The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
NOVEMBER
1945
OUR
5 0 th
YEAR
B a n k e rs of th e N a tio n w ill a g a in do th e ir p a r t in th e
V ic to ry L o an D riv e — O cto b er 29 to D ecem b er 8
Nebraska Bankers Convention Section
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Pages 24 to 41
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I
Dividends
Just a s w e b e lie v e stockholders are entitled to dividends,
so do w e insist that M erchants N ation al Bank correspondent
service must bring d ivid en d s to its users.
Our location in a great farm a n d industrial a r ea is a
b a sic g u a ra n tee that our service to you w ill b e profitable.
A CEDAR R A P ID S B A N K
CEDAR
RAPIDS
SERVICING ALL IOWA.
THE
M ERCHANTS
NATIONAL BANK
»
OFFICERS
Ff.
J a m e s E . H a m i l t o n , Chairman
S . E . C o q u i l l e t t e , President
H. N. B o y s o n , Vice President
R o y C. F o l s o m , Vice President
M a r k J . M y e r s , V. Pres. & Cashier
G e o r g e F . M i l l e r , V. Pres. & Tr. Officer
M a r v i n R . S e l d e n , Vice President
F r e d W. S m i t h , Vice President
J o h n T . H a m i l t o n II, Vice President
R . W . M a n a t t , Asst. Cashier
L. W. B r o u l i k , Asst. Cashier
P e t e r B a i l e t v , Asst. Cashier
R . D . B r o w n , A sst. Cashier
O. A. K e a r n e y , Asst. Cashier
S t a n l e y J . M o h r b a c h e r , A sst. Cashier
W a l l a c e S . H a m i l t o n , Building Mgr.
er
ni
¥
'* ì
Cedar Rapids
Iow a
Member Federal Deposit Insurance Corporation
N o r th w e ste r n B an k er, p u b lish ed m o n th ly b y th e D e P u y P u b lish in g C om pan y, a t 527 S ev en th S treet, D es M oines, Io w a . S u b scrip tio n , 35c
p er cop y, $3.00 p er y ear. E n tere d as S econ d C lass M a tter J a n u a r y 1, 1895, a t th e P o s t office a t D es M oines, Io w a , u n d er A c t o f M arch 3, 1879.
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Federal Reserve Bank of St. Louis
3
Planned Protection
Protective devices don't just happen. They come
into existence through a definite safety need.
Emergency Exits are today standard equipment
for every bus that travels America's streets and
highways. But it was not until the early 20's that
forward-looking transportation men and bus
manufacturers, working together to give the
public the utmost in comfort, convenience and
protection, brought this safety device into gen
eral use. » » Nor have we always had safety
paper for checks. It was not until 1871, when it
appeared that fraudulent alterations we re reach
ing alarming proportions, that George La Monte
invented safety paper. )> » The story of George
La Monte & Son is typical of the American Tradi
tion: the development of a product for which
there was a real n eed ... the continuing improve
ment of that product through research . . . the
merchandising of that product so energetically
and thoroughly that bankers everyw here
learned of its value and advantages. » » And
La Monte Safety Paper has come down through
the years —the recognized and established lead
er in the field of check production.
For Samples oi LaMonte Satety Paper see your Lithographer or Printer —or write us direct.
LA MONTE
GEORGE LAMONTE & SON
The
W avy lin e s a re a l a M o n t e T r a d e M a r k .
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
PAPER
NUTLEY, NEW JERSEY
W e s u p p l y m a n y b a n k s a n d b u s in e s s o r g a n iz a tio n s
w ith th eir o w n in d iv id u a l l y id e n t if ie d S a te t y P a p e r.
T h e is s u in g o r g a n iz a tio n 's T ra d e -M a r k is in th e p a p e r
its e lf a n d a p p e a r s on b o th th e fro n t a n d b a c k o f th e
c h e c k . S u ch in d iv id u a l iz e d p a p e r n o t o n ly p r o te c ts
a g a in s t fr a u d u le n t a lte r a tio n b u t p r o v id e s m a x im u m
p r o te c tio n a g a in s t c o u n te r fe itin g — s a v e s B a n k s s o r t
in g tim e — h e lp s p r e v e n t erro rs.
Not lluvestern Banker
N ovem ber li)'r5
4
T he P ublic N ational B ank
INII TRUST COMPANY OF NEW YORK
37 Broad Street
CONDENSED STATEMENT OF CONDITION
Septem ber 30, 1945
RESOURCES
C ash a n d Due from B a n k s ...................................$ 90,635,278.97
U. S. G overnm ent S e c u r i t i e s ..............................
294,522,686.78
State a n d M unicipal S e c u r i t i e s .........................
7,126,46878
O ther S e c u r i t ie s .......................................................
1,912,495.80
Loans a n d D i s c o u n t s .............................................
110,899,306.28
Custom ers' Liability for A cceptances . . . .
1,236,856.57
Stock of the F ederal Reserve B a n k ....................
501,000.00
Banking H o u s e s .......................................................
1,926,120.84
O ther Real E s t a t e ..................................................
30,143.66
Accrued Interest R e c e i v a b l e ..............................
1,005,958.19
O ther A s s e t s ............................................................
333,192.89
$ 510, 129, 508.76
LIABILITIES
C a p i t a l ................................. $7,700,000.00
9,000,000.00
S u r p l u s ...............................
U ndivided P r o f i t s ...........
4,861,007.57
$ 21,561,007.57
Dividend P ayable O ctober 1, 1945 ....................
U nearned D isc o u n t..................................................
Reserved for Interest, Taxes,C ontingencies . .
A c c e p ta n c e s ....................... $3,136,369.20
Less: Own in Portfolio . . .
1,611,051.28
165,000.00
280,142.06
3,968,287.71
O ther L ia b ilitie s .......................................................
D e p o s its ......................................................................
245,576.85
482,384,176.65
1,525,317.92
$ 510, 129, 508.76
Securities carried at $45,505,306.29 are pledged to secure U. S. Government
War Loan Deposits of $42,338,848.44 and other public and trust deposits,
and for other purposes as required or permitted by law.
MEMBER:
N. Y. CLEARING HOUSE ASSOCIATION •
FEDERAL RESERVE SYSTEM
FEDERAL DEPOSIT INSURANCE CORPORATION
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 1945
OUR 30ih YEAR
5
SKILL
-> $ ?-» > - » > - » > - » > ^
-
TO
»
X
«
DO...
- « < - « ^ - « f r « < -< «
- ^
IN O F F E R IN G a program of assistance an^
cooperation to correspondent banks, the
Philadelphia National believes its broad ex
perience in participation with other banks in
loans to local enterprises particularly valuable at present.
Since “skill to do comes of doing’’ our experience,
covering many industries, enables us to offer practical
cooperation with correspondent banks, not only with
local loans, but particularly in the participation in con
tract termination and reconversion loans. These services
are supplemented by our ability to obtain credit infor
mation of unusual accuracy and timeliness.
We will be pleased to explain just how our experience and
ability to work with correspondent banks can be of def
inite value to your institution. Your inquiries are invited.
THE PH IL A D E L P H IA
NATIONAL BANK
PHILADELPHIA
M E M B E R
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
F E D E R A
1, PA.
DEPOSI T
★
ORGANIZED
N S U R A N C E
1803
C O R P O R A T I O N
N orthw estern Banker
N ovem ber 1945
6
THE CHASE
N ATIO N AL BA N K
O F T H E C IT Y O F N E W
YORK
S T A T EM E N T OF CONDITION, S E P T E M B E R 29, 1945
R E SO U R C E S
Cash and D ue from B a n k s ........................................... $
U. S. G overnm ent O b ligation s, direct and fully
g u a r a n t e e d ....................................................................
State and M unicipal S e c u r itie s.....................................
O ther S e c u r i t i e s ..............................................................
Loans, D iscou n ts and B ankers’ A cceptances . .
Accrued Interest R e c e i v a b l e .....................................
M o r t g a g e s ..........................................................................
C ustom ers’ A cceptance L i a b i l i t y ...............................
Stock o f Federal R eserve B an k .....................................
B anking H o u s e s ..............................................................
O ther R eal E s t a t e ..............................................................
O ther A s s e t s ....................................................................
8 8 5 ,6 8 9 ,9 2 3 .2 7
2 ,7 6 5 ,3 3 0 ,0 7 0 .2 9
1 5 4 ,0 9 4 ,8 9 8 .6 3
1 6 8 ,1 0 4 ,5 0 5 .0 8
9 1 9 ,8 3 5 ,4 7 6 .9 4
1 2 ,2 0 8 ,0 6 3 .7 1
8,15 3 ,9 6 2 .9 4
5 ,5 7 9 ,3 0 4 .3 6
7 ,0 5 0 ,0 0 0 .0 0
3 4 ,4 0 6 ,1 3 9 .7 0
2 ,4 9 6 ,8 6 2 .1 9
2 ,4 2 4 ,4 9 3 -9 9
$ 4 ,9 6 5 ,3 9 3 ,7 0 1 .1 0
L IA B IL IT IE S
Capital Funds:
Capital S t o c k ............................$ 1 1 1 ,0 0 0 ,0 0 0 .0 0
S u r p l u s .....................................
1 2 4 ,0 0 0 ,0 0 0 .0 0
U ndivided Profits . . . .
6 6 ,1 2 8 ,0 3 0 .6 6
$
Reserve for C o n t in g e n c ie s ...........................................
Reserve for T axes, Interest, etc.....................................
D e p o s it s ................................................................................
A cceptances O utstanding . . $ 7 ,6 8 6 ,5 3 1 .8 1
Less A m ount in P ortfolio .
1 ,7 1 7 ,9 7 5 .8 1
Liability as Endorser on A cceptances
and F oreign B i l l s ........................................................
O ther L i a b i l i t i e s ..............................................................
3 0 1 , 1 2 8 ,0 3 0 . 6 6
1 2 ,9 9 2 ,1 5 2 .2 2
1 5 ,8 4 9 ,4 7 0 .6 5
4 ,6 2 0 ,6 1 7 ,7 9 7 .3 9
5 ,9 6 8 ,5 5 6 .0 0
8 4 ,5 0 1 .5 8
8 ,7 5 3 ,1 9 2 .6 0
$ 4 ,9 6 5 ,3 9 3 ,7 0 1 .1 0
United States Government and other securities carried at $953,564,096.94 are pledged
to secure U. S. Government War Loan Deposits of $609,782,040.65 and other public
funds and trust deposits, and for other purposes as required or permitted by law.
M e m b e r F e d e ra l D e p o sit In su ra n c e C o r p o r a tio n
N o rthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 1945
OUR 50th YEAR
1 * jg a * j» iip
»
but our job is n o t . . . not
T he best w ay to provide that m on ey is
U-J yet. T h e B onds y ou have already bou ght
through the purchase o f V ictory B onds.
have fulfilled their prom ise o f V ictory. But
T h at’s w h y our govern m en t is co u n tin g on
th ou gh w ars m ay end suddenly, their effects
you to com plete the task by su p p ortin g this
are felt for som e tim e . . . one m igh ty effort,
one last great drive— the V ictory
therefore, remains to us.
Loan. T alk the V ictory Loan
he
w ar
is
over,
M oney is needed now: to bring back the
. . . advise the purchase o f V ic
men w h o have been fighting in the far
tory B onds . . . and buy a ll the
corners o f the w orld — to pay for the
Bonds you can, yourself, now.
m edical care o f the w ou n d ed , and for the
myriad other expenses incidental to w in
ning a great and terrible struggle. M oney
a
is also needed to restore that final ingre
THE HOME ☆
dient o f peace . . . to return the men to
peaceful occu p ation s in the land they left.
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Federal Reserve Bank of St. Louis
NEW
FIRE
•
Y O R K
A U T O M O B I L E
*
M A R I N E
8
i» i it i: <
t
o it s
EDWIN M. ALLEN
Chairman, Mathieson
Alkali Works, Inc.
MANUFACTURERS
TRUST
COMPANY
EDW IN J. BEINECKE
Chairman, The Sperry &
Hutchinson Co.
EDGAR S. BLOOM
President, Atlantic, G ulf and
West Indies Steamship Lines
Condensed Statem ent o f C ondition as at close o f business
September 30, 1945
ALVIN G. BRUSH
Chairman, American Home
Products Corporation
LOU R. CRANDALL
President, George A .
Fuller Company
CHARLES A. DANA
President, Spicer
Manufacturing Corp.
HORACE C. FLANIGAN
F ice-President
JOHN M. FRANKLIN
New_JLork City
CHARLES KROEB
Chairman, Lincoln
Savings Bank
PAOLINO GERLI
President,
La France Industries, Zac.
HARVEY D. GIBSON
President
JOHN L. JOHNSTON
President, Lambert Company
RESOURCES
Cash and Due from B a n k s .....................$ 393,840,494.76
U. S. Government S ecurities.............. 1,294,612,871.08
U. S. Government Insured F. H. A.
M o rtg a g e s..........................................
4,456,785.26
State and Municipal B o n d s .................
39,077,613.02
Stock of Federal Reserve Bank . . . .
2,475,000.00
Other Securities ..................................
23,621,340.29
Loans, Bills Purchased and Bankers’
A c c e p ta n c e s ......................................
395,050,988.65
M o rtg a g e s..............................................
13,153,612.65
Banking H o u se s........
11,512,530.67
Other Real Estate E q u i t i e s .................
423,280.73
Customers’ Liability for Acceptances .
4,232,670.74
Accrued Interest and Other Resources .
6,091,489.36
>,188,548,677.21
OSWALD L. JOHNSTON
Simpson Thacher &
Bartlett
CHARLES L. JONES
The Charles L. Jones Company
SAMUEL McROBERTS
TVeu; For A; City
JOHN T. MADDEN
President, Emigrant
Industrial Savings Bank
JOHN P. MAGUIRE
President, John P.
Maguire & Co., Znc.
C. R. PALMER
President, Cluett
Peabody & C o Zac.
GEORGE J. PATTERSON
President, Scranton &
Lehigh Coal Co.
LIA B ILIT IE S
C a p i t a l ..................... $41,250,000.00
S u rp lu s ..................... 41,250,000.00
Undivided Profits . . 29,007,450.22 $ 111,507,450.22
Reserve for C o n tin g e n c ie s ..
8,488,073.68
Reserves for Taxes,
Unearned Discount, Interest, etc. .
6,408,485.34
Dividend Payable October 1,1945. . .
1,237,498.20
Outstanding A cceptances......
4,741,439.12
Liability as Endorser on Acceptances
and Foreign B i l l s ...............
528,202.25
Deposits ................................................... 2,055,637,528.40
HAROLD C. RICHARD
JVeu; Font Ciiy
HAROLD V. SMITH
President, Home
Insurance Co.
ERNEST STAUFFEN
Chairman, Trust Committee
>,188,548,677.21
United States Government securities carried at $257,784,547.44 are pledged to
secure U. S. Government War Loan Deposits o f $225,113,353.65 and other public
funds and trust deposits, and fo r other purposes as required or permitted by law.
GUY W . VAUGHAN
President, Curtiss-Wright
Corporation
HENRY C. VON ELM
Vice-Chairman o f the Board
Principal Office: 55 Broad Street, New York City
«I» B A N K I N G
ALBERT N. WILLIAMS
President, Western Union
. Telegraph Company
OFFICES
IX
GREATER
NEW
YORK
European Representative Office: 1, C ornhill, London, E. C. 3
Member Federal Reserve System
Member New York Clearing House Association
Member Federal Deposit Insurance Corporation
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 1945
OUR 50th YEAR
9
T h e fo llo w in g letters w ere received
fro m N o rth w e ste rn B a n k e r readers.
Y o u r view s and o p in io n s on a n y su b
je c t w ill be g la d ly p u b lis h e d in this
co lu m n .
"Demand for Cattle Loans"
‘ ‘ I am enclosing one o f our sta te m en ts
of th e 29th of S eptem ber w hich I th o u g h t
you would be in te re ste d in looking over.
As a com m ent I m ig h t a d d th a t in com par
in g i t w ith our la st sta te m en t, our deposits
have in creased some $40,000 in sp ite of the
fa c t th a t we have p a id in a la rg e p o rtio n of
our W a r L oan deposit. O ur e arn in g s are
q u ite sa tis fa c to ry , an d we are now b e g in n in g
to experience a dem and fo r good c a ttle loans.
‘ ‘ D onald, m y eldest son, who has been in
the a rm y fo r the p a st two an d a h a lf years,
w ill be back w ith us, so it will not be long
u n til we w ill b e re ad y to go some. ’ ’
W . L. S pencer, President,
Oakland,
Bank.
Iowa,
Savings
‘ ‘ F o r m any y ears i t has been our desire
to im prove an d sim p lify our bookkeeping
m ethods in order to reduce th e risk s alw ays
p re sen t in b a n k bookkeeping op eratio n s and
to m ake the w ork easier an d m ore enjoyable
fo r th e bookkeeping personnel.
‘ ‘ In order to elim inate the risk s as f a r as
possible, we believed it would be necessary
to assem ble to g e th e r a ll of th e in fo rm a tio n
needed by the bookkeepers to handle checks
and deposits. I n order to do th is, we are
now u sin g a new ty p e tr a y fo r our s ta te
m ents. I t is know n as a V isible R ecords
tr a y an d by usin g it we are able to place
w ith in the ra n g e o f a single glance all o f th e
in fo rm a tio n needed to handle e n tries a g a in st
accounts.
‘ ‘ Im m e d iately in fro n t of th e c u sto m e r’s
sta te m en t is a n in stru c tio n sheet fo r th e a c
count.
T his sheet c arries stop paym ents,
sig n a tu re card a n d special in stru ctio n s. I n
c identally, a p e rp e tu a l a u d it of sig n a tu re
card s is m ain tain ed . The in stru c tio n sheet
is narro w er th a n th e c u sto m e r’s statem en t.
T his m akes th e c u sto m e r’s ad d resso g rap h ed
nam e on th e sta te m en t an d the balance v is
ible. A ll e n tries are p a id visually an d th en
placed in the tr a y in fro n t o f th e sta te m en t
w here th ey rem ain u n til th ey are posted th e
follow ing d a y .”
"Article on France Most
Interesting"
‘ ‘ G reetings fro m th e N o rth Pole. A t le a st
m y w ife th o u g h t we w ere going to th e N o rth
P o le w hen I w as asked to come up to V ir
g in ia fro m M inneapolis a y ear an d a h a lf
ago. I am here tem p o rarily fo r B ancorpora tio n u n til a fo rm er employe re tu rn s fro m
the service.
“ I d o n ’t consider i t the N o rth Pole a n d
n e ith e r does M rs. N e tla n d now ; we b oth like
it very m uch up here.
‘ ‘ W h at pro m p ted th is le tte r is th e p ictu re
of E velyn De P u y , the very a ttra c tiv e g irl
on page 48 of th e O ctober N orthwestern
B anker. I presum e she is th e d a u g h te r you
were tellin g us a bout w hen we called on you
in Des M oines some y e ars ago. She c e rta in
ly is strik in g ly a ttra c tiv e . H e r little a rtic le
a b o u t F ra n c e an d her Red Cross w ork is
m ost in te re stin g .
‘ ‘ Two couples, frie n d s of ours in H ong
K ong, now living in Chicago, a re a rriv in g
here fo r a week-end visit w ith us, so we are
looking fo rw a rd to a n in te re s tin g a n d p lea s
a n t tim e. P lease rem em ber us to M rs. De
P uy. ’ ’
P aul A. N etland, State
B ank o f Virginia, Virginia,
Minnesota.
Country Bank Commission Confers
E ditor’s N ote: D eposits on Septem ber
29tli w ere $2,412,754, w ith c a p ita l of $35,000
a n d surplus a n d u n divided profits o f $75,623.
"Very Good"
“ I th in k the N orthwestern B anker is
a very good p u b lic a tio n , a n d I w a n t to espe
cially com plim ent you on y our splendid edi
to ria ls ‘ A cross th e D esk F ro m th e P u b
lisher ’. ’ ’
E . H. S utherland, E xecu
tive Vice President and
Cashier, F i r s t
National
Bank, Beemer, Nebraska.
"New Methods in Bank
Bookkeeping"
“ The enclosure describes ‘N ew M ethods
in B an k B ookkeeping. ’ T his system a n d its
m e c h a n ic a l d ev ic es w ere o rig in a te d b y J .
Burl Morse, a s s is ta n t v ice p re s id e n t, an d
Carl Sulzer, m a n a g e r, b o o k k e e p in g d e p a r t
m ent of Commerce T ru st Com pany.
“ A ny b a n k e r in the c o u n try is welcome
to see th is system in use, i f he desires. The
tra y s can be p u rch ased fro m th e m a n u fa c
tu re r, b u t th e ‘m e rry -g o -ro u n d ’ tab le s have
to be b u ilt. O f course, th e re is no o b lig atio n
to Com merce T ru st C om pany fo r u sin g the
idea a n d system . ’ ’
F red M. S taker, Vice P resi
dent, Commerce Trust Com
pany, K ansas City, Missouri.
E ditor’s N ote: T he illu stra te d fo ld er
w hich the Com merce T ru st C om pany has
p re p a re d an d in w hich th ey describe th e ir
new m eth o d s in b a n k b o o k k e ep in g , h a s th is
e x p la n atio n o f th e ir new system .
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
T he C o u n try B a n k O p e ra tio n s C om m ission o f th e A m e ric a n B a n k e rs A sso c ia tio n
c o n fe rre d re c e n tly in N ew Y o rk . H e re a re se v e ra l of th e C om m ission m em bers
fro m th e m id d le w e st.
S e a te d le f t to r ig h t: S. N. Schafer, p re s id e n t, F i r s t N a tio n a l B a n k , F o r t A tk in
son, W isco n sin ; R. B. Stewart, p re s id e n t, T he M iam i D e p o sit B a n k , Y ellow S p rin g s,
O hio; K. J. McDonald, p re sid e n t, Io w a T ru s t a n d S a v in g s B a n k , E sth e rv ille , Io w a ;
sta n d in g , le f t to r ig h t: R. R. A. Bezoier, v ice p re s id e n t a n d c ash ie r, F i r s t N a tio n a l
B a n k , R o c h este r, M in n e so ta ; F. R. Rantz, p re sid e n t, E llio tt S ta te B a n k , J a c k s o n
v ille, Illin o is ; Claude F. Pack, p re s id e n t, H om e S ta te B a n k , K a n sa s C ity , K a n sa s.
N orthw estern Banker
N ovem ber i9b5
10
Where There Is
Inventory
There Is a Potential Loan!!
* And when secured by our Warehouse Receipts covering that inventory, stored
at the owner's own location, a sound and profitable loan will have been
created. . . .
Inventories are the basic assets of manufacturers, processors, producers and
dealers. . . .
Our Field Warehousing facilities place those inventories in banking collateral
form and enable banks to extend larger loan accommodation to deserving cus
tomers and to others whose business they would like to have. . . .
Our Warehouse Receipts will solve the problems confronting bankers in meet
ing the financing needs of many customers, or others, who maintain inven
tories on hand. . . .
Every degree of safety surrounds our Warehouse Receipts. We are specialists
in Field Warehousing . . . our experience is long . . . our responsibility recog
nized. . . .
W e in v ite b a n k e r s to re q u e s t o u r c o u n se l w h e n e v e r th e y are in te r e s te d in
le n d in g against in v e n to r ie s — w ith o u t an y o b lig a tio n o r cost on th e ir p a rt.
★
★
★
$aul terminal ®®arejf)ouáe Co,
ST. PAUL, MINN,
IO W A O FFICE
515 Iowa-Des Moines National Bank Building
DES M OINES
T E L E P H O N E 2-1208
T. C. CANNON, D ISTR IC T MANAGER
O TH ER OFFICES
M IN N E A PO L IS
M ILW A U K EE
IN D IA N A P O L IS
D E T R O IT
CHICAGO
N EW YORK BO STO N P H IL A D E L P H IA
PITT SB U R G H
SYRACUSE
M EM PHIS
A TLAN TA C H ARLO TTE ALBANY, GA.
JA C K SO NV ILLE
" T h e o n ly c o m p a n y engaged in F ield W a rehousing w ith an office in Iow a ”
N orthw estern B anker
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Federal Reserve Bank of St. Louis
N ovem ber 19h5
OUR 50th YEAR
11
I
Q u e stio n : W h a t perce ntage
of returning veterans d o
you think will return to
their form er positions in
b an k s?
J. C. Crever, president, F irs t State
Bank, St. Joseph, M innesota:
“Those w ho are not disabled, or p a r
tially disabled, w ill re tu rn to th e ir fo r
m er w ork.
“Some, b u t few, m ay go into b u si
ness for them selves, and som e will
buy farm s or will re n t farm s.”
John W. Tobin, presid en t, State
B ank of V inton, V inton, Iowa:
“Seventy-five p er cent of the re tu r n
ing v e te ra n s w ill resu m e th e ir duties
w ith th e b anks th ey w ere w ith before
e n te rin g th e service. It is m y opinion
th a t m ost of th e boys in b anks before
th e w ar expected to m ake th e ir living
in th e ban k in g b u siness and w ill be
glad to get back to w ork a t th e old
job.”
A N orth w estern B an ker reader:
“I th in k th e b an k in g profession is
one w hich young people e n te r only
w h en th ey feel th e y w ould really like
such k in d of w ork, an d not ju s t to be
gettin g a job, w hich la tte r is tru e in
m an y lines of endeavor. If before
going into th e service th e y w ere fairly
successful in banking, or at least felt
th e y w ere fitted for such w ork, I th in k
m ost of th e v e te ra n s w ill w a n t to come
back to it. H ow ever, I th in k th a t
ban k s are going to have to count on
paying such m en m ore m oney th a n
th e y w ere before th e w a r—th e r e tu r n
ing v e te ra n is older and w ill w a n t
m ore incom e, and of course all living
expenses are h ig h e r now .”
IN THIS NOVEMBER, 1945, ISSUE
Editorials
Across the Desk from the Publisher....................................................,....
12
Feature Articles
Dear Editor ...........................
What Do You Think?....................................................................................................
Frontispage ................................................................................................... -.................
What Veterans Tell Us About G. I. Loans.............................W. R. Chapman
Five Ways the Country Banker Can Help the Veteran..... Tom E. Shearer
News and Views of the Banking World...................................Clifford Be Pay
About Bankers You Know...........................................
Legal Questions and Answers...................................................................................
How Country Banks Are Advertising................................ ,..................................
9
11
15
16
17
18
19
20
22
Nebraska Convention Section
B u s in e s s Is G ood in N e b r a s k a .................................................................................................
A n n u a l C o n v e n tio n in O m a h a .................................................................................................
L o b b y D is p la y s T h a t P ro m o te G o o d w ill........................................... E . U. G u en zel
N e b r a s k a 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 .................................................................................................................................
24
26
28
31
37
39
Bonds and Investments
H o w T im e D e p o s its C a n A ffe c t t h e B o n d M a r k e t ..... ....... ..R a y m o n d T n g g e r
43
Insurance
D o Y ou T a k e Y o u r C u s to m e rs f o r G r a n t e d ? ............................ J a m e s E . W h ite
51
State Banking New s
M in n e s o ta N e w s ...................
T w in C ity N e w s .............................
S o u th D a k o ta N e w 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 ..................................................................
T h e Io w a C o n v e n tio n .................................................................................................... v .............
Io w a N e w s ........................................................................................................................................
55
59
61
61
64
67
67
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 au g -h ......................................................................
C o n v e n tio n s .......................................
86
86
N O R T H W E S T E R N B A N K E R , 527 Seventh St., Des M o in e s 9, Iowa, Telephone 4-8163
C L IF F O R D D E PUY, Publisher
K e p t Track Of
The follow ing notice w as in serted in
th e colum ns of a co u n try w eekly:
“A nyone found n e a r m y chicken house
at n ig h t will be found th e re in th e
m o rn in g .”
OUR 50th YEAR
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R A L P H W. M O O R H E A D
Associate Publisher
E L IZ A B E T H C O L E
Advertising Assistant
H E N R Y H. H A Y N E S
Editor
M A R G U E R IT E B R O W N
Office Supervisor
N E W Y O R K O F F IC E
Frank P. Syms, V ice President, 505 Fifth A ve., Suite 1806
B E N H A L L E R , Jr.
Associate Editor
S A D IE E. W A Y
Circulation Department
Telephone M U rray H ill 2-0326
N orthw estern Banker
N ovem ber 1945
12
Across the Desk
and socialist labor-controlled B ritain, w ant to bor
row about 4 to 6 billion dollars from the capitalistic
and enterprising U nited States, whose th eory of
governm ent they cuss one day and from whom
they w ant to get cash the next.
jb ea b <Jia>iold Sto+Uen,:
Y our recent rem arks th a t “ all w elfare states
end up by becoming slave s ta te s ” contain much
sound philosophy and, as executive m anager of
the A m erican B ankers Association, we were glad
to have you fu rth e r elaborate on this subject by
pointing' out t h a t :
'ib e a 'i ¡J. A i . O . Mo*iGAÍe.n<ia:
As a delegate to the In tern atio n al Cham ber of
Commerce Conference in London, you had an
o p p o rtu n ity to ascertain the real financial condi
tion of G reat B ritain and other E uropean coun
tries.
Also, as vice president of the M ercantile Com
merce B ank and T rust Company of St. Louis,
your experience as a banker gave you an excellent
background by which to judge the E uropean
picture, and we were therefore interested in your
statem ent th at, “ Great Britain’s No. 1 problem
today is its $16,000,000,000 debt of ‘blocked ster
ling’ that can’t be used to purchase outside the
sterling area and isn’t convertible to other cur
rencies.
“ If only for selfish reasons, we are going to
have to give them financial help to tide them over
the reconversion period. But the English say
they want gifts, not loans—they, who need the
help, object to it as a loan and take the attitude
that we are trying to force it on them. Such an
attitude is not a good basis for credit.
“ Conditions in France and Holland are thor
oughly disorganized, but not so financially bad
as in England. The picture in Belgium is brighter,
and there is more of the American spirit of ‘goahead’ there.”
I t alw ays seems to be the same old story, Mr.
M onasterio, th a t a fte r each w orld w ar dear old
Uncle Sam is called upon to refinance m ost of
the other countries of the world.
As we pointed out in the October issue of the
N o r t h w e s t e r n B a n k e r , both communist Russia
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Federal Reserve Bank of St. Louis
N ovem ber 19b5
“ We can have our welfare state. But we shall
have to pay for it, in the greatest price which we
have to pay for anything in democracy, our free
dom, for we will end up by telling every man
when and where and for whom he can work.
“ We have seen the philosophy of savings
preached again in high places, after being told
during the ’30s that the thing to do was to spend,
and that over-savings were the root of our
troubles.”
No governm ent can have its cake and eat it,
too, any more th a n an individual can. B oth m ust
save som ething out of w hat they m ake or they
both w ind up ban k ru p t.
T h rift is n o t a crim e—b u t a virtue. B ut there
are still some political economists who do not
believe in this tim e tested theory.
As you point out, Mr. Stonier, the banks of the
U nited S tates are being challenged to prove th eir
w orthiness d u rin g the period of peace, and we
are sure they will, and thus continue the won
derful record w hich they established durin g the
w ar period.
Q .9 .
iia n J z e .'id .:
A ccording to a recent survey m ade by the com
m ittee on service to w ar veterans of the A m erican
B ankers Association, over 65,000 men and women
have served in the arm ed forces, and about 60
per cent of those who have been discharged
have been re tu rn e d to em ploym ent in your own
banks.
The survey also points out th at, “ almost with
out exception the bank stated it was their inten
tion to re-employ veterans on jobs and at salaries
that will reflect promotion and increases they
OIJR 50th YEAR
13
From the Publisher
would have received if they had continued with
their banking- profession.”
This is as it should be, because certainly those
of you who have been devoting your tim e and
effort to saving A m erica should certainly not be
discrim inated against now th a t you are re tu rn
ing to the paths of peace and are resum ing your
form er positions.
Special refresh er courses have already been
w orked out so th a t those of you who wish to
“ brush u p ” on present day banking operations
and technique can do so in a 30 to 60 day period.
C ertainly the banks and the bank custom ers
of A m erica will welcome back every G.I. B anker
who has been serving his country so fa ith fu l'y
and so efficiently.
3 > e a b Q . o 4 a J * e le s i:
As P rofessor of Economics at H a rv a rd U niver
sity, y o u r recent discussion of inflation and defla
tion was m ost in terestin g and especially the point
th a t we should gu ard against foreign over-spend
ing in this country.
“ We shall have to be careful,” you said, “ dur
ing- the next two or three years when inflationary
pressure at home is likely to be strong, not to add
unnecessarily to the demand for goods, by letting
foreign countries have a free hand in disposing
of their dollars and gold by purchases in the
United States.
“ The same holds true of American loans to
foreign countries. It must not be forgotten that
the dollars made available to foreigners will add
to the pressure of demand from domestic sources.
Whether this is desirable or not depends on the
state of our economy at home. If the optimists—
or should I say pessimists?—are right and we are
soon faced with a deflationary situation, addi
tional foreign demand will be a relief. If the
contrary is true; the foreign purchasing power
will add to our headaches.
“ I personally expect that the latter situation
is more likely to develop. But let me repeat what
I said at the beginning: The economist should
not bank too heavily on his prophetic powers. The
unexpected may happen. Therefore, policies
should be flexible. They should be so conceived
that they can be changed and adjusted at short
notice. ’ ’
perm it foreigners to spend th eir money w ithin
too short a period of time and thus increase the
inflationary tre n d in the U nited States.
jbeasi K. ¡/. M cD on ald:
Y our nationw ide analysis of the operatingcosts of 3,000 country banks, as chairm an of the
Commission on C ountry B ank Operations, will be
most in terestin g to study. Y our background as
president of the Iowa T ru st and Savings B ank of
E stherville, keeps you in touch w ith the problem s
country bankers are facing, and the “ tim e form
u la ,” which the commission has w orked out in
the handling of bank item s should prove very
helpful.
In re ferrin g to the form ula used by the com
mission, you pointed out th at, “ this is an o u t
grow th of p ractical experience and exacting tests
to assume nationw ide uniform ity of application.
“ Before its adoption by the Commission this
plan was used w ith outstanding success in several
states and in some instances for as long as four
years. The Commission devoted a full y ear to
studying this and various other m ethods of
analyzing country banks before deciding to use it
in th e ir cost s tu d y .”
If this survey, Mr. McDonald, helps to give the
country bankers of America a better and sounder
basis on which to figure their cost of doing busi
ness and the establishment of their service charges
to their customers, the time and effort which
your Commission has spent will be most worth
while.
ubeaA, < s e J i .
eJleitn aru t:
As executive m anager of the N ational Associa
tion of C redit Men, we were glad th a t you em pha
sized in a recent article the need for increased
production if we are also to have increased wages.
N either business nor labor should expect some
th in g for nothing—both m ust produce if they are
to survive. Therefore, as you point out, Mr.
Ileim ann, “ a higher production p erfo rm an ce”
m ust be m aintained if wages are to be increased.
Since, as you also emphasize, the gold and dollar
resources a t the disposal of foreign countries are
la rg e r th an they ever were before, we should not
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
N orthw estern Banker
N ovem ber 19^5
14
I
%
'
A
î
We are deeply
Thankful
for the e v e r in c re a sin g num ber
o f Correspondent
A c c o u n t s it is our
pleasure
to
serve.
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, Wa
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Federal Reserve Bank of St. Louis
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
Xorthiuestern Banker
N ovem ber 19b5
16
V^hat VctGritHS Tell Us A bout
G. I. Loans
Som e Experiences and
H E first th in g we becom e aw are
of in an in terv iew w ith a v e t
eran is his attitu d e. N atu rally
th ere are all types of applicants. F irst,
we realize he has read m any articles
or new s dispatches, p erh ap s n o t too
com pletely, from w hich he m ay have
form ed th e opinion th a t th is bill is
in re a lity a “Bill of R ig h ts” and he
is now about to exercise those rights.
T hro u g h m isu n d erstan d in g he m ay
be looking for th e $2,000 he has been
led to believe he is en titled to for th e
asking.
T his attitu d e, how ever, is
seldom displayed. If he h as been dis
charged since th e counseling service
has been set up a t th e sep aratio n cen
ter, he has probably g ath ered some
good advice from th e tra in e d coun
selors. F o r a w hile counseling se rv
ice im proved g reatly b u t lately th e
large n u m b er of v eteran s being dis
charged has not allow ed individual
consultation. He m ay have h ad fu r
th e r co n sultation w ith th e local re
ferral cen ter such as we have in M in
neapolis, operated and financed by
civic organizations, or in sm aller
tow ns he m ay have acquired addi
tional in fo rm atio n from th e local v e t
erans or Legion com m ittee. In any
event, his a ttitu d e to w ard the bill will
be a p p a re n t v ery soon a fte r th e be
ginning of th e interview . T his a tti
tude often tak es an u n favorable tu rn
if the v e te ra n learn s th e purpose for
w hich he desires credit is outside of
th e provisions of th e bill. He feels
this is a n o th e r “benefit” w hich sound
ed so valuable b u t isn ’t in re a lity of
any use to him.
T
Inform ation G a in e d
From M a n y
By W . R. Chapman
Vice
P re side nt
Bill Not Perfect
M in n e a p o l i s
T he G. I. Bill in its p resen t form
is as im perfect as an y legislation cre
ated to affect th e lives and destinies
of 15 m illion people m u st inevitably
be. It has been w idely criticized—
som etim es fairly, som etim es unfairly.
T here have been difficulties in adm in
isterin g its provisions and in m any
cases th ey have proven inelastic and
com plicated.
T here is need for
changes and Congress w ill m ake them .
B ut le t’s keep in m ind th a t this is an
om nibus bill, th a t its fram ew ork is
sound, and th a t it does m eet th e v e t
e ra n ’s m ost v ital needs—hospitaliza
tion and m edical care, education, u n
em ploym ent insurance, and loans to
help him finance a home, to go into
farm ing, or to s ta rt his own business.
W hen we have appraised th e v et
e ra n ’s attitu d es and discussed the past
experiences, train in g , and stability of
an applicant we th e n freq u en tly face
our g reatest o p p o rtu n ity —th e m aking
of constructive suggestions based
upon our y ears of experience in lend
ing money.
