Full text of The Northwestern Banker : October 1943, Forty-Eighth Year, Number 675

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OCTOBER
1943

A.

L. M. W IG G IN S

P r e sid e n t, B an k o f H a r t s v ille , H a r t s v ille , S o u th C aro lin a .
P r e s id e n t, A m erica n B a n k ers A ss o c ia tio n .
S ee p a g e 00.

N E B R A S K A BUSINESS O U T L O O K G O O D

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Federal Reserve Bank of St. Louis

Page 12

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“ E v e r y P h a s e of B a n k in g ”
The M erchants N ational Bank a p p recia tes the p rivilege
of serving m an y Banks, C orporations a n d Individuals
throughout the m iddle w est, w ho realize the im portance of
a strong fin an cial connection in this area.
To our m an y clients w e offer facilities em b racin g ev ery
form of com m ercial b an kin g plus a h ig h ly sp ecia lized
correspondent service.
A CEDAR RAPIDS BANK

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M ERCHANTS
NATIONAL BANK
OFFICERS
J ames E. Hamilton, Chairm an
S. E. Coquillette, P resident
H, N. B oyson, Vice P resid en t
Roy C. F olsom, Vice P resid en t
Mark J. Myers, V. Pres. & C ashier
George F. Miller, V. Pres. & T r. Officer
Marvin R. S elden, Vice P resident
F red W. S mith , Vice P resid en t
J ohn T. H amilton II, Vice P resident
R. W. Manatt , A sst. C ashier
L. W. B roulik, A sst. Cashier
P eter B ailey, A sst. C ashier
R. D. B rown, A sst. C ashier
O. A. Kearney, A sst. Cashier
S tanley J. Mohrbacher, A sst. C ashier
E. B. Zbanek , Building M anager

Cedar R ap id s

Io w a

Member Federal Deposit Insurance Corporation

N o rth w e ster n B an k er, p u b lish ed m o n th ly by 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 t., D es M oines, Io w a . S u b scrip tio n , 35c p er cop y, $3.00 per year
E n tered a s S econ d C lass M atter 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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• If you are in need of A dding Machine Equipment
you are privileged to enter with the war produc­
tion board an application on Form PD-1688.
Call our nearest office for further information.
As a part of our efforts to manufacture vital war
supplies w e are also building a limited number
of Adding Machines.

ALLEN # WALES
ADDING MACHINE CORPORATION


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Federal Reserve Bank of St. Louis

4 4 4 Madison A venue, New York, N. Y.

? / 4

At Valley Forge, at Trenton— somewhere, Gen­
eral George Washington uncovered an Amer­
ican principle that will win this war for us. He
d iscovered th a t A m ericans, sho u ld er-to shoulder, can generate an extra effort that’s
often the margin of victory.
It’s working today— just as it did in our orig­
inal battle of freedom. Of course, our soldiers
aren’t ragged and hungry as Washington’s men
often were— but you’ll notice those medals the
boys are winning are rewards for merit beyond
the line of duty.
It holds for the home front, too. We7ve
noticed it in the fire insurance industry. There
are fewer men available, severe transportation
difficulties, and more work than ever. Yet pro-

/ l

tection is still being given— you don’t see any
signs “ Sorry, No Insurance.” And just for good
measure, you’ll notice that insurance agents
are in the forefront of civilian defense activities.
Our company keenly feels the need to con­
tribute our modest “ something extra” , so . . .
All new gross premiums collected by The
Home for the balance of 1943 are being invested
in War Bonds— OVER and ABOVE its normal
bond purchases.

* THE HOM E *
N E W
FIRE

★

A UT O MO B IL E

N in etieth A n n iversa ry Year

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Federal Reserve Bank of St. Louis

t w

Y O R K
★

MARINE I N S U R A N C E

5

"You Overlooked Our
Governments"
‘ ‘ In the A ugust issue of th e N o r th w est ­
B a n k er , you were good enough to in ­
clude th e A m erican N a tio n a l B ank of N a sh ­
ville in the lis tin g of larg e city banks show­
ing th e ir J u n e statem en ts.
“ U n d e r the h ead in g ‘ B onds and Se­
c u ritie s ’, you show ed the am ount as $10,592,920. I n re fe rrin g to our sta te m en t, we
find th a t, exclusive of U n ited S ta te s Gov­
ern m en t securities d irec t a n d /o r fu lly g u a r­
anteed, the to ta l w as $10,802,853.26, which
if add ed to the G overnm ents of $73,527,968.74 w ould m ake a to ta l of $84,330,822.00.
“ We assum e th a t your sta tis tic ia n over­
looked our G overnm ents, w hich a re the p rin ­
cipal p a rt of our investm ents, in m ak in g
up th is to ta l. E nclosed is a copy o f our
J u n e 30th sta te m e n t fo r your files, an d we
a g a in w ish to th a n k you fo r including our
ban k in the classification d e sig n ated a b o v e .”
C. H . W etterau , Vice P re s­
id en t, The A m erica n N a tio n ­
al B a n k , N ashville, Tenn.
ern

"Appreciate What You Said"
“ Y our e d ito rial reference to me u n d e r the
h e ad in g ‘D ear Jesse J o n e s ’ in th e A ugust
issue of th e N o r th w estern B a n k er , has
been called to m y a tte n tio n .
‘ ‘ I w a n t you to know th a t I a p p re c ia te
w hat you h ad to say.’ ’
J e s s e H . J o n e s , Secreta ry o f
Commerce, W a shington, D. C.

"If You Are Right, God Pity
My Grandchildren"
“ C a n ’t you find some o ther day the
N o r th w estern B ank er would reach th is
office th a n a M onday m orning? I t gives me
a b a d s t a r t fo r th e week. F o r instance,
th is m orning, I d o n ’t know ju s t why I
did it, b u t I tu rn e d to y our te x t ‘ A cross
th e D e sk .’ P ro b a b ly I ju s t in te n d e d to
look a t the p ic tu re of the nice-looking fe l­
low up th ere in the corner w ith o u t any in ­
te n tio n o f re a d in g w h a t he said.

“ Seriously, I am d istu rb ed th a t you
should m ake such com plim entary rem ark s
about R oane W arin g , the Com m ander of
the A m erican L egion.
L eaving out your
an d his tira d e a g a in st H e n ry W allace, I am
th in k in g m ore ab o u t his isolationism .
I
ju s t c a n ’t believe th a t he speaks fo r th e
m a jo rity of the A m erican Legion. I f th a t
is tru e , th en I would feel th a t it would be
ju s t as well fo r m y boy to be in some con­
c en tra tio n cam p as a Conscientious O bjector
in stea d of being in the A rm y. I f W arin g
is speaking fo r the m a jo rity of the A m eri­
can people, then th is w ar is being fo u g h t
ju s t as m uch in vain as the la s t one. T here
were a few of us who fe lt, when th a t little
h a n d fu l of sen ato rs p revented us from jo in ­
ing th e L eague of N atio n s, we were headed
fo r a n o th e r w ar.
‘ ‘ T hen w hen the A m erican people, tu rn e d
to N O R M A L C Y w ith H a rd in g , F a ll, H oov­
er, an d D ougherty, th ey m ade a n o th e r w ar
certain .
“ I f it happens th a t we now tu rn to
B ricker, T a ft, V an d en b erg or Dewey, th en
we are headed a g ain , ju s t as sure as can
be, in to a n o th e r w ar.
“ H onestly, I ’m d istu rb ed w hen I see a
p u b licatio n of your influence b ack in g W a r­
ing, who seems to belong in the sam e c a te ­
gory as L in d b erg h , N ye, W heeler, and the
re st of th e ir ilk. A g ain I hope you are
w rong.
I f you a re rig h t, God p ity m y
g ran d ch ild ren . ’ ’
E . II. W arner , Secretary
and Treasurer, M erchants
M u tu a l B o n d in g Com pany,
T)es M oines.
T he fo llo w in g l e tte r is a n a n sw e r b y
Roane W a rin g to th e one above fro m E. H.
W arn er.

"No Place for an Isolationist
Nation"
‘ ‘ I have your le tte r enclosing
of one E . H . W arn e r, who m akes
m ent th a t I am an iso latio n ist.
ner is e n tirely w rong a n d has

criticism
the s ta te ­
M r. W a r­
evidently

based his assum ption upon excerpts fro m
some of m y addresses which have been p u b ­
lished an d which did not sta te fu lly m y po­
sition on th e fu tu re peace.
“ In every a d d ress I have m ade I em ­
p h a tic ally sta te d th a t I w as not an iso la­
tio n is t; th a t th e re was no place in this
w orld fo r an ‘iso latio n ist n a tio n .’
‘ ‘ A g ain I have s a i d : ‘ A m erica can never
a g ain craw l into a shell and rem ain th ere
while the w orld crashed aro u n d her. ’
“ I have rep eated ly said th a t ‘A m erica
should and m ust tak e a definite sta n d , in con­
cert w ith other peace-loving natio n s, fo r the
secu rity of th e w orld. ’
“ W e cannot co n stitu tio n a lly , by tre a ty
or any other act, o ther th a n am endm ent to
the A m erican C onstitution, give the a u ­
th o rity to any in te rn a tio n a l trib u n a l, w h e th ­
er we call it a w orld court or not, to, by a
decision, order out the arm ed forces of
A m erica to en fo rce one of its decrees. We
m ust come back to Congress in the long
ru n to declare w ar.
I t is p e rfe c tly all
rig h t, an d I tho ro u g h ly approve of a tre a ty
w ith G reat B rita in and such other n atio n s
as we m ay desire, b in d in g ourselves to p ro ­
te c t th e peace of th e w orld and b in d in g
ourselves, if th a t peace is broken, to go out
an d fight an d p ro tec t it, b u t we can only
fight when Congress, recognizing its ob­
lig a tio n un d er th a t tre a ty , w hich I am sure
it would do, declares w ar. W e cannot a t th e
tim e m ake the tre a ty , set up an in te rn a ­
tio n a l court of which we are only one m em ­
ber, an d give it the a u th o rity to call out the
in te rn a tio n a l police force, including A m eri­
c a ’s A rm y and N avy, w ith o u t the sanction
•of Congress a t the tim e given.
“ I a p p rec ia te very m uch your e d ito rial
in the S eptem ber N o rth w ester n B a n k er
an d I am q uite sure th a t you w ill agree
w ith me th a t we have no a u th o rity in the
w orld to delegate to an in te rn a tio n a l court
or super-governm ent th e rig h t to declare
w ar fo r A m erica, and th a t is the only th in g
th a t I have ever opposed. I am th oroughly
in fa v o r of the stro n g e st tre a ty th a t can
be w ritte n , c o m m itting us in concert w ith
G reat B rita in and such other n a tio n s as we
desire to choose, to preserve and p ro tec t
the peace of the w orld. ”
R oane W aring , National.
Com m ander, The A m erican
L egion, India n a p o lis, In d .

"Time to Break Silence"
“ The e d ito rials in the Septem ber issue
of th e N o rth w ester n B anker should be
a n in sp ira tio n to all p a trio tic A m ericans
to publicize and if necessary criticize the
a cts and aim s of public officials.
“ F o r th e p a st te n y e ars we have been
hushed into silence w ith th e th re a t th a t it
was u n p a trio tic to criticize those close to
the top in th e a d m in istratio n .
“ I t is now tim e fo r us to uncover the
m ism anagem ent an d deceit of those who have
assum ed a u th o rity as well as to comm end
the honest, endeavor of those who have
proven them selves efficient and w orthy.
“ The N o r th w estern B a n k er has been
doing a good jo b along th is line an d all
loyal A m ericans should jo in w ith y o u .”
A. J . Cray , P resid en t, E x ­
change S ta te B a n k , L im e
S p rin g s, Iow a.
( T u r n t o p a g e 70, p l e a s e )

Nurthivestern Banker

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Federal Reserve Bank of St. Louis

October 1943

6

"You can Bend that White Oak—with your Hands”
H e a r t o f w h ite oak , w h ic h o n c e had to

n eed ed a la rg e part o f th e co u n try ’s avail­

be treated fo r a year b efore it w as fit for

ab le su pp ly o f heart o f w h ite oak.
In

the “ r ib s” o f P T b oats and o th e r vital

c o n ju n ctio n

w ith

th e

co m p a n y ’s

naval craft, n o w g o e s to sea in a fraction

lo c a l bank, th e C hase p ro m p tly h elp e d

o f th e form er tim e. T h e r e ’s a reason .

to finance th e p u rch ase o f n eed ed m ate­

A M id -w e st lu m b er com p an y had a

rials— w ith th e resu lt that th e o p era tio n s

secret p r o c e ss, by w h ic h lu m b er is treated

o f th e com p an y have b een sp e e d e d —

in great vats to m ake it several h u n d red

m ore P T b oats are in a ctio n and just

tim es more p lia b le than n orm ally. G iant

that m uch

k iln s th en redu ce a year’s d ryin g tim e to

again st th e A x is so o n e r . In w ays su ch as

tw o w e e k s. B ut— to p ro d u ce th is treated

th is, b a n k in g , o n m any fro n ts, is h e lp in g

lu m b er o n a w artim e sca le— th e com p an y

to sp eed victory.

m o re

p ressu re

is

b rou g h t

THE CHASE NATIONAL BANK
OF
Northwestern Banker

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

October 1943

THE

CITY

OF

NEW

YORK

/

O CTO BER

1 94 3

N ORTHW ESTERN
N U M B ER 675

F O R T Y - E IG H T H Y E A R

O ldest Financial Journal West of the Mississippi River

C L IF F O R D D E PU Y
Publisher

IN TH IS IS S U E

R A LP H W. M O O R H E A D
Associate Publisher

H EN RY H. H A Y N ES
Editor
527 Seventh Street,
Des M oines, Iowa
Telephone 4-8163

Editorials
A c ro s s th e D e sk f ro m th e P u b lis h e r.

8

Feature A rticles
F r o n tis p ie c e ..........................................................................................................................................
N e b r a s k a B u s in e s s O u tlo o k G ood................................................................................................
W a r tim e W a s W o rk T im e a t Io w a C o n v e n tio n ...............................................................
M o st I m p o r t a n t P ro b le m , a n d W h e n W ill W a r E n d ? .................. E v e ly n D e P u y
L ee W ig g in s H e a d s A . B. A ......................................................................... F r a n k P . S y m s
F in a n c i a l A d v e r tis e r s to H a v e W a r S e rv ic e P r o g r a m ..................................................
W h e n A re T r u c k s C o v e re d U n d e r B o n d ? ......................................L e g a l D e p a r tm e n t
N e w s a n d V ie w s ................................... ...............................-......... ..................C liffo r d D e P u y

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12

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17
18
19

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22

Nebr aska Convention Section
N E W Y O R K O F F IC E
Frank P. Syms
V ic e President
505 Fifth A v e .
Suite 1806
Telephone MUrray H ill 2-0326

F o r t y - S i x t h A n n u a l C o n v e n tio n a t L in c o ln ...........................................................................
N e b r a s k a N e w s ............ .......... ....... ...................................................................................................
J u n i o r N e w s ............................................ ......................... .................................J o h n L a u r it z e n
T h e y A r e C o m in g to L in c o ln ..........................................................................................................
N e b r a s k a H o n o r B oll B a n k s
....................................................................................................
O m a h a C le a r in g s ................................................................................................................................
L in c o ln L o c a ls ................................. ................................ -............... .................. .............................

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30
33
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35

Insurance
$13,000 in H a il P r e m iu m s .................................................................................... J . M . E a s o m

★

★

★

37

Bonds and Investments
N e w T a x e s N o t to A ffe c t B a n k s ........ ..................................................... J a m e s H . C la rk e
Io w a I n v e s tm e n t B a n k e r s M e e t........................................ ...................................................... .

39
40

State Banking News
CONVENTIONS
AMERICAN BANKERS
ASSOCIATIO N
A B A M id -C o n tin e n t W a r tim e T ru st
C o n feren ce, D rak e H o te l, C h ica g o —
O c to b e r 14-15.
F in a n c ia l
A d v e r tis e r s
A s s o c ia tio n ,
E d g e w a te r B e a c h H o te l, C h ica g o —
O c to b e r 19-20-21.

STATE ASSOCIATIO N S
N eb ra sk a , H o te l C orn hu sk er, L in c o ln —
O c to b e r 11-12.


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M in n e s o ta N e w s ...................................................................................................................................
D u lu th B a n k e r F o ils F o r g e r .......................................................................................
T w in C ity N e w s .........................................................................................................................
D u lu th 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 th D a k o ta N e w s ............................................................................................................................
Io w a N e w s ................................

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The Directors’ Room
A F e w S h o r t S to r ie s to M a k e Y ou L a u g h .............................................................................

74

8

Across the Desk
From the Publisher

2>ec^i TAJ. Jl.
F irst, let us congratulate you on the comple­
tion of a very fine year as president of the A m eri­
can B ankers Association, and second, let us ap­
plaud you most enthusiastically for w hat you said
in your annual address about governm ent spend­
ing, th rift, and economy.
It has only been a few years since bankers in
your position d id n ’t dare to breathe or say a w ord
about any fiscal policies in W ashington, and let
the politicians tell them w hat to do, but now the
situation has changed.
W e are in W orld W ar II and the governm ent
needs money, and bankers have helped to fu r­
nish this money, both thro u g h the purchase of
bonds for th e ir own institutions and through the
sale of them to individuals, and therefore bankers
have a rig h t to speak, and we are glad th a t as the
re tirin g p resident of the Am erican B ankers Asso­
ciation, you spoke out boldly at New Y ork when
you said, “ We cannot expect to weather another

emergency if we follow the same course of exces­
sive spending and taxing which we have followed
in the past.
“ Let us boldly denounce as unsound those men
and measures which lead to the destruction of our
American economy and let us proclaim that en­
ergy and enterprise, self-denial and thrift provide
the only road to individual and national pros­
perity.
“ The same rules that apply to the conduct of
the individual hold true for the government.
“ There is an obligation binding the president,
and that is that he not permit men in his adminis­
tration to take advantage of the war emergency
to permanently fasten upon us an economy alien
to our tradition.”
Northwestern Banker

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Federal Reserve Bank of St. Louis

October 1943

No indeed, Mr. Hem ingway, the adm inistration
cannot continue calling every situation an em er­
gency in order to continue unsound governm ent
financing which m ust eventually lead us to infla­
tion and disaster.
A nd ju st to prove th a t there was a time th a t
F ra n k lin Deficit Roosevelt agreed w ith w h at you
said, here is w hat he said at P ittsb u rg h in 1932:

“ If the nation is living within its income, its
credit is good. If in some crisis it lives beyond its
income for a year or two, it can usually borrow
temporarily on reasonable terms. But if, like a
spendthrift, it throws discretion to the winds, is
willing to make no sacrifice at all in spending,
extends its taxing to the limit of the people’s
power to pay, and continues to pile up deficits, it
is on the road to bankruptcy.”
Am erica is great, Mr. Hem ingway, Am erica is
pow erful, but you p u t it very concisely and co­
gently when you said th a t the same financial rules
which apply to the conduct of an individual hold
tru e fo r the governm ent.
E vidently P resident Roosevelt does not believe
in th a t statem ent and he has ap p aren tly long since
fo rg o tten w hat he said in 1932 at P ittsb u rg h .

j b e a i Q u y M . Q llle tte :
As the D em ocratic S enator from the ITawkeye
state, we were very much interested in your sta te ­
m ent concerning the fourth term for the present
New Deal incum bent at the W hite House.
You said, “ The election of President Roosevelt

to a fourth term would be a ‘threat to democracy.’
“ I am definitely opposed to a fourth term, more
so than I was to a third term, and everyone knows

how I fought a third term. I would oppose a fourth
term for my own father.”
As a m a tte r of fact, Senator, Dem ocracy Avas
th rea ten ed Avhen a president Avas elected to a th ird
term , and let it be rem em bered th a t he forced his
nam e upon the convention, and he A\7as not drafted.
If a n y D em o crat, or R ep u b lican , or N ew D ealer,
or a m em b er of an y o th e r p o litic a l p a r ty is elected
fo r a fo u rth te rm as P re s id e n t of th e U n ited S ta te s
or fo r 16 y e a rs, th e n D em o cracy as Ave knoAV it has
lost th e ATita lity and th e ATig o r w hich h elp ed to
m ak e th is th e g re a te s t n a tio n in th e Avorld.

You do not believe in perpetual officer holders
in Ibis country— and n eith er do we.

3)ea* ¡faltn Ray Calidari:
JWery loyal citizen of the U nited States should
read your m arvelous book Under Cover.
T hat you are still alive is a m iracle because your
experiences of four years in the Nazi underw orld
of A m erica m eant th a t you took your life in hand
m any times.
You have made a real contribution in shoAving
Iioav Axis agents and th e ir enemies within the
United States are plo ttin g to destroy our oavu
governm ent.
Y o u r book is all th e m ore p o w e rfu l because as
an A rm e n ia n uoav 34 y e a rs of age an d Avho came
to th is c o u n try w h en y o u Avere 12, y o u r p a trio tism
a n d lo y a lty to A m erica is m ore th a n p ro v en by
e v e ry th in g th a t y o u h av e said an d Avritten in

Under Cover.
Y our conclusions Avere especially appealing to
ns Avhen you said :

“ It so happens that I believe in our democratic
capitalist order. I have no property and no money
to speak of, but it is the system under which I
have found the greatest measure of happiness and
self-expression. And I have written this book
as an exposé of those forces which look upon capi­
talist Democracy as the only remaining obstacle
to their international authoritarian schemes, and
are determined to crush it at any cost.
‘‘It was the spirit of fair play which first struck
me when I came to America twenty-two years ago.
I came from a land of oppression, of fear and age­
long hatreds. I dread seeing this country, my
adopted homeland, swept by those same ancient
winds of bitterness and prejudice. I felt the first

cold gusts of those winds as I drifted through the
shadowy alleys of America’s fascist underworld
and determined to do my part to check it.
‘‘I feel that my debt to America is an eternal
debt, a debt timeless, transmittable from father
to son to grandson—a debt payable on demand,
instantly during national emergency as well as
during peacetime, payable so long as this country
remains what it started out to b e: a haven for
the oppressed, granting equality and opportunity,
liberty and justice for all who seek it and deserve
to have it. May this blessed nation of ours never
degenerate to a system of government by some,
for some. May it forever remain a government by
all, for all. There is no greater privilege at this
moment, no greater honor as we look upon skies
free of raining death, to a land free from the bar­
barisms of war, to a future more promising than
any on this strife-torn earth, than to serve this,
our home, our country.
“ This is my faith.”
This, too, is our fa ith , M r. C arlson, a n d if the
c a p ita listic system is d e stro y e d in th is c o u n try ,
a n d if our g o v e rn m e n t “ degenerates to a system
of government by some for some” then e v e ry th in g
th a t Ave h av e Avorked fo r an d o u r fo re fa th e rs have
Avorked fo r fo r 150 y e a rs w ill be lost.
So Ave say, let th e lig h t of p u b lic ity sIioav up
those a g e n ts Avho are uoav u n d e r coATer an d Avould
d estro y the U n ite d S tates.
Y o u r c o n trib u tio n to th e cause has been m ag ­
nificent.

I b e a 'i W i l l i a m

fle j^ e id :

C ongratulations on doing a tine job as U. S.
Rub ber A dm inist rator.
We need more men like you in governm ental
affairs a\4io are not a f r a id of hell and high Avater
Avhen it comes to criticism or obstacles and who
can perform th eir duties and re tu rn to th e ir re g u ­
la r business w ith a satisfaction t h a t they have
served th eir country Avell.
Y our statem ent th at “ I had a job to do, and
I got it done” should be hung OArer the desk of
every political appointee in W ashington. The
only trouble w ith most of them is that they haATe
a job but they d o n ’t get it done.
A gain, congratulations to you, Mr. Jeffers.

Northwestern Banker

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Federal Reserve Bank of St. Louis

October 19^3

IO

> » » » » » » 4 -c < « : « « : « < «

W h ere Efficiency and
Friendliness are Team-mates
in the handling o f all Corre­
spondent and Transit Items.

"Iowa's Friendly Bank"

C entral N ational S
AND TRUST

COMRANy■DCS MOINES, IOWA
M E MBE R

> - > » »
Northwestern Banker

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Federal Reserve Bank of St. Louis

ann

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F E D E R A L

»

October 19h3

»

D E POSI T

»

I N S UR A N C E

4 - <

«

C O R P O R A T I O N

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I f you w o u ld lik e ex tra c o p ie s of th is p ictu re w e w ill be g la d to s e n d them to you w ith our com p lim en ts.— The N o rth w estern B anker.

Northwestern Banker

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Federal Reserve Bank of St. Louis

October 19'i3

12

i 'n o t o c o u rte sy iu m n e a p o n s -.u o iin e

F o llo w in g good crops th is y e a r, N e b ra s k a fa rm e rs h a v e a lre a d y b e g u n th e ir fa ll
p lo w in g to s t a r t th e ir F ood fo r F re e d o m p ro g ra m fo r 1944.

N

eb r a sk a

B u s in

GOOd!

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A Northwestern Banker Survey

Bankers Reporting on Business and Agricultural Conditions Say Trade
Conditions A re Bright in the ^W hite Spot of the Nation^
N ITS an n u al su rv ey on ag ricu ltu ral
and general business conditions in
N ebraska, T he N o r t h w e s t e r n B a n k ­
er p resen ts h ere le tte rs from b an k ers
in num ero u s sections of th e Cornh u sk e r S tate w hich provide a crosssection of in fo rm atio n indicating a n ­
o th er y e a r of good crops, good prices,
and satisfacto ry b an k income.
W hile in some localities in N ebraska
crop prospects are n o t q u ite as good
as th e y w ere last y e a r a t th is tim e,
m ore p a rtic u la rly w ith re g a rd to corn,
by and large th e S tate w ill enjoy p rac­
tically th e sam e or m ore dollar income.
D uring A ugust w hile m ost o th er sec­
tions of th e co u n try w ere g ettin g
p len ty of m oisture, and in some cases
too m uch, th e re w as a deficiency in
m any p a rts of N ebraska. T his cut
the corn yield to a certain extent, b u t
since th is y e a r th e re w as a consider­
able increase in corn acreage, th e
bushel yield w ill be about th e same.
The sm all g rain crop in th e S tate w as
very good..
L ast y e a r at th is tim e N ebraska
Northwestern Banker

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Federal Reserve Bank of St. Louis

October 19i3

farm ers w ere fearful of a labor sh o rt­
age, an d th e situ atio n w as serious. Re­
p o rts th is year, how ever, do not m en­
tion any shortage of labor, b u t say
th a t m ore farm s have been bought or
rented, w hich w ould indicate th a t
those re tu rn in g to th e soil feel th ey
can find sufficient help to h a rv e st th e ir
crops.
G eneral business on th e w hole is
rep o rted excellent, th e only difficulty
being th e sam e as m ost o th er places
—m erch an ts are having a h ard tim e to
find goods w ith w hich to stock th e ir
shelves.
L e tte rs from b an k ers th ro u g h o u t
N ebraska read as follows:

"Will Have Plenty of Feed"
J. O. PECK
P re s id e n t
C e n t r a l N a tio n a l Bank, C o lum b us

Crop conditions th ro u g h th e cen tral
p a rt of N ebraska have been h u rt to
quite some ex ten t due to th e dry
w ea th e r and h eat w hich visited this

section du rin g th e m onth of A ugust.
T he farm ers w ho are active feeders
n a tu ra lly are going to be affected by
th is condition. In addition, those feed­
ers w ith w hom we have visited ex­
press considerable reluctance to in­
v est heavily in feeders on account of
th e G overnm ent’s program w hich is
in effect w ith reg ard to placing a ceil­
ing on fat cattle. T he G overnm ent’s
program has caused m ore em pty feed
y ard s in th is area th a n has th e d routh
conditions. T here is considerable old
corn left in th e cribs in our te rrito ry
and th a t feed coupled w ith th e good
sm all g rain crop an d p len ty of hay
w ill provide a sufficient am ount for
our people to c arry over th e ir herds
du rin g th e w inter.
Our deposits, w hich am ount to $6,200,000 are th e h ig h est th ey have ever
been d uring th e h isto ry of th is bank.
W e are co n stan tly on th e lookout for
different types of loans, an d w e do not
m iss an o p p o rtu n ity to tak e care of
the credit needs of people and firms
located in th is com m unity.

13

N ebraska Business Outlook Good!
"Fall W eather G ood"
F. A. JOHNSON
P re s id e n t
Bank o f B u r w e ll

T he potato crop h ere w as v ery good,
b u t th e sm all g rain ra n ra th e r light.
Our irrig a te d corn has m ade a good
crop, and alfalfa also fair to good. P as­
tu re s are only fair, since we have had
a d ry sum m er. Our F a ll w ea th e r is
sta rtin g out favorably, how ever, and
w e hope m ore m o istu re will get into
th e ground.

