a great m any years of technical experience, to g eth er w ith a thorough understand- $ 8 1 0 ,6 5 1 ,5 8 8 .2 0 LIA BILITIES Capital S t o c k ............................... $14,000,000.00 S u r p lu s ......................................................... 21,000,000.00 Undivided P r o f i t s .................................... 13,944,663.14 Reserve for C o n tin g e n c ie s ..................... 3,161,900.58 2,889,108.76 Reserve for T a x e s .................................... Dividend (Payable Oct. 1, 1943) . . 875,000.00 Unearned Discount and AccruedInterest 139,616.33 A c c e p t a n c e s .............................................. 1,526,837.40 D e p o sits................................. 753,114,461.99 $ 8 1 0 ,6 5 1 ,5 8 8 .2 0 EVAN RANDOLPH, President M EM BER OF T H E FEDERAL D E P O S IT IN S U R A N C E P liilad elp liia, P a. Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis H E N R Y D. M acD O N A L D A p p o in ted G eneral A u d ito r C O R P O R A T IO N ing of building and loan statem ents and the analysis of th e financial and operating statem en ts of savings and loan industry. H e is a form er m em ber of th e R otary Club of Des Moines and has a host of friends in Iow a w ho have know n him for m any years. At the p resen t tim e Mr. M acDonald and his fam ily reside in Chicago. F in ancial D evelopm ent Company, organized in 1937, rep resen ts a group of some 400 F ederally insured savings and loan associations. Its activities, w hich extend into every section of the 25 country, consist of p resen tin g in su red certificates to in stitu tio n a l accounts such as in su ran ce com panies, fraternals, colleges, tr u s t funds, cem etery associations, etc. To Minimize Mechanical Elected a Director P au l A. Schilling, p resid en t and tre a s u re r of W aldorf P ap er P rod u cts Com pany, w as elected to th e board of directo rs of th e F irs t N ational B ank of St. Paul, a t a recen t m eeting of th e b a n k ’s directorate. H is election fills th e vacancy created by th e d eath last Ju n e of E li S. W a rn er, p resid en t of M cG ill-W arner Com pany. Mr. Schilling w as b o rn in St. P aul in 1897 and has been associated w ith W aldorf P ap er P ro d u cts C om pany for 30 years. He becam e p resid en t in 1934, and has served in an executive capacity for 19 years. He is a m em ber of th e in d u strial advisory com m ittee for th e fibre con ta in e r in d u stry and th e p ap er board allocation com m ittee of th e W ar Pro- A phone call brings a Burroughs service man when you need him, but it’s far wiser to arrange with Burroughs for periodic inspection, lubrication and adjustment of your Burroughs machines, so that emergencies, and the delays they entail, may be prevented. The standard Burroughs Service Agreement affords this protection by providing: • Systematic inspection, lubrication and adjustment of your Burroughs machines at regular intervals. • Emergency service as needed. • Genuine Burroughs parts installed as needed. P A U L A. S C H IL L IN G On B oard o f D ir e c to r s • Service — on your premises — by expert service men, trained, supervised, paid by Burroughs. • All work guaranteed by Burroughs. duction Board. Mr. Schilling is also serv in g as vice ch airm an of th e OPA in d u stry advisory com m ittee for fibre containers, as w ell as d irecto r of th e U nited Civic Council, and as a m em ber of th e M unicipal R esearch B ureau. Inquire at your local Burroughs office how you can obtain Burroughs service at a low, predetermined cost, or write — BURROUGHS ADDING MACHINE COMPANY D E T R O IT 3 2 , M ICH IG A N Field Warehousing Booklet A new booklet, th e p urpose of w hich is to acq u ain t b an k ers and o th er b o r ro w ers w ith salien t facts on th e su b ject of field w arehousing, is being given w ide d istrib u tio n by th e field w arehouse division of th e St. Louis T erm inal W arehouse Company. In- Burroughs FIGURING. ACCOUNTING AND STATISTICAt MACHINES MAINTENANCE SERVICE • OFFICE SUPPLIES MANUFACTURING FOR WAR The manufacture of aircraft equipment for the Army Air Forces, and the manufacture of Burroughs figuring and accounting equipment for the Army, Navy, U. S. Govern ment and the nation’s many war activities, are the vital tasks assigned to Burroughs in the Victory Program. Northwestern Banker November 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 26 eluded in th e booklet are p h otographs of actual operations, le tte rs from u s ers, and questions and an sw ers w hich w ill give a w orking know ledge of th is m ore or less m odern service. E. B. D uncan, m an ag er of th e field w arehousing division of th e St. Louis T erm inal W arehouse Com pany, says th e com pany is m aking p rogress w ith its expansion program , th e latest b ran ch office being th a t opened in M em phis in charge of C arleton B. Myers. More Farm Machinery? Someone is being kidded, and it looks like it is th e A m erican farm er. He reads in his n ew spapers th a t th e W ar P roduction B oard is going to re lease m ore m aterial for th e m anufac tu re of farm m ach in ery and, if you w ill be ju s t a little patien t, Mr. F arm er, you w ill be tak en care of. The press releases ap p aren tly em anate from the office of th e W ar P roduction Board, or som e o th er au th o rized agency, so p er haps th e n ew spapers are not to be blam ed too m uch. J u s t last m o n th in Des M oines a rep re se n ta tiv e of th e W ar Production Board told a group of farm ers th a t soon th e y w ould be able to buy farm m achinery in m uch larger quantities, b u t he failed to tell all the sto ry —he failed to m ention th a t little clause dealing w ith priorities. H ere is a statem en t from M inneapolis-M oline P ow er Im plem ent Com pany w hich says: “M uch publicity has been given to th e fact th a t m ore m achinery w ill be produced for 1944 th a n w as produced for 1943. It is tru e th a t we have been autho rized to build m ore, th a t is, prac tically tw ice as m uch as we w ere au th orized to build in 1943, b u t th e p rio r ity ra tin g has been reduced from AA-1 to AA-2, and we and o th er m an u factu r ers have had difficulty in g etting m ate rials. It now looks as if we w ill not be able to build any m ore farm m achinery because of th is for 1944 th a n for 1943. W e are hoping for an im provem ent in th e m aterial situation. M anufacturers have th e capacity and in ten tio n to build all th e m achinery allow ed u n d er L-257.” Association Secretary A lden S. Fields of th e F irs t N ational B ank of Chicago w as elected secretarytre a s u re r of th e C entral A ssociation of th e A m ateur A thletic U nion of th e U nited States at th e an n u al conven tion held in Chicago. F o r the p ast five y ears Mr. F ields has been chairm an of th e finance and au d it com m ittee of th e C entral A ssociation and has been active in th e association for th e past ten years. Consecutive Dividend R ecently T he N o rth ern T ru st Com p any declared its 183rd consecutive dividend, a t th e ra te of $4.50 per share. T he N o rth ern T ru st Com pany pub lished its statem en t of condition in re sponse to a state call as a t th e close of business Septem ber 18, 1943. Loans and discounts show ed an increase of b e tte r th an $9,000,000 over th e previous qu arter, U. S. g o vernm ent securities w ere up in excess of $10,000,000, w hile deposits show ed a n et gain of over $8,000,000, to taling $508,428,672.89. Promotions At a recen t m eeting of th e board of directors of the Chemical B ank & T ru st Company, New York, C aptain Geoffrey V. Azoy, form erly a tru s t officer, and George L. F a rn sw o rth , form erly an a ssistan t b ran ch officer, w ere ap pointed a ssistan t secretaries. SUCCESS IN THE FIELD Every hunter knows it takes more than a gun and a dog to bring down the game. It takes a good eye and a steady hand. Every business man knows too that it takes a strong organization and a good business record to continue to bring in the business year after year. W e are willing to stand on our record. “Over a Third of a Century of Safety and Service with Savings!” WEST ERN MUTUAL Fire Insurance Co. 9th & Grand Northwestern Banker November 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Des M oines, Iowa Buy NOW, Mr. Prospect Prospects Are Making More Money Than Ever Before— They Are Urged Not to Put It Into Commodities They Do Not N e e d — W here Shall They Put It? You Know the Answer. DO NOT hold to th e d o ctrine of th e “Good Old D ays.” In an y line of activ ity or effort, th e “P re se n t D ay” is th e best day th e w orld has ever seen, an d d ark as today m ay seem, it is still b rig h te r in prom ise for th e peoples of th e w orld th a n th e b rig h te st of th e days th a t are past. H ow ever, to check our p re se n t achiev em en ts in life insurance, it m ay be w ell to com pare th e p ractices of thirty-five y e a rs ago w ith those of th e p resen t. A t th a t tim e each com pany w as larg ely m a ste r of its ow n destiny. Those w ere days of individual effort, th e days w h en ev ery com pany w orked out in secret th e policies th a t it deem ed w ould m eet th e favor of th e few p ro s pects for w hom com petition w as fierce. A ctuarial d ep artm en ts drew th e ir own conclusions from th e ir ow n few sta tis tics available, and m edical d ep artm en ts v ery larg ely reflected th e personal ideas of th e m edical directors. Those w ere th e days w h en h igh in te re st ra te s m ade it easy to build a policy w ith a ttra c tiv e resu lts, and w h en th e speculative sp irit of m en w as appealed to by to n tin e or d eferred divi dend contracts. Those w ere th e days w h en in su ran ce com m issioners oper ated indep en d en tly of each o th er so th a t in m an y localities, th e re w as ap p a re n tly little re stric tio n on th e im aginative sp irit of th e com panies in forecasting dividend resu lts, or on th e im agination of th e ag en t in outlining th e w onders of his contract. Those w ere th e days of few p ro s pects in th e m iddle w est, an d those few h a rd to sell. E very b o d y could “do b e tte r w ith his m oney” th a n a life in su ran ce com pany could do for him . Thirty-five y ears ago o p p o rtu n ities to By H. W . Stanley, C . L. U. Gen eral Agent Equitable Life of Iowa Wichita, Kansas HARRY W . STAN LEY “ This Is Your Great D ay” m ake m oney w ere on every hand. “J u st buy land and th e influx of population w ould m ake one rich .” Or, “If I bought life insurance I w ould buy a policy w here th ey give you stock in th e com pany and w here the dividends on the policy w ill pay for th e stock, and th ereafter, th e dividends on the stock will pay th e prem ium s.” The K nights of th e Golden B rick w ith th e ir local lodge fellow ship fu rn ish ed m ore desirable protection th a n th e old line life in surance com panies th a t endeav ored to be m athem atically correct. E ven God w as used as an excuse, for H e w as supposed to care for the w idow and fatherless, and buying life in su r ance show ed a lack of faith in the A lm ighty. A nd th e agent of those early days, w h at of him ? Well, he w as anybody w ho w ould sign a contract. T he m in iste r w ho m arried you could w rite you a policy; th e u n d e rta k e r (not m o rti cian) w ho b u ried you could w rite your sons or b ro th ers w hile trag ed y w as fresh; tra in in g and education and sales conferences w ere unknow n, th e agent read his ra te book as b est he could, and repeated th e sto ry as effectively as pos sible, b u t too often, th ro u g h ignorance or intention, th e prospect bought a “20 y ear pay ” w hich he understood to be a 20-year endow m ent b u t w hich proved to be an ord in ary life w ith 20 y ear to n tin e settlem ent. B ut finally yesterd ay daw ned into today and our practices and procedures changed—even h um an n atu re changed a bit. In su ran ce com m issioners or ganized, and m uch bad practice and carelessness w ent into oblivion w ith establishm ent of uniform codes and requirem ents. The in stitu tio n of life in surance becam e organized horizon tally and the medical, actuarial, ad ver tising and m anagerial know ledge of one com pany becam e available for all to th e end th at, based on th is w ider inform ation, policies could be issued on a plan m ore scientific th a n form er m ethods w hich w ere necessarily esti m ates and guessw ork. S carborough ^ C ompany ( lu n te ù ià / N T d w rk i First National Bank Building, Chicago Horace A. Smith, Iowa Representative Des Moines, Iowa Northwestern Banker Novem ber 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 28 The agents organized th e Associa tion of Life U n d erw riters w hich has prom oted th e idea of a b e tte r tra in e d and b e tte r educated ag en t th a t th e b u y ing public m ay have in tellig en t advice; w hich has protected and fought for the b est in terests of th e career agents; has checked and lobbied in legislative halls for th e w elfare of b oth ag en t and insured. The o rganization of th e A m erican College of Life U n d e rw rit ers by th e N ational A ssociation has been a m ajo r factor in changing u n d e r w ritin g from a h ap h azard to a profes sional basis, and th e C. L. U. degree is evidence of am bition, serious in te n t and achievem ent. WHY Iowa Bankers Recommend IOWA’S LARGEST CASUALTY COMPANY Employers of Des Moines leads all Iowa companies in ‘total Auto, W orkmen’s Compensation, and Public Liability Insurance. b eca u se — 1 An I o w a c o m p a n y , p ro vid in g b e t t e r lo c a l s e r v i c e . 2 O v e r $ 6 ,0 00 ,000.00 a s s e ts . 3 Lo w , mutual r a t e s . 4 All p o lic ie s n o n -a ss e ssa b le . 5 A third of a c e n t u r y of sound operation. A p o lic y in E m p lo y e rs M u tu a l is b e s t a s s u ra n c e of full p ro te c tio n a t re a s o n a b le cost. C om panies have fallen in line (or have led the procession, if you will, in o rd er to avoid arg u m en t) and in sti tu te d tra in in g courses and conven tions. and sales congresses to th e sam e end. T his is a good day in w hich to live. As far as being in the life insurance business is concerned, we have crossed th ro u g h th e Red Sea and th e forty y ears of w andering in th e desert are over. The land is before us and flow ing w ith m ilk and honey. Go up and possess it. M illions of prospects say, “W e are m aking m ore m oney th an ever before. W e are urged not to p u t it into com m odities we do not need. W here shall we p u t it? ” PLAN N O W FO R PO ST W A R B A N K IN G (C ontinued from page 12) needs them . Such as radio sales and re p a ir shops, plum bing shops, electric service shops, body rep air and paint shops, filling stations, shoe rep air shops and m any others. R em em ber in d u stry creates — governm ent spends. In 1931, 1932 and 1933 we overlooked our social responsibility. L et’s not m ake th a t m istake again. It is a p a rt of our job. W e cannot prosper w hen society suffers. 8. The elim ination of governm ent subsidized com petition m u st have a place in our postw ar planning. W e have a com m ittee, and a v ery aggres sive and able one, w hich is dealing m asterfu lly w ith th is problem . E ach and every one of us should su p p o rt the w ork of th is com m ittee. We m u st sup p o rt it financially and do all th e m any th in g s th a t we can do in our own com m unities, and we don’t have to w ait for th e p o stw ar period to do it, either. It doesn’t m a tte r a g reat deal w h e th er we agree on th e im portance of post w ar planning. H ow ever, it is v ery im p o rta n t th a t we so m anage our banks th a t it w ill not again be necessary for th e governm ent to bail us out in large n u m b ers nor again w ill it be possible for political dem agogs to m anufacture a crisis, m aking necessary a banking holiday w ith its tragic, w icked losses in cu rred by m any banks and th e ir de positors. T his tim e we m ust have our banks in such a sound position th a t no politi cal blast from any source, how ever high, can tip us over, otherw ise our p riv ate banking system m ay be counted out—and th e best w ay to p re pare for tom orrow is to do a b etter job today. American National O f Chicago Total resources of $141,172,000 was rep o rted by th e A m erican N ational B ank and T ru st Com pany of Chicago in the statem en t for October 18, 1943, published in response to th e call of the C om ptroller of th e C urrency. The b a n k ’s total deposits, w hich passed the $100,000,000 m ark for th e first tim e in th e 1942 year-end statem ent, totaled $134,652,000 as of October 18th. Total loans o u tstanding have increased since the first of th e y ear from $22,757,000 to $28,272,000. The statem en t also re ported $62,808,000 in U nited States governm ent obligations and $38,416,000 in cash and due from banks. Tivo o f Them L ady (to p o rte r): “H ave you a ladies’ w aiting room ?” P o rter: “No, m a’am. B ut we have tw o room s for ladies w ho can ’t w ait.” S ir, I drilled dem sa id , s ir ! p r is o n e r s — lik e A $5,000 Accident Policy Paid Up in Full to March 15, 1944 for Only $2.00 Bankers are eligib le to this Liberal Protection, w hich includes up to Two Years of Indem nity on Account of Injuries, at the rate of $25.00 a w eek. (Sickness and Hospital policies, also, at the sam e low rate.) Write for Information and A pplication to MINNESOTA COMMERCIAL MEN S ASSO CIATIO N At 26th Street and Pillsbury A ve. MINNEAPOLIS, MINN. Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis yo u 29 crats chose a New York law yer in stead. It has tak en a year for a p rac tical farm -m inded m an to straig h ten out th e b u reau cratic m ess he created. Indecision, buck passing and squab bling delayed deferm ent of v ital farm labor for m any m onths. Why People Are “The plain fact is th a t th ey can ’t fig H E follow ing w as w ritte n by Sena to r A rth u r C apper of K ansas, and u re out w hy th ere has been so m uch app eared in a recen t issue of Capper’s blundering. T hey do not u n derstand, “These W ashington bureau crats, in for one thing, w hy th e b u reau crats F arm er. It is so m uch to th e p oint in ex pressing th e feeling of th e public of will not take th e one and v ery obvious cluding th e top m en in them w ho de action needed to increase th e produc term in e policy, do not seem to u n d er th e nation, we feel it deserves reading tion of oil. T h at is a reasonable in stand th e ABC’s of production. T hey by every th o u g h tfu l person. S enator do not realize th a t price is one of th e crease in th e price. In stead of doing C apper says: g reat stim u lan ts of production, th a t th a t the b u reau crats intensify ra tio n “Since I have been aw ay from W ash ing, u pset th e tra n sp o rt of people and in g to n d u rin g th e recess of Congress I m aterials and cause w h at m any people have learned th a t people in th e m iddle w est, p a rtic u la rly farm folks, are w o r believe to be u n necessary sacrifice. As ried and distressed by th e blundering, long as crude oil production is held th e a p p a re n t stu p id ity and th e fre dow n by failure to offer a profitable q u en t arrogance of g o v ern m en t b u price, th e people question th e neces sity of severe rationing. I t doesn’t re a u c rats in ru n n in g th e nation. m ake sense. A nd don’t forget for one “T hey seem to be p re tty w ell satis m inute th a t th e people are w illing to fied w ith th e w ay th e w ar is going up m ake any sacrifice necessary to sup to now. T hey realize, of course, th a t p o rt th e ir fighting men. th e h a rd e st fighting and th e h eaviest F arm folks are realists. T hey don’t losses still are ahead. But th e m an agem ent of th e w ar, in general, seem s go in m uch for theorizing. T hey have to deal every day w ith th e facts of sea to be p re tty good and th e people are b ehind o u r arm ed forces to th e lim it. sons and w eather, and storm s and in m uch, sects and disease. Those th in g s can ’t T hey have confidence in our m ilitary be dism issed w ith a w ave of th e hand. leadership. T h is— a n d its o th e r extrem e, too little , A nd farm ers can ’t m ake m any m is “B ut I have sensed th a t th e hom e too la te — a p p e a r occasionally in th e p u r chase of life insurance. P e rh a p s b o th folks are b eginning to lose confidence tak es w ith o u t reaping disaster. T hey have h a p p e n e d to you. P e rh a p s you u n d erstan d th e m agnitude and diffi in th e ab ility of b u re a u c rats to ru n th e have m erely w itnessed th e ir u n h a p p y culty of producing th e huge volum e of dom estic econom y successfully. A nd effect on o th ers. food requested by th e governm ent. th a t is easy to u n d erstan d . The W ar Y o u ’ll agree th e re should be a w ay T hey sensed th e shortage of labor and P ro d u ctio n Board, th e Office of P rice to avoid th e w astefuln ess of ov erb u y in g m achinery and knew w h at it m eant. a n d th e c a ta s tro p h e of un d erb u y in g . A d m in istratio n and th e W ar Food Ad T h e q u e stio n is how. m in istra tio n have m ade so m any m is “B ut these m en w ho knew th e needs T h e answ er, we believe, lies in th e takes, have acted so often im pulsive of ag ricu ltu re w ere not asked to d eter a ttitu d e of th e in su ran ce a g e n t. Is his ly, have issued so m an y conflicting o r m ine eith er th e g overnm ent policy on po in t of view solely in y o u r in te rest? D oes he see his job as insurance guid production of farm m achinery or con ders, th a t th e people are confused and ance r a th e r t h a n m erely selling? d istru stfu l. tro l of labor on farm s. T he b u reau T Too ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ ★ A D em on strated F act— //Allied Mutual P ays" Our slogan is really more than a slogan— it is a fact demonstrated hun dreds of times each month. Agents and policyholders alike appreciate this prompt, fair, considerate claim service. It builds friends. ALLIED MUTUAL CASUALTY COMPANY ★ ★ ★ ★ ★ ★ ★ A t N W N L , we have ta k e n a big step to w a rd c re a tin g th is po in t of view by devising a unique plan of a g en t com pensation. Y o u r N W N L a g e n t is paid, n o t p rim a rily for new insurance he sells you, but for the insurance you keep in force. B y discouraging th e con d itio n s th a t lead to lapses, th is m eth o d of a g en t c o m p en satio n p e rm its life in su ran ce to perform its function of p ro tec tio n to th e full. B y reducing th e losses due to lapses, it te n d s to hold dow n th e cost of in su ran ce to th e policyholder. Is th e principle sound? T h e ste ad ily grow ing b o d y of satisfied policyholders, th e new re sp ec t w on b y a g e n ts in th e ir com m unities, th e h e a lth y gro w th of th e c o m p an y all answ er a n e m p h a tic yes. Northw estern N ational L if e INSURANCE O . J . A rn o ld , Harold S. Evans, President Hubbell Building too soon P r e s id e n t COM PANY 80* M in n e a p o li s , SEC U R ITYJjjj M in n e s o t a Des Moines, Iowa ★ ★ ★ ★ ★ ★ ★ R e p r i n t e d f r o m i V t c M ’ s c u r r e n t n a t io n a l a d v e r ti s e m e n t. Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 30 QUICK FACTS The First Wisconsin National Bank of Milwaukee is the largest bank in Wisconsin and the surrounding northwest area — 26th in size among all 15,000 banks in the U. S. f 90l M M Established in 1853, the history of the First Wisconsin is a record of dependable service through 90 crowded years of peace and war! Nationally known as "Wisconsin’s bank for banks”, the First Wisconsin serves as Milwaukee depository for more than 85 per cent of the hundreds of banks in this im portant industrial-agricultural state. Today Milwaukee’s factories and Wisconsin’s farms are producing all-out for Victory! In that same spirit, all the facilities of this 90year-old bank are pledged to the cause of Freedom — to help speed the final triumph over the brutal forces of tyranny. BANKS and B ANK E RS DI VI SI ON George T. Campbell Vice-President Richard J. Lawless - Assistant Vice-President Donald A. Harper - Assistant Vice-President ssgfjgl mm ■I II »III >1 l l l l i f I . I , JJ JJJlitlJ* FIRST WISCONSIN NATIONAL BANK of MILWAUKEE Established 1853 w h enever price approaches or goes below cost, production declines. “OPA p u t a ceiling price on corn so low th a t farm ers w ould not sell it. Feeding it to hogs, even w astefully, w as m ore profitable th an selling at ceiling prices. So eastern farm ers couldn’t buy needed g rain and unless conditions change soon, th ey m ay have to sacrifice th e ir herds and flocks. “M eantim e ceiling prices on beef and th e th re a t of still low er prices on live cattle, are ham p erin g production of m eat and th re a te n in g to send th o u sands of anim als to slau g h ter before th ey are ready. A nd th e nation is on th e tig h test so rt of m eat rations. An in tellig en t approach to th is problem m ight not have avoided rationing, but it w ould have m ade it less rigorous and it w ould have utilized the feed supplies of th e nation m ore efficiently in pro duction of m eat. The need today is for a m eat price policy th a t w ill en courage, ra th e r th a n strangle prom o tion, else n ex t y ear we w ill be even m ore m eat h u n g ry th a n we are today and our soldiers m ay be on sh o rt m eat rations, too. “T here is a n o th er th in g th e people do not und erstan d . The governm ent keeps talk in g about th e shortage of m anpow er. On th e payrolls of the bureaucracies recen tly th e re w ere over 2,000,000 persons. M aybe some of these could help out in th e w ar p lants or on farm s or even in th e arm ed forces. These folks are so th ick in W ashing ton th ey get in one a n o th e r’s way. T hey are also scattered over th e entire nation. A nd th ey are costing th e tax payers hu n d red s of m illions of dollars a y ear in wages. “People are p re tty well fed up on all the talk in W ashington about sac rifice. J u s t as if th ey w ere not w illing to go the lim it in sacrificing. B ut the people do not see any v irtu e in need less sacrifice b ro u g h t about by bu reau cratic blu n d erin g and th ey are get tin g tired of th e yam m ering on the subject th a t em anates from govern m ent bigwigs. “I th in k th e recess of Congress so th a t senators and rep resen tativ es could escape from th e confusion of th e n atio n ’s capital and get th o ro u g h ly in touch once m ore w ith th e clear th in k in g and good com m on horse sense of th e people, is one of the best things th a t could have happened. I ’m con vinced th a t Congress soon w ill clear up some of this confusion and ja r some of th e b u reau crats out of th e ir com placency.” -T -A ■% "Y MEMBER OF THE FED ERA L D EPO SIT IN S U R A N C E CORPORATION Did You? H ear about th e absent-m inded p riv ate w ho w ired his com m anding officer for a tw o w eeks’ extension on his A.W.O.L.? Northwestern Banker November 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis f 31 Better Buy Governments Now It Is Not Too Late for Banks With Large Amounts of Cash to Correct That Error D espite th e large am o u n t of governm e n t fin a n c in g j lii w hich took place in fqg§N|l Septem ber and Oc tober, p r i c e s of high grade bonds w ere firm to stronger. The stock marja m e s h . c la r k e ket, b e i n g m ore sensitive, w as af fected by a large n u m b er of factors, both foreign and dom estic, and its net change as we w rite th is on W ednes day, O ctober 27th, is a loss of about a point or so. Volum e of trading, how ever, has n o t been large and th e re has been n o th in g y e t to indicate th a t th is slig h t w eakness m eans a dow n-trend. A review of th e stock m a rk e t over th e p ast tw o or th re e m o n th s show s little change. In general, how ever, d u rin g periods w hen th e U nited N a tions victories w ere p a rtic u la rly h e a rt ening, stock prices have sagged in an ticip atio n of a cessation of fighting on th e E u ro p ean fro n t w ith in a re la tiv ely sh o rt tim e. In o th er tim es w hen pro g ress in th e w ar, from our sta n d point, w as slow or w hen ta x new s w as b etter, stocks have regained th e ir p re vious losses. The p ictu re as a whole, how ever, is not g reatly