Need Advice
w.
v eter a n
R. C H A P M A N
sh o u ld p ro ce ed w ith
care”
His Reaction
N orthw estern R anker
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Federal Reserve Bank of St. Louis
N ovem ber 1945
dangerous by reason of th e h arm fu l
reaction to th e th in k in g of th e varous individuals.
M i d l a n d N a t i o n a l Bank
for his ow n protection and th a t of the
lender. T herefore, his age and fam
ily en v iro n m en t and train in g w ill be
a p p a re n t in y o u r in terv iew and will
reflect in th e v e te ra n ’s attitu d e.
You w ill learn w h eth er he is like
th e g re at m ajo rity w ho sim ply desire
to find th e ir ow n personal productive
“The
He m ay react quite u n fav o rab ly to
the need for detailed in fo rm atio n and
p a rtic u la rly th e considerable detail
required in connection w ith th e b u si
ness loans. T his reactio n w ill depend
upon his previous train in g . If he has
had previous business tra in in g and
experience, obviously, he w ill m ore
readily recognize th e need for details.
If he has only atten d ed school and
never had a steady job it w ill be y o u r
task to acq u ain t him w ith th e neces
sity for com plete inform ation, both
Interviews
spot in useful contented peacetim e
living, or w h eth er he believes the
G overnm ent should provide for his
fu tu re existence. These various a tti
tud es we have been discussing are
m ost im p o rtan t in our d eterm ination
of w h e th er this w ill be a desirable
credit to grant. It w ill not be helpful,
b u t w ill be definitely harm ful, to as
sist in con trib u tin g to large scale
failu res of v eteran s th ro u g h m isused
credits. T his w ould be dangerous to
our n ational econom y b u t even m ore
M any v eteran s need accurate in fo r
m ation and experienced advice even
m ore th a n loans.
T he v eteran —
changed, him self, by his w ar experi
ence—is re tu rn in g to his co u n try d u r
ing a period of v ast changes in its
national life. Swollen p ro p erty val
ues and com m odity prices, shortages
of m aterials; in d u strial and farm crop
dem ands th a t are dictated by tem
p o rary w ar and reh ab ilitatio n needs
ra th e r th a n peacetim e needs—all
these abnorm al economic elem ents
will beset th e v eteran seeking to re
establish his ow n economic position.
T he advantages and disadvantages of
p ro p erty ow nership m ay have to be
explained to him. The risk s and haz
ards of sta rtin g a p articu lar kind of
business at a p artic u la r location m ay
be p ertin en t.
A bnorm al postw ar
(T u rn to page 76, please)
OUR 50th YEAR
17
W a y s the Country Banker
Can Help the Veteran
This Postw ar D eve lop m en t Should N o t Be C o n sid e re d a
Problem — It Is an O p p o rtu n ity
P R O F IT A B L E b an k req u ires a
co m m unity th a t is econom ically
h ealthy. T h a t is axiom atic. It
is especially tru e of th e c o u n try b an k
w hich is so m uch a p a rt of th e w hole
com m unity it serves. F o r th a t reason
the c o u n try b a n k e r m u st be p a rtic u
larly concerned w ith th e m a n n e r in
w hich re tu rn in g v e te ra n s are absorbed
in his com m unity.
R ight now p o stw ar p lan n in g is ta k
ing on th e aspects of a m ajo r in d u stry .
B ut it is too m uch an urban in d u stry .
Too little a tte n tio n is being devoted to
th e non-urban areas and th e sm all
tow ns. Yet, if th e econom ic h ealth of
our ru ra l com m unities is poor, th e
w hole econom y is sick. The cities are
not self-sufficient e ith e r as p ro ducers
of m en or m aterials. T hey still depend
upon th e ru ra l areas and sm all tow ns
to fu rn ish m a rk e ts and replacem ents.
A stro n g n atio n dem ands th a t w e have
an econom ically sound ru ra l p opula
tion. To in su re th a t th ese com m uni
ties w ill be stro n g and h e a lth y is, in
no sm all m easure, th e resp o n sib ility
of th e c o u n try ban k er. H ere, as in m ost
o th e r com m unity m atters, th e com
m u n ity w ill look to th e co u n try b a n k
er for leadership. W h at is it, then,
th a t he faces?
A
Will They Stay?
F ro m all over th e w orld, service m en
and w om en are now re tu rn in g to th e ir
hom e com m unities. The n u m b er of
th ese re tu rn in g v e te ra n s is going to be
increasing rapidly. A large percentage
of th em w ill re tu rn to non-urban com
m u n ities—th a t is, farm s, and tow ns of
less th a n 2500 population. T hese m en
and w om en, th e strongest, health iest,
and m ost a le rt of our youth, w ill come
hom e w h en th e ir w a r service is over.
But, w ill th e y stay? In th e an sw er to
th a t question lies th e fu tu re of th e nonu rb a n or ru ra l com m unity. T herein,
also, re sts th e fu tu re of th e co u n try
b a n k e r!
T his m a tte r of p o stw ar developm ent
is not really a problem for th e nonu rb a n area; it is an op portu nity— an
o p p o rtu n ity w h ich is not likely to
come again soon. The sm all comOUR 50th YEAR
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Federal Reserve Bank of St. Louis
or th e experience necessary to enable
th em to m ake a change. B ut now th ey
Louisville, K e n t u c k y
have been literally all over th e world;
th ey w ill have a free choice as to w here
th e y w ill locate.
U pon discharge,
m any w ill have cash reserv es or bonds.
U nder the G. I. Bill of R ights, th ey w ill
have credit in com m unities o th er th a n
th e ir hom e tow ns. T hey have seen
m any o th er tow ns and cities. They
have m et people from all over th e
country.
In short, m any service
people from th e non-urban areas now
have altern ativ es from w hich to choose
in fixing th e ir p erm an en t hom es. The
question is w h e th e r th ey w ill w an t to
settle p erm an en tly in th e ir form er
hom e com m unities. The answ er is up
to th e ru ra l areas and sm all tow ns.
L eadership here w ill come largely
from th e co u n try banker.
To keep th ese young persons in th e ir
hom e com m unities is to seize th e op
p o rtu n ity to fill th e com m unity w ith
th e new blood of healthy, w ide-inter
Sgt. Shearer a n d h is f a th e r , C. P.
ested, alert, m atu re young persons.
Shearer, p re s id e n t o f th e C u m b er
To accom plish th is is to retain , at
lan d , Io w a , S a v in g s B a n k , a d m ire
hom e, th e zest, adventuresom eness,
th e new grandson— one m o n th old
w h e n th e p ic tu re w a s ta k e n . S gt.
th e courage, and th e forw ard-looking
S h e a re r is “ M i s t e r ” S h e a re r now,
view point w hich these young people
h a v in g re c e iv e d h is h o n o ra b le d is
furnish. H ere are th e sources of new
c h a rg e se v e ra l w eek s ago.
businesses, new ideas, chance-taking
in business, and profit-m aking. To
m unities m ust absorb th e ir re tu rn in g
v e te ran s so effectively th a t th ey choose fail to seize th is o p p o rtu n ity is to con
to rem ain there. O therw ise, th e cities dem n our sm all tow ns and ru ra l com
are going to be so clogged w ith v e t m unities to certain decay and death.
eran s and th e ir dependents th a t th e To fail is to leave these com m unities
w hole economic system w ill be seri to exist on only th e older ideas. B ut
to succeed is to rebuild and reh ab ili
ously out of joint. It is up to th e ru ral
com m unities and sm all tow ns to offer tate m any decaying com m unities. To
th e re tu rn in g service m en and wom en, succeed is to m ake th ese com m unities
and th e ir wives, husbands and chil sound and h ealth y and alive. A nd in
such com m unities we can expect to
d ren sufficient inducem ent to keep
find
sound and profitable banks.
them . T hey m u st be m ade places
w here m en and w om en w ho have been
What To Do
to rn out of th e ir form er environm ents
W
hat,
then,
is th e task w hich the
w ill really w a n t to m ake th e ir hom es,
sm
all
tow
ns
and
ru ra l areas face?
build houses, acquire property, m arry
E ach com m unity, of course, is a
and raise fam ilies.
unique problem . No one can blue
They Have Been Places
p rin t a program for all places. B ut
some suggestions m ay be helpful.
In the y ears before th e w ar m any
In th e first place, th is is no m atter
young persons rem ained in th e ir hom e
to be handled casually. It req uires
com m unities m erely because th ey
(T u rn to page 78. please)
lacked th e initiative, or the resources
By T/Sgt. Tom E. Shearer
N orthw estern Banker
N ovem ber 19^5
18
N e w s
a n d
V ie w s
O F THE B A N K IN G W O R L D
By Clifford De Puy
W
B. HU G H ES, re tirin g secre
ta ry of th e N ebraska B ankers
* A ssociation, is still as active
and a le rt as ever and especially on th e
golf course w here he shot an 86 ju s t
a w eek before th e state convention.
A nd w hile we are on th e subject of
athletics, D avid F . D avis, vice p re si
den t of the Om aha N ational Bank, is
one of th e b est te n n is play ers in th a t
city and plays every w eek end w hen
th e su n shines.
Capt. B ill S aw tell, son of W. A. Sawtell, p resid en t of th e Stock Y ards N a
tional B ank of Omaha, cam e hom e
from E u ro p e on th e Q ueen E lizabeth
recently. Capt. Saw tell served n early
a y e a r w ith th e T hird, S eventh and
N inth A rm ies as a field a rtille ry liaison
officer for th e S eventieth Division. He
w ears th e Bronze S tar and tw o B attle
Stars.
IA . Col. W. Bob M illard is now back
in his tw eeds as vice presid en t of the
Om aha N ational Bank.
Bob was in th e service for th ree
y ears and five m onths and from May,
1942, to December, 1944, w as in the
office of the Chief Signal Officer in
W ashington, D. C. F rom Jan u ary ,
1945, to October, 1945, w hen he w as
discharged, he w as w ith th e F inance
Division of th e A rm y Service Forces
and w as stationed in Boston as Liaison
Officer of th e F irs t F ed eral R eserve
D istrict, handling g u aran teed arm y V
and T loans in th a t district.
W hen we visited w ith Bob, he said
th a t he and Mrs. M illard w ere glad to
be back in Omaha w here th e ir d augh
ter, N ancy M illard, age 12, is in school
at th e Sacred H eart Convent.
Tech. Sgt. W arren Johnson, 25, and
son of A lv in E. Johnson, p resid en t of
th e Live Stock N ational B ank of Oma
From Teller
to Tiller
ha, has re tu rn e d hom e after th ree
years overseas. He expects to finish
his college w ork at Yale, supplem ent
ing his tw o and a h alf y ears a t N o rth
w estern U niversity.
Sgt. H ow ard
Johnson, 22, w ho has also been in the
service th ree years, is expected to re
tu rn hom e from Saipan by Ja n u a ry 1,
1946.
E llsw o rth M oser, executive vice
presid en t of th e U nited States N ational
B ank of Omaha, w en t p h easant h u n t
ing recently w ith Joseph T. H artson
and M elvin B ekins. T heir “happy
h u n tin g g ro u n d ” w as in S heridan coun
ty, near the N iobrara river. W hen we
asked M ose w h a t luck he had, he said,
“I killed a duck, I killed a pheasant,
and I saw a w ild deer w hich w as not
in a zoo.”
J. Cliff R ahel, first vice p resid en t of
W achob-Bender C orporation of Omaha,
tells us th a t Major R obert F. Bender,
w ho w as Finance Officer of th e F ifth
A rm y in Italy, and Major A1 Turn us,
w ho w as w ith th e Q u arterm aster
Corps in Omaha, are both back on th e
job again.
F. C. A ue, presid en t of the F irst Na
tional B ank of Sioux Center, Iowa, has
been sending out a poem by W illiam E.
M iller, entitled, “Nobody E lse But
You,” and in th e last stanza, it says:
“So I been sm okin’ and w o n d erin ’
about a lot of fancy schem es
W here I could get rich w ith o u t any
w ork—and I ’m sure th e y ’re all ju st
dream s.
’Cause y o u ’ll find out as you go along
and see th in g s clear on th ro u g h —
T hings w o rthw hile are the things
th a t are earned by nobody else
b u t you.”
One in v estm en t au th ority in N ew
York, w ho has recently re tu rn e d from
E ngland, has th is to say about her
situation: “W ith E n glan d h ea v ily in
The First National Bank o f C hicago V ic to ry G a rd e n e rs d isp la y e d th e f r u i ts of
th e ir la b o r a f te r b a n k in g h o u rs a t th e V ic to ry G a rd en R ound-U p fo r 1945, sp o n
sored b y C hicago H o rtic u ltu re S o c iety a n d G a rd en C e n te r, N a tio n a l V ic to ry
G a rd en I n s t i tu t e , C hicago P a r k D is tric t, a n d V ic to ry G a rd en D e p a rtm e n t of
C hicago M e tro p o lita n A re a a t S o ld ier F ie ld .
T he ju d g in g c o m m itte e a w a rd e d a sp e c ia l c ita tio n to th e b a n k fo r one o f th e
m ost o u ts ta n d in g e x h ib its a t th e rou n d -u p a n d fo r its effo rts in fo s te rin g g re a te r
g a rd e n a c tiv ity am o n g its em ployes.
N orthw estern R anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 19b5
debt to practically ev ery country on
the globe and h er creditors frozen w ith
non-negotiahle and v irtu a lly non-useable credits, h er place in future trade
is not an en viab le one today. In order
to export sh e m ust h ave raw m aterials
—but sh e h asn ’t the m oney to pay for
them . E v en if she had the raw ma
terials, h er m anu factu ring costs are so
OUR 50th YEAR
19
high com pared to ours that it is prob
lem atical w h eth er she can com pete u n
less sh e is w illin g to ship goods again st
h er frozen deb its.”
A b o u t Bankers You Know
B rig. Gen. Leonard P. A yres, vice
p resid en t of th e Cleveland T ru s t Com
pany, in one of his re c e n t b ulletins,
says, “T here is sligh t b asis for w orry
about th e danger of a real sp eculative
boom in the stock m arket.”
W illiam Z. F oster, C om m unist p a rty
leader, in com m enting on th e possibil
ity of Gen. D ouglas M acA rthur ru n
ning for p resid en t in 1948, said, “The
en tire Labor m ovem en t w ill oppose
him . A nd he A v ill not have th e sup
port of the com m on people of A m erica.
Gen. M acA rthur is a reaction ary w ith
F ascist lean in gs and is dangerous.”
F irs t of all, Gen. M acA rthur has said
he has no political am bitions, and
second, if anybody “is d an g ero u s” to
this co u n try and w h a t it stands for,
it is not Gen. M acA rthur b u t it is W il
liam Z. F oster, w ho ought to e ith e r be
deported to R ussia or keep his m outh
shut.
G overnm ent financial sou rces esti
m ate in d iv id u als’ dem and deposits as
of Ju n e 30, 1945, w ere 24 billion dol
lars, and th e ir holdings of cu rren cy
23,400 m illion dollars. In addition, in
dividuals held 50 billion dollars in U. S.
g o v ern m en t securities including w ar
bonds and had 42% billion dollars in
tim e deposits.
C linton D avidson, Jr., director, D ivi
sion of R esearch D ep artm en t of P o p u
lar E ducation, H ard in g College, Searcy,
A rkansas, has ju s t w ritte n a book on
“Y our Cost of P ostw ar T ax P rop osals,”
in w hich he show s how y o u r ta x rate
w ill depend on tw o th in g s—th e size of
th e n atio n al b udget and th e procedure
Congress follows in levying taxes to
m eet it.
L eo T. C row ley, is no longer head of
th e F ed eral D eposit In su ran ce Cor
poration and he w as given a big fa re
w ell p a rty in W ash in g to n w hen he left
his official position w hich he has oc
cupied for so m any years. Senator
A lvin B arkley said th a t in his ju d g
m ent, “Mr. C row ley has been one of
the ablest, m ost alert, m ost in tellig en t
and one of th e m ost forw ard-looking
m en w ho have held office in W ash in g
ton since I have been a m em ber of
C ongress.”
F ran k W arner, secretary of th e Iow a
B an k ers A ssociation, has tw o m em bers
of his fam ily w ho are in th e service.
One is his b eau tifu l d au g h ter, M arilyn
(T u rn to page 58, please)
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
L A W R E N C E F. ST E R N
N A T I V E of Chicago, a n d on e of its fa v o r e d sons, L a w re n c e F. Stern,
p r e s id e n t o f th e A m e r ic a n N a tio n a l B a n k & T ru st C o m p a n y of Chicago,
to o k his first lo o k at th e c i ty on A u g u s t 2, 1888. A p p a r e n t l y he f o u n d it
satisfactory, for he has been a re s id e n t of th e m e tr o p o li s on L a k e M ichigan
e v e r since.
A
A f t e r a tte n d i n g D a r tm o u th C ollege, ivhere he w as a m e m b e r of D elta
K a p p a E p silo n , M r. Stern m a r r ie d H e le n S c h n a d ig in 1913, a n d th e c o u p le
h ave tw o d au gh te rs, M ar jorie a n d Sue.
B a n k in g a n d in v e s tm e n t has a lw a ys h a d its a ttr a c tio n for Mr. S tern , a n d
b efo re his c o n n ectio n w i th th e A m e r ic a n N a tio n a l B a n k he h e a d e d th e
in v e s tm e n t b a n k in g firm of L a w re n c e S tern & C o m p a n y , in Chicago.
A l w a y s p le a s a n t a n d cou rteous, n ot o n ly to his cu sto m ers b u t to his e m
p lo y e s as w ell, Mr. Stern is a man of q u ic k d ec isio n — he gets to th e h eart
of a n y p r o b l e m i m m e d i a t e l y w i t h o u t w a s tin g tim e, an d has a so lu tio n re a d y.
H e is a g o o d o rgan izer, a n d m o st c a p a b le in selectin g th e rig h t m an for th e
p o s itio n h e w a n ts filled.
In a d d iti o n to his m a n y b a n k in g du ties, Mr. S tern is a tru ste e o f M ic h a e l
Reese H o sp ita l, a n d also finds tim e to relax, w i t h tennis, fishing, a n d h o rse
back r id in g am o n g his h obbies.
A s k e d b y th e N o r th w e s te r n B a n k e r w h a t he c o n sid e re d th e m o st im p o r t a n t
p r o b l e m facin g b a n k ers to d a y , M r. Stern r e p lie d , “ W e h ave a d u t y to our
c o u n tr y a n d to ou rselves to a tta c k th e p r o b l e m s of p e a c e w i th all th e vig o r
a n d re sourcefu lness th a t w e u sed in m e e ti n g ou r w a r tim e re sp o n sib ilities.
T h is is v ita l in o r d e r to m a in ta in ou r liv in g sta n d a rd s an d to stren gth en an d
p r e s e r v e th e A m e r ic a n ec o n o m y , in c lu d in g ou r A m e r ic a n b a n k in g s y s te m .”
N orthw estern Banker
N ovem ber 19't5
Can the Court A ppoin t a
Trustee W ithout Giving Notice?
Q . A rm strong, an Iow a banker, died
in th at state. P rior to his death he
created a tru st fund, nam in g a friend
of the fam ily as tru stee. The tru stee
died and the court appointed a su cces
sor tru stee w ith ou t g ivin g notice of its
in ten tion to do so. W as the appoint
m ent valid?
This and O th e r Timeiy Legal
Yes. The gen eral ru le on m a tte rs of
this kind is th a t th e ju risd ictio n of a
court to appoint a successor tru ste e
m ay he exercised w ith o u t giving any
notice to any person in terested in th e
tru st. This is tru e even in th e case of
beneficiaries. As to them , w h e th e r no
tice shall be given re sts in th e d iscre
tion of the court. In some states no
tice is required by sta tu te and th e g en
eral ru le does not apply.
No, according to recent declaratory
ju d g m ent of th e Suprem e C ourt of
N ebraska. In holding th e sta te ’s oleo
m arg arine law u n co n stitu tio n al the
court based its decision p rim arily on
th e proposition th a t, for ta x purposes,
th e exem ption u n reasonably and arbitra rily classified and discrim inated be
tw een oleom argarines w ith o u t any
sound basis of distinction betw een
them .
G ). W ilson executed in favor of B attle
a $5,000 m ortgage covering a grain ele
vator in M innesota. S ub seq uently AVilson took out a $15,000 fire insurance
policy thereon w hich contained a
clause m aking the proceeds of the pol
icy payable to the m ortgagee as h is
in terest m ight appear. Still later W il
son set fire to the grain elevator and
it w as com p letely destroyed. Could
B attle, n everth eless, recover under the
p olicy an am ount equal to the balance
due on the m ortgage?
Q
H unter, a T exas banker, obtained
a fire in surance p olicy on h is autom o
bile. The car was. su b seq u en tly de
stroyed by fire. The v alu e of the au to
m obile set forth in the p olicy w as su b
stan tially h igher than the OP A ceiling
price. In recovering under the p olicy
is H unter lim ited to the OPA ceilin g
price of his autom obile?
Yes. A m ortgagee p rotected by a
clause m aking th e proceeds of a fire
in su ran ce policy payable to th e m o rt
gagee as his in te re st m ay ap p ear is not
affected by any act, neglect, om ission,
or default of th e m ortgagor. In view
of th is W ilson’s actions, w hich p re
cluded a recovery by him as th e p a rty
tak in g out th e policy, did not affect
B attle’s rig h ts of recovery th ereu n d er.
Q . In 1931 the state of N ebraska
passed a law providing for a tax of 15
cen ts per pound on im itation butters.
The law furth er provided for an ex
em ption w hich ran to the effect that
any oleom argarine con taining more
than 50 per cent of anim al fats pro
duced in the U nited S tates and con tain
ing no other oils or fats should not be
taxed. W as such law con stitution al?
N orthivestern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 1945
Q u e stio n s A r e A n sw e re d
By the
LEGAL
DEPARTM ENT
business of disposing of a te sta to r’s
p ro p erty by the w ill executed by him.
To break the w ill it w ould have been
necessary to show m ore th an sim ply
old age, deafness and physical infirm
ity.
Q.
No. The OPA schedules p ertin en t
to th e case concern the sale and deliv
ery of used cars and are applicable to
sellers and dealers. H u n te r w as not a
seller or a dealer, b u t w as in an en
tire ly different category not covered
by th e OPA regulations. As a conse
quence th ey do not apply and H u n ter
can recover th e value of his car as
provided in th e policy.
Q . N orris, an Illin o is banker, w as old,
deaf and p h y sica lly infirm at the tim e
he m ade his w ill. W hen he died som e
of h is children, w ho did not lik e the
w ay he had divided his property, con
tested the w ill on the ground th at he
lacked testam en tary capacity. Should
the w ill be broken on the sh o w in g of
N orris’ condition above outlined?
No. Old age, deafness and infirm i
ties do not of them selves co n stitute
proof of lack of te sta m e n ta ry capacity.
T estam en tary capacity m eans th e ca
pacity to know and u n d erstan d the
Brow n issu ed a check to Morgan
in M innesota and told Morgan that he
did not have fun ds in the bank to pay
the check, but th a t lie w ould deposit
such fun ds there. D esp ite the prom ise
to m ake the deposit, B row n did not do
so. M organ did not p resen t the check
to the bank for paym ent. Could Brow n
escape liab ility on the check because of
this?
No. The d raw er of a check who in
form s th e payee th a t he does not have
funds in the b ank to pay th e check
and prom ises to deposit such funds,
b u t does not do so, is not discharged
by th e payee’s failure to p resen t the
check to th e b ank for paym ent because
he is not dam aged by such failure.
Q
. W hen a person dies leaving by
w ill property to a person w ho has pre
deceased him , do the h eirs of such pre
deceased person get that property
w here there is no statu te providing
that they should do so and there is no
other provision in the w ill en titlin g
them to in herit?
No. S ituations sim ilar to the one
outlined arise often and involve w h at
are know n as lapsed legacies. In the
absence of sta tu te a lapsed legacy pass
es to th e resid u ary legatees un d er the
will, if th ere are such, and if not, to the
te sta to r’s heirs as in testate property.
A n um ber of states have passed laws
w hich provide, generally speaking, th a t
th e h eirs of beneficiaries of lapsed leg
acies should in h e rit those legacies.
Q . The w ife of a N ebraska banker
sued for divorce in th at state. The
banker filed a cross p etition, seek in g a
divorce in h is ow n right. The trial
court entered a decree in favor of the
w ife and th e b anker appealed. W hile
the case Avas pen din g on appeal and be
fore a final decree Avas entered, the
banker died. Could the adm inistrator
(T u rn to page 64, please)
OUR 50th YEAR
21
Prompt Transit Service
TH E
OM AHA
NATIONAL
BANK
■
M im bir
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
■
F t á t r a 1 D * t> • f i t
Infuranc«
Cor»«r<li«i
N o rth w e ster n B anker
N o v e m b e r 1945
22
How
Country Banks A re Advertising
Below are exam ples of local new spaper advertising selected b y the Northw estern
Banker and being used by banks in tow ns of population from 1,030 to 15,496
LOANS TO VETERANS SH O U LD BE
C H A N N ELED T H R O U G H BANKS
The First National Bank
TEKAMAH, NEBR.
^ 0 0 ^ '
**
MEMBER FEDERAL DEPOSIT INSURANCE CORP.
à^ 9
VütÇOSa’Z {ar
O'»1 , tb
. »..* d*te9 cttlOê '
Vt»vo°\^cà
" '
tȂe
V » 190
®b**
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
*****
,e CotÇO
N ovem ber 1945
OUR 50th YEAR
23
T h e m on ey your d e p o sito r s re
the day o f receipt.
ceive from the sale o f liv e sto c k
in
C h ica g o
is
A ll you have to do is ask your
sp e ed ily trans
sh ip p ers to instruct th eir c o m
ferred to th eir cred it in your
m issio n firms to route the p r o
B ank if rou ted th rou gh us. T h e
ceed s o f th eir liv e sto c k sales
Stock Yards p o st office is just
th ro u g h th is B ank. We sh all be
across the street and the advice
g la d to supp ly you w ith in stru c
o f cred it is m ailed to you on
tio n cards for th is pu rp ose.
£ /7 ie
LIVE STOCK
BANK
ia /io n a /
c
£
c( d f
u c a to
E S T A B L IS H E D 1 8 6 8
U N I O N S T O C K YARDS
D A V I D H. R E I M E R S , P r e s i d e n t
Member Federal Deposit Insurance Corporation
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern Banker
N ovem ber I9b5
24
A fte r h a rv e s tin g a good crop fo r 1945, N e b ra s k a fa rm e rs a re p re p a rin g th e soil, as above,
a n d lo o k in g fo rw a rd to a n o th e r good y e a r in 1946
Business Is G o o d in Nebraska
Bankers from A ll Sections of the C o rn h u sk e r State R e p ort Business and
A gricultural C o n d itio n s W e ll A b o v e the A v e ra g e
—
H E average farm er is in b e tte r
shape financially th a n he has ever
been—farm ers and business m en
alike are in a stro n g cash position—
prospects for business of all kinds look
v ery b rig h t—so say N eb rask a b an k ers
in response to a req u est from the
N orthwestern B anker for th e ir opin
ions on business and a g ric u ltu ra l con
ditions in th e ir com m unity. The re
ports, as published below, come from
all sections of th e C orn h u sk er State,
and are decidedly optim istic.
The N ebraska w h eat crop th is year
w as excellent. W hile some d ry w e a th
er earlier in th e grow ing season af
fected th e corn yield to a certain ex
tent, th e early fro sts have not caused
as m uch soft corn as h ad been an tici
pated, and a large percentage of th e
corn is m atu red into about an average
crop.
The n u m b er of cattle and hogs on
feed varies w ith certain localities—a
few b a n k ers re p o rt a sh o rtag e of hogs
and cattle, o th ers say not m uch live
stock is being fed in th e ir com m unity.
Com m ercial lines are expanding to
a certain extent, alth o u g h general
business activ ity had dropped off a
little, b u t not enough to give business
m en any concern.
T
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 1945
A N orth w estern B anker S u rvey
—
H ere is w h at b an k ers say about con
ditions in N ebraska:
several new buildings in A lliance as
soon as m aterials are available.
" G o o d C r o p This Y e a r "
" G o o d Small G ra in C r o p "
G. W. SHAFER, JR.
O. E. KROHN
Vice P re side nt
First S t a t e Bank, B e a v e r C i t y
Cashier
N a t i o n a l B an k of N e li gh, N e li g h
W e have had good crop conditions
this year. The corn is m a tu rin g b u t
th e yield w ill be spotted. C onsider
able acreage w as lost d u rin g th e hot
d ry m onth of A ugust. The w h eat crop
w as good. P rospects are good for
w h eat th is fall, although m ore m ois
tu re is needed.
B usiness conditions in our com m u
n ity are good. W e had a good sm all
g rain crop. Our corn crop w ill prob
ably be th ree-fourths of a norm al crop.
The corn is v ery spotted, some will
be good quality, some w ill have soft
corn.
"V e r y S a tisfa c to ry "
H. E. LICHTy
Vice P re sid e nt and C a s h i e r
G u a r d i a n S t a t e Bank, A ll ia n c e
The sm all g rain yield and prices
have been v ery satisfactory, corn w as
late and as a re su lt th ere w ill be con
siderable soft corn. The stocker and
feeder cattle m ovem ent is w ell u n d er
way, w ith prices v ery satisfactory.
Our local livestock com m ission com
p an y w ill handle around 15,000 cattle
d u rin g October, w ith a to tal volum e of
about $1,500,000.
Indications at th is tim e point to
"C o n d it io n s at Their Peak"
V. E. ROSSITER
C ashier
B an k of H a r t i n g t o n , H a r t i n g t o n
A g ricu ltu ral and business conditions
are at th e ir peak in th is area. We
h arv ested th e heaviest oat crop in the
h isto ry of Cedar County. The corn crop
prom ises to be alm ost as good as last
y ear in bushels and b e tte r in quality.
V ery little frost dam age. Our potato
crop w as big. More th a n the usual
nu m b er of cattle on feed. More sm all
feeders. The larg er feeders are hold
ing back. Say price is too high.
The strik es are th e one th in g th a t
OUR 50th YEAR
25
is causing concern on th e p a rt of our
farm ers. On th e whole, th e feeling is
th a t if L abor w ould go to w ork, give
us a d o llar’s w o rth of p roduct for
ev ery dollar th e y collect, and we m ain
ta in th is price control up and dow n
and all along th e line, we can have a
nu m b er of y ears of p ro sp erity . This
u n c e rta in ty , though, is holding th in g s
dow n q u ite a little.
"B e st W h e a t in Y e a r s "
CHARLES E. DEETS
Cashier
H a s t i n g s N a t i o n a l Bank, H a s t in g s
A dam s county had one of th e best
w h eat crops th is county has enjoyed
for m any years. The county average
w as close to 25 bushels. Our corn
crop w as h u rt because of lack of m ois
tu re a t a critical stage, b u t in our
opinion, th e county w ill average 20
bush els of corn p er acre or probably a
little m ore. The crop is p re tty w ell
m atured, alth o u g h th e re w ill be some
soft corn.
L ivestock prices, of course, are
holding up w ell h ere as in all te r r i
tories, and th e re w ill be considerable
incom e d u rin g th e rem ain in g m onths
of th is y e a r from th a t source.
B usiness conditions in H astin g s are
still v e ry good alth o u g h m ost retail
stores re p o rt a sh rin k ag e of te n to
fifteen p er cent from last year. All are
still o p eratin g on a v ery profitable
basis, how ever.
"S t r o n g C a s h Position"
J. G. EDLOFF
Vice P re side nt
S t e p h e n s N a t io n a l Bank, F re m ont
P ractically all corn and soybean
crops have m atu red due to th e delay
of m ajor frosts. Yields are above av er
age. P rices are high w ith a few ex
ceptions.
F a rm e rs and businessm en alike are
in a stro n g cash position. B usiness
has slowed dow n noticeably; how ever,
we believe only tem porarily.
The labor situ atio n has eased con
siderably.
G enerally speaking, we look for con
tin u ed good business d uring th e next
few m onths.
"C ro p
Ex e cu tive Vice P re sid e n t
C itiz ens N a t i o n a l Bank, St. Paul
B ank deposits are about 40 per cent
h ig h er th a n th e sam e period last year.
Crop conditions are v ery good; w heat
good q uality and high yield; corn not
quite as good as 1944, b u t above av er
age for p ast ten years. A lfalfa is good,
selling at $10 p er ton. Good land has
advanced about $10 p er acre th e p ast
year. D em and for m oney is v ery lim
ited. As yet, few feeder cattle are in
feed lots.
"C o m m e rc ia l Lines
E x p a n d in g "
"C o n tin u e d G o o d B usiness"
A. A. HULSE
Cashier
S co t t s b lu ff N a t io n a l Bank, Scot t s bluff
W e are essen tially an ag ricu ltu ral
com m unity, th e m ain salable crops be
ing beets, beans, potatoes, and alfalfa.
W hile th e beet h a rv e st is ju s t gettin g
u n d e r w ay, estim ates point to a b e tte r
tonnage th a n last y e a r and th e price is
good.
Beans are about 80 p er cent h a r
vested w ith th e average yield of 25
to 30 b u shels p er acre low er th a n a
y e a r ago. A late sp rin g and poor
grow ing w ea th e r cu t th e yield b u t a
low yield at $6.20 p er h u n d red w eig h t
isn ’t a bad crop.
The potato h a rv e st is n early over
w ith q u ality good and price poor—
only a few fields selling so fa r at $1
p er h u n d red w eig h t field ru n . M any
potatoes are being stored.
The alfalfa yield is average w ith the
price not y et established b u t probably
at $12 to $15 p er ton. .
The average fa rm e r is in b e tte r
shape financially th a n he has ever
been. W ith b an k clearings and de
posits high, th is region m ay reaso n
ably expect continued good business
for some m onths to come.
O U R 5 0 th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
C o n d itio n s G o o d "
C. E. TAYLOR
LEO E. RYAN
Pla tte
Cashier
Valley S t a t e Bank. K e a r n e y
On th e d ry land farm s in th is te r r i
to ry th ere w ill be quite a lot of soft
corn, and th is coupled w ith the fact
th a t we are low in n um bers in the
hog line, creates a problem w hen we
consider th a t pigs and shoats sell
m uch above par.
W e are experiencing a noticeable
expansion in the com m ercial business
line; num erous firm s are opening up
VICTORY/
1
LOAN
J
in K earney, and but few of these are
re tu rn e d vets, but ra th e r a tre n d from
th e east out to th e m iddle w est of
successful business men.
T here is a lot of u n re st and chang
ing all th e tim e b u t no fall in volum e
of business. J u s t a continuous m ove
m ent, and I feel th a t it w ill take a
good 12 m onths to get people settled
and into a m ore stable life.
"C o n d it io n s V e ry G o o d "
MARK FULLRIEDE
Assistant C a sh ie r
Farm e rs Bank, N e b r a s k a
C ity
Crop conditions have been v ery good
here in Otoe county th is year. The
w heat w as far above average and I
believe corn will be th e same. Due to
a v ery w et spring th e farm ers w ere
late in g etting in th e ir corn. They
expected lots of soft corn. A ugust
and Septem ber w ere dry, w hich helped
m atu re this late corn and up to this
date we have had no frost so th ere
will be little corn b u t w h at w ill m a
ture. T here w as no defense plan t in
Otoe county so we do not th in k th a t
we w ill be affected w ith m uch u n
em ploym ent.
.^
:Í
"O u t lo o k Is Excellent"
C. M. SHERW O OD
Cashier
P eop les-W eb ster C o u n t y Bank, R e d C l o u d
B usiness in th is com m unity is good,
and the prospects for po ten tial busi
ness are excellent. Crops have been
good, w ith th e exception of corn,
w hich could be called fair to good.
Our livestock population is above n o r
m al all except hogs, of w hich th ere
m ay be a few less th a n usual.
"S u b sta n tia l In cre a se s"
H. R. KILLiNGER
Cashier
T haye r C o u n t y Bank, H e b r o n
G enerally speaking, th e w heat and
sm all g rain yields w ere v ery low in
our county w ith the exception of h y
brid varieties, such as Paw nee and Nebred w heat, and Boone and Cedar oats,
w ith the resu lt th a t m ost of th e farm
ers are plan tin g as m uch of these
v arieties as possible, lim ited p rincipal
ly by th e supply of seed. Corn yield
w ill com pare favorably w ith th a t of
1944, w ith 80 per cent to 85 per cent of
it not dam aged by frost. A lfalfa and
prairie h ay yields are good and th ere
w ill be an abundance of feed crops so
th a t all livestock can be m arketed in
an orderly m anner. Hog production is
g reater th a n 1944, b u t not quite equal
to th e previous high production. Poul
try production is up, as well as dairy
products.
(T u rn to page 30, please)
N orthw estern Banker
N ovem ber 1945
26
4 8 th
Annual Convention
Nebraska
Bankers
Association
Omaha, Nov. 12th
ED G A R M cB R ID E
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
H E 48TH A nnual C onvention of
N ebraska B an k ers A ssociation w ill
be held in Om aha on Monday, No
vem ber 12th, w ith h e a d q u a rte rs a t th e
H otel F ontenelle. All com m ittee m eet
ings, business sessions, and conven
tion m eals w ill be held in th e hotel.
C onvention delegates w ill begin a r
riving on Sunday, th e 11th, and it is
likely several com m ittee m eetings will
tak e place late Sunday. S everal sm all
er A ssociation d in n ers are also u su
ally scheduled for th e evening p rio r
to th e convention proper.
As he alw ays does, S ecretary W illiam
B. H ughes has again arran g ed for an
excellent program . Speakers, in ad
dition to several b an k ers from N ebras
ka, include R oderic Crane; W. L.