"Land is Selling Freely"
WARREN B. FOWLER
C ash ier
H a r la n C o u n t y Bank, Alm a

F a rm in g conditions in our te rrito ry
are good. T he w h eat crop w as good
th is y e a r and has been good for th e
p ast th re e years. Corn has been good
for th e p ast tw o years. Since Ju ly we
have had little rain, therefo re, th e corn
crop is being cu t short, and w ill have
15 to 20 bushel corn w hich prom ised
at one tim e to be 30 to 40 bushels. The
acreage of corn ap p ears to be consid­
erab ly m ore th a n last year. W e are
v ery w ell stocked w ith cattle and hogs
w ith am ple grain, h ay and rough feed
and grass to feed.
T he good crops and prices have
placed o u r farm ers in b e tte r financial
condition th a n we have k now n for
m an y years. M any of th em are out of
debt or are rap id ly g ettin g out. M any
farm ers are buy in g land, in some cases
paying cash in full or at least m aking
a su b sta n tia l dow n paym ent. L and
has been selling quite freely w ith some
advance in price. L and th a t w ould
have sold a few y ears ago at $15 to $25
p er acre is now m oving a t $25 to $40.
B usiness conditions w ith m erch an ts
app ear v ery good in n early all lines.
W hen our farm ers are prosperous, th e
m e rch an ts are also. N early all lines
—groceries, clothing, farm m achinery,
garages, filling stations, and o th ers
have h ad a fine volum e of business
—all are m aking good m oney. W e
hav e had tw o good cafes close, also,
one plum bing business closed, w hen
ow ners took up defense jobs because
of th e a ttra c tiv e high wages.
T h ere has been no acute shortage
of labor eith e r w ith th e farm ers or
m erch an ts. N ot as m uch available
labor as w e w ould som etim es like to
have, b u t y e t enough to get th e job
done.
Our bank, like all others, is ex­
perien cin g th e h ig h est deposits in h is­
tory. B efore th e w a r about $500,000,
now $1,200,000. L oans dow n about 30

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Federal Reserve Bank of St. Louis

p er cent in the last year. To adjust,
we ceased paying in terest on tim e de­
posits a y ear ago, have increased our
holdings of g overnm ent bonds by
about th re e or four tim es, and have
increased service charges.
T his co u ntry is subject to dro u th
and if we should have a crop failure
n ex t year, the pictu re w ill change to
one m uch less pleasant. Our p ro sp er­
ity depends greatly upon m oisture.
W e have been v ery fo rtu n ate these
last few years.

"Best in Ten Years"
DANIEL S. HINDS
P re s id e n t
S t a t e Bank o f S t e lla

The crops in S outheast N ebraska
are b e tte r th a n we have been used to
in the last ten years. Corn yields w ill
be above norm al. T here is a grow ing
tendency tow ard d airy cattle, and
poultry. Produce prices have been
v ery good. The increase in hogs has
been m ore or less in keeping w ith
production in corn belt areas.
D epositors are beginning to accum ­
u late com fortable balances. T here is
v ery little speculative m ovem ent in
land. Most land is p re tty w ell paid
for a t th e tim e of contract. Only sm all
un p aid balances are being carried over.
G eneral feeling is th a t th is upw ard
m ovem ent is only tem p o rary and th e
recession follow ing is apt to be se­
vere.
T h ere is practically no cattle feed­
ing here now. T w enty y ears ago cattle
feeding w as one of th e m ajor opera­
tions. B ank loans are at an all tim e
low w hile deposits are a t an all tim e
high. T here w ere in tim es p ast about
as m any deposits, b u t these w ere in
th e h ands of a relatively few people.
Our w ealth is spread out m ore evenly
now. A g reat deal of th e land held by
in su rance com panies has found its
w ay to priv ate investors and hom e
ow ners.
In conclusion, I w ould like to say
th a t th is co u n try is in a good shape
to stan d a recession. D airy cattle and
dual purpose cattle, hogs and chickens,
sm all real estate loans, and practically
no w ay to spend m oney, has p u t this
com m unity in fine shape financially.

"Conditions Very G ood"
ROY D. SMITH
P r e s id e n t
Deuel C o u n t y S t a t e Bank, C h a p p e l l

T he a g ricu ltu ral conditions, as well
as business conditions in th is section,
are v ery good at this tim e. W e are in
a w h eat grow ing te rrito ry and also

bordering on th e livestock territo ry .
Both of these in d u stries have been
v ery good. The roll-back of th e price
of m eat u pset some of th e livestock
feeders b u t p erhaps for th e long pull
this m ay be an advantage in th e b an k ­
ing business, inasm uch as the m ark et
w ill n ot have as long a w ay to come
dow n as heretofore.
In th is te rrito ry we are p re tty m uch
in favor of crop in su ran ce for w heat
farm ers and especially a guaran teed
price, i.e. CCC loans. W e can do w ith ­
out th e crop insurance b u t th in k quite
a lot of th e CCC w heat loans as a
hedge against radical changes in price
of w heat and grains.

"Short of Farms to Rent"
J. R. MUELLER
Vice P re s id e n t
F i r s t N a tio n a l Bank, S y r a c u s e

In reply to your req u est for a su r­
vey of general business and agricul­
tu ra l conditions in our territo ry , I
m ust say th a t it is m y opinion th ey
are v ery good.
B usiness conditions in m y estim a­
tion have n ever been b etter except for
one thing, and th a t is th e m erch an ts
are having trouble g etting enough
m erchandise to satisfy th e buying
public.
We enjoyed our first one and onehalf inch of ra in in about four weeks,
and it w ill help v ery m uch, although
some dam age has been done to the
im m ediate vicinity corn crop. W e did,
how ever, have a good sm all g rain crop
and we are going to have lots of corn
to shuck th is fall.
A year ago it w as th o u g h t th a t we
w ould have m any v acant farm s due to
the shortage of farm help b u t th a t is
not th e sto ry now. In fact, we cannot
find enough farm s to place all the
ren ters. W e are sh o rt of farm s to
rent.
B ank deposits are th e larg est th ey
have ever been and th e b ank loans are
about the low est th ey have ever been.

"Business Very Good"
V. E. ROSSITER
V ic e P re s id e n t
Bank o f H a r t ln g t o n

B usiness in our city is v ery good,
and it is only a question of our m er­
ch an ts being able to get th e goods to
sell—as a re su lt th e y are em ptying
th e ir shelves and increasing th e ir bank
deposits.
W e had a v ery good sm all grain
crop of oats and barley and our corn
on th e average w ill m ake half a crop
(T u rn to page 27, please)
N orthwestern Banker

October 19b3

14

Wartime W a s

Work

at Iowa Convention
Current Financial Problems Discussed at 57th Annual Meeting
Last Month in Des Moines

F THEY needed fu rth e r evidence to
prove th a t b an k ers conventions are
necessary to th e w ar effort, we w ish
th a t D irector E astm an and his ODT
staff could have attended th e 57th an ­
nual m eeting and W ar W ork Confer­
ence of th e Iowa B ankers A ssociation
held last m o n th in Des Moines. T here
w ere m ore th a n 1000 reg istratio n s—
th e m ajor p a rt of every conference
session w as devoted to discussion as
to how banks and ban k ers could b et­
te r speed w ar activ ity —th e sessions
started on tim e w ith a full attendance
—th ere w as so m uch to talk about th a t
at noon on the second day the session
ra n an h o u r overtim e—the sessions
closed w ith every b an k er still in his
chair, eager to get all th e inform ation
he could about th e perplexing prob­
lem s w hich w artim e brings. Iowa
ban k ers came to w ork and learn, and
did both—all of w hich should be m ost
g ratify in g to Mr. E astm an.
C lim axing m any y ears of service to
the Iowa B ankers A ssociation and its
several subdivisions, V. W . Johnson,
presid en t of the F irst N ational Bank,
Cedar Falls, w as elected to the p resi­
dency of the organization, succeeding
A T T H E IO W A B A N K E R S C O N V E N ­
T IO N — R e a d in g fro m le f t to r ig h t: 1— J.
Robert Cornell, vice 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 , S p irit L a k e , new ly
e le cte d vice p re s id e n t a n d tr e a s u r e r o f th e
Io w a B a n k e rs A s so c ia tio n ; a n d V iv ia n W.
Johnson, p re s id e n t F i r s t N a tio n a l B a n k ,
C ed ar F a lls, new Io w a A sso c ia tio n p re s i­
d en t.
2— R. V. Prokop, p re s id e n t, a n d Edward
W olf, c ash ie r, b o th o f th e G risw old, Iow a,
S ta te B a n k . T hese m en -were a tte n d in g
th e ir first Io w a c o n v en tio n , h a v in g been
a sso c ia te d w ith b a n k in g in N e b ra s k a p rio r
to th e ir p u rc h a se o f th e sto c k o f th e G ris­
w old S ta te B a n k .
3—
W. D ean V ogel, a s s is ta n t cash ie r
L iv e S to c k N a tio n a l B a n k , O m ah a; W es­
le y T. H eckt, p re sid e n t G ru n d y N a tio n a l
B a n k , G ru n d y C e n te r; a n d E. A. Ebersole,
v ice p re s id e n t a n d c a sh ie r S ta te C e n tra l
S a v in g s B a n k , K e o k u k .

Northwestern Banker

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Federal Reserve Bank of St. Louis

October 19^3

15
B. A. G ronstal, p resid en t of th e Coun­
cil Bluffs Savings B ank, w ho has car­
ried on so w ell for th e p ast year. J.
R obert Cornell, executive vice p re si­
d en t of th e F irs t N ational B ank, S pirit
Lake, w as nam ed vice p resid en t and
tre a s u re r of th e A ssociation. In ac­
cepting th e h onor conferred upon him ,
Mr. Jo h n so n recognized th e serious
problem s now confronting th e N atio n ’s
bankers, and pledged his every effort
tow ard helping to solve th e m any dif­
ficulties facing Iow a b a n k ers today.
Two organizations affiliated w ith
th e Iow a B ankers A ssociation also
elected officers at th e an n u al m eeting
of th e p a re n t A ssociation—th e Iow a
Ju n io r B ankers A ssociation, and th e
Iow a A ssociation of B ank A uditors
and C om ptrollers.
R obert G. L exvold , a ssista n t cashier
of th e F a rm e rs T ru s t & Savings Bank,
Spencer, w as nam ed p resid en t of th e
I o w a Ju n io r B an k ers A ssociation,
o th er officers being L. A. R odenbaugh,
Jr., cashier of th e Iow a S tate Bank,
Des Moines, vice p resident; and H azel
R ein h oltz, C entral N ational B ank, Des
Moines, secretary and tre a su re r. J u n ­
ior B ankers nam ed group chairm en for
th e odd n u m b ered Iow a groups as
follows: G roup One, D. C. K ent, assist­
a n t cashier C herokee S tate Bank;
Group T hree, R. E. AViley, a ssista n t
cashier F irs t N ational B ank, M ason
City; G roup Five, H arold Spencer,
a ssista n t cashier O akland S a v i n g s
Bank; G roup Seven, Charles Kriz, Ce­
d a r Rapids; and G roup E leven, K. H.
R obertson, a ssista n t cashier Colum bus
Ju n ctio n S tate Bank.
A T T H E IO W A B A N K E R S C O N V E N ­
T IO N — R e a d in g fro m le f t to r ig h t: 1—•
R obert G. L exvold , a s s is ta n t c a sh ie r F a r m ­
ers T ru s t & S a v in g s B a n k , S p en cer, an d
p re s id e n t Io w a J u n io r B a n k e rs A sso c ia ­
tio n ; L. A. Rodenbaugh, Jr., c a sh ie r Io w a
S ta te B a n k , D es M oines, v ice p re s id e n t
Io w a J u n io r B a n k e rs A s so c ia tio n ; a n d E.
B. W ilkinson, Io w a C ity, ju n io r e x am in er
Io w a d e p a rtm e n t of b a n k in g , a n d p re s id e n t
of Io w a A sso c ia tio n o f B a n k A u d ito rs an d
C om ptrollers.
2—
R. E. K etm an, H o lley & Sons, D es
M oin es; K. A. Coates, c a sh ie r P e o p les S a v ­
in g s B a n k , C ra w fo rd sv ille ; H. B. Hammer,
e x e c u tiv e v ice p re s id e n t a n d c a sh ie r S ta te
B a n k of W ap e llo ; a n d G. M. B arnett, p re s i­
d e n t G u th rie C o u n ty S ta te B a n k , G u th rie
C en ter.
3—
H arry S. L ekw a, c a s h ie r A c k ley S ta te
B a n k ; Bruce Townsend, e x e c u tiv e vice
p r e s id e n t C ity N a tio n a l B a n k , C lin to n ; a n d
J. A . Barlow , p re s id e n t S ta te B a n k of
D um ont.
4—
W illiam C. R em pfer, c a s h ie r F i r s t
N a tio n a l B a n k , P a rk s to n , S o u th D a k o ta ;
W. R. W arner, a s s is ta n t vice p re s id e n t
U n io n N a tio n a l B a n k , K a n s a s C ity ; a n d
D ean H. L ightner, vice p re s id e n t F ir s t
N a tio n a l B a n k , M ason C ity.


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Federal Reserve Bank of St. Louis

Northwestern Banker

October 1943

16
Edw ard B. W ilk in son, Jr., ju n io r ex­
am iner in th e Iow a banking d ep art­
m ent, Iow a City, heads Iow a A uditors
and C om ptrollers for th e com ing year;
vice p resid en t is W . R. H atter, assist­
a n t cashier Iow a C ounty Savings
Bank, M arengo; and F ran k Tam se,
assistan t cashier C apital City State
Bank, Des Moines, becomes secretary
and tre a su re r. D irectors of th e or­
ganization are W. P. R onan, a ssistan t
cashier D ecorah S tate Bank; R. AV.
L ew is, a ssistan t cashier Security N a­
tional Bank, Sioux City; O. H. Joh n ­
son, a ssistan t cashier Ames T ru st &
Savings Bank; and R. G. L exvold,
Spencer.

In stead of w aiting u n til Septem ber
15 to estim ate w h a t y o u r incom e w ill
be for th e c u rre n t year, in th e future,
sta rtin g nex t M arch 15, or prior, you
are going to have a chance to guess
w h at it w ill be for th e en tire y ear of
1944, leaving you ju s t a m ere m a tte r
of nine m onths to shoot at, or w orry
about, as th e case m ay be, according
to J. Call D ickinson, tax a tto rn ey of
Des Moines, w ho told b an k ers about
th e “F ederal C u rren t Tax P aym ent
Act of 1943.” S tartin g M arch 15, 1944,
unless th e act is changed a t some fu­
tu re date, each y ear from now on you
m ust file a re tu rn , if any, a t w hich
tim e necessary correction is m ade on
yo u r filing for the previous year and
estim ate of incom e m ade for the entire
c u rre n t year, w ith, how ever, a final
estim ate p erm itted Dec. 15 of each
year. A pparently th e only difference
betw een figuring y o u r incom e tax by
th is m ethod, and a Bingo game, is
th a t you are allow ed to call yo u r own
num bers, and fu rn ish yo u r ow n corn.
W ith so m any form er em ployes in
th e arm ed forces or in w ar industry,
(T u rn to page 57, please)
A T T H E IO W A B A N K E R S C O N V E N ­
T IO N — R e a d in g fro m le f t to r ig h t: 1—
E. F. Sorg, p re s id e n t F a rm e rs S ta te S a v ­
in g s B a n k , In d e p e n d e n c e ; W. W. Blasier,
p re s id e n t F a rm e rs S ta te B a n k , J e s u p ; W.
G. € . B agley, D es M oines, tre a s u re r of
Io w a ; P. E. Sorg, a s s is ta n t c ash ie r F a r m ­
ers S ta te S a v in g s B a n k , In d e p e n d e n c e ; a n d
C. E. Stew art, c a sh ie r F a rm e rs S ta te B a n k ,
Je su p .
2—
Ben S. Sum m erwill, p re s id e n t Io w a
S ta te S a v in g s B a n k & T ru s t C om pany,
Io w a C ity ; V. P. Cullen, v ice p re s id e n t
N a tio n a l B a n k of B u rlin g to n , B u rlin g to n ;
a n d H. A. Berg, a s s is ta n t c ash ie r F ir s t
N a tio n a l B a n k , F a irfie ld .
3—
Don O. F arley, p re s id e n t B lue G rass
S a v in g s B a n k ; a n d H arry G. N icolaus,
p re sid e n t, a n d R obert H. N icolau s, a s s is t­
a n t c ash ie r, W ilto n S a v in g s B a n k , W ilto n
Ju n c tio n .
4—
F. J. Iw ert, c a s h ie r M a lv e rn T ru s t &
S a v in g s B a n k ; F. V an E rdew yk, p re s id e n t
a n d c a sh ie r B re d a S a v in g s B a n k ; a n d F. G.
Sapp, a sto c k h o ld e r o f th e B re d a S a v in g s
B an k .

Northwestern Ranker

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

October 19)3

17

What Is the
Most Important Problem
Facing Bankers NOW?

When Do You
Think the War Will End
And Why?

A Northwestern Banker Survey
During the Iowa Bankers Convention Last Month a Number of Bankers
W ere Asked Their Opinions on the Two Questions Above. The
Interviews W ere Made by Evelyn De Puy, Associate
Editor (for the day), of the Northwestern Banker,
and Are Presented in This Article
w ith th e inflationary tendencies is a
grave problem today.”
12. H. C. M oret, cashier, N o rth w est­
ern State Bank, O range City: “F a rm ­
ers are paying off th e ir loans, both
personal and on real estate, w hich
reduces our in te re st income. T he help
situation is also a big problem .”
13. H. A. Berg, a ssistan t cashier,
F irs t N ational Bank, Fairfield: “How
to m ake m oney is alw ays an im p o rtan t
problem . One w ay to rem edy th is is
th ro u g h m ore service charges.”
14. W . D ean V ogel, a ssistan t cashier,
L ivestock N ational Bank, Omaha:
“K eeping b ank loans up, w hile com­
peting w ith g overnm ent agenies is
also a difficult problem .”

What Is the Most Important
Problem Facing Banking Now?
1. C. B. Mills, p ast pres, of th e I.B.A.,
Moline, 111.: “R oosevelt’s idea of giving
aw ay lend lease is our biggest problem ,
along w ith g ettin g th is w ar over as
quickly as possible.”
2. L. H. F in k, cashier, A m erican
Savings B ank, Tripoli, Iowa: “It is
difficult to get enough good loans, al­
th ough we are looking for w o rth w h ile
farm loans.”
3. W. J. H ein, vice p resid en t Mis­
sissippi V alley T ru st Com pany, St.
Louis: “G overnm ent lending agencies
are th e biggest problem .”
4. E. A. L andess, asst, cashier, Polk
City Savings B ank, Polk City: “I th in k
th e forem ost problem is finding good
in v estm en ts for our m oney. C attle
loans have helped a g re a t deal, b u t
th e re are not enough o th er types of
loans, as th e farm ers, w ho have m ore
m oney th a n ever before, pay off th e ir
loans quickly.”
5. K. R. Brubacher, presid en t, The
Toy N ational B ank, Sioux City: “The
lack of dem and for m oney is th e m ost
im p o rta n t problem .”
6. V in cen t Yager, vice president,
H a rris T ru st and Savings B ank, Chi­
cago: “To arra n g e financing of clients
in v en to ry w hen w a r co n tracts are
cancelled and u n til th ey get settlem en t
from th e g o v ern m en t is a v ital p rob­
lem. The new change in V loans
m ay enable us to do ju s t th a t.”
7. Law rence A. K em pf, 2nd V. P.,
The N o rth ern T ru st Co., Chicago: “One
of th e p re se n t day ban k in g problem s
is subsidized g o v ern m en t agencies
w hich are com peting w ith th e b an k s.”
8. Donald A. H arper, A sst. V. P.,
The F irs t W isconsin N a t’l. Bank., Mil-

When Vo You Think the War
Will End and Why?
E V E L Y N DE PUY

She A sk e d th e Q uestions

w aukee, W isconsin: “A lot of atten tio n
will be needed from the ban k ers to
help straig h ten out the post-w ar prob­
lem s.”
9. R alph E astburn, president, Iowa
S tate B ank & T ru st Company, Fairfield: “T he earn in g pow er of th e banks
th ro u g h service charges and in terest
rates is alw ays a forem ost problem .”
10. F ran k W arden, vice president,
C entral N ational B ank & T ru st Co.,
Des Moines: “T he m ost im p o rtan t prob­
lem is post-w ar re ad ju stm en t and w hat
it w ill need in th e w ay of credits. W hat
h appens to th e business w orld w ill
affect b an k in g .”
11. J. R obert Cornell, V. P. & cashier,
F irst N ational Bank, S pirit Lake:
“L oaning m oney and try in g to tie it in

1. L. J. Schuster, president, Clinton
N ational Bank, Clinton, Iowa: “I t’s
going to take a long tim e before w e
can get th e m aterial and enough m en
to lick th e Japs, probably by th e end
of 1945. T he w eakness of th e Jap s
is th e ir bad eyes, b u t we w ill beat th em
by com ing dow n from th e A leutians.
The G erm ans are yellow, w hile the
Jap s w ill fight to th e end, so I p re­
dict th e w ar in E urope will be over
by Ju n e 1944.”
2. V. L. B artling, a ssistan t vice p res­
ident, The F irs t N ational B ank of
Chicago, Chicago: “T he G erm ans w ill
be out of th e ru n n in g in five or six
m onths, b u t as it will take a y ear to
settle w ith th e Japs, th e w hole w ar
w ill be over by th e spring of ’45.”
3. George A. M alcolm , vice president,
D rovers N ational Bank, Chicago: “The
w ar w ill end afte r th e election. Stalin
(T u rn to page 65, please)
Northwestern Banker


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Federal Reserve Bank of St. Louis

October 19^3

18

Lee W iggins Heads A B A
W . Randolph Burgess Named Vice President and
W . J. W aller Becomes Treasurer

A

L E E M. W IGG INS, p resid en t

of th e B anks of H artsville,
• South Carolina, w as elected
presid en t of th e A m erican B ankers
A ssociation at th e recen t a n n u al m eet­
ing of th e organization held in New
York City. Mr. W iggins succeeds AV.
Linn H em in gw ay, president of th e
M ercantile-Com m erce B ank & T ru st
Company, St. Louis.
Elected to th e vice presidency w as
AV. Randolph B urgess, vice chairm an
of th e N ational City Bank, N ew York.
Mr. B urgess en tered his b an k in g ca­
re e r in 1920 as d eputy g o vernor of the
F ed eral R eserve B ank in New York,
and becam e associated w ith th e N a­
tional City B ank in 1938, in his p resen t
capacity. As vice p resid en t of th e
A m erican B ankers A ssociation, he will
succeed to th e office of p resid en t nex t
year.
AVilmer J. AValler, vice p resid en t and
cashier of th e H am ilton N ational B ank,
W ashington, D. C., w as elected tre a s ­
u re r of th e A ssociation. H e is a fo r­
m er p resid en t of the D istrict of Colum­
bia B ankers A ssociation, is a m em ber
of th e N ational W ar Loans C om m ittee
of th e A. B. A. and is chairm an of its
Com m ittee on P riorities.
F. R aym ond P eterson , p resid en t and
chairm an of th e board of th e F irs t N a­
tional B ank of P aterson, New Jersey,
w as elected p resid en t of th e N ational
B ank Division. A t th e sam e m eeting,
R. Otis M cClintock, p resid en t of the
F irs t N ational B ank and T ru st Com­
pany, Tulsa, Oklahom a, w as elected
vice president.
AA7ood N etherland, v ic e -p re sid e n t,
M ercantile-Com m erce B ank and T ru st
Company, St. Louis, M issouri, w as
elected p resid en t of th e State B ank
Division, and Claude F. Pack, p resi­
dent, H om e State Bank, K ansas City,
K ansas, w as elected vice president.
Fred F. L aw rence, tre a su re r, M aine
Savings B ank, P ortlan d , M aine, w as
elected p resid en t of th e Savings Divi­
sion, and H. R. T em pleton, vice-presi­
dent, C leveland T ru st Com pany, Cleve­
land, Ohio, w as elected vice president.
H enry A. T heis, vice p resid en t of
th e G u aran ty T ru st Com pany of New
York City, w as elected p resid en t of
th e T ru st division.
F rederick A. Carroll, vice p resid en t
and tru s t officer of the N ational Shawm ut B ank of Boston w as elected vice
Northwestern Banker

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

October 1943

By Frank P. Syms
Vice P re s id e n t
The N o r t h w e s t e r n B a n k e r
N e w Y o rk

p resid en t of the division and Jam es
AAT. A llison, vice presid en t of the
E q u itable T ru st Com pany of W ilm ing­
ton, D elaw are, w as m ade ch airm an of
th e E xecutive Committee.
Lauder AAT. H odges, executive m an­
ager, California B ankers Association,
San Francisco, California, w as elected

All of th e sessions w ere w ell atte n d ­
ed and m any b an k ers and delegates
said th a t th ey seem ed to p refer th e
lim itation of th e A. B. A. activities
to official sessions, w ith a m inim um of
en tertain m en t, for it gave them a bet­
ter chance to v isit around w ith th eir
friends in th e m any New Y ork Bank
H ead q u arters room s, and to see the
sights of th e city.
One of th e m ost delightful inform al
affairs w as th e luncheon given by the
B a n k e r s T ru st Com pany of Des
Moines. It w as atten d ed by th e m any
Iow a b an k ers and th e ir w ives th a t
w ere atten d in g th e convention, and a
v ery good tim e w as had by all. L.
N evin L ee, a ssistan t vice p resident of
the bank, w as on hand to receive the
m any guests and he w as w ell aided by
R ichard R. R ollins, w ho w as in the
uniform of a lieu ten an t of th e Navy.
If any of y o u r friends are w ondering
how th ey w ould look in th e nice new
slate g ray color, ju s t ask Dick to show
them .
Am ong the ladies p resen t w ere Mrs.
E. F. B u ck ley, Mrs. A. T. D onhow e,
Mrs. Byron McKee, Mrs. Ben Suinmerw ill, and Mrs. Ar. AAT. Johnson.

J u s t before th e luncheon started
D ick R ollin s assigned one lady to each

W . R A N D O L PH BU RG ESS
V ic e P r e s id e n t
A m eric a n B a n k ers A ss o c ia tio n

p resid en t of th e S tate S ecretaries Sec­
tion of th e A m erican B ankers Asso­
ciation.
A t th e sam e m eeting, G. H arold
AATelcli, secretary, C onnecticut B ank­
ers A ssociation, New H aven, C onnecti­
cut, w as elected vice president.