different th a n it w as a few m onths ago. The Third W ar Loan D rive w hich ended October 2nd w as a com plete su c cess. F in al figures released recently w ere $18,943,000,000 secu rities sold. Since th is w as alm ost $4,000,000,000 above the am ount originally scheduled tor the drive, th e T reasury w as w ell satisfied. Sales of “E ” bonds of $2,472,000,000 w ere considered satisfactory, according to a T reasury press release, although it is b elieved that the govern m ent had hoped to sell as m any as $3,000,000,000 of th ese bonds. In any even t, total sales of bonds in the drive to in dividu als w ere about $5,400,000,000 com pared to on ly $1,000,000,000 in the first w ar drive and $3,300,000 in the second. The T rea su ry w as also v e ry success fu l in selling $1,500,000,000 each of the % per cent Certificates of In d eb ted n ess and the 2s due 1953/51 to the banks. The Month's Market Maneuvers Prepared for The N o rthw estern Banker By James H. Clarke Assistant Vice President American National Bank & Trust Co. C hic ago In this connectiori, how ever, the allot m e n ts of 26 and 25 per cent respective ly w ere about double the earlier esti m ates w hich had been m ade in finan cial circles. Since the tim e that trad ing in the new 2 per cent bonds be gan, the p rem iu m has been about M, or 8/32. T his prem ium , fra n kly, is not as large as the m ore optim istic ex pected it w ould be, and is only about one-half as large as was reached qu ick ly in the A pril drive. This m a rket ac tion, w hile disappointing to som e hold ers of these bonds, has undoubtedly been due to a certain tig htness of m o ney in the larger financial centers. E xcess reserves have been draw n dow n quite sharply over the past year and the increase w hich occurred dur ing the drive was not large. During the period of the drive, of course, bank loans to brokers and dealers in gov ern m en t securities increased sharply, w hile at the sam e tim e banks th e m selves increased th eir ow n portfolios by purchasing outstanding g o vernm ent bonds w hich w ere being sold by in su r ance com panies and corporations to m a ke room for the new issues. D uring the period of the drive, w ar loan de posit accounts increased to a figure in excess of $19,000,000,000 and, w hile no reserve m u st be carried against these deposits, it is apparent th a t w h en the T reasury drains th em dow n and w h en deposits w h ich replace th em become subject to the reserve requirem ents, som e problem w ill be presented. The question, therefore, revolves around th e point of how fast deposits in com m ercial banks w ill increase to offset th e w ith d raw als by th e T reas ury. It is expected th a t such deposit increases will be quite.rapid. B anks in all probability w ill not be em barrassed in th e ir reserve positions—th e F ederal R eserve officials w ill see to th a t—b u t u n til th is is out of th e way, banks can not be a large factor on the buying side of th e m arket. F rom a longer range standpoint, how ever, th is w ill change. It is ex pected th a t betw een now and Ju n e of next year th e T re a su ry ’s req u irem en ts for additional m oney w ill approxim ate $20,000,000,000. W hile no plans have been announced as to th e raising of such funds, it seem s logical to guess th a t tw o W ar Bond drives of $10,000,000,000 each—th e first to be scheduled for late Ja n u a ry or early F eb ru ary , and th e second for some tim e in May— could handle these req u irem en ts easily. If th is is approxim ately correct, it will m ean th a t th e banks w ill not be called upon to supply any funds to th e T reas u ry for a period of about eight m onths and if deposits continue to increase, it is a p p aren t th a t open m ark et buying w ill be th e result. It is quite likely, of course, th a t th e bonds w hich banks w ill buy early in 1944 w ill come out of in su ran ce com panies and corporations w ho have purchased the 2s of 1953/51, b ut w hich th ey w ill sell at a profit to build up th e ir cash in anticipation of the F o u rth and F ifth W ar Loan Drives. AVith th is in m ind it seem s fair to as sum e th a t th e banks w ill no longer be called upon to play as im p o rtan t a role in w ar financing as th ey have in th e past. W hile bonds undoubtedly will be offered to banks by the T reas u ry from tim e to tim e, and w hile banks w ill sh are v ery largely in refundings w hich come along, it is ap p aren t th a t the stress will be placed on sales to o th er investors. A lthough it is too early to forecast th a t the real peak of governm ent financing is behind us, th ere are certain signs th a t indicate th a t dem ands for m oney w ill not be as large in the fiscal y ear w hich begins Ju n e 30, 1944, as th ey have been in the past year. C ertainly if th e w ar in E urope is ended by th a t tim e this will be tru e, despite the fact th a t we m ay face m any additional m onths of fight ing in th e Pacific. A great m any banks in the country still have large am ounts of cash on Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 32 hand and, despite the faet that loans are still d eclining, h ave h esitated to go into the governm ent m arket. It is not too late for such banks to correct this error, but action should be taken now , as the period b etw een the last financ in g and th e n ext one w ill be too long to ju stify w aitin g for a n ew issue. To Vote Capital Increase E dw ard E. B row n, p resid en t of The F irs t N ational B ank of Chicago, said, after th e m eeting of th e board of direc to rs held last m onth, th a t w hile no form al action w as taken, it w as th e opinion of th e board th a t in N ovem ber it should call a special m eeting of th e shareh o ld ers of th e b an k for late in Decem ber, to vote on th e question of increasing the capital of th e b ank from $30,000,000 to $50,000,000 by th e decla ratio n of a stock dividend of $20,000,000, to be tak en from th e b a n k ’s pres en t surplus. Mr. Brow n said th a t this contem plated action w as conditional upon th e re being at th e tim e of th e stock dividend no serious prospect of any legislation being passed taxing stock dividends w hich w ould be applicable to a dividend distrib u ted in th e year 1943. Mr. B row n stated th a t if th e stock holders should vote th e stock dividend it w as th e bo ard ’s p resen t in ten tio n to pay dividends at the rate of 8 per cent on the increased stock. Insom uch as th e p re sen t dividend rate is 12 per cent p er annum , th is w ould resu lt in an in crease to $4,000,000 of cash dividends p er annum , as against $3,600,000 of divi dends being presen tly paid. The new stock rep resen ted by th e stock divi dend w ould not receive a dividend u n til A pril 1, 1944, as it is contem plated th a t th e dividend of 3 per cent ex pected to be paid Ja n u a ry 1, 1944, w ould be paid to stock of record of a date p rio r to th e stock dividend. Mr. B row n fu rth e r said th a t w hile it w as too early to predict w ith cer tainty, he believed th a t th e bank w ould add $10,000,000 to su rp lu s before the end of th e year, w hich w ould m ean th e bank w ould have on D ecem ber 31st, a capital of $50,000,000, and a su r plus of $40,000,000. Named Assistant Vice President A rth u r W. Som ers has been ap pointed assistan t vice p resident of The Public N ational B ank and T ru st Com pany of New York, as announced by E. C hester G ersten, president. Mr. Somers, form erly assistan t cashier, w ill continue to be identified w ith the correspondent bank division, devoting th e m ajor p a rt of his tim e to P en n sy l vania, Ohio and W est V irginia. John F. Scott Nominated ANOTHER WASTE! The non-use of INVENTORY as COLLATERAL T H E m odern w ay is to P U T IN V E N T O R Y TO W O R K under F ield W arehousing- by D ou glas-G u ard ian . It m ean s S O U N D L O A N S to b an k ers— p rovid es needed m on ey p lu s in v en to ry co n tro l and con serv a tio n to c lie n ts . Our S erv ice, too, is an aid to efficien t d istrib u tio n and cred it re la tio n s, b etw een m a n u fa c tu r ers and d istrib u to rs. I t ’s n ot too ea r ly to be d iscu ssin g fu tu r e p la n s, w ith a D ou glas-G u ard ian m an . Douglas-Guardian ^ Pamphlet FREE: T ells h ow in v en to ry fin a n cin g p u t a harried m a n u fa c tu r er on a cash d isco u n t b asis and freed h is tim e fo r co n stru ctiv e m a n a g em en t. Warehouse Corporation Nation-Wide Field Warehousing Service CHICAGO: S u ite 1104A , 100 W . M onroe St. A tla n ta C le v e la n d S p rin g fie ld , M a s s . D a lla s E a s to n , M d. R o c h e s te r, N. Y. M e m p h is Los A n g e le s NEW ORLEANS: 118 N . Front St. S p r in g f ie ld , M o. N e w Y o rk S a n F r a n c is c o Tam pa P h ila d e lp h i a P o r tla n d , O re . N om ination of Jo h n F. Scott, St. Paul, M innesota, for th e presidency of th e U nited States Savings and Loan League, subject to th e vote of the fiftyfirst an n u al m eeting to be held in Chi cago, N ovem ber 29th and 30th and De cem ber 1st, w as subm itted to the L eague’s 3,700 m em ber savings, build ing and loan associations and cooper ative banks last m onth. Mr. Scott is p resid en t of the $21,000,000 M innesota F ederal Savings and Loan A ssociation w hich he helped to organize in St. Paul tw enty-one y ears ago. He has served as second vice presid en t of the n atio n al organization and is now com pleting his term as first vice president. The com m ittee on nom inations sub m its his nam e as successor to R alph H. Cake, P ortland, Oregon, w ho w ill preside over th e m eeting in Chicago. On th e slate w ith th e M innesotan the S carborough ^ C ompany * < y n  iifia s ic iy G a n u L û First National Bank Building, Chicago Northwestern Banker Novem ber 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis >9 Horace A. Smith, Iowa Representative Des Moines, Iowa 33 com m ittee has n om inated W. M egrue Brock, Dayton, Ohio, for th e first vice presidency and H en ry P. Irr, B alti m ore, M aryland, for th e second vice presidency. H erm an F. Cellarius, Cin- John L. K ennedy, a ssistan t vice p res id en t of th e F irst N ational B ank of K ansas City, spoke before th e conven tio n on “W ar L oan Deposit A ccounts,” and am ong o th er th in g s said, “B ank ing h isto ry is being w ritte n today by you m en who m ake and direct th e poli cies of your banks. The record of to day w ill be studied by young m en and w om en w ho w ill take th e ir places in business and in politics. W hen th e h isto ry of w ar b anking is ta u g h t and studied in our schools d uring th e years ahead, th ey w ill know th a t an inde p en dent b anking system w illingly p e r form ed its d uty and obligation in doing a com plete and highly satisfactory job. W ar loan accounts are highly im por ta n t for the orderly financing of th e mob of building th e in stru m en ts of w ar. B anks are now doing a splendid job of handling the num erous task s th a t fall to th e ir lot because of th e w ar. By using a w ar loan account you can play an additional p a rt w ith o u t cost and at th e sam e tim e w ith profit to yo u r own in stitu tio n .” E llsw orth M oser, executive vice pres ident of th e U nited States N ational B ank of Omaha, believes th a t th e P ro duction Credit A ssociation should be Federal Interm ediate C redit Bank C onsolidated D ebentures Offer... JO H N F. SCO TT N o m in a te d for P r e s id e n t cinnati, w ho has been secretary of th e League for forty-seven years, is nom i nated for se cretary -treasu rer for th e 1943-44 term . N EB R A SK A W A RTIM E BUSI NESS C O N F E R E N C E (C ontinued from page 17) braska, th e tw elfth day of October N ineteen H u n d red and F o rty -th ree Jas. D. M illiken, acting president; E. E. Placek, com m ittee chairm an; Wm. B. H ughes, secretary. S tan ley M aly, vice p resid en t of th e F irs t N ational B ank of Lincoln, told us: “I th in k th e N o r t h w e s t e r n B a n k e r is th e finest b an k in g m agazine p u b lished and you are to be congratulated on th e excellent m aterial it contains and especially y o u r ed itorials ‘A cross th e Desk from th e P u b lish er.’ ” W hile th e re w as an excellent a tte n d ance at th e N ebraska B an k ers Conven tion in Lincoln, th e final m eeting for th e election of officers w as only a t tended by 30 N ebraska b a n k ers w ho h eard th e read in g of th e by-laws and resolutions, a t w hich tim e th e consti tu tio n w as am ended to include th e election of a vice p resident. F re q u en tly we fight for dem ocracy b u t do not alw ays exercise its privileges w h en w e have them . Safe Employment fo r Reserve Funds the short term investment needs of commercial and savings banks, insurance companies, industrial, railroad, utility corporations, monthly offerings of the Debentures are readily received. Purchasers of these joint and several obligations of the twelve issuing banks may thus earn a fair income on otherwise idle cash balances, with assur ance of principal available on matu rity dates selected. The Debentures also enjoy broad secondary marketability. M E E T IN G THE FEDERAL INTERMEDIATE CREDIT BANKS Further information may be obtained from CHARL E S R. D U N N , Fiscal A g e n t 31 N a s s a u S t r e e t N ew Y or k 5, N . Y. Northwestern Banker November 19Ï3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 34 n ex t an n u al convention of th e associa tion, or sooner if possible, an am end m en t to A rticle T hree of th e N ebraska constitution, creating the office of vice p resid en t of the association, and u rg ing th e suspension of the 40-hour w ork w eek for th e d u ratio n of th e w ar. W hile at th e N ebraska m eeting, E d gar M cBride received from L ee W ig gins, p resident of the A m erican B ank ers A ssociation, notice of his appoint m en t to th e A.B.A. subcom m ittee on ag ricu ltu ral credit, and im m ediately follow ing th e convention w ent to Chi cago to atten d a m eeting of his com m ittee. T his ag ricu ltu ral credit com m ittee is a p a rt of th e larg er A.B.A. com m ittee on federal legislation. operated on th e sam e basis as th e R e construction F in an ce C orporation and used only for em ergency financing. W. D ale Clark, p resid en t of th e Oma ha N ational B ank, atten d ed th e Ne brask a B ankers C onvention and looked as d istinguished and handsom e as ever. Am ong resolutions adopted at th e convention w ere those looking to w ard a speedy conclusion of th e w ar, »pledg ing again every assistance to th e w ar effort, full help in th e sale of W ar Bonds, p raise for th e subsidized lend ing com m ittee, com m endation for th e A m erican B ankers A ssociation in its recognition of th e seriousness involved in g o v ern m en t com petition, and for th e action of th e A.B.A. prom ises to take, suggesting a com m ittee to study and possibly re w rite th e co n stitu tio n and by-laws of th e N ebraska Associ ation, such com m ittee to re p o rt a t th e N EW S A N D VIEW S (C ontinued from page 18) of th e Sioux Falls Cham ber of Com m erce, w as recently elected p resid en t of th a t progressive organization. Both as a b an k er and as a civic leader, Mr. W atson has m ade an excellent record. T he Experience Service Cooperation N ew Y ork T rust Com pany C apital Funds . $45,000,000 Manned by officials with years of experience, our Correspon dent Bank Division renders a complete service, conducted in an intimate and personalized manner. I OO BROADWAY M A D IS O N A V E N U E AND 40T H STREET The guiding policy is one of cooperation in all matters of mutual interest. T EN ROCKEFELLER PLAZA F7 ~fie P u b lic N a t io n a l BANK. A N D COM PANY OF TRU ST NEW E STAB L I S H E D YO RK 1908 Member of the Federal Deposit Insurance Corporation _ ^ Q % T O Y V3% ENJOY TO J /0 j. . 4 %! /° T rusts, S ta te B ank In vestm e n ts, State B uilding and Loan, P ublic Funds, Insurance. L egal in Iow a and O ther States. Federally Insured Savings and Loan Certificates FINANCIAL DEVELO PM EN T COMPANY W rite for lists of Selected Associations, w ith com plete service— Gratis ( Nat Incorporated) 105 S. L a S a lle Northwestern Banker November 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C h ic ag o 3 P rofessor J. F . E bersole of The H arv ard B usiness School, believes th a t ban k ers should use m ore “im agina tion and boldness” in m aking loans in th e fu tu re, and goes on to say, “Is th ere any good reason w hy banks do not, cannot, or should not apply the sam e m ethods for pricing of loan risks and th e sam e drive for obtaining new borrow ers? Are ban k ers too blind to welcom e g re a te r risk s at fair prices or rates of com pensation? The burden of proof seem s to re st upon th e banks and b an k su p ervisory au th o rities—to explain w hy banks do not un d erw rite m ore degrees of credit at appropriate and v arious rates.” A. L. M. W iggin s, presid en t of the A m erican B ankers A ssociation, de clared th at, w ith th e F ed eral govern m en t in d irect com petition w ith p ri vate en terp rise th ro u g h various lend ing agencies, “The U nited States is rapidly approaching state socialism .” A sserting th a t th e n a tio n ’s sm all banks “A re having a difficult tim e in m aking satisfactory earnings because of F ed eral g overnm ent com petition. The n ational g o vernm ent is m ore and m ore tak in g over th e credit func tions of priv ate capital th ro u g h estab lish m en t of num erous lending agen cies, some of w hich are direct and some subsidized by th e F ed eral gov e rn m en t.” O ver the Top A. P. G iannini last m onth celebrated th e b irth d a y of th e B ank of America, w hich he founded 39 y ears ago, by an nouncing th a t a drive by em ployes of th e b ank to sell $300,000,000 in W ar Bonds betw een A ugust 2nd and the end of n ex t Ja n u a ry had already gone over th e top, afte r only eleven w eeks of a projected 26 w eeks’ cam paign. P ersonally addressing th e statew ide staff th ro u g h a statew ide radio hook up, G iannini said, “T he only w ord I can th in k of to describe th is response is M AGNIFICENT! “B ut le t’s not w aste too m uch tim e feeling prideful about our big achieve m en t,” he told th e em ployes, “except to realize th a t no goal is impossible. T his cam paign is n ot over yet. We em barked on a six m o n th s’ V ictory Drive, and although th e adding m a chines show th a t we have gone over our statew ide quota, it sim ply m eans th a t we have exceeded our expecta tions. W e are only ahead of schedule. W e m u st keep going.” He prom ised th a t th e stro n g adver tising cam paign in California new spa pers, to w hich m uch of th e W ar Bond sales record w as attrib u ted , w ould be 35 The First /#Jeep & 0 4 n e tm * ta H E n am e “ J e e p ” w a s first g iv e n to a c o n v e rte d M inneapolisM oline f a rm tr a c to r , show n ab o v e, a n d used d u rin g m an e u v e rs a t C am p R ip le y in 1940. T h is m ilita ry tr a c to r w as te rm e d “ J e e p ” b y J a m e s T. O ’B rie n , th e n a p r iv a te in th e 109th O rd n a n ce Com p a n y , M in n e so ta N a tio n a l G u ard , w ho now is a first s e rg e a n t in th e U n ite d S ta te s A rm y. S e rg e a n t O ’B rie n says he c alled it “ J e e p ” b e ca u se i t could go a lm o st a n y w h e re a n d k n e w a ll th e a n sw e rs ju s t lik e th e “ J e e p ” in th e P o p e y e c a rto o n s, w ho also k n e w a ll th e a n sw e rs a n d i f tr e a te d r ig h t could do m an y u n u su a l th in g s . T h is d isp els th e p o p u la r m isco n c ep tio n t h a t th e n ick n a m e cam e fro m th e c o n tra c tio n o f th e w o rd s “ G e n era l P u r p o s e ” (G P ), a n a rm y a n d a g ric u ltu ra l t r a c to r term . “ J e e p ” b ecam e A rm y p a rla n c e a n d it is a c k n o w le d g ed t h a t i f i t w ere fro m ‘ ‘ G e n era l P u rp o s e ” th e sp e llin g w ould be “ G e e p .” T he o rig in a l M inneapolis-M oline Jeep w a s a f o u r w h e el d riv e m ac h in e m ade e x p ressly f o r p u llin g b ig gu n s a n d h e a v y e q u ip m e n t now u sed on m a n y b a ttle fro n ts . tainclude T continued th ro u g h to th e end of J a n u ary. “The w ar still goes on,” he asserted. “T h ere w ill still be bills to pay, and A m erica can look only to you and to m e and our fellow A m ericans for the m oney w ith w hich to pay them . C arry on!” BONDS Public Utility 111 VOUR PO STW AR PLnnm nc W h o is m ost lik ely to com e to you for a personal loan after the war? Isn’t it the custom er w h o is already acquainted w ith y o u r b a n k th r o u g h so m e o th e r service? If that is true, then isn’t it also lik ely that the service w h ich enables you to attract a payin g volum e o f ac counts, today, w o u ld yield the greatest num ber o f p rofitablep ostw ar^ roip ecn? N o w for y o u r question: “W hat serv ice w ill help us accom plish this?” In m o r e a n d m o r e lo c a lit ie s th e a n s w e r is: th e k in d o f n o -m in im u m balance checking accounts that have a l l the features custom ers w ant. T h e Todd Com pany, Inc., has d evel oped profitable no-m inim um -balance services and prom otional ideas that get and hold business in sizeable volum e for b a n k s th r o u g h o u t th e c o u n tr y . T hese plans can be ind ividu alized to y o u r needs. D o n ’t overlook this feeder o f new business for your bank. W rite for a book let that w ill help you decide w hat steps to take, through a check list based on favorable experience o f other banks. It’s free. Just send this coupon: THE TODD CO., INC., ROCHESTER, N. Y. Please send m e your n ew b o o k let o n N o M inim um -B alance A ccou n ts, v.ith sugges tion s for a n alyzing our o w n situ a tio n . ( N o o b lig a tio n , o f co u rse.) In dustrial N a m e------------------------------------------------------------ R a ilroad T itle________________________________________ Bank N a m ?_________________________________ Address. M unicipal A .C .A L L Y N and c S tate. o m p a n TAJ. y Incorporated C O M P A N Y , IN C . 1 0 0 W e s t M o n r o e S t r e e t , C h ic a g o N ew Y ork R e p r e se n ta tiv e s: M ilw a u k e e W a t e r lo o O m aha D e s M o in e s I lo s t o n C e d a r R a p id s ROCHESTER OFFICES IN A N EW YORK PRI NCI PAL CITIES Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 36 STATEMENT OF CONDITION First National Bank of Minneapolis as at October 18, 1943 RESOURCES DI RECTORS C ash o n H a n d a n d D u e fro m B an k s U . S. G o v e r n m e n t B o n d s . . . . $ 8 0 ,0 1 8 ,7 7 0 .4 8 1 9 7 ,7 4 4 ,0 1 0 .9 4 . (.Direct and Fully Guaranteed) G u a r a n t y F u n d .................................................... 6 0 0 ,0 0 0 .0 0 (U. S. Bonds with State Treasurer to guarantee performance of Fiduciary Duties.) L o a n s a n d D i s c o u n t s .......................................... O t h e r B o n d s a n d S e c u r itie s . . . 4 7 ,3 0 5 ,7 1 9 .0 1 . 8 ,4 2 8 ,8 8 5 .6 1 O v e r d r a f t s .................................................... B a n k B u ild in g s . . . . . 6 ,9 5 8 .8 / 5 3 3 ,6 3 1 .2 2 . C u s t o m e r s ’ A c c e p ta n c e L i a b i l i t y . 2 1 9 ,7 7 9 .9 6 I n te r e s t E a r n e d b u t n o t C o lle c te d 6 8 9 ,4 2 5 .5 1 O t h e r A s s e t s .................................................... T o ta l R e so u rce s . . . 6 2 ,2 6 1 .3 0 . $ 3 3 5 ,6 0 9 ,4 4 2 .9 0 LIABILITIES C a p i t a l S t o c k ............................................................... $ 6 ,0 0 0 ,0 0 0 .0 0 S u r p l u s ......................................................................... 6 ,0 0 0 ,0 0 0 .0 0 U n d i v i d e d P r o f i t s .................................................... 4 ,5 5 1 ,6 6 1 .1 9 R e s e r v e fo r I n te r e s t , E x p e n s e s , T a x e s , E tc . 1 ,1 1 7 ,2 9 3 .5 6 I n t e r e s t C o lle c te d b u t n o t E a r n e d 7 0 ,9 3 4 .6 9 L e tte r s o f C r e d i t a n d A c c e p ta n c e s 2 1 9 ,7 7 9 .9 6 O t h e r L i a b i l i t i e s .................................................... 2 6 5 ,4 2 0 .8 9 D e p o s i t s .............................................................. T o t a l L ia b ilitie s 3 1 7 ,3 8 4 ,3 5 2 .6 1 $ 3 3 5 ,6 0 9 ,4 4 2 .9 0 ; Henry E. Atwood, Vice President The B. F. Nelson Mfg. Co. Russell H. Bennett, Mining Engineer Daniel F. Bull, President, The Cream of Wheat Corp. J. G. Byam, Vice President E. L. Carpenter, Retired Franklin M. Crosby, Vice President, General Mills, Inc. Paul V. Eames, President, Shevlin, Carpenter & Clarke Co. John H. Hauschild, President, Chas. W. Sexton Co. Horace M. Hill, President, Janney, Semple, Hill & Co. W. L. Huff, Vice President and Treasurer, Minneapolis-Honeywell Regulator Co. C. T. Jaffray, Chairman, M., St. P. & S. Ste. M. Ry. Co. John H. MacMillan, Jr., President, Cargill, Inc. Sumner T. McKnight, President, S. T. McKnight Co. W. G. Northup, President, North Star Woolen Mills Co. S. G. Palmer, President, S. G. Palmer Co. A. F. Pillsbury, Director, Pillsbury Flour Mills Co. L. E. Wakefield, President Robert W. Webb, Vice President H. R. Weesner, Chairman Board, Wabash Screen Door Co. F. B. Wells, Vice President, F. H. Peavey & Co. C. J. Winton, Jr., President, Winton Lumber Co. Sheldon V. Wood, President and General Manager, Minneapolis Electric Steel Castings Co. Edgar F. Zelle, President, Jefferson Transportation Co. U. S. Government obligations and other securities carried at $101,975,529.96 in the foregoing statement are deposited to secure public funds and for other purposes required by law. M ember Federal Deposit Insurance Corporation A f f i l i a t e d wi t h Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 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 37 Observes 40th Anniversary M IN N E S O T A NEWS H . R. K U R TH P r esid en t H u tch in so n W IL L IA M D U N C A N , Jr. S ecr eta ry M in n ea p o lis President Kurth Names Committees R. KURTH, p resid en t of th e Min♦ nesota B an k ers A ssociation, has announced com m ittees appointed for th e c u rre n t A ssociation year. The com m ittees and those nam ed on th em are as follows: H Agricultural A lden P earson, B ecker C ounty N a tio n al Bank, D etroit L akes (chairm an); D. W. B roadw ater, F a rm e rs & M er ch an ts S tate B ank, P reston; D. E. Crouley, N o rth w estern N ational B ank, M inneapolis; C. B. D ahlquist, Citizens State B ank, Roseau; A. L. Fosteson, F irs t N ational B ank, Bloom ing P rairie; George H ubm er, St. Clair S tate Bank, St. Clair; H. E. H u ltk ran s, F irs t N a tional B ank, L ittle Falls: Oscar L. Johnson, F a rm e rs & M erchants State Bank, Tracy; E. W. Kane, W o rth in g ton N ational B ank, W orthington; W il liam M. Kozel, Citizens State B ank, M ontgom ery; A. B. L athrop, F irs t N a tional B ank, St. Paul; A. M. Loberg, F irs t N ational B ank, Cokato; H. B. Lueders, N ational Citizens Bank, Canby; Colin McDonald, A nnandale State Bank, A nnandale; K. T. M artin, F irs t N ational B ank, M inneapolis; Leo N ikolai, K lein N ational Bank, M adi son; F. E. Pieschel, F arm e rs & M er ch an ts S tate B ank, Springfield; Tollef Sanderson, H arm o n y State B ank, H a r mony; F. R. Schlichting, D rovers E x change State Bank, South St. Paul; Carl H. Som m er, S tate B ank of Rush City; A. O. Strom seth, A tw ater State Bank, A tw ater. A. I. B. Educational R obert C. R u th erfo rd , 250 M cK night B uilding, M inneapolis ( c h a i r m a n ) ; L ubin G. Boehm e, N o rth w e ste rn N a tio n al B ank, M inneapolis; R ay Cam p bell, F irs t & A m erican N ational B ank, D uluth; F. L. D urand, F irs t Service Corp., M inneapolis; S. J. K ryzsko, W inona N ational & Savings Bank, W inona; Roy O verm an, F irs t T ru st Co., St. Paul; Lee Sm ith, F irs t N ational B ank, St. Paul. Bank Management R. A. Bezoier, F irs t N ational Bank, R ochester (chairm an); E dw ard A nder son, State B ank of B ird Island; W il liam A. Gray, City N ational Bank, D uluth; E. A. H ighum , Security State B ank, Lew iston; M artin K alton, Se c u rity S tate Bank, W ells; P. R. Kenefick, N ational Citizens Bank, M an kato; E dw ard S. Olson, F irs t N ational B ank, Starbuck; L aw rence Paulson, F arm ers State Bank, R othsay; T. V. P eterson, Citizens S tate Bank, W est brook; F ra n k T. Sankovitz, F irs t N a tio n al Bank, W