Clark, p resid en t of J. I. Case Company;
C hester E. Davis, W ashington, D. C.;
Sam N eedham , general counsel for th e
A m erican B an k ers A ssociation, and
several others. An outline of the
program is as follows:
T
Monday Morning, November 12th
Follow ing th e invocation, P resid en t
E d g ar McBride, p resid en t of th e Com
m ercial B ank, Blue Hill, w ill give th e
N orthw estern R anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 1945
HOTEL FONTENELLE
an n u al address of th e presid en t of th e
N eb raska A ssociation, following w hich
he w ill appoint th e several convention
com m ittees. A t th is m orning session
th e re w ill be p resented to N ebraska
b a n k ers a plan for group life in su r
ance, w ith plenty of tim e for discus
sion of th e subject. At about eleven
o’clock, Roderic C rane w ill talk to the
convention, and th e election of N ebras
ka officers of th e A m erican B ankers
A ssociation w ill be held ju st before
a d jo u rn m en t of the m orning session.
A rran g em en ts have been m ade for
a luncheon of all atten d in g th e con
vention.
discussion w ill be Dean J. D. Clark,
of th e U niversity.
In stallm en t L ending w ill be tak en
up by R. W. Trefz, presid en t of the
B eatrice S tate Bank, to be followed by
an address from W. L. Clark, vice
p resid en t of th e J. I. Case Company,
of Racine, W isconsin.
Follow ing adoption of th e conven
tion resolutions, C hester Davis, of
W ashington, D. C., w ill speak, and at
th is session also Sam Needham , ABA
counsel, w ill have a m essage from
th e N ational organization.
The aftern o o n session w ill close
w ith election of officers.
Monday Afternoon
Monday Evening
The first speaker at th e afternoon
business session w ill be W. Dale Clark,
p resid en t of th e Om aha N ational Bank,
w ho w ill discuss th e V ictory L oan as
it relates to banks.
Otto Kotouc, Sr., presid en t of th e
Hom e S tate Bank, H um boldt, and
ch airm an of a com m ittee seeking to
establish a C hair of B anking a t th e
U n iv ersity of N ebraska, w ill p resen t
th is im p o rtan t subject a t th is a fte r
noon session. C ontributing to th e
W h at has alw ays been a delightful
in terlu d e at every N ebraska conven
tion w ill tak e place again from five
to six o’clock—th e an n u a l social hour.
T hen th e b an q u et sta rts a t six fifteen,
to be followed by a floor show.
The N ebraska C onvention w ill have
special significance th is year, in th a t
it w ill celebrate th e fo rtieth a n n iv er
sary of service of Billy H ughes as
secretary of th e A ssociation—a posi(T u rn to page 60, please)
OUR 50th YEAR
27
WM. B. HUGHES
a tribute to...
WILLIAM B. HUGHES for his invaluable
service throughout forty years a s SECRE
TARY OF THE NEBRASKA BANKERS
ASSOCIATION.
W e extend our sincere praise a n d grati
tude to Bill. Not only h as he been a n
asset to the Banks in O m aha but to the
State a s a whole.
OUR BEST WISHES TO BILLY HUGHES
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(Member Federal Reserve System)
O U R 5 0 th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern B anker
N ovem ber 19 h5
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LIN C O LN , NEB
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A bove a re fo u r of th e m a n y com m ercial d isp la y s w h ic h h a v e a p p e a re d in th e lo b b y o f th e
F i r s t N a tio n a l B a n k of L in co ln , N e b ra s k a
Lobby Displays That Promote Goodwill
EG IN N IN G J a n u a ry l, 1942, th e
F irs t N ational B ank of Lincoln,
N ebraska, adopted th e policy of
co-operative custom er prom otion by
the in stallatio n of a ra th e r novel and
un u su al lobby display u n it for the
use of th e ir com m ercial depositors.
The activ ity is called “In d u stry on
P arad e,” and to say it is successful
it p u ttin g it mildly. The en th u siasm
of th e b an k officials and th e ir cus
tom ers over th e o peration of th is dis
play u n it is unlim ited. The v arious
in d u stria l custom ers are assigned a
period of tw o w eeks for th e use of
th is space. The h an k fu rn ish es the
space, also a w indow show card calling
the p ublic’s a tte n tio n to w hose display
is in th e b an k lobby. The display is
usually in stalled on S atu rd ay a fte r
noon w hen th e b an k is closed. On
B
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 19^5
By E. U. Guenzel
Vice P re side nt
First N a t i o n a l Bank
Lincoln, N e b r a s k a
a few occasions the display was
trim m ed over a Sunday.
M any of the co u n try ’s larg est firms
have used th is u n it—creating b eau ti
ful and in terestin g lobby attractions.
F or alm ost four years, every two
w eeks, a different display has occupied
th e space. The b ank has a photo
g rap h tak en of each com pany’s dis
play. T hey th en p resen t this photo
to th e com pany’s rep resen tativ e w hen
th e display is dism antled. The photos
are p ro p erly m arked, show ing on th e ir
face th a t it is “W hose Its ” display in
th e lobby of th e F irs t N ational B ank
of Lincoln. These photos th e n rem ain
as p erm an en t ad v ertisem en ts th ere
after for th e bank, as th ey are in
v ariably posted in a pro m in en t place
in th e u se rs’ offices.
M any d irect sales have accrued to
the displayer du rin g or after th ey use
this unit. F o r instance, a local com
pany w hich has national d istribution
of food products used the u n it show ing
th e ir m any products. One of these
products w as not w ell know n, b ut the
purch asin g rep resen tativ e for a ra il
road dining car service saw this prod
uct in th e bank, he called th e displayer
and a ra th e r sizable co n tract for p u r
chase w as im m ediately entered into.
T his is ju st one instance of the
usual re su lt—not th e exception. Many
u sers say it is th e best type of pub
licity th ey have ever done. The fact
th a t th e display is in th e bank, adds
OUR 50th YEAR
29
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern B anker
N ovem ber 1945
\
30
a certain p restig e th a t th e y claim can
not be secured any o th er w ay—a
“Q uality P restig e,” so to speak.
A fter one u se r com pletes his as
signed tw o w eeks stand, he and his
em ployes becom e en th u sia sts and
w atch th e u n it to see w ho and w h a t
th e n ex t u sers display. The b an k on
th ree or four occasions has rem ained
open in th e evenings to allow th e em
ployes of some firm to view th e ir ow n
com pany’s display. F ro m a chicken
h atch e ry a t E a ste r tim e to a railro ad
in vacation tim e—from a pill and
p h arm aceu tical firm to a food proces
sor—from life in su ran ce com pany to a
floral com pany; oil and gasoline com
panies, insulation firms, schools, dry
cleaners, pain t m an u factu rers, tire
and ru b b er com panies, p rin te rs—all
have used this display u n it w ith ex tra
fine results.
In addition to using th is display for
specific types of com m ercial usage, the
b ank uses it to prom ote com m unity
activities, such as Safe D riving cam
paigns by th e traffic division of the
Police D epartm ent, C om m unity Chest
drives, Red Cross cam paigns, C ham ber
of Com merce m em bership drives, W ar
Bond drives, etc. The good w ill ac
cru in g to th e b ank as a resu lt of th is
type of cooperative effort is im m easur
able.
B U S IN E S S IS G O O D
IN N E B R A S K A
(C ontinued from page 25)
B usiness conditions, g e n e r a l l y
th ro u g h o u t our county, are v ery good.
F a rm debts have been greatly reduced
and th e m ajo rity of farm ers have a
cash surplus, to g eth er w ith reserves
of feed and livestock still unsold.
Our tow n, H ebron, is th e county
seat and has grow n at th e expense of
th e sm aller tow ns around th e county.
All business houses have enjoyed sub
sta n tia l increases and a n um ber of
new building projects are now u nder
way, w ith several m ore in th e “p la n ”
stage. Our b an k expects to handle
m ost of these loans u n d er th e Re
co n struction F inance B ank P articip a
tion plan.
D uring th e p ast tw o y ears fifteen
new housing u n its have been built
u n d er T itle VI of th e FHA. These
loans are also m ade and serviced by
our institu tio n . Our loans have been
ru n n in g approxim ately tw en ty per
cent of our deposits, w hich I believe
is h ig h er th a n th e average banks, and
is due largely to our m aking FH A
loans, both Title I and Title VI. These
loans are m ade only on pro p erties in
our trad e territo ry .
L and values in our te rrito ry have
enjoyed a norm al increase in value,
b u t th u s far we have not noted any
w ild speculation in real estate.
"C o n d it io n s V e ry G o o d "
H. L. CARLSON
Cashier
De ue l C o u n t y S t a t e Bank, C h a p p e l l
Y our P atrons ...
are interested in a n d are entitled to your g ood
co u n sel in m atters of their g e n e ra l b u sin ess affairs.
T hey a lso sh ou ld know w h at their life insurance
program w ill or sh ou ld provide.
B usiness conditions are v ery good
here as are also a g ricu ltu ral condi
tions. T his being a w h eat country
we are v e ry m uch in terested in th e
m ark et as is, and also th e Commodity
C redit C orporation floor as it stands.
W e have a g reat dem and for all kinds
of m erchandise so business w ill be
good for several years.
Check!
W e are in a position to provide y o u with
effective help. W e solicit high g ra d e bank repre
sen tation .
G uarantee M u t u a l Life Company
Reason Enough
A. B. OLSON
Vice President
Organized 1901
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Omaha, Nebraska
N ovem ber 19^5
A custom er sent th e follow ing note
to his grocer:
“Please send six dozen eggs; if good,
I w ill send check.”
The grocer, how ever, w as not doing
business on such risk y term s, so he
replied:
“Send check; if good, I w ill send six
dozen eggs.”
F riend: “Cheer up, old chap. W hy
don’t you drow n y o u r sorrow ?”
H usband: “T h a t’d be m urder. Be
sides, she is stro n g er th a n I am .”
OUR 50th YEAR
31
NEBRASKA
NEW S
E D G A R M cB R ID E
P r e sid e n t
B lu e H ill
WM. B . H U G H E S
S ecreta ry
Om aha
tional—w hich v o lu n tarily liquidated a
few y ears ago as th e oldest bank in
th e state—u n til 1908. T hen he w en t to
N ebraska City N ational, u n d er th e late
Col. W. L. W ilson, president, an o th er
ou tstan d in g N ebraska banker.
Mr. Schneider w orked un d er him u n
til his death in 1912, rem ained on w ith
a son, H a rry D. W ilson, as assistan t
cashier, and on Ja n u a ry 8, 1917, be
came cashier.
W illiam L. W ilson,
grandson and son of th e o th er two,
respectively, is now presid en t on leave
w ith th e Navy.
Resum es Bank Post
C a sh ie r Retires
O p e n Bank
R aym ond R. Aden, a ssista n t cashier
of th e G othenburg S tate B ank, G oth
enburg, N ebraska, w ho has been in th e
U. S. a ir corps since M arch, 1944, has
recen tly received his discharge. He
has resum ed his position w ith th e
bank. Mr. A den has been w ith th e
G othenburg S tate B ank since th e fall
of 1927.
The b an k has m ade a rap id grow th.
At p re se n t deposits to tal m ore th a n
tw o m illions.
The o th er officers of th e b an k are:
H. L. W illiam s, president; E. L. Loutzenheiser, vice president, and G. G.
H am pton, vice p resid en t and cashier.
Otto Schneider w ill end a 44-year
b an king career on Ja n u a ry 1st, w hen
he retires as cashier of N ebraska City
N ational Bank, N ebraska City, N ebras
ka.
He began his b anking experience u n
der th e late H en ry N. Shewell, p resi
dent of M erchants N ational, in 1902.
As all you n g sters of th a t era did,
he w as a m essenger, general helper
and “stu d e n t” of b anking u n d er one
of th e best know n financial m en in
N ebraska.
He rem ained w ith the M erchants Na-
L ast m onth w as the opening date of
th e State B ank a t L iberty, N ebraska.
F ree coffee and doughnuts w ere served
at th e bank and a free p icture show
given in th e afternoon. T ickets for
th e show w ere obtained at the bank.
It w as ch artered by the S tate B anking
D epartm ent w ith capital stock of $25,000, su rplus $5,000 and $2,500 reserve.
E v e re tt B arr is president.
O ther officials are H erm an Backenberg, vice president; M illard F. T hom p
son, cashier, and Mrs. Gail Thom pson,
a ssistan t cashier. The ban k is a mem-
Effective Outdoor Advertising
Time O u t For Sch oo l
Isobel B aum gardner, w ho has been
an em ploye for B eatrice S tate Bank,
B eatrice, N ebraska, has enrolled in the
U n iv ersity of M ichigan, A nn A rbor,
M ichigan, and w ill specialize in b a n k
ing and financing.
Miss B au m g ard n er has been a ssista n t
cash ier of th e B eatrice S tate B ank for
th e p ast several years. She w ill spend
a y e a r a t th e U n iv ersity of M ichigan
and th e n will re tu rn to th e b anking
b u siness in th e state of N ebraska.
Jo ins F R S
T he Jo h n so n C ounty B ank of Tecum seh, N ebraska, w as notified th a t
m em bership has been g ran ted it in
th e F ed eral R eserve System , h aving
m et all re q u ire m e n ts to qualify for
th a t coveted position.
A recen t sta te m e n t show s capital,
su rp lu s and reserv e accounts to be in
excess of $140,000 w ith deposits of $2,250,000.
In N e w Location
The Spalding City B ank, Spalding,
N ebraska, has been m oved from the
n o rth side of M ain S treet to th e build
ing w hich th e y recen tly pu rch ased on
th e south side of th e street, w hich w as
fo rm erly know n as th e S ecurity State
B ank B uilding. The b an k has already
opened for b u siness in its new location.
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
ROOF th a t th e ch aracter of a b a n k
ing in stitu tio n can be effectively
told to th e public by outdoor ad v er
tising is being d em onstrated by the
U nited States N ational B ank in Omaha,
th ro u g h th e ir new ly erected illum
inated p ainted display.
M easuring 54 feet by 19 feet, 6
inches, th e board is a com bination of
w hite, blue and gold coloring, and is
so designed and located th a t it force
fu lly p resen ts th e b a n k ’s m essage to
th ousands of people daily. I t is s tra
tegically located on Dodge S treet and
Saddle C reek B oulevard, on th e L in
coln H ighw ay.
L andscaped and floodlighted, the
board has proved to be v ery effective
P
both day and night, and has been th e
subject of m uch favorable com m ent
am ong Om ahans. Its extrem e plain
ness and sim plicity fit in v ery well
w ith th e policy of dignified advertising
th a t has been one of the cardinal rules
of th e Omaha in stitution.
The board has a w hite background
upon w hich are four-inch, 23-carat,
raised, gold letters. T his is topped off
w ith th e “89” years of b anking service
executed in a circle ag ain st a deep blue
background, at th e top. All letterin g
is an enlarged reproduction of th e
b a n k ’s fam iliar sig n atu re th a t is fea
tu re d in all its advertising. Thus, a
close tie-in and association is created.
The board took tw o w eeks to build.
'Northwestern B anker
N ovem ber 19^5
32
b er of th e F ed eral D eposit Insu ran ce
C orporation.
Municipal
and
General Bonds
★
Specialists in Nebraska
Becom es A ssista n t C a sh ie r
H a rry M eyers, w ho has been em
ployed for th e p ast several m onths in
th e F a rm e rs and M erchants State
B ank in Bloomfield, N ebraska, has
been appointed as a ssistan t cashier.
He w as em ployed in th e P lainview
b an k before com ing to Bloomfield.
W ith Broken Bow Bank
A lva P atton, form erly of M erna, has
accepted a position in th e N ebraska
S tate Bank, B roken Bow, N ebraska.
Mr. P a tto n is w ell know n to C uster
county people. He w as em ployed for
several y ears as a clerk in th e county
tre a s u re r’s office.
Municipals
GREENWAY & CO.
F arn am B ldg.
OM AHA, N E B R A SK A
A fter several y ears service in arm y
aviation, F ran cis Grace has received
his honorable discharge and has re
sum ed his position as cashier of the
F irs t N ational Bank, V alentine, Ne
braska, w here he had been em ployed
for m any y ears p rio r to his e n try into
th e service.
G o e s to C o lo r a d o
Gordon Jones has severed his con
nection w ith th e B ank of Chadron,
Chadron, N ebraska, to en ter the em
ploy of th e F irs t N ational B ank at
F o rt M organ, Colorado. P aul H efti of
th e G uardian S tate B ank at Alliance
is tak in g Mr. Jo n e s’ place in th e bank
for th e present.
Stuart G e ts N e w Bank
Sells O u t
★
Takes Form er Post
R obert Larson, w ho has been vice
p resid ent and cashier of th e F arm ers
N ational Bank, Pilger, N ebraska, for
th e p ast 25 years, has sold his in terest
in th e b an k and he and Mrs. L arson
plan on an extended trip th ro u g h
W ashington, Oregon and California.
L. E. Bare, w ho has been in the
b ank for 26 years, w ill take over th e
active m anagem ent of the bank. M yrtle
R einhold is bookkeeper and teller.
S tuart, N ebraska, is to have a bank.
The new in stitu tio n w ill be know n as
the Tri-C ounty Bank, w ith capital
stock of $30,000, su rp lu s of $10,000 and
undivided profits of $2,500. The capital
stock w ill be $5,000 m ore th a n th a t of
th e old F irs t N ational B ank of S tuart.
O rganizing th e b ank as incorpora
tors are: J. G. B rew ster, J. D. Cronin,
N. F. Crowell, H. W. G alleher, Wm.
K ro tter Co., Dr. F. J. Clark, T. E. Mc
Guire, and R. E. Chittick.
We are proud of our close association
through the years, both in name
and deed, with the Banking
Fraternity.
Over 164 Millions in Force
Over 46 Millions of Assets
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 1945
O U R 5 0 th YEAR
33
P a r tia l L is t o f N e b r a s k a
U sers
OMAHA NATIONAL BANK
UNITED STATES NATIONAL BANK
FIRST NATIONAL BANK OF OMAHA
LIVE STOCK NATIONAL BANK
STOCK YARDS NATIONAL BANK
PACKERS NATIONAL BANK
DOUGLAS COUNTY BANK OF OMAHA
NORTH SIDE BANK
FEDERAL RESERVE BANK
ARLINGTON STATE BANK, Arlington, Nebr.
COMMERCIAL BANK, Bassett, Nebr.
BEATRICE STATE BANK, Beatrice, Nebr.
299
OF THE
300
LARGEST C O M M E R C IA L
BANKS
AND 3,600 OTHER BANKS USE
Addressoqraph
tradt mark mmmm
B
FIRST NATIONAL BANK, Belden, Nebr.
WASHINGTON COUNTY BANK, Blair, Nebr.
BANK OF BURWELL, Burwell, Nebr.
STATE BANK OF CAIRO, Cairo, Nebr.
COLERIDGE NATIONAL BANK, C oleridge, Nebr.
CRETE STATE BANK, Crete, Nebr.
FIRST NATIONAL BANK, D avid City, Nebr.
FARMERS
&
MERCHANTS BANK, Edison, Nebr.
BANK OF ELGIN, Elgin, Nebr.
ELM CREEK STATE BANK, Elm Creek, Nebr.
FIRST NATIONAL BANK, Fairbury, Nebr.
FREMONT NATIONAL BANK, Fremont, Nebr.
STEPHENS NATIONAL BANK, Fremont, Nebr.
FIRST NATIONAL BANK, Grand Island, Nebr.
OVERLAND NATIONAL BANK, Grand Island, Nebr.
CITY NATIONAL BANK, H astings, Nebr.
HASTINGS NATIONAL BANK, H astings, Nebr.
FORT KEARNEY NATIONAL BANK, K earney, Nebr.
CONTINENTAL NATIONAL BANK, Lincoln, Nebr.
FIRST NATIONAL BANK, Lincoln, Nebr.
FIRST TRUST COMPANY, Lincoln, Nebr.
UNION BANK, Lincoln, Nebr.
FIRST NATIONAL BANK, Lyons, Nebr.
FARMERS STATE BANK, Millard, Nebr.
OTOE COUNTY NATIONAL BANK, Nebr. City, Nebr.
DE LAY NATIONAL BANK, Norfolk, Nebr.
NATIONAL BANK OF NORFOLK, Norfolk, Nebr.
FARMERS & MERCHANTS NATL. BANK, O akland.
FIRST NATIONAL BANK, Ord, Nebr.
NEBRASKA STATE BANK, Ord, Nebr.
FIRST NATIONAL BANK, O sceola, Nebr.
FARMERS STATE BANK, P a w n e e City, Nebr.
PENDER STATE BANK, Pender, Nebr.
BANK OF DIXON COUNTY, Ponca, Nebr.
FIRST NATIONAL BANK, Shelby, Nebr.
FARMERS STATE BANK, Superior, Nebr.
FIRST NATIONAL BANK, Tekam ah, Nebr.
BURT COUNTY STATE BANK, Tekam ah, Nebr.
THE TILDEN BANK, Tilden, Nebr.
FIRST NATIONAL BANK, W ahoo, Nebr.
FIRST NATIONAL BANK, W ayn e, Nebr.
M odern banks recognize the necessity
for m odern banking methods. In every
bank — from m etropolitan institutions to
sm all town banks—errors can be elimi
nated, time can be saved, expense can be
reduced, efficiency can be increased by
replacing slow, laborious, m istake-laden
h an d work with speedy, error-proof m a
chine methods.
The 100 largest banks a n d thousands
of sm aller ones a re taking a d v a n ta g e of
the econom ies afforded by A ddressograph
equipm ent.
These banks h an d le their business forms
10, 20, even 50 times faster with A ddres
sograph th an by h an d or typew riter
methods.
DEPO SITO RS’ STATEMENTS
LEDGER SHEETS
SERVICE CHARGE FORMS
TRANSIT LETTERS
ENVELOPES, CARDS, CIRCULARS
INTEREST NOTICES
CREDIT ADVICES
BULLETINS
AN N U AL REPORTS
DIVIDEND CHECKS AN D REGISTER
PROXIES
STOCKHOLDER NOTICES
TRUST DEPARTMENT FORMS
COUPON ENVELOPES, ETC., ETC.
and all other repetitive writing
100% ACCURACY AND UNIFO RM ITY ASSURED
Addressoqraph
taaoi makk mmmM
STATE NATIONAL BANK, W ayn e, Nebr.
WINSIDE STATE BANK, W inside, Nebr.
FIRST NATIONAL BANK, York, Nebr.
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
309 S. 19th S tr e et
O M A H A 2, NEBRASKA
t
O. W. CRAVEN
S a les A gent
T elephone: ATlantic 9047
N orthw estern Banker
N ovem ber 19b5
34
• NEBRASKA
Officers of th e organization are H.
W. G alleher, president; T. E. McGuire,
vice president; and J. G. B rew ster,
cashier. N. F. Crowell and J. D. Cron
in are directors, w ho to g eth er w ith the
The
Officers
and
Directors
N E WS
b a n k ’s th ree officers, w ill m ake up th e
board of directors.
Officers of th e b ank expressed th e
hope th a t th ey w ould be able to s ta rt
operation by D ecem ber 1st.
of this
Bank an n ou nce the election of CARL
D. GANZ a s V ice President. He is n ow
Closes
The ban k of W ellfleet, N ebraska, be
gan liquidation last m onth. J. F. P et
ers, of the State D epartm ent of B ank
ing, says th a t b ank officials w ill pay
th e some $580,000 deposits in full. T he
bank is being closed because of the ill
h ealth of its president, T. L. Greenleaf.
The bank is m ore th a n th irty y ears
old.
Bank Is Entered
a Lt. Col. J. AG.D. stationed at h e a d
quarters, 7th S ervice Command, O m aha,
B urglars w ho gained en tran ce by the
fro n t door attem p ted unsuccessfully to
rob th e A rlington State Bank, A rling
ton, N ebraska, recently.
Two acetylene torches w ere found
and a litte r of m atches w hen the bank
w as opened in th e m orning.
An electric b u rg lar alarm sign on
the door of th e v au lt m ay have frig h t
ened th e in tru d ers. The sign read:
“T his v au lt is controlled by an electric
b u rg lar alarm .”
N ebraska, and w ill b e relea sed soon
and b e at the bank about D ecem ber 1.
He is an exp erien ced banker, w a s
cashier of the Farmers & M erchants
Bank in A lvo, N ebraska, for 22 years;
and w a s a lso Secretary-Treasurer of
the A lvo N ational Farm Loan A sso cia
tion for the sam e period. This and his
other activities g iv e him an exp erien ce
that w e offer to our custom ers and w e
w ill b e v ery p le a se d to h a v e a n y of
our out-of-town custom ers call and se e
him or com m unicate w ith him regarding
their banking problem s.
•
C A R L D. G A N Z
V ice P re sid e n t
NATIONAL BANK OF
COMMERCE
Lincoln,
N e b ra sk a
An
Understanding
Correspondent Service
Officer of Lincoln Bank
A nnouncem ent comes from the of
ficers and directors of th e N ational
B ank of Commerce, Lincoln, th a t Lt.
Col. Carl D. Ganz w ill becom e asso
ciated w ith th a t in stitu tio n as vice
p resid en t on D ecem ber 1st. Colonel
Ganz is now stationed w ith the Sev
en th Service Com m and at Omaha, and
expects to be released about th a t tim e.
Colonel Ganz, a g rad u ate of th e U ni
v ersity of N ebraska and a v eteran of
W orld W ar I, sta rte d his banking
career at Alvo, N ebraska, w here he be
cam e cashier of th e F a rm e rs and M er
ch an ts Bank. He w as presid en t of the
N ebraska B ankers A ssociation in 19401941, and w as called into th e service in
1942.
He kept up his legal practice w hile
connected w ith th e F a rm e rs and M er
ch an ts Bank, specializing in pro p erty
and probate law. He has a son in
th e A rm y w ith th e in fan try , and one
in th e Navy, w ith a daughter, R uth, a
lieu ten an t (j.g.), in th e Navy.
Personnel Change
THE F IR S T NATIONAL BANK
St. Joseph, Missouri
M em ber F e d e ra l D ep o sit I n s u r a n c e C orporation
A change in th e b an k personnel, ef
fective last m onth, w as th a t of K ath
ry n Osterloh, w ho stepped out as assist
a n t cashier after tw o and one-half
y ears of service w ith th e F irst N a
tional, H arper, N ebraska, and w as re
placed by W illiam H argens, p rew ar
tim e bookkeeper for several y ears at
th e F irs t N ational.
R attlesnake
An eel w ith a crap gam e going on in
the rear.
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 19^5
OUR 50th YEAR
Born in banks 17 years ago
• • •
Recordak
is "making news into history”
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Recordak
... the bank-born photographic system
that has been adapted to many different fields
B orn o f need for p ro tectio n
£ ™ ' L h° " * « o r d
a d a p te d
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T h a t’s w h y R e c o r d a k M ic r o film in g w as
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Today, in thousands o f T ransit D epartm ents,
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ical m ethods w ith fast-as-light p h o to g ra p h ic
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a cent per item.
In B o o k k eep in g D epartm ents, R e c o r d a k ’s
S in g le P o s tin g S ystem provides sim pler, m ore
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A ll through banks, it has becom e the basis
o f w h o lly new and better operating system s.
is m
"F o o lp ro o f” in op eratio n
It’s as easy as d rop p in g letters into a m ailbox
to operate R ecordak. N o adjustm ents to make,
no dials to turn. Sim ply feed papers, checks,
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sands on o n e sm all roll o f R ecordak M icrofilm
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Recordak
originators o f m odern M IC R O F IL M IN G
— and its uses in banking systems
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
at
W a r p ic tu re s a re Official U. S. N a v y F h o to g ra p h s
sta n d a rd size n ew sp ap er
compressed to postage stamp size
. . . on enduring microfilm instead of
newsprint that yellows and crumbles
with the years... Newspapers all over
the country are having it done every
day.
Y
Making news into
history" is an
everyday job of
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o u r
Because news is the stuff that his
tory is made of.
These newspapers, as they are pub
lished, are sent to the Recordak Lab
oratories. By means of the ingenious
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the superb Kodak Micro-File Ektar
lens, they are automatically photo
graphed down on Recordak MicroFile 35-mm. film—page by page, in a
m atter of seconds.
The master negative film goes to
Kodak’s air conditioned film vault—
today’s “time capsule.” The individ
ual newspaper orders positive films—
or prints —for its own files and for
other subscribers. Thousands go to
p u b lic and u n iv ersity lib raries . . .
with a saving in space of 98%.
To look up a story, the film cover
ing the correct week or month is in
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Pages are flipped through at the
touch of a finger . . . There, brilliantly
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than the original paper—is the date,
the page, your story—easier to read
than the day it came off the press.
“ Making news into history” is only
one of hundreds of services which
Recordak is performing for banking,
business, industry, Government, edu
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end, each a service for you.
EASTMAN KODAK COMPANY
ROCHESTER 4, N. Y.
Serving human progress through photography
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
R E C O R D A K OFFICES
EXECUTIVE OFFICES
350 M A D IS O N AVENUE, N EW Y O R K 17, N . Y.
Atlanta
Los A n geles
B oston
N e w O rleans
C hicago
Philadelph ia
Cleveland
Pittsburgh
D allas
Portland, Ore.
D enver
San Francisco
D etroit
W ashington , D . C.
H ouston
A d ditional d ev elo p in g facilities at
K ansas City, M issouri . . . J a ck son ville, Florida
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
35
A dvertisem en t
"R o l l
o f
H o n o r " Ba n k s
. . . NEBRASKA . . .
It is an honor to be listed among the H O N O R RO LL BANKS. It indicates that the
bank has SURPLUS and U NDIVIDED PROFITS equal to or greater than its capital
T h e batiks lis te d on th is p a g e are so m e of N e b r a s k a ’s o u tsta n d in g “H o n o r R o l l” Banks. B y
ca refu l m a n a g e m e n t a n d so u n d b a n k in g th e y h ave a c h ie v e d th is e n v ia b le p o sitio n . T h ese
ban ks w i ll be e s p e c ia lly g la d to h a n d le a n y collection s, sp e cia l c r e d it r e p o r ts or o th e r
business in th e ir c o m m u n iti e s w h ic h y o u m a y en tru st to th e m . C o r r e sp o n d e n c e is in vited .
TOWN
OFFICER
BANK
B assett.............. ........ Commercial Bank
Battle Creek______ Battle Creek State Bank
Beemer..........v..........First National Bank_________
Blue Hill__________ Commercial Bank __................
Broken Bow____
Nebraska State Bank
Chambers...... ........... Chambers State Bank
Falls City.................. First National Bank
Fremont........... ......... Stephens National Bank
Fullerton____ _____ First National Bank.................
Grand Island______First National Bank
H astings.........
City National Bank...................
H astings_________ H astings National Bank...........
Holdredge___
. First National Bank.................
Imperial__ _______ First National Bank ............. .
Lincoln___ ___ ____ National Bank of Commerce
McCook___________ First National Bank .......... .
Minatare__________ First National Bank ...............
Mullen..___ _______ Bank of Mullen............... ..........
Oconto____
_____Farmers Bank ...........................
Omaha..________ __ Live Stock National Bank......
Omaha.__ ______
United States National Bank
Ord._____ _________Nebraska State Bank ............
Ponca.____________ Bank of Dixon County............
Rising City.............. .Farmers State Bank_____ ___
Scottsbluff________ First State B a n k ....................
Spencer___________ Spencer State Bank_________
Stromburg
.......Stromburg Bank ......................
Wakefield.___ _____ Wakefield National Bank
Wisner....................... First National Bank............... .
Highest in History
L ast m onth deposits in th e F irs t
N ational B ank in E x eter, N ebraska,
reached th e am ount of a m illion and a
half dollars, th e first tim e in th e
h isto ry of th e tow n th a t deposits in a
b an k have atta in e d th a t figure.
Offer Courtesy Service
T he Cozad S tate B ank, Cozad, Ne
braska, is in a u g u ra tin g a new service
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
CAPITAL
..E. H. L ittle __________ $ 25,000
. E. H. D o e rin g _______
25,000
E. H. S u th e rla n d _____
25,000
..W illiam K o rt _______
25,000
A. W. L in e ___________
35,000
G. H. A d a m s________
16,000
..Geo. R. F ro e h lic h ____
50,000
J. G uy E dloff_______
100.000
E. M. B lack..___ _____
50,000
F. J. C leary __________
300.000
F loyd A. H a n se n _____
100,000
C has. E. D e e ts_______
125,000
A. I. R a u c h _________
60.000
_E. H. J o h n s to n ______
25,000
B yron D unn ____ ____ ....
500,000
100,000
R olland F a rm on ....... ....
,11. A. S age ___ ______
25,000
W. H. B ra m e r_______
25,000
J. V. D evine__________
25,000
P aul H an sen ___ __ _ ....
500,000
11. M. B u sh n ell............ .... 1,100,000
C. J. M o rten so n ______
52,500
-F. R. K in g sb u ry _____
25,000
11. F . G a rh a n ________
30,000
Roy P erciv al ________
50,000
_Gus B entz ___________
25,000
E. C. N o rd lu n d __ ____
30,000
.R o b e rt E. A nderson....
25,000
-N. J. H ill_____________
50,000
for all veterans. As soon as notice is
received of a v e te ra n ’s discharge in
th e county a le tte r goes out to them
telling of th e courtesy service th e bank
is offering w hich includes m aking a
p hotostatic copy of a v e te ra n ’s dis
charge paper, reducing it to w allet size
and sealing it in tra n sp a re n t plastic
for easy carrying. The v e te ra n then
m ay keep his original papers in a safe
deposit box for th ree y ears w ith o u t
cost and can carry th e reproduction to
SURPLUS
PROFITS
$
43,969
49,491
35,508
51,069
44,669
17,429
114,000
186,119
71,300
643,788
120,000
255,000
267,000
33,057
1,170,095
195,415
39,776
31,308
40,410
1,453,242
2,091,045
58,892
49,062
44,381
73,000
58,456
55,000
53,746
114,660
verify his status. This service is to
be rendered to both m en and w om en
w ithout charge or obligation.
Bankers in Golf Match
A golf to u rn ey took place at N orth
P latte, N ebraska, recently, w ith M.
L. Sievers and George L arkin, vice
president, McDonald State Bank, op
posing captains for th e chicken d in n er
m atches th a t w ere to w ind up w ith the
N orthw estern Banker
N ovem ber 1945
36
losers feting th e w in n ers to a free
chicken d in n er at th e C ountry Club.
Added featu re th is tim e w as a p u tt
ing duel betw een R ay L angford, exe
cutive vice presid en t, F irs t N ational
Bank, and W illiam McDonald, c h a ir
m an of th e board, M cDonald State
Bank, to decide th e ir m atch.
Plan New Building
The B anking H ouse of A. W. Clarke,
Papillion, N ebraska, pu rch ased th e old
Sarpy H ouse co rn er property.
The b an k is p lan n in g to erect a new
building on th is b est located business
corn er in Papillion. The p re se n t b a n k
ing q u a rte rs have been o utgrow n and
th e dem and for m ore room , m ore con
v en ien t w orking conditions and b e tte r
v au lt facilities m akes it im perative
th a t new q u a rte rs be secured.
C OL. J. F ran k M cD erm ott, on leave
from his duties as vice p resident of
th e F irs t N ational B ank of Omaha, has
arriv ed at G eneralissim o Chiang Kaish e k ’s h ead q u arters in Chungking,
China, according to a W ar D epartm ent
m essage to his wife, th e form er E m m a
Nash.
GREETINGS
to
NEBRASKA BANKERS
ASSOCIATION
As you meet in Omaha, Novem
ber 12 for your Annual
Convention
M
onroeCalculating
M
achineCom
pany,Inc.
472-474 A quila C ourt
OM AHA, N E B R A SK A
413 Security M utual Life Ins. Bldg.
L IN C O L N , N E B R A SK A
•
MONROE ACCOUNTING
MACHINES FOR
BANKS
Am ong directors of th e new Omaha
P ublic Pow er D istrict, announced by
G overnor D w ight G risw old of N ebras
ka, w ere C harles I). Saunders, vice
p resid en t of th e F irst N ational B ank
of Omaha, and K arl C. B row n of P a
pillion, vice presid en t of th e B anking
H ouse of A. W. Clarke.
O thers included J. M. H arding of
Omaha, investm ents, nam ed chairm an;
Sam uel L. Cooper, d ep artm en t store
executive; D avid Goldman, d ep artm en t
store executive; Carl A. Sw anson,
d airy w arehousing firm head, and Roy
E. B ott of Hooper, Neb., im plem ent
dealer.
Mr. Cooper is a d irector of the
U nited S tates N ational B ank of Oma
ha.
Mrs.
i
f
r
s
t
Idella
W agner
N
a
B a n k of
O
Thom as,
t
83,
i
m other of F red W. Thom as, vice p resi
dent of th e F irs t N ational B ank of
Omaha, died at an Omaha hospital
recently. She had lived in Omaha
m ore th a n fifty years.
The w idow of Joseph W illiam T hom
as, pioneer Om aha banker, she w as
a w orld-traveled concert singer at the
tu rn of th e century. She w as soprano
soloist at the Buffalo E xposition and
she also sang at th e launching of the
B attleship N ebraska.
Possibility of establishing a branch
ban k in th e Dundee d istrict of Omaha,
w estern residential subdivision, is be
ing discussed. The intersection of
F orty-sixth and Dodge streets is one
of th e possible sites talked.
Sgt. Jam es M. K raschel, 21, son of
form er Iow a G overnor and Mrs. Nel
son G. K raschel of H arlan, Iowa, and
Omaha, w as killed in a plane crash on
Okinawa, Septem ber 24th. Mr. K raschel
is now general agent for th e F arm
C redit A d m inistration w ith head
q u a rte rs in Omaha. S ergeant K ras
chel enlisted in May, 1942, w hile a
stu d en t at th e U niversity of Iowa.
o
m
n
a
a
h
l
a
O ldest N a tio n a l B a n k F r o m O m a h a W e st
M ember Federal D eposit Insu ran ce Corporation
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 19^5
OUR 50th YEAR
37
*
He h ad been overseas since last May.
S ergeant K raschel w as th e ir second
son killed in service.
Mr. and Mrs. D avid F. D avis have
re tu rn e d a fte r a stay of tw o w eeks in
th e Ozarks. Mr. Davis is vice p resi
den t of th e O m aha N ational Bank.
Mr. and Mrs. Davis w ere p lan n in g a
reu n io n w ith th e ir son, David, Jr.,
w ho w as to come hom e on leave from
G reat L akes N aval T rain in g Station.