Convention Notes
The official re g istratio n list released
by th e A m erican B ankers Associa­
tio n contained only the nam es of offi­
cial delegates to th e m eeting and other
officials. H ow ever, even its to tal ran
over th e 1,300 m ark. T he unofficial
total for th e atten d an ce w as around
2,500.

table. I don’t know how the other
tables m ade out, b u t Mrs. B yron Mc­
K ee certainly kep t th e boys at her
table on th e ir toes every m inute. She
sta rte d th e conversation by asking if
th ey knew w hy th e new bonds w ere
lettered E. F. and G. It appeared th a t
the E is for E leanor, F for F ranklin,
and G for God; and one w ill note th a t
th e o th er tw o come first.
F rank AVarner, popular secretary of
th e Iow a B ankers A ssociation, w as
also present. In m aking out his nam e
card the young lady in charge of reg­
istratio n s w ent in for abbreviations
in a big w ay and this is the w ay it
appeared on his lapel: 1A B nkrs A ssn.
F ra n k said he w as certainly glad they
d id n ’t leave off th e final N.
Frank W elch of the Peoples Savings
B ank w as p resen t in all of his glory.
He said he alw ays enjoyed reading the
N o r t h w e s t e r n B a n k e r after one of
Cliff’s visits E ast, because he liked to
see how m any b an k ers gave aw ay a
free meal. It alw ays served as a guide
for his fu tu re visits.
L. I j. D avis, form erly in charge of

19
th e B ank Supply D ivision of R em ing­
ton R and and now, due to th e w ar,
o p eratin g on behalf of th e T abu latin g
M achine Division, said th a t th e lu n ch ­
eon w as th e best hotel m eal th a t he
had had in th re e m onths. W hich
w ould seem to in fer th a t Mrs. Davis
w as still tops in th e cu lin ary d e p a rt­
m ent.
J u s t to show you th a t b an k ers are a
lot m ore h u m an th a n m any of us th in k
w hile v isitin g th e M en’s Bar, Orval
A dam s, fo rm er p resid en t of th e A. B.
A., cam e in for a coke. A few m inutes
la te r I h eard him re m a rk to one of
his friends, w ith a han d fu l of toasted
crackers, “T hey charged m e tw en ty
cents for a coke, so I ’m g ettin g even
w ith th em .”
Gene V oss, genial, generous, and
gallan t re p re se n ta tiv e of th e Conti­
nen tal B ank and T ru st Com pany of
N ew York, w as in v ery active evi­
dence and h ad am ong his guests A. G.
Sam, p resid en t of th e F irs t N ational
B ank of Sioux City.
D aniel O’Meara, vice president, A r­
thu r W. Som ers, a ssista n t cashier, and
John T. Barry, new m iddle w estern
re p re se n ta tiv e of th e Public N ational
B ank & T ru st Com pany, w ere v ery ac­
tive and v ery m uch in evidence at
th e ir h e a d q u a rte rs room . One of th e ir
m ain problem s w as keeping th e w aiter
on d u ty —b u t the service w as efficient
and effective. As a sam ple of ju s t how
m uch service th is b an k ren d ers, one
of th e v isitin g b an k ers w ished to do
som e fishing w hile in New York. So,
Mr. Som ers m ade a rra n g e m en t for
both hotel and fishing accom m odations
at Peconic Bay—one of th e best fish­
ing areas in th e E a st—for th is g en tle­
m an.
The C entral H anover H ead q u arters
room s w ere occupied in direct p ro p o r­
tio n to th e ir n u m b er of co rrespondent
bank accounts — w hich m eans th ey
w ere crow ded—and A lfred E llin ger,
vice p resid en t of the bank, m ade sure
th a t e v ery th in g w as shipshape and
ra n sm oothly by co n ferrin g w ith th e
M aitre d ’H otel in his ow n native
F ren ch .
In th e M an ufactu rers T ru st Com­
p an y room s, H. A. W alsh, a ssista n t
se cretary an d an a rd e n t m em ber of
th e w a te r brigade for over four y ears
now, assisted in th e d istrib u tio n of
liquid refresh m en ts. One w ondered
if th e gleam in his eye, concealed a
sh ak in g of th e head as each new po­
tion w as distrib u ted . W illiam B. W h it­
m an w as out of tow n atten d in g th e
Iow a B ankers Convention.
The m any frien d s of R oland Irvin e
of th e Chase N ational B ank w ill be
delighted to know th a t he is back at
his desk and if an y th in g looks m ore
hale and h e a rty th a n ever. As one
b a n k e r said, “All he did w as get rid

of one of his chins.” Roland decided
not to risk th e reception th a t he w ould
have received at th e m eeting itself so
he held forth at his own desk in th e
C hase’s head office; and m any a b an k ­
er m ade th e necessary tre k to greet
him and h ear one of his latest jokes.
D elegates to the ABA convention
from several m idw estern states w ere
as follows:

Iowa
B ram w ell, D. D. and wife, p resi­
dent, F irst N ational Bank, H am pton.
Buckley, E. F. and wife, president,
C entral N ational B ank & T rust, Des
Moines.
C oquillette, S. E. and wife, president,
M erchants N ational Bank, Cedar R ap­
ids.
Cullen, V. P., executive vice p resi­
dent, N ational B ank of B urlington,
B urlington; executive council.
Doolittle, Clyde H., vice president,
Iowa-Des Moines N ational B ank &
T ru st Co., Des Moines; executive com­
m ittee T ru st Division, 1944.
F redricksen, C. L., president, Live
Stock N ational Bank, Sioux City.
F ro st, Julian, executive vice presi-

dent, D ecatur County S tate Bank,
Leon.
Gossett, C. R., president, Security
N ational Bank, Sioux City; executive
council elect.
G ronstal, B. A. and wife, president,
Council Bluffs Savings Bank, Council
Bluffs; agencies in com petition w ith
banks, State B ank Division, 1943.
G roszkruger, Paul, president, Citi­
zens N ational Bank, Belle Plaine.
H arris, C. F., president, S tate B ank
Gladbrook, Gladbrook.
H orton, H erb ert L., president, IowaDes M oines N ational B ank & T ru st
Co., Des Moines; com m ittee on federal
legislation.
Johnson, V. W. and wife, president,
F irs t N ational Bank, Cedar Falls; p res­
ident Iow a B ankers Association.
King, J. E., president, Peoples N a­
tional Bank, Albia; nom inating com­
m ittee.
Lee, L. Nevin, a ssistan t vice presi­
dent, B ankers T ru st Co., Des Moines.
McGee, R. K., vice president, Clarke
C ounty State Bank, Osceola.
McKee, B. L. and wife, vice presi­
dent, M uscatine B ank & T ru st Co.,
M uscatine; executive council.
(T u rn to page 39, please)

Financial Advertisers to Have W ar
Service Program
EVOTING m ost of its program to
special w ar services perform ed by
banks, th e F inancial A dvertisers As­
sociation w ill convene for a two-day
conference at th e E dgew ater Beach
Hotel, Chicago, October 19, 20 and 21.
P resid en t L. E. Tow nsend, a ssistan t
vice president, B ank of Am erica, Cali­
fornia, will open the session a t noon
on Tuesday, October 19, following a
m eeting of the board of directors and
senior advisory council in the m o rn ­
ing.
A nnouncem ent of the convention to
m em bers of th e F.A.A. said, “Time
w as w hen th e concept of th e w ord
‘co nvention’ w as elbow bending. Today
convention m eans elbow touching of
serious-m inded people, availing th em ­
selves of the op p o rtu n ity to do some
‘collective th in k in g for individual ac­
tio n .’
“It is p atrio tic—it is v ital w ar effort
to th in k and w ork to g eth er these days.
The essence of victory for our nation
re sts in collective th in k in g —using the
best ideas of all and blending them to­
g eth er for collective action.”
H ighlight of th e program w ill be
th e appearance a t th e W ednesday eve­
ning d in n er of Capt. E ddie Rickenbacker. O ther well know n b ankers
and business m en on th e program in ­
clude: E a rl L. Kelly, vice president,
B ank of Am erica, San Francisco, Cal­
ifornia; T. Spencer Shore, vice p resi­

D

dent and treasu rer, G eneral T ire &
R ubber Co., A kron, Ohio; Don U.
Bridge, special consultant, W ar F i­
nance Division, T reasu ry D epartm ent,
W ashington, D. C.; Jam es W. Irw in,
a ssistan t to th e president, M onsanto
Chem ical Company, St. Louis, Mis­
souri.
In addition to th e general sessions
to be addressed by th e speakers m en­
tioned above, th ere w ill be d ep art­
m ental sessions on T uesday a n d
W ednesday afternoons, tw o buffet
b reak fast conferences, tw o panel dis­
cussions, “The b a n k ’s p a rt in w in ­
ning th e w a r” and “B ank prom otion
in w artim e” and th e closing luncheon,
W ednesday noon, addressed by P resi­
dent-elect L. F. Gordon, vice president,
Citizens and S outhern N ational Bank,
A tlanta, Ga.
In stead of the usual convention ex­
hibit of m em ber advertising, an E x ­
hibit Book, follow ing th e successful
p a tte rn of last year, w ill be published,
containing o u tstanding exam ples of
ad v ertisin g used by m em bers d uring
the past year. F red Botzum, ad ver­
tising m anager, F iresto n e P ark T ru st
and Savings Bank. A kron, is editor.
C hairm an of the program com m it­
tee for th e convention is R obert L ind­
quist, ad v ertisin g m anager, A m erican
N ational B ank & T ru st Co., Chicago,
111.

Northwestern Banker

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Federal Reserve Bank of St. Louis

October 1943

A re Repairs to Trucks Covered
Under Highway Construction Bond?
ICKERSBACH, a b anker, also op­
erated a tire re p a ir shop in South
Dakota. He repaired, a t his shop, th e
tire s of a c o n tra c to r’s tru c k s th a t
w ere used in h au lin g crush ed rock
in the co n stru ction of a highw ay. The
co n tracto r did not pay for th e repairs.
As an incident to p ro cu rin g th e h ig h ­
w ay contract, th e co n tracto r had fu r­
nished a bond securing claim s for “m a­
terial, supplies, tools, appliances and
lab o r” in carry in g out th e provisions
of th e highw ay construction contract.
Could D ickersback recover u n d er such
bond?

D

Yes. A ccording to a recent South
D akota Suprem e Court decision, the
paym ent for repairs on tires furnished
for trucks used for hauling crushed
rock in the con stru ction of a h ighw ay
are w ith in the p rovisions of a h igh ­
w ay contract bond secu rin g claim s for
“m aterial, su pplies, tools, appliances
and labor” in carrying out the provi­
sion s of the h igh w ay con stru ction con­
tract.

F a rre ll died in South D akota, leav­
ing a w ill and num ero u s heirs. Some
of th e h eirs sued to break th e will,
claim ing th a t th e te sta to r w as not of
sound m ind. T hese h eirs w ere u n su c­
cessful in th e ir su it and th e court
found th a t th e te sta to r w as of sound
m ind. L ater on, certain o th er heirs,
w ho w ere not p arties to the original
suit, sought to break th e w ill on th e
sam e ground. W as the finding in th e
first su it binding on them ?
Yes. W here it is d eterm ined in one
w ill con test su it that the testator is
° f sound mind, such determ ination is
con clu sive in a second and su bsequ en t
su it even though the p arties in the
second su it did not take part in the
first su it filed.

Jordan, a b anker, w as th e executor
of an estate in Iowa. U nder th e dece­
d e n t’s will he w as au th o rized to sell
the p ro p e rty of th e estate. He m ade
a co n tract w ith Snow to sell a farm
belonging to th e estate subject to court
approval. L a te r he secured a su b sta n ­
tially hig h er bid and gave Snow an
o p p o rtu n ity to m eet it, w hich Snow
declined. The co n tract to sell th e p ro p ­
e rty to Snow w as not sub m itted to the
court for approval and Jo rd a n refused
to go th ro u g h w ith th e deal. W as such
action proper?
Northwestern Banker

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

October 19^3

These and Other Timely Legal
Questions Are Answered
By the
LEGAL DEPARTMENT

Yes. W here an executor, after ex e­
cu tin g a contract for the sale of a
farm su bject to court approval, re­
ceives a bid at a su b stan tially higher
price, it is proper that lie not p resen t
the first contract to th e court for ap­
proval, giv e the first bidder an oppor­
tu n ity to m eet the su bsequ en t h igher
bid and, upon the bidder’s failu re to
do so, d ecline to com plete the deal on
the lo w er basis.

Shakew ell entered into a contract
w ith M ussel in N orth D akota to sell
certain real estate th ere on in stall­
m ents. The co ntract provided th a t
M ussel w ould pay the taxes. This
M ussel did not do. Instead, he let the
taxes default and bought th e p ro p erty
a t a tax sale. Could he validly assert
th a t he obtained good title as against
Shakew ell th ro u g h such dealing?
No. A ven d ee under a contract of
sale of real estate w h o is legally obli­
gated to pay the ta x es on the prem ­
ises is estopped from assertin g, as
again st th e vendor, a ta x title h aving
its in ception in the v en d ee’s default.
T his is true even though there has
been no collusion or bad faith in the
v en d ee’s acquisition of the tax title.

M orrell, a M innesota resident, died
leaving a su b stan tial p a rt of his estate
to B aker, his b an k er and long-time
friend. B aker w as not related to M or­
rell by blood or m arriage, b u t th ere
had, for m any years, existed a confi­
d ential relationship betw een them . At
th e tim e of m aking th e w ill M orrell
w as of sound m ind, clearly understood
th e transaction, exercised a free w ill
in th e act, and w as u n d er no re stra in t
or undue influence. Some of M orrell’s
h eirs sought to have the gift to B aker
declared invalid. Could th ey do so?
No. The m ere ex isten ce of a confi­
dential relationship does not, as a m at­
ter of law , operate to bar the right of
a beneficiary to receive a gift. If the

donor w as at the tim e of sound mind
and clearly understood the transaction
and exercised a free w ill in the act,
being under no restrain t or undue in ­
fluence, such gift w ill he supported.

N uttall, a South D akota banker, ac­
quired a tax title to a building in th a t
state. His title w as such th a t it did
not am ount to ow nership in fee. He
procured and paid for fire insurance
on th e prem ises, telling the general
agent th e facts reg ard in g the condi­
tion of his title. The general agent, in
tu rn , rep o rted these to his head office.
The policy, as issued, contained no
reference thereto. A fire occurred and
th e building w as destroyed. The in ­
surance com pany sought to escape
liability u n d er th e policy because it
did not contain an endorsem ent to the
effect th a t the b an k er did not hold
title in fee. Could it do so?
No. In a recent decision in v o lv in g
su b stan tially sim ilar facts, the South
Dakota Suprem e Court held that,
w h ere a gen eral agent of an insurer
k new that the applicant did not have
title in fee to the property on which
he sou gh t fire in surance and reported
the facts to the in su rer and the in ­
surer accepted the prem ium and issued
the policy, the in su rer w as estopped
from a ssertin g th e in valid ity of the
policy for failure to have the facts
pertaining to the title endorsed upon
the policy.

A n em ploye of a railro ad operating
in Ohio and New Y ork w as indebted
to a b ank in Ohio. The indebtedness
w as not paid w hen it fell due and the
bank b ro u g h t suit. W hile the suit
w as pending th e em ploye w as tra n s­
ferred to New York. The bank ob­
tained a ju d g m en t w hich w as not paid.
T h ereafter it garnisheed, in Ohio, the
railroad for w hich the debtor was
w orking in New York. W as the g ar­
nish m en t valid?
Yes. W hen an em p loye of a rail­
road operating in Ohio and N ew York
w as transferred from Ohio to N ew
York prior to the recovery of a judg­
m ent against him in Ohio, the judg­
m ent creditor in Ohio is en titled to
recover from the railroad in Ohio
garn ish m en t proceedings on the w ages
due the em ploye.

Shallcross, an Illinois banker, owned
(T u rn to page 55, please)

21

MEMBER
FEDERAL
DEPOSIT
I NSURANCE
CORPORATION

The Omaha
National Bank
Northwestern Banker


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

October 19'i3

22

New s
O F THE

and
B A N K IN G

V

ie w s

W O RLD

By Clifford DePuy

M

SPE N C E R , A ssociated
P ress new sm an, ju s t back from
the S outhw est Pacific, in a recen t
speech said, “The S ou th w est Pacific

fine publication and especially the
personal notes covering so m any b a n k ­
ers w hom 1 know .”

area has been so low on the govern ­
m ent priority lis t that it w as on ly re­
cen tly that th ey sent us E lean or R oose­
v elt.”

F rank W arner, S ecretary of the
Iow a B ankers A ssociation, did a bangup job w ith th e tw o day convention
of th e State A ssociation last m onth.
B ankers on every h and w ere co n g rat­
u latin g him on a fine program , well
plan n ed subjects for discussion, and
th e v ery fine b an quet w hich w as held
on Sunday n ight w here alm ost 1,000
w ere seated at th e tables.
F ra n k has long been know n for his
efficiency and atten tio n to details in
arra n g in g a program and his m any
capabilities w ere never m ore in evi­
dence th a n th is year.
In th e p rin ted re p o rt the Iow a As­
sociation had total receipts for the
last fiscal year from Ju n e 1, 1942, to
Ju n e 1, 1943, of $43,041 and total ex­
penses w ere $39,209 and th e balance
of receipts over disbursem ents for the
y e a r w as $3,832.

E R L IN

John L. L ew is has been condem ned
by th e CIO U nion of th e U nited E lec­
trical, Radio and M achine W o rk ers of
A m erica as “unfit to be a leader in the
A m erican L abor M ovem ent.”
This condem nation w as passed in a
resolution a t th e 9th an n u al conven­
tion of th is organization, and in th e
resolution it said, “John L. L ew is has
placed his personal am bitions and
greed for p ow er above th e w elfare of
the people . . . he has resorted to strike
action in violation of labor’s no-strike
p olicy . . . he has fou gh t again st price
control and ration in g and all efforts
to stabilize the nation al econom y . . .
he has con tin u ou sly sought to d is­
rupt the organized labor m ovem en t
by raiding other u nions. . . .”
Lt. H. G. N ordberg is now located at
L oras College in D ubuque and in a
le tte r to th e N o r t h w e s t e r n B a n k er
said, “I have been in th e N avy for
alm ost a y e a r now and am a t p resen t
officer in Charge of th e N avy W ar
T rain in g Service a t L oras College in
D ubuque.” B efore e n terin g the serv ­
ice, J e rry w as in th e M inneapolis office
of E. H. Rollins and Son.
John V. H aas, a ssista n t cashier of
th e N o rth ern T ru st Com pany of Chi­
cago, has recen tly received his civil­
ia n ’s pilot license. He took his flying
lessons at W heeling, Illinois, sta rtin g
in Ju n e of th is y ear and has recently
com pleted 50 flying hours. Jo h n says
th a t he has alw ays been en th u siastic
about flying and believes it is one of
the com ing developm ents of our p o st­
w ar period w hen we realize th a t we
can go to any point of th e w orld in
60 hours.
Clarence S. R ye, vice p resid en t of
the L ittle R iver B ank and T ru st Com­
pany of Miami, Florida, in a recent
le tte r to us said, “I am enclosing m y
check in pay m en t of a renew al su b ­
scription to th e N o r t h w e s t e r n B a n k e r .
I assure you th a t I enjoy reading your

Northwestern Banker

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

October 1943

N orm an B. Shaffer, vice president,
and A rthur F rey, a ssistan t cashier, of

th e C ontinental Illinois N ational B ank
and T ru st Com pany of Chicago, called
at th e office of the N o r t h w e s t e r n B a n k ­
er d u rin g th e Iowa convention and
N orm an also stopped a t Altoona, Iowa,
to visit w ith his fa th e r and m other
w ho are now both in th e ir eighties
b u t h ail and hearty.
C harles C. K uning, vice president
of th e A m erican N ational B ank and
T ru st Co., w as host at th e fam ous
“b reak fast p a rty ” w hich he alw ays
gives du rin g th e Iow a Convention.

This is one tim e w hen th e little pigs
w ere killed for a good purpose and
to g eth er w ith th e scram bled eggs from
th e farm s of Iowa, C harlie w as as al­
w ays an excellent chef and a delight­
ful host.
C harles B. M ills, president of the
Iowa B ankers A ssociation in 1901 and
1902, w as elected p resident of the ExP resid en ts Club at the S tate Conven­
tion w hich w as held last m onth.
C harlie’s hom e is now in Moline, Il­
linois, and he has been a reg u lar a t­
ten d an t at all Iow a gath erin g s for
m any years.
M iss R uth S life, dau g h ter of C. A.
Slife, cashier of th e F arm ers State

B ank of H aw arden, Iowa, and Mrs.
Slife, w as m arried recently to Lt. Jess
C. B enn ett, Jr., of Denver, Colo.
Mrs. B ennett atten d ed the U niver­
sity of D enver at Denver, Colo., and
Mr. B ennett attended the U niversity
of C alifornia at Los Angeles.
At p resen t Lt. B en n ett is a squad­
ron n avigator having originally re ­
ceived his com m ission in the arm y
air corps at Orlando, Florida.
P reston D elano, C om ptroller of the
C urrency, in speaking before the N a­
tional A ssociation of S upervisors of
S tate B anks is opposed to b ran ch b an k ­
ing and in his rem ark s said: “The of­
fice of the C om ptroller of Currency
is an xiou s that w h en ev er possible the
in depend en t bank shall continue to do
its im portant job in our econom y. We
are opposed to the building up of great
b ank ing sy stem s and ch ain s w hich,
by th eir v ery size and power, threaten
the financial self-sufficiency of our
sm all com m un ities, and thu s the in­
dependence of th eir in du stries, their
agriculture and their in dividu als.”
R obert Strickland, president of the
T ru st Com pany of Georgia, A tlanta,
spoke on “G overnm ent W ar F inancing
and Its Effect on Our Econom y” be­
fore th e A m erican B ankers Associa­
tion last m onth and th is w as one of
th e m ost o u tstanding speeches de­
livered at th is gathering. Am ong other
things, Mr. S trickland said:
“F in ally, th ese p roponents of pros­
p erity through debt tell us that there
is no debt because w e ow e it to our­
selv es. This doctrine can on ly be sup­
ported by the co llectiv ist theory that
all property belon gs to the state, and
that the state has no obligation to re­
pay that w h ich it takes from its sub­
jects. W ith more than one-third of
our citizen s as direct ow ners of g o v ­
ernm ent obligations, and cou n tless
other m illions indirect ow ners as hold­
ers of life in surance p olicies, of bank

(T u rn to page 32, please)

23

WE SHALL BE GLAD TO
MEET YOU AT
THE
NEBRASKA BANKERS CONVENTION
L IN C O L N , O C T O B E R 11 a n d 12

A L V IN E. JO H N S O N
P r e s id e n t
R. H . K R O E G E R
V ic e P r e s id e n t

H . C. K A R P F
V ic e P r e s id e n t
PA U L H A N SEN
C a sh ier

W . D EAN VOGEL
A ss t. C a sh ier

L. V . P U L L I A M
A s s t. C ash ier

E A R L R. C H E R R Y
A s s t. C a sh ier

H. H. E C H TER M EY ER
A ss t. C ash ier

T . J. P R I C E , JR .
A ss t. C a sh ier

C. G. P E A R S O N
A s s t. C ash ier

LIVE STOCK N A T I O N A L BANK
OMAHA
R esources O ver $ 5 0 ,0 0 0 ,0 0 0 .0 0
M em ber F ed era l R ese rv e S y s te m and F ederal D e p o sit Insu ran ce C orporation

Northwestern Banker

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

October 19'i3

24

W h Convention
N

eb r a sk a

A

Ba

n kers

s s o c ia t io n

Lincoln— October 11-12
Headquarters — Hotel Cornhusker

E M B E R S of th e N ebraska
B ankers A ssociation w ill con­
vene in Lincoln, N ebraska, on
M onday and T uesday, October 11 and
12, for th e ir F orty-S ixth A nnual Con­
vention, w ith h e a d q u a rte rs and all
sessions a t the H otel C ornhusker.
T he N ebraska convention th is y ear
w ill be a business conference in every
sense of th e w ord. E v ery available
m inu te of th e tim e th e delegates spend
a t th e m eeting w ill be ta k e n up w ith
discussion of im p o rtan t topics relatin g
to ban k in g and c u rre n t problem s af­
fecting th e business. The u sual p re ­
convention re g istra tio n ro u tin e w ill
be elim inated, alth o u g h some m eans
w ill be tak en to get th e nam es of those
attending, p erh ap s h aving th em fill
in a card and leave w ith th e secretary
ju st as a m a tte r of record. B ankers
these days have tw o im p o rta n t jobs
to do—w in th e w ar and operate a good
bank, and have no desire to be aw ay
too long from e ith e r of those objec­
tives.
L ate afternoon on M onday, October
11, th e executive com m ittee of th e N e­
brask a B ankers A ssociation w ill go
into session. T his w ill be follow ed by
th e an n u al convention d in n er a t w hich
w ill be one speaker, and som e e n te r­
tainm en t. A t th e d in n er th e re w ill
be a special table for past-presidents
of th e N ebraska A ssociation, and a
sim ilar a rra n g e m en t w ill be m ade for
m em bers of th e Fifty-Y ear Club.
The one-day business session of th e
m eeting w ill open p ro m p tly a t 9:30
Tuesday m orning, w ith Jam es D. Milliken, ch airm an of th e N ebraska exec­
utive council, presiding as acting p res­
ident. It w ill be recalled th a t R obert

M

Northwestern Banker

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

October 1943

Clarke, elected presid en t of the Asso­
ciation last Fall, is on leave of ab­
sence in Red Cross d u ty w ith th e
A rm ed Forces, and Mr. M illiken, ex­
ecutive vice presid en t of th e F rem o n t
N ational Bank, has tak en over in the
em ergency.
The program on T uesday w ill be
largely of the discussion type, w ith a
nu m b er of topics on the agenda, ra th e r
th a n devoting th e tim e to a n um ber
of p re-arranged speeches. One speaker
from outside the State m ay be on the
program , in addition to Jo h n W. K en­
nedy of th e F ed eral R eserve B ank of
K ansas City. T he la tte r w ill speak on
W ar Loan Accounts.
B etw een th e m orning and afternoon
sessions Lincoln b an k ers w ill be hosts
to those atten d in g th e convention at
a buffet luncheon served a t th e H otel

JA M E S D. M IL L IK E N
A c tin g P r e s id e n t

C ornhusker, w hich w ill give visitors
a chance to visit. The program in the
afternoon w ill s ta rt prom ptly at 1:30
and ad jo u rn at 4:30, in tim e for those
w ho w ish to catch late afternoon train s
home, or to have p len ty of tim e to
m otor to th e ir destinations.
Ladies are cordially invited and ex- •
pected to a tten d the d in n er on Mon­
day evening, and th e luncheon on
Tuesday. A lthough Tuesday, October
12, is a legal holiday in N ebraska, we
u n d erstan d all d ep artm en t stores and
o th er dow ntow n business establish­
m ents w ill be open.
A w ord from A ssociation Secretary
W illiam B. H ughes advises th a t from
advance inform ation he has received,
th e attendance at this Lincoln con­
vention prom ises to equal th a t of last
year in Omaha.
H ow ard F reem an, cashier of the
F irs t N ational Bank, heads the com­
m ittee of L incoln ban k ers in charge
of local activities, assisted by W. S.
B attey, vice presid en t of the Conti­
n en tal N ational Bank, and Byron
Dunn, executive vice p resid en t and
tru s t officer of th e N ational B ank of
Commerce.

W IL L IA M B. H U G H E S
S ecr eta ry

Two speakers at th e N ebraska Con­
vention, am ong others, w ill be H erb ert
V. Prochnow , vice presid en t of the
F irst N ational Bank, Chicago, and John
K ennedy, form erly of th e K ansas City
F ederal R eserve B ank and now assist­
a n t vice p resid en t of th e F irst N ation­
al Bank, K ansas City. T here w ill be
several discussion leaders in addition
to th e aforem entioned speakers.

25

T o d ay there is a greater necessity th a n ever
for intelligent feeding of live stock.
O ur p a rt is to assist in the financing of
feeding operations.
Located in the O m aha Stock Y ard s we are
especially equipped to give p ro m p t and efficient
service on all live stock transactions.

Stock Yards National Bank of South Omaha
OMAHA, NEBRASKA
M e m b e r F e d e ra l D e p o sit In su ra n c e C orporation

Northwestern Banker

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

October 19^3

26

Gold Base Essential

Currency Stabilization
The G u aran ty T ru st Com pany of
New York announces th e salien t points
of its own basic program for in te rn a ­
tional exchange stabilization and w orld
trad e recovery in th e c u rre n t issue
of The Guaranty Survey, its m onthly
review of business and financial con­
ditions in th e U nited States and abroad.
This proposal is offered in lieu of the
te n ta tiv e plan s for th e sam e purpose
m ade public by th e B ritish, C anadian,
and U nited S tates governm ents, the
adoption of any one of w hich or
an y com bination of th e sam e w ould be
undesirable, th e G u aran ty T ru st Com­
pan y states.

“It is our belief th a t no m ethod of
stabilization y et devised or suggested
is so sound or so easily operated as
th e in tern atio n al gold stan d ard —w ith
free coinage of gold, free m ark ets and
p riv ate ow nership of gold, and c u rre n ­
cies freely convertible into gold, both
for dom estic use and for shipm ent
abroad,” The S u rv e y continues.
“If th e abnorm al conditions th a t
exist a t th e close of th e w ar m ake an
im m ediate re tu rn to th e free gold
sta n d ard by some nations im possible,
it m ay be necessary for such nations
to re so rt tem p o rarily to the gold ex­
change standard, w hereby countries

1871 — 1943

Working Together
In w artim e it is m ore essential than ever that hankers should
work togeth er and cou n sel w ith each oth er on rap idly changing
econ om ic problem s.

T h at’s w hy w e b eliev e th e 1943 Nebraska

C on ven tion to he h eld here in L in coln O ctober 11 and 12 should

To th e N ebraska B ankers A ssociation w e offer sincere congrat­
W e rejoice in k n ow ­

ing th is hank has actively particip ated in A ssociation activities
during that en tire period o f tim e.

☆

THE FIRST NATIONAL BANK
of

LINCOLN, NEBRASKA
M em ber Federal Deposit Insurance Corporation

Northwestern Banker

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

October 19ft3

X

-f.