aseca; W. R. Siems, F irs t State Bank, W illiam s; S. H. W isniew ski, State B ank of Foley. Consumer Credit A. C. A rm strong, N o rth w estern S tate Bank, D uluth (chairm an); F. A. B uscher, N ational B ank of Commerce, M ankato; W. C. Krog, F arm ers & M erchants S tate Bank, Stillw ater; J. T. P eterson, State B ank of LeSueur; F ra n k P. Pow ers, K anabec State Bank, Mora. Government Lending Agencies R. M. Storlie, Santiago S tate Bank, Santiago (chairm an); J. A. Allen, F irst N ational Bank, Milaca; O. M. Alme, A m erican State Bank, M oorhead; Guy S. Bacon, E m pire S tate Bank, Cotton wood; C. F. D abelstein, Olmsted C ounty B ank & T ru st Co., R ochester; L. C. D orw eiler, Chokio S tate Bank, Chokio; E. J. Feldm an, F irs t N ational B ank, Pipestone; H. C. G underson, F a rm e rs State Bank, Madelia; Jo h n G underson, Peoples S tate Bank, Cam bridge; A. F. Oberg, Security State B ank, L indstrom ; H ans C. Pedersen, F a rm e rs & M erchants S tate Bank, R uthton; A. G. R eiter, Security State B ank, H ow ard Lake; F. W. Schw anke, F irs t N ational Bank, Deerwood. L ast m onth th e M iners N ational B ank of E veleth, Minn., observed its 40th anniversary. The in stitu tio n w as opened October 14, 1903, and since th a t tim e it has show n a progressive grow th. T hree y ears ago th e bank added latest fixtures and w as com pletely m odernized. On th e opening day, th e deposits totaled $8,041.80 and up to date the deposits am ount to $1,032,479.34. On Ja n u a ry 16, 1925, J. R. Schukn ech t arriv ed from M inneapolis to become th e new cashier and director of th e bank. Today, A lfred Hoel is president; Leslie J. Tobin is vice p resi dent, and Mr. Schuknecht, cashier. O thers besides these th ree m en, on th e board of directors, are, D. W. Paciotti, L. G. Castle and George Ostrom. Of th e p resen t officials, Al fred Hoel becam e director and vice presid en t on Ja n u a ry 9, 1923 and w as elected presid en t Ja n u a ry 28, 1935. Elected Cashier C harles Dahling, form er receiver of the People’s State B ank at H arm ony, Minn., and recently associated w ith th e Spring Grove State Bank, has been elected cashier of the F irs t State B ank of Mabel. J. C. Nelson, form er State B ank cashier, retain s his connection w ith th e b ank as vice president. Heads Insurance Department L. A. H obert, w ho has conducted an insurance office in Litchfield, Minn., for several years, has tra n sfe rre d his business to th e N o rth w estern N ational Bank, w here it has been com bined w ith th e insurance business conducted by the b ank in charge of the late H. A. Becklund. Mr. H obert has entered th e b ank as head of its enlarged in su r ance departm ent. Finishes Naval School E nsign R obert E. Pye recently re tu rn e d from Cam bridge, Mass., w here he has been atten d in g naval school at H arv ard U n iversity since April. He w as ordered to rep o rt to California for active duty. E n sign Pye u n til e n te r ing service w as vice p resident of the F irs t State B ank of M edford and State B ank of M orristow n, M innesota. First in U. S. A , Clara City, M innesota, is rep o rted to be th e first tow n in th e nation to have reached its quota in th e recen t W ar Bond Drive. The cash for th e quota assigned to Clara City w as in a local b ank th irty -six hours before th e drive actually opened. Northwestern Banker Novem ber 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 38 MINN E S O T A NEWS Helping Toward Victory Postwar Planning B ankers in Raym ond, M innesota, are tak in g an active p a rt on th e hom e front. H. C. Feig, p resid en t of th e F arm e rs State B ank a t Raym ond, is county ch airm an of th e salvage com m ittee, and his son, R ussell M. Feig, cashier of th e bank, w as ch airm an of th e recen t w a r bond selling cam paign. The allo tm en t ra n alm ost $50 p er p e r son for everyone in th e county. E d n a Holtz, an a ssistan t cashier of th e F a rm e rs State of Raym ond, is no longer w ith th e bank. H er position is now filled by H elen R einers. At a recen t m eeting for postw ar planning, held in A lbert Lea, M inne sota, J. Cam eron Thom pson, president of th e N o rthw est B ancorporation, w as th e principal speaker. Roy W. Du laney, presid en t of th e F irs t N ational B ank in A lbert Lea, is chairm an of th e finance com m ittee for postw ar purposes. Former President Dies George B. Cutting, clerk of Olm sted county d istrict court and form er state legislator, b an k er and business m an, died in R ochester, Minn., last m onth. He w as 56 y ears old. Mr. C utting has been a president of th e F arm ers S tate B ank of Eyota. New Assistant Cashier At the reg u lar q u a rte rly m eeting of th e directors of th e F irst N ational Bank, at Cass Lake, Minn., Miss Ardis C hristensen w as elected assistan t cashier to take th e place of Roy Applegate w ho has gone w ith th e NW Air Lines. Staff Changes Made The resignation of P au l B aum g a rtn e r as a ssistan t vice president of the W inona N ational & Savings B ank at W inona, Minn., w as announced by W. F. Queisser, vice p resid en t of the bank, follow ing a m eeting of the board of directors. Several o ther changes in the staff of th e b ank also w ere approved by the board. Jo h n A m brosen, cashier, w as elected a m em ber of th e board of directors and S. J. K ryzsko w as ad vanced to second vice p resid en t and tru s t officer. T he resignation of E a rl B ingham as teller, effective last m onth, also was accepted, and it w as announced th a t Em il Bess has accepted a position as teller a t th e bank. Mr. B au m g artn er has been assistan t vice presid en t th e p ast four years. Meat Shortage W ell informed sources are pronounced in their opinions that a very definite m eat shortage w ill be prevalent early in the yea r of 1944. W hen such a condition occurs prices are u su ally governed b y the a g e old axiom of "supply and dem and" regardless of price controls. F eeders in the corn belt territory can contribute much toward relievin g the situation b y adding ton n age to the range cattle n ow b ein g m arketed and also be in position to take a d v a n ta g e of m arketing conditions. W e invite b anks to m ake u se of our facilities in financing their custom ers either in overlin es or e x c e ssiv e volum e of loans. C ollection item s directed to us w ill receive sp ecia l attention. Jordan Banker Dies Jo h n Michael, 81, of Jordan, Minn., retire d farm er and b an k er w ho had spent his en tire life in th a t vicinity, died recently. Cashier Resigns H arold J. Croke, cashier of the Goodhue County N ational B ank at Red W ing, Minn., for m any years and an em ploye of th a t in stitu tio n for m ore th an tw en ty y ears in various capac ities, severed his connections th ere last m onth because of ill health. O. G. Jones, presid en t of th e bank, said no changes in th e personnel set-up of the in stitu tio n are contem plated for the p resen t as a resu lt of Mr. Croke’s resignation. New Work for Cashier Stock Yards N ational Bank of South St. Paul, M innesota Member Federal Deposit Insurance Corporation Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Lt. S tanley R. W heaton, of E lk R iver, Minn., form er a ssistan t cashier of th e F irst N ational Bank, is an in telligence officer in a heavy bom bard m en t group now stationed in E ngland. Lt. W heaton is th e photo in te rp re te r officer and in charge of ad m inistration of th e intelligence section of th e group. 39 3i m i a m i V v u o w tew R AND TRUST COMPANY l -------------------- O F M I N N E A P O L I S --------------------C o n d e n s e d S t a t e m e n t o f C o n d i t i o n , O c to b e r 18, 1943 RESOURCES Cash and Due from Banks ..............................$12,948,114.22 United States Government S e c u r itie s ..............................$27,900,589.57 Other Bonds and Securities . 2,380,112.19 30,280,701.76 DIRECTORS Loans and D is c o u n t s ................................................ 9,815,611.75 Liability on Letters of C r e d i t ........................ 69,491.00 Income Earned but not Collected . . . . 136,043.26 Furniture and Fixtures . . . . . . . 59,755.17 N . C. B eim , Chairman of the Board, W . H . Barber Com pany F rederic B. Car r , Presiden and Treasurer, H allet & Carey Com pany G. L. H eegaard , President, M andan M ercantile C om pany W . C. H elm , Vice President, Russell-M iller M illing Com pany $53,309,717.16 Charles B. J ordan , Presiden: and Manager, Jordan Stevens LIABILITIES C om pany Demand and Tim e Deposits . War Loan Deposit Account . $39,758,443.34 11,059,403.33 $50,817,846.67 Reserves for Accrued Interest, Expenses and T a x e s ........................................................... Incom e Collected but not Earned . . . . Letters of C r e d i t ............................................... Capital S t o c k ........................ $1,000,000.00 S u r p l u s .................................... 750,000.00 Undivided Profits . . . . 140,945.70 Reserves for Contingencies . 369,255.52 Edgar L . M attson , Chairman of the Board B e n C. M cCabe M cC a b e , President., Brothers Com pany; President, International E leva tor C om pany 105,230.96 56,947.31 69,491.00 H. C lay M cC ar tney , Presi dent, Toro M anufacturing Com pany J. R . R andall , President, R e serve Supply C om pany E d w . A. S chlampp , President and Treasurer, P. Schlam pp & Son, Inc. M au rice S chumacher , Build ing Contractor S amuel S ew all , Treasurer, M inneapolis Iron Store 2,260,201.22 A rn ulf U e l a n d , President $53.309,717.16 P aul E. von K u st e r , Presi dent, D a v id C. Bell Investm ent Com pany U . S. G overnm ent and Other Securities carried at $19,228,637.29 are pledged, to secure public d eposits and trust funds and for other purposes, as required b y law. J am es C. W ym an , Manager, St. A nthony & D akota E levator Co. fOn leave of absence with United States Armed Forces. OFFICERS: E d g a r L. M a t t s o n Chairman o f the Board A rnulf U eland . . President W . E v er ett B rockm an . Vice President L a w r e n c e O. O l s o n . . Vice President R o b e r t S. S t e b b in s . . . . Cashier W il l ia m R . C h a p m a n Assistant Cashiei E . W a l t e r E n g st r o m M E M B E R https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F E D E R A L Assistant Cashier D E P O S I T JAMES A. G a l b r a i t h . . A ssistant Cashier V ic t o r W . M a s e r . . . A ssistant Cashiei and Assistant Trust Officer *C l i f f o r d C. S o m m e r . A ssistant Cashiei E v e r e t t L. T h o m p s o n A ssistant Trust Office H a r r y M . W il l m e r t . . A ssistant Cashier F r ank W . P eter so n . . . Comptroller I N S U R A N C E <. ORPORAT10J> Northwestern Banker Novem ber 19^3 40 Joins Bank Staff S t a te m e n t o f C o n d itio n T h e F N ir s t a t io n a l O F S A IN T Ba n k PA UL Lowers Loaning Rates A nnouncem ent w as m ade recently by th e A tw ater S tate Bank, at A t w ater, Minn., th a t old loaning rates of 7 and 8 p er cent are being discon tinued in favor of a 6 p er cent rate. as o f O c to b e r 1 2 , 1 9 4 3 Assistant Cashier Leaves • R eso urces Cash on Hand and Due from Banks 5 5 9 57 7 4 3 5 4 8 -7 o 1 5 4 ,8 3 4 ,469.83 U. S. Government Securities 6 ,3 1 4 , 5 0 1.7 0 Bonds and Securities 4 8 ,7 5 6 , 129.08 Loans and Discounts 6 1 8 ,709.00 Interest Earned but not Collected Customers’ Liability on Account of Acceptances, Letters of Credit and Foreign Bills 18 0 ,488.83 Stock in Federal Reserve Bank 4 2 0 ,000.00 Bank and Office Building 2 ,7 2 5 ,000.00 5 2 7 3 ,6 2 3 ,8 4 7 .14 L ia b il it ie s 5 6 ,0 0 0 ,000.00 Capital Stock 9 ,0 00 ,000.00 *Surplus 9 2 7 ,748.88 Undivided Profits 4 90 ,3 3 2 .5 6 Unallocated Reserves for Losses Reserve for Accrued Taxes, Interest and Expenses 8 3 9 ,7 o 7 -4 4 Reserve of Manufacturers and Others on Notes purchased from them i33,959-40 69 , 802.74 Discount Collected but not Earned Acceptances, Letters of Credit and Foreign Bills 18 0 ,488.83 TA (Includes United States War Loan 2 5 5 ,9 8 1 ,807.29 U e p o S ltS Deposit $5 7 , 8 3 4 ,6 0 3 . 2 9 ) 5 2 7 3 ,6 2 3 , 8 4 7 .14 United States Government obligations and other securities carried at $93,109 ,264.03 in the foregoing statement are deposit ed to secure public funds andfor other purposes required by law. *Surplus Account increased 11 ,0 0 0 ,0 0 0 on October 1 2 , 19 4 3 R ichard C. L illy , President F rederic R. B igelow , Chairman, Board of Directors D epartm ent of B anks and B ankers Alden B. L athrop, Vice President Lee A. Sauer, Assistant Cashier Rodney F . Sturley, Assistant Cashier Elm er M .V olkenant, Asst. Cashier W allace L. Boss, Assistant Cashier Member Federal Deposit Insurance Corporation AFFILIATED WITH FIRST Northwestern Banker November 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANK At a recen t m eeting th e directors of the Peoples S tate B ank at Trum an, Minn., appointed E. A. F en rick as a ssistan t cashier. Mr. F en rick is a native of M artin county. He has had years of b an king experience at Lamb erto n and Springfield. STOCK CORPORATION A lbert C otherm an term in ated his association recently w ith th e F irs t N a tional B ank of W innebago. He has held th e position of a ssistan t cashier since Ja n u a ry 1 and is leaving to take a like position in th e b an k at Jeffers, Minn. Changes Personnel A. H. Y oungstrom , associated w ith th e State B ank of Litchfield, Minn., for 39 years, tendered his resignation recently. A nother to resign w as Miss E th el B urington. H er successor is Miss Jean Crosby. Succeeding Mr. Y oungstrom is E d w ard J. A ltm ann, w ho has been in the em ploy of th e F irs t Service Corpor ation, M inneapolis. Elect Vice President At a recen t m eeting of th e board of directors of th e Lake City B ank and T ru st Company, Lake City, Minn., F ay Sprague w as elected vice president and Clarence W. O rr w as appointed to succeed Mr. Sprague as cashier. Mr. O rr w as form erly cashier of th e Red R iver S tate B ank of H alstead. Named on National Committee Oluf G andrud, presid en t of the Swift County Bank, Benson, Minn., has been appointed to m em bership on th e ag ri cu ltu ral com m ittee of th e A m erican B ankers A ssociation for a three-year term , according to announcem ent m ade recently. A. L. M. W iggins of H artsville, S. C., heads th e com m ittee and o th er m em bers are from various p arts of th e nation. Bank President Dies H orace Johns, 88, p resident of the Lake City B ank & T ru st Co., at Lake City, Minn., died last m onth. Mr. Jo h n s cam e to Lake City in 1857, and for 40 y ears w as in the w agon m an u factu rin g business. 41 Twin C ity News S H IR L E Y S. FORD, p resid en t of N o rth w e ste rn N ational B ank, w as ch airm an of th e “A” list division of th e M inneapolis W ar Chest cam paign w hich form ally opened last m onth. C live T. Jaffray, v e te ra n M inneap olis b a n k e r and ch airm an of th e board of d irecto rs of F irs t B ank Stock Cor poration, has been re-elected a direc to r of P illsb u ry F lo u r Mills Company. S. L. Jerpbak, au d ito r of M arquette N ational Bank, M inneapolis, has been prom oted to au d ito r and com ptroller. John W. Lam b has been nam ed as sista n t cashier of W estern State Bank, St. Paul, to fill th e vacancy created by prom otion of A u gu st M eyer to cashier. Lam b has been in th e in su ran ce b u si ness in M inneapolis and before th a t w as a ssista n t cashier of th e L ake City B ank & T ru st Company. A rn ulf U eland, p resid en t of M idland N ational B ank & T ru st Company, M in neapolis, and of R obert M orris Asso ciates, has been appointed to a sevenm an credit policy com m ission of the A m erican B an k ers A ssociation. The com m ission w ill coordinate v arious bank cred it activities of ABA. Oliver S. P ow ell, first vice p resid en t of th e F ed eral R eserve B ank of M in neapolis, spoke to m em bers of th e In su ran ce Club of M inneapolis at th e ir opening m eeting of th e season in October. M. O. Grangaard, vice president, F irs t N ational B ank of M inneapolis, has been appointed to th e A m erican B ankers A ssociation’s com m ittee on F ed eral legislation. W estern State Bank, St. Paul, has m oved from fo rm er q u a rte rs at 639 U n iv ersity A venue to new offices ju st https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis By James M. Sutherland Sp ecia l Correspon dent four doors away, at 669 U niversity A venue. The new location gives the bank about th ree tim es its form er space. No form al opening w as held, due to w artim e conditions, b u t th ere w ere plen ty of flowers and visitors w hen th e b ank opened afte r its w eek end m oving job. A. W. Sands is p resi dent. Charles H. Loom is, m anager, in v est m ent departm ent, F irs t N ational B ank of St. Paul, w as elected ch airm an of th e M innesota Group of th e In v e st m ent B ankers A ssociation of A m erica a t its an n u al m eeting. E lected vice chairm an w as W. S. M acfadden of Piper, Jaffray & Hopwood, M inneapolis, w hile Robert D avis, m anager, St. P aul office of John N uveen & Company, w as m ade secre tary -treasu rer. N am ed to th e board of governors w ere R. G. A ndrew s of J. M. Dain & Company, M inneapolis; D. E. M cFarland, K alm an & Company, M inneapolis; L eo Quist, H arold E. W ood & Company, St. Paul; E. R. Col burn, a ssistan t secretary, bond d ep art m ent, N orth w estern N ational Bank, M inneapolis; Bert Turner, K alm an & Company, St. Paul, and C. S. A shm un, M inneapolis. N ew p resid en t of th e Tw in City Bond T raders Club is M aynard R ue of J. M. Dain & Company, M inneapolis. He succeeds George V. Jackish of H a r ris, U pham & Company, M inneapolis, w ho w as nam ed national com m ittee m an. O ther officers elected at th e a n nu al m eeting are Paul M atsche of Paine, W ebber, Jackson & Curtis, St. Paul, vice president; Oscar Bergm an of Allison-W illiam s Company, M inne apolis, secretary, and Jack Talbot of N orth w estern N ational Bank, M inne apolis, treasu rer. A rthur P. K em p, vice president, F irs t N ational B ank of M inneapolis, has been re-elected a director of the M inneapolis Civic & Commerce Asso ciation at th e organization’s th irtie th an n u al election. L. R. Oberg, cashier, BloomingtonLake N ational Bank, M inneapolis, w as elevated to th e presidency of the E x chequer Club at the opening m eeting of th e season w hich developed into a silver an n iv ersary celebration, as the club w as organized ju st 25 y ears ago. O ther officers of th e b a n k e rs’ group nam ed w ere R. R. N elson, vice p resi dent and cashier, Cam den P a rk State Bank, vice president, and A. W . M ills, cashier, F ederal R eserve B ank of M inneapolis, secretary-treasurer. Jam ieso n & Company Members New York Stock Exchange and Other Principal Exchanges ★ STOCKS BONDS COMMODITIES ★ MINNEAPOLIS FARGO ST. PAUL GRAND FORKS DULUTH SIOUX FALLS PRIVATE WIRES Northwestern Ranker Novem ber 19^3 42 •MINN ESOTA NEWS* K ingm an had previously served the lim it of tw o term s as an alum ni tru ste e of th e college. Milo S. M eier has joined th e staff of th e M inneapolis office of Paine, W eb ber, Jackson & C urtis, follow ing his being placed on th e inactive list of the arm y. N o rth w est B ancorporation d irectors have declared a dividend of 25 cents a share, payable Nov. 26th to stock holders of record Nov. 10th, accord ing to an n o u n cem en t by J. C. T hom son, president. It covers 1,551,787 sh ares of stock o u tstan d in g and w ill to tal about $388,000. H enry S. K ingm an, p resid en t of F arm e rs & M erchanics Savings B ank, has been elected a p e rm a n e n t tru ste e of A m h erst College, A m herst, Mass. He is th e first m em ber of th e p e rm a n en t board living w est of Chicago. Mr. Association Elects Officers A. W. Hoodecheck, presid en t of the M urray County State Bank, of Slayton, Minn., w as elected p resid en t recently of th e S outhw estern M innesota C lear Our D irecto rs The strength of a bank is reflected in the quality of its directorate. In this, the Live Stock N ational Bank is very fortunate with directors w ho are lea d ers in sev era l important industries. T hey include: HAROLD C. BOSWELL, Secretary-Treasurer, W estern Contracting Corporation Secretary-Treasurer, L. G. Everist, Inc. CARL L. FREDRICKSEN, President CHARLES R. McKENNA, President, Johnson Biscuit Com pany V ice President, Tolerton & W arfield Com pany G eneral M anager, Robb-Ross C om pany BYRON L. SIFFORD, C ounsel Sifford & W adden, Attorneys GEORGE F. SILKNITTER, President, President, President, President, Sioux Sioux Iow a Sioux City Stock Yards Co. City Terminal R ailw ay Co. Rendering C om pany Falls Stock Yards Co. MARK A. WILSON, Vice President T hese m en, too, invite yo u to m ake this bank your correspondent in Sioux City. ★ ★ a t i o n a O F S MO f / X l CM B a n k MOWA ^Ae BanJc a£ t/te M e m b er F e d e r a l D e p o s it In su r a n c e C orp o ra tio n Northwestern Banker Novem ber 19b3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Back to the Farm A. V. H ighum , w ho for th e p ast four y ears has been connected w ith the P ipestone N ational B ank in Pipestone, Minn., has resigned as assistan t cash ier of th a t in stitu tio n , and w ill assum e the m anagem ent of a farm n ear Rushford, Minn. As y et no successor for Mr. H ighum has been secured, according to W. R. Lange, m anager of th e local bank. Mr. H ighum , w as engaged in farm ing before en terin g th e banking business. Ex-Banker Dies H a rry R. W hitney, re tire d Dodge Center, Minn., banker, died at his hom e recently. A b an k er for 35 years, he advanced from ja n ito r to presid en t of th e Dodge C enter S tate Bank. H e re tire d in 1938 and had devoted m uch of his tim e to his farm south of Dodge Center. 20 Consecutive Years ★ LIVE STOCK N ing H ouse A ssociation, at its annual convention a t C urrie, Minn. O ther officers elected w ere: E. W. Kane, W orthington, vice president, and Sen. Jo h n E ngebretson, K enneth, secretarytreasu rer. D irectors nam ed at th e m eeting w ere Chris L au ritsen , Tyler; A. J. Tillem ans, M inneota; W illiam Kooiman, Chandler; M. C. L eonard, W orthington; A. H. Jenson, Pipestone; E d H anson, K anaranzi. W alter Lange, of Pipe stone, as p ast president, w as nam ed director-at-large. H elm u th K u rth , of H utchinson, b ro u g h t greetings from th e M innesota B ankers A ssociation, of w hich he is president, and Leif Gilstad, d irector of M innesota W ar F i nance, spoke on th e necessity for a successful T h ird W ar L oan drive. Ben Goldish of D uluth, m em ber of th e W hite and Odell A gency of N o rth w estern N ational Life of M inneapolis, recently com pleted 20 consecutive y ears of m em bership in th e com pany’s App-A-Week Club and w as presented w ith a prize check for $200. Mr. Goldish is th e second m em ber of the Nw N L field force to pass th e 20-year m ilestone. Misplaced F ath er: “W hy w ere you k ep t in at school?” Son: “I d id n ’t know w here the Azores w ere.” F ath er: “W ell, in th e fu tu re ju st re m em ber w h ere you p u t th in g s.” 43 SOUTH DAKOTA NEWS T. N. H A Y TER P r e s id e n t S io u x F alls A c tin g S ecr eta ry M I L D R E D S T A R R IN G G E O R G E M. S T A R R IN G S ecreta ry -T rea su rer H u ro n (In the Service) 1943 Group Meetings T H E 1943 G roup M eetings have ju s t come to a close and m any of those atte n d in g rem ark ed th a t th e y w ere glad to have an o p p o rtu n ity to get to g eth er again. A ttendance w as good considering w artim e restrictio n s, and th e pro g ram w as w ell received. T he follow ing speakers, P resid en t H ay ter, Carl Odegard, S u p erin ten d en t of B anks H augo and Jo h n Thom son, w ere on every program . P re sid e n t H a y te r spoke briefly of A ssociation activities and b ro u g h t th e discussion up to date on A ssociation affairs. Carl O degard b ro u g h t a com par ativ ely new subject to th e a tte n tio n of b a n k e rs—farm chem urgy. H is ta lk w as illu stra te d by a g ric u ltu ra l p ro d ucts, som e of w hich he grew him self. S u p e rin te n d e n t Haugo, in his ca pable m an n er, talk ed on “A Flexible Y ardstick,” show ing th e im proved condition of b an k s today and w arn in g th e b an k s to use an u n ch an g in g y a rd stick. Jo h n T hom son, ch airm an of our A g ricu ltu ral Sub-Com m ittee on Gov e rn m e n t L ending Agencies, gave a fine re p o rt of th e activities of th is com m ittee on th e PCA m atter. Mr. T hom son p ointed out th a t th e A. B. A. reso lu tio n did not u rg e th e w iping out of th e P. C. A.s b u t req u ested th e r e tu rn to th e U nited S tates T re a su ry of th e $120,000,000 subsidy g ra n te d it by th e governm ent. It developed th a t th e subsidy w as benefiting less th a n 5 p er cent of th e farm ers of th e coun tr y and those em ployed by th e system . P re sid e n t H a y te r called on L. O. Olson, vice p re sid e n t M idland N ational B ank & T ru s t Com pany, M inneapolis, to speak briefly of th e new educational courses of th e A. I. B. Mr. Olson talk ed before six of th e g roups on th is su b ject. E ach of th e th re e courses, “An In tro d u ctio n to th e Study of B anking,” “B ank B ookkeeping,” and “The T el le r’s H andbook,” m ay be com pleted in an average of 12 sessions of about an h o u r and a half each. Mr. Olson pointed out th a t these courses could w ell be ta u g h t by an officer of a bank, benefiting not only th e em ployes b u t th e em ployer as well. Officers Elected Group I at V erm illion (A ttendance 85): P resid en t—Geo. D. Behl, p resi den t F a rm e rs & M erchants Bank, Scotland; vice presid en t—E. B. D w ight, p resid en t Springfield S tate Bank, Springfield; secretary -treasu rer—K. L. Szym anski, cashier F a rm e rs & M er ch an ts Bank, Scotland. 1944 m eeting at Scotland. E. A. E ystad, p resid en t S ecurity S tate Bank, W akonda, w as n om inated m em ber of th e executive council to succeed L. L. Lillibridge of B urke, w hose term expires after ad jo u rn m en t of th e 1944 convention. Group II at M adison (A ttendance 72): P resid en t—E. M. Dean, cashier F a rm e rs S tate Bank, Canton; vice p resid en t—C. A. Lovre, vice presid en t and m anager, B rookings B ranch, N o rthw est S ecurity N ational B ank of Sioux Falls, Brookings; secretarytre a su re r—Wm. C. Duffy, vice p resi d en t U nion Savings Bank, Sioux Falls. 1944 m eeting a t Sioux Falls. L. C. F orem an, presid en t Corn E xchange B ank, E lkton, w as nom inated m em ber of th e executive council to succeed him self. H is p resen t te rm expires a fter ad jo u rn m en t of th e 1944 conven tion. Group III at M itchell (A ttendance 66): P resid en t—R. A. Johnson, cashier B ank of Kim ball, K im ball; vice p resi dent—F. W. B unday, cashier F arm ers & M erchants B ank, W essington Springs; secretary -treasu rer—H. W. F redine, a ssistan t cashier Com m ercial T ru st & Savings Bank, M itchell. 1944 m eeting a t M itchell. A. F. Litz, vice p resid en t and cashier D elm ont State Bank, Delm ont, w as nom inated m em b er of th e executive council to succeed J. M. P a tto n of M itchell, w hose term expires after ad jo u rn m en t of th e 1944 convention. Group IV at A berdeen (A ttendance 30): P resid en t—A. G. B erger, vice presid en t and cashier Deuel County N ational Bank, Clear Lake. Vice p resi d en t—J. A. A nderson, p resid en t F irs t S tate Bank, Pierpont; secretary-treas u re r—L. F. W addington, cashier Rosholt C om m unity Bank, Rosholt. 1944 m eeting a t W atertow n. Group V at H uron (A ttendance 52): P resid en t—L. A. H ollenbeck, cashier F a rm e rs & M erchants S tate Bank, Iroquois; vice presid en t—M. B. Slaugh ter, vice presid en t and m anager Redfield branch, F irs t N ational B ank of A berdeen, Redfield; secretary -treas u re r—H. C. W haley, assistan t m anager H uron branch, N. W. S ecurity N a tional B ank of Sioux Falls, H uron. 1944 m eeting at H uron. R ussell Bard, cashier H and County S tate Bank, M iller, w as nom inated m em ber of th e executive council to succeed L. L. B ranch of P ierre, w hose te rm expires afte r ad jo u rn m en t of th e 1944 con vention. Group V I at M obridge (A ttendance 48): P resid en t—M. J. Schirber, cashier Dewey County B ank, T im ber Lake; vice presid en t—J. S. Chase, cashier F au lk County S tate Bank, F aulkton; secretary -treasu rer—G. W. Goodell, a ssistan t m anager M obridge branch, F irs t N ational B ank of A berdeen, Mo bridge. 