Mr. and Mrs. J. T. Stew art, 3rd,
w ere ho sts a t a d in n e r a t th e O m aha
Club for Mr. S te w a rt’s brother-in-law
and sister, Mr. and Mrs. Ira Couch,
and th e ir son, Ira Couch, J r. Mr.
S tew art, 3rd, is vice p resid en t and
cash ier of th e F irs t N ational B ank of
Omaha. Mr. Couch, a fo rm er lieu ten
ant-com m ander in th e Navy, has been
discharged.
C harles D. Saunders, vice p resid en t
of th e F irs t N ational B ank of Omaha,
is th e new ch airm an of th e F in an ce
Com m ittee of th e Covered W agon
A rea Council of Boy Scouts.
A t a m eeting of th e council in F re
m ont, Neb., Mr. S aunders p resen ted
th e 1946 b udget w hich calls for an
increase in staff m em bers, cam ping
facilities, and visual education. It w as
approved.
A lb ert R. S tellin g, w ho has been in
th e b an k in g field 25 years, w as ad
vanced recen tly to be assista n t cash
ier of th e Live Stock N ational B ank
of Omaha. The an n o u n cem en t w as
m ade by A lvin E. Johnson, president.
Mr. Stelling h as been m an ag er of th e
real estate loan division of th e b ank
th e p ast four years. Mr. and Mrs.
Stelling have four children. H is hom e
originally w as at Sylvan Grove,
K ansas.
L ig h tin g conditions w ere studied re
cently by th e Om aha S tre e t L ig h tin g
Com m ittee of th e M ayor’s Cityw ide
P lan n in g Group. W. A. S aw tell, p re si
d en t of th e Stock Y ards N ational
Bank, is chairm an.
NEBRASKA
NEWS
•
eryone to help a w ar-torn nation ad
ju st its differences.
son. Am ong them w as R ichard (Dick)
M allory, w ho has re tu rn e d to his d u
ties as vice presid en t of th e U nited
S tates N ational B ank of Omaha, after
serv ing as an officer in th e Navy.
Miss B arb ara Mallory, fresh m an a t
N o rth w estern U niversity, has been
pledged to K appa K appa Gam m a so ror
ity. She is a d au g h ter of Mr. and Mrs.
R ichard H. M allory. Mr. M allory is
vice presid en t of th e U nited S tates
N ational B ank of Omaha.
Clyde O. Darner, governor of the
T e n th D istrict of O ptim ist Clubs and
cashier of th e Om aha N ational Bank,
k eynoted th e opening of O ptim ist
W eek recen tly by saying: “A m ericans
m u st compose th e ir differences and
w o rk to g eth er in a sp irit of u n d e r
stan d ing and co-operation.” He said
O ptim ist W eek w as an appeal to ev
A lv in E. Johnson, presid en t of th e
Live Stock N ational Bank, donated
gold stars to boy scouts w ho w ere
T reasu ry D epartm ent m edal w inners
The
TRANSIT CROSSROADS
of the Nation
From north, east, south a n d west the transit
business of the banks of the nation flows to
a n d through K ansas City, the H eart of Amer
ica. Every hour of the d ay a n d night the
Commerce Transit D epartm ent is on the job
. . . speeding the business of banks in every
section of the country.
W e're read y to serve
you.
D i r e c t r o u t in g of checks. . . . P ri v ate w ir e s to
p r in c i p a l cities. . . . O ver 1,300 c o r r e s p o n d e n t
banks
in
42
states.
.
.
.
Resources
e x cee d
$ 400,000,000.
V erne V ance, Jr., ju v en ile lead in
“K iss and T ell” a t th e O m aha Com
m u n ity Playhouse, m et playhouse ac
to rs of 20 y ears ago and in v ited them
to be his guests a t th e opening p e r
form ance of th e 21st a n n iv e rsa ry sea-
(dmmercejrust (onipany
Y O U R STA TE B A N K E R S A S S O C IA T IO N
O F F IC IA L SA F E , V A U L T A N D
T IM E L O C K EXPERTS
K A N SA S C I T Y S L MAE MKB EG
ES T BA N K
R FEDERAL DEPOSIT
rnspoRATiON
Established 1865 iMciiRAKirp
F. E. DAVENPORT & CO.
C a p ita l tf-uncU. Qx-ceecL 2 .0 M¿Heart. *'bollanA.
OM AHA
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern Banker
N ovem ber 194-5
38
• NEBRASKA
du rin g th e F ifth , S ixth and S eventh
W ar Bond cam paigns. He presen ted
th e aw ards d u rin g a Campfire Show,
d u rin g the an n u al fall C am poree of
Scouts in th e Om aha area, at Elm w ood
P ark. C. A. A braham son also took
p a rt in th e cerem ony.
NEWS
New Banking Hours
Y. H. Seaton, cashier of the B ank of
H em ingford, N ebraska, announced th a t
beginning N ovem ber 1st th e re w as a
change in th e banking hours. The
bank is open for business at 10 a. m.,
as form erly, b u t th e door closes at 3
p. m. instead of at 4 o’clock.
Mr. and Mrs. A lvin E. Jo h n so n have
learned th a t th e ir son, Corp. H ow ard
Johnson, has been prom oted to se r
geant. He has been on th e clerical
staff of an A rm y hospital on Saipan.
He expects to be hom e by spring.
Perpetual Charter
At a recen t special m eeting of the
stockholders of th e A uburn State
Bank, A uburn, N ebraska, an am end
•
m ent to the p resen t articles of incor
poration w as passed. T his am endm ent
brings the bank u n d er a “‘p erp etu al”
c h a rte r basis.
The A u burn S tate Bank, started as
a banking in stitu tio n on D ecem ber 20,
1905, and soon th e re a fte r w as a u th o r
ized by th e d ep artm en t of banking and
given a c h a rte r operative for 20 years.
At th e conclusion of th is period the
c h a rte r w as renew ed. -Now again at
th e conclusion of th e second 20-year
period, th e b anking in stitu tio n is m ak
ing its articles of incorporation read
to include the perp etu al statu s of
chartering.
Extra Service for Veterans
Since
1 8 7 1
...
THROUGH THE HARD TIMES OF THE "NINETIES”
THROUGH THE SPANISH-AMERICAN WAR
THROUGH THE 1907 CURRENCY PANIC
THROUGH WORLD WAR I
THROUGH THE BOOM YEARS OF THE "TWENTIES"
THROUGH THE DROUTH AND DEPRESSION OF THE
"THIRTIES"
THROUGH WORLD WAR II
★
★
★
THE POLICIES RESPONSIBLE FOR THIS RECORD
CONTINUE
WE APPROACH THE FUTURE WITH CONFIDENCE
★
The First National flank of Lincoln
The L exington S tate Bank, L exing
ton, N ebraska, is announcing th e in
au g u ratio n of a new service for all
veterans. This courtesy service is the
m aking of a free photostatic copy of
the v e te ra n ’s discharge papers, and re
ducing them to w allet size.
The v eteran m ay th en keep his
original p apers in a safe or deposit
box, and can carry th e reproduction to
verify his status.
C itations or o ther valuable papers
belonging to the veteran, eith er of
W orld W ar 1. or II, w ill be reduced to
pocket size.
This service is rendered free of
charge and w ith o u t any obligation
w hatever. “I t’s ju st a little service we
can perform w ith a m achine we have
in our bank, and we are glad to be of
th is sm all service,” said Jo h n Van
Auken, vice president of the Lexington
bank.
Machine Bookkeeping
C arp en try w ork in th e F irst N a
tional Bank, Ord, N ebraska, w as done
recently. It w as done w ith th e view
of accom m odating the building to m a
chine bookkeeping, w hich w as adopted
some tim e ago, and w hich calls for a
new arran g em en t of the interior.
With Bartlett Bank
Ilene Bishop began w ork at the
B artle tt S tate Bank, B artlett, Ne
braska, recently, tak in g th e place of
W anda M artin w ho has re tu rn e d to
high school.
LINCOLN, NEBRASKA
E S T A B L IS H E D 1871
BANKS
Bought and Sold
C o n fid e n t ia lly a n d w ith b e c o m in g d ig n ity
M E M B E R O F T H E F E D E R A L D E P O S IT IN SU R A N C E CO R PO R A TIO N
BANK EMPLOYEES PLACED.
40 Years S a tisfa c to r y S ervice
THE CHARLES E. W ALTERS CO.
OMAHA.
N orthw estern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 19k5
N EBRASKA
OUR 50th YEAR
39
He had been a teller at the sam e bank
for 51 years.
Mr. R obinson had lived in Lincoln
for 66 years.
He w as a m em ber of the Sons of the
A m erican Revolution.
H. M. Harms
H. M. H arm s died recently in S ter
ling, Colorado, of a h e a rt attack. Mr.
H arm s w as tre a su re r of th e form er
F a rm e rs and M erchants B ank of
D eshler, N ebraska.
He w as one of th e founders of the
Com m ercial Club and served as tre a s
u re r and secretary for a n um ber of
years. He w as the first tre a su re r of
th e T hayer County F air. A fter the
closing of th e bank, Mr. H arm s and
his fam ily resided in Sterling, Colo.
N EBRASKA b an k ers w ill be m uch
in te re ste d in seeing th e new ly re
modeled in te rio r of th e N ational B ank
of Com m erce in Lincoln. The w ork is
n earin g com pletion and P re sid e n t B y
ron D unn re p o rts th a t th e b an k plans
a form al opening soon.
The rem odeling includes new cages
of th e low ty p e and new equipm ent
w hich w as especially built. The cages
ru n en tirely th ro u g h th e b an k to th e
back and th e S ecurities D ep artm en t
has been b ro u g h t up to th e fro n t of
th e bank. Officers’ desks w ill continue
to be a t th e front on th e rig h t so th a t
they w ill be accessible as alw ays to
custom ers. The b ank fixtures w ill be
in m arble and w a ln u t and th e en tire
bank q u a rte rs are to be air conditioned.
Bank Sponsors Breakfast
Y outhful exhibitors at th e P latte
county fair w ere recently honored at
a b re a k fast at th e fairgrounds. E v en t
w as sponsored by th e C entral N ational
Bank, Columbus, N ebraska, and over
200 w ere expected to attend.
In v ited w ere 4-H club m em bers and
vocational ag ricu ltu re stu d en ts from
P latte and adjoining
took p a rt in th e fair.
could also attend.
counties who
T heir p aren ts
On Chappell Bank Staff
B ette D utton is em ployed at the
Deuel County S tate Bank, Chappell,
N ebraska. She began h er duties re
cently.
Install Acoustors
The F irst N ational Bank, Cozad, N e
braska, has installed some new equip
m ent in the form of “acoustors” w hich
have been placed over the posting m a
chines to stop noise. These acoustors
reduce th e noise of the posting m a
chines to a m inim um .
Propose Bank at Crofton
A ction w as started recently to p u t
a new up to date b an k in Crofton, N e
braska. A b anking com m ittee is con
tactin g those w ho w ish to buy stock.
The b ank th a t is proposed, is to have
a $25,000 capital stock w ith a $5,000
su rp lu s and a $5,000 operating fund.
The b anking com m ittee is composed
of J. M. Liew er, Dr. Joe W iebelhaus
and Otto Bogner.
W hatever your need or prob
lem, the officers of this bank
a re e ag er to serve you as your
Lincoln correspondent.
Your
inquiry is invited.
The election of M arshall I). H ew itt
as a ssista n t vice p resid en t of th e N a
tional B ank of Commerce, and m an ag er
of th e personal loan d ep artm en t, w as
announced by B yron Dunn, president.
T he p ersonal loan d ep artm en t is a new
division of th e bank, w hich is expected
to open for business th is m onth, Mr.
D unn said.
Mr. H ew itt is a n ativ e of Iowa, and
comes to L incoln from Shenandoah,
w here he has had several y ears ex p eri
ence in h an d lin g personal loan b u si
ness.
(jONTINENTAL |sjATIONAL
L IN C O L N
Member F ederal Deposit Insurance Corporation
Charles W. Robinson, 77, w ho re tire d
five y ears ago as head paying teller at
th e F irs t N ational B ank, died recently.
O ld you kttow there’s a gap in your Cash Letter protection
that you could “ drive a truck through?” Ask us how to bridge it
without costing you a cent.
Scarborough
I n s u r a n c e Counselors
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Company
FIRST N A T IO N A L BA N K BL D G .
CH IC A G O 3 , ILL. • STA TE 4 3 2 5
to Banks
N orthw estern Banker
N ovem ber 19^5
40
bum per 1945 w h eat crop, largest in
h isto ry is still u n m arketed.
The F irs t N ational B ank at Holdrege, N ebraska, has passed th e six m il
lion dollar m ark w ith deposits of $6,065,000. The F irs t N ational B ank at
Loomis w ith $1,200,000 on deposits
holds its position as th e largest sm all
tow n ban k in g in stitu tio n in th e state.
The B ank of B ertran d is rapidly
n earin g th e m illion dollar m ark w ith
deposits of $823,279.
* HAMMERMILL
★
C O L U M N
★
This department spent a pleasant lunch
hour the other day with Associate Editor
Clayton Rawson of True D etective m ag
azine. Mr. Rawson is a true connoisseur.
He collects choice specimens of crime as
some men go for rare coins or first editions.
★
★
★
Here's one of his exhibits: A well-appear
ing gentleman goes to the cashier’s window
of a large department store and says he
wants to pay his bill. He presents a bill for
$30 which the store had recently sent to
{let’s say) John Jones.
Near Quarter Century Mark
Y ep , i t ’s o k a y !
Dinner at Seven
He offers a check payable to John Jones
for $70. It is an imprinted check o f the
Acme Construction Company duly signed
by the treasurer of the company. W ith a
letter or two and an automobile license,
he identifies him self as John Jones, en
dorses the check and departs with $40 in
change and the receipted bill.
★
★
★
On his way out of the store he selects $200
worth of merchandise and charges it to
John Jones. The sales person checks the
credit department and finds that “Jones”
is all right—he’s just paid his bill. “Mr.
Jones” disposes of his merchandise through
hisunderworldconnections,anddisappears.
In preparation for his feat, this crafts
man had rifled a few mail boxes and
extracted a handful of department store
bills, among them the one he used here.
★
★
★
From a shady printer he had acquired a
supply of imprinted checks. He’d signed
any name that struck his fancy as “trea
surer.” H is phony letters and automobile
license are standard equipment for any
artist in his line of work. A ll very simple
.. . because the store cashed a check for an
unknown endorser.
★
★
★
“Know Your Endorser” is the theme
o f the campaign which the U. S. Secret
Service has waged so energetically to
stamp out this kind of racket.
★
★
★
In cooperation with the Secret Service,
Hammermill has distributed more than
a million copies of its little folder, “7
C autions on Cashing Checks.” M a n y
banks find it an effective and tactful way
to warn their customers to be constantly on
their guard.
★
★
★
If y o u ’re n o t a c q u a in t e d w ith " 7 C a u t i o n s / '
s e n d f o r a c o p y , lo o k it o v e r , t h e n a s k fo r a
s u p p ly . N o o b lig a t io n . N o s a le s m a n w ill call.
H a m m e rm ill P a p e r C o m p a n y , 1513 E a s t L a k e
R o a d , Erie, P e n n s y lv a n ia .
(FLASH! j Ust as the above column was
going to press, this bad check passer was
nabbed by postal inspectors in Rochester,
N . Y., after a 6-year chase!)
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 19b5
The w om en em ployes of th e F irs t
N ational Bank, N orth P latte, N e
b raska, w ere e n tertain ed at a seven
o’clock d in n er recen tly in th e hom e
of Mr. and Mrs. F. O. Jo hnson w ho
reside w est of th e city.
The guests included E v a Thom pson,
E ileen Haase, M arjorie W atts, P ersilla
P athetios, A nne H ayes, D onna Inm an
and Doris Johnson.
Mrs. Louisa Gibson
L ast rites w ere held recently at the
P re sb y terian ch urch in Gibbon, Ne
b raska, for Mrs. L ouisa Gibson, 94,
w ho had been a resid en t of th a t com
m u n ity since 1874. She w as a ch arter
m em ber of th e A m erican Legion A ux
iliary, a m em ber of the W om en’s Relief
Corps and R ebekah Lodge.
H er husband died in 1917 and tw o
sons also preceded h e r in death. The
sons su rv iv in g are Glen T. Gibson,
p resid en t of th e E xchange B ank at
Gibbon, and C harles W. Gibson, w ho
is th e vice president.
The 24th a n n iv ersa ry of the Com
m ercial S tate Bank, Cedar Bluffs,
N ebraska, w as observed recently.
S tartin g w ith a capital of $10,000
and su rp lu s of $2,500, th e ir totals
show ed $12,500.
Now the b an k has a capital of
$25,000, surplus, $8,500, and th e ir
totals of the last statem en t w ere
$680,327.10.
E lm er H enderson has been cashier
of the b an k since it w as organized.
Heads Colorado Bank
R alph E. Misko w as elected p resi
d en t of The E ato n B ank of E aton,
Colorado, at th e reg u lar m eeting held
recently.
Mr. Misko w as associated w ith the
F irs t N ational B ank of Omaha and
d u rin g 1940 to 1943 w as presid en t of
th e F irs t N ational B ank in Ord, Ne
braska.
Entertains Bank
A deline Strelow , em ploye at Cones
S tate Bank, Pierce, N ebraska, e n te r
tain ed th e m em bers of the b ank force
and th e ir w ives a t a d inner recently
at h er home. T he group spent the
rem ain d er of the evening bowling.
Tops the Record
Announces Promotions
P helps county, N ebraska, cash on
deposit in all banks and postal savings
recently, had clim bed to $8,804,155.
T h at plus an estim ated m ore th a n
th re e m illion dollars in w ar savings
bonds m eans th a t th e actual cash
w ealth in th e county now stan d s at
n e a r 12 m illion dollars, th e h ighest
ever recorded in th e h isto ry of th e
area.
The phenom enal grow th of cash
holdings in th e county has continued
steadily since early 1942, w h en the
to ta l cash holdings w ere less th a n tw o
m illion dollars.
T he 12 m illion dollar figure seem s
even m ore sta rtlin g w hen it is recalled
th a t a g reat share of th e 1944 corn crop
is still in cribs on P helps C ounty farm s
and th e g reatest percentage of th e
M anufacturers T ru st Company, New
York, announces th e following pro
m otions from a ssistan t secretary to as
sistan t vice president: Jo h n J. Cun
ningham and George W. M ott of th e
b a n k ’s m ain office and M essrs. Addi
son B. B ingham , Roger D. E lton, E d
w ard J. Grady, Sydney L. H am m er,
W illiam A. K naw a, Irv in g T ropp and
A lfred R. Weil, all of w hom are lo
cated in b ran ch offices of th e bank.
City National Promotions
The board of directors of th e City
N ational B ank and T ru st Com pany of
Chicago, at th e ir reg u lar m eeting re
cently, elected A lfred H. L indgren as
sista n t vice p resid en t and W alter O.
Lang, P e te r D. Rocco and W alter C.
S treeter, a ssistan t cashiers.
OUR 50th YEAR
41
A n o t h e r le a d in g b a n k u sin g H a m m e r m ill S a f e t y
The trad e mark o f The C o rn Exchange N a tio n a l
branches in Philadelphia, a re on Hammermill
Bank and Trust Com pany, Philadelphia, is known
S afety ,
throughout the nation.
as part of the surface design. The check shown
C h ecks o f this g re at bank, which has eleven
with
the
bank's
famous
trad e
mark
b e lo w is on Chainline Hammermill S afety.
E X C H ^ Ä NALBANK
PHILADELPHIA.
MANUFACTURED
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BY
HAMMERMILL
PAPER
COMPANY,
ERIE,
PA. ,
FOUNDED
N orthw estern Banker
1898
N ovem ber 19^5
42
MOST
I N T H i
m
a
TCH
Top off your good work on your Payroll Savings Plan
with an outstanding showing in the Victory Loan—our
last all-out effort!
Help bring our boys back to the homes for which they
VICTORY LOAN !
fought—and give our wounded heroes the best of medi
cal care—by backing the Victory Loan! You know your
quota! You also know by past war-loan experience that
your personal effort and plant solicitation are required
to make your quota.
Sell the NewF.D. Roosevelt Memorial $200 Bond through your
PAYROLL S A V IN G S PLAN!
In rallies, interdepartmental contests,
and solicitations, promote the new Franklin Delano
Roosevelt Memorial $200 B on d ! Better than "cash
in hand," Victory Bonds enable the buyers to build for
the future—assure a needed nest egg for old age.
Keep on giving YOUR MOST to the Victory Loan!
All Bond payroll deductions during November and De
cember will be credited to your quota. Every Victory
Bond is a "Thank You" to our battle-weary men overseas
—also a definite aid in making their dreams of home
come tru e! Get behind the Victory Loan to promote
p ea c e tim e p rosp erity for our r e tu r n in g veterans,
your nation, your employees-and your own industry!
T h e T r e a s u r y D e p a r t m e n t a c k n o w le d g e s w i t h a p p r e c i a t io n th e p u b l ic a t io n o f t h is m essa g e b y
The Northwestern Banker
T h i s is a n o f fic ia l U . S. T r e a s u r y a d v e r t i s e m e n t p r e p a r e d u n d e r a u s p ic e s o f T r e a s u r y D e p a r t m e n t a n d W a r A d v e r t i s i n g C o u n c il
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
November 1945
OUR 50th YEAR
/
How Bank Time Deposits
Can Affect the Bond Market
There May Be Less Need for the Extreme Liquidity That Has Featured
the Wartime Economy of the Banking System
H E bond m a rk e t took a decided
tu rn for th e b e tte r aro u n d Septem
b er 15th and gained m om entum on
th e up-side as it w en t along. A stro n g
tone w as in evidence by th e early p a rt
of October and it is now clear the
earlier d am pening influence had been
th e crow ding of new issues into a
sh o rt space of tim e. It w as not due to
any ap p reh en sio n over th e effect of
th e V ictory L oan in absorbing a large
slice of th e balance of w ar-born sav
ings th a t rem ain s in liquid form.
A real stim u la n t to th e recovery w as
given by th e an n o u n cem en t of th e
T reasu ry concerning th e subscription
term s for th e V ictory Loan. To the
su rp rise of m any, it w as disclosed th a t
th e sam e form ula as for previous loans
w ould govern b an k subscriptions, lim
iting th ese to th e lesser of 10 p er cent
of tim e deposits, or $500,000. It had
been th o u g h t th a t a g re a te r degree of
public ap a th y to th e V ictory Loan
m ight be ap p reh en d ed and th a t su b
scriptions m ig h t be opened up m ore
for th e b an k s as a safety m easure.
W hen th is tu rn e d out not to be th e
case, b an k s re-entered th e open m ark et
on a larg er scale.
T
By Raymond Trigger
investment A naly st
N e w York City
This is a discussion of fa c
tors affecting your invest
ment portfolio. If you have
any questions, or if you
find yourself in disagree
ment with comments here
in, your letters, addressed
to the NORTHW ESTERN
B A N K E R , will be w e l
come and will be answered
here if the subject matter is
of general interest. Under
no circumstances will the
editor of this column dis
cuss specific securities.
Insurance Companies
S ubscription term s affecting in s u r
ance com panies also had a b u llish ef
fect. L im its of 6 p er cent of to tal
assets or 15 p er cent of govern m en t
holdings, w h ich ev er is th e larger, puts
a prem ium on th e re te n tio n of p resen t
holdings up to th e day th e books open;
it rem oves som e of th e in centive for
pre-drive selling of holdings to cap tu re
the prem iu m and roll-over into th e
new issues at par. A d irect re su lt has
been firm ness to stre n g th in th e re
stricted issues both from th e in tim a
tion of reduced selling p re ssu re and
because subscrip tio n lim its in m any
n a tu ra lly spilled over into th e corpo
ra te m a rk e t also.
T hese seem to be am ong th e im
m ediate factors in th e recovery of th e
bond m a rk e t to date. More rem ote if
not a little far-fetched is th a t the b a n k
ing system is an ticip atin g its “reconOUR 5 0 th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
v ersio n ” w hich w ill include p resu m
ably th e rebuilding of tim e deposits.
It is tru e th a t as the banking system
begins to re tu rn to “norm alcy” and a
certain portion of deposits e ith er lose
a few degrees of “h e a t” or b etray th e ir
c h a racter by m oving out, th ere will be
less need for the extrem e liquidity
th a t has featured the w artim e econ
om y of th e b anking system .
Time Deposits
This, how ever, is a far cry from a
large scale sh ift to tim e deposits in
th e im m ediate offing. Tim e deposits
re p resen t largely the savings of in
dividuals and this category has been
reduced relatively by in vestm ent in
U. S. T reasu ry obligations in the past
five years, although gaining about
50 p er cent or $12,600,000,000 in actual
am ount. Dem and deposits in the
sam e period hold th e ir proportion of
18 per cent of liquid savings of indivi
duals and th e only gain, o th er th an
for T reasu ry Bonds, w as in currency
circulation.
T his am ounted to $21,800,000,000, or
15 per cent of L iquid Savings of In d i
viduals at th e close of 1944, according
to the com pilations and a re tu rn to the
12 p er cent p ro portion of th e 1939 yearend w ould indicate a sh ift of some
six billion dollars to one of th e other
categories. T his figure corresponds
quite closely w ith th e estim ate of a
leading m o n etary a u th o rity for th e re
duction in circulation in about a y e a r’s
tim e b u t w h eth er the shift is to tim e
deposits or bonds on one hand or to
dem and deposits on th e o th er is a
question of th e relative position of in
te re st rates and com m odity prices. A
ru n aw ay price inflation w ould be m ore
conducive to a spree of spending and
speculation th a n to saving.
W hile it is th u s too early to in
au g u rate a change in in v estm en t policy
based on an early increase in th e pro
portion of tim e deposits, it w ill be
im p o rtan t to w atch th e tren d s of the
p e rtin e n t factors.
M aintenance of
quick liquidity for th e g reater p a rt of
the portfolio is still sound banking
based on the im m ediate prospect.
Long term corporates or th e T reasu ry
2 1/£s of Septem ber 1967-72 m ay be used
a ltern ately depending on the spread,
for a m inor p a rt—20 p er cent to 25
per cent of the portfolio—in m ost
cases.
The resuscitation of the bond m ark et
came ju st in tim e to bail out the
eighty-one m illion dollars of U nion P a
cific 3s, w hich w ere going slowly at
the offering price of 104 despite the
fact th a t th e yield of about 2.85 per
cent w as a ttractiv e for a 3A bond. It
m ight be added th a t this issue has lost
little of its attractiv en ess as a resu lt
of th e fractional advance th a t has sub
sequently tak en place.
R ealistic pricing of th e P ennsylvania
Northwestern Banker
November 1945
44
P ow er and L ight 3s of 1975 on a 2.93
per cent basis, to g eth er w ith th e m ore
buoyant condition of th e m ark et, re
sulted in th e successful placing of th is
ninety -th ree m illion dollar issue. It is
still a ttra c tiv e at th e c u rre n t price of
about 2.90 p er cent, w hich is a little
above th e average for an A ra te d u til
ity. In view of such com petition, some
doubt is being expressed as to th e suc
cess of th e O klahom a P ublic Service
issue w hich w as bought by th e H alsey,
S tu a rt and Com pany group on October
15th as 23/4s to be reoffered at 99%.
T his issue is b e tte r th a n 1A b u t lacks
an all aro u n d 2A rating.
Market Improvement
T here has been a tendency to take
a little too m uch advantage of th e im
p rovem ent in th e m a rk e t in th e case
of several recen t issues. The price
paid th e com pany for th e Southw est
ern Bell T elephone 2%s of 1985 m ight
w ell have been th e offering price, using
as a com parison th e price of 10114 for
th e g enerally sim ilar S outhern Bell
T elephone 2%s of 1985. As a result,
S o u th w estern Bell T elephone bonds
are understood still available at the
offering price of 101.83 to yield 2.69
per cent.
A nother slow deal th a t m ay find a
low er price for final placem ent w as
S p ecia lizin g in U n listed S ecu rities
BANK — INSURANCE
PUBLIC UTILITY — INDUSTRIAL — REAL ESTATE
LUMBER & TIMBER
BONDS, PREFERRED AND COMMON STOCKS
BOUGHT —
SO LD —
QUOTED
R E M E R , M I T C H E L L & REIT ZEL, INC.
208 S o . La S a lle S t ., C h ic a g o 4
R A N d o lp h 3736
W E S T E R N U N IO N
T E L E P R IN T E R
“W UX”
B E L L SYSTEM T E L E T Y PE
CG-989
BON DS
Public Utility
In dustrial
R a ilro a d
M unicipal
A .C A L L Y N
and c
o m p a n y
Incorporated
100 W e s t M onroe S tr e e t, C h ic a g o
N ew Y ork
R e p r e s e n t a t iv e s :
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
M ilw a u k e e
W a te r lo o
November 19^5
M in n e a p o lis
B o sto n
M oline
H a ff y o u
re g im en t?
b o y s seen a n y th in g o f
It w a s h ere an h our
v en I le f t i t !
my
ago
the New Y ork C onnecting R. R. 2%s
w hich w as bought by th e Halsey,
S tu art and Com pany group on October
15, and priced a t p ar for reoffering.
The forty m illion dollar C incinnati
Gas and E lectric issue w as offered on
October 16 at 101 for 2%s of 1975, and
w as followed in a w eek by the forty
m illion dollar M ontana Pow er issue,
at $75,000,000 N o rth ern States Pow er
issue, th e tw enty-eight and one-fourth
m illion dollar D ayton P ow er and L ight
issue and th irte e n m illion for Union
E lectric of M issouri.
The 2.70 p er cent yield on th e top
grade C incinnati Gas and E lectric 214 s
sold th e deal quickly and should set a
yield p a tte rn for th e sale of o ther is
sues of sim ilar quality. R ath er fully
priced, th e Pacific Gas and E lectric 3s
of 1977 had only a m oderately satis
factory reception, so th a t in terest in
th e o th er issues—w hich are callable at
111 vs. 109 for th e 1977 m a tu rity and
w hich had sold off som ew hat in an tici
pation of th e new flotation—w as stim u
lated.
A g reat deal of concern is being
expressed for th e situ atio n of long
term fully tax-free issues even at the
p resen t low er level of th e m ark et
w hich rep resen ts a gain of some 30
basis points from th e all tim e high.
The decline th a t has tak en place m ay
reflect only ten tativ e re ad ju stm en t to
line up w ith th e m oderate reduction in
F ed eral taxes w hich has been th u s far
proposed by th e W ays and M eans Com
m ittee. If th e E P T should be elim i
nated entirely and th e ta x load of cor
porations be otherw ise
lightened
along w ith low er taxes for individuals,
th e dem and for full tax-free bonds
m ight be found only a t considerably
h ig h er yields.
In addition to this
th e re is th e question of increase in
supply. T he price clim b of tax-free
issues resu lted from th e com bined ef
fect of m ounting taxes and dw indling
supply of tax-free issues, th e o u tstan d
ing am ount declined by about tw o and
a half billion dollars in th e 1941-44
OUR 50th YEAR
45
DIEBOLD Vault D oors offer the
maximum in physical protection
with modern d esign s that sym
bolize strength and security.
DIEBOLD S afe D e p o sit V aults
offer the latest in d esign and p os
itive control. Y ou can have your
ch oice o f sealed key, key chang
in g, locks — or match your pres
ent locks.
NIGHT D E P O S I T O R I E S
Cement firmly favorable relations
w ith depositors w ho need afterhours banking facilities.
W ith th e war over, th e r e h a b ilita tio n o f bank
equipment and systems is a "must” with countless
in stitu tion s. D ieb o ld is ready to serve you — w ith
im p r o v e d e q u ip m e n t d e sig n s and strea m lin ed
record systems.
D iebold also is ready with advanced fire and bur
glary resistive doors and vaults — and other bank
equipm ent which has made D iebold a famous name
for over 86 years.
C O U NTER C A S H G A R D S
D iscourage attempted holdups
and preserve bulk sums against
loss.
The D ie b o ld post-w ar line em b od ies the "know
h o w ” gained during these many years plus the war
time experience in producing armor plate for Uncle
Sam.
C A R D IN E E R
R o ta ry C ard F ile s
Speed reference and p osting for
such records as signature, real
estate and central file.
C on su lt the D ie b o ld man now ! H e is qualified to
give you sound advice— to recommend exactly the
equipm ent which w ill best serve your needs. Con
tact our nearest branch office — or w ire, p h on e or
write us at Canton.
D IEB O LD , IN C O R P O R A T E D
Offices in: C H IC A G O , ILLINOIS
•
•
Canton 2, O hio
ST. PA U L , M IN N E SO T A
E B Ql Ki
SAFE-T-STAK
S te e l S to r a g e F iles
Established themselves as the
preferred flies in pre-war years
and are now available exclu
sively as a Diebold product.
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
$&nce /<539
Northwestern Banker November 19b5
46
period.
In this period the “Bond
B u y er” 20 bond average yield de
clined from 2.43 per cent to 1.59 per
cent. # #
Travel to Europe
F IN A N C IA L
PR O B LEM S A H E A D ?
Four problems which m ay
face your business now or
later are:
1. R econversion
2. C onsolidation
3. N e w p r o d u c t a n d
m a rk e t developm ent
4. M o d e r n i z a t i o n
of
p la n t
O ur U nderw riting D ep art
m ent can help you in the
following ways:
1. D e v e lo p p l a n s f o r
fin a n c in g
2. H e lp in p re p a r a tio n
o f registration state
m ents
3. U n d e r w r ite b o n d s ,
p re fe rre d or com m on
stocks
Im pro ving tra n sp o rta tio n and hotel
facilities w ill m ake possible an in
creased volum e of business trav el from
th e U nited States to E urope by next
sum m er, m ilitary req u irem en ts p e r
m itting, according to a statem en t by
R obert E. B ergeron, vice president in
charge of A m erican E xpress Com pany
operations in Europe.
Mr. B ergeron, w ho has ju st re
tu rn e d from a nine-m onth surv ey of
trav el facilities and essential accom m o
dations on the continent, said th a t
E urope w ill be eager to receive and
able to provide m inim um accom m oda
tions for larger n um bers of trav elers
by n ex t sum m er. E ven then, how ever,
such travel w ill be governed by m ili
ta ry req u irem en ts of th e occupation
troops.
Record Keeping Motions
“L ines of L ig h t” have been effective
ly used to tell th e sto ry of the m otions
req u ired to keep records over the past
fifty-five y ears by a book and folder
ju st released by Diebold, Incorpo-
rated, of Canton, Ohio. The m otion
lines w ere ingeniously recorded on
photograph plates by having electric
bulbs attached to the w rists and heads
of operators m aking random reference
to ten identical accounts un d er the
conditions p rev alen t at different p eri
ods.
The re su lt is an in terestin g study
for everyone responsible for m aintain-
C ard in eer R o ta ry Card F ile
ing records. It highlights the Diebold
prem ise th a t th e re are only two
things you can do w ith any record—
w rite on it—or read from it.
P osting on and reference to records
is the only w ay to m aintain control
over business activity. In search for
b e tte r control few people have ob-
4. A r r a n g e f o r p r iv a te
or p u b lic sale o f se
curities
ACTION IS THE KEY TO SUCCESSFUL INVESTING
5. P rep a re p la n s f o r re
ca p ita liza tio n
6. N egotiate consolida
tio n s
~ B o n d s o f d is t in c t io n
7. A p p r a is e securities
American municipal bonds have traditionally
occupied a place of distinction in the
financial markets. In respect to security,
they have earned a position second only to
the direct or contingent obligations of the
United States Government. Their exemption
from federal income taxes provides special
advantages in this era of high federal
taxation. Such bonds thus merit preferred
consideration from investors seeking
conservatism and fax exempt income. But
as with all securities, municipal bonds
require care in their selection to fit the
individual investment portfolio.
8. A i d in listin g securi-
ti eson sto ck excha nges
These are only a few of the
functions of our U nder
w riting D epartm ent. We
invite you to consult w ith
a P artner at the nearest
Hornblower&Weeks office.
HORN BLOWER
& WEEKS
Send fo r this Comprehensive Book
on Municipals
40 Wall Street
N ew Y ork 5, N . Y .
Since l 8 S 8 — Financial Service
A dapted to Your Requirements
An exhaustive 74-page study of the
investment qualities of these bonds,
covering factors important to prudent
selection, is available to interested
applicants without obligation. Send for
this valuable guide to informed action—
"The Investment Merits of American
Municipal Bonds.”
HALSEY, ST U A R T & CO. I n c .
123 S. La Salle Street, C h i c a g o 90, Illinois
Gentlem en: Please send me, w ithout cost
or obligation, " T he Investment M erits of
American M unicipal B o n d s.”
N am e_
Offices:
New York; Boston ; Chicago;
Cleveland; Philadelphia; Detroit;
Portland, Me.; Providence;
Baltimore; Bangor.
A d d ress_
City__
Use this request form— at no cost
JState_
Xli-t
t o
H A L S E Y , S T U A R T & C O . In c .
C H I C A G O 90, 1 2 3 S O U T H
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
November 1945
LA S A L L E
S T R E E T ■ N E W Y OR K 5, 35 WA L L S T R E E T • A N D
OTHER
PRI NCI PAL CI TI ES
OUR 50th YEAR
47
served th e m otions and effort sp en t in
postin g and re fe rrin g to records.
All m otion p attern s, Diebold ex
plains, w ere photo g rap h ed from the
sam e focal point for accurate com pari
son though in only one do th ey show
th e equipm ent, th e ir C ardineer R otary
idle, used in m aking th e study. Both
th e folder, “Rays of L ig h t,” and th e
book, “A cross th e L and,” p re se n t th e
m otion stu d y in lines of light. The
book co ntinues w ith practical office
m otion stu d y photo-diagram s and c a r
ries on to display th e C ardineer line.
B oth folder and book are available
upon request.
New Vice President
Ja y E. B ottom ley as a vice p resid en t
of the com pany. W ith his new ap
pointm ent, Mr. B ottom ley continues to
be identified w ith th e b anking d e p a rt
m ent d istrict th a t em braces th e com
p a n y ’s business in th e states of Ohio,
P ennsylvania, and W est V irginia.