1»

Two Postwar Problems

be attended by every N ebraska banker.

u lation s for its 53 years o f staunch service.

w ith inadequate gold reserves ‘tie ’ th eir
currencies to those based on gold by
using th e ir b ank balances in goldstan d ard countries as reserves in lieu
of actual gold holdings. R estoration
of th e free gold standard, how ever,
should be the u n iversal objective.
“The success of this or any other
program m ust depend finally on the
adoption and general pursuance of
sound in te rn a l economic and political
policies—balanced budgets, reasonable
tariffs and trad e regulations, avoid­
ance of cen tral bank and T reasu ry
operations th a t in terfere w ith th e price
reactions essential to th e operation
of th e gold stan d ard and, in general,
governm ental policies th a t prom ote
business confidence instead of d estroy­
ing it. E v ery individual know s th a t
his prom ises to pay w ill not be ac­
cepted by his neighbors unless he
keeps his financial affairs in order.
Sim ilarly, no co u n try can expect to
have its cu rren cy acceptable at a stable
value in w orld m ark ets unless its
fiscal affairs are u n d er control, its
price level is reasonably stable and
its in tern al econom y is functioning
sm oothly and productively. In tern al
stability is a prereq u isite to in te rn a ­
tional stability.
“If sound governm ental policies di­
rected tow ard th is end are followed,
th e gold stan d ard can w ork success­
fully in th e fu tu re, as it did in the
past. If such policies are not followed,
in tern atio n al trad e and finance will
break dow n u n d er any conceivable sys­
tem.
“A fter th e w ar th e w orld w ill be
faced w ith tw o d istin ct and separate
problem s. One w ill be th a t of re ­
ad ju stm en t to a peacetim e basis. Stores
of m any consum able com m odities w ill
have been n early exhausted, and in
m any instances the m eans of produc­
tion and tra n sp o rta tio n w ill have been
destroyed or badly im paired. In large
p art, th ese m ust be replaced and re ­
built on credit; b ut th e task cannot be
done on short-term credit, and it should
not place an undue stra in on th e in ­
te rn atio n al exchanges. It should be
dealt w ith th ro u g h sufficiently long­
term credit to m ake final liquidation
possible w ith o u t u n necessary in te r­
ference w ith th e norm al foreign trade
stru ctu re. T he U nited States can well
afford to contribute w ith o th er n a­
tions tow ard th e rehab ilitatio n of th e
w orld by providing long-term credit,
p artly because it is good business to
prom ote such rehabilitation, p a rtly be­
cause h u m a n ita ria n considerations re ­
quire it and p a rtly because th e dis­
trib u tio n of certain su rpluses th a t
w ill exist at the end of th e w ar will
aid in th e solution.

v

27
R. W. Trefz of B eatrice w as nam ed
vice presid en t to succeed B runing, and
W. W. D ecker of B eatrice w as re-elect­
ed secretary-treasurer.
Rep. Carl T. C urtis w as th e principal
speaker d u rin g th e evening. He w as
introduced by A. J. D enney of F a ir­
bury.

NEBRASKA
NEWS

Herman Banker W eds
R. F. C LAR K E
P a p illio n
(O n le a v e of ab sence
w ith R ed C ross)

W M. B . H U G H E S
S ecr eta ry
Om aha

Nebraska Business Outlook Good

F re d R obertson, of H erm an, N ebras­
ka, and Miss H allie Cook, of Fontanelle, w ere united in m arriage S atu r­
day evening, A ugust 28th, at the
M ethodist parsonage in H erm an, Ne­
braska.
Mr. R obertson is vice presid en t of
th e H erm an State Bank.

(C ontinued from page 13)
have a v ery large nu m b er of hogs and
cattle in th is locality and our farm ers
believe th e y w ill have enough feed
to get th em read y for m a rk e t along
w ith th e corn w hich th e y have held
over.
D uring th is y e a r a large n u m b er of
our te n a n t farm ers have pu rch ased
farm s a t reasonable prices. This
m ovem ent of our land g ettin g into th e
han d s of th e farm er o p erato r is a
h ealth y condition, and w hile th e sh o rt
crop th is y e a r m ay slow up th e land
buying, we believe our farm ers and
business m en are in a position now to
carry on as th ey have n ev er been
able to do before.

"Cattle in G ood Condition"
E. C. DAVENPORT
P re s id e n t
N e b r a s k a S t a t e Bank
V ale ntine

Our te rrito ry is p red o m in an tly a
cattle raisin g area, alth o u g h we have
considerable farm in g operations in th e
te rrito ry . Our cattle ranges are in
excellent condition and all our ra n c h ­
ers w ere able to com plete th e ir h aying
operations in about th e usu al length
of tim e, despite th e labor shortage.
T he cattle on o u r ranges are in good
condition. It is an ticip ated th a t th ey
w ill go to th e feeder buyers, w eigh­
ing considerably m ore a t delivery
tim e th a n a y e a r ago. W e have h a r­
vested a norm al sm all g rain crop, b u t
th e prospect gen erally for a corn crop
over o u r te rrito ry is not favorable to
m easure up to th e p roduction of last
year.
T he large increase in deposits of
th e b an k s in th is te rrito ry is reflected
by th e satisfacto ry prices p revailing
for cattle an d hogs. T he volum e of
excess reserv es is sim ilar to like con­
ditions of b anks gen erally th ro u g h o u t
th e country. G overnm ent bond hold­
ings have been increased su b stan tially
in all th e b an k s of th is area and p rac­

tically all of the banks have reduced
th e ra te of in terest paid on tim e and
savings accounts to one per cent.

Guy Becker in Army
Guy Becker, cashier from th e B ank
of Burw ell, Burw ell, Nebr., w ho w as
inducted into th e arm y recently, is
now stationed at th e Topeka arm y air
base, at Topeka, K ansas, w here he is
a w eath er observer. This is fam iliar
w ork to Guy, as he has been an official
w eath er observer for several years.

New Bookkeeper
Miss B etty Lou M arkuson has a posi­
tion in th e bookkeeping d ep artm en t
of th e F irs t N ational Bank, David City,
Nebr., succeeding Miss Lois Johnson,
w ho is u n d er co ntract to teach school
n e a r Lem ar, Mo., th e com ing year.

Vacationing

Earl Schuler
B etw een 700 and 800 friends and
relatives attended th e fu n eral services
for E a rl Schuler, 42, vice presid en t of
th e Security N ational B ank of L aurel,
Nebr., w ho died suddenly last m onth.

Regional Vice President
Miss A nna T. Olsson, m anager of the
savings d ep artm en t of th e Live Stock
N ational Bank, Omaha, w as nam ed
regional vice presid en t for th e M idwest
Division of the A ssociation of B ank
W omen, w hich recently concluded its
ann u al convention in New York City.
Miss H en riette J. Fuchs, tru s t offi­
cer of th e U nd erw riters T ru st Com­
pany, New York, w as nam ed p resident
of th e organization.

Junior News
Front the N ebraska
Junior B ank e rs Association

Miss M attie R alston has resum ed h er
d uties at th e McDonald State B ank of
N orth P latte, Nebr., after vacationing
for tw o weeks.

W est Coast Vacations
The Misses Je an ette Shepard and
Della B allard have each re tu rn e d from
th e ir trip s to th e Pacific coast and have
resum ed th e ir duties in th e F irst N a­
tional and N ebraska State banks of
V alentine, Nebr., respectively.

Southeastern Nebraska
Bankers Elect
F re d B runing of B runing, N ebraska,
w as elected p resid en t of th e South­
eastern N ebraska Clearing H ouse As­
sociation du rin g a m eeting of th a t
organization at the M ary-Etta hotel in
F a irb u ry last m onth. He succeeds H.
R. K illinger of H ebron as presid en t of
th e association.

Jo h n L a u ritze n , Fjditor
o ra il t jb
chatt
has
been a v isito r in T ekam ah d u r­
ing th e last m onth. M ajor C hatt w ho
in civilian life has served for m any
y ears as a director of th e F irs t Na­
tional B ank of T ekam ah left his posi­
tion as N eb rask a’s W ar Bond D irector
early in 1942 to en ter th e Intelligence
D ivision of th e A rm y. Since th a t tim e
he has seen active service in both
E ngland and A frica w here he has been
doing briefing for th e A rm y A ir Forces.
One of th e new s pictu res released d u r­
ing C hurchill’s v isit to A frica show s
th e fam ed W inston giving an a tte n ­
tive ear w hile M ajor C hatt reads out
final in stru ctio n s to a group of pilots
about to take off on a bom bing m is­
sion.
a jo r

M

Northwestern Banker

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Federal Reserve Bank of St. Louis

October 1943

28

•
Don R yan of th e F irs t N ational
B ank of Om aha rep o rts from New
G uinea th a t th e y are now h aving th e ir
w in te r dow n th ere, and th a t it gets
plen ty hot d u rin g th e days, b u t is cold

Farm Production
Is

Vital
To the War Effort
Our business system applied
to tenant-operated farms not
only insures maximum produc­
tion, while restoring and main­
taining fertility, but also relieves
owners of many War-Time
worries.

FARMERS
NATIONAL
COMPANY

NEBRASKA

NEWS

a t night. Don is g etting fat and he
feels th a t the arm y life isn ’t half as
bad as m any w ould lead us to believe.
Chase N eum ann of the F arm ers and
M erchants N ational B ank of O akland
is th e proud fa th e r of a baby girl. Mrs.
N eum ann and th e baby -are both do­
ing w ell w hile Chase is g etting rid of
m ore th a n his share of cigars.

F eeder cattle purchases in the Oak­
land vicinity have th u s far lagged
about a m onth behind those of a year
ago w ith at least tw o tho u san d few er
cattle in the yards to date. W h eth er
indicative of th e final decision of the
livestock feeder to cu rtail his opera­
tions g reatly or not, it is still too early
to say.
P eyton R esp ess of the F irs t N a­
tional B ank of Omaha is in the finance
division of th e arm y. W hen payroll
tim e comes he sets up a table (w eight
120 lbs.) w hich he carries along w ith
him and goes to work. T his specially
b u ilt table has room for all of his rec­
ords, can be carried like a suitcase
w hen folded, and serves as a desk
w hen ready for w ork; th u s he sets up
q u a rte rs am ongst the sand fleas and
spiders out on m aneuvers.

388-396 Brandeis Theatre Bldg.
Om aha, N ebraska
Field Su pe rvisors
At 14 Iowa and Nebraska Points

FARM MANAGEMENT
“ From the Gr ound Up ”

BANKS

Bought and Sold

Confidentially and with becoming dignity

BANK EMPLOYEES PLACED.
38 Years Satisfactory Service

THE CHARLES E. WALTERS CO.
OM AHA. N EB R A S K A

•

t

In Army Air Corps
P aul W arren Shooll, son of Paul W.
Shooll, associate editor of The N orth­
w estern B anker and who trav els Ne­
brask a extensively rep resen tin g this
publication, recently enlisted in the
A rm y A ir Corps. Paul Schooll, Jr., ex­
pects to com plete his tra in in g in a few
m onths and be ready for active com bat
duty.

Leave of Absence
Miss P auline L aunsby of Omaha is
in Lyons (N ebraska) spending p a rt
of h e r vacation w ith h er m other, Mrs.
A nnette Launsby. P auline is employed
at th e Live Stock N ational B ank in
South Omaha and has a m o n th s’ leave
of absence.

1

Bookkeeper Resigns
Miss B ernice Nissen, bookkeeper at
th e Osmond (N ebraska) State Bank
since last F eb ru ary , last m onth re ­
signed th e position she has capably and
faithfully held. Miss N issen felt th a t
h er w ork w as badly needed at the
N issen farm hom e n o rth w est of Os­
mond.

Ratekin Takes Bank Position
Clarence R atekin, u n til recently
tre a su re r of th e Rulo Cooperative
C redit Association, has tak en a posi­
tion in the R ichardson County B ank at
F alls City, N ebraska.
Mr. R atekin has been associated w ith
th e association and w ith th e bank be­
fore it for the last 15 years.

OUR

8 0 th

A N N IV E R S A R Y
C h a rte r N o . 209

;

Northwestern Banker

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

October Í9'i3

29

FEEDER BUYERS
Are Coming to OMAHA!
Faced w ith

travel restrictions, m ore cornbelt

feeder buyers are com ing to the w o rld ’s second
largest feeder m arket--O M A H A .
As the second largest beef-packing center, O m aha
also offers an u rg en t dem and for grass-fed cattle
fo r slaughter. T h is m eans a dependable, tw o w ay com petitive m arket for y o u r stock.
Lam bs, too, are finding an ex p an d in g packer and
feeder dem and at O m aha.

UNION STOCK YARDS COMPANY OF OMAHA (Ltd.)
P resident

V»gST°Cju


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

RKET

Ä S J -! J
Northwestern Banker

October 1943

30

They A re Coming to Lincoln
City Bankers Who Are Planning to Attend the Nebraska Convention
ORE th a n fifty b an k ers from
large cities outside of L in ­
coln, including Omaha, and
those from M issouri, Iowa, Illinois,
and N ew York, have indicated th e ir
in ten tio n to a tte n d th e an n u al m eet­
ing of th e N ebraska B ankers Asso­
ciation in L incoln on October 11 and
12. The list on file in th e office of the
N o rth w estern B an k ers is as follows:

First N ational Bank: E m il A. Stake
and T hom as J. N ugent, vice p resi­
dents; V erne L. B artling, a ssistan t
vice president; and L eroy F. W in ter­
h alter, a ssistan t cashier. H erb ert V.
Prochnow , vice president, w ill be a
speak er on the N ebraska program .

Chicago

Kansas City

A m erican N ational B an k & T rust
Company: C harles C. K uning, vice

City N ational B an k & T rust Com­
pany: Dale R. A insw orth, vice p resi­

president.

dent; and Tom Collins, publicity di­
rector.
Comm erce T rust Company: F red B.
Brady, vice president; and A lbert G.
G unner.

M

C ity N ational B ank & T rust Com­
pany: W illiam M iller, vice president;

and L. K. Billings, a ssista n t vice p resi­
dent.

C ontinental Illin ois N ational Bank
& Trust Company: W. E. Resseguie,

a ssista n t cashier.

NATIONAL BANK OF COMMERCE
L in c o ln , N e b ra s k a
“THE BANK OF EXPERIENCED SERVICE”
(Organized August 4, 1902)

W e exten d a hearty w elco m e to the
1943 A n n u al C onvention of the N ebraska
Bankers A ssociation here in Lincoln,
O ctober 11-12.
OFFICERS
M . W EIL.
P r e s id e n t

BYRON D UNN,
E x e c u tiv e V ic e P r e s id e n t
& T ru s t O fficer
JU LIU S W EIL,
V ic e P r e s id e n t

ALBERT A . H ELD ,
V ice P r e s id e n t

ER NEST C . F O L S O M ,
V ice P r e s id e n t

PAUL BOGOTT,
C a s h ie r

GLENN Y A U SSI
A sst. C a s h ie r a n d
A s s t. T ru s t O fficer

Member Federal Deposit Insurance Corporation

New York City
C entral H an over B ank & Trust
Company: F. M. H am pton, assistan t

secretary.
Chem ical Bank & T rust Company:

H u n tin g to n M. T u rn er, vice president.
M anufacturers Trust Company: R.

A. Lockwood, vice president; and W il­
liam B. W hitm an, a ssistan t secretary.

Omaha
F irst N ational Bank: F. W. Thom as,

C. D. Saunders, and J. F. Davis, vice
presidents; E. F. Jepsen, assistan t
cashier; and Jo h n L auritzen.
L ive Stock N ational Bank: A lvin E.
Johnson, president; H en ry C. K arpf
and R. H. K roeger, vice presidents;
P au l H ansen, cashier; and L. V. P u l­
liam, C. G. Pearson, H. H. Echterm eyer, W. Dean Vogel, E a rl Cherry,
T. J. Price, Jr., a ssistan t cashiers.
Omaha N ational Bank: R R. Ridge,
Jo h n A. C hangstrom , and Jam es H.
Moore, vice presidents; C. O. D arner,
cashier; and S. J. W irtz, A. J. Rhodes,
T. R. N oonan, a ssistan t cashiers.
Stock Yards N ational Bank: Jam es
B. Owen, ch airm an of th e board; W.
A. Sawtell, president; A. J. H allas, vice
president; Jo h n M cCumber, cashier;
and W. M. Costello, field rep resen ta­
tive.
U n ited S tates N ational Bank: E lls­
w o rth Moser, executive vice p resi­
dent; A ustin L. Vickery, cashier; and
Nels L. Sholin and E d w ard W. L y­
m an, a ssistan t cashiers.

St. Joseph
A m erican N ational Bank: R. R. Cal­

kins, president.
F ir st N ational Bank: George E. P o r­
ter, vice president; and V. P. Meyer,
a ssistan t cashier.

77irTOOTLE-LACY
SINCE 1889 WE HAVE SPECIALIZED AS "A BANKERS' BANK"

Northwestern Banker

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

October 19^3

31

• NEBRASKA
Tootle-L acy N ational Bank: E. H.
Zim m erm an and M ilton Tootle, III,
vice presidents.

Sioux City

NEWS

•
w rite as few or m any checks as desired,
th ereb y controlling th e ir own cost. The
no m inim um balance req u irem en ts
now m ake it possible for everyone to
carry a checking account.

Joins Clerical Staff
F re d H erre, A uburn, N ebraska, has
joined th e clerical staff of th e Plattsm outh State Bank.

F ir st N ational Bank: F ritz F ritzson,

vice president.
L ive Stock N ational Bank: Carl L.

F red rick sen , president; M ark A. W il­
son, vice president; and H en ry C. Lindiski, a ssista n t cashier.
Toy N ational Bank: R. R. B rubacher,
president; and E. E. E rickson, vice
presid en t and cashier.

Beemcr Banker
Breaks Vertebra
A. J. L eu th au ser, cashier of th e F irs t
N ational B ank of Clarkson, Nebr., is
in a W est P o in t hospital, w here he w as
tak e n early last m onth for an X-ray
ex am ination to d eterm in e th e ex ten t
of his in ju rie s suffered in a fall from
a ladder w hile w orking in his yard.
It w as found th a t he h ad fractu red
a verteb ra.

New Service at Geneva

Bank Organized in
Battle Creek

The Geneva (N ebraska) State B ank
announces a new checking account
service called th e “PAYC” Pay-As-YouCheck Plan. I t is a new service de­
signed for those w ho desire th e con­
veniences of a checking account w ith ­
out m ain tain in g a m inim um balance,
th e only req u irem en t being a deposit
sufficient to cover checks w ritten .
T here are no m onthly service fees or
activity charges on these accounts.
T he only cost is 5 cents per check
plus a nom inal handling charge made
on out of tow n checks at th e tim e the
deposit is made. The cost of th e book
of tw en ty checks is $1. C ustom ers m ay

Organized im m ediately following a
vote to liquidate th e B attle C reek Co­
operative Credit A ssociation, th e new
B attle Creek State B ank opened for
business last m onth. Officers and di­
recto rs nam ed w ere B. E. Adkins, N or­
folk, president; H. F. Walz, vice p resi­
dent; E. H. Doering, cashier; Chas. C.
Zim m erm an, G. A. K oester and W. C.
T raub, th e la tte r five all residents of
B attle Creek.
The bank w ill s ta rt w ith a paid up
capital of $12,500, a su rp lu s of $2,500
and undivided profits of $1,000, a total

Buys Lewellen Bank
C arl Beard, L ew ellen businessm an,
has purch ased control of th e F irs t N a­
tio n al B ank of Lew ellen, Nebr., from
th e prin cip al stockholder, B. C. Delatour.
B eard has extensive p ro p e rty hold­
ings in L ew ellen and Oshkosh, and
ow ns several farm s in G arden county
on th e south side of th e N orth P latte
riv er. J. L. Katz, w ho has been asso­
ciated w ith the b an k for several years,
w ill assum e active m anagem ent.

Nebraska Bankers:
W E L C O M E

to
L I N

C O

L N

C o n t in e n t a l R a t io n a l

Resigns at Wymore
Gordon Jones has resigned his posi­
tion as a ssista n t cashier at th e W ym ore
(N ebraska) N ational B ank, and has
accepted a like position w ith th e Ab­
bo tt Bros., o w ners of seven b anks in
th e w estern p a rt of th e state.

B

ao fn' k

LIN COLN
Member F ederal Deposit Insurance Corporation

NATIONAL BANK

ST. JOSEPH, MO.

MILTON TOOTLE, JR.

E. H. ZIMMERMAN

R. E. WALES

P R E S ID E N T

V IC E P R E S I D E N T

C A S H IE R

GRAHAM G. LACY

MILTON TOOTLE, III

FRED T. BURRI

V IC E P R E S I D E N T

V IC E P R E S I D E N T

A S S T . C A S H IE R

M e m b e r F e d e r a l D e p o s it
I n s u r a n c e C o r p o r a tio n

Northwestern Banker

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

October 1943

32

• NEBRASKA
of $16,000. C hecking accounts of m em ­
bers of th e credit association w ill be
tra n sfe rre d to th e books of th e new
bank.

Aron Heads Crete Bank
Thom as J. A ron w as elected p re si­
den t of th e Crete State B ank of Crete,
N ebraska, at an election held A ugust
28th. He fills th e vacancy caused by
th e death of W illiam S. Collett. Mr.
A ron becom es th e th ird p resid en t of
this b an k w hich has been serving this
com m unity for th e p ast forty-six years.
In 1897, th e b an k w as ch artered by
T. H. Miller, and is now th e oldest
in stitu tio n of its kind in th e com ­
m unity.

Proud Grandfather
E. N. Solomon, a ssista n t cashier of
th e F irs t N ational B ank of Om aha is
th e proud g ra n d fa th e r of a son born
to Lt. and Mrs. Dean Sw anson. Lt.
Sw anson is serv in g in th e A ir Corps.
“I t ’s great, speeding along like this.
Makes you glad y o u ’re alive.”
“Glad? I ’m am azed.”

NEWS

N EW S A N D VIEW S
(C ontinued from page 22)
deposits, and other evidences of par­
ticipation and ow nersh ip , it is n eces­
sary that there he no m isunderstand­
in g that the debt is a debt to be treated
as such. To he renew ed, extended,
and refunded from tim e to tim e, as
the needs of our govern m en t require
—but also to be regularly reduced and
u ltim a tely paid. But it is not reassu r­
in g to hear of a highly-placed govern ­
m en t econom ist, on b ein g asked as to
any plans being form ed to retire the
debt replying, ‘I have n ev er even heard
the m atter d iscu ssed.’ If that sta te­
m ent im plied an indifference to the
obligation, or an in tent to avoid the
resp on sib ility of the debt, it w ould be
w ell that an au th oritative voice be
raised w ith definite assurance that no
such co llectiv ist n otion s w ill be to l­
erated in A m erica.
“R ath er m ust we, as bankers, and
as ad visers to the m anagerial system
of A m erican industry, point out to
both labor and m anagem ent, in a spirit
of serious and sin cere cooperation, that
the p aym ent of our debts rests w h o lly
on th e m axim um production of goods,

•
the estab lish m en t of n ew industries,
the m axim um in dividu al efficiency in
both m anagem ent and labor, and the
restoration of our govern m en t to its
historic role of an unprejudiced um ­
pire.
“More w ork, greater production,
high pay to the efficient through in­
cen tiv e plans; low ered costs, low erin g
prices, w ider d istrib ution of goods;
econom y and thrift by governm ent
and citizen s alike; su stained profits
and industrial exp an sion from earn­
ings; balanced budgets, decreased bor­
row in gs and debt p aym ent—these and
these alone can m aintain a sound
standard of living; th ese alone w ill
pay our n ation al debt; th ese alone can
guarantee a con tinu ation of a dem o­
cratic form of governm ent for our na­
tion; th ese alone w ill enable us to m eet
our in tern ation al resp o n sib ilities.’’
R alph H. Cake, p resid en t of the U nit­
ed States Savings and Loan League
and presid en t of the E quitable Savings
and L oan of P ortland, Oregon, has
w orked out w hat is to be know n as
“The H om e P la n n ers’ In stitu te” w hich
is an educational and savings program
for prospective hom e ow ners.

We are proud of our close association
through the years, both in name
and deed, with the Banking
Fraternity.

Over 138 Millions in Force
Over 41 Millions of Assets

Northwestern Banker

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

October 1943

33

• NEBRASKA
It is estim ated th a t one m illion
hom es a y e a r w ill be b u ilt in th e first
10 y ears a fte r the w ar, and th a t if th e
average hom e costs aro u n d $4,000, th is
m eans th a t a total for hom e building
will be app ro x im ately $4,000,000,000
a y ear in th e p o stw ar period.

Absorption of Exchange
Charges a Violation
Based on circum stances su rro u n d in g
activities of a ce rta in b an k b ro u g h t to
its atten tio n , th e F ed eral R eserve B ank
has ru led th a t absorption of exchange
charges on checks by b an k s consti­

NEWS*

tu tes a p aym ent of in te re st on dem and
deposits in violation of Section 19 of
th e F ederal R eserve Act and the
b o ard ’s R egulation Q. The ru lin g w as
rep o rted in th e Septem ber b u lletin of
th e F ederal R eserve Board, m ade by
th e law d ep artm en t of the system .
Q uoting from th e bulletin, it says:
“In the circum stances, th e Board of
G overnors expressed opinion th a t on
th e basis of th e facts presented, the
absorption of exchange charges by
th e m em ber bank in question consti­
tu tes a 'paym ent of in terest w ithin the
m eaning of the general law and is
th erefo re a p aym ent of in terest on de­

m and
l£) of
of the
lation

deposits in violation of Section
the F ederal R eserve Act and
provisions of the B oard’s R egu­
Q.”

Announces Slogan
D uring the T h ird W ar L oan Drive
th e F irst N ational B ank in St. Louis
used on its A udichron th e slogan of
th e drive, “Back th e A ttack—W ith
W ar B onds.” The A udichron is lo­
cated in the b a n k ’s lobby and au to ­
m atically gives a brief m essage and
th e tim e of day over the telephone
w hen its n u m ber is called.

A dvertisem ent

"R o

ll of

H

o n o r

... N E B R A S K A

" Ba n

ks

...

It is an honor to be listed among the HO NO R R O LL BANKS. It indicates that the
bank has SURPLUS and UNDIVIDED PROFITS equal to or greater than its capital

T h e b anks listed on th is page are som e o f N eb ra ska 's o u tsta n d in g “H onor R o ll ” B anks. B y
ca refu l m a n a g em en t and so u n d b a n kin g th e y have achieved this enviable position. T hese
b anks w ill be esp ecia lly glad to ha n d le a ny collections, special cred it reports or o ther
business in th e ir c o m m u n itie s w h ich you m a y en tru st to th em .

TOWN

BANK

C orrespondence is invited .

OFFICER

CAPITAL

SURPLUS &
PROFITS

A voca................... ___Farm ers S tate B ank_____________ ______Elm er H allstrom ____ ......$

15,000

Blue S prin gs___

Blue Springs S tate B ank________ _____ F. J. P atton _________

20,000

20,420

B runing........ ......

Bruning S tate B ank______ __ ___ ______Fred H. B runing____

25,000

40,690

F ranklin_______ .....Franklin S tate Bank

$

25,000

25,000

40,000

100,000

117,637

Grand Island___ ___ F irst N ational Bank_____________ _____ F. J. Cleary.................... .....

200,000

577,000

Lincoln.................. ___N ational Bank of Commerce_____ _____ Paul B o g o t t ____ ____ . ..

350,000

1,038,555

L oom is.................. ___ F irst National Bank_____________ _____ W. B. A braham son___

25,000

46,000

McCook_____ _

75,000

165,000

.C. W. W r ig h t_______

50,000

137,477

N o rth B en d ____ ..... P latte Valley Bank_______________ ..........E m il E. W olf___ ____

30,000

50,000

500,000

1,065,000

...... 2,000,000

3,070,000

P o n c a __________ ___ Bank of Dixon County_______ ___ ______F. R. K in g sb u ry ____

25,000

35,000

S ta n to n ........ ........ ___ F irst N ational B ank_____________ _____ A. P. P ilg e r___ __ ___

50,000

167,000

S tro m s b u rg ____

30,000

______P. L. Slocum _______

F rem ont_______ ___Stephens National B ank__________ _____ J. G. E dloff....................

First N ational B ank_____________ _____ Rolland Larmon ____

M itchell________ ......First N ational B ank_____________ ....
O m ah a____ _____ ___Live Stock N ational Bank
O m a h a ______ __

_____ P au l H an sen ________ ....

Omaha N ational B ank___________ _____ D avid F. D a v is........

Strom sburg B ank_______________ _____ E. C. N o rd lu n d ______

N orthw estern Ranker

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

45,000
October 1943

34

for th e overland rail line th a t was to
open th e w est.
The b a n k ’s first hom e w as a onesto ry fram e building on th e n o rth side
of F arn am street, w est of Tw elfth.
L ater, it occupied a tw o-story brick
building at th e so u th east corner of
F arn am and T h irteen th , th en a sixstory building there, and finally its
p resen t 14-story stru c tu re at S ixteenth
and F arn am , hub of O m aha’s business
district.
O ther presid en ts of the b ank have
been H erm an and A u gu stu s K ountze,
Count John C reighton, F rederick H.
D avis and the la tte r’s son, T. L. D avis,

“T H E F irst N ational B ank of Omaha

I on A ugust 26 celebrated its eightieth
birth d ay . It w as on th a t day, in 1863,
th a t th e b an k w as c h a rte red and be­
came th e first natio n al b an k betw een
Om aha and th e Pacific coast. An elab­
orate p rospectus w as issued by th e
b ank to com m em orate th e a n n iv e r­
sary.
To m a rk th e occasion, friends and
custom ers sent b ask ets of flowers,
m essages of con g ratu latio n and best
w ishes. The flowers filled th e lobby
of th e bank.