1944 m eeting a t Mobridge. Chas. W. C hristen, p resid en t F irs t S tate Bank, Roscoe, w as nom inated m em ber of th e executive council to succeed him self. H is p re se n t te rm ex pires afte r a d jo u rn m en t of th e 1944 convention. Group V II at D eadw ood (A ttend ance 48): P resid en t—T hom as L. Seppala, p resid en t S outhern H ills Bank, E dgem ont; vice p resid en t—F. L. C hristensen, cashier B ear B utte V al ley Bank, Sturgis; secretary-treas u re r—C harles E. Pendo, cashier M in ers & M erchants Savings Bank, Lead. 1944 m eeting place to be decided upon by officers. \ Sioux Falls News F OLLOW ING successful operation of th e T h ird W ar L oan cam paign and th e U nited C om m unity and W ar Chest drive, a tten tio n of Sioux F alls ban k ers w as focused last m o n th on a series of group m eetings of th e South D akota B ankers A ssociation. Seven m eetings in all w ere held in th e state—a t Deadwood, October 9th; M obridge, October 11th; A berdeen, Oc to b er 12th; H uron, O ctober 13th; M it chell, October 14th; M adison, October 15th, and V erm illion, October 16th. A m ong th e speakers a t each of th e Northwestern Banker Novem ber 19b3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 44 • SOUTH m eetings w ere T. N. H ayter of Sioux Falls, p resid en t of th e South D akota B ankers A ssociation and vice p re si den t of th e F irs t N ational B ank and T ru st Company; E rlin g H augo of P ierre, state su p e rin te n d e n t of banks; Carl J. Odegard of H uron, b ran ch m an ag er of th e N o rth w est S ecurity N ational Bank, and John N. T hom son, cashier of th e B ank of Centerville. P rin cip al Sioux F alls a tte n tio n cen tered on th e m eeting of G roup Two at M adison. T he group includes 38 b anks of so u th eastern South D akota, w ith E. M. Dean, cashier of th e F a rm e rs DAKOTA NEWS S tate B ank a t Canton, serving as act ing president, and E. J. D irksen, cash ier of th e S ecurity B ank and T ru st Com pany a t M adison, serving as sec re tary -treasu rer. A t each of th e seven m eetings, H ay te r com m ented on activities of the b an k association, O degard spoke on “C hem urgy Beyond th e W ar,” H augo’s topic w as “A Flexible Y ardstick” and Thom son com m ented on “G overnm ent Subsidized L ending.” Good attendance records w ere rep o rted th ro u g h o u t th e state. STATEMENT OF CONDITION • A nu m b er of Sioux Falls bankers also attended th e m eeting at V erm il lion, w here special speakers included Dr. I. D. AVeeks, presid en t of th e U ni v ersity of South Dakota; H. H. E pper son, rep resen tin g th e Steele Sim an L ivestock Com m ission Com pany of Sioux City, w ho spoke on cattle feed ing, and R. R. Brubaker, p resid en t of th e Toy N ational B ank of Sioux City, w ho spoke on “G overnm ent Bonds in th e B ank P ortfolio.” R alph M. W atson, presid en t of the N o rth w est S ecurity N ational B ank in Sioux Falls, w as elected presid en t of th e Sioux Falls C ham ber of Commerce a t a special m eeting of th e board of directors held October 18th. W atson had served as vice p resid en t of the NORTHWEST SECURITY N A TIO N A L BANK of S i o u x F al l s, South Dakot a “South Dakota s Leading Bank'' October 18, 1943 RESOURCES C ash on H an d , in F e d e r a l R e se r v e B an k , and D u e from B a n k s and B a n k e r s ................................................................... $ 6,761,773.60 U . S. G overn m en t O b lig a t io n s ........................................................................ 15,698,193.07 S ta te and M u n ic ip a l B o n d s ............................................................................... 724,552.29 O th er B o n d s and S e c u r i t ie s ............................................................................. 375,598.66 S to ck in F e d e r a l R e se r v e B an k in M in n e a p o lis ............................................................... O v e rd ra fts ..................................................................................... L o a n s and D is c o u n t s ............................................................................ B a n k in g H o u s e s , F u rn itu re and F ix t u r e s ............................................................................... Includes Banking Houses at Sioux Falls, Brookings, Chamberlain, D ell Rapids, Gregory, Huron and Madison, all clear of encumbrance. I n te r e s t E a rn ed b u t n o t C o lle c t e d ............................................................................................... T O T A L ......................................................................................................................................... $23,560,117.62 30,000.00 5,311.78 4,781,958.02 326,873.25 98,449.52 $28,802,710.19 L IA B IL IT IE S C a p ita l S to ck — C om m on ................................................................................... $ S u rp lu s ............................................................ U n d iv id e d P rofits and R e s e r v e s ...................................................................... 500,000.00 500,000.00 281,319.12 $1,281,319.12 74,698.18 7,657.83 R e s e r v e for I n te r e s t, T a x e s , and O th er E x p e n s e s .............................. I n te r e s t C o lle c te d b u t N o t E a r n e d ............................................................................................. D e p o sits: T im e ......................................................................................................................... 2,668,724.67 D em a n d .................................................................................................................. 19,515,269.46 U . S. W a r L o a n ................................................................................................ 5,255,040.93 27,439,035.06 T O T A L ......................................................................................................................................... $28,802,710.19 BRANCHES AT BROOKINGS, CHAMBERLAIN, DELL RAPIDS, GREGORY, HURON, MADISON O F F IC E A T S C H O O L , A R M Y A IR F O R C E S S io u x F a lls , S. D . T E C H N IC A L F E E D H . H O L L IS T E R C h a irm a n T R A IN IN G Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis organization du rin g th e p ast year, and succeeds F rank Burke. W atson w as active in th e 1943 U nited C om m unity and W ar Chest cam paign, serving as ch airm an of th e im p o rtan t advance gifts com m ittee. W ith a goal of $50,000, com pared w ith $27,000 in 1942, his com m ittee rep o rted gifts of $51,015 du rin g th e cam paign. F o r th e en tire drive, gifts totaled $93,000 on a goal of $80,000, it w as re ported by C. A. C hristopherson, p resi dent of th e U nion Savings Bank, and cam paign treasu rer. COM M AND R A L P H M. W A T S O N P re s id e n t United S tates D epositary M ember Federal D eposit Insurance Corporation R ALPH M. W A T SO N C ham ber o f C om m erce P r e s id e n t A D D IT IO N A L SO U TH D A K O T A N EW S Page 67 Bank Debits Increase NORTH DAKOTA NEWS H . A. F IS C H E R P r e s id e n t W ash b u rn C. C. W A T T A M S ecr eta ry F argo Lisbon Cashier Leaves Marks Miss M arie M organ, w ho has been engaged in th e b an k in g business in Lisbon, N o rth D akota, for th e p ast eighteen years, for fifteen y ears as sista n t cash ier in th e F a rm e rs State Bank, recen tly left for Los Angeles, California. Miss R u th Sanders has been p ro m oted to a ssista n t cashier of th e F a rm ers S tate B ank, th e place vacated by Miss M organ. T he F irs t N ational B ank at G rand F ork s, N o rth Dakota, w hich w as or ganized follow ing th e 1933 b ank holi day, w as 10 y ears old last m onth. The b an k first opened its doors for busi ness in October, 1933. A statem en t of th e b a n k ’s condition, issued recently, listed rev enue re sources totaling $8,182,390.37. F red R. O rth is presid en t of th e bank and R. D. Campbell is ch airm an of the board of directors. O ther directors are C arth er Jackson, M. W. M urray, W. R. V anderhoef, G. O. Colborn, C. J. M ur p h y and Mr. Orth. B ank officers in clude Mr. M urray, vice president; Mr. Jackson, cashier and tru s t officer, and H arold S. Pond, M artin L ystad, Oscar N orby and A. M. Lom m en, a ssistan t cashiers. On High Level B ank debits in F argo and th ro u g h out N o rth D akota and n o rth e rn M in nesota continue on a h igh level, re flecting th e g reatly increased m oney supply and p u rch asin g pow er in th e state, according to re p o rts of th e M in neapolis F ed eral R eserve Bank. F arg o debits clim bed to 19 p er cent over th e corresponding m o n th and every N o rth D akota re p o rtin g city show ed big gains. C rafton debits are nearly 300 p er cent higher. M oorhead debits are up 33 p er cent. Reach Million in Deposits T he B ank of Steele, at Steele, N o rth D akota, is now a m illion dollar in s titu tion. D eposits soared over th e one m illion m a rk recently, m aking th is b an k one of th e larg est b an k in g in sti tu tio n s in c en tral N o rth Dakota. The b an k is capitalized for $15,000, and has a su rp lu s and undivided p ro f its account of over $25,000. T he B ank of Steele w as converted from a n atio n al to state b an k in 1933, at w hich tim e th e deposits w ere $200,000. Since th a t tim e it has show n a steady grow th, now h aving deposits of over one m illion dollars. It w as form erly know n as th e F irs t N ational Bank. P re se n t officers are: M artin P e te r son, p resident; H. W. George, vice p re s iden t and cashier; E. A. W entz, a ssist a n t cashier; M. M. George, teller, and lo n e W entz and R uby M erkel, book keepers. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 10th Year Nome Bank Liquidates V oluntary liquidation of th e Nome, N o rth D akota, State B ank w as voted by stockholders last m onth and deposi to rs are being paid off on a 100 per cent basis. T he cashier, A. F. F ir, and tw o em ployes had resigned and bank officers w ere unable to replace them . Dr. S. A. Nesse, Nome, w as p resid en t of th e bank and W. C. M acfadden, Fargo, vice president. Hankinson Cashier Dies H ugo K ra u tk ra m e r passed aw ay last m o n th at his hom e in Omaha, N ebras ka. He suffered a stroke w hile at w o rk and n ever regained conscious ness. Mr. K ra u tk ra m e r w as w ell know n in H ankinson, N orth D akota, as cashier of th e Citizens N ational B ank there. Valley City Debits Up In Valley City, N orth Dakota, bank debits reg istered a 33 p er cent increase w hen com pared w ith 1942, w hile ta b u lations for th e first nine m onths of 1943 indicate a 20 per cent increase w hen com pared to th e corresponding period of last year. Volum e of b ank debits in Devils Lake, N o rth Dakota, show ed an in crease of 69 p er cent over 1942, accord ing to tabulations released by th e F ed eral R eserve B ank of M inneapolis. F o r the first nine m onths of 1943, th e rep o rt show s Devils Lake had a 30 p er cent increase. Devils Lake w as six th in th e stan d ings of cities in th e w hole N inth F ed eral R eserve D istrict in point of in creased b an k debits over th e same m onth in 1942. Bank Clearances Up B ism arck, N orth Dakota, ban k deb its w ere 40 p er cent h ig h er last Sep tem ber th a n d uring th e sam e m onth in 1942. D uring th e first th ree q u arters of 1943 th ey w ere 11 p er cent above the sam e period in 1942. F o r th e state as a whole, last Sep tem ber show ed a 37 p er cent gain over th e sam e m onth a y ear ago and busi ness for th e first th ree q u a rte rs of th is y ear w as up 16 per cent. Debits Gain at Minot T he volum e of b ank debits in Minot, N o rth Dakota, reached $8,852,000, an increase of 41 p er cent, a rep o rt from th e F ed eral R eserve Bank, M inne apolis, showed. F o r th e first nine m onths of 1943, bank debits here w ere 20 p er cent g reater th a n in th e corresponding pe riod last year, th e com parative figures being $60,005,000 and $50,111,000. T he en tire N inth F ederal R eserve D istrict had a 38 per cent gain in Sep tem ber, and a 26 p er cent increase for th e nine m onths. Irving Trust Director A nnouncem ent of th e election of Jam es W. H ubbell, presid en t of The New York T elephone Company, as a d irector of Irv in g T ru st Company, New York, has been m ade by H a rry E. W ard, chairm an of th e Irv in g board. A native of D anbury, Connecticut, and a grad u ate of Yale, Mr. H ubbell has spent his en tire business life in th e telephone field. U pon leaving col lege he obtained em ploym ent in B rook lyn w ith th e New Y ork & N ew Jersey Telephone Company, w hich later be cam e a p a rt of th e New Y ork Tele phone Company. F o r seven y ears he w as w ith th e Bell T elephone Com pany of P ennsylvania. R etu rn in g to th e New Y ork com pany, he w as m ade chief engineer of th e u p state area in 1925, general m anager in th a t d istrict w ith h ead q u arters in Al bany in 1926, th e n successively vice presid en t in charge of operations and president. Northwestern Banker Novem ber 19^3 46 UNI TED ]\[a iio n a l STATES BAN K O m ah a Send us Y ou r C om m odity] L oans ~. ' ..w ~tâ M E M B E R Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F . D . I. C . I 47 of m oney and m essages to th e m en and w om en in our arm ed forces. NEBRASKA m List Members «s NEWS WM. B. HUGHES Secretary R . I. S T O U T P r e s id e n t T ek am ah Omaha On Bank Staff Additional Service H aro ld L. B ierm an took over his d uties la st m o n th as th e farm re p re sen tativ e for th e H astin g s N ational B ank at H astings, N ebraska. T he F irst N ational B ank at B ancroft, N ebraska, is handling all out-going and in-coming W estern U nion m oney orders. T his is an added service, and especially so now in th e tra n sfe rrin g W ith th e death of P resid en t George J. Taylor, directors of th e McDonald S tate B ank at N o rth P latte, N ebraska, have announced th e personnel of offi cers and board of directors as follows: C hairm an of board, W. H. McDon ald. P resident, L. B. Dick. Vice presid en t and cashier, J. Y. Castle. A ssistant cashiers: M attie R alston, Jo h n B arton, V irgil G raham and George A. Taylor, w ho is serving in th e arm ed forces of th e U nited States. D irectors: W. H. McDonald, J. B. McDonald, L. B. Dick, J. Y. Castle and New Head Named H. F. M ullen of th e F ir s t N ational B ank and A. H. S hultz and H erm an F. M eyer of th e F a rm e rs S tate B ank a t Scribner, N ebraska, atten d ed the a n n u a l m eeting of th e F irs t R egional B an k ers C learing H ouse A ssociation a t F rem o n t. Mr. Shultz re tire d as p re sid e n t of th e group a fte r tw o y ears of service in th a t capacity and w as succeeded by E. H. H end erso n of the Com m ercial S tate B ank of Cedar Bluffs. E d Niles of th e F re m o n t N a tio n al B ank w as re-elected as secre tary . They Sold W ar Bonds Officers Elected The N o rth east N eb rask a Clearing H ouse A ssociation m et in W ayne, N e b rask a, recently. Several speak ers dis cussed vario u s b an k in g subjects. Offi cers elected w ere: B. J. B arn h o ld t of W ausa, president; R. C. H oehns of S tanton, vice president; E d g ar H oar of H artin g to n , secretary. A. L. Pospisil of W akefield w as th e re tirin g p resi d en t and in charge of th e m eeting. New State Bank T he H enderson S tate B ank a t H en derson, N ebraska, opened last m onth, succeeding th e H enderson Cooperative C redit A ssociation and giving th e com m u n ity its first b an k since 1933. P re sid e n t Dean Sack of th e Y ork S tate B ank, one of th e organizers, said th e b an k has an au th o rized capital of $25,000. S h areholders h ad voted u n a n i m ously on M onday n ig h t to dissolve th e cooperative, w hich had deposits of $80,000. Bankers Meet M em bers of th e Paw nee C ounty B ankers A ssociation m et in Paw nee City, N ebraska, recen tly to discuss th e W ar Bond drive. A R D IS P E N N IN G T O N BETTY E L A IN E R IC H A R D S O N T H E tw o charm ing m isses pictured above proved th ey knew how to sell W ar Bonds du rin g th e recen t cam paign, w hen d uring th e R ichardson C ounty F a ir held a t H um boldt, N e b raska, th ey chalked up a total of $150,000. Otto Kotouc, vice p resid en t of th e Hom e S tate Bank, H um boldt, w as in charge of bond sales du rin g the fair.. T he girls sold th e ir bonds at a Bond Cottage, w hich w as erected on the fairgrounds for th e three-day fes tival. Miss P en n in g to n and Miss R ichard son are both em ployed a t th e H om e S tate Bank. Miss P en n in g to n g rad u ated last y ear from H um boldt H igh School, and has w orked in th e b ank since h e r graduation. She has tw o b ro th ers serving in th e arm ed forces overseas. Miss R ichardson is a senior in th e high school and a d rum m ajor in th e band. D uring th e school te rm she w orks p a rt tim e a t th e Hom e State Bank. Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 48 • NEBRASKA the tw o follow ing new directors, Geo. H. L ark in and Joseph H irschfeld. Banks Merge The F irs t N ational B ank of B ene dict, N ebraska, m erged w ith th e F irs t N ational of Y ork at York, N ebraska, and all th e assets of th e in stitu tio n have been tra n sfe rre d to th e Y ork bank. Former Receiver Dies Services w ere held recen tly at Scottsbluff, N ebraska, for George G. Cronkleton, 67, fo rm er receiver for in solvent natio n al b an k s in eastern N ebraska, w ho died suddenly of a h e a rt attack. Conkleton h ad charge of th e S aun ders C ounty N ational B ank at AVahoo, N ebraska, at one time. N E WS • Teller Resigns Bill F lo ry resigned as teller a t th e C entral N ational B ank at Columbus, N ebraska, recently to be in St. Paul M innesota. H is plans are indefinite. G ets Bonds The county board additional securities of Odell, N ebraska, $10,000 consisting governm ent bonds: recently approved for th e State B ank in th e am ount of of U nited States From the Nebraska Junior Bankers Association increase Capital Stock John Lauritzen, Fjditor M inatare, N ebraska, now has a “m il lion dollar b an k ,” according to a sta te m en t of H a rry T. Johnson, ch airm an of th e board of directors of th e F irs t N ational Bank. The daily balance sheet recen tly show ed to tals of m ore th a n $100,000,000. Three Consolidated S tockholder m em bers of th e Bloom field, F irst, and K nox C ounty N ational F arm Loan A ssociation have ac cepted th e F ed eral L and B ank of O m aha’s reorg anizatio n plan, con solidating th re e associations into one, th e K nox N ational F a rm L oan Asso ciation. A nnouncem ent w as m ade by Ben F. Banks, p resid en t of th e consolidated N ational F a rm Loan Association. O ther d irectors of th e new association are: F ra n k Sudbeck, Jr., of Crofton, vice president; P e te r C laussen of Bloomfield, H en ry H agge of Bloom field, and P e rry O. A dam s of Venus. M The o u tstanding features of county w ide service charges recently installed by th e Gage County B an kers A ssocia tion are: 50c m aintenance charge 4c p er ledger entry, and w ith a credit of 10c per h u n d red on th e m inim um bal ance for th e m onth. B ernie De Lay, presid en t of th e Ne brask a Ju n io r B ankers A ssociation, is a Lieut, (j.g.) stationed in the W ar Bond office of th e 11th N aval D istrict at San Diego, California. B ernie en listed in th e service th is last sum m er. Junior News In Million Class C. C. N eum an of th e F a rm e rs and M erchants N ational B ank of Oakland attended a m eeting in Chicago October 11th and 12th for th e Commission of County B ank O perations of the ABA. A TT POND, presid en t of th e F irs t N ational B ank of Lyons, serves as county chairm an of all W ar Loan activities in B u rt county. U nder his direction B u rt county banks converted some 20 p er cent of th e ir com bined de posits into W ar Bonds. Over $1,300,000 w as p u t into W ar Bonds. It is in te re stin g to note th a t ten y ears ago th e total deposits of all th e banks in the county w as b u t a trifle m ore th a n $1,300,000. L es B lair has recently re tu rn e d to his position w ith th e S tephens N ation al B ank of F rem ont. The Lee L oerches of T ekam ah are th e proud foster p aren ts of a new little girl. Lee, w ho is assistan t cashier of th e F irs t N ational Bank, rep o rts th a t his tw o boys have already succeeded in m aking a football player out of her. At a m eeting of th e officers and di recto rs of th e H ard y State B ank at H ardy, N ebraska, it w as voted to in crease th e capital stock of this new organization. W hen th is b ank w as or ganized a little less th a n a year ago, th e capital stock w as set at $15,000. R ecently it had to be raised to $25,000 to take care of the depositors. Receives Appointment I. R. A lter, executive vice president of th e F irs t N ational B ank at G rand Island, N ebraska, has been appointed to th e executive council of the A m eri can B ankers A ssociation by th e new president, Lee W iggins. A lter is one of 12 new m em bers appointed on the council. A D D IT IO N A L N EB R A SKA N EW S "at the crossroads of Omaha" FIRST N A T IO N A L Northwestern Banker Novem ber 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BANK Page 68 49 Om aha as a m ail boy. The following year th e Com m ercial N ational w as con solidated w ith th e U nited States N a tional and he rose th ro u g h consecutive posts of bookkeeper, teller, discount clerk, a ssista n t cashier, cashier and vice president, to th e presidency. S urvivors include th re e b rothers, Joseph M orsm an of Chicago, E. M. M orsm an, Jr., Om aha attorney, and F ra n k M orsm an, Palo Alto, California. P riv ate fu n eral services w ere held at th e E. M. M orsm an, Jr., residence. H A R L E S D. SA U N D E R S has re signed as ch airm an, and Robert H. H all as vice ch airm an of th e dow n C tow n ra tio n board in Omaha. B oth are b ankers. Mr. Saunders, vice p resid en t of th e F irs t N ational B ank of Omaha, took th e ra tio n post in Ja n u a ry , 1942, w hen ratio n in g w as first introduced. He re signed because of th e press of business and because of his health , an d planned to tak e a vacation. Mr. H all is vice p resid en t and cash ier of th e N o rth Side B ank of Omaha. He also resigned th e ra tio n post for bu siness reasons. Succeeding Mr. Saunders as ch a ir m an is C harles W. L eem an, p resid en t of th e M etropolitan H ealth and Acci d e n t In su ran ce Com pany of Omaha. A. C. “Cub” P otter, head of th e Om aha in v estm en t b an k in g firm of B urns, P o tte r & Com pany, w ho w as appointed special a ssista n t to th e Un-. d e rse c re tary of W ar in N ovem ber, 1941, has resigned to becom e the New Y ork re p re se n ta tiv e of Alex B row n & Sons, B altim ore in v estm en t ban k in g house. H is post w ith th e W ar D ep artm en t w as to “ste e r” qualified civilians to w ard com m issions in th e arm y. The w o rk is now v irtu a lly com pleted and only a few m en w ith extrem ely tech n i cal backgrounds, w hich qualify them in c ertain categories, can now obtain com m issions d irect from civilian life, according to Mr. P otter. He and his fam ily, w ho joined him in W ash in g to n in Ja n u a ry , 1942, w ere BANKS to move to New Y ork City October 1st. He came to Om aha th e m iddle of Octo b er for a few days’ visit. Mr. P o tter w ill re ta in his in terest in B urns, P o tte r & Company. Rbbert P orter M orsm an, 60, retired Om aha banker, died recen tly at an O m aha hospital afte r an illness of four weeks. He served as presid en t of th e U nited States N ational B ank of Om aha from 1925 u n til 1930, and la te r w as chairm an of th e board of th e bank. M em ber of a pioneer fam ily, Mr. M orsm an’s p aren ts w ere Mr. and Mrs. E d g ar M artin M orsm an. He attended Om aha schools and w as g raduated from th e U n iversity of M ichigan in 1904. T h at sam e y e a r he w en t to w o rk for th e old Com m ercial N ational B ank of “ S IN C E R E " S E R V IC E M E A N S : “ WITHOUT W AX” Our w o r d " sin c ere" c o m e s from tw o L atin w o r d s — " sin e " , m e a n in g " w ith o u t" , a n d " cere " , m e a n in g " w a x " . In th e o ld d a y s , d is h o n e st R om an scu lp to rs w o u ld fill th e cr a ck s in f a u lty m a r b le w ith b e e 's w a x , m a k in g it lo o k lik e w h o le m a te r ia l. W h en th e s ta tu e w a s in th e p u r c h a se r 's h o m e, th e h e a t m elted the w a x a n d th e cr a ck s a n d fa u lts b e c a m e e v id e n t. The R om an s a c c e p te d th e la b e l " sin e cere" (w ith out w a x ) a s a g u a r a n te e of f la w le s s m a rb le . T h ey g r e w to b e the g u a r a n te e w o r d s for a n y s in c e r e , h o n e st a rticle. T o d a y th e C ity N a tio n a l B an k & Trust C o m p a n y is k n o w n a s a SINCERE b a n k to h u n d red s of c o r resp o n d en ts. The s e r v ic e C ity N a tio n a l B ank & Trust C o m p a n y c a n re n d er y o u w ill b e SINCERE a n d w ill s ta n d u p , s o lid a n d h o n e st. *7Ite CnifomeA Bought and Sold Confidentially and with becoming dignity BANK EM P LO Y EES P LA C ED . 38 Y e a r s S a t is f a c t o r y S e r v ic e THE CHARLES E. WALTERS CO. Am ong O m ahans w ho called on Maj. Gen. W. D. Styer, chief-of-staff of th e arm y service forces, in W ashington, to p ro test proposed rem oval of Sev en th Service Com m and h ead q u arters from Om aha to Chicago for m erger w ith th e Sixth com m and there, w as W. D ale Clark, presid en t of th e Omaha N ational Bank. H e w as a m em ber of a delegation w hich included Senator K enneth W herry, Senator H ugh B u t ler and R ep resen tative H ow ard B u f fett, an Om aha in v estm en t banker. Mr. C lark acted in his capacity as p ast presid en t of th e Om aha C ham ber of Commerce. O m aha’s cen tral geographical posi tion w as stressed as being a strong a rg u m en t for keeping a t Om aha the S eventh Service Com m and h ead q u ar ters, serving nine states. A nnouncem ent th a t th e Seventh Service Com m and w ill rem ain in Oma ha w as announced by W illiam Jeffers, w ho re tire d recently as ru b b er czar, w hen he spoke at a hom ecom ing rally in his honor recen tly a t th e Omaha city auditorium . Mr. Jeffers is p resi dent of th e U nited Pacific system . ß u iU B anfi CITY NATIONAL BANK 6 TRUST CO. 1« i Giuri ‘ " “ . ' . S Ä S T Kansas Cil,, Mo. OM AHA, N EB R A SK A https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker Novem ber 19^3 50 • A lvin E. Johnson, p resid en t of th e Live Stock N ational B ank of Omaha, and N eb rask a ch airm an of th e n a tio n al com m ittee for econom ic develop m ent, sp en t som e tim e in W ashington recen tly an d co nferred w ith in d u stria l leaders in th e east. I t w as th e feeling, he said, th a t con version of a g ric u ltu ra l p roducts for in d u stria l uses m a rk s a new era and th a t N ebraska and Om aha are in a strateg ic position for carry in g on such projects. He said he also w as rem inded th a t NEBRASKA NEWS th e m iddle w est has a g reat w ealth of skilled labor and it is believed th a t in d u stry w ill look m ore an d m ore to th is area for th e building of new e n te r prises. W illiam D. W eislein, consulting engi n eer of M inneapolis, has signed a con tra c t w ith A lv in E. Johnson, chairm an of the Om aha C ham ber of Commerce p o stw ar planning board, to act as con su lta n t and adviser to th e board d u r ing th e com ing year. Officers and em ployes of th e F ederal The First National Bank of Chicago Statement of Condition October 18, 1943 A S SETS Cash and Due from Banks,........................................... $ 384,983,189.10 United States Obligations—Direct and fully Guaranteed, U n p led g ed ,...................................$666,233,718.19 Pledged—To Secure Public Deposits and Deposits Subject to Federal Court Order, 522,162,724.54 To Secure Trust Deposits, 22,295,048.15 Under Trust Act o f Illinois, . 518,399.37 1,211,209,890.25 Other Bonds and Securities, 64,008,530.29 Loans and Discounts, . 