Assistant Vice President
Irv in g T ru st Com pany has an
nounced the election of W illiam W.
Colem an as a ssistan t vice p resid en t to
be in charge of the com pany’s account
ing, insurance and tax d ep artm ents.
He has been the head of th e Irv in g ’s
au diting division for the past six years.
Mr. Colem an has had broad experience
in th e field of com m ercial banking in
w hich he rose th ro u g h successive p ro
m otions to the position of auditor.
Walter R. Bimson Featured
W alter R. Bimson, v ersatile p re si
den t of th e Valley N ational Bank,
Phoenix, Arizona, th e V alley N ational
B ank itself, and th e state of A rizona
all achieve national recognition in a
featu re article appearing in the N ovem
b er issue of th e American Magazine.
“B ank K night in A rizona,” by K eith
Monroe, w ell-know n w est coast w riter,
tells th e sto ry of th e phenom enal
gn!lllilllllll!lilllllll!IIIIIIIII!lllll!!llll[l!!lll'll!!llll!llllll[!l!il!l!!!l'!!ini!lli;!!ll!!!n!l!!!il!l!ill!li!lllllll!!l!llllll!!ll!!lll!llllll!l!!l!lll!!l!llll!l!l!ll!l!ll!!lllllI!ll!l!iinlll!!!liil!liiiiiill!!lllllllllllliiUilllllll!lllll!iIIII1i!i{ilii^
A t a m eeting of th e board of d irec
to rs of B an k ers T ru s t Com pany, New
York, R. P. Foote, fo rm erly a ssista n t
vice president, w as elected vice p re si
dent. Mr. F oote has been in gov ern
m en t service since 1942 w ith th e A rm y
Air F orce and has ju st been relieved
of active d u ty w ith th e ra n k of colonel.
U nderstanding
|
Institutional
Promotion
E. C hester G ersten, p resid en t of the
P ublic N ational B ank and T ru st Com
p an y of New York, announced th a t E d
m und P. Looney, a ssista n t vice presi-
R equirem ents
W e offer to institutions the results of
years of experience in helping to meet
the special requirements of this type
of investor.
|
Because of our nationwide facilities
|
and knowledge of comparable security
values and markets, our Institutional
|
Department is utilized by many or
ganizations in all parts of the country.
W e cordially invite you to take ad-
|
vantage of these services.
E D M U N D P. L O O N E Y
N o w a V ic e P resident
dent, w as elected a vice president. Mr.
Looney is a senior credit officer at the
m ain office, 37 B road Street, and is
also a tru ste e and tre a s u re r of th e
B rooklyn P ublic L ibrary.
Guaranty Trust Officer
M e r r il l L y n c h , P ie r c e , F e n n e r
|
B eane
Underwriters and Distributors of Investment Securities
Brokers in Securities and Commodities
70 PINE STREET
j
N EW YORK 5, N. Y.
Offices in 87 Cities
|
J. L u th e r Cleveland, p resid en t of
G u aran ty T ru st Com pany of New
York, announced th e appo in tm en t of
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker
November 1!)f5
48
grow th of th e V alley N ational B ank
d u rin g th e period of Mr. B im son’s
presidency, and h ig h lig h ts th e m any
‘firsts’ in b an k in g services and featu res
introduced by Mr. Bimson.
B oth Mr. Bim son and th e V alley
B ank have on m any occasions been
w idely acclaim ed in financial publica
tions th ro u g h o u t th e U nited S tates b u t
for th e first tim e, th e American Maga
zine, w ith tw o and a half m illion
readers, intro d u ces th em to Mr. and
Mrs. A m erica.
Houston Heads Committee
F ra n k K. H ouston, p resid en t of th e
Chem ical B ank and T ru st Com pany,
w as elected ch airm an of th e C learing
H ouse Com m ittee of th e New York
C learing H ouse A ssociation, one of
th e h ig h est honors in ban k in g circles
in th e U nited States. Mr. H ouston w as
elected a vice p resid en t of th e C hem
ical B ank and T ru st Com pany in 1920
and w as elevated to th e presidency in
1935.
Taking A.I.B. Courses
M anufacturers T ru st Company, New
York, announces th a t 112 em ployes in
m ilita ry service are now tak in g A. I. B.
w artim e correspondence courses made
available to v eteran s by th e bank. Ap
plications for en rollm ent have been
received from em ployes of th e b ank
serv in g in such far-aw ay places as
an d
an d
c o rp o ra te
Assistant Cashier
A lbert R. Stelling has been nam ed
a ssistan t cashier of th e Live Stock N a
tional B ank of Omaha, according to
A lvin E. Johnson, president.
Mr. Stelling is m anager of the real
estate loan division and has been w ith
th e Live Stock N ational B ank four
years. P rio r to th a t tim e he w as w ith
IF
YOU INVEST
1. G o v e r n m e n t b on ds, a ll issu es
3. L iste d
T hese courses as announced in June,
1945, are an in itial step in th e b an k ’s
program of tra in in g to aid th e re tu rn
ing v eteran in bridging th e gap caused
by prolonged absence from banking
activities.
No Market Losses
INVESTMENT
SECURITIES
2. M u n ic ip a l
E urope, India and th e Pacific Islands,
as w ell as from m en stationed in th e
U nited States.
YOUR M ONEY
bonds
lo c a l s to c k s
— in our 3% Fed
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U n d e r w r i t e r s — Dist rib ut o rs
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have
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li
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quidity and free
THE NATIONAL COMPANY
dom from market
losses.
OF O M A H A
500 F irst N a t io n a l Bank Bldg.
George E. Virden, Secretary
M e m b e rs
C h ic a g o S t o c k E x c h a n g e
The Russell County Building & Loan Association
RUSSELL, KANSAS
A L B E R T R. S T E L L I N G
W ith L iv e S to c k o f O m ah a
a building and loan association in
South Omaha and form erly w as an of
ficer of a b an k a t G retna, N ebraska.
He has had 25 y ears experience in the
banking business, sta rtin g on his first
b an k job at th e age of 14 in Sylvan
Grove, K ansas, w hich is his original
home.
» * *
INVESTORS SELECTIVE
FUND, INC.
Prospectus on request from Principal Undenvriter
IN V E S T O R S S Y N D IC A T E
MINNEAPOLIS, MINNESOTA
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
November 1945
Quarter Century Club
In a pleasing cerem ony at San F ra n
cisco h e ad q u arters of B ank of Am erica,
Vice P resid en t H a rry R. Sm ith, banks
and ban k ers d ep artm en t, w as inducted
into the b a n k ’s Q u arter C entury Club,
m ark in g th e com pletion of 25 years
continuous service w ith th e in stitution.
Carl F. W ents, senior vice president,
officiated in th e presence of a num ber
of senior executives. Mr. Sm ith re
ceived a gold, diam ond-studded service
pin as a m em ento of th e occasion.
OUR 50th YEAR
49
B a n k s
T
•
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hey
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range of products is broad enough to
give him the greatest freedom of choice
in selecting the right machine for every
job. He wants to be sure that the manu
facturer can be depended on to keep
his equipment in top operating condi
tion at all times. He welcomes new ideas
on office routines and procedures that
will help him make greater savings in
time, money and effort.
When any executive assays the value of
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FIGURIN G ,
A C C O U N T IN G
O U R 5 0 th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
AND
ST A T IST IC A L
M A C H IN E S
•
NA TIO N W ID E
IN
M A IN T E N A N C E
S E R V IC E
SERVICE
«
BU SINESS
M A C H IN E
Northwestern Banker
SU PPLIES
November 19b5
® f| a n k f u l
To all of you who h av e represented W estern M utual through the past
year, we a re grateful. You have given the m em bers of your community
the best there is to be offered in the w ay of Insurance Protection a n d with
each additional client we have been able to improve our service to all.
To you who have ren d ered your service to your clients a n d to us w ith
standing the obstacles of m anpow er shortages an d war-time restrictions we
express our thanks. It h as not been easy but together we have m ade 1945
the best y e ar in the history of W estern M utual an d we a re THANKFUL.
To those of you who are interested in obtaining for your clients full insur
an ce coverage in the fields of FIRE, WINDSTORM, AUTOMOBILE and
PLATE GLASS protection, we will ap p reciate the opportunity of presenting
our program .
W rite or call
W ESTERN M U TU A L
FIRE INSURANCE CO.
9 th & G ra n d
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
November Ì945
D e s M o in e s , I o w a
O U R 5 0 th YEAR
D o You Take Your
Customers for G R A N T E D ?
If You Do, the Time Will Come When They Will Be Customers
of Someone Else
ODDLE y o u r custom er. E lm er
W heeler, a u th o r of “T ested Sen
tences T h a t Sell,” an d natio n ally
fam ous sales consultant, used th ese
w ords in adm onishing his listen ers th e
im portance of th e ir custom ers in a
recen t ad dress before th e A dvertising
Club of Des Moines. “M ake him feel
im p o rtan t,” he continued.
No so u n d er advice could be given
business m en. P a rtic u la rly is th is tru e
of those of us engaged in th e g eneral
in su ran ce business. Our pro d u cts are
v ery sim ilar, if not identical to those
of our com petitors. C onfronted w ith
this fact, w e m u st realize th a t in our
business it is p a rtic u la rly im p o rta n t
th a t w e do n o t p e rm it ourselves to
tak e our custom ers for gran ted .
Alm ost daily, we are p resen ted w ith
op p o rtu n ities to im p ress on our policy
holders th e fact th a t we do consider
them im p o rtan t. By no m eans, does
our agency consider th is as idle flat
tery. Our a tte m p ts to im p ress on our
assureds th a t th e y are considered vital
to the success of our agency are g en u
inely sincere.
“S how m anship in B u siness” by Ken
K aufm an contains countless ideas
w hich d em o n strate th e effectiveness of
im pressing th e public w ith y o u r se r
vice or product. M any of th ese ideas
are ex trem ely sim ple b u t it is hu m an
to becom e th o u g h tless and sim ply to
tak e o u r business for g ranted. U nless
we are co n stan tly v ig ilan t we are
prone to lapse into a sm ug com pla
cency w hich m ay reflect ad versely on
our agency volum e.
C
The Unusual Touch
A dding th e u n u su al touch to a com
m onplace service often spells th e dif
ference betw een a v ery casual recep
tion and an en th u sia stic welcome.
You have all seen th e p assenger cars
d riv e n by re p re se n ta tiv es of th e P epsi
Cola Com pany. E ssen tially th e y are
ju s t an average m edium priced car.
But, by th e addition of a strik in g red,
w h ite and blue p a in t job th is ordinary,
m edium priced, stock autom obile has
been co nverted into a tra v e lin g ad
v e rtisin g m edium for th e Pepsi-Cola
Com pany.
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
By James E. White
W hit e I n s u r a n c e A g e n c y
De s M o in e s, I o w a
alw ays re tu rn e d in a handsom e leath
er policy container. F u rth erm o re, in
variably the policyholder’s nam e is
em bossed in gold on th e flap of the
policy w allet. A guilty feeling comes
over our office w hen we are not com
pleting from tw o to six of th ese su r
veys each m onth. Definitely, we feel
we are slipping.
Something Special
JIM W H I T E
A p p r e c ia te s H is C u sto m ers
Most agents p rep are surveys. M any
of our com panies provide a ttractiv e
loose-leaf books w hich m ay be used
in listing policies. T ry underscoring
th e titles and sub-heads in these books
w ith red ink and see how m uch it
adds to th e attractiv en ess of your
w ork. Also, if th e book is bound in
leath er or im itation leather, observe
how y o u r policyholder’s eyes pop
w hen he sees his nam e em bossed in
gold on th e cover. Sure, it costs an
ex tra h alf dollar b u t it’s w o rth m any
tim es th a t am ount. It individualizes
y o u r w ork.
Then, w hen you deliver th e policies,
don’t re tu rn th em u n d er a rub b er
band or in a heavy im itation leather
policy envelope. T hrough some of
th e rem em brance ad v ertisin g con
cerns, leath er policy pouches are ob
tainable. W e’ll agree th a t th ey are
costly b u t you know yo u r accounts
and can readily m easure the value of
th is good-will im pression on them .
On our larg er volum e accounts,
policies w hich have been surveyed are
A nother item w hich we have used
in the p ast to dem o n strate to our cus
tom ers th a t th ey are not being tak en
for g ran ted is a m etal box for valuable
papers, equipped w ith com bination
lock. None of us w ould h esitate to
buy a good lunch or d in n er for one
of our b e tte r policyholders. The cost
of th is item approxim ates w h at you
w ould pay for a good d in n er or lunch,
b u t its good w ill value continues long
afte r an enjoyable lunch is forgotten.
A lm ost invariably, w hen we m ake
personal delivery of a policy it is
delivered in a “L eath er L ife” envelope.
It is su rp risin g how housew ives and
the ow ners of sm all businesses prize
these envelopes and use them alm ost
indefinitely for th e filing of receipts,
tax papers and o th er docum ents w hich
they consider im portant. Sm all though
this atten tio n -g etter m ay be, it is an
o th er ra th e r in direct rem in d er of your
service.
In every agency, it is not uncom m on
to have occasional req u ests for a list
of th e policies w hich you have on the
books for an assured. W hen a request
of th is k ind is received, instead of
sim ply p rep arin g a ty p ew ritten list of
policies on a single sheet of paper,
frequently we bind them into the a t
tractiv e m an u scrip t covers w hich are
provided by m any of th e com panies
for in su ran ce surveys, w ith a care
fully centered heading, “T he In s u r
ance Record of Mr. S m ith.” The let
ters are underscored in red ink and in
the co rner of th e m an u scrip t cover we
type, “P rep ared by th e Jim W hite
A gency.”
Courtesy
C ourtesy is not m easured by p re
m ium volum e. A suprem e effort is
m ade to exercise th e utm o st courtesy
Northwestern Banker
November 19b5
52
organized program to sell and re-sell
our policyholders on our agency. It
is sim ply a m ethodical a ttem p t to
contin ually practice th e w ell-know n
principles of hu m an psychology.
even u n d e r th e m ost try in g circum
stances. A suprem e effort is m ade to
rem em ber nam es and faces of our
policyholders. I shall n ev er forget the
look of su rp rise and p leasure w hich
cam e over th e face of an old m an w ho
is an a ssista n t in a sm all store owned
by one of our assu red s w hen, on my
second call, I called him by nam e.
T here is no denying th e tr u th of Dale
C arnegie’s statem en t, “A m a n ’s nam e
is th e sw eetest w ord in th e E ngiish
language.”
A g re a t effort is m ade to p u t in a
p rom p t p ersonal ap p earance on all
large losses. More often th a n not,
w e are able to accom plish little th a t
w ould n o t be done autom atically by
th e ad ju ster, y e t it d em o n strates to
a policyholder th a t his business is
appreciated.
C hildren w ho come to th e office
never leave unnoticed. F re q u e n tly
th ey are given a pencil, an im itation
leath er case for stre e t car passes, a
p ap er w eight, or som e o th er ra th e r
insignificant item th a t ap p ears to af
ford them considerable pleasure. It
goes w ith o u t saying, th a t p a re n ts are
alw ays pleased w hen th e ir children
are given atten tio n .
N othing m agic is involved in our
New Officers
J. L u th e r Cleveland, presid en t of
G u aran ty T ru st Com pany of New
York, has announced th e ap p o in tm en t
of Jo seph A. B ucher as a second vice
p resid en t of th e com pany, and th e re
tu r n from m ilitary service of Col. R.
T. T u pper B a rre tt w ith ap p o in tm en t to
his fo rm er title of second vice presi
dent.
Mr. B ucher has for m any y ears been
an a ssista n t secretary a t th e com pany’s
F ifth A venue Office, w ith w hich
bran ch he has been identified since
1911.
Announces New Model
The new M ultigraph Model 50, first
of its p o stw ar series of business sim
plifying products to come off th e p ro
duction line for peacetim e use, is now
read y for nationw ide distribution, it
is announced by The A ddressographM ultigraph C orporation of Cleveland.
N ew M u ltig ra p h M odel 50, first of
a p o stw a r se ries of b u sin e ss sim p li
fy in g e q u ip m e n t to com e off th e p ro
d u c tio n lin e a t T he A d d re sso g rap h M u ltig ra p h Corp., C lev elan d .
Resources of
saving uses in a wide v ariety of in
d u strial and business operations.
S tream lined in design and easy to
operate, the new M ultigraph Model 50
req u ires only tw o levers to control all
m echanical operations necessary to
convert blank paper into finished
products.
O V ER T W O M ILLION D O LLA RS
Experience of
O VER TW ENTY-FIVE YEARS
Now dedicated to the Surety
and Fidelity Bond needs of
the Middle W est.
Daughter Married
Surety division
TheStateAutom
obileInsuranceAssociation
DES
W orking in conjunction w ith the
w ar-born “S ystem at” M aster, as well as
w ith o th er M ultigraph M asters, this
new electrically-operated duplicating
m achine using th e com pany’s exclusive
M ultilith process is adaptable to lite r
ally h u n d red s of tim e, labor and m oney
MOINES,
I OWA
L ieu ten an t F lorence Greenfield, tal
ented dau g h ter of Joe A. Greenfield,
vice p resid en t of th e F irs t St. Joseph
Stock Y ards Bank, South St. Joseph,
M issouri, w as m arried last m onth at
St. Joseph to L ieu ten an t Dailey of the
U nited States A rm y Air Corps. L ieu
te n an t Dailey is from M assachusetts.
T he bride is a m em ber of th e U nited
States A rm y N urses
Corps and
Did you k n o w that our Cash Letter Policy not only gives protection
but enables you to cut operating expenses substantially?
Ask us for details. You will not obligate yourself.
Scarborough S i Company
I n s u r a n c e Counselors
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
November 19b5
FIRST N A T I O N A L B A N K B L D G . • C H IC A G O 3 , IL L . • S T A T E 4 3 2 5
to Ban ks
OUR 50th YEAR
53
had ju s t re tu rn e d from tw enty-seven
m o n th s of service in th e South Pacific.
She w as for m an y m onths in th e
P hilip p in es and w en t in on L eyte as
soon as o u r forces invaded th is island.
Elected Director
H en ry E. Atwood, p resid en t of th e
F irs t N ational B ank of M inneapolis,
has been elected a d irecto r of N o rth
w e ste rn N ational Life In su ran ce Com
pany.
The follow ing officers w ere elected
at th e sam e m eeting: George C. Holmberg, vice p resid en t and tre a su re r; J.
S. Hale, Ross E. M oyer, G. W. W ells,
Jr., and W. R. Jen k in s, vice p re si
dents; A rnold Hobbs, counsel an d sec
re ta ry ; W. F. G rantges, agency d irec
tor; Carl A. P eterson, su p erv iso r of
agencies; K arl W. A nderson, chief
m edical officer; and O. J. A rnold, p re si
dent.
Fred Cummings Returns
F re d C um m ings has ta k e n up his old
duties a t th e D rovers N ational B ank
of Chicago, a fte r serv in g n early th re e
years, eight m onths in U. S. S ubm arine
M anhattan Company, in th e cred it de
p artm e n t and as a loan officer, from
1931 to 1942, w hen he joined th e A rm y
A ir Force. He has recently been re
leased w ith th e ra n k of captain after
th ree y ears of active duty.
Assistant Vice President
A t a m eeting of the board of direc
to rs of B ankers T ru st Company, New
York, D arrell H. H am ric w as elected
an a ssistan t vice president. Mr. H am
ric w as connected w ith th e B ank of
T he Particular Banker
insists on the
"S t . P a u l - M e r c u r y 's "
New Saint Paul Form 24
Bankers' Blanket Bond
with
extended coverages
Excess burglary and robbery
Counterfeit money
Transit cash letter
Safe deposit box legal liability
Stop payment legal liability
Officers' and directors' indemnity for attorney's fees
False arrest
Plate glass
For the most comprehensive
Bankers' Blanket Bond coverage available
consult
L. R. MOELLER, Executive State A gent
111 W est Fifth Street
St. Paul, M innesota
H. P. MARTIN
M anager
R. O. ALBRECHT
R. W. WETHERALD
S p ecial A gents
Old Colony Bldg.
Des M oines, Iow a
ST.
PAUL,
MI NN
D. W. LYLE
M anager
C. D. HOHAUS
E. A. REED
Sp ecial A gents
622 Insurance Bldg.
O m aha, N ebraska
Insurance Agents
f
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F R E D C U M M IN G S
B a ck W ith th e D r o v e r s
Service. F re d v o lu n teered for su b
m arin e d u ty in Ja n u a ry , 1942, and
saw m uch active service. He recen tly
headed a prize crew th a t b ro u g h t a
G erm an su b m arin e to th e U nited
States.
F re d says he is glad to get back to
th e D rovers N ational and w ith in a
sh o rt tim e he expects to be calling on
b an k ers in Iow a and Illinois. H e has
a h o st of friend s in b an k in g circles
w ho will be looking forw ard to seeing
him .
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
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Harold S. Evans,
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P r e s id e n t
D e s M o in e s 7, Io w a
Northwestern Banker
November Î9i5
You’ve had a big part in a
financing job
During the thirty days following December 7, 1941 a shocked and
angry America sent War Bond sales into the billions. It has been a
business of billions ever since then.
The seven nation-wide war loan campaigns induced purchases of
more than 135 billions of dollars of United States securities—fight
ing dollars for a war that at its crest of fury cost millions of dollars
each minute of the day.
Into all of these seven war bond drives your bank, ours, every
bank in America, poured unstintingly its time, effort and dollars.
These words are not a claim for recognition. Rather they are an
expression of satisfaction that the facilities of banking had so im
portant a part in such a mammoth job.
Now . . . the Victory Loan and the need for 11 billion more
dollars to help insure the good things of peace. Once again every
resource of banking will be used to push this drive quickly and
successfully
F IR S T
beyond quota.
N A T IO N A L
H. E.
B A N K
Atw ood,
o f
M
in n e a p o lis
President
Department of B anks and Bankers
M. O. G r a n g a a r d , Vice President
C. B. B r o m b a c h , Vice President
W. A. V o l k m a n n , Vice President
R. S. B a n f i e l d , Vice President
J. J. M a l o n e y , Assistant Cashier
K. T. M a r t i n , Assistant Cashier
J. M . D o w n e s , Manager of Bank Advisory Division
Member Federal Deposit Insurance Corporation
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 1945
OUR 50th YEAR
55
M IN N E S O T A
NEWS
G E O R G E A . B E IT O
P r e sid e n t
G on vick
Deposits Over a Million
F o r th e first tim e in th e h isto ry of
Clarissa, M innesota, a local b an k is
able to announce its footings as being
over a m illion dollars.
R eaching an u n p aralleled high in its
30 y ears as a bu sin ess in stitu tio n th e
F a rm e rs S tate B ank show s footings of
$1,078,289.01.
The b an k observed its th irtie th
a n n iv e rsa ry recently. It first opened
for bu sin ess in 1915. J. A. S etterm an,
p re se n t cashier, has been in charge of
th e in stitu tio n since its beginning.
P re se n t em ployes include R. M.
L undquist, a ssista n t cashier; V. E.
W estlund, bookkeeper; and Mrs. W il
lard Duda.
P resid en t of th e b ank is Ole K. Forberge.
Quarter Century Anniversary
The C herokee S tate B ank, W est St.
Paul, M innesota, celebrated its 25th a n
n iv e rsa ry last m onth, according to R us
sell Gessel, p resid en t of th e bank.
T he original b an k w as in corporated
on O ctober 13, 1920, w ith a capital
stock of $25,000 and a su rp lu s stock of
$5,000. The original corporators w ere
W. J. C hristians, C. H. C hristians, F. L.
C hristians, F. P. O’Malley, T hom as
B astyr, George W. F ran zm eier and Dr.
H erm an R esting.
T he p re se n t capital stru c tu re of th e
b an k is $110,000 and th e resources now
exceed $2,750,000.
P re se n t officers of th e b an k are:
C harles W. Sterling, ch airm an of th e
board; R ussell M. Gesell, president; Dr.
H erm an R esting, vice president; Geo.
E. M aier, vice p resid en t and cashier;
E lm e r C. Carlson, a ssistan t cashier;
W illiam Jordan, a ssista n t cashier; Os
ca r W. Johnson, director.
To Look Like New
T he Sandstone State B ank, Sand
stone, M innesota, is h aving its face
lifted as a crew sta rte d w o rk “sand
b la stin g ” th e stone w alls to m ake it
again look like new.
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W IL L IA M D U N C A N . Jr.
S ecreta ry
M inn eap olis
Assistant Cashier
Ross F rederickson resigned his posi
tion as a m em ber of th e school faculty
a t H ectpr, M innesota, to accept a place
w ith his father, Sam F rederickson, as
a ssistan t cashier in th e F irs t State
B ank, Okabena.
He had been on the school faculty
th e p ast eleven y ears and since 1942
had been principal. Mr. F rederickson
ta u g h t social science, physical educa
tion, band and th e last y ears coached
football.
Hilding Hultkrans
sociation for the years 1943 and 1944
and a t th e p resen t tim e is serving th is
association as regional vice presid en t
for th e states of M innesota, Iowa,
N orth and South Dakota. He served
on various im p o rtan t com m ittees for
the M innesota B ankers A ssociation
and at th e p resen t tim e is p resident
of th e M innesota V alley Clearing
H ouse A ssociation.
Mr. W elle w ent to A rlington in 1927
w hen he accepted the position of
cashier of th e F irs t S tate Bank. In 1933
the F irs t S tate B ank m erged w ith th e
A rlington S tate Bank, Mr. W elle be
cam e cashier of th e consolidated b ank
and retain ed th is position u n til J a n u
a ry 1 of last y ear w hen he w as p ro
m oted to first vice president. A t th e
tim e of th e m erg er of th e banks in
1933 th e A rlington State B ank had re
sources slightly over $500,000, and a
recent statem en t of th e b ank showed
resources of over $1,600,000, show ing
an increase of over 200 per cent in the
p ast 12 years.
Elected Cashier
V.
L. Thom pson, w ho has been as
sistan t cashier of th e F irs t S tate Bank
of Graceville, M innesota, for th e last
th ree years, has been elected cashier
of th e S tate B ank of Benson, and has
already assum ed his new duties. Mr.
Thom pson fills the vacancy m ade in
th e b ank personnel w hen C. F. Gesme
w as advanced to th e presidency.
A nnouncem ent of th e death of H ild
ing H u ltk ran s, 56, of L ittle Falls, Min
nesota, w as m ade recently from M in
neapolis w here he died at th e V eterans
H ospital after a lingering illness. He
w as strick en w ith a h e a rt ailm ent in
May and en tered th e hospital in July.
Born in B rainerd, he attended N orth
Joins Bemidji Bank
high school in M inneapolis and th e
L. G. N ordlund has accepted a posi
U niversity of M innesota. He sp ent sev
tion w ith the Security S tate B ank of
eral y ears in Cuba as a rep resen tativ e
of a sugar com pany and of the N ational Bem idji, M innesota. Mr. N ordlund has
City B ank of N ew York, before m oving been a ssistan t cashier of th e F irs t State
to Milaca in 1922 to become cashier B ank of C learbrook for a nu m b er of
of th e S ecurity State Bank. He re years.
m ained in M ilaca u n til 1932 w hen he
W. A. Gallagher
took a position as exam iner for th e
reco n stru ctio n finance corporation,
W illiam A. Gallagher, county com
serving also as supervisor of closed m issioner for sixteen years, director
b anks for N orth Dakota. He m oved to of th e F irs t N ational Bank, Anoka,
L ittle Falls in 1938 as executive vice M innesota, director of th e F a rm
p resid en t of the F irs t N ational Bank, B ureau and active p articip an t in civic
th e position he held at th e tim e of his and county affairs, died recently a t his
death. He w as serving his first term
hom e there.
as m ayor of th a t city, being elected to
th a t office a y ear ago.
Clearing House Officers
H. C. W uertz, president, Rock Coun
ty Bank, L uverne, M innesota, w as
N.
A. W elle, vice presid en t of the elected vice p resident of th e S outh
A rlington State Bank, A rlington, M in w estern M innesota Clearing H ouse
nesota, has resigned his position in A ssociation at a recent m eeting at
th a t tow n and w ill take an active in Fulda. He w as form erly secretary
te re st in th e F irs t N ational B ank of of th e b ankers organization. Elected
B em idji around Ja n u a ry 1st.
as a director w as E. A. G runklee,
He is a b ro th e r of Rudolph W elle, cashier, H ardw ick S tate B ank of H ard
cashier of th e F irs t N ational Bank. He wick, M innesota, and A. A. A nderson
served as state vice p resident for M in w as altern ate. Over one h u n d red fifty
nesota for th e A m erican B ankers As- ban k ers attended th e m eeting.
Resigns Vice Presidency
Northwestern Banker
November 1945
56
• M I N N E S O T A N E WS
A c h a rte r has been issued to th e
V esta S tate B ank at Vesta, Redwood
county, M innesota, by th e State B ank
ing D epartm ent, it w as announced.
T he new bank, w ith a capital of $25,000,
opened last m onth. R. A. P eterso n is
president.
The board has approved the securities
p u t up by th e banks as collateral.
Those included in the list are the
A m erican State Bank, the F irs t N a
tional Bank, th e N ational B ank of Com
m erce apd the N ational Citizens Bank,
all in M ankato, and banks a t V ernon
C enter, Amboy, Good T hunder, St.
Clair, M adison L ake and M apleton.
County Depositories
Vet Takes Bank Position
Ten b an k s in Blue E a rth county,
M innesota, w ere announced as deposi
tories for county funds at th e reg u lar
m eeting of th e county board m em bers.
H e rb ert W oodw ard, executive vice
p resid ent of the Columbia H eights
State Bank, Columbia H eights, M inne
sota, announced th a t H orace G. P arker,
Vesta Bank Opens
jfy k e J 4 a r v e à t,
Mo l i n e
t h e 3 u t lir e
m a c h in e r y
l i a i t â fo r
The wise farmer of today isn’t stand
ing idly by waiting for what the
future may bring . . . He knows
that prosperity for himself and his
family will come only with sound,
careful planning and good manage
ment of his farm.
His plan of good management in
cludes the use of modern power
machinery, such as MinneapolisMoline Tractors and farm machines,
to help him keep his soil in good
condition and harvest bigger crops
at less cost on time. MM machines
enable him to increase the capacity
of his land with new, improved
methods and to produce new crops
with greater profits.
Local bankers, cooperating with
the MM Machinery Dealer in their
community, can do much to make
new, modern machinery available
to the farmers in their area, thereby
benefiting the community as a whole.
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
November 19'i5
a ssistan t cashier of th e bank, has re
signed and w ill re tu rn to his old home
at M ason City, Iowa, w here his fath er
is vice p resid en t of th e F irs t N ational
Bank.
M aster S ergeant Vilas J. N yre of the
U. S. arm y air forces, w ho has ju st
been discharged from th e arm y after
spending alm ost four y ears in th e P a
cific area, w ill succeed him . Before
going into th e arm y, Mr. N yre w as as
sistan t cashier of the F a rm e rs State
B ank at D arw in, M innesota, in M eeker
county. Two officers of th e bank are
now ex-service m en, as C ashier C lar
ence Olsen w as a m arin e in W orld
W ar I.
T otal resources of th e b ank are now
over one and a half m illion, and its
percentage of increase in deposits has
been the largest of any Tw in City ban k
for the p ast tw o years.
New Bank Building
Slayton, M innesota, is going to m ake
good for those w ho have nam ed it
the “model city.” W hile several m ajor
projects in th e building line are being
planned, the first form al announce
m ent of an im p o rtan t building comes
from P. D. W eld, w ho states th a t a
large, m odern building w ill be erected
for th e M urray C ounty S tate Bank.
The stru c tu re w ill be located on a
prom inent co rner on th e m ain street
w here th e old P a rk H otel once stood.
The con tract for th e erection of th e
building has been aw arded to an Ortonville, M innesota, construction com
pany.
Andrew Larson
F u n eral services for A ndrew Larson,
105, W illm ar, M innesota’s, lone rem ain
ing v eteran of th e G rand A rm y of the
Republic, w ere held recently in Willmar.
Am ong his n u m erous activities, Mr.
L arson w as one of th e inco rp o rato rs of
the K andiyohi C ounty B ank there, of
w hich he served as presid en t for some
th irty years, re tirin g in 1916.
He th en established a personal loan
and real estate business in th e city,
w hich he carried on actively u n til the
y ear 1937, w hen he re tire d from all
business, at th e age of 97 years.
Heads Bank
W hen the F irs t E dina N ational
Bank, St. Louis P ark , M innesota, sta rts
business in the v ery n ear fu tu re, Al
fred E. W ilson, w ill be its president.
He now is vice p resid en t of the F irst
N ational B ank of M inneapolis.
OUR 50th YEAR
57
CASH
F R O M THE
HARVEST
Is I t W o r k in g ?
T h e h a r v e st is n e a r ly o v e r , a n d it is a n
o th e r g o o d o n e — ju d g e d b o th f r o m a
v o lu m e a n d a p r ic e sta n d p o in t. F a r m e r s
a re b r in g in g th e ir ca sh to y o u r h a n k . Y o u r
m e r c h a n ts a n d tr a d e s p e o p le w ill f e e l th e
e ffec t o f th is ste p p e d -u p c ir c u la tio n o f
m o n e y , a n d th ey , to o , w ill h e in c r e a s in g
th e ir d e p o s its .
W ith th e s e in c r e a se d d e p o s its , y o u w ill
u n d o u b te d ly h a v e m o r e id le ca sh th a t y o u
w ill w a n t t o in v e st a d v a n ta g e o u sly . If so ,
it is o u r d e s ir e to h e h e lp fu l to y o u in m a k
in g th e se in v e stm e n ts.
W e w ill h e g la d to c h e c k y o u r p r e s e n t
se c u r ity in v e s tm e n ts a n d o ffe r y o u o u r s u g
g e s tio n s . In r e v ie w in g y o u r list w e w ill ta k e
in to c o n s id e r a tio n te r r ito r y , y o u r fin a n c ia l
sta te m e n t, ta x e s , a n d th e s p e c ific d e s ir e s o f
th e e x e c u tiv e o fficers o f y o u r h a n k .
S in c e w e a re in c o n s ta n t to u c h w ith m a jo r
in v e stm e n t m a r k e ts a ll o v e r th e U n ite d
S ta tes, w e ca n e x e c u te y o u r o r d e r s in a
p r o m p t, d e p e n d a b le m a n n e r .
W e u r g e y o u to w r ite o r c a ll o n u s. U se
th e f a c ilitie s o f N o r th w e ste r n B a n k ’s D e
p a r tm e n t o f B a n k s a n d B a n k e r s — a d e
p a r tm e n t set u p e x c lu s iv e ly f o r y o u .
1
'’
•
W E SP E C IA L IZ E IN U . S. G O V E R N M E N T S E C U R IT IE S
D e p a r tm e n t o f B a n k s a n d B a n k e rs
D. E. C rouley
L. P . G isvold
Carl F. W ieselte
A. F. Ju n ge
V ic e P r e s id e n t
A s s t. C a s h ie r
A s s t. C a s h ie r
R e p r e s e n t a ti v e
W. L. M olan der — B on d D ep artm en t
NORTHWESTERN NATIONAL BANK of Minneapolis
M a r q u ette A v e .— S ix th to S e v e n th St.
M e m b er F ederal D eposit Insurance C o rp o ra tio n
O UR 5 0 th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Ranker
November 19)5
58
Bankers Help Contestants
FOCAL POINT
for Co-ordinated Regional
In an elim ination contest held in
St. Paul, M innesota, for contestants
from every county, R obert A nderson,
W indom , M innesota, rep resen ted Cot
tonw ood county in th e state health
contest, and D onna Sykora, Storden,
rep resen ted Cottonwood county in th e
style revue. T hey both are am ong th e
top 15 selected.
NEWS AND VIEWS
(C ontinued from page 19)
W arner, w ho is a WAVE Specialist Q
3rd Class on active d uty in W ashing
ton, and F ran k W arner, Jr., w ho is
now stationed in Belgium , near B rus
sels, has received tw o b attle stars for
being in th e b attles of “T he B ulge” and
th e “R hineland.”
In a recen t le tte r from G erm any,
F ra n k Jr. w rote, “W e left Belgium
MI LWAUKEE
Wisconsin's Bank for Banks
This outstanding bank — established
in 1853 — serves as M ilwaukee de
pository for over 85 per cent of all
the banks in W isconsin!
W ith u n p a ra llele d corresp on d en t “coverage'“ of
W iscon sin , the F irst W iscon sin N a tio n a l B ank
o f M ilw au k ee is n ot o n ly “th e p o in t o f p rom pt
c o lle c tio n ” for W iscon sin ch eck s and drafts, but
also the fo ca l p o in t for u n iq u e C o-ordinated
R egion al Service k eyed to th e n eed s o f n a tio n a l
corp oration s o p eratin g bran ch es, sales d ivision s,
d istrib u torsh ip s, reta il o u tlets or o th er u n its in
th is area.
B an kers as w ell as b usin ess execu tiv es are in v ited
to w rite for fu rth er in form atio n .
FIRST WISCONSIN
N A T IO N A L BAN K
o f M ilwaukee
MEMBER
OF
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
THE
FEDERAL
DEPOSIT
November 19h5
INSURANCE
CORPORATION
behind and n ow are encam ped 8 m iles
from N urenburg. T hat’s w ay down
south and 450 m iles from our cam p in
B elgiu m . W e’re in a huge German
tank depot in brick b uildin gs and gaz
in g ou t on row after row of U. S. com
bat v eh icles. A t the p resen t tim e there
are 10,000 U. S. tanks, half-tracks, ar
m ored cars— ev ery th in g — that have to
be processed and shipped som ew h ere.
“You know , G erm any is a beautiful
cou n try. You ou ght to travel from
B onn to Coblenz along the R hine
R iver. You see m oun tains and castles
and it is a tru ly b eau tifu l picture. You
can still see battered h u lk s of ships
su n k in th e river. T hen from F ran k
fort to W urzburg on the ‘autobahn’ is
an oth er pretty section. E v ery one of
the cities from Cologne to N urenburg
is ju st ruins. I th in k B onn is about
the w orst I h ave seen w ith F rankfort
and C ologne n ex t.”