P revious to 1863 w as th e period of
“w ild cat” banking, a tim e w hen m any
b anks issued m oney in excess of th e ir
assets and th e n closed, m aking th e ir
issues w orthless. B anking as it is
know n today sta rte d w ith th e bank
act of 1863.
E dw ard Creighton w as th e first
p resid en t of th e F irs t N ational B ank
of Omaha, and H erm an K ountze w as
th e first cashier. These m en also w ere
in charge of th e U nion Pacific gro u n d ­
b reak in g cerem onies th a t sum m er in
th e nine-year-old “village” of Omaha

----------------------------------------------------------------------------------------------------------------- \

The Stock Man’s Problems —
— are not a mystery to us. Our experience has been gained
in handling these problems each day. That experience
may be of value to you and your customers.
The efforts we make in assisting in the increased
production of vital meat is not in competition with local
hanks. But we are anxious to work with your hank
toward the solution of your problems.
O

F

F

1

C

E

J. A . G R E E N F IE L D , JR .
V ic e P r esid en t
H A R R Y H . M O H LER
V ic e P r esid en t

R

S

RAY W. SN Y D ER
C ashier

F R A Z E R L. FO R I)
P r esid en t
t

. j . M cC u l l o u g
A ss is ta n t C ashier

h

M. E. B L A N C H A R D
A s s is ta n t C ashier

now p resident of th e institution.
R esources of th e b ank have grow n
from $65,000 in 1863 to $65,000,000, and
its capital has increased from $35,000
to nearly $3,500,000.
F ord El. H ovey, presid en t of the Oc­
cidental B uilding and Loan Associa­
tion of Omaha, w as nam ed chairm an
of th e financial division of the Douglas
county w ar bond cam paign com m it­
tee. H e had th e responsibility of
conducting th e th ird w ar loan drive in
Septem ber am ong th e large financial
institutions, insurance com panies, and
individuals of th e in vestor type.

R atification by 90 p er cent of its
443 farm loan associations has put
into effect th e program of th e F ederal
L and B ank of Omaha to refinance the
local associations, it w as announced
by E. N. V an H orne, president of the
bank.
The program w ill consolidate the
443 local farm loan associations into
approxim ately 200 associations, effect­
ing a su b stan tial savings in opera­
tional cost, P resid en t Van H orne
stated. U nder th e program , th e Omaha
land b ank w ill resto re the stock of
all financially-unsound associations to
p a r value. The cost to th e land bank
w ill be about $7,400,000.
T he local associations affected are
in N ebraska, Iowa, South D akota and
W yom ing. T hey are farm er-ow ned or­
ganizations, w ith th e ir m em bers as
stockholders.
L ieu ten an t C om m ander J. B. Frazier,
Jr., of th e naval reserve, su rp rised his

fy V

u t

S

STOCK YARDS BANK
Sa.

St.

¡joA&pUt, MiAAausU

“ONLY BANK IN THE STOCK YARDS”
M em ber F ed era l D ep o sit In su ra n ce C orp oration

N
_
_
--------------------------------------------------------------------------------------- J
N orthw estern B anker
October 19^3

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

fam ily in Omaha recently by re tu rn ­

t .{ J a ing i for
e a pm o n th
i i’s leave after a y e a r’s
service in Iceland. M any social events
w ere held for the F raziers. Mr. F razier
w as Omaha resid en t vice p resid en t of
Y O U R STATE B A N K ER S A S S O C IA T IO N
O F F IC IA L S A F E , V A U L T A N D «
TIM ELO C K EXPERTS

F. E. DAVENPORT & CO.
OM AHA

A. C. A lly n Com pany, in v estm en t
ban k ers, from w hich he is now on
leave for th e duration.
Mrs. W. D ale Clark, w ife of the
presid en t of th e Omaha N ational Bank,
has re tu rn e d from a stay at E stes
P ark , Colo., w here she w as a t th e Elkho rn Lodge.
Mr. and

Mrs. John R. Lauritzen

have p u rchased the E in a r Hoel re si­
dence in O m aha at 118 South Sixtyn in th stre e t in C edarknoll addition.
The house w as b u ilt tw o y ears ago.
Mr. L au ritzen is associated w ith the
F irs t N ational B ank of Omaha. Mrs.
L auritzen , fo rm er queen of Ak-SarBen, is a d au g h ter of Mr. and Mrs. T.
L. Davis.
A lvin E. Johnson, p resid en t of the
Live Stock N ational B ank of Omaha,
and state ch airm an of th e com m ittee
for econom ic developm ent, addressed
a jo in t m eeting of th e C ham ber of
Com m erce and Lions Club at H astings,
Neb., recently. H is topic w as “P o st­
w ar P lan n in g and In d u stria l D evelop­
m en t.”

F o r fliers w ho do not have a m inute
to spare, Red Cross a irp o rt canteen
w o rk ers at Omaha, th ro u g h th e in ­
gen u ity of Mrs. H. M. Bushnell, w ife
of th e p resid en t of th e U nited States
N ational B ank of Omaha, have p ro ­
vided th a t necessary “p ostcard hom e.”
All th e inform ation a fam ily w an ts
m ost to h e a r is p rin te d on th e card
and all a service m an has to do is give
his address to a w o rk er and an sw er
a few questions. The card is filled in
and m ailed for him.
F ive m ore blocks of tax-free m u ­
nicipal bonds w ere sold by th e N e­
b rask a board of educational lands and
funds recently.
(T u rn to page 36, please)

GREETINGS
TO TH E

NEBRASKA BANKERS
ASSOCIATION
•
H. M. BYLLESBY and COMPANY

P RO SPERITY on N ebraska and Iowa

farm s w as reflected in th e announce­
m en t th e Lincoln jo in t stock land bank
has repaid $375,000 in collateral notes
in six m onths, tw o and one-half y ears
before m atu rity .
W. E. B arkley, Lincoln, presid en t of
th e bank, added the b an k also has
paid off $130,000 on a reconstruction
financing com pany loan of $1,330,000.
The b ank in 1934 had 1,700 financed
farm s in Iowa and N ebraska. Today
it has only 30 in Iow a and 250 in Ne­
braska.
On M arch 1 this y ear th e b ank is­
sued $1,500,000 in collateral notes for
th ree, five and seven y ear term s. The
$375,000 p aym ent paid off the threey ear-term obligation.
H arold A. P rince and W . P. M ullen,

Municipal
and
General Bonds
★

Specialists in Nebraska
Municipals
★

atto rn ey s for a group of form er di­
recto rs of th e defunct F arm ers State
B ank of W ood R iver, sued by M. D.
L yhane, an o th er director, for an ac­
counting u n d er an agreem ent to share
losses, suggested to th e suprem e court
th a t it follow th e exam ple of D istrict
Judge Spikes, w ho “concluded th a t it
w as far b e tte r to let th e corpse re st in
peace ra th e r th a n to distu rb a handful
of ashes.” Y ears ago th e b ank w as in
need of m oney, and the directors bor­
row ed from o th er sources, some m o rt­
gaging th e ir lands, to supply th e need.
As security each took out of th e b a n k ’s
portfolio a like am ount of notes. In
1934 L yhane b ro u g h t suit com plaining
th a t o ther directors had tak en good
notes out of his envelope and su b sti­
tu ted w orthless notes th a t the bank
exam iner had th ro w n out. In 1934 the

G R EETIN G S
to

NEBRASKA BANKERS
ASSOCIATION
A s y o u m e e t in L in c o ln , O c t o b e r
11-12 fo r y o u r A n n u a l
C o n v e n t io n

Monroe Calculating
Machine Company, 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

(Founded 1902)
F A R N A M BUILDING
OMAHA
Chicago
Minneapolis

GREENWAY & CO.
F arnam Bldg.

New York
Philadelphia

OMAHA, NEBRASKA

MONROE ACCOUNTING
MACHINES FOR
BANKS
X orthw estern Banker


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

October 19b3

36

•
suprem e co u rt decided ag ain st him.
Seven y ears la te r he b ro u g h t tlie p res­
en t suit.
W ade M artin, directo r of banking,

said th a t a final p ay m en t of 18 p er
cent of $12,430 had been m ade to de­
positors of th e defunct C itizens State
Bank of Shubert. T he ban k in g de­
p artm e n t took th e b ank over Sept. 21,
1942. A previous p ay m en t to g eth er
w ith th e final b rin g s th e to tal paid to

NEBRASKA

NEWS

•

$53,864 or 78 per cent. Claims am o u n t­
ed to $69,056.

O M A H A C L E A R IN G S

The F ederal Land B ank of Omaha
filed a brief in su p p o rt of its appeal to
th e Suprem e C ourt on the $10,379 lien
ag ain st the Dawes county p ro p erty of
Mrs. L au ra Palm er.
The ban k m ain tain s th a t th e land
should be tak en over, w hile th e de­
fending real estate ow ner says th a t
th e m ortgaged p ro p erty has a fair
value, and the com pany bid is too low.

T he board sold $108,000 w orth of
Village of G rant bonds to th e Kirkpatrick-P ettis com pany of Omaha for
$114,000.
One h u n d red and fifty-two thousand
dollars of City of Craw ford bonds w ent
to W achob-Bender com pany of Omaha
for $164,000.
W achob-Bender also bought Clay
C enter School D istrict bonds in
am ount of $15,000, and Clay C enter
m unicipal bonds for $47,550.
R obert S ch w eser of Omaha p u r­
chased $13,000 of Village of Callaway
bonds for $14,255.
The sale bro u g h t to $1,148,615 the
total of bonds sold. P a r value of all
bonds sold w as $1,029,550, th e state
th u s n ettin g a profit of $119,115, w hich
w as to be invested in 2% per cent gov­
ern m en t bonds.

(C ontinued from page 35)

Mr. and Mrs. L aw ren ce Brinker,

How m uch w ou ld you loan on a burning b u ild ­
ing? The an sw er to this gu estio n is obvious. If
the b u ildin g w ere fully insured the collateral
w ould not b e im paired. For that rea so n bankers
insist on insuring a g a in st the w orld's greatest d e ­
stroyer of property today. Banker a g e n ts h a v e
found W estern M utual service entirely a d e q u a te
a n d that is the reason so m an y of them represent
W estern M utual a s a g e n ts in their ow n com m unities
a n d m ake sure collateral on their lo a n s is properly
protected a n d get paid h a n d so m ely for rendering
this service.
Better cooperation from a com p an y that d o es
things "just a little better"!

WESTERN MUTUAL
Fire In su ran ce Co.
9th & Grand

Des Moines, Iowa

“ O v e r a T h i r d o f a C e n t u r y o f S a f e t y a n d S e r v i c e w i t h S a v i n g s ’’

N orthw estern B anker

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

October 19't3

w ho have been am ong the O m ahans
at Lake M iltona, Minn., n ear A lexan­
dria, this sum m er, re tu rn e d hom e
early in Septem ber. Mr. B rin k er heads
th e in v estm en t banking firm bearing
his nam e.
Also back from th e ir Lake M iltona
sum m er hom e are Mr. and Mrs. T. L.
D avis. Mr. Davis is p resident of the
F irs t N ational B ank of Omaha. O thers
re tu rn in g from M iltona w ere Mr. and
Mrs. W alter B. R oberts. Mr. R oberts
heads th e N ational Com pany of
Omaha.
Robert H. H all, executive officer of
th e N orth Side B ank of Omaha, w as
chairm an of O m aha’s prem iere show ­
ing of th e W arn er B rothers film,
“W atch on th e R hine,” sta rrin g Bette
Davis, w hich featu red th e Omaha w ar
bond cam paign d uring Septem ber. The
prem iere w as at the P aram o u n t th e ­
ater.
It w as estim ated th a t th e prem iere
w as a “five m illion-dollar house.” H igh­
light of th e perform ance w as the p er­
sonal appearance of five enlisted m en
from the five different arm ed services,
each of w hom had w on decorations in
com bat on th e fighting fronts. Also
p resen t w ere a num ber of film stars,
including M ary Brian.
M iss A nna T. Olsson, dep artm en t
m anager of th e Live Stock N ational
B ank of Omaha, w as nam ed regional
vice presid en t of th e A ssociation of
B ank W om en at its tw enty-first an ­
nual convention in New York City re­
cently.

E m il E. W olf, le ft, vice p re s id e n t a n d c a sh ie r of th e P l a tt e Y a lle y B a n k , a n d
J. M. Easom, m an a g e a p ro fita b le b a n k lo cal a g en c y a t N o rth B end, N e b ra s k a .
M r. E asom is th e m a n a g e r o f th e agency.

$ 1 3 , 0 0 0 in H a il P re m iu m s
This Local Agency Thinks Business Is Good in Nebraska

UT in N o rth Bend, N ebraska,
th e re is an in su ran ce agency
p a rtn e rsh ip th a t is doing very
well, th a n k you—th a t of E asom and
Wolf, operatin g in th e P latte Valley
Bank, b u t en tirely sep arate from bank
sponsorship, although E m il W olf is
vice p resid en t and cashier of th e b a n k ­
ing in stitu tio n . The agency is m an ­
aged by J. M. Easom , w ho has no con­
nection w ith th e bank, outside of h a v ­
ing his office in th e back room.
By th is tim e th e hail prem ium s for
1943 have all been paid, we hope, and
th e g re a te r p a rt of th e losses have been
taken, b u t d u rin g th e hail w ritin g sea­
son last sp rin g th e E asom & W olf
Agency w ro te th e astounding to tal of
$13,000 in hail prem ium s, w hich is
nice volum e for any m iddle w estern
ru ra l agency. P le n ty of m oisture, a
good stan d of crops and good prices for
those crops in th e offing, all m ade for
“easy selling” of hail coverage last
spring, according to Mr. Easom . W hile

O

A n In terview w ith

J. M. Easom
N o rth Ben d, N e b r a s k a

he w as v ery m odest about it, we can ’t
help b u t feel it took a certain am ount
of system atic calling and thorough sell­
ing to roll up th a t prem ium volum e.
“W hen it comes to renew als,” said
Mr. Easom , “I figure about 80 p er cent
of our annual w ritin g fall into th is
classification. W e have th e policies all
w ritten in advance, and h and them to
th e custom er personally, assum ing, of
course, th a t he w ill renew . T here is a
certain psychology to this m ethod, n a t­
urally, b u t we realize in surance is an
intangible and about th e only tim e a
custom er sees or realizes w h at he gets
for his insurance prem ium is w hen he
holds th e actual policy in his hand.
A fter th a t eith er we take it for safe

>-<

I

*

£
o

S carborough

¿ y y iA iV u u u ií

F irst N a tio n al B ank B uilding, C h icag o

keeping or the custom er puts it in his
ban k box, and probably forgets about
it un til we h and him an o th er policy at
renew al tim e. U nless a loss occurs, and
then, of course, th e custom er learns
th e real value of an insurance policy
in a hu rry .
“H aving been in business in this
com m unity for a nu m b er of y ears,”
continued Mr. Easom , “we know ju st
about everybody by th e ir first nam e,
and we w ould be foolish not to cash
in on this business advantage. H ow ­
ever, people are m oving about rig h t
now m ore th a n th ey ever did before,
due to circum stances bro u g h t on by
th e w ar, and we need to be m ore on
our toes to keep acquainted w ith new ­
com ers. It is th e changing population
w hich m akes up the o th er 20 per cent
of the business on our books—some of
these stay and become perm an en t resi­
dents of our com m unity and, of course,
o thers are here today and gone tom or­
row .”

: Cotiftàcioïà\jUy Ñritvkk

H o race A. Sm ith, Io w a R e p re s e n ta tiv e
D es M oines, Io w a

N orthw estern Banker

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

October 1943

38

It should be noted th a t w hen Mr.
E asom says he has th e ren ew al policies
prep ared in advance he does not do
so w ith o u t first ascertain in g w h e th e r
th e value of th e pro p erty , th ro u g h n a t­
u ral causes or new construction, has
increased to w h ere it should have
added coverage to be adequately p ro ­
tected. Mr. E asom says he is careful
n ot to go to extrem es on increasing
th e coverage because of increased
values, b u t he feels it is ju st good
business to let th e custom er know
his values are h ig h er and give him th e
advantage of larg er coverage. M ak­
ing an offer of increased coverage and

having it refused is a m uch b e tte r w ay
to hold business th an to overlook the
point and have a loss occur. T hen the
agent is really on th e spot.
Mr. E asom feels th a t in su ran ce is
especially easy to sell in these item s,
w hen everyone th a t w an ts to w ork is
m aking good m oney. T his applies to
autom obile business w hich shows a
little increase th is year, he said. F a rm ­
ers have plenty of m oney now, too;
th ey are all using th e ir cars, and being
in a farm ing com m unity, a good agent
w ill take advantage of th e opportunity.
E ven w ith good hail business and
o th er farm coverage, Mr. Easom says

F O R Y O U R F A R M E R C L IE N T S
Low Cost, Non-Assessable

F A R M L I A B I L I T Y IN S U R A N C E
Allied Mutual pioneered this worry-free protection
which defends the farm owner in case cattle get
into neighbor’s corn, loose horse injures motorist
on highway, hired man is hurt by tractor—or any
one of a hundred other common farm hazards.
Up to $250 medical, surgical, hospital payments
for hired men or girls regardless of responsibility.
Essential protection. Easy to interest farmer. In­
vestigate for your agency. Write

FARM
OWNERS
N ot

living

on

farms need t h i s
protection.
for

facts

W rite
today.

ALLIED

his agency w rites m ore in the city
th an in th e country.
W hen asked w h at his advice would
be to th e young m an going into the
insurance business, Mr. Easom nam ed
th ree sure-fire rules for success—m ake
a thorough study of the business—put
in a lot of tim e—and m ake as m any
contacts as you can, because you have
to see to sell.

With First National,
Kansas City
Jo h n K ennedy, form erly executive
m anager of th e G eneral M otors A ccept­
ance C orporation in K ansas City,
joined th e correspondent bank d ep art­
m ent of The F irs t N ational B ank of
K ansas City last m onth. He becomes
an a ssistan t vice president.
K ansas and M issouri will be the
principal states in w hich Mr. K ennedy
will travel. He also will trav el in
Colorado, N ebraska and other states
in th e T enth district,
F o r th e p ast seventeen years Mr.
K ennedy has been associated w ith the

MUTUAL

CASUALTY COMPANY
Harold S. Evans,

P resid en t

Hubbell Building

Des Moines, Iowa

Resources of

O VER

TW O

M IL L IO N

D O LLA R S

Experience of

O VER

T W E N T Y - F IV E

YEA RS

Now dedicated to catering to
the Surety and Fidelity Bond
needs of the Middle West.

Surety Division

The State Automobile Insurance Association
DES

N orthw estern B anker

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Federal Reserve Bank of St. Louis

MOINES,

October 1943

I OWA

JO H N K E N N E D Y
W ith F ir s t N a tio n a l B ank

G eneral M otors A cceptance C orpora­
tion, tak in g a leave of absence in
M arch to assist at the F ederal R eserve
B ank of K ansas City in some special
w ork related to the U. S. T reasu ry ’s
w ar financing program .
In 1926 he entered the em ploy of
th e G eneral M otors Acceptance Cor­
poration and in 1928 he w as given full
responsibility of handling th e com­
p an y ’s banking relations in the n o rth ­
ern p a rt of th e San Francisco F ederal
R eserve district. He w as tran sferred
to K ansas City in 1936.

39

New Taxes Not to A ffect Banks
Will Be Some Increase in Taxes Which Will Have to Be Offset in
Most Banks By Larger Purchases of Government Bonds
The Month's Market Maneuvers
Prepared for
The Northwestern Banker

By James H. Clarke
A s s i s t a n t Vice P r e s id e n t
A m e ric a n N a tio n a l Bank & T r u s t Co.
Chicago

s e llin g " b a s e d on
JAMES H. CLARKE p o s s ib ilitie s of a
s h o r t w a r and,
hence, a d ry in g up of w ar orders. The
talk m ade by P resid en t R oosevelt of a
long w ar, and th e fight on th e beaches
of Salerno, how ever, changed th e pic­
ture. Stocks th e n rallied. In fact, en ­
th u siasm w as stro n g enough to c arry
th em into new high te rrito ry , b u t as we
w rite th is th ey are beginning to show
som e w eakness.
F ro m th e action of vario u s groups
of stocks, how ever, it is a p p a re n t th a t
investo rs in general believe th a t th e
end of the w ar is not too far off. Stocks
w hich w ere a ttra c tiv e a y e a r or tw o
ago have been selling off, w hile o th er
secu rities—w hich w ill be b e tte r off
w hen peace com es—have been a ttra c t­
ing atten tio n . The stock m a rk e t never
looks back, and in looking fo rw ard to ­
day it is saying th a t w hile the shooting
is not over, on th e o th er h an d th e
earn in g s of th e so-called “w a r b abies”
have seen th e ir best days.
Shares of railroad com panies n a t­
urally su ffer in tim es like these. I n ­
vestors believe th a t it w ill be im p o s­
sible fo r the railroads to report the su b ­
stan tia l earnings in peace tim es that
th e y have during the war. T h is seem s
v e ry logical, of course. Then, too, a
large n u m b e r of railroads have now
used up th eir excess profits credits and
w ill be m ore affected by taxes in the
fu tu re. On the favorable side, how ­
ever, it can be said th a t m o st roads
have drastically reduced th eir fu n d ed
debt, w h ich w ill place the com m on
stocks in a better position to share in
w h a te v e r post-w ar profits there m ay
be.
The high grade bond m arket has
con tinu ed to be very strong. Som e of
the second grade bonds, esp ecially in
th e rail category, have suffered from
the sam e factors w h ich w e m entioned
in connection w ith the stock m arket.
A s w e w rite this, the Third W ar Loan
D rive is in progress, althou gh it prob-

ably Avill be over w h en th is article
appears in print. In the past, g overn ­
m ent bonds have u su ally declined in
su ch a period, but despite th is D rive
prices have rem ained stron g through ­
out the w hole T reasury list. F or in ­
stance, it w ould be natural to exp ect
that the m arkets on the ou tstand in g 2s
of 1951/49 and the 2s of 1952/50 w ould
be affected m ark etw ise by th e n ew
offering of 2s due 1953/51. T his, h ow ­
ever, has not proved to be true this
tim e, as there has been practically no
recession at all in th ese m arkets. In
short, it is logical to b elieve that w hen
the n ew 2s of 1953/51 can be traded in
the m arket after the offering to the
banks in October, they w ill be w orth x/±
to V i p oint prem ium .

W e do not have th e final figures, of
course, b u t p relim in ary estim ates in ­
dicate th a t th ere is a v ery heavy buy­
ing in th e 2s of 1953/51, b u t u n fo rtu ­
nately sales of th e “w ar bonds” th em ­
selves have been low er th a n a n ticip at­
ed. The ill-tim ed announcem ent th a t
AVashington is again considering a
forced savings plan m ay have som e­
th in g to do w ith th e com paratively
poor sales of th e Series “E ” bonds.
W h atever m ay be the reason, it is ap ­
p a re n t th a t th e secret of placing a
large n u m ber of these bonds in the
hands of th e public—outside of th e ir
reg u lar payroll deductions—has not
y et been solved.
U ntil the final figures are in on the
T hird W ar Loan Drive, it is not pos­
sible to m ake an accurate estim ate as
to the size of the offering w h ich w ill
be m ade in October to the banks. I t is
know n, of course, that the Treasury
w ill offer a one year % % Certificate of
Indebtedness, and the 2 of 1953/51.
Som e guesses m ade in financial circles
indicate that if the Septem ber D rive is
a success in the sense that there is a
sizable over-subscription, the bank of­
fering in October m a y be as low as $3

billions. I n any event, the figures re­
leased by the T reasury on its require­
m en ts fo r the balance of the year indi­
cate that the October financing w ill be
on a m oderate scale. This m ay ve ry
ivell force the banks into the m a rket
for issues w hich are already outstand­
ing, and seem s to augur ivell for the
various 2% issues w hich the G overn­
m e n t has sold in the past year or two.
It is not now expected th a t the Tax
Bill w hich w ill be w ritte n before th e
end of th e year w ill greatly affect the
position of th e banks. T here u ndoubt­
edly w ill be some increases in taxes
w hich w ill have to be offset in m ost
banks by larg er purchases of govern­
m en t bonds. T he program w hich we
have constantly advocated of keeping
fully invested rem ains valid as the
opportunities to loan m oney become
increasingly scarce. C ountry banks
w hich have suffered so severely from
the com petition of governm ent agen­
cies now have one glim m er of hope,
how ever.
The resolution recently
passed at the A m erican B ankers As­
sociation Convention dem anding a
C ongressional investigation of th e
P roduction Credit System m ay even­
tu ally be helpful. B ankers in the W est
are especially to be congratulated for
th e ir long fight on this.

LEE W IG G IN S
H EA D S A . B. A .
(C ontinued from page 19)
Nuckolls, Jam es, executive vice p res­
ident, H ardin County Savings Bank,
Eldora.
Sam, A. G., president, F irs t N ational
B ank in Sioux City, Sioux City; state
vice p resid en t N ational B ank Division,
1942-43.
Sum m erw ill, Ben S. and wife, p res­
ident, Iowa S tate B ank & T ru st Co.,
Iow a City.
Sursa, C harles V., president, M uncie
In d u strial Co., Muncie.
Von Schrader, Max, cashier, U nion
B ank & T ru st Co., O ttum w a.
W aite, R. W., vice president, W a­
terloo Savings Bank, W aterloo; execu­
tive council.
W arner, F ran k , secretary, Iow a
B ankers A ssociation, Des Moines; com­
m ittee A m erican System of B anking,
S tate B ank Division.
W elch, F ra n k C. and wife, president,
Peoples Savings Bank, Cedar Rapids,
Com m ittee on F ed eral Legislation.

Minnesota
A rntzen, A. E. and wife, president,
F a rm e rs & M erchants State Bank, ApN orthw estern Banker


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

October 19 4 3

40

pleton; F ed eral L egislation Com m ittee
State B ank Division, 1943.
C arlander, John, president, State
B ank of F arib au lt, F arib au lt.
D abelstein, C. F., president, Olm sted
C ounty B ank & T ru st Com pany, R och­
ester.
DuBois, Ben, p resident, F irs t State
B ank of Sauk Centre, Sauk Centre.
D uncan, W illiam , jr., and wife, sec­
retary , M innesota B ankers Associa­
tion, M inneapolis; ch airm an R ation
B anking Com m ittee, S tate S ecretaries
Section.
E rickson, E lm er V., president, Cam­
bridge State B ank, Cam bridge.
G rangaard, M. O., vice president,
F irst N ational B ank & T ru st Co., M in­
neapolis.
Headley, Louis S., vice president,
F irs t T ru st Com pany of S aint Paul
State B ank, S aint Paul; executive
council.
Hoese, A. W., presid en t, Security
State B ank, Glencoe.
H um ason, H. B., p resident, A m eri­
can N ational B ank, St. Paul; executive
com m ittee N ational B ank Division,
1944.
Johnson, C. E., president, E m pire
N ational B ank & T ru st Co., St. Paul.
Johnson, W. N., vice president,
N orth w estern N ational B ank, M inne­
apolis.
Jones, O. G., and wife, president,
Goodhue C ounty N ational B ank, Red
W ing; executive council, 1945.
K u rth , H. R., president, Citizens
Bank, H utchinson: p resid en t M inne­
sota B ankers Association.
M atzke, H. C., p resident, City N a­
tional B ank, D uluth; executive coun­
cil.
O’B rien, F ra n k C., vice president,
N orth w estern N ational B ank of M in­
neapolis, M inneapolis.
Olson, L. O., vice president, M idland
N ational B ank & T ru st Co., M inneap­
olis; executive council elect.
S terner, J. J., presid en t, Citizens
State, W insted.
Peterson, J. T., president, State Bank
of L eSueur, L eSueur.
Peyton, B. M urray, president, M in­
nesota N ational Bank, D uluth; Com­
m erce and M arine Commission.
Pow ers, F ra n k P. and wife, p resi­
dent, K anabec State B ank, Mora; execu­
tive council.
P reston, Otis R., vice president, F e d ­
eral R eserve B ank, M inneapolis.
Thom son, J. Cam eron, director,
N o rth w estern N ational B ank, M inne­
apolis; research council.
W elle, N. A., cashier, A rlington State
-Bank, A rlington; A.B.A. state vice
president.
W ilson, A. E., vice p resid en t and
chairm an of tru s t com m ittee, F irs t
N ational B ank, M inneapolis; com m on
T ru st F u n d s C om m ittee T ru s t D ivi­
sion, 1943.