390,833,243.36 Real Estate (Bank Building), 4,254,438.02 Federal Reserve Bank Stock, 2,400,000.00 Customers’ Liability Account of Acceptances, 1,413,926.93 Interest Earned, not Collected, 4,038,549.43 . . . . . . Other Assets, ______ 525,620.35 $2,063,667,387.73 • -------------------------------------------------------L and B ank of Omaha recently honored O. K. Pettengill, a ssistan t tre a su re r of th e bank, w ho is re tirin g after m ore th a n 26 y ears of service. A din n er in his honor w as held a t th e Blackstone Hotel. S tartin g w ith th e L and B ank in 1917, th e y e a r it w as established, Mr. Pettingill m ade th e first e n try in th e b an k ’s books. He w as one of eight employes then. Only rem aining em ploye of the orig inal eight, he has w itnessed m any changes in a g ricu ltu ral policies, the post-W orld W ar I land boom, th e de pression and recovery and th e p resen t W orld W ar. More th a n tw o h u n d red attended th e dinner. George M. F u ller, L and B ank vice p resid en t and treasu rer, spoke in behalf of officers and direc tors. Miss LaV erne M anley spoke in behalf of em ployes. E. N. Van H orne, p resid en t of th e bank, w as toastm aster. A. J. “Jack” R hodes, of th e Omaha N ational Bank, has been nam ed ch air m an of th e federal offices com m ittee of th e Omaha C ham ber of Commerce for th e new fiscal year, it w as an nounced by E xecutive Com m ittee C hairm an D. B. W oodyard of the Chamber. “Since th e com m ittee w as organized 18 m onths ago, it has ren d ered valu able service to go v ern m en t agencies, p artic u la rly in finding suitable q u ar te rs in Om aha,” Rhodes said. The com m ittee w ill w ork to bring p erm an en t g overnm ent offices to Oma ha, as well as “d u ra tio n ” w ar agencies. Miss M ary M allory, dau g h ter of N avy Lt. and Mrs. R ichard M allory, is a new pledge of K appa K appa Gamma S orority a t N o rth w estern U niversity. Lt. M allory is on leave, for th e d u ra tion, from his duties as vice president of th e U nited States N ational B ank of Omaha. LIABILITIES Capital S t o c k , ............................................................ $ 30,000,000.00 S u r p l u s , ...................................................................... 50,000,000.00 Other Undivided Profits, ■ .....................................................5,319,148.00 Discount Collected, but not Earned, . . . . 885,608.16 Reserve for Taxes, e t c . , ..................................................... 6,891,813.69 Liability Account of Acceptances, . . . . 1,564,164.73 Time Deposits, . . . $ 191,222,221.37 Demand Deposits, . . . 1,246,877,019.52 Deposits of Public Funds, . . 530,907,103.29 1,969,006,344.18 Liabilities other than those above stated, . . . 308.97 $2,063,667,387.73 MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION Northwestern Banker November 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis The F ed eral R eserve Board a t W ash ington has announced th e appoint m en t of John D avidson Clark, dean of the College of B usiness A dm inistration at th e U n iv ersity of N ebraska, as a di recto r of th e Omaha b ran ch of the F ederal R eserve B ank of K ansas City. He w ill fill th e u n expired p a rt of a term ending Decem ber 31, 1943. Miss L o rrain e L anderyou, dau g h ter of Mr. and Mrs. H arold Landeryou, w as installed recently as w o rth y ad v iser of Om aha A ssem bly No. 1, Or der of R ainbow Girls. She is a senior a t B row nell Hall. 51 Reorganize Bank T he Security N ational B ank a t L a u r el, N ebraska, has recen tly reorganized and elected new officers. In th e new setup th e in terests of L. E. Schuler, form er president, and those of th e late Mr. Schuler w ere purchased. T he new officers are: C. W. F a h nestock, president; A. D. F elber, vice president; V. E. McNabb, cashier; Miss E m m a H aisch, Miss N orm a A nderson and Miss Delores B artels, bookkeepers. The board of directors consists of F. I. Solso, A. D. Felber, H. R. Bessire, V. E. M cNabb and C. W. Fahnestock. Banker Retires D. B E R K E Y B IL E , secretary-treas. u re r of th e N ational F a rm L oan A ssociation, stated in L incoln th a t m ore th a n 490 L an caster and su rro u n d ing county farm ers w ill benefit from a p ro g ram to equalize in te re st ra te s on F ed eral L and B ank loans a t 4 p er cent. T he p e rm a n e n t red u ctio n in loan rates, said B erkeybile, w ill be ex tended to all m em ber-borrow ers w hose loans o riginally called for in te re st above 4 p er cent, m ost of w hich w ere w ritte n in th e depression period w hen m oney costs w ere h ig h er th a n a t p re s ent. Since 1935 all land b an k loans have d raw n only 3% p er cent in te re st re gardless of th e ra te a t w hich th ey w ere made. T his special ra te w as g ran ted by C ongress and holds good u n til Ju ly 1st n e x t year. Because of th e stra in of w a r financing on th e n a tional tre a su ry , th e se c retary -treasu rer explained, Congress m ay not see fit to extend again th e special rate, w hich costs th e F ed eral T re a su ry about $20,000,000 annually. To m ake su re th a t no loans w ill re v e rt to th e old h igh rates, large issues of F ed eral L and B ank bonds, callable for th e first tim e in 1944, are to be re financed a t low er rates, B erkeybile said, in o rd er to level off land b an k loan ra te s a t 4 p er cent to all farm erm em bers served by The F ed eral L and B ank of Omaha. J A pproval of th e action of th e York d istric t co u rt in holding H arry I. H y l ton liable for th e loss su stained by his w ard, Je a n P au lin e B eaty, in a loan YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & CO. OMAHA of $10,000 of h er estate, w as asked of th e N ebraska Suprem e C ourt in a brief filed by h e r attorneys. T hey say th e record is clear th a t h er form er g u ard ian m ade th e loan w ith o u t com plying w ith th e existing law, and th a t H ylton, a b an k er a t G resham , is liable because in tak in g over th e guard ian sh ip he should have req u ired an accounting from his predecessor in money. The g u ard ian says th a t th e security w as am ple a t th e tim e he took over, and th a t it continued so until 1937. F u n e ra l services for A. J. Leuthauser, 65, B eem er b an k er w ho died a t a W est Point hospital as the re su lt of in ju ries suffered in a fall from a lad der at his home, w ere held recently. L eu th au ser w as a form er p resid en t of th e Cum ing County A g ricultural Society and of th e G reater N o rth east N ebraska County F a irs circuit. L. R. Coufal has sold a p a rt of his in te re st in th e H ow ells State B ank a t Howells, N ebraska, to M. E. and A. Isaacson, of M arquette, G rand Island and Polk, N ebraska, and has given up active m anagem ent of th e bank. Mr. Coufal had been associated w ith th e H ow ells S tate B ank for thirty-five years. Mr. Coufal said: “In laying dow n th e duties of th e presidency of The H ow ells S tate B ank I realize the high privilege th a t has been mine. If I w ere asked w h at I consider th e g reatest benefit I have re ceived w hile occupying th is office, I w ould an sw er ‘The revelation in other m en ’s souls of w h at m y own is striv ing for.’ “As I su rre n d e r th e duties of th is office, it is w ith confidence th a t o ther hands w ill c arry fo rw ard its re q u ire m ents w ith an increasing m easure of success. To m y successor I extend congratulations upon an op p o rtu n ity for service th a t w ill enlist th e highest capabilities of m ind and h e a rt.” Friendly, constructive service, in N ebraska's capital city—a n d in dividual cooperation w henever you n eed it. C o n t in e n t a l N a t io n a l Ba/ k ^ °f- L IN C O L N Member Federal Deposit Insurance Corporation Northwestern Banker Novem ber 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 52 S ta te m e n t o f Condition, O c to b e r 19, 1943 RESOURCES LIABILITIES Loans and D iscounts $ 9,866,447.03 Bonds and O ther Securities 56,250.00 Stock in F ederal Reserve Bank 37,500.00 B anking House and F ix tu re s 1.00 O ther Real E s ta te None U. S. Govern m ent Secu ritie s $29,137,709.14 Cash and S ight E xchange and due from Fed. Res. Bank 15,536,169.25 44,673,878.39 Capital Stock (Common) 500,000.00 Surplus (E arned) 1,000,000.00 Undivided Profits 113,598.65 Reserved for Taxes, In terest, Etc. 264,161.59 U nearned Discount Dividends Unpaid Deposits 3,968.11 520.50 52,751,827.57 $54,634,076.42 OFFICERS $ $54,634,076.42 AND DIRECTORS ALVIN E. JOHNSON P r esid en t H. C. KARPF V ice P r esid en t R. H. KROEGER V ice P r e sid e n t PAUL HANSEN C a sh ie r L. V. PULLIAM A sst. C a sh ie r W . DEAN VOGEL A sst. C a sh ie r C. G. PEARSON A sst. C a sh ie r EARL R. CHERRY A sst. C a sh ie r H. H. ECHTERMEYER A sst. C a sh ie r T. J. PRICE, JR. A sst. C a sh ie r W . P. ADKINS C h airm an H. B. BERGQUIST C o a l a n d G rain L. S. BURK C h ica g o JAS. J. FITZGERALD P res. C o m m ercia l S a v . & L oan A ss n . T. E. GLEDHILL F arm er LEO T. MURPHY M gr. A llie d M ills, Inc. HERMAN K. SCHAFER P res. M o n e y M illin g Co. CARL A . SW A N SO N P res. Jerpe Com . & C old S to ra g e Co. J. L. WELSH B u tler-W elsh G rain Co. LIVE STOCK N A T IO N A L BANK OMAHA This Bank H as No Affiliated Companies Member of Federal Reserve System and Federal D eposit Insurance Corporation Northwestern Banker Novem ber 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 53 California to live. H is position has been filled by Jim B row n w ho has been w ith th e Citizens Savings B ank at H anlontow n, Iowa. IO W A V . W . JO H N SO N P r e s id e n t C edar F a lls Postwar Plans W hen axis resistan ce is crush ed th e U nited N ations should set up and m ain tain a provisional gov ern m en t w ith in th e te rrito rie s, George W. Wood, vice p resid en t of th e F irs t N a tional B ank a t Council Bluffs, Iowa, declared in a w ar-peace discussion last m onth, before th e Council Bluffs R o tary Club a t th e H otel C hieftain. Bank Changes Hours C. E. Sw inney, m an ag er of th e M oulton office of th e Davis C ounty Savings B ank at M oulton, Iowa, a n nounced th a t a new closing tim e has been adopted for th e afternoon. The b an k closes a t 2 p. m. P rev io u sly th e closing h o u r w as 3 o’clock. Country Tops C ity Banks Iow a co u n try b an k s are carry in g p ro p o rtio n ately larg er cash balances th a n b an k s in N ew Y ork and Chicago, w hich are am ong th e biggest in th e nation, M. W. Ellis, state su p e rin te n d en t of banking, said recently. The b an k in g d e p a rtm e n t’s last con solidated statem en t, show ing th e con dition of state-ch artered b an k s in Iow a on Ju n e 30th, disclosed th a t $30,510 out of ev ery $100,000 of th e ir assets w as cash. E llis’ advice to b an k s u n d e r his su pervision is to buy m ore gov ern m en t bonds. Notes on Lee County Meeting T he re g u la r m eeting of th e Lee C ounty B an k ers A ssociation w as held last m onth at K eokuk, Iowa, w ith P re s id en t R ay Schm idt of th e Citizens State B ank at D onnellson presiding. An in te re stin g discussion took place reg ard in g th e P roduction Credit A ssociation, a g o v ern m en t agency created to m ake loans to farm ers. T his w as considered a stro n g com p etitiv e agency of b an k s and rem ark s w ere m ade by Mr. E dw ards, Mr. Eber- Staff Changes at Cromwell N EW S FRANK W ARNER S ecr eta ry D es M oines sole, Mr. R ussell and Mr. L ehning. A m otion w as m ade th a t P resid en t Schm idt appoint a com m ittee to p re pare a resolution p ro testin g actions of th is agency and copies w ere to be forw arded to th e Iow a B ankers Associ ation, th e A m erican B ankers Associ ation and to th e ir rep resen tativ es at W ashington, D. C. Mr. E bersole stated th a t th e State C entral Savings B ank at K eokuk had suffered from th e d raft b u t th ey w ere replacing th e ir m en w ith w om en w ho w ere doing th e job rem ark ab ly well. Mr. Addicks, w ho is vice president of th e Citizens State B ank at Don nellson, and a new com er in banking, w as introduced by th e president. At th e an n u al election of officers those elected w ere as follows: P resi dent, R ay Schm idt, cashier, Citizens S tate Bank, of Donnellson: vice p resi dent, H. T. E dw ards, cashier, F arm ers Savings Bank, of W ever; and secre tary -treasu rer, A. W. Allen, assist a n t cashier, K eokuk Savings B ank & T ru st Company, of Keokuk. A ssistant C ashier Thelm a Thom as resigned h e r position w ith the Crom well S tate Savings B ank at Cromwell, Iowa, to tak e w ork in Des Moines. Isabelle N issen has been em ployed by the b ank as bookkeeper. D eposits of the Crom well State Sav ings B ank have increased from $247,745.28, one y ear ago, to $313,395.45 as th ey stan d now. Atkins a Vice President F red C. A tkins, since 1938 cashier of th e B ankers T ru st Company, Des Moines, has also been m ade a vice p resid en t of th e in stitution, and will have the title of vice presid en t and cashier, according to an announce m ent by B. F. K auffm an, president. Mr. K auffm an also announces th a t on Decem ber 1st th e B ankers T ru st Second "E" in a Year W. A. Logan, presid en t of th e State C entral Savings B ank at K eokuk, Iowa, and a vice presid en t of the T hom as T ruck and C aster Company, has received his second A rm y-Navy “E ” since Jan u ary . H e received his first as a director of th e K eokuk Elec tro M etals Company. Pay Off Trust Certificates The board of directors and tru stees of th e M anning T ru st and Savings B ank at M anning, Iowa, announce th a t tr u s t certificate holders have been paid in full. D irectors and tru stees of th e b ank are H. A. Boysen, J. J. Sinn, H. E. M eyers, H en ry J. M. H ansen, P e te r F. H ansen and A lbert Dietz. Replace Rideville Cashier F red C. Sheldon, a ssistan t cashier of th e F irs t N ational B ank at Ride ville, Iowa, has resigned and gone to F R E D C. A T K I N S V ic e P r e s id e n t and C a sh ier Com pany will re tire th e $100,000 of p referred stock now outstanding, and will issue common in like am ount to stockholders of record as of N ovem ber 10th. The capital of th e ban k w ill re m ain th e sam e—$1,000,000, b u t w ill consist of all com m on stock. Davenport Banker Dies F ra n k C. K roeger, retired banker, died last m onth afte r an extended ill ness. He w as 78 y ears of age. He w as a form er a ssistan t cashier of th e Citizens N ational B ank at D avenport, Iowa, w hich later m erged w ith th e G erm an Savings Bank, and in tu rn m erged w ith the old A m erican Com m ercial & Savings Bank. Northwestern Ranker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IO W A NEWS In Ossian Bank 55 Years Woodcarving Hobby F red Figge, p resid en t of th e Ossian State B ank at Ossian, Iow a, and for m er p resid en t of th e Iow a B an k ers A ssociation, last m o n th com pleted 55 y ears w ith th e Ossian State Bank. He also is p resid en t of th e Iow a State B ank of Calm ar. One son, V. O. Figge, is presid en t of th e D avenport B ank & T ru st Co. w ith $52,137,030 assets, and an o th e r son, Reg Figge, is cashier of th e G u aran ty B ank & T ru st Co. of Cedar Rapids. O. L. K arsten, p resident of th e New Iow a lost one of its loved and re ton N ational B ank a t N ew ton, Iowa, spected financial leaders last m onth sh ared his wood carving hobby w ith w hen W. G. C. Bagley, tre a su re r of th e children of N ew ton at th e public th e state since his election to the of lib rary story hour. Mr. K arsten told fice in 1938, died of a h e a rt ailm ent. about th e fun of “w h ittlin g ” and carv He w as ill a com paratively sh o rt tim e ing, th en began to b ring from his p rio r to his death. bask et little brow n bears, Scottie dogs, W illis Bagley, or “Bill”, as he w as rocking chairs, cowboys, tram ps, know n to everyone, had n ever before negro preachers, chicken thieves and held any political office. H is entire m any o th er characters carved in sm all business career w as devoted to b an k w ooden statu ettes. ing. He sta rte d w ith th e F irs t N a tional B ank of M ason City as an office boy at th e age of 17, and advanced Treasurer Bagley Dies This year brings another 3-billion bushel corn crop—the second crop reaching this figure in U n ited States history. THANKSGIVING, W . G. C. B A G L E Y F o rm er T re a su re r o f I o w a 1 9 4 3 Another H uge H arvest To Help W in The W ar A g cin , in time of n eed , A m erican farmers h a v e estab lish ed a m agnificent record in pro duction. They h a v e h arvested a h u ge war-time crop desp ite the difficulties of labor sh ortages and con sid erable a d verse w eather. So a large su p p ly of feed s are a v a ila b le to assu re a record production of livestock and poultry. Tremendous in creases h a v e b een m ade in su p p lies w hich w ill help feed the arm ies of the A llied Nations and assu re en ou gh food for the hom e front. Let's m ake no m istake about it. Without this year's h u ge h arvest our w o t effort w ould h a v e b een jeopardized. With it, w e proceed confident. Victory is not only certain— it is just a little closer than ever before. That is the picture of T hanksgiving, 1943, in Am erica. D urin g th e co m in g t w e lv e m on th s, m ore liv e s to c k w ill b e m a r k e te d th a n in a n y p r e v io u s y e a r in A m eric a n h isto ry . A n d if y o u r cu sto m ers sh ip liv e s to c k to C h ic a g o , it is lo g ic a l p ro ce d u re to h a v e th eir fu n d s tra n sm itted th rou gh th e D ro v ers N a tio n a l B ank. Member Federal Deposit Insurance Corporation. DROVERS NATIONAL BANK . DROVERS TRUST & SAVINGS BANK U N I O N S T O C K Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Y A R D S , C H I C A G O th ro u g h every post in th e in stitu tio n to th e presidency, w hich position he had held for 16 y ears before he becam e tre a su re r of Iowa. Mr. Bagley w as 70 y ears of age at his passing. Death Takes Young Banker Jak e H. B rockm ann, one of the younger m em bers of the banking fra te rn ity in th e Quad-cities, died last m onth after an extended illness. He w as 44 y ears of age and w as em ployed at th e tim e of his death as note teller a t th e D avenport B ank & T ru st Com pany at D avenport, Iowa. He had been connected w ith the D avenport B ank & T ru st Company since its organization. Backing-up the Battle-Line Battle-lines seem far from this quiet November landscape. But battle-lines can move forward only as fast as production-lines permit. So this peaceful Iowa scene emphasizes the vital importance of the efforts Iowa bankers are making to aid farm production. Our resources, like yours, are available for every possible aid to farm-customers in meeting today’s unprecedented demand for food, and thus backing-up American battle-lines throughout the world. I<pi ip; (j-j 'p' itr f t B A N K ER S T R U S T W C O M PA N Y its DESM OINES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis WAR BO N D S| AND STAMPS! 56 --------------------------------------- . Iowan Dies in California C arleton Bedford, 67, form er H u d son, Iowa, resident, died of a h e a rt attack a t his hom e in San Gabriel, California. He w as for m any y ears cashier of th e H udson Savings Bank. Maynard Bank Meeting A t th e a n n u al m eeting of stock holders of th e M aynard Savings B ank at M aynard, Iowa, th e follow ing direc to rs w ere elected: L. D. Rowley, A. L. E vans, Otto S chm itt, E. D. Cream er, E. H. S tew art, H en ry B uenneke and IOWA NEWS G erald W arnke. Follow ing th e stock holders m eeting th e directors nam ed Row ley as president, S chm itt as vice p resid en t and B uenneke w as retain ed as cashier. Cadwel! Fills Vacancy C. F. Cadwell, form er cashier of th e U nion Story T ru st and Savings B ank at Ames, Iowa, w as elected p resid en t of th e ban k a t a special m eeting of th e board of directors. Mr. Cadw ell’s elec tion is to fill th e vacancy created last m onth by th e death of F ra n k H. Schleiter. (oinmereejrust (oinpany E stab lish ed 1865 K ansas City, M issouri M em ber F e d e ral R eserve System S tatem ent of C o n d itio n at Close of B usiness O ctober 18, 1943 R E SO U R C ES Cash and D ue from B an k s--------------------------------- $123,006,852.08 U. S. O bligations, D irect and F ully G u a ran te ed — 163,938,584.08 State, M unicipal and F e d e ral L and B ank Bonds_ 16,741,789.30 Stock of F e d e ral R eserve B a n k ------------------------- 360,000.00 O ther B onds and S ecurities--------------------------------- 4,633,552.89 21,735,342.19 70,454,946.86 B ank P rem ises and O ther R eal E state O w ned--------------------------- 1,920,001.00 C ustom ers’ L ia b ility A ccount L etters of C re d it------------------------ 20,217.80 A ccrued In te re st R e ceiv ab le----------------------------------------------------- 568,358.92 ----------------------------------------------------------------------------- 2,732.29 O ther R e s o u r c e s --------------------------------------------------------------------- 6,900.61 T o tal R e s o u rc e s __________________________________________ $381,653,935.83 L IA B IL IT IE S D eposits: U. S. G overnm ent D ep o sits__________________ $ 45,944,665.17 O ther D e p o s its _______________________________ 320,103,757.93 $366,048,423.10 C apital _______________________________________ 6,000,000.00 6,000,000.00 U n d iv id ed Profits _____________________________ 3,233,860.74 15,233,860.74 L ia b ility A ccount L etters of C re d it----------------------------------------- 20,217.80 A ccrued In tere st, Taxes and E x p en se-------------------------------------- 348,454.96 O ther L ia b i li t ie s _____________________________________________ 2,979.23 T o tal L ia b ilitie s _________________________________________ $381,653,935.83 M e m b e r F e d e r a l D e p o s it I n s u r a n c e C o r p o r a ti o n Northwestern Banker Novem ber 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Change in Officials A t a m eeting of th e officers and board of directors of th e B reda Sav ings B ank at Breda, Iowa, held last m onth A rth u r H. Ricke w as elected vice p resident to succeed th e late W il liam M. Ricke. F. J. B ohnenkam p w as elected a d irector of th e ban k to succeed th e late W illiam M. Ricke. Vote to Increase Capital Hold Annual Election $286,945,436.16 L oans and D iscounts---------------------------------------------------------------- Surplus ---------------------------- .-------------------------------- Cadwell becam e affiliated w ith the b an k in 1934 as a ssistan t vice p resi dent. H en ry R. M artin, fo rm er assistant cashier, w as elected cashier in Cadw ell’s place. O ther officers are George Judisch, ch airm an of th e board, and vice p resi dents, N. L. N elson and A. H. M unn. Stockholders of th e Peoples T ru st & Savings B ank a t G rand Junction, Iowa, have voted to increase the capital stock of th e in stitu tio n from $20,000 to $25,000, P resid en t Claus Hoof announced. The Peoples T ru st and Savings B ank w as organized 26 years ago and Mr. Loof came here to take over its m anagem ent seven y ears ago. 18-1 O verdrafts . A t a reg u lar m eeting of th e Lee County B an k ers’ association in Keo kuk, Iowa, last m onth th e annual election of officers w as held. R ay Schm idt, cashier of th e Citizens S tate B ank a t D onnellson, w as nam ed president; H. T. E dw ards, cashier of th e F a rm e rs’ Savings B ank a t W ever, vice president; and A ubrey V. Allen, a ssistan t cashier of th e K eokuk Sav ings Bank, secretary-treasurer. Farm Service Department T he F irs t T ru st and Savings B ank of D avenport, Iowa, recently estab lished a F a rm Service departm ent, according to R. O. B yerrum , executive vice president. T he purpose of the new d ep artm en t w ill be to fu rn ish a com plete farm m anagem ent service as w ell as all o th er types of service th a t m ay be needed on th e farm . Carl E. R ylander, w ho has been county agent of Scott county for 'the p ast few years, has been placed in charge of th e new departm ent. At th e p resen t tim e Mr. R ylander is presid en t of th e Iow a County A gri c u ltu ral Agents. Sioux C ity Visitor F u lto n Lew is, Jr., first ran k in g new s com m entator of th e M utual Broad- 57 • casting system , w as a v isito r in Sioux City, Iowa, last m onth, and w as guest speak er a t a d in n er m eeting of th e K nife and F o rk club. W hile in Sioux City Mr. Lew is and his p a rty visited th e stockyards, w h ere th e y w ere piloted to th e points of in te re st by Carl F red rick sen , p resid en t of th e Live Stock N ational B ank. A . B. A . Candidate Leo J. W egm an, p resid en t of th e C itizens Savings B ank a t A nam osa, Iowa, is an nouncing th a t he is a candi date for th e position of Iow a A. B. A. councilm an to be filled a t th e n ex t sta te convention of th e Iow a B an k ers A ssociation. T he n o rth e rn p a rt of G roup 8 has n ev er h ad an A. B. A. councilm anship. Mr. W egm an is w ell know n to IOWA NEWS • of th e Citizens Savings B ank a t A na mosa, b u t is on leave serving in the arm y. He has been com m issioned a captain. A nother son, Clarence, is an exam iner for th e F.D.I.C. A th ird son, Edw in, is vice p resid en t and di recto r of th e Citizens Savings Bank, A nam osa. A daughter, w ife of A. W. Bird, cashier of th e D yersville N a tional Bank, is also a bank director in one of the W egm an fam ily banks. Mr. W egm an also served as p resid en t of th e “O rganization of P a st P residents and Ex-Councilm en” of th e Iow a B ankers A ssociation and did an o ut standing job as to astm aster and m aster of cerem onies before th e con vention d in n er at th e 1942 convention. Oh, Boy! I ’m all done w ith dam es, T hey cheat and th ey lie; T hey prey on us m ales To th e day th a t we die. T hey tease and to rm en t us A nd drive us to sin— Say—Look a t th e blonde T h at ju st came in. W here C onnections Count Our correspondent connection with m any banks in the Sioux City a re a is v al u ab le both to them a n d to us. From them, we can assem ble current business inform a tion which we in turn pass on to our other customers. W e cordially invite your business on the strength of our ability to render your bank good service here in Sioux City. A. G. Sam, P re sid e n t J. P. H a in er, V ice P re sid e n t J. R. G raning, A ssistant C ashier F ritz F ritzso n , V ice P res, and C ashier E. A. Jo h n so n , A ssistant C ashier J. T . G rant, A ssistant C ashier W. F. Cook, A u d ito r L E O J. W E G M A N A. B . A . C o u n cilm a n C an d id ate Member Federal Deposit Insurance Corporation b a n k ers th ro u g h o u t th e state. Y ears ago he w as secretary and ch airm an of G roup 5 of th e Iow a B an k ers Associ ation. He w as also vice p resid en t for Iow a of th e Savings B ank division of th e A m erican B an k ers A ssociation for one term . F o r six y ears he w as state tre a s u re r of Iowa. He and his fam ily are th e m anaging ow ners of th re e Iow a banks, all m em bers of th e A. B. A., th e F a rm e rs Savings B ank a t Halbur, w ith deposits of m ore th a n $500,000, th e D yersville N ational B ank at D yersville, w ith deposits of over $2,000,000, and his hom e bank, th e Citi zens Savings B ank at A nam osa, w ith deposits in excess of $2,300,000. Mr. W egm an’s fam ily is an o u tstan d in g Iow a ban k in g fam ily. One son, Leo nard, an atto rn ey , is vice p resid en t Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 58 6 0 -Y e a r-O ld Charter Renewed P re s e n t a t th e s ix tie th a n n iv e rs a ry m e e tin g o f sto c k h o ld e rs o f th e F a rm e rs L o an & T ru s t C om pany, S ioux C ity , w a s C. A. B ond, 91, show n a t th e le f t w ith R a lp h R. B ru b a k e r, now p re s id e n t o f th e o r g a n iz a tio n . F a rm e rs L o an & T ru s t w as o rg a n iz e d in 1883 a t S to rm L a k e , Io w a , by th e la te Ja m e s F . Toy. M r. B ond h a s in h is h a n d th e c h a rte r w h ich w as re n ew e d fo r tw e n ty y e ars. New Iowa Treasurer Jo h n M. Grim es, 70, editor of the Osceola Sentinel for m any y ears and a fo rm er P erry , Iowa, b anker, last m o n th w as appointed Iow a state tre a s u rer, to succeed W. G. C. Bagley. The ap p o in tm en t w as m ade by Gov ern