John W. Snyder, d irector of the office
of W ar M obilization and Reconversion,
in a recen t address, pointed out th a t
“W e have it in our p ow er to build a
future w hich w ill be a b u sin ess m an’s
Utopia, w here the m arkets are boom
in g and ta x es are falling; w here jobs
are p len tifu l and profits abundant.”
H e also pointed out th a t “L abor should
not press for w age increases beyond
w h at m ay be reasonably granted,
otherw ise th is w ill serve to b rin g on
th e v ery th in g th a t w ould m ake labor’s
gains m eaningless — ru n aw ay infla
tion.”
P reston E. R eed, executive vice pres
ident of th e F in ancial A dvertisers As
sociation in Chicago, is v ery proud and
happy these days because the organiza
tion now has 1,001 m em bers, the high
est since th e organization w as founded
m ore th a n 20 y ears ago.
O U R 5 0 th YEAR
59
Twin C ity N ews
econom ists from
fo u r sta te s w ere g uests of th e
M inneapolis F e d e r a l R eserve
B ank a t th e N in th D istrict conference.
P rin cip al speak ers w ere Dr. Joseph S.
D avis, d irecto r of th e Food R esearch
In s titu te of S tanfo rd U niversity, and
R. M. E van s, of th e board of governors
of th e F ed eral R eserve System .
g r ic u l t u r a l
A
J. R aym ond H orn h as been elected
a ssista n t chief ex am in er of N o rth w est
B ancorporation. H o rn w as w ith th e
S tate D eposit B ank of M inneapolis, th e
M innesota S tate B anking D epartm ent,
and th e F e d e ra l D eposit In su ran ce
C orporation before jo in in g Banco.
Typical of th e su p p o rt T w in City
b an k e rs have given farm y o u th w as
th e auction a t th e J u n io r L ivestock
Show, at South St. Paul, th e larg est
show of its k in d in th e m idw est and
th e one w hich has a record of b rin g in g
co n testan ts th e h ig h est prices for
gran d cham pions. B u y er of th e g ran d
cham pion lam b, show n by A lbert
H ard er, of M ountain Lake, M innesota,
w as th e A m erican N ational B ank of St.
Paul. Vice P re sid e n t Guy E. D ailey
en tered th e final bid of $20 a pound,
h ig h est on reco rd a t th e show. B uyer
of th e g ran d cham pion b a rro w w as th e
F irs t N ational B ank of St. P au l on
th e bid of Vice P re sid e n t A. B. Lathrop
By E. W. Kieckhefer
Special Corresp ond ent
Northwestern
Larry L unden, U niversity com ptroller,
and R ichard L. K ozelka, dean of the
school of business adm inistration.
Banker
w ho offered $5.25 a pound, also a new
h igh at th e show. O w ner of th e barrow w as Jam es L eonard of St. P eter,
M innesota.
The Stock Yards N ational Bank of
South St. P au l w as host at a luncheon
for b an k ers atten d in g th e show.
P aul W. McCracken, research direc
tor, and O liver S. P ow ell, first vice pres
ident, of th e M inneapolis F ed eral Re
serve Bank, w ere speakers a t th e
N o rth D akota B an k ers’ group m eet
ings. Pow ell spoke a t G rand F o rk s
and M inot and M cCracken at B ism arck
and V alley City. M cCracken had been
scheduled to speak a t all four m eet
ings b u t w as unable to atten d th e first
tw o because of illness.
The M innesota B an k ers’ Conference
w ill be held F e b ru a ry 11-13, a t th e
U n iv ersity of M innesota. A subcom
m ittee appointed to d ra ft a ten ta tiv e
p ro g ram is com posed of W illiam D un
can, Jr., secretary of th e M innesota
B an k ers’ Association; Ju liu s N olty,
d irector of U n iv ersity E xtension;
A rthur L. G luck and Mrs. Gluek and
o th er officers and th e ir w ives w ere
hosts and hostesses a t th e eighth b irth
day a n n iv ersary of th e Columbia
H eights S tate Bank, of w hich Gluek
is president. The bank, w hich had
passed th e $1,000,000 m ark in to tal re
sources in June, 1944, now has passed
th e $1,500,000 m ark.
R ussell L. Stotesbery, presid en t of
th e M arquette N ational B ank of Min
neapolis, has announced prom otion of
W illiam F . K unze to be vice presid en t
and tru s t officer, and of E arl D. Cardie
from a ssistan t tru s t officer to associate
tru s t officer. K unze tak es over th e
w ork form erly handled by th e late
O. H. Odin.
J amieson
&
C ompany
Members
New York Stock Exchange
and Other Principal Exchanges
S P E C IA L T O B A N K E R S!
A ccid en t In surance p aid up to M arch, 1946, for o n ly $2.00. P o lic y
p a y in g $5,000.00 for loss o f life , lim b s, or sigh t, w ith tim e loss
covered up to tw o years. N o m ed ica l ex a m in a tio n and no red
tape. S im p ly w rite for a p p lica tio n and litera tu re.
M I N N E S O T A C O M M E R C I A L ME N 'S A S S O C I A T I O N
2550
PAUL CLEMENT, S e c re ta ry Pillsbury Ave. So.
Minneapolis, 4, Minnesota
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
★
STOCKS
BONDS
COMMODITIES
★
MINNEAPOLIS
FARGO
ST. PAUL
GRAND FORKS
DULUTH
SIOUX FALLS
EAU CLAIRE
PRIVATE WIRES
Northwestern Banker
November 19b5
60
•
MI NN E S O T A N E W S
Clarence R. C haney, vice chairm an
of th e N o rth w estern N ational B ank of
M inneapolis, and J. F. Ringhim i, p re si
den t of N o rth w estern N ational, have
been elected directors of N o rth w estern
M ortgage Company.
John M. K ane, vice p resid en t of the
E m p ire N ational B ank and T ru st Com
pany of St. P aul has re tu rn e d a fte r two
y ears in m ilitary service. He w as a
technical serg ean t in th e finance de
p a rtm e n t at F o rt B enjam in H arrison,
Indiana.
C onstruction has begun on a new
one-story building to house the F irst
E dina S tate Bank. A lfred E. W ilson,
president, has estim ated construction
cost at in excess of $25,000. The build
ing is scheduled to be com pleted soon
after Ja n u a ry 1st. The bank is affili
ated w ith th e F irst N ational B ank of
M inneapolis.
F. A, A m undson, state banking com
m issioner, rep o rts deposits in banking
in stitu tio n s u n d er the jurisd ictio n of
the state d ep artm en t reached an alltim e high for deposits in the last th ree
m onths, the total being $723,208,326 in
•
the q u a rte r ended Septem ber 29th.
This w as an increase of $47.320,826
over the previous q u arter.
Seym our S. Cook, deputy governor
of th e F ederal R eserve B ank before he
moved to California in 1923, died at
San Diego. He w as born at W hitew ater, W isconsin, and came to M inne
apolis in 1892, as cashier of the Na
tional B ank of Commerce. L ater he
was cashier of the M innesota Loan
and T ru st Company. He resigned in
1915 to go to the Federal Reserve. # #
THE NEBRASKA
CONVENTION
(C ontinued from page 26)
tion he has filled w ith so m uch ability
and enthusiasm .
This 48th annual
convention w ill be his last one.
LocaS Committees
A Rich Farm Area
C. L. F R E D R I C K S E N
P r e s id e n t
M. A. W IL S O N
V ic e P r e s id e n t
W . G. N E L S O N
A s s is ta n t V ic e P r e s id e n t
Sioux City is the key to one of
America's richest farm territories.
W . C. S C H E N K
C ash ier
tremendous
H. C. L I N D U S K I
A s s is ta n t C ash ier
and M a n a g er of
A ir B a s e F a c ilit y
commercial
importance
therefore makes a good banking con
nection in this city highly valuable.
C. L. A D A M S
A s s is ta n t C ash ier
We invite you to use the Live Stock
J. S. H A V E R
A s s is ta n t C ash ier
National Bank as your correspondent
JA M E S L. SM IT H
A u d itor
in Sioux City.
T M E
S
v e
Na t í o n a l
OF
SIOUX
M
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
t o c k
Bank
CITY,
IOWA
E M B E H . F, D . I . C .
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November 1945
t/ce 'ty&Su/s
Omaha b an k ers and th e ir wives
heading convention com m ittees for
the 1945 m eeting are A. J. Hallas, vice
p resid en t Stock Yards N ational Bank,
general chairm an; Mrs. A. L. Coad,
wife of the president of the Packers
N ational Bank, chairm an of the host
ess com m ittee; Jo h n L auritzen, as
sistan t cashier F irst N ational Bank,
luncheon com m ittee; W ade E. M artin,
vice p resid en t Live Stock N ational
Bank, social hour com m ittee; A ustin
L. Vickery, cashier U nited States N a
tional Bank, banquet com m ittee; and
Jo h n A. C hangstrom , vice president
Omaha N ational Bank, .hotel com
m ittee.
Joins St. Louis Terminal
G lenn V. W ilson, Jr., form erly w ith
Dun and B rad street and Prentice-H all,
has joined the field w arehousing divi
sion of the St. Louis T erm inal W are
house Company, in charge of its
so u th w estern operations.
Mr. W ilson, in his new connection,
w ill h ead q u arter in Dallas, Texas,
w here he lives w ith his wife and two
children. He will trav el th e state,
calling on field w arehouse prospects
and banks.
The Field W arehousing Division of
the St. Louis T erm inal W arehouse
Company, is now operating in nearly
half of the 48 states, serving industry
w ith field w arehousing and banks w ith
the rapidly increasing credit op p o rtu
nities provided th ro u g h field w are
house loans.
E lm er B. D uncan is vice president
in charge of the field w arehousing divi
sion of th e St. Louis T erm inal W are
house Company. H en ry D. Bugg is
general sales m anager.
O U R 50th YEAR
61
Veteran Returns
M aurice K latt w as recently dis
charged at H utchinson, K ansas, after
serving 37 m onths in th e N avy as chief
p etty officer. He is resum ing his posi
tion as a bank teller in th e F irs t Da
kota B ank at Y ankton. He held the
sam e position p rio r to his induction
into the arm ed forces.
SOUTH
D A K O T A
NEWS
C. O. GORDER
President
Deadwood
Acting Secretary
LOIS J. HALV O R SEN
GEORGE M. STARRING
Secretary-Treasurer
Huron
( I n the S e r v i c e )
Hits Million Mark
C ertain evidence of th e p ro sp erity of
th e E lkton, South D akota, com m unity
and the unden ied th rift of its citizens
is reflected in th e fact th a t for th e
first tim e th e daily cash balance of th e
Corn E xchange B ank th e re show de
posits in excess of $1,000,000.
In th e opinion of th e p resen t officials
in control of th e bank, the m illion-dol
lar deposit m a rk w ill be m ain tain ed for
q uite some tim e, p erh ap s for m any
years, or possibly w ith su b stan tial in
creases.
Director of Kimball Bank
A. R. N ew m an, C ham berlain, South
D akota, and w ell k now n th ro u g h o u t
B rule county, w as m ade a d irecto r of
th e B ank of Kim ball, K im ball, South
Dakota, a t a sto ck h o ld ers’ m eeting held
th e re recently. He succeeds L. M.
L arsen of W essington S prings w ho is
no longer a stockholder in th e bank.
Mr. L a rse n ’s stock w as recen tly p u r
chased by R. A. Jo h n so n and Mr. N ew
m an recen tly pu rch ased stock to be
come actively associated w ith the
bank. He is experienced in th e b u si
ness and w as at one tim e a t P u k w an a
and later in a b an k at W inner.
Resigns
C. J. S norteland, m an ag er of the
Bison, South D akota, B ranch, B ank of
Lem m on for th e p ast year, tendered
his resig n atio n last m o n th and plans
to devote his e n tire tim e to his ex
tensive farm in g in terests. Mr. S norte
land is succeeded by Louise M onserud.
Rotarian Speaker
A t th e R o tary Club m eeting held last
m onth in G regory, South Dakota, H. E.
McKee, vice p resid en t and m an ag er of
th e N o rth w est S e c u r i t y N ational
B an k ’s b ra n c h office there, gave a v ery
in te re stin g review of th e b an k in g b u si
ness in G regory county, from th e tim e
th e first b an k w as established in F a ir
fax, to th e p re se n t tim e. He pointed
out th a t a fte r th e F irs t W orld W ar th e
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
loans and discounts far exceeded the
deposits. T his m eant th a t a lot of loans
had been reconditioned, and w hen the
crash cam e all b ut tw o of th e banks
in the county closed th e ir doors. He
com pared this situ atio n w ith the p res
en t financial condition in the county.
To Coach
R. F. Petschow , cashier, Corn E x
change Bank, E lkton, South Dakota,
has been engaged by th e board of edu
cation as basketball coach for the
com ing season. F o r m any years, Mr.
P etschow has served as referee of high
school gam es in eastern South D akota
and w estern M innesota.
The new coach w ill have about th ir
ty boys to select A and B squads from.
Votes Increase
S hareholders of the F irst N ational
B ank of M iller, South Dakota, at a
m eeting held recently voted to increase
th e capital stock of the bank from
$50,000 at w hich point it has rem ained
for m any y ears to $75,000. The surplus
account w as reduced from $80,000 to
$75,000 to equal th e capital stock ac
count, leaving th e b a n k ’s undivided
profits account at over $58,000. The
re a d ju stm en t does not change the total
invested capital, now in excess of
$208,000. T he action, designed to in
crease the in stitu tio n ’s pow er to serve
th e livestock industry, is subject to
th e approval of th e com ptroller of the
currency, w hich is expected to follow.
Manages Custer Bank
M artin Kothe, cashier of th e B ank of
U nion County in E lk Point, South Da
kota, w as to tak e over th e active m an
agem ent of the C uster C ounty B ank at
Custer.
Mr. K othe came to E lk P oint in
May, 1943, and has held th e position of
cashier of th e b ank since th a t tim e.
0. D. H ansen, Jr., w ho w as recently
discharged from th e arm ed service,
w ill assum e his duties in the B ank of
U nion County.
Sioux Falls News
ANKERS in atten d an ce at a d inner
m eeting given by th e South D akota
com m ittee of The Newcom en Society
of E ngland in honor of T. H en ry Fos
ter, O ttum w a, Iowa, chairm an of the
board of Jo h n M orrell and Company,
at the C arpenter H otel in Sioux Falls,
w ere Robert. F . D riscoll, president of
the F irst N ational B ank of th e Black
Hills, R apid City, South Dakota; Carl
ton Gorden, vice president of th a t in
stitu tio n ’s Deadwood, South Dakota,
branch and presid en t of the South Da
kota B an k ers’ Association; Karl Gold
sm ith, p resid en t of th e Ft. P ierre,
South Dakota, N ational Bank; J. C.
Thom pson, p resident of the N orthw est.
B ancorporation, M inneapolis; Y o n
L uscher, vice presid en t of th e N o rth
w est B ancorporation, M inneapolis; L.
B. H ogue, secretary of the F irst B ank
Stock Corporation, M inneapolis; R ich
ard S. Banfiehl, vice p resident of the
F irs t N ational Bank, M inneapolis; N.
P. D elander, vice p resid en t of the F irst
N ational B ank of St. Paul; Ray R idge,
vice presid en t of the Omaha N ational
Bank; C. A. Golden, vice p resid en t of
the Dell Rapids, South Dakota, branch
of the N orthw est Security N ational
Bank; M. A. Brow n, vice president, and
Paul V. Olson, m anager of th e C ham
berlain, South Dakota, branch of th a t
bank; L. A. P ier, Belvidere State B ank
president; Ralph M. W atson, president,
and P. H. M cD ow ell, vice p resident and
tru s t officer, of th e N orthw est Security
N ational Bank, Sioux Falls; Tom S.
H arkison, president, N ational Bank of
South Dakota, Sioux Falls; Gould D ietz,
in v estm en t banker, Omaha; A. H.
Thornton, rep resen tativ e of th e Sm aller
W ar P lan ts C orporation, Sioux Falls,
and F red H ollister, chairm an of the
board of directors, N orthw est Security
N ational Bank, Sioux Falls.
B
Louis A. M eyers has resigned as as
sistan t m anager of th e H uron b ran ch
of th e N orthw est Security N ational
B ank to en ter business for him self.
He w ill m anage a Goodrich store, it is
reported.
Dan (Slats) S lattery, m anager of the
M adison b ran ch of th e N o rth w est Se-
N orthw estern Banker
N ovem ber 1945
62
BUILT TO CARRY HEAVY L O A D S ..*###
••••
••••
Tension Tie (the original button and
string fastener) envelopes are well
built of tough papers to carry heavy
loads. Can be opened and closed
many times and are serviceable in
dozens of ways. Carried in stock in
popular sizes.
T e n s io n E n v e l o p e C o r p .
BER K O W ITZ EN VELO PE CO .
1912 G rand A v e ., P h o n e 4-4126, D es M o in e s 14, Io w a
(»uaranty Trust Company o f New York
Fifth Ave. at 44th St.
! 4 0 Hroa,lvva>
Madison Ave. at 60th St.
LONDON
PARIS
BRUSSELS
C o n d en sed S ta te m e n t o f C o n d itio n , S e p te m b e r 3 0 , 1 9 4 5
RESOURCES
Cash on Hand, in Federal Reserve Bank, and
Due from Banks and B a n k e r s ..............................$
U. S. Government O b lig a tio n s...................................
Loans and Bills P u r c h a s e d .........................................
Public Securities..............................$ 83,475,589.29
Stock of the Federal Reserve Bank
7,800,000.00
Other Securities and Obligations . 28,375,658.47
Credits Granted on Acceptances .
2,274,116.69
Accrued Interest and Accounts
Receivable . . . . . . .
10,267,159.19
Real Estate Bonds and Mortgages . 1,546,638.46
590,835,321.19
2,006,523,381.41
854,413,726.10
133,739,162.10
Bank B u ild in gs.................................................................
9,178,760.19
713,059.65
Other Real E s ta t e ..............................................................
Total R e s o u r c e s ................................ $ 3 ,5 9 5 ,4 0 3 ,4 1 0 .6 4
LIABILITIES
......................................... $ 90,000,000.00
Capital
Surplus F u n d .............................
170,000,000.00
Undivided Profits
. . . .
.
50,313,121.56
Total Capital Funds
General Contingency R e s e r v e ...................................
Deposits
.
$3,211,632,821.37
Treasurer’s Checks Outstanding ____ 7,139,742.45
Total D e p o s its ...............................................
A c c e p t a n c e s ............................. $
5,136,661.95
Less: Own Acceptances
Held for Investment . . .
2,862,545.26
$
2,274,116.69
Liability as Endorser on Accept
ances and Foreign Bills . .
137,311.00
Dividend Payable October 1,
1945
2,700,000.00
Items in Transit with Foreign
Branches and Net Difference
in Balances between Offices
Due to Different Statement
Date of Foreign Branches .
762,050.36
Accounts Payable, Reserve for
Expenses, Taxes, etc. . <> .
25,112,589.16
310,313,121.56
35,331,658.05
3,218,772,563.82
30,986,067.21
Total L i a b i l i t i e s ..............................$ 3 ,5 9 5 ,4 0 3 ,4 1 0 .6 4
Securities carried at $716,025,032.17 in the above Statement are pledged to qualify for
fiduciary powers, to secure public moneys as required by law, and for other purposes.
This Statement includes the resources and liabilities of the English, French, and
Belgian Branches as of September 26, 1945.
M ember Federal Deposit Insurance Corporation
N orth w estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 19 k5
c u rity
fa th e r
com er
Slats”
N ational Bank, recently becam e
of a nine-pound boy. The new
has been nicknam ed “L ittle
by his dad’s associates.
AT. E. P errenoud, cashier of th e F irs t
N ational B ank and T ru st Company,
Sioux Falls, w as elected tre a su re r of
a sp o rtsm en ’s organization recently
form ed to re sist over-com m ercializa
tion of th e sta te ’s h u n tin g resources.
Two em ployes of th e N o rthw est Se
c u rity N ational Bank, Sioux Falls, w ho
re tu rn e d to th e ir jobs briefly upon be
ing honorably discharged from th e
arm ed forces, are continuing th e ir col
lege studies u n d er th e G. I. Bill of
R ights. T hey are Tom R ichards, navy
veteran , w ho has enrolled a t th e U ni
v ersity of South D akota, and Don Metheis, released from th e arm y, w ho is a
stu d en t at Sioux F alls College.
J. Ed Eaton, back from naval service,
has resum ed his position as teller a t
th e N o rth w est S ecurity N ational B ank
in Sioux Falls.
G overnor M. Q. Sharpe addressed 90
m em bers of th e South D akota w ar
finance com m ittee m eeting in Sioux
Falls, including m any bankers. He
told th em th a t th e E-bond is th e “g re a t
est form of individual inv estm en t p u t
out by any go v ern m en t and a sure
safeguard ag ain st economic rev erses.”
He urged th em to p u t over th e nex t
V ictory L oan D rive “as early as pos
sible.”
P ointing out th a t th e state “has had
its m ost prosperous y ear in h isto ry ,”
th e G overnor lauded its record, w hich
placed it second, fo u rth and fifth in in
dividual cam paigns and am ong th e first
ten states for all previous drives.
R. W. Coyne, field d irector for th e
U. S. T re a su ry D epartm ent, highly
p raised th e co u n try ’s w ar bond w o rk
ers w ho have m ade it possible for
bonds to be d istrib u ted am ong 85,000,000 persons from th e low est wage
earn ers to top executives. He said th e
m idw est states, including South Da
kota, “are an exam ple for th e re st of
th e n atio n ” in co n trib u tin g to bond
savings.
\ATalter H. B urke, P ierre, state ch air
m an, presided, and th e tune-up m eeting
w as opened by C. A. C hristopherson,
ch airm an of th e board of directors of
th e U nion Savings Bank, Sioux Falls.
South D akota w as given an over-all
quota of $22,000,000 for th e V ictory
loan drive opening October 29th. Of
th is am ount $15,000,000 w as set as th e
individual quota an d $7,000,000 as th e
corporation quota.
OUR 50th YEAR
63
A n nouncem ent w as m ade by R. M.
W atson, p resid en t of th e N o rth w est
S ecurity N ational B ank, Sioux Falls,
th a t a t a re g u la r m eeting of th e board
of directors $100,000 w as added to th e
su rp lu s account, increasin g th e su rp lu s
fro m $600,000 to $700,000. The com m on
stock rem ain s a t $500,000 and u n d iv id
ed profits and reserv es are $433,000,
m ak in g a to tal capital fu n d account of
$1,633,000. T his h as been done, ac
cording to P re sid e n t W atson, to fu r
th e r stre n g th e n th e p e rm a n e n t capital
s tru c tu re of th e bank. T otal assets of
th e in stitu tio n are now in excess of
$36,000,000.
. . . SOUTH DAKOTA’S LEADING BANK. . .
C apital F unds $1,600,000
Assistant Cashier at Custer
Jo h n E. L oberg w ho w as associated
w ith th e H arrisb u rg , South Dakota,
S tate B an k for 23 years, a rriv e d in
C uster, recently, and began w o rk as
assista n t cash ier in th e C uster C ounty
B ank.
Mr. Loberg atten d ed A ugustine Col
lege in Sioux F alls and began his
ban k in g career in 1922. He w as as
so ciated w ith the late W. H. W asem for
18 years, and for th e last few years
has been cash ier of th e b an k at H a rris
burg. He h as stu d ied various phases
of b an k in g and business w ith th e
Sioux F alls ch ap ter of th e A. I. B., and
w as one of th e first to receive its
certificate.
T he
D H L RAP ID S
BROOKINGS
S IO U X F A L L S
MADISON
CHAMBERLAIN
N ew York T rust
Com pany
SIOUX FALLS
A R M Y A IR
FIE LD
C apital Funds Over $50,000,000
IO O B R O A D W A Y
HURON
M A D ISO N AVENUE
A N D 40T H STREET
TEN
ROCKEFELLER
PLAZA
NORTHWEST SECURITY
NATIONAL BANK
&
¿ a u x ,f y a l U
F. H. HOLLISTER
R. M. W A T S O N
Chairman
President
M ember Federal Deposit Insurance Corporation
•
A ffiliated w ith Northw est Bancorporation
M em b er o f f e d e r a l D eposit In su ra n c e Corporation
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern B anker
N ovem ber 19b5
64
NORTH
D A K O T A
A. C. IDSYOOG
President
Grafton
NEWS
Group Officers
At th e m eeting of th e so u th eastern
group of th e N o rth D akota B an k ers as
sociation, held last m o n th in Valley
City, N o rth D akota, P. J. S chirber,
p resid en t of th e Jam es R iver N ational
B ank of Jam estow n, N o rth D akota,
w as elected president; C hrist Haarsager, cashier of th e L itchville State
Bank, L itchville, N o rth D akota, w as
elected vice president; an d R. M.
H ougen, vice p resid en t and cashier of
the A m erican N ational B ank of Valley
City, w as elected secretary and tre a s
urer.
T he m eeting w as preceded by a
6:30 o’clock d in n er held a t th e R udolf
H otel in V alley City at w hich eighty
m em bers and guests w ere served.
All's Quiet
T here have been no changes in the
state b an k s of N o rth D akota as to new
banks, changes in b an k titles, m ergers,
consolidations, closings, or b anks th a t
have voted to e n te r into v o lu n tary
liquidation, d u rin g th e m onth of Sep
tem ber, 1945, according to recen t
w ord from R. S. See, se cretary of th e
S tate B anking B oard a t B ism arck.
Charles Thwing
W ord has been received of th e death
of C harles Thw ing, fo rm er cashier of
th e B ank of W ebster, W ebster, N orth
D akota, w ho died at his hom e in Mo
desto, C alifornia. Mr. T hw ing cam e to
W ebster from W isconsin w h en th e
B ank of W ebster w as organized in
1902 and w as its first cashier, a posi
tion he held u n til 1917 w hen he m oved
to C alifornia. A fter leaving W ebster,
he organized an d w as cashier of the
B ank of M odesto of w hich th e Hon.
B urke, fo rm er Devils L ake resident,
w as one of th e stockholders. He is
surv iv ed by his widow.
Heads Northeastern Group
S. N. Lom m en, p resid en t of th e F irs t
S tate B ank of B uxton, N o rth D akota,
and m an ag er of th e T hom pson station,
w as elected p resid en t of th e n o rth e a st
ern group of th e N o rth D akota B an k
N orthw estern B anker
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Federal Reserve Bank of St. Louis
N ovem ber i9^5
C. C. WATTAM
Secretary
Fargo
ers A ssociation at th e an n u al m eeting
held in G rand Forks.
m em bers of the organization are to
take tu rn s in p resen tin g to the club
m em bers some of th e ABCs of th eir
own business and last m onth A rth u r
Hagen, cashier of th e F irst N ational
Bank, M andan, N orth Dakota, started
the series.
Mr. H agen explained briefly the
functions of ban k in g and its relation
to th e com m unity w ith respect to
loans, in terest rates, etc. A short
h isto ry of banking in N orth Dakota
w as p a rt of his talk.
Made Manager
T he F irs t S tate B ank of Gackle,
N orth Dakota, observed its fo rtieth an
n iv ersary last m onth. It had been or
ganized in 1905. A. F. L ehr, president,
has been associated w ith th e b ank
th ro u g h o u t its forty y ears of existence
at Gackle.
R. E. M eidinger, a son-in-law of Mr.
L ehr, is vice president, and R. R.
B ender is cashier. The b a n k ’s footings
today are n earin g th e one m illion
dollar m ark.
L eanor G auer of Glen Ullin, N orth
Dakota, has been m ade m anager of
the Glen U llin office of the Security
B ank of H ebron. She replaces A. M.
Quast, w ho has been in charge since
last spring. E th ly n S trie tm a tte r of
Glen U llin w ill be Miss G auer’s assis
tan t.
The reason for th e change is the
sem i-retirem ent of H. F. Leutz, Sr.,
w ho has been in th e banking business
for th e p ast fo rty years. E arly in 1940
Mr. L eutz cam e to H ebron and Glen
Ullin and m ade th e Security Bank of
H ebron the m ain office for th ree banks,
including th e T aylor bank.
Bank to Move
G oes to W alla W alla
T he A m erican State B ank of Minot,
N o rth D akota, is going to have a new
ban k ing home.
As soon as possible, probably about
F e b ru a ry 1st, th e ban k w ill be moved
from its p resen t location, 19 M ain
S treet, South, and w ill occupy the en
tire first floor of th e F irs t A venue
Building.
In the new qu arters, th e b ank will
have a floor space of 48 by 82 feet,
says C. P. K jelstrup, executive vice
president. In th e so u th east corner of
the building a big new v au lt w ill be
installed, 15 by 30 feet, w ith a 19-ton
door. The v au lt w ill have facilities
for 500 safe deposit boxes.
Vice P resid en t K jelstru p said, “W ith
our footings now n earin g th e $5,000,000
m ark, our grow th dictated th e neces
sity of g etting m ore room .”
C larence H. P a rk e r is presid en t of
the A m erican State Bank; Mr. Kjelstru m is vice p resident and also cash
ier; and R. B. W ill and L. O. F latn ess
are a ssistan t cashiers. D irectors are
P ark er, K jelstrup, J. L. Sm ith, H a rry
B. E ck and A ttorney H arold Nelson,
Rugbjc K jelstru p is serving as cashier
in th e absence of T. A. Solheim, now
in India, w ith the finance division of
th e arm y.
F. L. R eardon, w ho has been w ith
th e F irs t N ational Bank. Dickinson,
N orth Dakota, since 1932, has resigned
his position w ith th e b ank and has
gone to W alla W alla, W ashington.
T here he w ill be associated w ith the
Valley T rading Company.
Mr. R eardon originally w orked as
fieldm an for th e bank and was sub
sequently a ssistan t cashier and tru st
officer.
In Fortieth Year
L E G A L Q U EST IO N S AND
A N S W ER S
(C ontinued from page 20)
of his estate proceed w ith th e appeal
or should the property rig h ts involved
he dealt w ith as thou gh no divorce pro
ceedings had b een com m enced?
W here a m arriag e relatio n sh ip is ex
tinguished by death before a divorce
can go into effect th e subject m a tte r of
the divorce procedure is gone and the
parties cannot be divorced by opera
tion of law. In a divorce action the
p ro p erty in terests involved are m erely
incidental to th e p rincipal object of the
suit. If a decree of divorce cannot take
effect, m atters incident thereto, such
as p ro p erty rights, are to be dealt w ith
as though th e re had been no divorce
proceedings.
Speaks to Lions
In keeping w ith a new plan of pro
gram s for th e M andan Lions Club,
Q . P h illip s m ade application to a mu
tual benefit association in South DaOUR 50th YEAR
65
kota for certain life in surance. W ith
out h is k n ow led ge the agen t in serted
false a n sw ers to certain q u estion s in
the application con cern in g h is m edical
and health record. On receip t of the
policy P h illip s read the application and
stated to the association in w ritin g that
the an sw ers and statem en ts in such
application w ere correct. W as the pol
icy valid?
No. W here an ag en t for a m u tu al
benefit association, w ith o u t th e k n o w l
edge of th e insured, in se rts false a n
sw ers to th e q uestions in th e applica
tion concerning th e in su re d ’s m edical
and h e a lth record and th e re a fter, on
receipt of th e policy, th e in su red reads
th e application form and states to th e
association in w ritin g th a t the an sw ers
and sta te m e n ts are correct, such in
su red p articip ates in th e frau d of th e
agent and is lacking in th e good faith
necessary to th e v alid ity of th e policy.
G ). H ogan, a M innesota banker, ex e
cuted in favor of his fiancee a $5,000
prom issory note. S u b seq uently he died.
The note w as p artially a g ift and par
tially com p en sation for serv ices ren
dered. A s an in cid en t to the claim by
the fiancee on the note again st H ogan ’s
estate the execu tor contended it w as
F x p e r ie n c e d
F o r e ig n
invalid for w ant of consideration. He
w as not, h ow ever, able to sh ow w hat
part of the note w a s a gift. Could the
claim ant recover the full face Aralue of
the note?
P A Y -B Y -C H E C K -
Yes. W here a note is given partially
as com pensation for services and p a r
tially as a gift and th ere is no evidence
to show w h at p a rt th ereo f is a gift, the
holder is en titled to recover an am ount
equal to th e full face value of th e note.
If th e en tire am ount of the note had
been a gift and H ogan’s executor had
been able to show th ere had been no
consideration for it, th e claim thereon
should have been disallowed. # #
New Trustees
K. T. K eller, p resid en t of C hrysler
C orporation, and C. Ja re d Ingersoll,
railroad executive, w ere elected tru s
tees of th e C entral H anover B ank and
T ru st Company, New York, at a m eet
ing of th e board.
Mr. K eller, a pioneer in the autom o
bile in d u stry , sta rte d w ith th e M etzger
M otor Car Com pany in D etroit in 1910.
Mr. Ingersoll has been a railw ay
executive since 1920, w hen he becam e
associated w ith th e M idland A^alley
R ailroad Company, and has been its
ch airm an of th e board since 1932.
B a n k in g
S e r v ic e
in
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A M E R IC A
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T o banks and business firms interested in C en tral and South A m erica, w e
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Branches in A rgentina, B razil, British G uiana, British
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Two branches in London, England
Complete fo re ig n bajiking service in a ll parts o f the w orld
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NEW YORK
SALESOFFICESIN
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NB-11-45
HEAD O FFICE—M O N TREAL
Name________________ Title________
TH E RO Y A L BA N K
O F CANADA
Bank____________________________
B ran ch es in C anada
from C oast to C oast
OUR 50tn YEAR
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Federal Reserve Bank of St. Louis
R esources e x c e e d
$1,700,000,000
City
County
N orthw estern Banker
State
N ovem ber 19h5
66
Speedy Movement of Funds
Our Money Transfer Department renders fast
and efficient service in transferring funds and
our facilities are always at the disposal of our
Correspondent Banks. We are prepared to offer
suggestions on special problems regarding the
transfer of funds to or from any point.
A Partial List oj Bankers Trust Company Services to Banks
Collection o f Par and Non-Par
Checks
Collection o f N otes, Drafts,
Coupons, M atured Bonds and
O ther Items (Domestic and
Foreign)
Transfer o f Funds, Remittances
and Domestic M oney Orders
Credit Information
Servicing Loans to Brokers and
Dealers
Commercial and Travelers Letters
o f Credit
Participation with Correspondent
Banks in Loans to Local
Enterprises
Safekeeping o f Securities
Dealers in United States Govern
ment, State and Municipal
Securities
Investment Information
Receipt and Delivery o f Securities
Commercial Paper Purchases
Consultation on Pension and
Profit-Sharing Plans
Co-Paying or Exchange Agent,
Co-Transfer Agent or Registrar,
and Co-Depositary
Trust and Reserve Accounts
International Trade and Foreign
Banking Facilities
BANKERS T R U ST COMPANY
NEW
MEMBER
N orthw estern B anker
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Federal Reserve Bank of St. Louis
FEDERAL
N ovem ber 19b5
DEPOSIT
YORK
INSURANCE
CORPORATION
OUR 50th YEAR
67
Iowa Bankers H o ld A n n u al M eetin g
F. L. Sawyers, Centerville, Named President of Association at 59th
Convention in Iowa's Capital City
L. SAW YERS, p resid en t of th e tendance w ere partially lifted, so th a t
C enterville N ational B ank, Cen- a som ew hat larg er m eeting could be
♦ terville, Iow a, w as elected p resi planned. T hen about th e tim e Secre
ta ry W arn er had arran g ed to increase
d en t of th e Iow a B an k ers A ssociation
at th e close of th e 59th a n n u al conven th e scope of th e Iow a convention to
tion of th e organization held in Des conform to th e relaxed attendance
Moines October 29th, 30th and 31st. Mr. rules, all convention bans w ere lifted,
Saw yer succeeds R. R. B rubacher,
p resid en t of th e Toy N ational Bank,
Sioux City.
W alter E. Sheldon, p resid en t of th e
H om e T ru st & Savings B ank, Osage,
Iowa, w as nam ed to th e post of vice
p resid en t and tre a s u re r of th e A ssocia
tion. N. P. Black of P e rry held the
post d u rin g th e p ast year.
R.
O. B yerrum , executive vice p re si
d en t of th e F irs t T ru s t and Savings
B ank, D avenport, w as elected execu
tive councilm an from Iow a to the
A m erican B an k ers A ssociation, suc
ceeding V. P. Cullen, executive vice
p resid en t of th e N ational B ank of
B urlington.
Ben S. Sum m erw ill, p resid en t of th e
Iow a S tate B ank & T ru s t Company,
Iow a City, w as nam ed to th e A m erican
B an k ers A ssociation no m in atin g com
m ittee, w ith W a rre n G arst, cashier of
th e H om e S tate B ank, Jefferson, as
altern ate.
F. L. SAWYERS
Those elected from Iow a as vice
Heads Iowa Association
p resid en ts of th e several A m erican
B an k ers A ssociation divisions w ere as
and th e good secretary found th e sky
follows: L. J. D erflinger, vice p resid en t
and cashier C linton N ational B ank, th e lim it, b u t tim e in w hich to prepare,
vice p resid en t n atio n al b an k division; ju s t th e opposite. T h at Mr. W arn er
B. A. G ronstal, p resid en t Council and th e assistan ts in his office rose to
Bluffs Savings B ank, vice p resid en t th e occasion and p u t on an outstanding
program is fully attested to by the
savings b an k division; Leo W egm an,
p re sid e n t C itizens Savings B ank, Ana- n early 1200 m en and w om en w ho reg
istered.
m osa, sta te b an k division; and V an
The tw o sessions of th e convention
V echten Shaffer, p resid en t G u aran ty
w hich appeared to have the g reatest
B ank & T ru s t Com pany, Cedar Rapids,
in terest for ban k ers w ere th e m orning
vice p resid en t tr u s t division. C harles
m eeting devoted to a full discussion of
S. M cK instry, vice p resid en t of th e
th e G. I. Bill of R ights, and th e a fte r
N ational B ank of W aterloo, is A.B.A.
noon session of “shop ta lk ” w hich w as
vice p resid en t for Iowa.
a p a rt of the conference of officers of
C onsidering th e sh o rt tim e in w hich
th e several county ban k ers associa
th e pro g ram h ad to be developed and
tions. B ankers left th e m orning ses
com pleted, all cred it m u st be given to
sion w ith a m uch b etter u n d erstan d in g
Iow a S ecretary F ra n k W a rn e r for th e
of th e ir p a rt in th e G. I. Loan pro
tim ely and in te re stin g topics chosen
gram , and learned of changes th a t
for discussion, and th e ab ility of th e
probably w ill be m ade in th e bill. The
several speak ers chosen to discuss
“shop ta lk ” m eeting is alw ays good,
them . T his y e a r th e Iow a convention
for here th e speakers get rig h t at the
w as set up o riginally for Septem ber
h e a rt of m any problem s ban k ers are
19th, on an ex trem ely re stric te d basis.