Iowa Investment Bankers Meet

E M B E R S o f th e Iowa, In v e s tm e n t B a n k e rs A sso c ia tio n h e ld th e ir a n n u a l
p icn ic a n d o u tin g th e a fte rn o o n a n d e v e n in g of W ed n e sd a y , S e p te m b e r 8,
a t th e W a k o n d a C o u n try Club, n e a r D es M oines. T he occasion w as a som ew hat
q u ie t affa ir, co m p ared to th e f r ills a n d e n te rta in m e n t e n jo y e d in fo rm e r y e a rs,
b u t w a s e n tire ly in k e e p in g w ith th e s p irit o f th e se w a rtim e s. A n u m b er of
in v e s tm e n t b a n k e rs fro m out in th e s ta te w e re in a tte n d a n c e , as w ell as a fe w
fro m C hicago.

M

I n th e p ic tu re above, fro m le f t to rig h t, is Ralph K nudsen, Io w a se c u ritie s
co m m issio n er; R obert A lexander, B la ir P h ilip s & C om pany, D a v e n p o rt, A sso cia­
tio n p re s id e n t; Sherm an Fow ler, a s s is ta n t vice p re s id e n t 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, s e c re ta ry a n d tr e a s u r e r ; a n d John Brady,
C hicago, s e c re ta ry of th e N a tio n a l S e c u rity D e ale rs A sso c ia tio n .

W yard, W illis D. and wife, president,
F irs t & A m erican N ational Bank, Du­
luth.

Montana
Olsson, H arold, vice president, R onan
State Bank, Ronan; nom inating com­
m ittee.

Nebraska
A lter, I. R. and wife, executive vice
president, F irs t N ational Bank, G rand
Island.
Johnson, Alvin E., president, L ive­
stock N ational Bank, Omaha.
Koelling, A. J., president, City N a­
tional Bank, H astings.
M artin, W ade R., su p erin ten d en t of
banks, Lincoln.
M illiken, J. D., executive vice p resi­
dent, F rem o n t N ational Bank, F re ­
m ont.
M ortensen, C. J., president, N ebras­
ka State Bank, Ord.
Peck, J. O., president, C entral N a­
tional Bank, Columbus; executive
council.
Placek, Em il E., president, F irst N a­
tional Bank, W ahoo.

Ridge, Ray R., vice president, Omaha
N ational Bank, Omaha; executive
council.
Trefz, R ichard W. and wife, presi­
dent, B eatrice State Bank, Beatrice.
W augh, Sam uel C. and wife, execu­
tive vice president, F irs t T ru st Com­
pany of Lincoln, Lincoln; executive
council.

North Dakota
Fischer, H. A., cashier, Security
Bank, W ashburn; S tate Legislative
Council, 1943.
Irish, F red A., president, The F irst
N ational B ank and T ru st Co., Fargo;
nom inating com m ittee.
W attam , C. C., secretary, N orth Da­
kota B ankers A ssociation, Fargo.

South Dakota
Boos, O. J., president, M iner County
Bank, H oward.
Dean, Roy, chairm an of board, Rapid
City N ational Bank, R apid City.
H ayter, T. N. and wife, vice p resi­
dent, F irst N ational B ank and T ru st
Co., Sioux Falls; presid en t South Da­
kota B ankers Association.

S carborough ^ C ompany
^ À ih u 'u in c Æ
First N a tio n a l B ank B uilding, C h icag o

N orthw estern B anker

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

October 1943

y C

u ^ J <

^ i v rß m

H orace A. Sm ith, Io w a R e p re se n ta tiv e
D es M oines, Io w a

ik i.

R em pfer, W illiam C., cashier, F irst
N ational B ank, P ark sto n ; executive
council, 1943.
S tarrin g , Mrs. M ildred I., acting sec­
reta ry , South D akota B an k ers Associa­
tion. H uron.
Thom son, H. N. and wife, vice p resi­
dent, F a rm e rs & M erchants State
Bank, Presho; state ch airm an State
Legislative Council.
Thom son, Jo h n N., cashier, B ank
of C enterville, C enterville; executive
council elect.
W atson, R alph M. and wife, p re si­
dent, N o rth w est S ecurity N ational
Bank, Sioux Falls; A.B.A. state vice
president.

Socialized Credits
Am ong th e m any resolu tio n s passed
at th e convention w as th e follow ing
on subsidized and socialized credit:
The A m erican B ankers A ssociation
rea sse rts its opposition to th e social­
ization of cred it by G overnm ent and
to G overnm ent subsidized credit as
expressed in th e sta te m e n t of th e As­
sociation m ade on Jan. 21, 1943.
In o rd er to c a rry out th e objectives
contained in th a t statem en t, th e Com­
m ittee on F ed eral L egislation is h e re ­
by directed:
(1) To continue its efforts to secure
legislative relief for c h a rte red b a n k ­
ing from th e d estru ctiv e effects of such
credit;
(2) To seek en actm en t of Senate Bill
914, introduced by S enator W herry;
(3) To seek fo rth w ith and vigorously
su p p o rt a tho ro u g h C ongressional in ­
vestig atio n of th e P ro d u ctio n Credit
System in ord er th a t th e tr u th as to
the soundness of m ethods and cost of
operations m ay be ascertain ed and
given to th e m em bers of Congress and
to th e tax p ay ers of th e nation; to seek
such ap p ro p riate C ongressional action
as m ay be req u ired to p ro tect th e
A m erican system of c h a rte red b a n k ­
ing ag ain st its d estru ctio n th ro u g h
G overnm ent subsidized lending opera­
tions. In ord er th a t th e principles and
issues involved in th e Production
Credit System m ay not be confused
and com plicated w ith those of oth er
agencies, th e C om m ittee on F ed eral
L egislation is directed to seek an in ­
vestigation of th e P ro d u ctio n C redit
System sep arate from a l l o t h e r
agencies;
(4) To su p p o rt th e purposes of Sen­
ate C o ncurrent R esolution 8, in tro ­
duced by Senator B utler; and
(5) To su p p o rt th e efforts of those
farm organizations w hich are endeav­
oring to free a g ric u ltu ra l credit from
political control.

w as announced by R ichard H. Stout,
p resident of th e association. Miss W y­
Koff sta rte d h e r 25 y ears of u n in te r­
ru p te d services w ith the M orris Plan
Co. of W aterloo, Iowa, w ith w hich
she rem ained u n til a y ear ago w hen
she assum ed h er p resen t position w ith
th e M orris P lan B ankers Association.

D.
B. Bevier, a ssistan t cashier in the
sam e departm ent, has been advanced
to assistan t vice president.

Quarterly Dividends
The board of directors of M anufac­
tu re rs T ru st Com pany declared the
reg u lar q u arterly dividend of 50 cents
per share on th e Common Stock, pay­
able on October 1, 1943, to stockhold­
ers of record on Septem ber 15, 1943.
The board also declared the reg u lar
q u arterly dividend of 50 cents per
share on th e p referred stock, payable
October 15, 1943, to stockholders of
record on Septem ber 30, 1943.

Bank of America Promotions
Prom otion of H a rry R. Sm ith, as­
sista n t vice p resident in th e banks and
b an k ers d ep artm en t of th e B ank of
A m erica, to th e ran k of vice president,
has been announced by L. M. Giannini, president.

E. H. Rollins & Sons
In co r p o r a ted

Co mp le te In vestment Facilities
f o r Banks and Individuals

Bonds
PUBLIC UTILITY
RAILROAD
INDUSTRIAL
MUNICIPAL

IOW A REPRESENTATIVES
Don D. Gordon

Edward H. Kane

D es M oin es

Cedar R ap id s
•

Woman Official Joins

NEW Y O R K

Miss Alice G. WyKoff, a ssistan t
tre a s u re r of th e M orris P lan B ankers
Association, has been elected to the
M orris P lan 25-Year Club on com ple­
tio n of 25 y ears w ith M orris Plan, it

SA N FR A N C ISC O

C H IC A G O
P H IL A D E L P H IA

BO ST O N
LO S A N G ELES

N orthw estern Banker

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

October 19^3

42

Opens Branch Offices
F o r m ore th a n a year, th e St. Louis
T erm inal W arehouse Com pany has
been schooling a staff of m en in field
w arehousing operations, looking p ri­
m arily to w ard th e p o stw ar era w hen
th e p re se n t w a r activ ity w ill be con­
verted to peacetim e production and
distribution. The rap id increase in
field w areh o u sin g dem ands has, how ­
ever, im pelled th em to in itiate th e ir
expansion program som ew hat ahead
of schedule and b ran ch offices have
been opened in C incinnati and in K an­
sas City.
E. H. M oran, Jr., is m an ag er of th e

C incinnati office in th e Cham ber of
Com m erce B uilding and W ard Goodloe
has charge of operations in th e K an­
sas City area w ith his office at 2020
W aln u t Street.
Mr. M oran joined th e St. Louis T er­
m inal W arehouse Com pany in A ugust
of last year, com ing from th e F ederal
R eserve B ank of St. Louis. P revious
to th at, he had been w ith G eneral Mo­
to rs A cceptance C orporation and his
en tire business experience has been
in the field of finance.
W ard Goodloe, p rio r to his associa­
tion w ith th e com pany, operated his
own business as m a n u fa c tu rers’ re p ­
resen tativ e w hich he established in

Federal Intermediate Credit Bank
Consolidated Debentures Offer.

Investm ent
D iversification

1903. Mr. Goodloe is active in business
and civic organizations, having served
for four term s as p resid en t of th e St.
Louis Food B rokers A ssociation and
as rep resen tativ e from M issouri to the

E . H . M O R A N , JR .
H e a d s C in cin n a ti O ffice

national organization. He organized
and served as presid en t to th e N a­
tional Specialty B rokers Association.
D uring 1940-41 Mr. Goodloe w as presi­
dent of th e St. Louis R otary Club.
W ith these tw o b ran ch offices, the

Substantial investors . . such as commercial or
savings banks, insurance companies, estates, business
institutions . . seek diversity for their portfolios.
This desirable quality is inherent in debentures
issued, as joint and several obligations, by the
Federal Intermediate Credit Banks. These issues provide
an unusual medium for safe em ployment o f short term
funds and are backed by sound agricultural paper
w idely varying as to region and enterprise, plus
combined assets of the tw elve obligors.
M aturities range from th ree m onths to one year and

W ARD GOODLOE
M a n a g er in K a n sa s C ity

are available in denom inations o f $5,000 to $100,000.

THE FEDERAL INTERMEDIATE CREDIT BANKS
I n q u ir ie s r e s p e c ti n g m o n t h ly o ff e r in g s b y d e a le r s a n d d e a le r b a n k s o r
r e q u e s ts j c r f u r th e r p e r t i n e n t in f o r m a t io n s h o u l d b e a d d r e s s e d to

C H A R L E S R. D U N N ,

F is c a l

31 N

ew

a ssa u

N orthw estern B anker

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

Street, N

October Î943

A g e n t

Y o rk 5, N . Y.

com pany is in a position to offer m ore
im m ediate and com plete service to the
banks of th e m iddle w est w hose ac­
tiv ity in com m odity loans through
field w arehousing is show ing rapid
grow th.

140 Years
The P hiladelphia N ational Bank,
larg est and oldest in stitu tio n in P enn­
sylvania and th e th ird Federal Re-

43

serve d istrict, last m onth observed
th e one h u n d re d and fo rtie th an n i­
v ersa ry of its founding. W hen th e
P hilad elp h ia N ational w as organized,
th e re w ere only abo u t fo rty b an k s in
th e e n tire nation. Today th e b an k has
deposits of m ore th a n $725,000,000, and
resources of $780,000,000.
George Clym er, first p resid en t of
the bank, w as one of th e signers of
the D eclaration of Independence. The

Q U IC K FA C T S
The First Wisconsin National Bank of Milwaukee is the
; largest bank in Wisconsin and the surrounding northwest
area — 26th in size among all 15,000 banks in the U. S.

Established in 1853, the history of the First Wisconsin is
a record of dependable service through 90 crowded years
of peace and w ar!

Nationally known as “Wisconsin’s bank for banks’’, the
First Wisconsin serves as Milwaukee depository for more
than 85 per cent of the hundreds of banks in this im­
portant industrial-agricultural state.
EV AN RANDO LPH
P r e s id e n t P h ila d e lp h ia N a tio n a l

Today Milwaukee’s factories and

P hiladelphia N ational becam e a n a­
tional b an k in 1864, and has absorbed
several o th er b anks in its u pw ard
progress. E v an R andolph, p re se n t
p resid en t of th e P hilad elp h ia N ational
Bank, assum ed th a t office in 1941.

Chemical Dividend
The board of directors of th e Chem ­
ical B ank & T ru s t Com pany h as de­
clared th e re g u la r q u a rte rly dividend
of 45 cents p er sh are on th e capital
stock of th e bank, payable O ctober 1,
1943, to stockholders of record Sep­
tem b er 15, 1943.

Dividend
At a m eeting of th e board of di­
recto rs of B an k ers T ru s t Company,
New York, th e reg u larly q u a rte rly
dividend of 35c p er sh are w as declared
on th e capital stock, payable October
1, 1943, to stockholders of record at
th e close of business S eptem ber 13,
1943.
C ustom er: “I w an t a box of cigars,
please.”
Clerk:
“Yes, m adam , a stro n g
cig ar?”
C ustom er: “Oh, yes. My husband
bites th em te rrib ly .”

farms are producing
P.S. Wisconsin’s
all-out for Victory! In that same
spirit, all the facilities of this 90year-old bank are pledged to the
cause of Freedom — to help speed
the final triumph over the brutal
forces of tyranny.
B A N K S and B A N K E R S D I V I S I O N
George T. Campbell
- V ic e - P r e s id e n t
Richard J. Lawless - A s s i s t a n t V ic e - P r e s id e n t
Donald A. Harper - A s s i s t a n t V ic e - P r e s id e n t

FIRST WISCONSIN
N A T IO N A L BANK
Established 1853

of MILWAUKEE

MEMBER OF

THE F E D E R A L

D EP O SIT

IN SU RA N C E

CORPOR AT ION

N orthw estern Banker

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

October 19^3

44

P r IM E B E E F , r e a d y f o r m a r k e t. T h a t’s th e
sto r y b e h in d th e la r g e v o lu m e o f s h ip m e n ts
fr o m N o r th w e st c a ttle fe e d e r s .
Im p r o v e d
k n o w le d g e o f fe e d s a n d f e e d in g c o n d it io n s ,
b e tte r sto c k a n d b e tte r p r a c tic e s , h a v e all
h e lp e d to in c r e a s e p r o fits .
The

C o r r e s p o n d e n ts a re in v it e d to m a k e u se o f
“ N o r th w e s te r n ’s” c o m p le t e s e r v ic e f o r liv e ­
s to c k fe e d e r lo a n s .
W e a re as n e a r y o u as
y o u r t e le p h o n e , te le g r a p h o r ty p e w r ite r .

N o r th w e s t e r n

B u i l d i n g — in
th e

b u s in e s s

Bank

th e h e a rt
d is t r i c t .

“ N o r th w e s t e r n ”

Bond

of

The
D e­

p a r tm e n t, c o n v e n ie n tly l o ­
c a t e d in t h i s b u i l d i n g , b u y s
a n d s e lls U . S . G o v e r n m e n t ,
S ta te a n d M u n ic ip a l b o n d s
— in q u ir ie s in v ite d .

USE "NORTHWESTERN" SERVICES
D e p a rtm e n t o f Dunks and B an kers
W in. N. J o h n so n
Vice P r e s i d e n t

F. W . Conrad
Asst. Vice P res.

D. E. C rouley
Asst. C ash ier

L. P . G isvold
Asst. Cash ier

NORTHWESTERN NATIONAL
BAN K of Minneapolis
Marquette Avenue: 6th to 7tli Streets
M e m b er F ederal D ep o sit Insurance C o rp o ra tio n

N orthw estern Ranker

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Federal Reserve Bank of St. Louis

October 19rtS

45

A m erican State B ank of W atertow n;
A. L. Olson, vice president, S tate B ank
of W inthrop, and G. W. H arrington,
president, F irs t State B ank of Stew art.

MINNESOTA

Meeting in Ortonville

NEWS
H . R. K U R T H
P r e s id e n t
H u tch in so n

Blue Earth Valley
Association Meets
Use of tokens in th e ratio n in g p ro ­
gram w ill in all p robability replace
m any of th e p re se n t stam ps, according
to W illiam D uncan, Jr., se cretary of
th e M innesota B an k ers A ssociation, in
addressing about 75 b an k ers of th e
Blue E a rth Valley C learinghouse As­
sociation w ho w ere in atten d an ce at
the an n u al m eeting.
O ther speak ers on th e pro g ram in ­
cluded A rth u r D. Reynolds, head of
th e regional office of th e collector of
in te rn a l revenue, H. R. K u rth , p resi­
d en t of th e M innesota B ankers Asso­
ciation, and F. A. A m undson, state
ban k in g com m issioner.
Officers elected for th e ensuing year
w ere as follows: E. C. W ingen, Am ­
boy, p resident; A. F. W eyer, Elm ore,
vice p resident; C larence M. Banks,
V ernon C enter, se cretary tre a su re r; G.
H. H ubm er, St. Clair, G. W. Beske,
M innesota Lake, and E d H ohn, Delavan, directors. G. A. Uggen of W ells
is th e re tirin g president.

New Cashier at Medford
A nnouncem ent is m ade by th e F irs t
S tate B ank of M edford of th e resig n a­
tion of Gordon G ilm an as cashier.
G ilm an will be succeeded by Stanley
Stapher, w ho has been a ssista n t cash­
ier of th e State B ank of M orristow n.
D uring th e p ast tw o y ears S tapher
has becom e th o ro u g h ly acquainted
w ith th e b an k in g req u irem en ts u n d er
guidance of H arlan Pye, cashier of th e
M orristow n bank.

W est Central Assn. Outing
T he a n n u al business m eeting and
outin g of W est C entral M innesota
C learing H ouse A ssociation w as held
a t th e club house on th e M ontevideo
golf course. T his o rganization is com ­
posed of b an k ers in C hippew a, Lac qui
Parle, Sw ift and Yellow M edicine coun­
ties. A tten d in g from M ilan w ere Mr.
and Mrs. I. M. Thom pson, Miss Idella
E llingson and Miss Hazel Olson. The
association elected th e follow ing offi
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis

W IL L IA M D U N C A N , J r.
S ecreta ry
M in n ea p o lis

cers for th e ensuing year: Wm. E s­
treñí, of M urdock, president; M. A.
A nderson, of Madison, vice president,
and G. J. Eggen, of M aynard, secretarytre a su rer.

Rogness Heads Park
Region Bankers

More th a n 120 b ankers and th eir
ladies from over W est C entral M inne­
sota w ere in attendance at th e W est­
ern M innesota Clearing H ouse Associ­
ation banquet at th e O rtonville Golf
club house.
P residing over th e m eeting w as O.
T. H arrison, Clinton, re tirin g p resi­
dent, w ith E. N. Schoen, O rtonville,
acting as toastm aster. Speakers in ­
cluded H. R. K urth, p resid en t of the
M innesota B an k ers’ Association; F. A.
A m undson, state b ank com m issioner;
Lief Gilstad, executive m anager of the
W ar F inance Com m ittee; A rth u r D.
Reynolds, collector of in tern al revenue,
St. Paul, and W illiam D uncan, Jr., state
b a n k e rs’ association secretary.

M. A. Rogness, cashier of th e Lake
Rcppe Heads
P a rk State B ank of D etroit Lakes,
Minn., w as elected p resid en t of the
Southeastern Group
P a rk Region Clearing H ouse Associ­
George N. Reppe of G rand Meadow
ation at its an n u al d in n er m eeting.
w as elected p resid en t of th e South­
O ther officers nam ed w ere P eter eastern M innesota Clearing H ouse As­
S eterdahl, B reckenridge, vice p resi­ sociation at the an n u al m eeting in
dent, and A. M. Alme, M oorhead, secre­ R ochester.
tary -treasu rer.
G.
Skogsm ark of K asson w as elected
Speakers included A. D. Reynolds, vice president, and R. A. Bezoier of
St. Paul, state collector of in tern al re v ­ R ochester, secretary-treasurer, of the
enue; Lief Gilstad, St. Paul, executive organization, w hich is composed of
m anager of th e w ar bond com m ittee;
b ankers in Mower, Dodge and Olmsted
F. A. A m undson, state com m issioner of counties. D irectors are H ow ard G.
banks; H. R. K urth, H utchinson, p resi­ H ill of B row nsdale for Mower; W. E.
den t of the state b ankers association
G larner of W est Concord for Dodge,
and W illiam D uncan, secretary.
and C larence Telen of E yota for Olm­
B ankers w ere p resen t from Becker, sted.
Clay, O tter Tail and W ilkin counties.
C harles W ilkins of A ustin, associa­
tion president, presided at the program
and business session.
Host to Minnesota

Valley Association
One h u n d red b ankers from six so u th ­
e rn M innesota counties gathered in St.
P eter for th e an n u al m eeting of the
M innesota Valley C learing H ouse Asso­
ciation, at w hich th ey w ere guests of
th e F irs t N ational B ank of St. P eter.
New officers elected at th e m eeting,
and th e officers th ey succeed are:
Wm. H. Grell, vice president, F irst
S tate B ank of New G erm any, w as
nam ed p resid en t to succeed M. S tern er
of W insted.
C larence T. Olsen, cashier, F irs t N a­
tional B ank of St. P eter, elected vice
p resid en t succeeding Mr. Grell.
E. J. M ann, F irst State B ank of
B row nton, elected secretary -treasu rer
succeeding Mr. Olsen.
D irectors are: Floyd Strom , cashier,
E lysian State Bank; George V etter,
cashier, State B ank of K lossner; W. J.
Gatz, vice president, State B ank of
Belle Plaine; H. J. Steffen, president,

Cashier Resigns at Tyler
J.
M. Donahue, cashier of th e Citi­
zens State Bank, Tyler, Minn., has
resigned after th irte e n years of serv ­
ice, having accepted a position at the
W alnut Grove bank.

Sands Named to Bank Group
A rth u r W. Sands, p resid en t of th e
W estern State B ank of St. Paul, Minn.,
has been nam ed on a com m ittee of the
A m erican B ankers A ssociation to
stu d y th e postal savings system , W. L.
H em m ingw ay of St. Louis, association
president, announced recently.

On State Committee
W. R. Siems, vice presid en t and
cashier of th e F irs t State B ank of W il­
liams, M innesota, has been appointed
to th e im p o rtan t B ank M anagem ent
com m ittee of th e M innesota B an k ers’
Association.
N orthw estern Banker

October 1943

46

Duluth Banker Foils Forger

R obert H. M agie, le f t, c a s h ie r of C ity N a tio n a l B a n k o f D u lu th , c o n g i'a tu la te s
A ssista n t Cashier P aul H. P eterson, r ig h t, w hose q u ic k eye led to th e q u ic k F B I
a n d po lice a c tio n w h ic h te rm in a te d in th e a r re s t of a b a d c h eck p a sse r w ho
flooded th e so u th a n d m id w est w ith $1,300 in sp u rio u s p a p e r w h ile A W O L fro m
a T ex a s a rm y cam p. I n th e c e n te r is E dw in B. Bredeson, te lle r of th e b a n k , w ho
sp o tte d a n o th e r one o f th e b a d checks a f te r P e te rs o n h a d m ad e th e i n itia l
d isco v ery .

N A L E R T D uluth, Minn., b ank
em ploye, ABI tra in e d to spot
th e m erest suspicion of frau d in
a check, is credited w ith sta rtin g th e
police m ach in ery w hich b ro u g h t to a
h alt last m onth th e ill-gotten good
tim e of an AWOL arm y priv ate, w ho
left a trail of $1,300 in spurious checks
behind him in a ten-w eek to u r of th e
South and M idw est a t th e expense of
m erch an ts in a dozen or m ore cities.
In jail in D u luth aw aitin g a rra ig n ­
m en t in federal co u rt is Jam es W alter
Davis, 28 y ears old, self-adm itted a u ­
th o r of valueless checks—each one for
$36.50—passed upon business people
in such cities as Dallas, M emphis,
Chattanooga, A tlanta, Louisville, Cin­
cinnati, Toledo, D etroit, Chicago, M ad­
ison, St. P au l and M inneapolis.
W earing th e un ifo rm of an arm y
lieu ten an t and p resen tin g faked arm y
credentials to w in th e tr u s t of his
victim s, Davis drew th e checks p ay ­
able to fictitious persons by th e nam es
of L ieut. Jam es A. F o rtm an , Lieut.
Jam es H. R ankin, and Lieut. Jam es
R. Leland. He had about $95 in cash
upon his person w hen arrested.

A

N orthw estern Banker


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

October 19^3

To w ary, thorough P aul H. P e te r­
son, a ssistan t cashier of City N ational
B ank of D uluth, w as ascribed the
in itial move in g etting F B I and police
au th o rities into action—action w hich
culm inated in D avis’ a rre st Sept. 10
in B rainerd, Minn., 125 miles w est of
D uluth, w ith in four hours after P e te r­
son spotted one of five bad checks Da­
vis had passed in D uluth on Sept. 9.
P eterso n w as filling in as a receiv­
ing teller for one of his fellow em ­
ployes on vacation. He w as fingering
th ro u g h th e deposits of one of the
b a n k ’s custom ers w hen he cam e across
a check draw n on th e “B ank of St.
P au l.”
“T h a t’s stran g e,” he m used. “B ank
of St. Paul? T h e re ’s no such b an k .”
The check w as m ade out on blank
form . The w ords “B ank of St. P a u l”
w ere w ritte n in at the top as th e ban k
ag ain st w hich th e check w as draw n.
The am ount w as $36.50. It w as signed
“Lt. Jam es A. F o rtm a n .”
P eterson h u rrie d to C ashier R obert
H. Magie. T hey called over th e m er­
ch an t w ho had sub m itted th e check
for deposit. H e recalled talking to

the “lie u te n a n t” w ho had been in his
shop th e day before. “He show ed me
m ilitary credentials,” he told the b an k ­
ing men. T he sto ry th e m erch an t re ­
lated convinced the b an k ers he had
been duped.
T he FB I w as called in, D uluth po­
lice notified, th e track in g dow n begun.
Davis had stayed at a hotel th e night
before. He had checked out ju st be­
fore noon. He had boarded a bus for
Glendive, Mont. Yes, th e bus would
m ake a stop-over at B rainerd. A nd it
w as th e re Davis w as apprehended ju st
as th e bus w as about to s ta rt on an ­
o th er leg of its journey. Davis w as
tak en back to D u lu th —and told all.
Signed statem en ts w ere obtained by
F B I men. In charge w as M. B. Rhodes,
special agent of the St. Paul F B I of­
fice.
To Rhodes and Chief of D etectives
R obert E. D onaldson of D uluth, Davis
revealed th e m ethod of his operations,
w hich began w hen he sta rte d a 14-day
furlough Ju ly 2 at Abilene, Tex. He
w as stationed at an arm y cam p nearby.
He had obtained an officer’s uniform
and lie u te n a n t’s bars, an ordnance
d ep artm en t ru b b er stam p, a seal w hich
im pressed th e w ords, “Colorado N a­
tional G uard, H ead q u arters 45th Air
Service.”
E n te rin g a m en ’s clothing shop or
jew elry store—those w ere his favorites
—he w ould m ake a sm all purchase,
th en ask th e m erch an t if he would
m ind cashing a check w hich Davis said
he had received from his “buddy.”
To affirm his story, he w ould show
the m erch an t a letter, w hich w as ad­
dressed to “D ear Jim m y,” and con­
veyed th e inform ation th a t “enclosed
is th e last paym ent on y o u r car. I
hope th a t squares us up. If it doesn’t,
let me know. The boys here m iss you
and w ish you well on the new job.”
T he “last p ay m en t” w as in the form
of a check draw n upon a b ank in some
o th er city, and signed w ith a nam e
to m atch th e sig n atu re on th e letter.
The letter, in tu rn , w as stam ped w ith
the ordnance d ep artm en t ru b b er
stam p, and bore th e “Colorado N a­
tional G u ard ” seal.
Davis w ould explain he w as enroute to a statio n elsew here in the
country, needed an article of cloth­
ing or a gift for a girl friend, and the
m erchants, im pressed w ith his uni­
form , bars, and credentials—and a n ­
xious to help out a soldier on a long
jum p from one side of the co untry to
(T u rn to page 48, please)

47

Tw

W ayne T. Blackman*, cashier of
W ayzata S tate B ank, w as elected p re s­
ident of th e R u ral H ennepin-A noka
C learinghouse A ssociation a t th e a n ­
nual sum m er m eeting at S pring P ark,
on L ake M innetonka n e a r M inneap­
olis.
H erb ert S. W oodward, cashier of
Colum bia H eights S tate B ank, w as
nam ed B la c k m a rr’s successor as vice
president, w hile E. J. Schm itz, a ssist­
a n t cashier, S ecurity N ational Bank,
H opkins, succeeded W oodw ard as
secretary -treasu rer.
E lected directo rs w ere H. J. Dorw eiler, cashier of F a rm e rs S tate Bank,
Ham el; A. L. Hindm an, p resid en t and
cashier, F irs t N ational B ank, Anoka,
and S. H. S everson, cashier, F irs t N a­
tional B ank, H opkins.
R obert L. Sm ith, M innesota secu­
rities com m issioner, is receiving con­
g ra tu la tio n s on his election as first
vice presid en t of th e N ational Asso­
ciation of S ecurities Com m issioners at
its an n u al convention in C incinnati.

in

C

it y

N ew s

By James M. Sutherland
S p e cia l C o rresp o n d en t

Personnel Changes
p er cent dividend on all deposits for
th e q u a rte r ended Sept. 30, w ith th e
new an n u al ra te in effect thereafter.
N et increase in deposits in recent
m onths has been very substantial, re ­
qu iring a relativ ely larg er in vestm ent
in G overnm ent securities a t low er in­
te re st rates, Mr. K ingm an explained.
The split-rate system w ill enable the
bank to continue p aym ent of 2 per
cent a y ear to th e great m ajority of
its depositors.
P resid en ts J. Cameron Thom son of
N o rth w estern B ancorporation and L y ­
man E. W akefield of F irs t N ational
B ank of M inneapolis will serve on im ­
p o rta n t com m ittees of the C ham ber
of Commerce of the U nited States. Mr.
T hom son w ill be on th e com m ittee on
economic policy, Mr. W akefield on the
finance d epartm ent com m ittee.