o r B ourke B. H ickenlooper, w ho called G rim es “an o u tstan d in g ly cap able m an .” Mr. G rim es w ill serve u n til a tre a s u re r is elected in th e No vem ber, 1944, gen eral election. Bank Changes Location T he F a rm e rs Savings B ank a t Boyden, Iow a, opened in a new location, in th e fo rm er Boyden b ank building last m onth, w hich w as a p riv ate in stitu tio n b u t w as liquidated in 1933. W alter K. Pearson Dies W alter K. P earson, 85, re tire d Jones county ban k er, died last m o n th follow ing a long illness. D eputy tre a s u re r from 1900 to 1906 and Jones county tre a s u re r from 1906 to 1918, he w as a ssista n t cashier of th e Citizens Sav ings B ank a t A nam osa, Iowa, u n til his re tire m e n t in 1935. ings and Loan league a t Des Moines, succeeding L. J. M aresh, Cedar Rapids. E d w ard K lapka, F o rt Dodge, w as re-elected secretary -treasu rer. O ther officers elected for one-year term s w ere H u b ert E. Jam es, Des Moines, first vice president; P hilip K. Rausch, W aterloo, second vice president; N. J. Caldwell, Carroll, and C. H. W arnock, Iow a Falls, executive com m ittee. Shenk, M. J. M anning, N ew ton, and E. V. G ustafson, Council Bluffs, w ere nam ed delegates to th e U nited States Savings and Loan league convention in Chicago, Illinois, in December. E lm er E. Miller, Des Moines, w as elected to a tw o-year term as Iow a executive councilm an on th e U nited S tates Savings and L oan League council. "The Farmer" League Elects Executives T he follow ing poem, entitled “The F a rm e r”, w as w ritte n by D anny Gal vin of C orrectionville, Iowa, and is said to have been inspired by th e tru e ag ric u ltu ral experiences of H en ry C. L induski, a ssistan t cashier of th e Live Stock N ational Bank, Sioux City. The poem reads; Jo h n C. Shenk, D avenport, w as elected p re sid e n t a t th e fifty-second an n u a l convention of th e Iow a Sav A F a rm e r I once hoped to be A m an of sm ug pro sp erity Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W ho afte r his eggs and cream w ere sold W ould sit aro u n d and count his gold W ho u n d er a shady tree w ould lie, A nd w atch his cattle grazing by W ho leaned on a fork, and chew ed on hay A nd w en t to tow n each rain y day W ho in a day th e g rain w ould sow, T hen ju st sit back and w atch it grow In w in te r by a blazing log W ould sit and read from th e catalogue It appealed to me, th is life of ease, J u s t doing w h a t I gosh du rn ed please A nd so I b ought a little plot, B ut th in g s ju st d idn’t go so hot I w orked and slaved from early ’m orn M ilking cows and hoeing corn T he m ilk and cream ju s t w ouldn’t pay A nd th e gosh du rn ed chickens w ould n ’t lay The cows got out alm ost each nite, A nd I did m y chores by la n te rn light On su n n y days I p lan ted grain I fixed m y flood gates in th e ra in F o r a w in te r re st no chance I stood F o r I spent m y days out cu ttin g wood By th e tim e th e season’s w ork w as done I w as doggone sick of m y little fun In th e co u n try w ealth m ay th ere abound B ut I ’ll tr y m y luck back here in town! Manager Takes Office A. J. L udw ig of Sioux Falls, South Dakota, has sta rte d his new duties at th e P anam a office a t Panam a, Iowa, of th e S tate B ank of P o rtsm o u th . Mr. L udw ig succeeds R obert Sullivan, w ho left last m onth for Des Moines w here he w as inducted into th e arm y. Rock Valley Cashier J. H en ry Dye has becom e a cashier in th e V alley State B ank at Rock Val ley, Iowa. Mr. Dye w as associated w ith th e F irs t N ational B ank a t Gladbrook u n til th e b an k w as sold. He w as also w ith th e P roduction Credit A ssociation as secretary -treasu rer in Cedar Rapids. A ccepts Position as Cashier C. A. B urm eister of Cedar Rapids, has accepted th e position of assistan t cashier a t th e M echanicsville T ru st and Savings B ank a t M echanicsville, Iowa. Mr. B urm eister has been con nected w ith sm all tow n banks for over 25 years. Mr. B urm eister replaces A rchibald B utler w ho has been a ssistan t cashier for th e p ast nine years, b u t resigned and has gone to Chicago, w here he has accepted a position in th e collec tion d ep artm en t of th e R econstruction F inance C orporation. 59 Sweet Music From Auditor to Cashier Leaves for Illinois W. R. “R alp h ” S torrs, au d ito r at th e City N ational B ank a t Council Bluffs, Iowa, w as elected by d irectors a s a ssista n t cashier, succeeding D w ayne E vans, w ho has resigned to join th e H ow ard M an u factu rin g cor poration. S to rrs joined th e b an k in g staff in 1929, and has been au d ito r for several years. E v an s has been w ith th e b an k 10 years. Miss H azel H unt, w ho has been em ployed in th e Stacyville Savings B ank a t Stacyville, Iowa, for several years, has accepted a position w ith th e N a tional B ank at St. Charles, Illinois. T H E N A T IO N A L B A N K OF W ATER LO O Former Banker in England R ay A nderson, fo rm erly w ith th e E x change S tate B ank at E x ira, Iowa, recen tly com pleted a course in m ili ta ry intelligence procedure a t th e A m erican School C enter som ew here in E ngland. He has been in E n g lan d for th re e m onths. F o r sounds th a t s tir th e h e artstrin g s, Some choose th e h a rp or flute, B ut m y choice is w hen th e w in te r’s coal Goes ra ttlin g dow n th e chute. --------------------------------------------- ★ --------------------------------------------- STATEMENT OF CONDITION A t the close of business October 18, 1943 ------------------------------------ ★ With Reserve System The C apital City S tate B ank a t Des Moines, Iowa, has been approved for m em bership in th e F ed eral R eserve RESOURCES Cash and d u e fr o m b a n k s ________________________ $ 4 ,9 2 4 ,3 0 4 .8 0 L oans an d D isc o u n ts______________________________ 2 ,2 2 7 ,7 4 0 .0 1 U. S. G overn m en t se c u r itie s______________________ 6 ,0 7 6 ,8 7 7 .4 0 State, C ou nty an d m u n ic ip a l se c u r itie s__________ 2 ,6 3 6 ,5 6 5 .7 1 O ther b o n d s ______________________________________ 1 8 7 ,0 4 6 .2 6 Stock in F ed eral R eserve B a n k ___________________ 1 5 ,0 0 0 .0 0 1 ,3 4 9 .8 6 O verdrafts _______________________________________ F u rn itu re and fix tu r e s ___________________________ 1 0 ,5 8 5 .1 5 A ccrued in terest r ec e iv a b le _______________________ 5 9 ,0 8 1 .8 0 $ 1 6 ,1 3 8 ,5 5 0 .9 9 LIABILITIES C apital stock — c o m m o n ________________________ $ 2 5 0 .0 0 0 .0 0 S u r p lu s ___________________________________________ 2 5 0 ,0 0 0 .0 0 U n d ivid ed p r o f i t s -------------------------------------------------2 1 5 ,7 5 4 .6 5 R eserve fo r ta x es, in terest, e tc .___________________ 9 1 ,5 7 1 .1 6 In terest c o lle cte d but n o t e a r n e d __________________ 5 ,8 3 9 .4 3 D e p o sits ---------------------------------------------------------------- 1 5 ,3 2 5 ,3 8 5 .7 5 $ 1 6 ,1 3 8 ,5 5 0 .9 9 ★ O FFICERS ROLFE W AGNER P r e s id e n t J am es P re s. R. L. P e n n e ............................C ashier Ch system , according to w ord received last m o n th by Rolfe O. W agner, p resi dent. The C apital City S tate B ank, estab lished in 1878, is one of Des M oines’ pioneer in stitu tio n s. M . G r a h a m .. ...... P r e s id e n t a s. S. M c K i n s t r y . . ..V ic e H . P . I I o f f e r .... A s s i s t a n t C a sh ier R. B . K i l g o r e . ...A s s is ta n t C ash ier A . J . B u r k .........A s s i s t a n t C ash ier M em ber F ederal R eserve System M em ber Federal D eposit Insurance C orporation S carborough ¿ (Company First N ational Bank Building. C hicago H orace A. Smith, Iow a R epresentative D es M oines, Iow a Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 60 Third W ar Loan Drive A Preliminary Report from the Iowa War Finance Committee I OWA zoomed over th e top in th e T h ird W ar L oan C am paign w ith bond sales to talin g $248,000,000 ag ain st a quota established by th e U nited States T re a su ry D ep artm en t of $196,000,000. T his achievem ent o u tra n k s any previous g o v ern m en t financing effort eith e r for th is w a r or for th e F irs t W orld W ar. N ot only did th e people FOOD FIGHTS of th e state b u y th e full quota, b u t th e y exceeded quotas set for th e v a ri ous types of investors. To th e b an k ers of Iow a m u st go m uch credit for th is achievem ent. Iow a b an k ers can w ell be proud of th e re su lts of th is drive. F o r th e period of th e drive, m ost Iow a banks m ade bond business first business of th e day. T hey em ployed additional help FOR FREEDOM In the w orld of tom orrow , m odern farm m a chinery will play as im p o rtan t a p a rt as it has in the Am ericas during the last 100 years w here m odern m achinery has allowed less th a n 20% of the p o p u lation to produce m ore food, fibre and essential oils and m any other products vital to the high standard of living th a n 80% of the population could do be fore the advent of m odern tractors and farm m a chinery. M inneapolis-M oline builds a com plete line of m odern farm tractors and farm m achinery for al most every condition and for the duration will build all of these products allowed u n der lim itation or ders. A fter peace is once m ore established on the earth, M inneapolis-M oline will use its vastly in creased capacity to produce vastly greater q u an ti ties of m odern m achinery and tractors th an ever before in its 79 years of forging ever forward. W hen peace has been restored, all those w ho h a n d le a n d use 1.11" iM products of M inneapolis-M oline should benefit accordingly. L Northwestern Banker Novem ber 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to handle bond orders. So b risk w as business late in th e cam paign th a t m any ban k s stayed open on S aturday nig h ts to handle th e details of sales, and to help p u t th e ir counties over th e top. T he Iow a W ar F inan ce Com m ittee expresses g reat appreciation for th e w ork and help given th e drive by th e banks of th e state, pointing out th a t on a cam paign of th e im m ensity of th is one success could only be a t tain ed th ro u g h w hole-hearted support of th e banks. B ut h ere are some of th e facts on sales and records for Iow a and the nation. F irst, th e state did its share and m ore exceeding its quota by a v ery com fortable m argin. As a com parison, in th e Seqqnd W ar L oan D rive of A pril, th e state quota w as exceeded by 35 p er cent, b u t only 47 of th e 99 counties m et or exceeded th e ir county quotas. In th e T hird W ar L oan Drive, th e state quota w as exceeded by 27 p er cent w ith a 100 p er cent record of individual county perform ance. In th e sale of E Bonds alone, on th e basis of sales to quota, Iow a is tied for th ird place w ith South Da kota at 112%. In th is record of E Bonds sales, th e top ra n k in g te n states w ith th e ratio of sales to quotas are: 1— N o rth D akota ...........128% 2— M ontana .....................127% 3— Iow a ...........................112% 4— South D akota ........... 112% 5— M innesota .................108% 6— W yom ing .............................108% 7— N ebraska ...................103% 8— M ississippi ........ 103% 9— Colorado ...............................103% 10—O klahom a ......................... 103% One m ight m ake a com m ent here on th e fact th a t all te n of th e leaders are p rim arily a g ricu ltu ral states, and seven of th em are M ississippi Valley States. N ot only are th e food pro ducing states co n trib u tin g th e ir large sh are to th e w a r effort in th e food line, b u t th e y are also on th e fro n t line in th e financial aid offered to th e ir nation. T his is, so fa r as Iow a is concerned, en tirely logical from an economic stan d p o in t as evidenced by th ese tw o exam ples. F ro m Septem ber 1 to Sep tem b er 22, th e S ecurity Savings B ank at E agle Grove, Iow a, h ad sold $240,000 of bonds w ith a deposit sh rin k of $60,000. F o r th a t sam e period, the Shelby C ounty B ank of H a rla n had sold ju s t over $400,000 of bonds w ith a deposit sh rin k of $66,000. Both these are exclusive of an y w ar loan credits. T hese are only tw o exam ples of w h at is believed to be a generally sim ilar situ atio n th ro u g h o u t th e state. T he food producing areas are experi- « 61 encing a v e ry high level of incom e, m aybe th e h ig h est of all tim e, and it is c e rta in ly to be hoped, and all b a n k e rs agree on this, th a t th is u n u su al incom e be w isely used in th e accum ulation of savings th ro u g h p u r chase of bonds and th e liq uidation of debt w hich is going on a t a tr e m endous pace. N ot only w ill a g ri cu ltu re, b u t th e b an k s serv in g a g ri cultu re, be safeguarded ag ain st th e u n c e rta in tie s of th e fu tu re if th is ac co m plishm ent can be continued. T h a t th e b an k s and b a n k e rs of Iow a played a m uch m ore im p o rta n t and effective role in th is drive is b ro u g h t out b y th e p re lim in a ry tab u latio n of resu lts. In th e A pril D rive, only one county, W innebago, could lay claim to th e sale of a pro-rata sh are of th e co u n ty quota by ev ery b a n k w ith in th e county. In th e Septem ber Drive, W innebago rep eated on this, b u t w as joined by a n u m b er of o th e r counties in w hich each b an k w ith in th e county sold or oversold its full sh are of th e co u n ty quota. T his in itself is an evidence of th e 1effectiveness of team w ork. T he counties w hich assigned sh ares to th e b an k s did n o t expect th e b a n k e rs to w o rk single-handed, b u t effectively com bined th e efforts of th e b a n k e r and a “tra d e a re a ” solicitors group w ith m ost satisfacto ry resu lts. I t h as been conclusively p roven in Iow a th a t n e ith e r th e b a n k e rs alone, n o r a soliciting o rganization alone, can do a satisfacto ry job—a job of selling w ith desirable distrib u tio n . B u t it h as been pro v en conclusively in th ese tw o D rives th a t th e u n ited efforts, ta le n ts and energies of a u n ited organ izatio n can and does produce th e desired resu lts. T h ere are m an y problem s ahead— th e re are m an y trem en d o u sly im p o rta n t sidelines for im m ediate con sideration, b u t th e re is one p a ra m o u n t issue of th e m om ent. A nd th a t is to w in th e w ar, w in it as quickly as pos sible. A nd th a t necessarily involves th e m ost effective financing of th e w ar. No one know s how long th e w a r w ill la st o r how m uch it w ill cost, b u t th e Iow a W ar F in an ce Com m ittee is confident th a t th e n e x t drive w ill be m ore easily accom plished and in less tim e. As H e rb e rt H orton, S tate Co-Chair m an, says, “T he b a n k ers of Iow a are a t last realizing th a t th e y m u st sell bonds to th e ir ow n custom ers—and I really m ean sell th em —to keep b an k deposits on a som ew hat even keel. We, as bank ers, can ’t r u n w ild an d let th in g s u n d e r ou r control r u n wild. A nd w e have to sell bonds or be s u r feited by in creasin g and u n stab le de posits w ith all th e risk s an d u n c e r tain tie s th a t go w ith th em .” Twenty-five Years Ago Names in Northwestern Banker News From the November, 1918, Issue moved. T hey w ill th u s be resto red to in d u stry g radually.”—Otto H. K ahn, N ew Y ork banker, a fte r re tu rn in g from a recen t trip to E u ro p e said, “No A m erican can see w h a t our arm y and n avy are doing in E u rope in th e w ay of fighting, plan n in g and ad m in isterin g w ith o u t being deeply th rilled w ith pride and g ratitu d e.”— E. I). Chassell, secretary of th e F a rm M ortgage B ankers A ssociation of IOHN A. CAVANAUGH, vice presiU d en t of th e Des M oines N ational B ank, says, “By th e close of th e first y e a r of peace we shall be engaged in a p erfectly n a tu ra l th o u g h p erhaps slow resto ratio n of pre-w ar conditions in every b ran ch of industry. Our soldiers are going to E urope at th e ra te of 10,000 p er day b u t th ey cannot possibly be b ro u g h t to us at th is rate even w ith th e subm arine m enace re- r (U. s. Army) Clinton, Schick General Hospital Iowa C overs over 1 6 0 acres o f la n d and c o n sists o f : 59 3 5 4 1 s e m i-p e r m a n e n t b u ild in g s m o b iliz a tio n ty p e b u ild in g s m ile s w a te r m a in m ile s s e w e r lin e m ile g a s m a in 33 th e a te r -ty p e o f o p era tio n b u ild in g s O v e r o n e m ile o f sem i-p e r m a n e n t co n stru ctio n co v e red w a lk s 20 m ile s o f e le c tr ic lin e O v e r 5 m ile s co n c r e te p a v e m e n t w ith a b o u t 1 m ile g r a v e le d road B e sid e s th e h o sp ita l p ro p er, it also h as a tr a in in g c en ter w h ere a field u n it is b e in g train ed fo r overseas. P o p u la tio n o f th e h o sp ita l is a p p ro x im a te ly 3 ,0 0 0 . T h e S ch ick reserv a tio n h a s: C h ap el L ib r a r y L aundry S to r e s P o s t O ffice F ir e S ta tio n T a ilo r Shop B a rb er Shop B u ild in g s are jo in e d by o n e and tw o story ram ps. O ff th e m a in corrid ors o n a ll sid es are: M e s s h a lls L ib ra r y R e fr ig e r a tio n ro o m s S u r g ic a l ro o m s K itc h e n s P o st exchan ges D e n ta l c lin ic S e r v ic e ro o m s T h e B e d C ross b u ild in g w ith : S ta g e S e a tin g c a p a c it y o f a b o u t 650, w h ic h w ill p e r m it o f e v e r y k in d o f en te r ta in m e n t and in c lu d e s an o u tle t fo r b r o a d c a s tin g . C o m p lete m o v ie e q u ip m e n t o f 16m m . and 35 m m . p ic tu r e s, They Bank With FIFTH AVENUE S OUT H- 2 2 6 * C L I N T O N , IOWA NATI0NÁL BANK C a n to n , lYcnvrt Member Federal Reserve System and Federal Deposit Insurance Corporation Northwestern Banker Novem ber 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 62 — America, has issued a circu lar statin g th a t th e Suprem e C ourt of th e U nited States has not su stain ed th e validity of th e F ed eral F a rm L oan Act— Tom F . Ford h as been appointed Iow a rep re se n ta tiv e of th e N o rth ern T ru st Com pany of Chicago—W. T. F en ton , vice p resid en t of th e N ational B ank of th e R epublic of Chicago, in w elcom ing th e A. B. A. delegates on behalf of th e Chicago B an k ers said, “The G overnm ent did not need to tak e over IOWA NEWS th e banks. It already had them . T hey v o lu n teered.”— F ran k A. V anderlip w ill re tu rn to th e N ational City B ank of New Y ork as a re su lt of a consoli dation by th e T reasu ry D epartm ent of th e W ar Savings and L ib erty Loan organization.— Charles G. D aw es of Chicago has been m ade a brigadier general for his excellent w ork in F ra n c e in rebuilding railroads and o th er governm ent activities— C. H. MeN ider of M ason City, w ho is Iow a sales fflw Live St o c k N a tio n a l Ba n k -------c £ ------------------ U N I O N S T O C K YARDS STATEMENT • T E L E PH O N E YA RD S 1 2 2 0 OF CONDITION October 18, 1943 RESOURCES Cash and due from bank s......................................... $ 1 5 ,7 7 7 ,4 0 4 .0 5 U . S. Treasury b ills and certificates..................... 17,35 1,45 1.96 U . S. G overnm ent bond s and n o tes..................... 5,82 5 ,2 0 0 .0 0 State and m unicipal secu rities................................ 3 5 1 ,4 8 7 .8 5 O ther m arketable b o n d s.......................................... 7 8 9 ,5 1 6 .3 4 Loans and d iscou n ts.................................................. 7 ,3 8 0 ,7 0 8 .6 7 Federal R eserve Bank sto ck .................................... 7 5 ,0 0 0 .0 0 Bank b u ild in g ............................................................... 4 0 0 ,0 0 0 .0 0 Interest earned, not co llec te d ................................ 2 6 ,4 6 4 .1 8 Current receivables and other assets................... 2 1 9 ,3 9 8 .3 4 $ 4 8 ,1 9 6 ,6 3 1 .3 9 LIABILITIES C apital............................................................................. $ 1 ,0 0 0 ,0 0 0 .0 0 Surplus............................................................................. 1 ,5 0 0 ,0 0 0 .0 0 U ndivided profits and reserves.............................. 1 7 1 ,5 4 2 .2 4 2 8 ,5 8 7 .5 6 U nearned d iscou n t..................................................... D ep o sits.......................................................................... 4 5 ,4 9 6 ,5 0 1 .5 9 $ 4 8 ,1 9 6 ,6 3 1 .3 9 BOARD OF DIRECTORS Frederick h . prince Arthur G. Leonard President, Union Stock Y ard & Transit Co. R obert j . D unham Investments W illiam J. O’Connor R ichard H ackett Ass’t General Manager, Union Stock Y ard & Transit Co. General Manager, Central Manufacturing District R A L P H M . SH A W Winston, Strawn & Shaw O rvis T. H enkle T homas e . W ilson Vice-President and General Manager, Union Stock Y ard & Transit Co. Chairman of the Board, Wiison & Co., Inc. D avid H. R eimers President, The Live Stock National Bank of Chicago SERVING AGRICULTURE AND F E D E R A L D E P O S I T Northwestern Banker Novem ber 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I N S U R A N C E director for L ib erty Loans, is receiv ing co n gratulations from all over the U nited States on th e splendid record his state has m ade— Secretary F rank W arner of th e Iow a B ankers Associ ation is creating a division of archives and collecting a series of old m inute books from various groups over th e state.—D eposits in some of th e Tw in City banks are as follows: F ir st and Secu rity N ational, M inneapolis, $60,100,000; N orth w estern N ational, Min neapolis, $44,883,000; Stock Yards N ational, South St. Paul, $4,572,000; F irst N ational of St. Paul, $45,460,000; M erchants N ational, St. Paul, $22,478,000.— C harles E. W alters of Omaha says, “No, we do not sell real estate, in d u strial stocks and bonds, or lightning rods, b u t confine ourselves exclusively to b ank stocks in w hich line we are ex p e rts”.—D. R. W esslin g, p resid en t of the L y tto n Savings Bank, has been v ery active in his cam paign against th e ov erd raft evil—The M iller and Chaney B ank of Newell, Iowa, has recently been reorganized w ith George W. C haney and F rank G. Redfield as th e sole ow ners.—John T. H am ilton, presid en t of th e M erchants N ational B ank of Cedar Rapids, celebrated his 75th b irth d ay an n iv ersary th is m onth. —W illiam B. H u ghes, secretary of the N ebraska B ankers A ssociation, has postponed th e an n u al convention on account of th e influenza epidem ic and th e q u a ran tin e applied to public g athering.—J. R. Cain has sold his in terests in th e State B ank of Stella, N ebraska, to R obert A. T ynan, w ho w ill become president.— N els S. Sw en son has been elected cashier of the B ank of W ilm ar, M innesota.— George D. LaBar, p resid en t of th e F irs t N a tional B ank of B rainard, M innesota, announces an increase of th e ir capital stock from $50,000 to $100,000.—V erne C. B on esteel, w ho has been appointed n ational b an k exam iner, has severed his connection w ith th e Jam es Valley B ank of H uron, South D akota.— C. H. Coxe has been appointed cashier of the L um bard B ank of K im ball, South Da kota.— R. C. C hisholm has been ap pointed cashier of th e F a rm e rs and M erchants S tate B ank of Lakota, N o rth D akota.—R. E. P eople has been elected a ssistan t cashier of Citizens State B ank of W heelock, N orth Da kota.—R. E. Covert of Randall, M inne sota, has been elected cashier of the State B ank of G renora, N orth Dakota. INDUSTRY Smarty! ¿Pin ce 4868 ME MB E R — C O R P O R A T I O N “So you had a date w ith a college guy?” “No, I tore m y dress on a nail!” 63 - • Name New Officers F ollow ing th e m eeting of th e board of tru ste e s of T he New Y ork T ru st Com pany, Jo h n E. B ierw irth , p resi dent, announced th e ap p o in tm en t of th re e senior officers an d four ju n io r officers. H u lb ert S. A ldrich, fo rm erly a ssista n t tre a su re r, w as elected vice presid en t, and H olt F. C allaw ay and W illiam W. Crehore, Jr., both form er- IOWA NEWS • - B ank, D uluth. S outhern—-F. L. Du rand, F irs t Service C orporation, M in neapolis. N o rth D akota — W ard D. D wight, Fargo N ational Bank, Fargo. South D akota—R ussell B. K nudsen, th e A m erican State Bank, Y ankton. th e congratulations of his m any friends last m onth on the occasion of his 60th birthday. He has been active in all kinds of civic w ork and is a form er N ational E xchange club president. New Employes Celebrates 60th Birthday Dr. K uno H. Struck, vice p resid en t of th e D avenport B ank & T ru st Co., at D avenport, Iowa, and secretary of th e D avenport p ark board, received Peoples Savings B ank a t Elm a, Iowa, recently added Miss H elen Koch and Miss M ildred B artels to th e ir staff. Two form er em ployes, Mrs. F ran cis M eirick and Miss Bessie Novey, have resigned. i if n [j k 1 j il fR I m Ml A!111 JIII j ui A ÏillI If O T T U M W A , IOW A Member of Federal Reseme System Statement of Condition as of October 18, 1943 RESOURCES H U L B E R T S. A L D R I C H N a m ed a V ic e P r e s id e n t ly a ssista n t tre a su re rs, w ere appointed a ssista n t vice presidents. George W. B. G orm an w as appointed assista n t tre a su re r; W illiam H. O sborn and E d w ard S. P eterson, assista n t secretaries, and H en ry L anier, Jr., an assista n t tru s t officer. Associate Councilmen A m erican In stitu te of B anking coun cilm en have been nam ed by D avid L. Colby, n atio n al president, in m iddle w estern states as follows: S. J. K ryzsko, executive councilm an, The W inona N ational & Savings Bank, W inona, M innesota. Iow a—A lvin G. Nelson, S ecurity N a tional Bank, Sioux City. M innesota, N o rth e rn —Ray W. Cam p bell, F irs t and A m erican N ational YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS Loans and Discounts................. Bank Building ............................ Furniture and F ixtu res............. Other Real Estate........................ Stock in Federal Reserve Bank Overdrafts .................................................................................... U. S. Bonds....................... $4,683,436.51 Municipal Bonds ................................................ 2,105,482.46 Other Marketable Bonds................................... 1,029,846.34 Cash and Exchange......................................... 3,208,295.74 $ 2,263,102.47 102,500.00 23,969.17 5,800.00 18,000.00 2,058.76 11,027,061.05 $13,442,491.45 L IA B IL IT IE S Capital (Common) ........................................................................... $ 300,000.00 Surplus ............................................................................................... 300,000.00 Undivided Profits and R eserves................................................ 110,508.77 Deposits ............................................................................................. 12,731,982.68 $13,442,491.45 ■ ■ ■ BUY W AR BONDS O F F IC E R S F R A N K V O N S C H R A D E R . C hairm an o f B oard and P r esid en t W . C. M IL L E R , A ss is ta n t C ash ier H . L . P O L L A R D , V ice P r esid en t F R E D D IM M IT T , A s s is ta n t C ashier R . W . F U N K , V ic e P r esid en t M A X V O N S C H R A D E R , C ashier F R A N K M. P O L L A R D , A ss t. C ashier C. P . G L E N N , A s s is ta n t C ashier C. G. M E R R IL L , T ru st Officer Member Federal D eposit Insurance Corporation F. E. DAVENPORT & CO. OMAHA https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker Novem ber 1943 64 Post Election Results A t th e an n u al m eeting of th e Belle P laine Com m erce Club P au l Groszk ruger, p resid en t of th e Citizens N a tional B ank a t Belle Plaine, Iowa, w as re-elected for th e com ing y ear. O ther officers nam ed were: Clarence Iverson, first vice president; Sam R oudabush, second vice p resident; Chal W inders, secretary; A. J. Bird, tre a su re r; and Joe S traw h o rn , R. W. M iller an d E. K. Clear, elective m em bers of th e board of directors. T he o th er m em bers of th e board of d irecto rs are th e of ficers and th e re tirin g presid en t, W al te r McCrory. Financial Advertisers Favor Free Enterprise (C ontinued from page 14) F ran k G. B urrow s, ad v ertisin g m an ag er of th e Irv in g T ru st Com pany of New York, w as th e discussion leader in th e com m ercial d ep artm en t w hen “W ar A d v ertisin g ” w as th e topic, and F ra n k did an excellent job in bringing out th e ideas th a t o th er m em bers had used in th e ir own advertising and also p resen tin g th e v ery fine program AMERICAN NATIONAL BANK AND TRUST COMPANY OF CHICAGO L A S A L L E STREET AT W A S H I N G T O N ---------------------------------Member Federal Deposit~dginUi'------------------------------------"gS ;B b3T: Insurance Corporation STATEMENT OF CONDITION AT THE CLOSE OF IIIISINESS OCTOBER 1». 