J u s t a few days before th a t date re called upon to solve. If th ere is an an
strictio n s on tra v e l and convention a t sw er, th ey find it in th is m eeting. # #
F
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Veterans Return
Jam es H. Koons has tak en th e posi
tion of a ssistan t m anager of th e Corw ith Office of th e F irs t S tate Bank,
B ritt, Iowa. He has ju s t recently re
tu rn e d from five y ears service in th e
A rm y, th ree and one-half y ears of
w hich w ere sp ent in th e Pacific Area.
He w as m arried on October 20, 1945, to
Jean G ilbert of Clear Lake, Iowa. She
w as form erly em ployed by th e F irs t
N ational B ank of M ason City.
E rn e st C. B artik, w ho w as em ployed
by th e F irs t State Bank, B ritt, Iowa,
as a ssistan t cashier for a nu m b er of
y ears p rio r to his induction into the
service, has now re tu rn e d and has
tak en up his old duties.
Norman N. Turner
G. W. A rth erh o lt, presid en t of The
M ontgom ery County N ational B ank of
Red Oak, Iowa, announces th e loss of
a d irector th ro u g h th e death of N or
m an N. T u rn er, a pro m in en t grain
dealer and extensive landholder in
southw est Iowa.
Purchase Bank Stock
In te re st in th e F irs t N ational Bank,
Sioux Center, Iowa, ow ned by th e late
N eal Mouw, has been bought by F. C.
Aue, presid en t of th e in stitu tio n , and
P e te r B. Mouw, cashier. A fter th e re
cent death of Neal Mouw, w ho had
been w ith th e b ank for 48 y ears and
w as its president, F. C. Aue w ith 40
y ears of service w as elected president.
P eter B. Mouw, form erly assistan t
cashier and w ith th e b ank for 34 years,
w as advanced to cashier. A. Te Paske
rem ains ch airm an of th e board. All
are directors of th e b ank w ith H. K.
E ggink, H. J. Schalekam p, George De
R u y ter and M aurice A. Te Paske.
Banker's Sons Back
S/Sgt. M ilton C. B arn ett has received
his point discharge and has re tu rn e d to
his desk as cashier of th e G uthrie Coun
ty S tate Bank, G uthrie Center, Iowa.
He sp ent 39 m onths in service, m ost of
th a t tim e in th e E u ro p ean T h eatre of
Operation.
M ajor G. M. B arnett, Jr., has re
tu rn e d to th e U. S. a fter 40 m onths
sp ent in th e Pacific.
N orthw estern B anker
N ovem ber Î945
68
•
IOWA
NEWS
•
Both are sons of G. M. B arn ett, Sr.,
presid en t of th e G u th rie C ounty S tate
Bank.
Mr. M elntire w ill rem ain a director
of th e bank.
Cashier Resigns
To Open for Business
E. B. M eln tire resigned as cashier of
the K ent S tate Savings B ank at K ent,
Iowa, a fte r w o rk in g in th e sam e b ank
for 29 years, th e last te n as cashier.
W.
W. Davis w ill becom e cashier.
He resigned as m an ag er of th e F a rm
ers Co-op E xchange at K ent to become
cashier.
A insw orth, Iowa, w ill have a new
bank, to be opened for business about
th e first of Decem ber. It w ill be the
A insw orth S tate Bank, w ith C. M.
Spessard of A insw orth as presid en t
and R ay M. W hitehead, now w ith th e
N ational B ank of W ashington, as cash
ier. The board of directors w ill in-
u f{fl4
n tt
*
^
M o c h $ Z £ (ÿ r ri
’t e
*
*
*
H I S T O R IC A L N O T E
Attested by insurance records.
July 27. 1849.
OTEE4 CENTURYOFMETUCMFTLEADERSHIP
a h ea d
in
1 9 4 5
th a n
ever
h e ló te !
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N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 1945
George J. H ess has announced his
re tire m e n t from active service w ith
the Carroll County S tate Bank, Carroll,
Iowa, afte r 39 y ears of continuous duty.
He w ill h enceforth serve the b an k as
chairm an of th e board of directors and
vice president.
Mr. H ess com m enced w ork w ith the
~
Fire raged uncontrolled. May 1718, 1819. Large buildings crum bled.
Twenty H erring safes withstood
the inferno, the bom bardm ent of
falling walls, and lay buried in
red-hot debris. Their heavy iron
rollers ran into molten streams—
but the contents, of each H erring
safe were preserved intact.
la ttile r
Retires
' ■toi
*
a n d
clude T. A. F len n er, J. D. Rabenold,
Glen Miller, Gene S tephens and E rw in
W ulf. Mr. F le n n e r w ill be vice presi
dent.
The bank w ill have a capital of $30,000, w ith a reserv e of $15,000.
GEO R G E J. H E SS
bank as bookkeeper, advancing to the
position of teller, th e n a ssistan t cash
ier, and subsequently cashier. He took
over th e presidency in Jan u ary , 1933,
follow ing th e death of his father, J. P.
Hess, pioneer banker.
His bro th er, Carl J. Hess, succeeds
him as president.
Heads Tarkio Bank
J. D. R ankin has been elected presi
d en t of th e F irs t N ational B ank of
Tarkio, M issouri. In the sixty y ears th e
bank, w hich w as founded by his g ra n d
father, David R ankin, has had only six
presidents. O thers have been Jo h n A.
R ankin, J. E. T ravis, W. F. R ankin and
H. A. Sm ith, w ho died in Septem ber.
Locates in llinois
George D. Thom pson, w ho has been
in charge of th e D avenport L iquidation
Corp. for 13 years, has been elected
p resid en t of th e M oline State T ru st &
Savings Bank, to succeed Joseph E.
S hearer, w ho died Septem ber 27th.
Mr. T hom pson w as born at W alnut,
Iowa, and w as reared in Des Moines,
Iowa, w here he en tered th e em ploy
of th e Iowa-Des Moines N ational
B ank at the age of 19 and w orked his
OUR 50th YEAR
69
V
V
a l l e y
s a v i n g
B A N K
D ES M O I N E S
Y \ E TAKE great pride in rendering
Iowa banks a fast, dependably accurate
correspondent service.
A service that con
tributes its share in keeping the wheels of
hanking running smoothly.
Frederick M. Morrison, President
Winfield W. Scott, Senior Vice President
J. R. Astley, Vice President
Edward P. Kautzky, Vice President
Roy E. Huber, Vice President
Ray Thompson, Assistant Vice President
Frank M. Thompson, Cashier
Carl W. Altman, Assistant Cashier
George W. Gill, Assistant Cashier
Member Federal Deposit Insurance Corporation
OUR 5#th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern B anker
N ovem ber 19^5
70
•
w ay up to cashier. He left Des Moines
in 1929 to becom e cashier of th e Champaign, Illinois, N ational Bank.
IOWA
NEWS
*
1943, w as recen tly re tu rn e d to th e
states from overseas service w ith th e
allied m ilitary governm ent, last in
Genoa, Italy.
A Civilian Again
“T hey m ade me a civilian today,”
w ired Capt. D ouglas Sw ale from Pass
C hristian, M ississippi, to relativ es in
M ason City, Iowa, w h ere he is v aca
tioning w ith his w ife and children.
C aptain Swale, vice p resid en t of the
F irs t N ational B ank in M ason City
w hen he en tered th e service in July,
Stock Increase
At a m eeting of the stockholders of
the T ain to r Savings B ank of New
Sharon, Iowa, w hich w as held recently,
it w as voted to re tire all preferred
stock and increase th e capital stock of
th e b ank from $25,000 to $50,000.
A ccording to O. H. Pothoven, vice
presid en t and cashier, th e capitalization w as increased to facilitate handling of increased business.
Changes Name and Place
An am endm ent to th e articles of in
corporation of th e A lb u rn ett S tate
B ank at A lburnett, Iowa, w as filed last
m onth, changing th e nam e to F arm ers
S tate B ank and location of business to
M arion. Capital stock w as cited at
$75,000.
Joins Farragut Bank
R. E. Cox has become associated w ith
th e F irst N ational B ank of F a rra g u t,
Iowa. Mr. Cox took up his new duties
last m onth.
Vet Takes Bank Position
W ilfred S chrandt, son of Mrs. W m .
A. S chrandt, has tak en a position w ith
the Stacyville Savings Bank, Stacyville, Iowa. Mr. S chrandt the p ast four
and a half y ears has been in th e arm ed
forces.
List Association Officers
Financing
International Trade
X ^ esum ption o f overseas trade stresses the im port
ance o f having an influential banking connection
offering a w orld w ide financial service.
T hrough a netw ork o f banking contacts in foreign
countries, and this bank’s specially trained foreign
banking departm ent, w e provide facilities o f out
standing advantage to correspondent hanks.
Your bank is cordially invited to m ake use o f the
good w ill developed through our eighty years of
international business and banking experience with
countries in this hem isphere and overseas.
F O R E I G N B A N K IN G D E P A R T M E N T
The First N a tio n a l B ank
ofC hicago
MEMBER
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FEDERAL
DEPOSIT
N ovem ber 19^5
INSURANCE
CORPORATION
W. A. R oberts, vice p resident and
cashier of th e Iow a F alls S tate Bank,
Iow a Falls, Iowa, w as nam ed p resident
of th e H ard in C ounty B ankers Asso
ciation at a d in n er m eeting held th ere.
O ther officers are: Ben Jaspers, as
sistan t cashier of th e F a rm e rs Savings
B ank at Steam boat Rock, vice p resi
dent, and K. J. Lyon, vice president,
U nion-W hitten Savings Bank, Union,
secretary and treasu rer.
Mr. R oberts succeeds T. L. G reenleaf
of E ldora as p resid en t of th e group.
Special Service
P hotostatic copies of v e te ra n s’ dis
charge p apers are being offered by the
Pella N ational Bank, Pella, Iowa, to
service m en w ho do not w ish to carry
th e original papers for fear of losing
or dam aging them .
This courtesy service w hich th e
b ank is ju st inau g u ratin g , includes m aking a photostatic copy of th e dis
charge, reducing it to w allet size and
sealing it in tra n sp a re n t plastic for
easy carrying.
County Bankers Meet
Roy Glab of th e A m erican T ru st and
Savings B ank of D ubuque, Iowa, w as
th e principal speaker at th e C layton
County B ankers A ssociation din n er
and m eeting, at w hich th e U nion State
B ank of M onona w as host.
E lection of officers also took place.
A lvin K regel of G arnavillo w as chosen
OUR 50th YEAR
Do your customers need
N e w «B usiness
A b ro a d ?
In co-operation with you, the Irving
will help locate New Representatives and
Prospective Buyers and Sellers Abroad
IT H unparalleled opportunities
in fo r e i gn tr a d e a h e a d , m a n y
com panies need new relationships in
foreign countries.
W
Assist importers in m a k in g c o n n e c tio n s
w ith fo re ig n s h ip p e rs a n d lo c a tin g so u rc e s
o f c o m m o d itie s w h ic h th e y w ish to b u y .
T o m eet this need, the Irving’s F o r
eign D ivision organized its Foreign
T rad e Inform ation D epartm ent to:
T h is D epartm ent is also p repared
to obtain inform ation about exchange
and other regulations affecting im port
and export business.
Assist exporters in e s ta b lis h in g re la tio n s
w ith s u ita b le fo re ig n
p ro s p e c tiv e b u y e rs.
re p re s e n ta tiv e s
I r v in g T
and
W e shall welcome the opportunity of
assisting you and y o u r custom ers in car
rying out their foreign trade program s.
ru st
C o m pa n y
ONE WALL STREET • NEW YORK 15, N. Y.
Member Federal Deposit Insurance Corporation
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern B anker
N ovem ber 19^5
72
•
president; J. E. Shaffer, a ssista n t cash
ier, C entral S tate B ank and T ru st Com
p an y of E lk ad er, vice p resident, and
Reynold H edem an, assista n t cashier,
F a rm e rsb u rg Savings B ank of Farm ersburg, secretary and tre a su re r.
IOWA
NEWS
•
alw ays been active in civic affairs of
th e county.
On Directorate
H. E. G reenw ood of th e G reenw ood
L um b er Com pany of E m erson, Iowa,
w as elected to th e board of directors
of th e E m erso n S tate B ank a t its re g u
lar m eeting recently. Mr. G reenw ood
has been ch airm an of th e Mills county
ratio n board for some tim e and has
With Hamburg Bank
Don E. Clayton, form er F rem o n t
county tre a su re r w ho resigned his po
sition recently, took up his new duties
at th e Iow a S tate Bank, H am burg,
Iowa, last m onth.
Charles Gugler
C harles Gugler, re tire d farm er living
at Danville, Iowa, passed aw ay a t B u r
lington recently.
Mr. G ugler w as a m em ber of th e
F irst B aptist C hurch of D anville and
a d irector of th e D anville S tate Savings
Bank.
To Give Barbecue
B. A. G ronstal, p resid en t of th e Coun
cil Bluffs Savings Bank, Council Bluffs,
Iowa, offered to provide a barbecue to
all 4-H Club m em bers w ho exhibit a t
th e 1946 W est P o ttaw attam ie County
4-H Club Show.
T he action to provide th e barbecue
w as tak en a t a recen t m eeting of th e
board of d irecto rs of th e bank.
Clifford Johnson, county extension
director, in re p o rtin g th e special offer
of th e b an k said, “T he approval of th e
barbecue has been given by th e county
4-H com m ittee at a recen t m eeting.”
Mr. G ronstal states th a t th e b an k
has long been in terested in th e prom o
tion of boys’ and g irls’ club w ork and
th e developm ent of b e tte r ag ricu ltu re
in th e Council Bluffs te rrito ry . H e
hopes th a t th e barbecue w ill stim ulate
m ore boys and girls to enroll in th e
4-H Club program , and to have good
enough projects to exh ibit at th e coun
ty 4-H Club show in A ugust.
New Bank at Oelwein
yQ Q i
Ye
W. P alm er W ilson, executive vice
p resid en t and m anager, B renton S tate
Bank, D allas Center, Iowa, is estab
lishing a new ban k in Oelwein, and
w ill own th e controlling in terest. T he
nam e of th e new financial in stitu tio n
w ill be Oelwein S tate Bank, w ith Mr.
W ilson as presid en t and C hurchill T.
W illiam s, also of Dallas Center, cash
ier and p a rt ow ner.
All final plans w ere subject to th e
approval of th e state d ep artm en t of
b an king and th e federal deposit in su r
ance corporation.
In 1929 Mr. W ilson becam e vice p res
ident of the B renton S tate Bank, and
he is an officer and directo r in all of
the B renton banks and businesses, in
cluding seventeen ban k in g offices.
Lindley F inch, cashier of th e B ren
ton S tate Bank, w ill tak e Mr. W ilson’s
place as m anaging officer of th e Dallas
C enter Bank. Mr. W illiam s, w ho w ill
come to Oelwein as cashier of th e new
bank, w as an em ploye of th e B renton
S tate B ank for about tw o years p rio r
to his joining th e air corps. H e re
ceived th e com m ission of F irs t L ieu
ten an t. He has recen tly been placed
on inactive duty.
a p sj
: O F B A N K IN G E X P E R IE N C E D
MEMBER
FEDERAL
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
DEPOSIT
INSURANCE
N ovem ber 19^5
CORPORATION
t-OuiS
Endorse Candidate
M em bers of th e Scott County, Iowa,
B ankers A ssociation at a recen t meetOUR 50th YEAR
73
-
• IOWA
NEWS
• -
ing adopted a reso lu tio n endorsing R.
O. B yerrum , executive vice p resid en t
of th e F ir s t T ru s t & Savings B an k of
D avenport, Iowa, as a candidate for
election to th e executive council of th e
A m erican B an k ers A ssociation a t th e
m eeting held in co njunction w ith th e
Iow a B an k ers A ssociation in Des
Moines.
U ntil July, 1939, Mr. Clift h ad been
in th e ban k in g business a t Rockwell
City. H e w as w ith th e state b an king
d e p a rtm e n t for several y ears p rio r to
th a t tim e. Mr. Clift w as secretary to
th e Iow a sta te board of control from
Ju ly, 1939, u n til com ing to th e Toledo
in stitu tio n .
New Manager Named
A special m eeting of th e Lee County
B ankers association w as called re c e n t
ly by P resid en t A lvin V onderhaar, as
sista n t cashier, Iow a State Bank, F t.
Madison, Iowa. The m eeting w as held
D w ight L. Sm ith, w ho h as served as
cashier of th e D ecatur C ounty S tate
B ank, in Leon, Iowa, since D ecem ber,
1943, has resigned his position to be
come cashier of th e N ew ton N ational
B ank a t N ew ton. Mr. S m ith assum ed
his new du ties recently.
V irgil Carlson, w ho has been asso
ciated w ith th e Leon b a n k for th e
p ast fo u r years, w ill be in charge of
th e m an ag em en t of th e bank.
Mr. S m ith cam e to Leon from Elkader, w h ere he w as associated w ith
th e C entral S tate B an k and T ru s t com
p an y for te n and one-half years. He
w as vice p resid en t of th e firm.
Meet in Keokuk
OUR
a t th e K eokuk co u n try club, K eokuk,
Iowa, from w hose spacious porches a
m agnificent view of th e M ississippi
could be seen. T he Lee C ounty asso
ciation invited as th e ir guests th e
b an k ers from neighboring counties, in
cluding Illinois and M issouri. M any
of th e visiting b an k ers availed th em
selves of golf privileges or took a dip
in th e pool. D inner w as served a t 7
p.m., afte r w hich W alter T. Robinson,
loan g u a ra n ty officer of th e v eteran s
adm inistration, spoke on G. I. loan p ro
cedure. A fter his ta lk th e m eeting
w as th ro w n open to questions.
O W N “L E N D - L E A S E ”
B an k ers c a n b e of g re a t h e lp to e n te rp rise s
in their a r e a b y so u n d fin a n c ia l a ssista n c e .
This is a ty p e of fin a n c ia l "L end-L ease" for
Alden Bank President
w h ich A m e ric a 's in d e p e n d e n t b a n k in g sy stem
R. B. Clift, su p e rin te n d e n t of th e
S tate Ju v en ile hom e in Toledo since
F eb ru ary , 1940, has ten d ered his resig
n atio n to th e Iow a S tate B oard of Con
trol, to tak e th e position of p resid en t
of th e new ly organized A lden State
B ank, Alden, Iowa. The new b an k w as
opened recently.
is noted.
If a t a n y tim e o n e of y o u r cu sto m ers n e e d s
g re a te r b a n k cred it th a n y o u c a n p ro v id e, feel
free to call on this b a n k — y o u r c o rre sp o n d e n t
b a n k in Sioux C ity— for help.
in N ew Building
A. G. Sam,
J. P. Hainer, Vice President
Fritz Fritzson, Vice Pres, and Cashier
J. T. Grant, Assistant Cashier
T he C o m b u stio n E n g in e e rin g B u ild
in g a t 12 E a s t 3 6th S tre e t, N ew
Y o rk , N. Y., to w h ic h th e A m e ric an
B a n k e rs A s s o c ia tio n ’s n a tio n a l h e a d
q u a rte rs w ill m ove on or a b o u t D e
cem ber 1. T he A s s o c ia tio n ’s offices
w ill occupy th e e n tire n in th floor.
O U R 50th Y E A R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
*
*
*
★
President
J. R. Graning, Assistant Cashier
E. A. Johnson, Assistant Cashier
W. F. Cook, Auditor
/// S / o u x
N orthw estern Banker
★
*
*
N ovem ber 1945
74
7 0 th A n n iv ersary This M o n th
//p A R L Y in th e sp rin g of 1875, H. K.
L. Love, th e n residing in D ubuque,
conceived th e idea of organizing a
natio n al b an k in th e sta te capital.”
So began th e m in u tes of th e o rg an
ization of th e Iow a N ational B ank of
Des Moines, w hose sev en tieth b irth d a y
an n iv e rsa ry is being observed th is
m on th by th e Iowa-Des M oines N a
tional B ank and T ru s t Com pany.
U nder date of October 26, 1875, th e
Iow a N ational B ank of Des Moines
w as c h a rte red by th e T re a su ry D ep art
m en t of th e U nited States. The b an k
sta rte d b u siness on N ovem ber 1, 1875,
w ith th e follow ing board of directors:
J. F. A nkeny, F re d Getchell, H. K.
Love, C harles P. Reeves, N. G. Hedges,
M. T. V. Bow m an, S. A. R obertson, J.
S. Polk, George H. Maish, C harles
B eckington and O. H. P erkins. Officers
selected w ere H en ry K. Love, p resi
dent, and George H. M aish, cashier.
A uthorized capital w as $100,000 and
th e b an k sta rte d b u siness a t th e n o rth
east co rn er of F o u rth and W aln u t
streets.
F ro m th is early beginning, te n years
T h is w as th e Io w a N a tio n a l B a n k b u ild in g , on th e n o rth e a s t c o rn er o f
F o u rth a n d W a ln u t S tre e ts , D es M oines, as i t looked in N o v e m b er, 1875.
T h is m o d ern s tru c tu re , on th e so u th e a s t c o rn er of S ix th a n d W a l
n u t S tre e ts , is the' p re s e n t hom e o f th e Iow a-D es M oines N a tio n a l
B a n k ’ & T ru s t C om pany.
Dfl
banks, here indeed is the per
fect tubular coin wrapper. Packs flat,
to save storage space, but pops
open instantly and perfectly when
pressed between thumb and finger.
Six colors for six different coins,
each fitting perfectly. One trial will
F re e Sa m p les
W rite t o d a y , to D ept.
G
*Jlte C* L D O W N E Y C om pany
HANNIBAL, MISSOURI
W otldli Jla*qeèt Mf/U. oh Coin Wlapp&U
N orthw estern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 19k5
follow ing th e close of th e Civil W ar,
w h en U lysses S. G rant w as presid en t
of th e U nited States, has grow n th e
larg est b an k in th e S tate of Iowa, w ith
to tal resources today in excess of $100,000,000 and capital funds in excess of
$5,000,000.
A ctually th e h isto ry of th e b an k goes
back even fa rth e r th a n 1875. It w as
in 1917 th a t th e C itizens N ational B ank
m erged w ith th e Iow a N ational Bank.
The p riv ate banks ahead of th e Citi
zens N ational B ank date back as far
as 1869, at w hich tim e th e p rivate
b an k in g firm of Coskery and Ulm w as
organized.
P receding th is p a rtn e r
ship w as th e p riv ate b ank organized
in 1868 by Jo h n W. Ulm.
In 1929, th e Iow a N ational Bank,
th e Des Moines N ational B ank and th e
Des Moines Savings B ank and T ru st
Com pany m erged to form th e Iowa-Des
Moines N ational B ank and T ru st Com
pany. The Des Moines N ational B ank
w as organized in 1881, b u t th e IowaDes Moines N ational B ank and T ru st
Com pany has operated u n d er th e ch ar
te r g ran ted originally to th e Iow a N a
tional Bank.
Officers of th e b an k today include
H erb ert L. H orton, president, and Al
b e rt J. R obertson, vice president. In
th e d e p artm en t of com m ercial b an k
ing, Jo h n de Jong, H a rry H. Sivright
and H arold P. Klein, vice presidents;
George D. Jorgensen, a ssistan t vice
president, and G erald O. Nelson, as
sista n t cashier. D ep artm en t of banks
and bankers, E rw in W. Jones, C lar
ence A. Diehl and E v e re tt M. Griffith,
O UR 5 0th Y E A R
75
T
.he hundreds of banking institutions
throughout the nation that have been
our correspondents continuously for 10,
25, 50 years and more, know their ac
counts will continue to receive the same
prompt service and personal attention in
the future that have been characteristic
of Central Hanover in the past.
CENTRAL HANOVER
BANK AND TRUST COMPANY
NEW YORK
M em b er F ed eral D eposit In su ra n c e C o rp o ra tio n
O UR 50th Y E A R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern B anker
N ovem ber 1945
76
•
vice p residents. D ep artm en t of bank
adm in istratio n , H a rry G. W ilson, vice
p resid en t and cashier; R. L. Chase and
Jam es F. H art, a ssista n t vice p re si
dents; Jam es B urson, a ssista n t cashier;
R obert L. Carson, com ptroller. Bond
d ep artm en t, S herm an W. F o w ler and
A rth u r H. Keyes, a ssista n t vice p resi
dents, H a rry L. W estphal, a ssista n t
cashier. T ru s t d ep artm en t, Clyde H.
Doolittle, vice p resid en t and tr u s t of
ficer; W. F. Howell, C. R eam D au g h rity
IOWA
NEWS
•
and F ra n k lin F. Robinson, a ssistan t
tr u s t officers. M ortgage loan d e p a rt
m ent, Orville M. G arrett, vice p resi
dent, L aird M. F ry er, assista n t vice
president.
T oday’s board of directors includes
th e following: F re d Bohen, W. H.
B renton, G ardner Cowles, Jr., H erb ert
L. H orton, Louis C. K urtz, M. M andel
baum , Jos. M uelhaupt, E. H. Mulock,
Amos C. Pearsall, A lbert J. R obertson,
Oliver P. Thom pson and Carl W eeks. #
V ETERA N S TELL US A BO U T
G . I. LO A N S
(C ontinued from page 16)
economic u n certain ties w ith th e prob
able technological changes m ay be a
subject to cover. B ut in all these dis
cussions you w ill find diplom acy v ery
necessary because th e v e te ra n ’s en
thusiasm , on his re tu rn to civilian
life w ith a desire to escape reg im en ta
tion and re strictio n and now to be
come his own boss w ith th e ap p aren t
freedom from restrictio n , carries him
aw ay and m akes him susceptible to
u n sound v en tures. The norm al diffi
culties of any business v e n tu re should
be disclosed to th e inexperienced.
You w ill not expect th e v eteran to
rely en tirely upon yo u r com m ents
b u t should invite him , or b etter yet,
arran g e for him to consult w ith local
groups such as v eteran s re fe rral cen
ters,
Legion
com m ittees,
county
agents, trad e associations or any o th er
group or individual w ho can give him
sound p ractical inform ation.
Plenty of Time
The tim e provisions of th e regula
tions definitely p erm it v eteran s to
proceed carefully to get all necessary
inform ation, train in g , or experience
before actually applying for th e loan.
F u rth erm o re, it is ap p aren t th a t th ere
w ill be less detail w hen th e am end
m en t to th e p re se n t legislation is
com pleted.
If th e v e te ra n needs
tra in in g in a p a rtic u la r line, and it is
ap p a re n t he is not qualified, in our
opinion, to conduct his ow n business,
we recom m end him to some civic
m inded, successful business m an in
th a t line to see if a job can be a r
ranged u n til experience and know l
edge can be acquired, or we refer the
m an to our v eteran s re fe rral center
w here th e re is on file a list of m en
w hose ta le n ts business m en in various
lines are seeking.
a r
ST. L O U I S
!
S t.
Louis.. .and the Automotive Industry
Prior to the W ar, the production
o f automobiles a n d automobile
e q u ip m e n t ra n k e d se c o n d in
value of products manufactured
in the St. Louis industrial area.
A lready p la n s are b ein g m ade
for a great peacetime expansion
of such production.
As have others, this industry has
recognized a n d b e e n a id e d by
the strategic, central location of
St. L ouis...particularly th e city’s
MERCANTILE
In addition to all th is we m u st be
su re th e v eteran is confident of his
ability to pay and can concretely o ut
line his reason for th a t confidence.
M any overlook th e am ount of m o n th
ly paym ents w hich w ill be req u ired
and fail to com pare th ese paym ents
w ith expected incom e as evidenced by
a budget. No m a tte r how sim ple or
T rust C om pany
ST. LOUIS 1
FEDERAL
It has b e e n th e p riv ile g e o f
M ercantile-C om m erce to w ork
w ith a n d grow w ith th is an d
many oth er industries in the St.
L ouis area. T h e diversified in
dustry o f this city has provided
a wealth of valuable experience
th a t is always at th e service of
our correspondent banks.
COMMERCE
B a n k and
MEMBER
unexcelled facilities for econom
ical, nationw ide distribution.
M ISSO U RI
DEPOSIT
INSURANCE
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
CORPORATION
.' 1
N o rth w estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 1945
F. E. DAVENPORT & CO.
OM AHA
OUR 50th YEAR
77
cu rso ry th e b udget m ay be it is all
im p o rtan t.
So w e find m an y of our applicants
need advisory service w ith co n stru c
tive suggestions as to how to proceed
w ith th e ir fu tu re plans. T his is a
g re a t o p p o rtu n ity to acquire good
w ill and, u n fo rtu n a te ly , th e rev erse
is likew ise tru e.
il B a n k
Rules to Follow
May I say th a t m an y v e te ra n s are
finding th a t th e re is m ore to a G. I.
L oan th a n signing a receip t for $2,000.
N atu rally th e re are safeguards gov
ern in g th e loans. Those th a t are u n
fair and too re stric tiv e w ill u n q u es
tionably be elim inated soon. Good
loans are going to be m ade in in creas
ing n u m b ers as th e ra n k s of re tu r n
ing v e te ra n s continue to swell. R ight
now th e road to b u siness independ
ence is posted w ith a good m any cau
tio n signs for th e v eteran . R ecently,
I saw an adv ertisem en t w ith th e
headline, “Open to All, b ut . .
It
re fe rred to “T he Open R oad”-—A m er
ica’s h ighw ays serv e everyone; open
to all. B u t th e road has its ru les for
th e p ublic’s protection; know n to
everyone, observed by all, b u t a v ery
few. L ike th e public h ighw ays th e
G. I. Bill and th e o rd erly d ispensation
of cred it have th e ir rules. Those w ho
are u nable to judge values, or are u n
w illing to rely on factual in fo rm atio n
as a basis for jud g in g v alues or w ho
cannot afford to tak e th e risk s should
rem ain off th e highw ay. R isk is in
separable from ow nership.
Some
degree of risk is inescapable b u t ju s t
as know ing how to driv e a car safely
can reduce hig h w ay risk, so b e tte r
know ledge, experience, and tra in in g
can reduce th e risk in h e re n t in ow n
ership. H ave all th e facts—know th e
risk s. I t is u nw ise to re ly on ru m o rs
or im pulses. A gain I say th e road to
bu sin ess independence is posted w ith
a good m an y caution signs for th e
v eteran . B u t it seem s to m e th ese
caution signals are n o t discourage
m ents, b u t m erely yellow lig h ts th a t
u rge th e v e te ra n to proceed w ith care
—n o t to ru s h into a n y th in g —to be
su re he know s w h a t h e ’s tackling.
(To n e x t page)
mmÈÊxmamM
The " Y E L L O W B O Y "
Is D i s t i n c t i v e W i t h T h e D r o v e r s N a t i o n a l B a n k
This advice is well known to bankers whose customers ship livestock to the
Chicago market. It has been in constant use for more than 40 years. Its
familiar appearance daily assures hundreds of correspondent banks that the
“proceeds” may be paid out to their customers immediately. It is the symbol
of fast service and accuracy.
Your Chicago Account Is Invited
DROVERS NATIONAL BANN
DROVERS TRUST 0 SAVINGS BANN
UNI ON
STOCK
YARDS,
CHI CAGO
M em ber F ederal D e p o sit Insurance C orporation
Insurance Counselors to Banks
D id, you know that this company has specialized in
Bank Insurance since 1 9 1 9 —that it has the inside view on Bank
insurance problems? Consult us freely at any time.
FIRST
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N A TIO N A L
BA NK
BU ILD ING
Scarborough
S i Company
•
CHICAGO
3,
ILLINOIS
N orthw estern B anker
• STATE
4325
N ovem ber 194-5
78
The aim of th e G. I. L oan is to open
th e door of o p p o rtu n ity for th e th o u
sands of young A m ericans re tu rn in g
to th e ir co u n try w ith th e dream s, th e
vigor, an d th e courage w hich will
help build a g re a te r and stro n g er
A m erica for us all. W e as b an k ers
should ex h au st all in g en u ity to m ake
all possible sound loans to veteran s
on our ow n responsibility or w ith th e
G. I. G uarantee. If th e credit appears
sound and y o u r b an k cannot m ake the
loan because of legal restrictio n s or
policies refer th e credit to some one
w ho can consum m ate it. A rrange it
for th e v eteran —y o u ’ll have his good
w ill ju st the same. W here th e loan
is not econom ically sound offer your
b est guidance to p re v e n t a possible
su b sequent loss or d isaster for th e
individual v eteran. U nsound credit is
not th e m otive of th e G. I. Bill.
FIVE W A Y S TO HELP
TH E VETERAN
(C ontinued from page 17)
dynam ic leadership w ith plenty of
im agination and courage. This is no
job for a parade or hom ecom ing cele
bration. A little tem p o rary publicity
w ill be no su b stitu te for constructive
and continuous effort. H ere is a mansized job. B ut th e resu lts w ill be
w o rth th e effort.
quietly, quickly and in a personal manner
1. M ake th e com m unity physically
J A Y A. W E L C H
attractiv e. Of course, any hom e tow n
BA N K BROKER
Haddam. Kansa?
One girl to another: “I ’d m arry F red is going to look good to a re tu rn in g v e t
if
he w ere rich or ta lle r or b e tte r look eran, especially afte r overseas duty.
“36 Years Practical Banking Experience”
B ut w ill y o u r com m unity look good to
ing—or if h e ’d ask m e.”
him afte r he has been hom e for several
m onths?
A good m any sm all tow ns could
stand a drastic face-lifting treatm en t.
B uildings are too often allow ed to de
terio rate u n til th ey literally fall down.
P ain tin g is th e exception ra th e r th a n
th e rule. W eeds grow up and fall
down. J u n k is dum ped on vacan t lots.
All of th is m ay be due to laziness, eco
nomics, or ju s t plain cussedness. But,
w h atev er th e cause, no person w ith th e
altern ativ es of choice w hich m ost v e t
eran s w ill have, w ill choose to live in
a tow n w ith a run-dow n-at-the-heels
look.
2. Make a place in th e economic life
of th e com m unity for th e re tu rn in g
v eteran. This is not a m a tte r of a rti
ficially creating jobs. R ather, it is a
question of attitu d e —th e developm ent
of an attitu d e of encouraging com pet
itive businesses to locate in a com
m u n ity and of seeing to it th a t th e
IL L IO N S o f dollars are n o w being sent to Europe
m any service businesses needed by a
by g e n e ro u s A m ericans to assist needy relatives and
sm all tow n are established.
Too often a new com er in a sm all
friends. Based o n ex p erien ce after the last w ar, such re m it
tow n (and th e re tu rn in g v eteran s w ill
tances w ill ru n in to h u n d re d s o f m illions annually—and
be ju s t th a t) is m et by a stand-offish
y o u r b ank u n d o u b te d ly has custom ers w h o w ill req u ire
a ttitu d e in his efforts to set up a b u si
this service.
ness. The v e te ra n does n o t expect
p referen tial treatm en t. B ut he should
It is n o t necessary fo r y o u to establish costly connections
be encouraged to engage in business in
w ith fo re ig n co u n tries to re n d e r this service. R ig h t here in
his hom e com m unity and th u s add to
C hicago, w e have th e necessary facilities to tra n sm it funds
its productive w ealth.
In th is connection, no com m unity
to any c o u n try by m ail, airm ail o r cable at a m o d erate cost.
should overlook th e G. I. Bill of R ights,
W e w ill supply th e necessary form s, b e a rin g the nam e o f
and th e m o n etary benefits w hich it
only your b an k , and k eep you fully p o sted .
provides. T his m oney, if earned and
W h y n o t consult us n o w ? W e are ready to serve you.
spent in th e com m unity is going to
am ount to a su b stan tial total. F ro m
a pu rely selfish view point, th in k of th e
A M E R IC A N N A T IO N A L B A N K
v e te ra n as a custom er—a custom er
who, in m any cases, w ill have sub
AI\lD T R U S T C O M P A N Y
stan tial credit u n d er th is G. I. Bill.
OF CHICAGO
T hink of him only as a custom er, and
it w ould be ra n k foolishness n ot to
LA S A L L E S T R E E T fl AT W A S H IN G T O N
give him every possible encourage
Member Fédérai Deposit .'Æjl Jl I g S ; Insurance Corporation
m ent to stay in th e com m unity and add
his p u rch asin g pow er to its w ealth.
SB 0
3. M uch of th e social and recrea
tional life of th e com m unity is b u ilt
O U R
B U S I N E S S
I S
T O
H E L P
B U S I N E S S
around th e activities of its schools,
BanksSoldorBought!
M
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 19b5
O U R 5 0 th Y E A R
79
ch urches and m unicipal governm ents.
If th e com m unity is to be a ttra c tiv e
to th e re tu rn in g v e te ra n s (m any h a v
ing acquired fam ilies d u rin g th e w a r
y ears), th e local in stitu tio n s m u st be
strong. A nd th e financial stru c tu re s
of th ese in stitu tio n s m u st be sound.
H ere, th e local b a n k e r’s special tr a in
ing w ill be especially helpful. Mem
b ersh ip on school and ch u rch boards
and on to w n councils is u su ally a
p re tty th a n k le ss job. B ut it w ill be
absolutely necessary th a t th e b an k er
shou ld er p robably m ore th a n his fair
sh are of th is resp o n sib ility if these
o rganizations are to c a rry on success
fully.