Donald W. McGregor, h onorably dis­

charged from m ilitary service, w as
re-elected a ssistan t cashier of H en n e­
pin S tate B ank, M inneapolis. Carl D.
Strom , a ssista n t cashier a t H ennepin
since last N ovem ber, w as nam ed to
th e sam e post at B loom ington-Lake
N ational Bank. Both b anks are affil­
iates of F irs t B ank Stock Corporation.
T he tw o m en have been associated
w ith th e F irs t N ational group in M in­
neapolis since 1929.
F arm ers & M echanics Savings Bank,

M inneapolis, has adopted th e “splitra te ” system on its in te re st dividends.
D eposits up to $2,000 w ill continue to
draw 2 p er cent in terest, w hile
am ounts in excess of th a t w ill earn
IVz per cent. The $5,000 m axim um on
deposits continues, according to H enry
S. K ingm an, president.
T ru stees have voted th e reg u lar 2

said th a t w ith crops good and m oney
plentiful, th e in stitu tio n has found it
difficult to find borrow ers.

F ederal R eserve B ank of M inneap­
olis has opened its new w ar bond an ­
nex in the old F arm ers & M echanics
Savings B ank u n d er general su p erv i­
sion of Zeldon P elland. All tra n sa c ­
tions involving the public w ith series
E w ar savings bonds are handled at
the new location. A ssisting Mr. Zet­
land are M elvin H olm gren, W illiam
B ronner and M iss A nn Boers. M iss
F ran ces K ersteter is in charge of the
bond safe-keeping departm ent.

Hallock Bank to Liquidate
D irectors of th e Hallock (M innesota)
State B ank decided at a recent m eet­
ing to liquidate th e in stitu tio n and
notified depositors to come and get
th e ir money. No deposits, th e direc­
to rs said, w ould be accepted after Oc­
tober 21. M. J. Florence, president,

The recent death of th e late H enry
A. B ecklund b rought about a num ber
of changes am ong the personnel of the
N o rth w estern N ational B ank of L itch­
field, M innesota. At a m eeting of
directors A rt T ostenrud w as nam ed
cashier of the b ank and Miles Johnson,
assistan t cashier. Also serving as as­
sistan t cashiers are th e Misses M ildred
and M yrtle Oslund.

Austin Debits Increase
The volum e of bank debits in A ustin,
M innesota, du rin g th e m onth of A u­
gust w as 15 per cent above th e level
reached in A ugust, 1942, w hile tab u la­
tions for th is year to date indicate a
7 per cent increase w hen com pared
w ith the sim ilar 1942 period.

Rochester Debits Spurt
The volum e of bank debits in Roch­
ester d u rin g A ugust w as 49 per cent
above the level of th e sam e m onth a
year ago, w hile tabulations for the
year to date indicate a 17 p er cent
increase w hen com pared to th e same
1942 period.

Harris Bank Stock Sold
The State B ank of H arris, Minn., has
been purchased by E lm er V. E rickson
of Cam bridge and associates, th e new
ow ners tak in g over th e bank last
m onth. The in stitu tio n w as purchased
from Judge A. P. Stolberg, O. W. Herreid and G. J. Jarchow . T. C. Blorngren of Cam bridge has been elected
cashier of the bank. The State B ank
of H arris w as organized in 1908. Its
capital is $25,000, su rplus $6,000 and
undivided profits of $3,000.
N orthw estern Banker


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

October 1943

48

• MI NN ESOT A NE WS *
Fred Behrends
Frecl B ehrends, 74, of A lbert Lea,
M innesota, died last m onth, a fte r an
illness of five weeks.
Mr. B ehrends w as a stock b u y er at
Conger for m any y ears and at th e tim e
of his d eath he w as p resid en t of th e
Conger Bank.

DULUTH BANKER FO ILS
FO R G ER
(C ontinued from page 46)

m erch an ts in N o rth w est com m uni­
ties from th e type of u n w arran ted
m oney losses suffered by victim s on
D avis’ south and m idw est route.
V eteran em ploye of th e City N a­
tional Bank, w ho started his career
as b an k m essenger 25 y ears ago, As­
sista n t C ashier P eterso n early this
y e a r w as elected to a tw o-year term
as a m em ber of the board of governors
of th e D uluth chapter, A m erican In ­
stitu te of Banking.

Assistant at Mora

th e o th er—w ould w illingly pass over
th e cash money.
The specific federal charge placed
against Davis w as im p erso n atin g an
arm y officer and passing fra u d u le n t
checks on such rep resen tatio n . He
w aived exam ination w hen arraig n ed
before th e U nited States co u rt com ­
m issioner in D uluth.
Davis m uffed w hen he picked on th e
“B ank of St. P a u l” to pass an o th er
dead one in D u lu th —he told Rhodes
and D onaldson five of th em w ere ac­
cepted by D uluth shop people. B ut
it w as th e a le rt eye and w ary m ind
of A ssistan t C ashier P eterso n w hich
ended th e depredations, and saved

S. H. A ndersen has been elected as­
sista n t cashier of th e K anabec State
B ank of Mora, M innesota, and assum ed
his new duties last m onth. Mr. A nder­
sen w as em ployed by th e F irst N a­
tional B ank of Madison, Wis., for
tw e n ty years. D uring th e p ast year
he has been located at Melrose, Minn.,
w h ere he w as office m anager for the
N ational Egg D ryers, Inc.

Named Vice President
A t a m eeting of the directors of the
M artin County Bank, F airm ont, Minn.,
F re d P o rter w as nam ed vice p resident
to fill th e vacancy left by th e death of
C harles Landin.

IS THERE A PAPER SHORTAGE?
Quite obviously there is a shortage
of pulp for paper and once again it
is being emphasized. Because of this
many o f our bank customers are
again asking, "Do you think you will
have any trouble getting paper for
checks?’’ Needless to say, our answer
still is, "No.”
Perhaps there isn’t enough pulp to
make enough paper to supply every­
one with his full needs, but there is
not now —and we doubt if there ever
will be —any shortage of paper for
functional forms needed in the con­
duct of a business.
All of us are consciously or
unconsciously economizing
on paper. We have saved
considerable tonnage by
streamlining our oper­
ations and eliminating
reports. We have reduced w

the use of paper by cutting down
on size and weight and by reducing
the amount o f direct mail adver­
tising. Everyone is doing something
to effect a paper savings and, as a
consequence, the total overall benefits
must be great.
There isn’t any question but what it
will become difficult to get exactly
the grade of paper wanted for every
type of usage, but we would like to
repeat here what we have been
saying for the past two years;
namely, that in our opinion the use
of paper for bank checks will
not be curtailed. Aside from
the q u estion of service
there has never been
any need for banks to
load up on checks —
there is no need to do
so now.

De Luxe

H a rry E dw ards w as placed on the
board of directors to fill the vacancy
there, due to th e passing of Mr. Landin.
Mr. P o rter has been a director of the
b ank for several years, and will con­
tin u e in th a t capacity to gether w ith
his new duties.

Petersen Heads
Monterey Bank
A lfred E. P eterson w as elected p resi­
dent of th e F a rm e rs State B ank of
M onterey, M innesota, at a m eeting of
th e board of directors last m onth. Mr.
P eterson w as form erly vice president
of th e bank. He fills th e vacancy occa­
sioned by th e death of C. E. Landin.
E lm er F. P eterson w as elected vice
p resid en t and cashier.

Minnesota News Notes
Sgt. A lbert F. K aiser, president of
th e F irst N ational B ank of Bagley,
M innesota, is now in N orth Ireland
w ith th e 42nd R epair Squadron, U. S.
A ir Corps. He has been in service
about one year.
P riv ate M orlan Melby (m eteorolo­
g ist), form erly head of the insurance
d ep artm en t of th e N o rth ern State
B ank of Gonvick, M innesota, has re ­
cently been hom e on furlough. A nother
sta r in th e bank service flag is for Lt.
Com m ander E dw in A. Beito, U. S.
Navy. Mr. Beito, one of the directors
of the bank, also served in W orld
W ar I.

Cash for Sickness
For a F ew C ents a D ay You can b e
A ssu re d of a C a sh Incom e D uring Sick­
n e ss or H o sp italizatio n
S ickness P olicies p a y in g up to $200 p er
M onth for a s Long a s Two Y ears of
Total D isability, a n d H osp ital a n d S ur­
g ic a l P olicies P a y in g C a sh Benefits for
H ospitalization.
O nly $2.00 w ill p a y for a sin g le policy
in full to the 15th of M arch, 1944.
No M edical E xam ination — A p p licatio n
a n d L iterature M ailed on R eq u est.
You W ill Be P le a s e d w ith th e P lan .

CHECK PRINTERS

WRITE

cßnc.

M a n u f a c tu r in g P la n ts a t
NEW YORK

N orthw estern B anker

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Federal Reserve Bank of St. Louis

CLEVELAND

October 1943

KANSAS CITY

Minnesota Commercial
M en’s Association
PAUL CLEMENT, S e cretary
2550 P illsb u ry A v e.
M in n e ap o lis 4, M in n eso ta

49

•
G erald Ley, a ssista n t cashier F a rm ­
ers S tate Bank, W atkins, M innesota,
is th e p roud fa th e r of a baby g irl—
M ary Je a n —b orn recently.
>1= * *
G. G underson has resigned his posi­
tion as assista n t cashier of th e F irs t
N ational B ank of H aw ley, M innesota.
Carl L epper, Jr., has been appointed
to th e vacancy.
* * *
The N orth C entral C learinghouse
A ssociation G roup held
its an n u al
m eeting at Douglas Lodge, Ita sk a State
Park. New officers elected are: p resi­
dent, E. T. Sletten, vice p resid en t and
cashier of F irs t N ational B ank, Brainerd; vice president, G. H. M urphy,
presid en t B ackus State Bank; secre­
ta ry and tre a su re r, C. R. Swenson,
cashier F irs t N ational B ank, Cass
Lake.
D irectors are Ju liu s Nelson, Crow
W ing County; E lgin P hillips, B etram i
County; C. J. Slsenpeter, Cass County;
C. A. F u ller, H u bbard County; W. J.
Brow n, W adena C ounty and E. O.
L ukkassen, South K oochiching County.

MINNESOTA

NEWS

The sum of $350,000 of the issue al­
read y has been refunded a t 1.6 per
cent interest. T he original issue car­
ried a rate of 4% p er cent. The re ­
m aining $50,000 w ill be refunded by
borrow ing from the u tilities d ep art­
m ent at IV 2 per cent interest.
W illiam F, A rndt, p resid en t of Coole ra to r Co. and a director of N o rth ­
w e stern S tate Bank, received w ord
th a t his son, W illiam F ran cis A rndt,

•
had been prom oted from second to first
lieutenant.
A nationally-recognized figure in his
field and one of the oldest em ployes
of th e city of D uluth, J. A lly n Scott,
city assessor, w as honored Sept. 10th
on the occassion of beginning his 34th
y ear as a m unicipal officer. Mr. Scott
is a director of W estern N ational B ank
of W est D uluth.

FREEDOM FROM WANT

Duluth News
of S tanley k .
in v estm en t analyst, as
tru s t officer and a ssista n t vice p re si­
dent of F irs t and A m erican N ational
B ank to succeed H ow ard P. Clark, re ­
signed, w as announced by George P.
Tweed, th e b a n k ’s ch airm an of th e
board.
Mr. P la tt has been identified w ith
th e in v estm en t business in Chicago
and M inneapolis for th e last 10 years.
He is a n ativ e of St. P aul and a g rad ­
uate of St. P aul academ y, th e T uck
school of business ad m in istratio n , and
a post-graduate of th e U n iv ersity
school of business.
Mr. P la tt and his w ife and th ree
child ren p lanned to m ove to D uluth
a fte r Oct. 1.

A

p p o in t m e n t

P latt,

John E. H off, a d irecto r of B ank of
C om m erce & Savings and p resid en t
of th e D uluth B oard of R ealtors, is
guiding th e body’s p ublicity com m ittee
in p rep arin g a series of ad v ertisem en ts
to inform th e public of th e advantages
of dealing w ith re a lto r board m em ­
bers.

The D uluth city cou n cil has in itiated
a m ove to refinance $50,000 in 30-year
bonds th ro u g h an a rra n g e m en t w ith
th e m unicipally-ow ned w ater, gas and
sew age disposal d ep artm en t, w hich
will com plete a refu n d in g plan sta rte d
a y e a r ago on a $400,000 issue dated
Jan. 1, 1914.

J u s t as th e tid e o f victory flows in th e w ake o f our a dvancing arm ies, th e tid e of
peace— tru e , lastin g peace— m u st follow in th e w ake o f F O O D . O nly w ith bread,
an d m ea t, an d m ilk for babies, can we hope to begin th e building o f a b e tte r,
saner world.
T o th e farm ers o f th e w orld th is g re at h u ­
m a n ita ria n jo b p resen ts a challenge u n p a ra l­
leled in h istory. E v e ry tillab le acre o f th e
w orld’s soil m u st th e n be m ade to yield up
its g re atest gift o f nou rish m en t. E v e ry acre
m u st be guard ed a n d preserved, t o serve
m an k in d th e b e tte r in each succeeding gen­
eration. T h a t ideal, realized, will serve th e
cause o f peace b e tte r th a n all th e tre a tie s
ever signed.
In th e w orld o f tom orrow m odern farm
m achinery will p lay as im p o rta n t a p a r t as it
has in th e A m ericas du rin g th e last 100 years.
M o dern m achinery has allow ed less th a n
20% o f th e po p u latio n to produce m ore food,
fibre a n d essential oils a n d m an y o th e r p ro d ­
u c ts v ita l to th e highest sta n d a rd o f living
th a n 80% o f th e p o p u latio n could do before
th e a d v e n t o f m odern tra c to rs a n d fa rm m a ­
chinery.
M inneapolis-M oline builds a com plete line
of m odern farm tra c to rs a n d fa rm m achinery
for a lm o st every condition a n d for th e d u ra ­
tio n will b uild all o f these p ro d u c ts allowed
u n d e r lim ita tio n orders.

N orthw estern Banker

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

October 1943

50

MI NN E S O T A
Charles F. Liseom b, leader in th e
D uluth in su ran ce field and a directo r
of F irs t and A m erican N ational Bank,
w as elected natio n al directo r for M in­
nesota of the N ational A ssociation of
Insu ran ce A gents a t th e M inneapolis
convention in Septem ber of th e M in­
nesota
A ssociation
of
In su ran ce
A gents. Mr. Liseom b also is ch a ir­
m an of th e D uluth W ar F in an ce com ­
m ittee.
D allas C. W akem an, cashier and di­
recto r of W estern N ational B ank in
W est D uluth, w as elected tre a su re r
of D uluth ch ap ter No. 59, Royal A rch
Masons, a t th e c h a p te r’s first fall m eet­
ing in Septem ber.

J amieson

NEWS

Dr. W illiam A. C oventry, “Duke
G reysolon of the A m bassadors of D u­
lu th ” and a director of N o rth ern N a­
tional Bank, has conferred th e title
of “A m bassador E x tra o rd in a ry of the
Duchy of D u lu th ” upon these recent
visito rs to the H ead of th e L akes city:
G overnor Edw ard J. Thye of M inneso­
ta; Colonel John S tilw ell, New York,
p resid ent of th e N ational Safety coun­
cil; P hilip M urray, W ashington, p resi­
dent of th e Council of In d u strial Or­
ganizations; H enry H. H eim ann, New
York, executive m anager of th e N a­
tional A ssociation of C redit Men; Morley E. M acK enzie, Toronto, im perial
p o ten tate of th e O rder of th e M ystic
S hrine of N orth A m erica, and A. L.
Sarcone, Des Moines, publisher-editor
of th e A m erican Citizen, Italian-A m erican new spaper.

F o u r m en identified w ith th e b an k ­
ing field in n o rth e a ste rn M innesota—
th e A rrow head co u n try —w ere elected
to officer posts of the M innesota A r­
row head association at th e body’s 20th
an n u al m eeting Sept. 17th in H otel
D uluth.

&

Company
M em bers

New presid en t of th e MAA is Herm an C. Matzke, p resid en t of the City
N ational B ank of D uluth, a past presi­
dent of the M innesota B an k ers’ as­
sociation (1937-38), and a past presi­
dent and tre a su re r of the N orth Star
Boy Scout council of th e A rrow head
region.
N am ed to tw o of the th ree vice pres­
ident posts of the association w ere
H enry LaL iberte, presid en t of CutlerM agner Co. in D uluth and a director
of F irst and A m erican N ational Bank,
and A llan M. A nderson, vice president
and cashier of the G rand M arais State
B ank in G rand M arais.
Re-elected tre a su re r of the MAA
was W ilbur F. M cLean, vice p resi­
dent of M innesota N ational B ank in
D uluth, 1943 vice p resid en t of the
M innesota B an k ers’ association, and
a p ast p resident of th e D uluth Cham ­
ber of Commerce.
R ichard L. Griggs, president of
N o rth ern N ational bank, D uluth,
headed a reception com m ittee w hich
greeted G overnor E dw ard J. Thye
upon his arriv al in the city to address
the MAA m eeting.

New York Stock Exchange
and

O th er P rin c ip a l E x ch an g es

T w

★

STOCKS
BONDS
COMMODITIES

e n t y - f iv e

elected
. presid en t of the N ebraska B ank­
ers A ssociation, w as for over 28 y ears
p resid en t of the F irs t N ational B ank
at H artington, N ebraska, b u t recently
m oved to Omaha and associated him-

W

MINNEAPOLIS
FARGO
ST. PAUL
GRAND FORKS
DULUTH
SIOUX FALLS
PRIVATE WIRES

S. W ESTO N, w ho w as

O u t-o f-T o w n ¥>anks
O u t-o f-to w n banks and bankers w ill find here
co m p lete b a n k in g fa c ilitie s fo r p ro m p t and
econom ical handling o f accounts in Chicago. We
w ould appreciate the opportunity o f serving you.

C i t y 7N a t i o n a l 1 1 a n k
TRUST

2 0 8

S O U T H

COMPANY

of Chicago

L A S A L L E

(Member Federal Deposit Insurance Corporation)

N orthw estern B anker


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

A g o

Names in Northwestern Banker News From the
October, 1918, Issue

★

AND

Y e a r s

October 19't3

S T R E E T

self w ith the P eters T ru st Com pany as
second vice president.— S. J. F razier
of M innesota says, “T he governm ent
has endorsed the sen tim en t ‘the saving
habit is a saving grace’. It will save us
and it w ill save the U. S. for we can’t
w in the w ar w ith o u t th e money. The
Yanks w ill w in the w ar over th ere if
we w in it over here. T hey are facing
the fires and furies of all Hell for you
and me, and about all we are asked to
face is a little inconvenience and a p er­
fectly safe in v estm en t”.—John J. Ar­
nold, vice p resid en t of th e F irst Na­
tional B ank of Chicago, believes that,
“F rom now on stan d ard securities
should be issued in sm all denom ina­
tions beginning w ith $10 values. W age
earn ers as w ell as farm ers th ro u g h o u t
our nation should be encouraged to be­
come holders of th e stocks and bonds
of our railroads and public utility or­
ganizations.”— John A. L ew is, vice
p resid en t and cashier of th e N ational
B ank of Commerce of St. Louis, will
leave th a t in stitu tio n N ovem ber 1st to
become vice p resident of the Irving
N ational B ank of New York City.— The
44tli A nnual C onvention of the A m eri­
can Bankers A ssociation in Chicago

closed harm oniously w ith the election

51
of R obert F . Maddox of A tlanta as
president, R ichard F. H aw es of St.
Louis as first vice president, John F.
Drum of San F rancisco as second vice
president, Jam es D. H odge of Seattle
as tre a su re r.—J. H. In gw ersen has
been elected vice p resid en t and di­
recto r of th e F irs t N ational B ank of
D uluth. He resigned th e presidency
of th e Peoples T ru st and Savings B ank
at Clinton, Iowa, to accept th e new
position.—W illiam A. Bell and H ugh
B. Shields have been elected a ssista n t
cashiers of th e M erchants N ational
B ank of Billings, M ontana.— The Ger­
m an S avin gs Bank, H albur, Iowa, is
changing its nam e to th a t of th e F a rm ­
ers Savings B ank.— W. A. Sandburg,
a ssista n t cashier of th e F irs t N ational
B ank of R ockw ell City, has resigned to
becom e cashier of th e F a rm e rs Sav­
ings B ank of L ytton, Iow a.—W. F. Ray
has been elected p resid en t of th e B u t­
ler C ounty B ankers A ssociation. Mr.
Ray is p resid en t of th e S tate B ank of
Allison, Iow a.—F rank P. M cDonald
has been elected vice p resid en t of th e
F irs t N ational B ank of Boone, Iow a.—
D. P. H ogan, of th e F ed eral L and B ank
of Omaha, N ebraska, believes, “T h at
a F ed eral L and Bond is very attra c tiv e
to in v esto rs as it fu rn ish es every ele­
m en t of d esirab ility from th e in v e sto r’s
stan d p o in t.” — D an Morris, p resid en t
of th e City N ational B ank of K earney,
N ebraska, has deposits in his bank of
$2,194,000.—Om aha b anks had deposits
on A ugust 31, 1918, as follows: Omaha
N ational $25,000,000, U. S. N ational
$19,000,000, F irst N ational $16,000,000,
Stock Yards N ational $10,000,000, Mer­
ch an ts N ational $13,000,000, L ive Stock
N ational $8,900,000.—H. H. P rescott

has resigned his position at the
R ochester N ational B ank of R ochester,
M innesota.— H. H. Kem p of M in­
neapolis has been e l e c t e d p re si­
den t of th e M erchants and M iners
S tate B ank of Tow er, M innesota.—
F. W . Ju m er is p resid en t of th e new ly
organized Peoples State B ank at Glen­
coe, M innesota.—B. F. T u nn ey, cashier
of th e F irs t S tate of Ada, M innesota,
has tw o sons in th e service, one in a
hospital in F ran ce and th e o th er in an
officers tra in in g cam p in F ran ce.—
31. P. Ohlman, p resid en t of th e A m eri­
can S tate B ank of Y ankton, South Da­
kota, has announced increase in th e
capital stock of th a t in stitu tio n from
$25,000 to $50,000.—Leo P ottratz has
been m ade cashier of th e F a rm e rs
S tate B ank of F lan d reau , South Da­
kota, to succeed L. B. H alverson, w ho
resigned to accept a position w ith the
Sioux F alls Savings Bank. — Fargo
B ank C learings for S eptem ber 12th
w ere $4,336,000, the larg est in history.

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

.. . T H E

. ..

P H IL A D E L P H IA
NATIONAL BANK
O r g a n iz e d 1803

PH ILADELPH IA, PA.

Largest and O ld est B a n k
in P en n sy lv a n ia

M E M B E R O F F E D E R A L D E P O S I T IN S U R A N C E C O R P O R A T IO N

N orthw estern B anker

October 1943

• MI NN ESOT A N E WS *
T he in vestm ent b an k ers’ w ar service
has been to devote its professional ex­
perience to th e T re a su ry ’s W ar Bond
drives, w hich the I.B.A. p resident said
w as th e m ost d irect w ay d u rn g th e
w ar for th e business to contribute
to a sound econom y after the w ar.
“An arm y of new investors has arisen
th ro u g h this financing to back th e a rm ­
ies in th e field,” he said. “This, to ­
g eth er w ith th e broad diffusion of in ­
come and w ealth, has created a great
n u m b er of p o tential capitalists.”

No Bottlenecks
T here m ust be no bottlenecks p re ­
ven tin g capital from flowing to every
legitim ate purpose after th e w ar, Jay
N. W hipple of Chicago, p resid en t of
the In v estm en t B ankers A ssociation
of A m erica, said in speaking a t th e
ann u al convention of th e N ational As­
sociation of Securities Com m issioners.
“T here can be no progress w ith o u t
v en tu re capital,” he said. “The jobs
w hich we m u st have read y for r e tu r n ­
ing servicem en,” he added, “depend
on in d u stry g ettin g th e capital it needs
for its p o stw ar re a d ju stm e n t.”

Í fi

“These individual investors,” he said,
“w ill be th e m ost im p o rtan t source of

Our Production Line”

capital for in d u stry to use in convert­
ing its facilities, building new plants
and reh ab ilitatin g equipm ent after the
w ar. This is because th e heavy tax
burdens on corporations p rev en t them
from plow ing back earnings w hich
have been the norm al source of a great
deal of th e ir capital in the past. H igh
taxes had also restric te d th e ability of
w ealthy individuals to fu rn ish capital
in th e large am ounts th a t w ill be
needed a fter th e w ar.
“All th e elem ents of p ro sp erity and
national well-being w ill be presen t
w hen peace com es,” he said. “T heir
p roper in teg ratio n and control is a
challenge to th e in g en u ity and in telli­
gence of all th e people. The answ er
to this challenge w ill determ ine
w h eth er or n ot capitalism and freedom
of en terprise, w hich have bu ilt this
country, can be preserved, or w h ether
we will tu rn to com m unism , socialism,
or some o th er ‘ism ’.”

Surplus Increased
This bank, like other banks, is on a

C. L. F R E D R I C K S E N
P r e s id e n t

wartime basis, putting that extra Victory

M. A. W IL S O N
V ic e P r e s id e n t

effort into every single transaction.

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

From our production lines roll a variety

W . C. S C H E N K
C ash ier

of "products" including the very finest

H . C. L I N D U S K I
A s s is ta n t C a sh ier

kind of corespondent service.

C. L . A D A M S
A s s is t a n t C a sh ier

For prompt service on livestock, hay

J. S. H A V E R
A s s is ta n t C a sh ier

and grain items and close cooperation on

JA M E S L. S M IT H
A u d ito r

ALL Sioux City business we invite your

New Vice President

account.

★

★

★

'/ A e ^

LIV E S T O C K
J P

N

a

t
o

i
r

o

n

a

5 / O t / X

l
C M

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M em b er F e d e r a l D e p o s it In su r a n c e C o rp o ra tio n

N orthw estern B anker

October 19^3

k

MO W A .

B a n À a é t/te


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

The board of directors of th e Chase
N ational B ank have authorized an in ­
crease of $21,460,000 in th e su rp lu s
account of the bank, raisin g it from
$100,270,000 to $121,730,000. Capital re­
m ains unchanged at $100,270,000.
T his increase in th e su rp lu s reflects
an enlarged capital position m ade pos­
sible as a re su lt of recoveries, im proved
earnings, and profits realized on the
sale of securities.
It w as anticipated th a t th e reserve
for contingencies as of Septem ber 30th
w ould am ount to about $12,300,000.
com pared w ith $11,810,000 on December
31, 1942.
A ppointm ent of H a rry McClelland
as vice p resident of B ank of A m erica
has been anounced by L. M. Giannini,
p resident of th e in stitution.
McClelland, w hose chief assignm ent
w ill be to keep in touch w ith th e v ari­
ous ag ricu ltu ral problem s of the state,
succeeds Jesse W. Tapp, w ho w as re ­
cently elected p resident of Axton-Fisher Tobacco Co., Inc., Louisville, K en­
tucky.
McClelland is already w idely know n
am ong California farm ers, having
been closely identified w ith th e agri­
cu ltu ral p ictu re since 1931. In th a t
year he left th e State D epartm ent of
Public W orks to join th e C alifornia
L ands organization (now C apital Com­
pany). F ro m 1933 to his c u rre n t ap­
p o intm ent he w as vice p resid en t in
charge of th e firm ’s farm operations.
M cClelland w ill m aintain his office
at the h ead q u arters of the B ank of
A m erica in San Francisco.