1043 RESOURCES C ash and due from b a n k s ........................................ $ 38,415,680.65 U n ited S tates G o v ern m en t obligations — direct and fully g u a r a n te e d .............................................. 62,808,491.55 M unicipal and o th er m ark e ta b le securities . . 11,166,268.54 Loans and d is c o u n ts .................................................... 28,272,110.11 Federal R eserve B ank s t o c k ................................... 123,000.00 C u sto m ers’ liab ility on a c c e p ta n c e s ....................... 2,400.00 A ccrued in te re st r e c e i v a b l e ................................... 306,102.11 R eal e state o w n e d .................................................... 1.00 O ther a s s e t s ............................................................... 77,831.32 $141,171,885.28 LIABILITIES C ap ital stock — p r e f e r r e d ........................................ $ C ap ital stock — c o m m o n ........................................ S u r p l u s ........................................................................... U ndivided p r o f i t s .................................................... Preferred stock retire m e n t f u n d ............................. R eserve for taxes, in terest, contingencies, etc. . U nearned d i s c o u n t .................................................... L iab ility on a c c e p t a n c e s ......................................... D eposits: D e m a n d ..................................... $410,355,934.94 U nited S tates G o v ern m en t . 16,730,733.29 O ther public funds . . . . 5,721.39 O th e r tim e d e p o sits . . . 600,000.00 1,000,000.00 2,500,000.00 743,189.80 305,000.00 1,032,091.58 336,983.38 2,400.00 134,652,220.52 U n ite d S ta te s G overnm ent o b lig a tio n s a n d o th er sec u rities ca rried a t $ 2 7 ,5 5 7 ,3 5 2 .8 6 are p le d g e d to secure p u b lic a n d tr u s t d eposits a n d fo r o th er p u rp o ses as req u ired or p e r m itte d b y law . Northwestern Banker Novem ber 19!i3 Lou E. T ow n sen d, p ast presid en t of th e F in ancial A dvertisers A ssociation and a ssistan t vice p resid en t of th e B ank of A m erica of San Francisco, has a boy in th e A ir Corps and w ho had a leave ju s t a t th e tim e th e FAA con ven tio n convened, and Lou w as m ighty so rry to have to be aw ay from hom e w hen his boy w as there. Mrs. Tow n send, w ho had planned to come to th e convention, stayed hom e in o rder to be w ith th e ir son. T. Spencer Shore, vice p resident and tre a su re r of th e G eneral T ire & R ub b er Company, of A kron, Ohio, spoke on “In d u stry , People and G overn m en t,” and it w as a speech everyone in A m erica should hear. Am ong o ther th in g s Mr. Shore said, “You and I know th a t th e n ex t several y ears w ill be the m ost crucial years in th e h isto ry of A m erica. You and I know th a t th e die w ill be cast in th e nex t few y ears th a t w ill determ ine th e ty p e of national econom y—yes, th e form of govern m en t—th a t w ill exist in th is co untry du rin g th e n ex t generation. “You and I k n o w th a t the A m erican w a y of life—the free en terprise system — is the greatest in cen tiv e to hard w ork, th rift and efficiency. W e k now th at no cou n try has gone ahead, and th at th is cou n try could not have gone ahead as w e have u n less w e had the free en terprise system . W e k n o w that governm ent-controlled or governm entoperated b u sin ess is less efficient than a b u sin ess run for a profit. W e saw that illustrated v iv id ly w h en the g o v ernm ent tried to run the railroads in W orld W ar T. W e saw that illustrated v iv id ly w h en the governm ent in re cen t years took over the air m ail con tracts. W e saw that illustrated viv id ly in every W P A project. “You and I know th a t w ith all of the m isfortunes, w ith all of th e inequi ties, w ith all of th e u n fo rtu n a te cir cum stances, w e still have th e greatest Banks Sold or Bought! 30,000.00 $141,171,885.28 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis w hich his own b ank has been develop ing. quietly, quickly and in a personal manner JAY A. WELCH BA N K BROKER Haddam, Kansas “35 Years Practical Banking Experience ” 65 — • IOWA NEWS • - co u n try in th e w orld for th e g reatest m a jo rity of people, w ith th e hig h est sta n d a rd of living kn o w n to m ankind. A nd w e know th a t th is w as accom plished by A m erican ingenuity, effi ciency and th r if t—by an am bitious people w ith courage and th e capacity fo r h a rd w o rk u n d e r th e free e n te r prise system .” LaM onte & Son of N utley, N ew Jersey, and J. T. A nderson, ad v ertisin g m an ager of th e com pany, atten d ed th e Chicago convention. A fter th e m eet ing w as over Mr. A nderson took a sw ing aro u n d th ro u g h th e m iddle w est and in Des M oines w e had th e pleasure of his com pany a t th e De P u y residence for a “cup of tea.” F red W . M athison, tre a s u re r of th e FAA, rep o rted th a t th e association had about $1,459 on h an d from th e ir to tal incom e of $27,000 th is last year. C ur re n t assets am o u n t to $32,968. J. Re w ell R afferty of th e F o rt W o rth N a tio n al B ank of F o rt W o rth and head of th e m em bership com m ittee, rep o rted th e p re se n t m em bership of 662 in th e FAA, ag ain st 666 last year. In one re p o rt it w as m entioned th a t “Some of th e eq u ip m en t in th e cen tral office w as app ro ach in g obsolescence,” b u t w e are su re th is did not re fe r to th e efficient stream lin ed executive vice presid en t, P reston E. Reed. The w ar has come close to m any m em bers of th e FAA, and especially to F rank B u rrow s of th e Irv in g T ru st Company, w ho has a d au g h ter and C linton A xford, editor of th e A m erican B anker, N ew Y ork City, w as discussion leader a t a “confession ses sio n ” on th e gen eral subject of “P u b licity T echnique and R esu lts.” I t w as a v e ry in te re stin g and th ought-provok ing m eeting. T he m a ste r of cerem onies in th e m arin e dining room a t th e E d g ew ater Beach w ise-cracked th a t “The Chicago su b w ay w as th e city ’s first under ground m ovem en t,” and th e u n iv ersal chorus w as “Oh y eah ?” G. W. M cSw eeney, p resid en t of th e D eLuxe Checks P rin te rs, Inc., of Chi cago, received com plim ents and p raise for th e p re p a ra tio n of th e “convention checks” w hich w ere u sed to pay for th e vario u s luncheons, b an q u ets and o th er festivities. Also he p rin te d w ith com plim ents of th e com pany 200 checks for all those w ho h ad sen t in th e ir nam es in advance. I t w as a v ery clever and th o u g h tfu l courtesy on his part. On October 18th the Capital City State Bank was admitted to membership in the Federal Reserve System. Expanded facilities now made available to us will be utilized to the fullest extent in providing the best possible service for corre spondent Banks and commercial accounts. When considering a Banking connection in Des Moines, we invite you to keep us in mind. Statement https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis of C ondition October 18, 1943 R E S O U R C E S Cash and Due from B anks...........................$1,432,631.00 U. S. Government Securities.................... 3,610,261.53 513,082.60 Municipal and Other Bonds........................ Loans and D iscounts................................... 938,751.97 Overdrafts .................................................... 174.37 Bank Building and L ot.............................. 78,289.22 14,714.91 Furniture and F ixtu res.............................. Total R eso u rc es........................................$6,587,905.60 L I A B I L I T I E S Capital Stock (Com m on)..........................$ 200,000.00 Surplus ............................................................ 100,000.00 Undivided Profits ....................................... 42,542.74 Reserves ........................................................ 29,224.53 DEPOSITS .................................................... 6,216,138.33 Total L ia b ilitie s.......................................$6,587,905.60 O F F I C E R S ROLFE O. WAGNER, President RAYMOND G. MILLER, Vice President J. N. COFFEY, Cashier GEO. RADCLIFFE, A ssistant Cashier FRED C. SUTTON, Assistant Cashier C. ALLEN EVANS, A ssistant Cashier Capital City State Bank L ocust at E ast F ifth B oth George B. RaM onte, th e h a n d som e and efficient p resid en t of George T he n ex t tim e you are in Chicago don’t m iss d in n er a t th e K ungsholm , w hich is located in w h at once w as th e fam ous hom e of R eander H am ilton M cCormick, nephew of th e reap er king. H ere Fredrik Chram er has provided ev ery th in g desirable in a re sta u ra n t and, in addition to th at, gives you a m ost delightful evening in th e K ungs holm “M iniature Grand Opera Thea- A Member of the Federal Reserve System R obert R indquist, d irecto r of public relatio n s of th e A m erican N ational B ank & T ru st Com pany, Chicago, w as g en eral ch airm an of th e 28th an n u al convention of th e FAA, and received co n g ratu latio n s on all sides for th e v e ry fine w o rk he h ad done and th e excellent p ro g ram w hich he h a d a r ranged. th re e g ran d ch ild ren w ho are in F rance and from w hom he has n ot h eard for over a year. Established 1878 Des M oines, Iow a M em b e r F e d e ra l D e p o s it I n s u r a n c e C o r p o ra tio n Northwestern Banker November 1943 66 • tre” on th e fo u rth floor. T here is noth in g else like it in th e w orld. M ilton T ootle, III, vice p resid en t of th e Tootle-Lacey N ational B ank of St. Joseph, M issouri, has tw o sons w ho are in th e service. M ilton T ootle, IV, is a Senior L ie u te n a n t in th e N avy A ir Corps and he is now giving in stru ctio n in th a t b ran ch of th e service a t Lee Field, G reencove Springs, Florida. H e is 23 y ears of age and is expecting an addition to th e fam ily in Decem ber. Gilbert Tootle, w ho is 20 y ears of IOWA NEWS age and a corporal at M axwell Field, M ontgom ery, Alabam a, is also in th e A rm y A ir Corps. As w ell as having tw o fine sons in th e service, M ilton T ootle, III, is an ex p e rt golfer and holds m any golf rec ords and trophies. T he low est score he ever shot w as 66 in M ichigan, and he still holds th e course record of 31 for th e second nine at th e St. Joe Golf and C ountry Club. And, speaking of golf, th e best definition w e ever heard of it w as given by W oodrow W ilson w ho said, “Golf is an ineffectual m eans B ankers Trust C ompany NEW YORK WiSilli/ CONDENSED STATEM EN T OF CONDITION, SEPTEMBER 30, 1943 ASSETS Cash and Due from B a n k s ................$ U. S. Government Securities . . . . Loans and Bills Discounted . . . . State and Municipal Securities . . . Other Securities and Investments . . Reat Estate M ortgages........................ Banking P rem ises................................ Accrued Interest and Accounts R e c e iv a b le ....................................... Customers’ Liability on Acceptances Bonds B o r r o w e d ................................ 285,954,302.67 904,937,642.90 505,428,312.30 28,276,380.65 49,257,427.78 1,232,366.86 13,926,919.99 4,955,374.70 970,084.86 204,000.00 $1,795,142,812.71 LIABILITIES Capital $25,000,000.00 Surplus.................... 7 5,000,000.00 Undivided Profits . 23,550,781.83 $ 123,550,781.83 875,000.00 Dividend Payable October 1, 1943 . D e p o s it s ............................................... 1,664,697,033.29 Accrued Taxes, Interest, etc............... 3,254,111.85 Acceptances Outstanding . . $ 1,644,510.24 Less Amount in 1,471,332.65 Portfolio . . 173,177.59 204,000.00 Liability under Bonds Borrowed . . Other L ia b ilit ie s ................................ 1,090,553.09 $1 795,142,812.71 Securities in the above statement are carried in accordance with the method described in the annual report to stockholders, dated January 14,1943. Assets carried ar $578,299,525.20 have been deposited to secure deposits, including $560,063,984.67 o f United States Government deposits, and for other purposes. Member o f the Federal Deposit Insurance Corporation Northwestern Banker November 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • of p lacin g an illu siv e ball in an obscure hole w ith im p lem en ts ill adapted to the purpose.” D udley Parsons, th e popular adver tising m anager of th e New York T ru st Company, sta rte d out originally to be an engineer and is a g raduate of the M assachusetts In stitu te of Technology. C hester L. Price, ad v ertisin g and publicity m anager of th e City N ational B ank & T ru st Com pany of Chicago, and Mrs. Price, celebrated th e ir 25th w edding a n n iv ersary d uring the FAA m eeting in Chicago. N eith er one of them look over voting age, although th ey do have th ree children, one girl w ho is m arried, and tw o boys. Captain E. V. R ickenbacker, p resi dent of the E a ste rn A ir Lines, was called out of th e city at the last mo m ent and w as unable to speak on “F ig h tin g Men and F ig h tin g F ro n ts” a t the banquet, b u t Mrs. R ickenbacker v ery ably su b stitu ted for him and read his address. W e had th e pleasure of m eeting h er afterw ard s and had a v isit about cur re n t topics of th e day, and she is a m ost delightful and charm ing conver sationalist. She believes th a t th e fall of G erm any w ill take place in 1944 and th a t Japan, she hopes, w ill be de feated by 1945. She also is sure th a t th e fu tu re peace of th e w orld w ill de pend on th e close und erstan d in g be tw een th e U nited States and R ussia and also th a t capitalism m ust be saved or A m erica w ill fall. Becomes Dows Cashier W esley L. D am erow has been nam ed first a ssistan t cashier of the F arm ers State B ank at Dows, Iowa. He has been secretary of the F a rm e rs Cream ery Com pany and served tw elve years as p o stm aster at Dows. Neville Named Comptroller David H. R eim ers, p resident of th e Live Stock N ational B ank of Chicago, announces th e ap p ointm ent of F ra n k J. Neville as com ptroller. Mr. Neville has had a long and varied experience as an accountant covering over 30 y ears in th is co untry and Canada. He started as an acco untant in th e B ank of O ttaw a in M ontreal in 1911 and re m ained u n til 1915 w hen he enlisted in th e C anadian A rm y, serving four years overseas. A fter th e w ar he retu rn ed to th e b ank and later w as em ployed in th e C anadian go v ern m en t d epartm ent of pensions. He cam e to Chicago in 67 —• 1923 as a senior acco u n tan t w ith a firm of certified public accountants. F ro m 1937 he had served as com ptrol- IOWA NEWS •- He has been cashier of the F irst N ational B ank for m ore th a n 30 years and w as presid en t of th e South D akota B ankers Association, 1939-40. Bank Burns Aberdeen Debits High B ank debits in A berdeen, South Da kota, reg istered a 49 p er cent increase over 1942, w hile tab u latio n s for the first nine m onths of 1943 indicate a 32 p er cent increase over last year, the F ederal R eserve B ank of M inneapolis announced. s i C i t y N A fire of und eterm in ed origin al m ost com pletely destroyed th e F irst N ational B ank and L eader hard w are buildings a t Lead, South Dakota, re cently. No estim ate of th e total loss from th e blaze w as available. Takes New Position Miss Adella B runz has accepted a position at th e N orth w estern B ank in G regory, South Dakota, and began h er duties last m onth. a t i o n a l B a n k A N » TRUST COMPANY FR A N K J. N E V IL L E B ecom es Comptroller o f C h icago ler and tre a s u re r for v arious m an u fac tu rin g concerns in th e Chicago area. 2 0 8 South La Salle Condensed Statement of Condition October 18, 1943 RESOURCES Cash and D ue fro m B an k s_________ $ 69,561,624.15 Purchase Interest K. I. Shager, p resid en t of th e F irs t N ational B ank of P ark er, South Da kota, rep o rts th a t R. G. Stevens and R. B. Stevens of V erm illion have p u r chased th e co ntrolling in te re st in the F irs t N ational B ank of P ark er. Mr. Stevens is connected w ith th e Citizens B ank a t V erm illion. The p resen t staff w ill continue in th e ir positions. U. S. G overnm ent S e c u rities________ 151,293,977.51 State, M unicipal and O ther Securities 7,689,101.11 L oans an d D isco u n ts_______________ 66,436,441.92 F e d e ral R eserve B ank S tock________ 240,000.00 A ccrued I n t e r e s t __________________ 447,515.90 C ustom ers’ L ia b ility on L etters of C red it an d A c c e p ta n c e s _________ 567,615.62 O ther R e s o u r c e s __________________ 99,785.15 W m. C. R em pfer, cashier of th e F irs t N ational B ank a t P ark sto n , South Da kota, has been appointed a m em ber of a new ly-form ed com m ission of th e A m erican B an k ers A ssociation to stu d y th e operations and problem s of banks. LIABILITIES C apital -------------------------------------------$ 4,000,000.00 S urplus ----------------------------------------- 4,000,000.00 U n d iv id ed P r o f i t s _________________ 702,321.99 R eserves fo r In tere st, T axes and C ontingencies ---------------------------- 1,426,261.15 D ividend P ayable N ovem ber 1, 1943 40,000.00 L etters of C red it and A cceptances O utstanding ------------------------------- 569,581.87 O ther L ia b i li t ie s __________________ 43,551.28 D eposits LESTER ARMOUR M a n u fa c tu r e r D O N A L D S. B O Y N T O N P ic k a n d s , M a th e r & C o m p a n y P H I L I P R. C L A R K E P r e s id e n t H E N R Y M. D A W E S P r e s id e n t, T h e P u r e O il Co. G E O R G E B. D R Y D E N P r e s id e n t, D r y d e n R u b b e r Co. JO H N G O O D R ID G E W illin g E s ta te Rites for Former Banker Named to Bank Board C H A R L E S G. D A W E S , C h a irm a n C H A R L E S S. D A V I S P r e s id e n t, B o r g -W a r n e r C orp. $296,336,061.36 F u n e ra l services w ere held last m o n th for Jo h n Goers of W hite Lake, South D akota. He erected one of th e first buildings h ere in 1888 and sta rte d th e first cream ery. He w as la te r p re si den t of th e F irs t N ational B ank at W hite Lake. BOARD OF DIRECTORS C H A R L E S B. G O O D S P E E D M a n u fa c tu r e r C H A R L E S C. H A F F N E R , J R , T r e a s ., R . R . D o n n e lle y & S o n s Co. J A M E S M. H O P K I N S R a ilw a y S u p p lie s J A M E S S. K E M P E R P r e s ., L u m b e rm e n s M u tu a l C as. Co. T H E O D O R E W. R O BIN SO N M a n u fa c tu r e r R IC H A R D W AGNER P r e s id e n t, T h e C h icago C o r p o ra tio n ---------------------------------------- 285,554,345.07 R A W LE IG H W A RN ER V ice P r e s , é T r e a s ., T h e P u r e O il Co. $296,336,061.36 M em b e r F e d e ra l D e p o s it I n s u r a n c e C o r p o ra tio n Northwestern Banker November 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis IOWA In Hospital R. G. Stevens, p resid en t of th e Citi zens B ank a t Sioux Falls, South Da kota, has been confined to a R ochester, M innesota, hospital w h ere he w as be ing tre a te d for a th ro a t ailm ent. Build New Addition Jam es M. Lloyd, vice p resid en t of th e A m erican S tate B ank at Y ankton, South D akota, announced th a t th e firm w ill build an addition to th e re a r of th e b a n k ’s p re se n t building, to p ro vide additional w ork in g space for th e NEWS bookkeeping d ep artm en t and facilities for safety deposit custom ers of th e in stitu tion. Replace Closing Bank A new b an k is being organized at Sioux Falls, South D akota, to take th e place of th e existing in stitu tio n , w hich is closing. T em porary officers of th e b an k are as follows: F ra n k Newlon, chairm an, Alec Stenson, secretary, w ho w ith Jo h n Z im m erm an, Roy W oolhiser and E d M usilek act on th e incorporating com m ittee. Guaranty Trust Company o f New F ifth A ve. at 4 4 th St. "^ L on d on : 11 B irc h in L ane, E. C. 3; ork M adison A ve. at 6 0 th St. B u sh H ou se, W . C. 2 Condensed Statement of Condition, September 30, 1943 RESOURCES Cash on H and, in F ed eral R eserve B an k , and D u e from B an k s and B a n k e r s ....................................... $ 4 9 4 ,7 3 3 ,3 2 3 .0 7 U. S. G overnm ent O b ligation s . . . . . . . . 1 ,8 9 6 ,4 4 4 ,7 3 4 .2 8 L oans and B ills P u r c h a s e d ..................... 8 1 6 ,7 3 3 ,6 3 2 .1 4 P u b lic S e c u r i t i e s ....................... $ 5 9 ,8 0 6 ,0 5 5 .9 7 Stock o f the F ed eral R eserve B an k 7 ,8 0 0 ,0 0 0 .0 0 O ther S ecu rities and O b ligation s . 2 2 ,1 5 8 ,3 6 1 .7 8 C redits G ranted o n A ccep tan ces . 1 ,7 5 4 ,3 2 8 .0 0 A ccrued In terest an d A ccou nts R e c e i v a b l e ...................................... 1 2 ,5 7 1 ,3 2 8 .3 1 Real E state B on d s and M ortgages . 1 ,6 5 7 ,2 0 3 .6 8 1 0 5 ,7 4 7 ,2 7 7 .7 4 B ank B u i l d i n g s .................................................................. 1 0 ,3 5 8 ,1 9 2 .1 9 O ther R eal E s t a t e ....................................................... 1 ,0 4 1 ,7 7 8 .6 7 T otal R e s o u r c e s ..................$3,325,058,938.09 L IA B IL IT IE S C a p i t a l .................................................. $ 9 0 ,0 0 0 ,0 0 0 .0 0 Su rplus F u n d ....................................... 1 7 0 ,0 0 0 ,0 0 0 .0 0 2 7 ,5 7 8 ,4 7 1 .7 8 U n divided P r o f i t s ...................... T otal Capital F u n d s . . . $ 2 8 7 ,5 7 8 ,4 7 1 .7 8 D ep osits ................................................$ 2 ,9 7 2 ,5 2 7 ,5 7 2 .8 8 T reasurer’s C h ecks O u tstan d in g 2 7 ,2 1 0 ,9 5 5 .9 8 T otal D ep osits . . . . ~ . . I ~ ^ 2 ,9 9 9 ,7 3 8 ,5 2 8 .8 6 F ed eral F u n d s P u r c h a s e d ................ 2 0 ,9 0 0 ,0 0 0 .0 0 A c c e p t a n c e s .......................................$ 3 ,3 7 6 ,6 0 3 .7 6 Less: O wn A cceptan ces H eld for In vestm en t . . . . 1 ,6 2 2 ,2 7 5 .7 6 $ 1 ,7 5 4 ,3 2 8 .0 0 L iability as E n d orser on A ccept an ces and F oreign B ills . . . 1 1 9 ,8 3 9 .0 0 F oreign F und s B orrow ed . . . 1 5 2 ,5 5 0 .0 0 D ivid en d P ayab le O ctob er 1 ,1 9 4 3 2 ,7 0 0 ,0 0 0 .0 0 Item s in tr a n sit w ith F oreign B ran ch es am i N et D ifferen ce in B alan ces b etw een V arious Of fices D u e to D ifferent Statem ent D ates o f F oreign B ran ch es . . 1 ,3 5 2 ,9 2 1 .2 6 M iscellan eou s A ccounts P ayab le, A ccrued T axes, etc........................... 1 0 ,7 6 2 ,2 9 9 .1 9 1 6 ,8 4 1 ,9 3 7 .4 5 T otal L i a b i l i t i e s ............................................ $3,325,058,938.09 S e c u ritie s c a rr ie d a t 8 9 1 5 ,6 3 0 ,9 2 5 .9 5 in th e above S ta te m e n t a r e p le d g e d to q u a lify to r fid u c iary p o w ers, to s e c u re p u b lic m o n ie s as r e q u ir e d by law, an d fo r o th e r p u rp o s e s . T h is S ta te m e n t in c lu d e s th e re s o u rc e s a n d lia b il iti e s of th e E n g lis h B ra n c h e s as of S e p te m b e r 2 6 , 1 9 4 3 , F re n c h B ran c h es as o f O c to b e r 3 1 , 1 9 4 2 , a n d B elg ian B ran c h as of O c to b e r 3 1 , 1 9 4 1 . Member Federal Deposit Insurance Corporation Northwestern Banker November 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Gain in Debit Percentages In M itchell, South D akota, th e vol um e of b an k debits show ed a 32 per cent increase over 1942, w ith a 44 per cent increase for th e first nine m onths of 1943, w hen com pared to th e cor responding period of last year. Nebraska News Merge Loan Associations Stockholder m em bers of th e Colum bus and M onroe N ational F arm Loan A ssociations unanim ously approved th e F ederal L and B ank of O m aha’s re organization plan, including consolida tion of th e tw o associations into one, to be know n as th e U nion N ational F a rm L oan Association. A nnouncem ent of th e approval, on w hich stockholders of th e association voted a t a special m eeting held at Columbus, N ebraska, w as m ade by E m il L. M ueller, presid en t of th e con solidated N ational F a rm L oan Asso ciation. O ther directors of th e new association are: H en ry B ru n k en of Monroe, vice president; Theodore W em hoff of H um phrey, H en ry Dasenbrock of Leigh, and H a rry G. L arson of St. E dw ard. F. C. L uchsinger is th e secretary-treasurer. Joins Husband Mrs. Nelle H easty has resigned h er position in th e F irs t N ational B ank at F a irb u ry , N ebraska, to join h er h u s band. H er successor has not been nam ed. Replaces Banker F re d D anforth has tak en a position in th e W ym ore N ational B ank a t Bea trice, N ebraska, succeeding Gordon Jones, w ho recently resigned to en ter th e em ploy of A bbott Bros., ow ners of a n um ber of banks in th e w estern p a rt of th e state. Bank Stock Purchased H. R. D ressier of A uburn, N ebraska, has purchased stock in th e F a irb u ry S tate Bank, F airb u ry . He has been voted vice president, cashier and sec re ta ry of th e board of directors of the b anking concern, th a t has deposits to taling n early tw o m illion dollars. Irl Else, w ho has been w ith the b ank for a nu m b er of years, is the president. Dr. D ressier w as cashier of th e B ank of N em aha and connected w ith th a t financial in stitu tio n for over 25 years. 