Adequate Housing
4. Above all else, th e non-urban com
m u n ity can offer good living condi
tions. B ut it can offer th ese only if
p len ty of ad equate h ousing is avail
able. E x ten siv e plans have been m ade
for p o stw ar h ousing in th e cities. A
sim ilar p ro g ram m u st be devised and
follow ed th ro u g h in every to w n and
com m unity. B ecause of his in tim ate
connections w ith local finances and
re a l estate th e co u n try b a n k e r w ill be
able to give m uch help here. A nd a
good h o u sin g p ro g ram w ill not only
provide hom es; it w ill provide a good
m any jobs.
5. No com m unity w h ich expects to
hold its re tu rn in g v e te ra n s can o ver
look th e need for p le n ty of recreatio n al
facilities. Sw im m ing pools, sp o rts p ro
gram s, te n n is and horseshoe courts,
dancing places, fishing stream s and
lakes, lounges and lib raries m u st be
available. T hese a ttra c tio n s are offer
ed in th e cities. T hey w ill be an im
p o rta n t factor in en couraging th e v e t
eran s to locate th ere, u nless th e ru ra l
areas offer sim ilar inducem ents. In
th e ru ra l areas th ese facilities m u st be
b u ilt, m anaged and financed by v o lu n
te e r labor and effort. P e rh a p s th e y
m ay not have th e sam e size or elabor
ate c h a ra c ter of tho se in th e u rb a n
com m unities. B ut th e y can be m ade
The "Old Court House”, Broadway and Market Street, St. Touts,
which now houses an interesting historical exhibit. The 100th
anniversary of its opening was celebrated on February 21, 1945.
VVe were pioneers in many of
the modern facilities offered to
out-of-town banks today. The
benefits are available to you.
MEMBER
FEDERAL
DEPOSIT
INSURANCE
CORPORATION
Mr. Banken
D o y o u k n o w ilia! E V E R Y
MONTH
MORE
B A N K S becom e su b scrib e rs to
D . A . S . AGRICULTURAL DIGEST
I h e r e is n o o th e r a g r ic u ltu r a l in fo r m a t io n se r v ic e j u s t lik e it.
F o r s a m p le r e le a s e s a n d f u r th e r in fo r m a t io n w r ite to
D oane
Y o u S h o u ld
O U R 5 0 th Y E A R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
H a v e
It!
A g r ic u ltu r a l S e r v ic e ,
Box 603, 206 Plym outh Bldg.
Inc.
D e s M o in e s 9 , Io w a
H om e Office— St. L o u is
N orthw estern B anker
N ovem ber 1945
80
•
easily accessible, reasonable in adm is
sion, and available to all.
Obviously, th e co u n try b a n k e r need
not c a rry th e full load of all of these
responsibilities. T hey m u st be com
m u n ity projects. Consider, how ever,
th a t th e m edical profession actu ally is
perfo rm in g m iracles in re h a b ilita tin g
th e bodies and m inds of w arw eary,
w ounded and m aim ed m en.
The
co u n try b a n k e r is in a position to aid
m aterially in re h a b ilita tin g th e eco
nom ic c h a ra c ter of th e v eteran s. B ut
th a t is only p a rt of his o p p o rtu n ity and
responsibility. He can seize th is op
p o rtu n ity to re h a b ilita te his com
I O W A
N E W S
•
m unity. F o r these ru ra l com m unities
and sm all tow ns w ill surely be recon
stru c te d or th ey w ill die. In th e post
w a r w orld th ere is no m iddle ground.
The fu tu re of th e co u n try b an k er is
in ex tricably tied up w ith th e fu tu re of
his com m unity, and th e op p o rtu n ity
w hich is th e re afforded th e re tu rn in g
v eteran . # #
Des Moines News
R aym ond W. Jones has been elected
a ssistan t tru s t officer and L oren W .
C artw right nam ed as field re p re se n ta
tive in th e F a rm M anagem ent D epart
m ent of th e C entral N ational B ank and
T ru st Company.
Mr. Jones, recently discharged,
Long M ay She W ave!
“H ere comes th e parade. W h ere’s
a u n ty ? ”
“She’s u pstairs, w aving h e r h air.”
“Goodness! Can’t we afford a flag?”
CO N SU LT
T H IS B A N K O N Y O U R
U . S. G O V E R N M E N T SECURITIES
a n
-Z A_
e x p e r ie n c e d
investm ent staff is ready to serve
RAYMOND w. JONES
Assistant Trust Officer
served approxim ately th re e y ears w ith
th e U. S. A rm y. He is a grad u ate of
O klahom a U niversity, D rake U niver
sity Law School and is a m em ber of
your needs in connection w ith eith er the purchase
or sale o f U. S. G overnm ent Securities. Here is m ain
tained current inform ation usually needed by those
interested in such issues. T his long established Chicago
bank, a dealer in U. S. G overnm ent Securities, invites
your inquiries.
Send fo r our booklet,
"United States Government Obligations”
Bond Department
THE NORTHERN
TRUST COMPANY
T elep h o n e: Fran k lin 707 0
A T & T T eletype: CG 368
50 S o u t h L a S a lle S tr e e t . . . C h i c a g o 9 0 , I l l i n o i s
LOREN W. CARTWRIGHT
Farm Management Department
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 19^5
OUR 50th YEAR
81
•
th e Iow a S tate and A m erican B ar A s
sociations. He w as engaged in th e
p ractice of law p rio r to e n te rin g th e
service.
Mr. C artw rig h t atten d ed D rake U ni
v e rsity th re e and one-half years. He
w as fo rm erly associated w ith th e H. V.
P a tte rso n F a rm M anagem ent Com
p an y of Boone for six y e a rs as field
re p re se n ta tiv e and also w ith th e Jo h n
P. C laasen Com pany of O m aha for four
y ears in a sim ilar capacity.
L. N evin L ee, vice p resid en t of th e
B an k ers T ru st Com pany, last m onth
atten d ed a m eeting for executives of
m ortgagee in stitu tio n s called by R ay
m ond M. Foley, com m issioner of F e d
eral H ousing and held a t W ashington,
D. C. T he p urpose of th e m eeting w as
to discuss proposed changes in th e
reg u latio n and ad m in istratio n of th e
N ational H ousing Act and for b ro ad
ening and sim plifying services offered
by th e F ed eral H ousing A d m in istra
tion. Those atte n d in g th e tw o day ses
sion gave th e m eeting n ationw ide re p
resen tatio n .
The passbook and th e old p en and
in k receipt, b oth p ro m in en tly identified
w ith com m ercial b an k in g since its
early inception, are being replaced a t
th e C en tral N ational B ank and T ru st
Com pany, w ith a new m ethod of m a
chine receip tin g of checking account
deposits.
E. F . B u ck ley, president, said, “It
w as w ith th e desire to fu rn ish th e b est
b an k in g service available th a t we de
cided to replace pen-and-ink receip tin g
w ith th e latest m ethod of m achinereceip tin g checking account deposits.”
T he new sy stem w ill not req u ire
checking account depositors to m ake
any change in th e p re p a ra tio n of th e ir
deposit slips, y e t it w ill provide th em
w ith b e tte r service, he said.
A ccording to Mr. Buckley, th e Cen
tra l N ational is th e first b a n k in Iow a
to in stall th e new m ethod.
IOWA
/More
NEWS
•
tr a v e le r s c h e c ju e s ...p e r G a llo n
i t
Yes, Mr. Crosby, it doesn’t
N o w that gasoline restric0 tions have been lifted there’s 2 . tak e A m erican s lo n g to
catch on to a good idea—whether
sure to be a big step up in Amer
ican Express Travelers Cheques they’re goin g places by car —or
are going places in our business, eh.
sales, Mr. Baldwin.
/
if
You’re right, Mr. Baldwin.
Absolutely, Mr. Crosby. A ll
0 American Express Travel
0 a motorist needs today is
ers Cheques are ideal for auto
travelers. They’re spendable any
where and should they be lost or
stolen the owner gets a prompt
refund no matter where he is.
the car, the tires and the gaso
line to take him somewhere and
A m erican Express T ravelers
Cheques w ill take care of him
wherever he goes.
w ™
m o re cars o n th e ro a d . , . w ith m o re p e o p le g o in g
p laces . . . th e o p p o rtu n ity fo r s e llin g T ra v e le rs C h e q u e s is
g re a tly e x te n d e d . F o r a d v e rtis in g m a te ria l a n d su g g e stio n s
to h e lp y o u r b a n k c a p ita liz e o n th is in c re a se d m a r k e t w rite to
W . A . S tetser, V ice P re s., A m e ric a n E x p ress C o m p a n y , 65
B ro a d w a y , N e w Y o rk 6, N . Y .
E
TRAVELERS
x p /i&
w
CHEQUES
F o u r v e te ran s w ho w ere fo rm er em
ployes of th e B an k ers T ru s t Com pany
T H E TO Y N A T I O N A L BANK
A D ependable Banking C on n ection
I n t h e h e a r t of d o w n t o w n S i o u x C i t y
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
82
•
have re tu rn e d to th e b an k and th e ir
w ork. T hey are Joe B arnes, Gene
E scher, Don H am m er and John M ona
han.
The C entral N ational Bank and
Trust Company, w hich bought th e ad
joining C rocker building on L ocust
stre e t last Decem ber, w ill spend $75,000 for conversion of th e first and sec
ond floors into b an k in g q u arters.
The budget d ep artm en t, g o vernm ent
bond d e p a rtm e n t and offices for th e
m ortgage loan, real estate loan, G.I.
loan and FH A loan d e p artm en ts will
O
IOWA
NEWS
occupy tw o-thirds of th e first floor.
In addition, a w ide corridor w ill con
nect a new L ocust stre e t en tran ce w ith
th e m ain b anking room.
The tru s t d ep artm ent, p ro p erty m an
agem ent, general bookkeeping, au d it
ing and analysis rooms, and m ail and
clearing house d ep artm en ts w ill oc
cupy th e second floor.
Celebrates 50 Years
On N ovem ber 1, 1945, H. H. Reinhard, vice p resid en t of M ercantile-
N E a d v a n ta g e w h ic h m e a n s a g r e a t d eal to o u r
c o r r e s p o n d e n ts in n o r m a l tim e s — u s in g T h e C o n tin e n ta l’s
m o d e rn , efficien t F o r e ig n D e p a r tm e n t a s th e i r o w n — is
b e c o m in g e v e n m o re u s e fu l a n d p ro fita b le , a s r e s tr ic tio n s
on in te r n a tio n a l tr a d e a r e lifte d .
heC O N T IN E N T A L
T
B A NK
&
T R U S T
N E W
o f
C O M P A N Y
YO RK
30 B R O A D S T R E E T , N E W Y O R K
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
E ffe c tiv e
e o -o r tiin a t io n
o f all d e p a r tm e n ts a s s u re s r a p id , efficien t h a n
d lin g o f e v e ry t y p e o f b a n k in g tr a n s a c tio n . You
a r e in v i t e d t o u s e a n y o r a ll o f o u r f a c ilitie s .
C
it y
N
a t io n a l
A M I TIH ST COMPANY o f
208
SOUTH
•
LA S A L L E
B
a n k
Com m erce B ank and T ru st Company,
St. Louis, celebrates his fiftieth year
w ith M ercantile-Com m erce and its
predecessor, th e N ational B ank of
Commerce.
R einhard sta rte d his b anking career
as an office boy w ith th e N ational B ank
of Commerce, and from th a t date u n
til 1917 had experience in various de
p artm en ts of th e bank. D uring the
h ard w as m ade m anager, and w as re
sista n t m anager of th e collection de
p artm en t. In 1917, w hen th e ban k
opened a savings d ep artm ent, Reinh ard w as m ade m anager, and w as re
sponsible for its organization and
developm ent. Five y ears later he be
cam e a ssistan t cashier and in 1924
w as m ade vice president. He retain ed
this title th ro u g h o u t th e m erg er of th e
N ational B ank of Com m erce w ith th e
M ercantile-Com m erce B ank and T ru st
Com pany in 1929, and is still in charge
of th e p resen t savings d ep artm ent.
To Increase Capital Stock
The directors of The F irs t N ational
B ank of Chicago have called a special
m eeting of the stockholders of th e b ank
for Tuesday, D ecem ber 18, 1945, to vote
on the question of in creasing th e capi
tal stock of th e b an k from $50,000,000
to $60,000,000 by th e declaration of a
stock dividend of $10,000,000 to be
tak en from th e b a n k ’s p re se n t surplus.
The additional stock, if voted, w ill be
d istrib u ted soon a fter th e m eeting De
cem ber 18th, to stockholders of record
Too busy to
write copy
about Dobbs
hats!
W e're putting
all of our time
on the VICTORY
LOAN DRIVE
C h ica g o
STREET
( M E MB E R F E D E R A L D E P O S I T I N S U R A N C E CORP.)
F ran k el’s
OES M O IN ES
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber Î945
OUR 50th YEAR
a t th e close of busin ess D ecem ber 15,
1945. T his action of th e d irecto rs is in
accordance w ith th e p re lim in a ry a n
noun cem en t m ade on S eptem ber 14th
th a t th e b a n k w as m ak in g application
for a u th o rity to in crease its capital
by $10,000,000 th ro u g h a stock divi
dend.
In addition, th e d irecto rs declared a
re g u la r dividend of $2 p er sh are
upon th e p re se n tly o u tstan d in g stock
of th e bank, payable J a n u a ry 1, 1946,
to stockholders of reco rd a t th e close
of business D ecem ber 15, 1945.
b an king experience has been in th e
credit departm ent.
Mr. P enzler began his association
w ith M ississippi V alley T ru st Com
p any in 1923 in th e tru s t departm ent.
In October, 1932, he w as appointed
y a u si C U S T O M E R ’S IN V E N T O R Y
CAN
BE M A D E B A N K A B L E
Bankers:
We
sp e c ia liz e
in
au to m o b ile a n d
w riting
fire in su r
ance.
New Vice Presidents
A t a recen t board of d ire c to rs’ m eet
ing, K en n eth E. Penzler, W illiam F.
Schroer and E ugene J. W alter w ere
elected vice p resid en ts of M ississippi
V alley T ru s t Com pany, St. Louis. All
h ad fo rm erly been a ssista n t vice p re si
dents.
Mr. W alter has been w ith th e tru s t
com pany since 1916, s ta rtin g in th e
financial d ep artm en t, and la te r serving
in th e bookkeeping d e p a rtm e n t and as
m an ag er of th e tra n s it d ep artm en t.
Mr. Schroer began his b an k in g
career w ith th e S tate N ational Bank,
becom ing associated w ith M ississippi
V alley T ru s t C om pany th ro u g h th e
m erg er in 1929. P ractically all of his
S p e c ia l b a n k
serv ice
a ttra c tiv e p r o p o s i t i o n
T h r o u g h o u t th e p a st fo u r years
D e L u x e p e o p le have n e v er been
allow ed to forget that the best way
to get orders in after the wat was to
get them o u t during the war O ur
best postw ar salesmen are the people
in our plants w ho have kept their
for
b a n k e r a g e n ts.
FIELD WAREHOUSING
★
CENTRAL STATES MUTUAL
INSURANCE ASSOCIATION
Mt. Pleasant, Iowa
E. A .
HAY ES,
President
O.
T. W ILS ON ,
Established
S ecreta ry
1929
THE S A L E S JO B
IS C O M IN G UP
Back in 1921 salesmen were falling
by the wayside because they had be
com e soft d uring the "seller’s m arket”
w hich came to an abrupt end in 1920.
T he difference betw een refusing busi
ness in 1919 and scram bling for it in
1921 bro u g h t out the weaknesses and
strength o f m en w ho had to make a
living selling. History repeats itself, and
it may n o t be long before we w ho sell
for a living may have to fight for w hat
we get. T o be conscious o f that now
is to be prepared for the challenge.
Spherical Pressure Tanks
Safeguard Many Products
During Processing
and
thoughts focused on service during
this long, trying period. W e are not
to o sm ug a b o u t th e d e liv e rie s we
have been making, but we are m ighty
grateful for the effort and if by chance
our m en in the field are successful in
m e e tin g th e p o stw a r c h allen g e , it
will, in large measure, be because the
people in the plants backed them up
when they needed it most.
W e hope our sales staff will soon be
back in the field doing the work they
like to do. W e await im patiently those
w ho have been on leave w ith the
armed forces and we are anxious to
release for full-tim e sales w ork those
w ho have rem ained on the job and
who have spent so m uch of their
time in w ork clothes helping us to
fulfill our service obligations.
SAFEGUARDS
fy ***
Working Capital Loans
Many Banks find that they can
convert many of their existing
open line credits into secured
loans and make More Loans and
Larger Loans Safely, when their
customer's marketable inventory
(of raw or finished merchandise)
is Collateralized through an ex
perienced and responsible Field
Warehousing Company.
By our sound, flexible and eco
nomical method of setting up ac
tual warehousing operations on
the premises of your customer's
business establishment, the result
ing inventory collateral becomes
a most acceptable security fo both
Borrower and Lender.
" f y o w i 'P i a te c ti a n
0
0
1. Value of the Merchandise.
2. Our Ability and Know-How sup
ported by our Warehousemen’s
Legal Liability and Employees Fi
delity Bond, underwritten by the
Hartford Accident and Indemnity
Company.
3. Our Record Stands:—Not one
dollar of loss to Lending Agent,
Bonding Company or Ourselves.
c>
W R IT E
N EA REST
TO
O F F IC E
(Complete Information
given —No Obligation)
\ 3ud(l ÜJaxcAüiising BWhicn
Manufacturing Plants at :
N E W Y O R K , C L E V E L A N D , C H IC A G O , K A N SA S C IT Y , ST . PAUL
SERVING
I N D U S T R Y FOR T WE NT Y Y EA RS
G E N E R A L O F F I C E S - ST. L O UI S M O .
C I N C I N N A T I * * * K A N S A S CITY
CHICAGO» DALLAS»MEMPHIS
OUR 50th Y E A R
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Federal Reserve Bank of St. Louis
84
DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION
O ldest In Des M oines
210 6th Ave.
D ial 4-7119
ELMER E. MILLER
Pres, and Sec.
HUBERT E. JAM ES
A sst. Sec.
FOR YOUR ENJOYMENT . . .
Listen to the
“ WORLD OF M USIC”
KRNT, 1350 KC
V
1 to 1 :30 p.m. Sundays
Through 4 wars and many
panics and depressions
KOCH
iu h e is
have weathered the storm. Today,
as in past years, we will continue to
successfully serve Iowa business
men to the best of our ability.
m an ager of th e d ep artm en t th en
know n as th e securities analysis de
p artm en t, b u t since sim plified to th e
in v estm en t departm ent. In 1940 he
w as elected an a ssista n t vice president.
American National Breakfast
One of th e highly enjoyable features
of th e Iow a B ankers A ssociation Con
v en tio n ju s t concluded in Des Moines,
w as th e an n u al b reak fast staged for
v isiting b an k ers and friends by the
A m erican N ational B ank and T ru st
C om pany of Chicago, u n d er th e able
supervision of Vice P resid en t Charles
C i t y D i r e c t o r y ( D e s M o i n e s ) 1944, l a t e s t .
A -l condition.
R e c e n t c o s t $25.00, s e l l
$13.00. C .O . D . o r o n a p p r o v a l .
Irv in W.
R o g e r s , P . O. B o x 1706, L o s A n g e l e s , C a l i
fo rn ia.
K7R.J. FLYNN .Pres.
A
V
S T A T IO N E R S
OFFICE O U TFITTER S
Grand Ave .
at
1889
Fourth
yBUSINESS
BOOK B IN D E R S
MACHINES
jQ x
INC.
1907
P
Sh rru n n & clLa ie S a L e ^
L _______
MOINES
d e u
Des Moin es , Ia .
NOW
M ERC
HANTS
MUTUAL
A V A IL A B L E
NEW!
POLK'S
SEPTEMBER ISSUE OF
B O N D IN G
COM PANY
In c o rp o ra ted 1933
Des M oines, Iowa
•
T his is Iow a’s oldest surety com pany.
A progressive com pany w ith e x p eri
enced, conservative m anagem ent.
PA C K E D w ith the latest and
m ost com plete b an k in g fa'cts
and figures.
M ore th a n a
q u a rte r m illion changes from
prev io u s issue. If you h av en ’t
o rd e re d , reserve a copy by
sending a p o stc ard today.
We are proud of our hundred and
fifty bank agents in Iowa.
T o be the exclusive re p re se n tativ e of
this com pany is an asset to yo u r bank.
R. L. POLK & CO.
431
H o w a rd
St., D e tro it 31, M ich.
W rite to
E. H. WARNER
Secretary and Manager
J
Cal Sivright, d irector of th e A m eri
can N ational B ank and T ru st Com pany
of Chicago, died last m onth in E v a n
ston, Illinois. Mr. S ivright re tire d as
ch airm an of th e board of th e Oliver
F a rm E q u ip m en t Com pany last De
cem ber because of ill health.
Mr. S ivright w as a n ative of H u tch in
son, M innesota, and a g rad u ate of th e
U n iv ersity of M innesota College of
Law. H e served th e M inneapolis Steel
M achinery Com pany for m any years,
and also w as vice p resid en t of th e
M innesota State F a ir before joining
th e Oliver C om pany in 1929.
Mr. S ivright is survived by his
widow, G ertrude, and tw o sons, Sgt.
Jam es M. and Lt. E d g ar S. Also a
b rother, H a rry S. Sivright, w ho is
vice p resid en t of th e Iowa-Des Moines
N ational B ank and T ru st Company,
Des Moines, Iowa.
New in Northwestern National
Home Office
SOUTHERN SURETY BU ILDING
•
E. A. H ayes, p resid en t of th e C entral
States M utual In su ran ce A ssociation of
Mt. P leasant, Iowa, announces th e ap
p o in tm en t of K enneth A. Coates as a
field supervisor, w ith h ead q u arters in
Mt. Vernon. Mr. Coates is well know n
in Iow a ban k in g circles, having been
for y ears w ith th e Peoples Savings
B ank of Craw fordsville, Iowa. The
C entral States is well know n th ro u g h
out Iowa, having been founded in
1929. Mr. H ayes is presid en t and O. T.
W ilson is secretary.
C a l Sivright
d v e i4 i s u u r l o .
'
Coates With
Central States Mutual
D. L. DUNGAN. SecyYS
S in c e
æ A ô m
C. K uning. T his y ear C harlie w as ably
assisted in th e “h o st” d ep artm en t by
A ssistant C ashier W. O. K urtz and
P urch asin g A gent W alter A rm strong.
LOOK IT UP IN POLK'S
T he N o rth w estern N ational Bank,
M inneapolis, th ro u g h Clarence E. Hill,
ch airm an of th e board and chief ex
ecutive officer, announces th e appoint
m ent of M orrow P eyton as re p re se n ta
tive in th e d ep artm en t of banks and
bankers, beginning N ovem ber 1st. Al
though P ey to n ’s p ast four years have
been devoted to th e A rm y, w here he
rose from p riv ate to an honorable dis
charge as a captain on Septem ber 30th
of this year, he is no new com er to th e
h anking fra te rn ity of th e n orthw est.
P eyton is th e son of Jo h n N. Peyton,
p resid en t of th e F ed eral R eserve B ank
of M inneapolis. B orn in D uluth, it
w as his hom e p rio r to atten d in g D art
m outh College and before fulfilling th e
desire to p rep are for a b an king career.
Follow ing his schooling, P eyton
served a y e a r’s app ren ticesh ip w ith th e
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
85
G rafton N ational B ank, G rafton, N orth
Dakota. L a te r in W essington Springs,
South D akota, he w as a ssista n t to th e
liq u id ato r of th e F ed eral D eposit In
su ran ce C orporation. A fter th a t posi
tion he joined th e staff of th e Stock
Y ards N ational B an k of South St. Paul,
w h ere he rem ain ed u n til donn in g a
un ifo rm in N ovem ber, 1941.
SINCE
19 19
TH O M SO N &
M cK
STOCKS • BONDS
COMMODITIES
Fair Warning
Citizen: “Look here, w h a t’s th e idea
of p arad in g dow n M arket S treet w ith
a gun? You h a v e n ’t been elected
sheriff.
G uard: “No, b u t I only got one C h rist
m as card and if th a t’s all th e frien d s I
have, I ’ll need a g u n .”
PUBLISHER’S STATEMENT
Statement of the Ownership, Management, Cir
culation, etc., required by the Act of Congress of
March 3, 1933, of the N
B
,
published monthly at Des Moines, Iowa, for
October, 1945.
1. Name of Publisher: Clifford De Puy, Des
Moines, Iowa. Associate Publisher, R. W. Moor
head, Des Moines, Iowa.
Editor, Henry H.
Haynes, Des Moines, Iowa.
2. Owner, Clifford De Puy, Des Moines, Iowa.
3. That the known bondholders, mortgagees and
other security holders owning or holding 1 per
cent or more of total amount of bonds, mortgages,
or other securities are: None.
C
D
P
,
Publisher.
Sworn to and subscribed before me this 4th
day of October, 1945.
o r t h w
e s t e r n
l if f o r d
H e n r y
e
H .
a n k e r
u y
in n o n
216-218 Empire Bldg.
D E S M OINES
Phone 4-2127
11 W a ll S tr e e t, N e w Y o rk
231 S. L a S a lle St., C h ica g o
B r a n c h e s in 34 C itie s
W rite for our weekly Stock Survey
D IR E C T P R IV A T E W IR E
Hawkeye Mutual Hail
Laverne M. Barlow
Insurance Association
M em b ers N e w Y o rk S to c k E x c h a n g e
an d o th e r p r in c ip a l e x c h a n g e s
Carver Bldg.
M anager
Fort Dodge, Iowa
lÁ J e ó á fln ^
C o u n s e
Plan to use an advertising program of
well worded messages created by
Wessling Services, Des Moines, Iowa
S e r v ic e s
l
o n
P u b l i c
B a n k
R
e
l
a
t
i
o
n
s
D. R . W e s s l in g . p r e s id e n t
2 )e d
H a y n e s ,
(Seal)
‘"ry Public.
(My commission expires July 4, 1948.)
lii/jo in e i 9, S-ow a
Index to Advertisers
A
A d d r e s s o g r a p h S a l e s C o m p a n y ....................
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 ............
A l l y n , A . C. a n d C o m p a n y .................
A m e r i c a n E x p r e s s C o m p a n y .........................
A m e r i c a n N a t i o n a l B a n k a n d T r u s t C o..
33
53
44
81
78
B
B a n k e r s L ife I n s u r a n c e C o m p a n y of
N ebraska
...............................................................
B a n k e r s T r u s t C o m p a n y — D es M o in es. .
B an k ers T ru st C om pany— N ew Y o rk .. .
B u rro u g h s A d d in g M ach in e C o m p a n y . .
32
87
66
49
N
G
G r e e n w a y a n d C o m p a n y .............................. 32
G u a r a n t e e M u t u a l L i f e C o m p a n y .......... 30
G u a r a n t y T r u s t C o m p a n y ............................ 62
H
H a l s e y S t u a r t a n d C o m p a n y , I n c ............ 46
H a m m e r m i l l P a p e r C o m p a n y ................40-4 1
H a w k e y e M u t u a l H a i l I n s u r a n c e A s s n . 85
H e r r i n g - H a l l - M a r v i n S a f e C o m p a n y . . . 68
H o m e I n s u r a n c e C o m p a n y .........................
7
H o n o r R o l l B a n k s o f N e b r a s k a ............ 35
H o r n b l o w e r a n d W e e k s ................................. 46
I
C
C e n t r a l H a n o v e r B a n k a n d T r u s t C o .. . .
C e n t r a l N a t i o n a l B a n k a n d T r u s t C o.. . .
C e n tra l S ta te s M u tu a l I n s u ra n c e A ssn ..
C h a s e N a t i o n a l B a n k ...........................................
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 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 B a n k a n d T r u s t C o m p a n y ..
C o n tin e n tal N a tio n a l B a n k — L in c o ln ...
75
14
83
6
J
82
37
82
39
D
D a v e n p o r t , P . E . a n d C o m p a n y .................37-7 6
D e L u x e C h e c k P r i n t e r s , I n c ........................... 83
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 ............................................................ 84
D i e b o l d , I n c ................................................................. 45
D o a n e A g r i c u l t u r a l S e r v i c e ............................ 79
D o w n e y , C. L. C o m p a n y ...................................... 74
D r o v e r s N a t i o n a l B a n k ...................................... 77
F
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 — L i n c o l n ....................
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. J o s e p h ...............
F i r s t N a t i o n a l B a n k - — S t. L o u i s ..................
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 ............................
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I n v e s t o r s S y n d i c a t e ........................................ 48
I o w a -D e s M o in es 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 .......... ....................................... 88
I r v i n g T r u s t C o m p a n y ................................ 71
70
38
54
36
34
79
73
58
82
Jam ieson
and
C o m p a n y .............................. 59
K
K och B ro th ers
........................................................ 84
L
L a M o n t e , G e o r g 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 .....................
L ive S to ck N a tio n a l B a n k — C h icag 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 ck N a tio n a l B a n k — S io u x C ity .
3
84
23
27
60
M
M a n u f a c t u r e r s T r u s t C o m p a n y ....................
M ercan tile C om m erce B a n k a n d T r u s t
C o m p a n y . . . ; .....................................................
M erch a n ts M utual B onding C om pany. . .
M e r c h a n t s N a t i o n a l B a n k .................................
M errill L ynch, P ierce, F a r m e r & B ea n e
M in n eap o lis M oline P o w e r Im p le 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 s s i s s i p p i V a l l e y T r u s t C o m p a n y ..........
M o n r o e C a l c u l a t i n g M a c h i n e C o r p ............
8
N a t i o n a l B a n k o f C o m m e r c e .........................
N a t i o n a l C o m p a n y o f O m a h a .......................
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 r t h w e s t e r n N a t i o n a l B a n k .......................
34
48
63
80
63
57
O
O m aha
N atio n al
B a n k ...................................... 21
P
P h i l a d e l p h i a N a t i o n a l B a n k ............................
5
P o l k , R . L, a n d C o m p a n y ................................. 84
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 ..........
4
K
R e c o r d a k C o r p o r a t i o n . . B e t w e e n 34 a n d
R e m e r , M i t c h e l l & R e i t z e l , I n c ......................
R o y a l B a n k o f C a n a d a ......................................
R u sse ll C o u n ty B u ild in g an d L o a n A ssn.
35
44
65
48
S
S t. L o u i s T e r m i n a l W a r e h o u s e C o . . . . . . 83
S t. P a u l M e r c u r y I n d e m n i t y C o .................... 53
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 ............... 10
S c a r b o r o u g h a n d C o m p a n y ...................3 9 - 5 2 - 7 7
S t a t e A u t o m o b i l e I n s u r a n c e C o m p a n y . . 52
T
T e n s i o n E n v e l o p e C o r p o r a t i o n .....................
T h o m s o n & M c K i n n o n ........................................
T o d d C o m p a n y ........................................................
T o y N a t i o n a l B a n k ................................................
62
85
65
81
U
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 . . 29
76
84
2
47
V a l l e y S a v i n g s B a n k ...........................................
56
59
72
36
W a l t e r s , C h a r l e s E . , 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 I n s u r a n c e C o ..........
V
69
\Y
N orthw estern Banker
38
78
85
50
N ovem ber 1945
S6
In the
D ir e c t o r s ' R o o m
A P en n y Saved
Just That
A sto ry is told of a young m an w ho
called one evening on an old farm er
to ask him how it w as he h ad becom e
rich.
“It is a long sto ry ,” said th e old m an,
“and w hile I am telling it we m ight
as w ell save th e candle.” A nd he p u t
it out.
“You need not tell th e sto ry ,” said th e
youth. “I u n d e rsta n d .”
“W hat happened to th e little girl
w ho w en t to th e big city w earing those
aw ful stockings?”
“N othing.”
W e D on’t B lam e H im
A P h ilad elp h ian com m itted suicide
and left th e follow ing note:
“I m arried a w idow w ith a grow n
daughter. My fa th e r fell in love w ith
m y ste p d au g h ter and m arried h e r—
th u s becom ing m y son-in-law, and m y
step d au g h ter becam e m y m o th er be
cause she w as m y fa th e r’s wife.
“My wife gave b irth to a son, who
was, of course, m y fa th e r’s brotherin-law and also m y uncle for he w as
th e b ro th e r of m y stepm other.
“My fa th e r’s w ife becam e th e m other
of a son, w ho was, of course, m y
b ro th er, and also m y gran d ch ild for he
w as th e son of m y daughter.
“A ccordingly, m y w ife w as m y
g ran d m o th er because she w as m y
m o th e r’s m o th er—I w as m y w ife’s
husban d and gran d ch ild at th e sam e
tim e—and, as th e h u sb an d of a p e r
son’s g ra n d m o th er is his g ran d fath er,
I am m y ow n g ran d fath er!”
P rize W inner
The v ery b est a fte r d in n er speech
we have ever heard: “W aiter, give me
both checks.”
Joys of M otoring
“You sold m e a car a couple of w eeks
ago. W ould you m ind tellin g m e all
those th in g s you said about it again?
I ’m g ettin g discouraged.”
N ot a Chance
Wife: Do you th in k th e m o u n tain
air w ill disagree w ith me?
H usband: I don’t th in k it w ould
dare, dear.
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N ovem ber 1945
E ffective Then
“Ja n ito r, you could cool our a p a rt
m en t nicely in th e sum m er if y o u ’d p u t
som e ice in th e rad iato rs.”
“C an’t be done, m a’am .”
“W ell, w h at did you have in them
last w in te r? ”
Sam e R esults
F irs t Man: F ew w om en have a
know ledge of p arliam en tary law.
Second Same: Oh, I don’t know.
E v ery w om an usually becomes the
sp eak er of th e house.
Forgot Som ething
“A re you th e m an w ho saved m y
little boy from drow ning?”
“Yes, m a’am .”
“W ell, w h ere’s his h a t? ”
A B it D eep
D entist: T h a t’s strange. H ere’s a
tooth th a t’s n ever been filled and y et
I find b its of gold on m y drill.
P atien t: I knew it—y o u ’ve w orked
y o u r w ay back to m y collar button.
In B etw een
C ustom ary
F riend: W h a t’s y o u r son’s average
income?
F a th e r: F ro m tw o to tw o-thirty a. m.
A ged Him
T he car w as crow ded and th e con
ductor w as irritable.
“W h ere’s th e fare for th e boy?” he
snapped as th e fa th e r handed him one
fare.
“The boy is only th ree y ears old.”
“T hree years old! W hy look at him!
H e’s seven if h e’s a day.”
The fa th e r looked over and gazed
in ten tly into th e boy’s face. T hen
tu rn in g to th e conductor, he said, “Can
I help it if he w o rries?”
Higher Standard
Young Mosquito: “Soft pickings
these days, a re n ’t th ey ?”
Old Mosquito: “Yes, and to th in k
w hen I w as yo u r age I could only bite
girls on th e hands and face.”
Cold R eception
V isitor: “H ow old are you, Bobby?”
Bobby: “I ’m ju st at th a t aw kw ard
age.”
V isitor: “Really? And w h a t do you
consider th e aw kw ard age?”
Bobby: “Well, I ’m too old to cry and
too young to sw ear.”
He kissed h e r in th e g arden—
It w as a m oonlight night,
She w as a m arble statu e—
He w as a little tight.
CONVENTIONS
N eb rask a— Nov. 12, O m aha, H o
te l F on ten elle.
Custom er: “I suspect th a t y o u ’ve
been giving me aw fully sh o rt w eight
for m y m oney.”
Butcher: “W ell, I ’m positive th a t
y o u ’ve been giving me an aw fully long
w ait for m ine.”
M ortgage B ankers of A m erica—
Nov. 15-17, New Y ork City,
H o tel N ew Y o rk er.
A w om an m o to rist posed for a sn ap
F in a n c ia l A dvertisers A ssocia
tio n — Nov. 26-29, H o t Springs,
V irginia, T h e H om estead.
A Sure Thing
From Past E xperience
shot in fro n t of th e fallen pillars of an
ancient tem ple in Greece.
“D on’t get th e car in th e p ictu re,”
she w arned. “My h u sband w ill th in k
I ra n into th e place.”
OUR 50th YEAR
Month of
OPPORTUNITY
Here in America, November brings a great national oppor
tunity—the Victory Loan Drive.
It's our opportunity to show our fighting men that we can
finish our end of the job—just as completely as they finished
theirs.
The fight for Victory is over, but the bill is far from paid.
Millions of men must be brought home. Millions of veterans
deserve our full assistance in retraining themselves for
civilian jobs.
Yes, there's still so much for Bonds to do—so many rea
sons that we Iowa bankers have for devoting our time and
energies to the successful completion of the Victory Loan.
BA N KERS
C O M PA N Y
https://fraser.stlouisfed.org
M E M B E R FEDERAL DEPOSIT IN S U R A N C E C O R P O R A T IO N
Federal Reserve Bank of St. Louis
TR U ST
des moines
C o u rt A v e n u e
L o o k in g
E ast
From C o u rth o u se
A b o u t 1875
A
Me s s a g e
of A p p r e c i a t i o n
A s w e o b se rv e o u r 70th A n n iv e rsa ry , w e w elco m e this o p p o rtu n ity
to th a n k Io w a B anks a n d B an k ers for th eir b u sin e ss. W e a p p r e
ciate, too, y o u r k in d re c o m m e n d a tio n s w h ich th ro u g h th e y e a rs
h a v e b ro u g h t u s so m a n y n e w cu sto m ers a n d friends.
Y our c o n tin u in g co n fid en ce, frien d sh ip a n d good-w ill a re in clu d ed
a m o n g o u r m ost h ig h ly v a lu e d asse ts.
F o u n d e d in 1875 . . . ten y e a rs after the close of th e Civil W a r
. . . th is B ank h a s se rv e d D es M oines a n d the S tate of Io w a sin ce
th e d a y s of the p io n eers.
D oaamA
TOTAL
J la M fe A t H a n J z
RESOURCES
OVER
$100,000,000
Member Federal Deposit Insurance Corporation
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Federal Reserve Bank of St. Louis
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