69 —♦ IOWA NEWS •- re ta il m an u factu rin g and m erch an d is Blameless ing com pany, w here he w as in th e “T his is th e fo u rth m orning you’ve E. H. H enderson, cashier of th e Comcred it departm ent. In D ecem ber of been late, Susan,” said th e m istress to m ercial S tate B ank of Cedar Bluffs, 1924 Mr. E llio tt cam e w ith th e F irst h e r maid. N ebraska, w as elected p resid en t of th e N ational B ank of Om aha to tak e charge “Yes, m a’am ,” replied Susan, “I over F irs t N eb rask a R egional C learing of th e credit departm ent. H is duties slept m yself.” H ouse A ssociation a t a m eeting held g rad ually broadened out to include th e “W here is th e clock I gave you?” recently. m aking of loans and in Ja n u a ry of “In m y room , m a’am .” George T. H edelund, vice p resid en t 1929 he w as m ade a ssistan t cashier. “D on’t you w ind it u p?” of th e W ash in g to n C ounty B ank at Jo h n L au ritzen of th e F irs t N ational “Oh, yes! I w ind it up, m a’am .” B lair, w as elected vice p resid en t and B ank has been aw arded a citation from “A nd do you set th e alarm ?” E d Miles of th e F re m o n t N ational th e O m aha C ham ber of Commerce for “E v ery n ig h t.” B ank w as re-elected secretary. o u tstan d in g w ork in behalf of th e “B ut don’t you h e a r th e alarm in th e J. D. M illiken of th e F re m o n t N a Ju n io r Cham ber. m orning, Susan?” tional B ank addressed th e g roup on his C. D. Saunders of th e F irs t N ational “No, m a’m. T h a t’s th e trouble. You rec e n t trip to th e natio n al b an k ers con see, th e th in g goes off w hile I ’m recen tly re tu rn e d from a fishing trip ven tio n in N ew York. asleep.” a t L ake of th e Woods. Name New Officers Teller Resigns Miss D orothy Spargo, ra tio n teller at th e F ra n k lin S tate B ank, F ra n k lin , N ebraska, resigned October 30, 1943, to accept ap p o in tm en t as d ep u ty coun ty tre a s u re r of F ra n k lin county. Miss Spargo h as been em ployed by th e F ra n k lin b an k since Ju n e, 1942. ★ ★ B A N K ER CUSTOM ERS F IN D US A REA D Y SOURCE Surplus Increased OF TIMELY IN F O R M A T IO N T he L ive Stock N ational B ank of Omaha, N ebraska, has increased its su rp lu s account from $750,000 to $1,000,000, it w as announced by A lvin E. Joh n so n , p re sid e n t of th e bank. T his gives th e Live Stock N ational a com bined capital and su rp lu s of $1,500,000. In m aking th e announcem ent, Mr. Jo h n so n recalled th a t th e L ive Stock N ational B ank first opened for b u si ness on D ecem ber 9, 1907, less th a n 36 y ears ago, w ith a capitalization of $100,000. Since th a t tim e th e b an k has becom e established as one of th e com m u n ity ’s o u tstan d in g in stitu tio n s serv ing th e in te re sts of ag ricu ltu re, live stock and, in m ore re c e n t years, in d u s try . Illu stra tin g th e b a n k ’s steady p ro g ress, Mr. Jo h n so n pointed out th a t th e L ive Stock N ational B an k ’s su rp lu s account to taled $100,000 ju s t te n y ears ago. D eposits w ere less th a n $5,000,000 a t th a t tim e, w h ereas today th e y are in excess of $50,000,000. there are a m ultitude of new condi tions w hich affect b a n k in g op eratio n s. Keeping abreast o f them is alm ost a full time job in itself. For example wartime banking re quires up-to-the-m inute knowledge on V and "V T ” loans, U. S. G overnm ent bonds, ration banking, changes in trust department techniques. Current facts on these and all other timely bank ing subjects are readily available to correspond ents o f The N orthern Trust Company. In addi tion you may draw at any tim e upon our more than half-century o f experience. oday T First National News T he F irs t N ational B ank of Om aha announces th e prom otion of O. H. E l lio tt to th e position of a ssista n t vice president. Mr. E llio tt has h ad w ide experience in th e cattle business, as he w as raised on a ra n c h in M ontana. He had his early b an k in g experience w ith th e O klahom a N ational B ank at Chickasha, O klahom a, w here he sta rte d as a bookkeeper. A fter serv in g in v arious capacities h ere he sp en t tw o an d a half y ears w ith a large w holesale and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis THE NORTHERN TRUST COMPANY 50 SO U T H LA SALLE STREET, CHICAGO Member Federal Deposit Insurance Corporation 'k ★ Northwestern Banker November 19^3 70 Country Bank Commission Program OVING p ro m p tly to ro u n d out th e m ach in ery of th e A m erican B ankers A ssociation w hich serves th e in terests of co u n try banks, th e new ly appointed A. B. A. Com m ission on C ountry B ank O perations, creation of w hich w as announced by A. B. A. P resid e n t W iggins at the close of the A. B. A. convention, m et in Chicago last m onth to perfect its organization and to m ake plans for a program of assistance to co u n try banks. M T his new group, to g eth er w ith the A g ricultural Commission, th e sub-com m ittee on ag ricu ltu re of th e federal legislative com m ittee, and th e food for freedom com m ittee is expected to pro vide a com plete m achinery for serving the various needs of co u ntry banks. In calling the com m ission to duty, Mr. W iggins divided th e program for assistance to co untry banks into tw o parts, one of w hich he called th e legis lative front, and the o ther he called iWÆore than ever today, the name Death Valley is a misnomer. For this important section of California is . contributing heavily to the mineral resources o f our nation at war. It is a war which is com pleting the transformation of this once largely agricultural state into one o f the great industrial areas of the country, where the annual net value of manufactured products is more than two and a half billion dollars. In this vast growth, the banking services o f this California-wide institution have been important . . . and they can be important— and valuable— to you, to any banker or businessman who wishes to develop his own interests and opportunities in this rich market o f 7,500,000 people. th e hom e front. He stressed the de clining loan volum e and earnings of th e sm aller banks and the grow ing com petition th a t th ey have to face, and declared th a t “the co untry banks m u st be saved.” He rep o rted th a t progress is being m ade on th e legislative fro n t and urged th a t th e new com m ission give all possible aid to th e co u ntry banks to help solve these problem s of dim inish ing loans, earnings and com petition on th e hom e front. He pointed out th a t on the legisla tive fro n t th e co u n try banks are ac tively rep resen ted in the com m ittee on federal legislation by the sub-com m ittee on a g ricu ltu ral credit, and stated th a t to help solve th is problem of com petition and earnings on the hom e fro n t th e Com m ission on Coun try B ank O perations has been formed. “T here has been assem bled in this com m ission a rep resen tativ e cross sec tion of th e best ability in country ban k s,” he said, “a group of m en who are finding w ays of doing som ething about th e problem .” In opening the m eeting, K enneth J. McDonald, ch air m an of th e com m ission, declared “the co u n try ban k is th e param o u n t in te r est of the A. B. A.” Mr. McDonald is presid en t of the Iow a T ru st and Sav ings Bank, E stherville, Iowa. C om prehensive agenda of country b ank services, problem s and opportuni ties w as discussed. A resolution was adopted recom m ending th a t “all m em bers of the A m erican B ankers Associa tion recognize th e ir responsibility to uphold and actively su p p o rt th e reso- M en! T ell Y our W ives! W e now have M an-T ailored Suits and T opcoats F or W om en 100% W ool Fabrics of Ametrim NATIONAL Ja v Si n ag s ASSOCIATION M annish Styles M annish T ailored 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 2nd F lo o r F R A N K E L 'S B l u e and G o ld BANK o f AME RICA TRAVEL ERS CH EQ U ES a r e available through a u th o rized ban ks an d agendies e ve ry w h e re . C a rry them w hen you travel. Northwestern Banker November 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis D ES M O IN E S 71 H ere’s how y o u —yes, Y O U — can carry ou t a sm ashing "pincer m ovem en t” against th e A xis. Swing in on one flank w ith increased production o f war goods! D riv e in on th e other w ith redoubled purchases o f W ar B onds through your P ay-R oll Savings Plan! Y ou ’re an officer in both o f these drives. Y our per sonal leadership is equally v ita l to both. B u t have you follow ed th e progress o f your P ay-R oll Savings Plan as closely as you have your production? D o you know about the new Treasury D ep artm ent quotas for th e current P ay-R oll A llotm ent D rive? Quotas running about 50% above the form er figures? Y ou see, th ese new quotas are based on th e fact th a t the arm ed forces need m ore m oney than ever to w in the war, w hile the average worker has more m oney than ever before to spend. Particularly so, on a fa m ily in come b asis— since in so m any fam ilies several m em bers are working, now. R em em ber, th e bond charts o f tod ay are th e sales curves o f tomorrow! N o t on ly w ill these W ar B onds im plem ent our v icto ry —th e y ’ll guard against inflation, and th e y ’ll furnish billions o f dollars o f purchasing power to help A m erican business re-establish itself in the m arkets o f peace. So get this new fam ily incom e plan w orking a t once. Y our local W ar Finance C om m ittee w ill give you all the details o f th e new plan. A ct today! This advertisement prepared under the auspices o f the War Advertising Council and the U. S. Treasury Department. LET’S KEEP ON Backing the Attack! This Space is a C ontribution to America’s A ll-O ut W ar Effort by NORTHWESTERN BANKER Northwestern Banker November 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 72 W a n te d to B uy C ollections a n d A c cu m u latio n s o f U n ite d S ta te s a n d F o re ig n P o s t a g e S ta m p s W ill b u y sta m p s h e ld as se c u rity on d e f a u lt loans. A lso in te re s te d in h e a rin g fro m e x e c u to rs o f e s ta te s w h e re sta m p s a re in v o lv e d . A L B E E T M IC H E L , 3009 G unnison St., C hicago 25, 111. M e m b er A. P . S. DES MOINES BUILDING-LOAN & SAVINGS ASSOCIATION OldestandLargestinDesM oines 411 6th Ave. Dial 4-7119 ELMER E. M ILLER Pres, and Sec. HUBERT E. JAM ES A sst. Sec. FO R Y O U R E N JO Y M E N T . . . L iste n to th e “ WORLD OF M USIC” KSO, 1460 KC 9 :30-10 :00 a. m. Sundays lution adopted a t th e an n u al m eeting of th e A. B. A. on socialized and sub sidized credit.” A ddressing itself to th e question of w h a t can be done to assist banks in m eeting on th e hom e fro n t th e prob lem s of subsidized com petition, disap p earin g loans and declining earnings, th e com m ission adopted four m ajor projects as sta rtin g points for its w ork. A nd four com m ittees w ere appointed to prom ote them . One of these is th e early publication of a m erchandising m anual, “T he Sec ond F ro n t A gainst G overnm ent Sub sidized Com petition.” A g reat deal of w o rk has already been done on this m anual by th e ad v ertising and ag ri c u ltu ral credit d ep artm en ts of th e A. B. A. T he m aterial w ill be based largely on extensive su rv ey of P. C. A. m ethods, b an k er activities, and farm er opinion m ade du rin g th e sum m er and early fall. A com m ittee in charge of th is project w as appointed by th e com m ission consisting of G lenn L. E m m ons, presid en t of th e F irs t State Bank, Gallup, New Mexico; Clyde D. B an k ex ecu tiv e, e m p lo y e d , d e s ir e s p e r m a n e n t e x e c u tiv e p o s itio n in o r n e a r M in n e a p o lis . D r a f t e x e m p t, m a r r i e d , p r o t e s ta n t. B e s t re fe r e n c e s . W r it e D . C. c /o N o r t h w e s t e r n B a n k e r, 527 S e v e n th S t r e e t , D e s M o in e s, Io w a . T w e n ty -fo u r Y e a r s of M ERCHANTS MUTUAL B O N D IN G CO M PA N Y H arris, p resid en t of th e F irs t N ational Bank, C a p e G irardeau, Missouri; Claude F. Pack, p resid en t of th e Home S tate Bank, K ansas City, K ansas; C. D. Tedrow , p resid en t of th e Citizens F irs t N ational Bank, P rinceton, Illi nois, and R. B. S tew art, p resid en t of The M iam i D eposit Bank, Yellow Springs, Ohio. A second com m ittee, th e com m ittee on th e study of b an k costs, w as nam ed to m ake a stu d y of th is subject w ith a view to helping co u n try banks to p u t th e ir services on a m ore profitable earn in g basis. T his com m ittee con sists of Clyde C. N eum ann, executive vice p resid en t of th e F a rm e rs and M erchants N ational Bank, Oakland, N ebraska; W illiam C. R em pfer, cashier of th e F irs t N ational Bank, P arkston, South Dakota; Jo h n W etzel, com p tro ller of th e B ayside N ational Bank, Bayside, N ew York, and S. N. Schafer, presid en t of th e F irs t N ational Bank, F o rt A tkinson, W isconsin. E x p e rie n c e d b a n k m an in c ity a n d c o u n t r y b a n k s d e s ire s c o n n e c tio n in s m a ll c o u n tr y b a n k in g o o d f a r m i n g c o m m u n ity . C a n in v e s t $5,000. A g e 51, m a r rie d , P r o t e s t a n t . A v a ila b le a f t e r D e c e m b e r 1. G ood, c le a n r e c o rd . W r ite R. W . M ., c a r e N o r t h w e s t e r n B a n k e r . FO R SALE V ictor T h ree C lock T im e Lock Safe Write Post Com m ander, A m erican Legion, LuVerne, Iowa Incorporated 1933 Hawkeye Mutual Hail Insurance Association Carver B ld g . F ort D o d g e, Iow a Home Office VALLEY B A NK BU ILDING Des Moines, Iowa • • W e ’ve had our problems in the past, and we’ve successfully met them. W e have our problems today— and with your help, we can overcome them again. 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. Though selections may not be large and substitute m e rc h a n d ise d is p la y e d — rest assured we are doing our best to serve your immediate requirements— and at the same time e n th u sia stic a lly support our country in the " A l l - O u t W a r Effort." To be the exclusive representative of this company is an asset to your bank. • • W rite to E. H. WARNER Secretary and Manager "B u y U. S. Bonds and Stam ps" K och B ro th e r s C 1 P R I N T E R S ¿-r---------- 4 M ESTABLISHED K 1889 S T A T IO N E R S V S BOOK BINDERS OFFICE OUTFITTERS \ ^ W ^ B U S I N E S S MACHINES Grand Av e . Northwestern Banker November 19U, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis at Fourth De s Moines , Ia . 73 • New Cashier J. H. Dye, fo rm erly cashier of th e Peoples Savings B ank, A tkins, Iowa, is now cashier of th is bank, replacing Jo h n R oghair, Jr., w ho resigned re cently. IOWA NEWS • P U B L I S H E R ’S S T A T E M E N T S ta te m e n t of the O w nership, M anagem ent, C ir culation, etc., re q u ire d by th e A ct of Congress of M arch 3, 1933, of the N o r t h w e s t e r n B a n k e r , published m onthly a t Des Moines, Iow a, fo r Octo b e r 1, 1943. 1. N am e of P u b lish e r: Clifford D e P uy, Des M oines, Iow a. A ssociate P u b lish e r, R. W . M oor head, D es M oines, Io w a , E d ito r, H e n ry H . H aynes, D es M oines, Iow a. 2. O w ner, Clifford De P u y , D es Moines, Iow a. 3. T h a t the kn o w n bondholders, m ortgagees an d o th e r secu rity holders ow ning o r h o lding 1 p e r cen t o r m ore of to ta l am o u n t of bonds, m ortgages, o r o th e r secu rities a r e : N one. Cl if f o r d D e P u t , P u b lish e r. S w orn to a n d subscribed before me th is 22nd d ay of Septem ber, 1943. H enry Your Attention, Please! Want to Buy (o f Course, We Sell, T oo!) S a fe d e p o sit boxes, g iv e sizes, q u a n tity , m ak e a n d g e n e ra l d e sc rip tio n . G ive b e st p rice s, “ as is, ” f.o .b . p o in t o f p u rc h ase . O u r a sso c ia te , M r. T obe M o n d ay , offers o v e r 25 y e a rs of com plete B A N K V A U L T E N G IN E E R IN G S E R V IC E a n d w e can su p p ly y o u w ith ste e l finish p la te s , e re c te d in y o u r v a u lt; e x p e rt lo ck se rv ic e ; S a fe D e p o sit v a u lt se rv ice a n d B a n k v a u lt c le a n ing. C onsult us on a n y o f th e a ll im p o r t a n t ite m s, re g a rd in g V A U L T E Q U IP M E N T . M a y I h e a r fro m y o u ? P h o n e, w ire o r w r ite J . E . M u rp h e y , C H e stn u t 9000, 1800 D yer, S t. L o u is C ounty, M isso u ri. H . H ay nes, (S ea l) N o tary P ublic. (M y com m ission expires J u ly 4, 1945.) 2 1 s t y e a r p la n n in g a d v e r tis in g p r o g r a m s fo r b a n k s a n d tr u s t c o m p a n ie s . . . W r ite fo r P ro g ra m K e y e d to W a r T im e s . ¿ S z t u íc z y C T h e fo llo w in g letters w ere received fr o m N o rth w e ste rn B a n k e r readers. Y o u r view s a n d o p in io n s ivili be g la d ly p u b lis h e d in th is co lu m n . "You Did a Grand Job" “ U pon re c e ip t o f th e O ctober issue of the N o rth w este rn B a n k er , I w ent th ro u g h i t c a re fu lly a n d I w a n t to say th a t you surely d id a g ra n d jo b in re p o rtin g our convention. T he m an y photos a n d th e p e r sonal item s a n d th en th e com m ents upon th e convention its e lf a ll reflect, in our m od e st opinion, one of th e b e st review s o f our convention th a t th e N o rth w estern B a nk er has ever m ade. “ A g a in m y th a n k s fo r y our fu ll a n d excellent review o f our 5 7th A n n u a l Con vention.’ ’ P ra n k W arner , Secretary Iowa Bankers Association, Des Moines, Iowa, "We Feel Quite Encouraged" ‘ ‘ I am enclosing our sta te m e n t o f O cto b e r 18, w hich shows an a ll tim e h ig h fo r our deposits o f $1,511,249. E a rn in g s quite sa tis fa c to ry , too, so a ll in all, we feel q u ite encouraged. “ W e u sually send w ith our sta te m e n t a le tte r fro m th e b a n k a n d th is seems to help p u t th e sta te m e n t 'o v e r ’. T ho u g h t you w ould b e in te re ste d in b o th th e sta te m en t a n d th e le tte r w hich we se n d .” W . L . S p en c er , President, Oakland Savings Bank, Oak land, Iowa. "I Enjoy Every Word of Northwestern Banker" ‘1T h an k you fo r y o u r k in d le tte r received w hile I w as still in th e h o sp ita l re c u p e ra tin g fro m a n o p e ratio n fo r cancer. H ave h a d a serious tim e o f i t b u t a p p ea r to be on th e ro a d to recovery. I re a d w ith enjoym ent every w ord o f th e N o rth w este rn B a nk er a n d pass each issue alo n g to in te re ste d fo rm e r b a n k ers in th e R eco n stru ctio n F i nance C orporation. ’ ’ L eo E . S tev en s , 840 Locust Street, Pasadena, California. o u n s e l o n B a n k P u b l i c D . R . W E S S L IN G , P R E S ID E N T R e l a t i o n s ¿J\\oinEA, iJooja Ondcx ÇJo é^fdvertisers K A A l l i e d M u t u a l C a s u a l t y C o m p a n y ............... 29 A. C. A l l y n a n d C o m p a n y ................................. 35 A m erican N atio n al B a n k and T ru st C o m p a n y — C h i c a g o ......................................... 64 It B a n k o f A m e r i c a .................................................. B a n k e rs T r u st C o m p an y — Des M o in es.. B ankers T ru st C om pany— New Y ork. . . B u rro u g h s A d d in g M ach in e C o m p a n y .. 70 55 66 25 C C a p i t a l C i t y S t a t e B a n k ................................... C en tra l N atio n al B an k an d T ru st C om p a n y — D e s M o i n e s ........................................... C h a s e N a t i o n a l B a n k ........................................... C i t y N a t i o n a l B a n k — C l i n t o n ....................... C ity N a tio n a l B a n k a n d T r u s t C o m p an y — C h i c a g o ............................................................... C ity N a tio n a l B a n k a n d T r u s t C o m p a n y — K a n s a s C i t y ................................................ C o m m e r c e T r u s t C o m p a n y .............................. C o n tin e n ta l Illin o is N a tio n a l B a n k a n d T r u s t C o m p a n y ................................................... C o n t i n e n t a l N a t i o n a l B a n k — 'L in c o ln . . . 65 10 6 61 67 49 56 21 51 D D a v e n p o r t , F . E . a n d C o m p a n y ................ 51 -6 3 D es M oines B u ild in g , L o a n a n d S a v in g s A s s o c i a t i o n .......................................................... 72 D o u g l a s G u a r d i a n W a r e h o u s e C o r p .......... 32 D r o v e r s N a t i o n a l B a n k ...................................... 54 F 33 34 50 36 48 40 57 30 70 68 H H a w k e y e M u tu a l H a il I n s u ra n c e A ssn .. H o m e I n s u r a n c e C o m p a n y .............................. 72 3 I Io w a -D e s M oines N a tio n a l B a n k a n d T r u s t C o m p a n y ................................................... 76 I r v i n g T r u s t C o m p a n y ....................................... 23 J J a m i e s o n a n d C o m p a n y ...................................... L G e o r g e L a M o n t e a n d S o n ................................. L e s s i n g A d v e r t i s i n g C o m p a n y .................... Live S to c k N a tio n a l B a n k — C h i c a g o . . . . L i v e S t o c k N a t i o n a l B a n k — O m a h a .......... L ive S to c k N a tio n a l B a n k — S ioux C ity . 5 72 62 52 42 M M a g a z i n e P u b l i s h e r s o f A m e r i c a ............... M erch an ts M utual B o nding C o m p a n y ... M e r c h a n t s N a t i o n a l B a n k ...................... M id lan d N a tio n a l B a n k a n d T r u s t C o m p a n y — M i n n e a p o l i s ......................................... M in n e a p o lis M o lin e P o w e r I m p l e m e n t C o m p a n y .................................................................. M i n n e s o t a C o m m e r c i a l M e n ’s A s s n ............ M i c h e l , A l b e r t .......................................................... 4 72 2 39 60 28 72 N N a t i o n a l B a n k o f W a t e r l o o ............................ N e w Y o r k T r u s t C o m p a n y ............................... N o r t h e r n T r u s t C o m p a n y ................................. N o r t h w e s t S e c u r i t y N a t i o n a l B a n k .......... N o rth w e ste rn N a tio n a l L ife In s u ra n c e C o m p a n y .................................................................. 59 34 69 44 29 O O m a h a N a t i o n a l B a n k ........................................ 19 P h i l a d e l p h i a N a t i o n a l B a n k .......................... 24 P u b l i c N a t i o n a l B a n k a n d T r u s t C o .......... 34 S S t. P a u l T e r m i n a l W a r e h o u s e C o m p a n y 22 S c a r b o r o u g h a n d C o m p a n y .............27, 32, 59 S t o c k Y a r d s N a t i o n a l B a n k — S o u t h S t. P a u l ............................................................................ 38 T Todd C om pany ....................................................... 35 IT G G u a r a n t y T r u s t C o m p a n y ................................. ........................................................ 72 P E E m p l o y e r s M u t u a l C a s u a l t y C o m p a n y . . 28 F e d e ra l In te rm e d ia te C red it B a n k s . . . . F i n a n c i a l D e v e l o p m e n t C o m p a n y ............. F i r s t N a t i o n a l B a n k — C h i c a g o .................... F i r s t N a t i o n a l B a n k — M i n n e a p o l i s .......... F i r s t N a t i o n a l B a n k — O m a h a ....................... F i r s t N a t i o n a l B a n k — S t. P a u l .................... F i r s t N a t i o n a l B a n k — S i o u x C i t y ............... F i r s t W i s c o n s i n N a t i o n a l B a n k .................. F r a n k e l C l o t h i n g C o m p a n y ............................ K och B ro th ers 41 U n i o n B a n k a n d T r u s t C o m p a n y ............... 63 U n i t e d S t a t e s N a t i o n a l B a n k — O m a h a . . 46 U n i t e d S t a t e s T r e a s u r y D e p a r t m e n t . . . 71 V V a l l e y S a v i n g s B a n k ........................................... 75 W W a n t A d s .....................................................70, 72, W a l t e r s , C h a r l e s E . a n d C o m p a n y ............. W e l c h , J a y A .............................................................. W e s s l i n g S e r v i c e s ................................................ W e s t e r n M u t u a l F i r e C o m p a n y .................. 73 49 64 73 26 Northwestern Banker November 1943 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 74 IN THE DIRECTORS' ROOM About Time Usually Happens “W hen E ve ate th e apple,” said Ju te, As he gazed at his d a u g h te r’s chic suit, “H er m odesty rose, she began to w ear clothes. “M other, pass d au g h ter th e fru it.” D aughter: Do you know w h at kind of a m an I w an t to m arry? M other: I th in k so. J u s t th e kind I w anted u n til your fath er cam e along and spoiled m y plans. Otherwise 1A P at M onahan, scout for th e St. Louis Cards, tells about a young prospect w ho applied for a job on a m inor league team . “I ’m a terrific h itte r,” said th e appli cant, “and besides I ’m 4F and d raft proof.” “W h at position do you play?” asked th e m anager. “I can pitch, catch, play infield or outfield. I can m anager or coach your team , tak e tickets, and act as tra in e r.” “You’re n u ts.” “Sure I ’m n u ts,” said th e applicant, “th a t’s w h y I ’m in 4F.” And a Wow! “W h a t’s a shoulder strap? “A n a rro w piece of ribbon th a t keeps an a ttra c tio n from becom ing a sensa tion.” Must Be Thrilling “I u n d e rsta n d ,” said a young w om an to anoth er, “th a t at y o u r ch u rch you are hav in g v e ry sm all congregations. Is th a t so?” “Yes,” answ ered th e o th er girl, “so sm all th a t every tim e o u r recto r says, ‘D early beloved,’ you feel as if you had received a proposal!” An Expert Interv iew er: H ave you had any ex perience in defense w ork? Young girl applicant: Yes—I used to go w ith a sailor. Takes All Kinds “Jim proposed last n ig h t and I ’m sure sore a t him .” “W hy?” “W ell, you ought to h e a r his p ro posal.” If They Can Breathe T he chief m edical officer of a large in d u strial concern, w ho has been u n d er constan t p ressu re from p la n t execu tives to pass job candidates th a t are im paired, th e o th er day sen t th is b ulle Northwestern Banker November 19^3 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tin to d ep artm en t heads captioned “T he New W orker—A R esurvey of P hysical R equirem ents.” 1. G eneral: M ust be able to trav el u n d er own pow er into and out of exam ining office. 2. Vision: M ust be able to d istin guish quickly betw een light and d a rk ness. 3. H earing: M ust h ear tra in w histle at ten (10) feet. 4. M outh and T hroat: M ust be free of an y serious disorder, such as cancer of tongue or tuberculosis of th e larynx, or a t least not be beyond an early stage. 5. H eart and Blood Vessels: H eart m ust be beating. 6. L ungs: M ust have at least 14 of th e to tal lung capacity in th e b etter lung. Contagious diseases such as p neum onia or tuberculosis of th e lung m ust be in an early stage or th e appli can t w ill be considered “bord erlin e” and fit for only certain types of work. As fa r as spreading th e disease is con cerned, th e h ealth y w orkm en w ith w hom he comes in contact should be w arn ed to look out for them selves. 7. Back and E x trem ities: M ust have at least one extrem ity. The back will n o t be exam ined because u n d er the new setup, it w ill have v ery little im portance. 8. No laboratory studies w ill be done because th ey are only intended for th e purpose of discovering possible trouble. Let’s Be Truthful Jim : A w om an’s g reatest attractio n is h e r hair. Jack: I say h er eyes. Jo h n : I’d say h e r teeth. Jeff: W h a t’s th e use of sittin g here lying to each other. More of the Same Mrs. Colpaugh w as having trouble g ettin g Ju n io r, age 10, to eat his su p per. F in ally she said: “Oh, come now, Ju n io r, eat y o u r supper. E a t it like a little soldier.” “O kay,” said Ju n io r, “pass th e &c*&X* m ess.” And Teeth Chatter Gob: Did you ever ru n across a m an w ho at th e slightest touch caused you to th rill and trem ble all over? Girl: Yes, th e dentist. More His Style F ro sh : Is th is ice cream pure? W aiter: P u re as th e girl of your dream s. F rosh: Give me a package of cig arettes. Right Heavy 1st P risoner: T hey p u t you in jail for rocking your w ife to sleep? How come? 2nd Prisoner: B ut you a in ’t seen the size of th em rocks. No Answer Negro (to p ilot): “Ah a in ’t goin’ up in th a t plane.” Pilot: “You w on’t die u n til th e Lord calls you.” Negro: “B ut ’spose de L ord calls you w hile we w as up there, w here w ould ah be?” One Kind We Don’t Cover W ife (reading from an insurance p a m p h le t): “A large percentage of the accidents occur in th e kitchen.” H usband: “Yes, and w h a t’s worse, we m en have to eat th em and pretend we enjoy th em .” Nothing Serious He: “Do you sm oke?” She: “No.” He: “Do you d rin k ?” She: “No.” He: “Do you neck?” She: “No.” He (disgustedly): “Well, w h at in th e hell do you do?” She (coyly): “I tell lies.” Too Late Noiv B arber: W as your tie red w hen you cam e in? C ustom er: No. B arber: Gosh! I n Des Moines . . . there’s always a friendly welcome aw aitin g you at th e V alley Bank. V isitin g bankers and their customers are ince use of our tnd meeting SA VING BANK Frederick M. Morrison, President Winfield W. Scott, Vice President J. R. Astley, Cashier Edward P. Kautzky, Asst. Vice Pres. Roy Huber, Assistant Vice President Frank M. Thompson, Asst. Cashier Ray Thompson, Assistant Cashier D es M o in es M em ber https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F e d e ra l D e p o s it In su ra n c e C o r p o r a tio n "NICE GOING . . . IOWA” Final tabulations credited Iowa with the for our boys now fighting overseas . . . purchase of $241,000,000 in W ar Bonds in message that all's well on the home front the recently concluded Third W ar Loan . . . proof that their families, friends and campaign . . . neighbors are backing them with money for a sum approximately 23% in excess of our quota of $196,000,000. a equipment and supplies needed for Victory. In the distribution of Series "E " W ar Bonds Iowa Banks and Bankers provided patriotic to individual investors, Iowa tied for third support, 'round-the-clock effort and all-out place teamwork in putting the Third W ar Loan among important all issue States. in our Sales of this State totaled $64,700,000. Our quota was $58,000,000. This record should provide heartening news campaign "over the top." It was an im portant and a difficult job . . . well done . . . and worthy of widespread recognition. I owa-D es M oines N ational B ank & TRUST COMPANY https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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