53

SOUTH
DAKOTA
NEWS
T. N . H A Y T E R
P r e s id e n t
S io u x F a lls

A c tin g S ecreta ry
M I L D R E D S T A R R IN G

G E O R G E M. S T A R R IN G
S ecreta ry -T rea su rer
H u ro n

( I n the Service)

Bank Picnic
A bout 175 officials and em ployes of
th e eight b an k in g offices of th e F irs t
N ational B ank of th e Black H ills and
th e ir fam ilies atten d ed a picnic at
Pactola, South Dakota, recently.
Tow ns rep resen ted w ere Sturgis,
Lead, Deadwood, H ot Springs, Belle
Fourche, Spearfish, N ewell and R apid
City.
The S turgis and R apid City groups
ch a rte red th e RCBH and W estern
tra in to m ake th e trip .
A ball gam e w as a featu re of the
aftern o o n en tertain m en t.

Change in Personnel
Miss E th e l K roeger has resigned h er
position as bookkeeper a t th e F a rm e rs
S tate B ank of F lan d reau , South Da­
kota. H er place here w ill be ta k e n by
Miss E v ely n Johnson, w ho has been
at Clear L ake for som e tim e w ith th e
FSA.

Calom e Bank Liquidates
The stockholders of th e B ank of
Colome (S outh D akota) have decided
to liquidate th e bank. The notes of
th e b an k have been pu rch ased by th e
G regory b ran ch of th e N o rth w est Se­
c u rity N ational B ank of Sioux Falls,
and th e depositors w ill be paid in full.
O. H. P elletier is p resid en t of th e bank,
and Mrs. P elletier is cashier; th ey ow n
m ost of th e capital stock.
T he b an k w as capitalized at $25,000
and had $5,000 surplus. The deposits
totaled about $700,000.

Aberdeen Debits Up
T he volum e of b an k debits in A ber­
deen d u rin g Ju ly w as 31 per cent above
th e level reached in July, 1942, w hile
tab u latio n s for th is y ear to date in d i­
cate a 29 per cent increase w hen com ­
pared w ith th e sim ilar 1942 period.

Resigns as Cashier
R esigning his cashier position at th e
C hancellor S tate B ank of C hancellor,
South D akota, H en ry G. B ossm an has
gone to Sioux City, Iowa, w h ere he

w ill be em ployed w ith th e W incharger
C orporation.
Mr. B ossm an w as em ployed in th e
L ennox E xchange B ank for over six
years before going to C hancellor in
April, 1940.

Former S. D. Banker Dies
George Carl Blum, for m any years
cashier of th e G u aranty State B ank of
F lorence, South Dakota, died at H ous­
ton, Texas, follow ing a brief illness.

Rapid C ity Debits Up
The volum e of bank debits in Rapid
City d u rin g th e m onth of Ju ly w as 2
p er cent below th e level reached in
July, 1942, w hile tabulations for this
y ear to date indicates a 21 p er cent
increase w hen com pared w ith th e sim i­
lar 1942 period.

New Bank in South Dakota
Supt. E rlin g H augo of th e South
D akota b anking d ep artm en t announced
last m onth th a t c h arters had been
g ran ted for th e H u rley S tate B ank in
T u rn e r county and for th e Campbell
C ounty State B ank of H erreid.
B oth are authorized for $25,000 capi­
tal and $5,000 surplus.
In co rp o rato rs for th e Campbell
C ounty B ank are Fl. B. W hite, J. J.
R ieker, A ndrew H uber, A nna W hite
and George E. Bickell, all of H erreid.
Officers will be R. B. W hite, president;
W illiam Block, cashier, and Bickell,
a ssistan t cashier. It will be th e only
b an k in th e county.
The H urley B ank incorporators are
R. L. R ayburn, president; Dr. E dw ard
Joyce, M. H. Rüden, Chas. W. Sanborn,
and E. G. Breen, cashier, all of H urley.

Sioux Falls News
of
Sioux
Fails, as
th ro u g h o u t th e country, focused
th e ir a tten tio n th ro u g h o u t Septem ­
b er on in su rin g the success of th e
T h ird W ar Loan cam paign.
T hey
assum ed responsibility for over-all
organization, prep ared pledge cards

B

ankers

and served on com m ittees w h erev er
needed.
In th e state-w ide organization, C. A.
C hristopherson, p resid en t of the Union
Savings Bank, served as executive
m anager of th e w ar finance com m ittee,
and P. H. M cD ow ell, vice p resid en t and
tru s t officer of th e N o rthw est Security
N ational Bank, w as nam ed regional
coordinator for so u th eastern South
Dakota.
Am ong th e o ther regional coordi­
nato rs w ere R. S. Banfielcl, A berdeen,
presid en t of th e A berdeen N ational
Bank; H. R. K ibbee, M itchell, president
of th e Com m ercial T ru st and Savings
Bank; J. M. Lloyd, Y ankton, vice presi­
dent of th e A m erican State Bank; L.
T. Morris, W atertow n, p resid en t of
th e F irs t Citizens N ational Bank; Carl
Odegard, H uron, vice presid en t of the
N o rthw est S ecurity N ational Bank,
and L. A. Pier, Belvidere, p resid en t of
th e Belvidere State Bank.
In Sioux Falls, a door-to-door sales
cam paign w as organized, w ith air
raid w ardens m aking th e calls. Placed
in charge of organizing th e cam paign
and handling pledge cards w as T. S.
H arkison, vice presid en t of th e N a­
tional B ank of South Dakota.
Am ong the m any speakers wffio
u rged bond purchases at public m eet­
ings w ere H arkison, McDowell, W. C.
D uffy, vice p resident of th e U nion
Savings Bank, and F rank J. Cinkle,
cashier of the N ational B ank of South
Dakota.
Sale of w ar bonds w as not th e only
civic cam paign w hich occupied the
atten tio n of Sioux F alls b an k ers d u r­
ing Septem ber, how ever.
T hey also played a key p a rt in th e
U nited C om m unity and W ar Chest
drive, w hich sought $80,000 for local
w elfare agencies, aid to m en of th e
arm ed services, and relief agencies of
th e U nited N ations and th e conquered
countries.
Of the $80,000 goal, $50,000 w as as­
signed to th e im p o rtan t advance gifts
com m ittee, headed by Ralph W atson,
p resid en t of the N o rthw est Security
N ational Bank. The com m ittee w as
charged w ith the responsibility of
soliciting gifts from business firms
on th e basis of ability to pay.
O ther ban k ers on W atson’s com m it­
tee w ere Tom H arkison, vice president
of the N ational B ank of South Dakota;
T. N. H ayter, vice p resid en t of th e
F irs t N ational B ank and T ru st Com­
pany; and W illiam Perrenoud, cashier
of th e F irst N ational B ank and T ru st
Company.
C. A. C hristopherson, p resid en t of
th e U nion Savings bank, served as
tre a su re r for th e en tire fund cam ­
paign, and also w as a m em ber of the
sp eak ers’ bureau.
N orthw estern B anker


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

October 1943

54

•

SOUTH

A w ell-know n figure in South D akota
banking circles died th is m onth. He
w as Jam es V. Langdon, 68, w ho had
been a b an k er at H u rley and Mission
Hill, S. D., and w as city tre a s u re r at
Y ankton before he re tire d in 1936.
He died at th e hom e of his son, R obert
S. L angdon, a t Omaha.
B ank clearings, g enerally regarded
as one of th e best indices of business
activ ity in Sioux Falls, reg istered a
decisive gain in A ugust over levels

DAKOTA

NEWS

established d uring th e sam e m onth a
y e a r ago.
W ith clearings rep o rted at $13,175,311.43, th e level w as 25 p er cent above
th a t for A ugust, 1942. In Ju ly the
clearings had show n a 2.2 per cent
decline.
E arly last m onth officials of the
F irs t N ational B ank and T ru st Com­
pany m arked th e 58th a n n iv ersary of
the in stitu tio n ’s founding by pledging
“even g re a te r service in the y ears th a t
lie ah ead.”

r ----------------------------------------------------------------------------------------------------- N

•
Officers of th e b ank include Mar­
tin J. K uehn, ch airm an of the board;
W. W. Baker, president; T. N. H ay ter,
vice president; W. E. Perrenoud, cash­
ier; H. I j . Jones, a ssistan t cashier, and
R. A. P ankow , tru s t officer.
W hen the 900 m em bers of H arold
M ason Post of th e Am erican Legion
held th eir ann u al election recently,
they nam ed T. S. H arkison, vice presi­
dent of th e N ational B ank of South
Dakota, as second vice com m ander.
In the norm al course of events the
position w ould place H arkison in the
com m ander’s chair tw o years hence.

Heads Morris Associates
At th e fall conference of R obert Mor­
ris Associates, to be held in Buffalo,
New York, on October 20 and 21, Annulf Ueland, presid en t of the M idland
N ational B ank & T ru st Company, Min­
neapolis, w ill be inducted as president
of the M orris organization. Mr. U eland
and o th er officers of M orris Associates

S P E C IA L A ID TO B A N K S
ftt

fr a tf/iite
/ t 'l o m e v n b

The expansion of war plants and establishment of local
Army and Navy bases have greatly increased the services
rendered by the nation’s banks. New manpower problems
have arisen, demanding the training of enlarged staffs.
Manufacturers Trust Company is helping to solve
many of these problems by affording an advisory service.
This service is founded on our experience in handling
increased operations.
We cordially invite inquiries from banks regarding new
wartime services or operating problems.

M ANUFACTURERS
TRUST COM PANY
P R I N C I P A L OFFICE: 55 B R O A D STREET, N E W Y O R K

ANNULF

UELAND

w ere elected at a recent proxy m eet­
ing held in Philadelphia.
Serving w ith Mr. U eland in the Mor­
ris A ssociates official fam ily w ill be
Carlisle R. Davis, vice p resident of
the S tate-P lanters B ank & T ru st Com­
pany, Richm ond, V irginia, as first vice
president; and K enneth W. DuVall,
vice p resid en t of th e City N ational
B ank & T ru st Company, Chicago, as
second vice president.

6 8 COMPLETE B A N K IN G OFFICES IN GREATER N EW Y OR K

Never the Same Again
Jones: D on’t talk like th at, th e re ’s
a lady present.
Brow n: Sez you. A fter th ey go out
w ith you th e y ’re reclassified.
Sortii western B anker

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

October Ì943

C. R em pfer, cashier, F irs t N ational
Bank, P ark sto n , S. D.; N. S. Schafer,
president, F irst N ational Bank, F o rt
A tkinson, Wis.; R. B. S tew art, p resi­
dent, The M iami Deposit Bank, Yellow
Springs, Ohio; C. D. Tedrow , p resi­
dent, Citizens F irst N ational Bank,
P rinceton, 111.; Jo h n W etzel, com p­
troller, Bayside N ational Bank, Bayside, New York, and J. E. Drew, dep­
u ty m anager, A m erican B ankers As­
sociation, secretary.

NORTH
DAKOTA
NEWS
H . A. F IS C H E R
P r e s id e n t
W ash b u rn

C. C. W A T T A M
S ecr eta ry
F argo

L E G A L DEPARTMENT

(C ontinued from page 20)
tive Com m ission on C ountry B ank
500
shares
of stock in a corporation in
O perations, composed of co u n try b an k ­
W ord has been received of th e d eath
th
a
t
state.
The directors unlaw fully
ers from 17 states, w as announced by
of F ra n k Huff, early day Divide county
paid out certain funds belonging to
A. L. M. W iggins, p resid en t of th e
(N orth D akota) busin essm an w ho died A m erican B ankers Association.
the corporation and Shallcross filed a
a t his hom e in W ilm ington, Cal.
T he com m ission, w hich will func­ stockholder’s derivative suit against
Mr. Huff, K erm it, N. D., b an k er for
tion u n d er the ch airm anship of K en­ them to recover th e funds on behalf
m any years, had lived in Plentyw ood,
of th e corporation. Shallcross w as
n e th J. McDonald, p resident of the
Mont., after m oving from K erm it. He
Iow a T ru st and Savings B ank at Es- successful and th e benefits of his suit
had continued in th e b an k in g and m a­ therville, Iowa, w ill have for its re ­ w ent to th e corporation. W as he en­
titled to recover his necessary ex­
ch in ery business at Plentyw ood.
sponsibility th e in terests of co untry
banks. It will study th e ir problem s penses and disbursem ents, including
an a tto rn e y ’s fee?
of m anagem ent and operation, and
Portland Bank Opens
Yes. W here the plaintiff in a stock ­
The F irs t and F a rm e rs B ank of P o rt­ com petition, th e ir o pportunities for
holder’s d erivative suit is su ccessfu l
land, N orth Dakota, has opened for th e extension of th e ir services, th e ir
and the benefit goes to the corpora­
needs for prom otion m aterial and
business, succeeding th e F irs t and
tion, the plaintiff is entitled to re­
o th er assistance, and w ill m ake such
F a rm e rs N ational B ank of P ortland,
cover h is n ecessary ex p en ses and dis­
w hich has gone into v o lu n ta ry liquida­ suggestions and recom m endations as
bursem ents, in clu d in g an a ttorn ey’s
w ill help them to solve th e ir problem s
tion.
fee.
and stren g th en th e ir position.
A xelson owned a building lot in
The new com m ission will not sup­ Omaha, N ebraska. Special assessm ents
Williston Debits Grow
The volum e of b an k debits in W illis­ p la n t o th er com m issions and com m it­ w ere levied against th e p ro p erty to
tees devoted to th e in terests of th e
ton, N orth Dakota, d u rin g th e m onth
pay paving costs. T hese w ere void.
of Ju ly w as 42 p er cent above th e level co u n try banks, such as th e A gricul­ A xelson knew of th e assessm ent pro­
tu ra l Commission, Food-for-Freedom
reached in July, 1942, w hile tab u latio n s
ceedings and th e construction of the
for th is y ear to date indicate a 24 p er Com m ittee, and th e F ederal L egisla­ im provem ents b u t did nothing to stop
tive Com m ittee, and its Subcom m ittee them except th at, afte r the w ork w as
cent increase w hen com pared w ith th e
on A g ricultural Credit, b u t w ill su p ­ com pleted and th e assessm ents w ere
sim ilar 1942 period.
plem ent the activities of these groups. levied, he bro u g h t suit against the city
The m em bers are:
to quiet title to th e property. Should
Esmond Bank Liquidates
K.
J. McDonald, president, Iowa he be successful in th e proceedings?
The F irs t In te rn a tio n a l B ank, E s­
Yes. W here special a ssessm en ts
T ru st and Savings Bank, E stherville,
mond, N orth Dakota, has discontinued
Iowa, chairm an; R. A. Bezoier, vice against property to pay the cost of
accepting deposits and has gone into
p resid en t and cashier, F irs t N ational p aving are void, k now ledge of the pro­
v o lu n ta ry liquidation.
B ank, R ochester, Minn.; T. E. B urch, ceed in gs and con stru ction of the im ­
president, Security State Bank, We- p rovem ents w ill not estop the ow ner
Former North Dakota
woka, Okla.; R. L. E b erh ard t, execu­ from avoid in g liab ility therefor, and
tive vice president, Stockton Savings th ey cannot he enforced so lely on the
Banker Says—
A. H illiard, founder of th e F irs t N a­ and L oan Bank, Stockton, Calif.; Glenn ground of th e benefits of the im prove­
m ents to the ow n ers of abutting lots
L. Em m ons, president, F irs t State
tio n al B ank of D ickinson, N orth
B ank, Gallup, N. M.; H ow ard Ham- or lands.
D akota, w ho now lives in D aytona
A dozen people ow ned a farm in Ne­
bleton, vice president, Citizens N a­
Beach, Florida, says N o rth D akota
looked good to him on his recen t visit tional Bank, W axahachie, Texas; B. M. brask a join tly as co-tenants. M ost of
there. He co n trasted it w ith som e of H arris, president, Yellow stone Bank, th e ow ners claim ed th e ir interests
th ro u g h inheritance, although some
Columbus, Mont.; Clyde D. H arris,
th e d ry years, w hich he declared w ere
su re to be rep eated and w arn ed against president, F irs t N ational Bank, Cape had acquired th e ir titles by purchase.
F o u r of th e ow ners bro u g h t suit to
G irardeau, Mo.; W. A. M ontgom ery,
th e tem p tatio n to plow up any m ore
ground for crops. Mr. H illiard estab ­ vice president, B ank of E dw ards, E d ­ p artitio n the property. W as it neces­
w ards, Miss.; C. C. N eum ann, execu­ sary to join all of the o th er co-tenants
lished th e F irs t N ational B ank, w ith
tive vice president, F a rm e rs and M er­ in th e suit?
H. J. W hitley, in 1885.
Yes. In a proceeding for partition,
ch ants N ational Bank, Oakland, Nebr.;
w h eth er in law or in equity, all of the
Claude F. Pack, president, Home State
A . B. A . Commission on
B ank, K ansas City, Kans.; Eddie Pa- co-tenants are in dispensab le parties
cot, executive vice president, Stock- and such of them as do not join as
Country Bank Operations
plaintiffs m ust be m ade defendants.
C reation of a n atio n ally re p re se n ta ­ m en ’s Bank, Gillette, Wyo.; W illiam

Frank Huff

N orthw estern Banker

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

October 1943

WHERE
Are Good Loans?
Perhaps they are right there at home, Mr.
Banker. Check your files . . . canvass your
local business situation . . . and you may
develop several likely prospects.
Remember,

St. Paul Field

Warehousing

Service today makes it possible for you to

Why not use St. Paul Field Warehousing

extend larger credit lines on a safe, profitable

Service to safeguard loans . . . to increase

basis to almost any business . . . manu­

profits . . . as so many other Banks are

facturing, processing or wholesaling . . .

doing?

which has inventory on hand.

Ask our nearest office for complete infor­

For St. Paul Warehouse Receipts, issued
against inventory, no matter where stored,
are prime collateral for Bank loans.

They

give you first security on a borrower's in­

mation

about

our

Field

Warehousing

Service covering any kind of inventory.
Free consultation service obligates you in
no way whatever.

ventory; they furnish you absolute control

We are the only company engaged in Field

over the proceeds of sale of that inventory.

Warehousing maintaining an office in Iowa.

St . Pa u l T e r m i n a l W a r eh o u s e C o.
ST. PAUL, MINN.
— Iowa Office —

— Other Offices —

510 Iow a-D es M oines N a tio n al B ank B uilding
DES MOINES

MILWAUKEE
CHICA GO
DETROIT
NEW YORK
BOSTON
PHILADELPHIA
PITTSBURGH
SYRACUSE
MEMPHIS
ATLANTA
ALBANY, GA.
CHARLOTTE

T. C. CAN NON, DISTRICT M ANAGER
TELEPHONE 4-2353

N orthw estern B anker

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

October 19k3

V . W . JO H N SO N
P r e sid e n t
C edar F a lls

IO W A

sidized com petition w as sounded by
Iowa A ssociation P resid en t B. A. Gronstal, w hen he said “Let us have one
p ro g ram ”, m eaning bending every ef­
fort tow ard th e elim ination of the P ro ­
duction Credit A ssociation. S. R. I)eCou, cashier of th e F irst N ational
Bank, W oodbine, and chairm an of the
Iow a A ssociation com m ittee on Gov­
ernm ent com peting agencies, presided.

N EW S

FRANK W ARNER
S ecr eta ry
D es M oines

Wartime W as W ork Time
(C ontinued from page 16)
b an k ers have been forced to tu rn to
inexperienced help to c a rry on. How
th e A m erican In stitu te of B anking is
helping to m eet th is problem w as de­
scribed by S. J. K ryzsko, a ssistan t
cashier of th e W inona N ational & Sav­
ings B ank, W inona, M innesota, and a
m em ber of th e executive council of
th e A m erican In stitu te of B anking.
A. I. B. is fully p rep ared to help tra in
these new em ployes, and have in sti­
tu te d a b eg in n ers’ course, stream lin ed
to fit th e need for speed in learning,
w hich gives th e basic principles of
b an k in g and supplies th e fu n d am en tal
background to th ese young folks ju s t
com ing into th e business. Mr. K ryzsko
urged th a t g roup stu d y classes be con­
tin u ed —it is not th e tim e to let down
now, and lose all th e gains m ade in
classes d u rin g recen t years.
An in te re stin g featu re on th e p ro ­
gram of Iow a Ju n io r B ankers and
A uditors and C om ptrollers w as a panel
on R ation B anking, conducted by
Jam es R. B row n, m an ag er of th e credit
d e p a rtm e n t of th e Iowa-Des Moines
N ational B ank & T ru st Com pany. On
th e panel w ere B. P. Olsen, assistan t
cashier and auditor, M usatine B ank
& T ru st Com pany; F ran k ,7. Tam se,
au d ito r Capital City S tate B ank, Des
Moines; B lanche L. S teven s, teller
P e rry S tate Bank; and M. J. D wigans, a ssista n t cashier Iow a State
Bank, Des Moines. John M. K am erick,
in charge of ratio n b an k in g for OPA
in Iowa, acted as m oderator. Most of
th e 131 questions sub m itted to the
panel w ere answ ered, and an n o u n ce­
m e n t w as m ade of th e new increased
p ay m en t schedule to b anks for th e ir
services in th is connection. It is
th o u g h t th is new schedule w ill in
m any cases double th e am o u n t b anks
have been receiving for h an d lin g ra ­
tion coupons, th e increase on th e av e r­
age ru n n in g from 20 to 25 p er cent.
B ankers w ere classed as am ong th e

m ore im p o rtan t m en in th e ir respec­
tive com m unities by Dr. H enry G. H ar­
mon, presid en t of D rake U niversity,
w ho told those atten d in g the confer­
ence th a t th e “influence of bankers,
not only as financiers b u t as confi­
d ential advisors, cannot be over-esti­
m ated. You ban k ers are wise and hon­
est, and your stan d ard of m orals is
high.”
V ernon I j . Clark, executive m an ­
ager of th e Iow a W ar F inance Com­
m ittee, Des Moines, and John J. A n ­
ton, vice presid en t of th e F irst N a­
tional Bank, Chicago, spoke on th e re ­
sponsibility of ban k ers in prom oting
th e success of th e T hird W ar Loan,
especially as the sale of bonds related
to individuals. Mr. Clark said th a t
Iow a farm incom e for 1943 w as esti­
m ated at one billion seven hun d red
m illion, w hich m eant th a t Iow a’s in ­
v estm en t in the loan should be rig h t
a t th e top.
Jo h n J. A nton said th a t politics
should be secondary to p atriotism
w hen it cam e to buying W ar Bonds,
since he believed too m any persons
w ere so “m ad a t the New Deal” they
let th e ir feelings in terfere w ith giv­
ing all-out su p p o rt to th e w ar p ro ­
gram . E ven some banks, he said, are
not investing all th e b ank funds they
should in G overnm ent issues. Ad­
m ittin g th ere w ere tw o sides to the
question as to w h eth er ban k ers should
solicit W ar Bond sales from th e ir cus­
tom ers, he said th a t in th e F irst N a­
tio n al of Chicago all checking accounts
of $5,000 or m ore w ere listed, and som e­
one on a com m ittee of bank em ployes
called on these individuals w ith large
balances. D uring the drive last A pril,
Mr. A nton said, his bank sold $235,000,000 in W ar Bonds th ro u g h this
m ethod.

The keynote of th a t p a rt of the con­
ference devoted to discussion of Gov­
ern m en t com peting agencies and sub­

Oluf Gandrud, presid en t of th e Swift
County Bank, Benson, M innesota, and
chairm an of th e in te rsta te com m ittee
on G overnm ent com peting agencies
for the C entral States Conference, told
of the findings of his com m ittee and
of the seriousness of th e situation now
confronting ban k ers because of the
loss of loans to th e P. C. A. His bank,
and a n um ber of o ther banks in M in­
nesota, have p artially m et P. C. A.
com petition by establishing a credit
association in th e ir own in stitu tio n s,
b ut ap p aren tly th is is not th e answ er
to th e problem nationw ide.
W. I j . Sm ith of Lake Geneva, W is­
consin, vice presid en t of th e F irst
N ational B ank there, and ch airm an of
th e W isconsin com m ittee on G overn­
m ent com peting agencies, presented
some convincing facts and figures on
how b ankers are footing the bill as
tax p ay ers to su p p o rt th e PCA th a t
com petes ag ain st them . He show ed
how th e U nited States tre a su ry tosses
out m illions to keep the PCA’s going,
and th en loses o th er m illions in taxes
w hich w ould be collected w ere the
loans m ade on a free en terp rise basis.
Copies of th e address of Mr. Sm ith
w ere d istrib u ted in p rin ted form.
Condem ning the A m erican B ankers
A ssociation in no u n certain term s for
its in activ ity w ith respect to helping
its co u ntry bank m em bers fight PCA
com petition, E. W . R ossiter, president
of the B ank of H artin gton, N ebraska,
questioned w h eth er th e N ational or­
ganization w ould ever take a decided
stan d on the m atter. M any bankers,
he said, have lost faith in th e ABA
in recen t years, largely because the
“clique” at the top never seem s to
care w h at becomes of the little fellow
at th e bottom .
B en S. S um m erw ill, p resid en t of the
Iowa S tate B ank & T ru st Company,
Iow a City, concluded th is p a rt of the
program w ith a sum m ary of PCA
activities, and also urged th a t efforts
be concentrated on elim inating this
one phase of subsidized com petition.

The concluding session of the Iowa
W ar W ork Conference w as term ed a
B ank O perations Clinic in W artim e,
th e several speakers outlining the n u ­
m erous item s of bank operating ex­
pense, and suggesting w ays and m eans
N orthw estern Banker


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Federal Reserve Bank of St. Louis

October 19'/3

58

• IOWA
to eith er reduce th e expense, or in ­
crease the revenue, to m eet th e cost
and show a profit. Those leading dis­
cussions w ere K. J. M cDonald, p resi­
dent Iowa T ru st & Savings Bank,
E stherville; W. G. Jackson, cashier
E arlh am Savings Bank; S. C. Kim in,
cashier D enver Savings Bank; John H.
Crocker, vice p resid en t Citizens N a­
tional B ank, D ecatur, Illinois; M. AV.
E llis, Iowa su p e rin te n d e n t of b an k ­
ing; and W illiam C. R em pfer, cashier
F irs t N ational B ank, P ark sto n , South
Dakota.
Mr. C rocker described in detail w h at
has come to be know n as The D ecatur
Plan, a system of service charges th a t
has proved m ost w orkable in his bank,
and has been adopted in m any oth er
institu tio n s. Mr. C rocker th in k s it is
th e n earest approach to a solution of
the service charge problem , both from
the stan d p o in t of the custom er and
the bank, y et devised.
Mr. R em pfer is know n all over th e
co u n try for his research on analysis
of bank operatin g expense, and durin g
th e p ast few m o n th s has been con­
ducting research am ong 45 Iow a banks.

NEWS

•

H is findings, m uch too involved to
p resen t here, have been published in
c h a rt form by the Iow a B ankers Asso­
ciation, and w hile d istrib u ted to all
atten d in g th e conference i n D e s
Moines, are also available to o ther
banks in Iowa m aking a request.
Iow a officers of the ABA elected a t
th e convention in Des Moines w ere
as follows: E xecutive Council for th ree
years, C. R. G ossett, p resident Security
N ational Bank, Sioux City; M em ber
N om inating Com m ittee, J. E. K ing,
p resid en t Peoples N ational Bank, Albia; A lternate, H erbert E. H orton,
p resid en t Iowa-Des Moines N ational
B ank & T ru st Company, Des Moines.
Vice P resid en t N ational B ank Di­
vision, E. W. Jones, vice president
Iowa-Des Moines N ational B ank &
T ru st Company; Vice P resid en t Sav­
ings B ank Division, E. A. E bersole,
vice p resid en t and cashier State Cen­
tra l Savings Bank, K eokuk; Vice Presi­
den t S tate B ank Division, C. F . H arris,
p resid en t S tate Bank, Gladbrook; and
Vice P resid en t T ru st Division, Max

We are pleased to announce the addition
to our Executive Staff
of

MR. GEORGE E. VIRDEN
FORMER BUILDING AND LOAN SUPERVISOR
STATE OF IOWA

FINANCIAL DEVELOPMENT COMPANY
(NOT INCORPORATED)

“Savings and Loan Representatives
Since 1937

—

105 SOUTH LASALLE STREET

Exclusively

”

CHICAGO 3, ILLINOIS

von Schrader, cashier U nion B ank &

T ru st Company, O ttum w a.
Iowa bankers, th ro u g h th e ir execu­
tive council m eeting held im m ediately
following th e convention, have gone
on record as favoring an an n u al con­
vention in 1944, and have nam ed the
dates as Sunday and M onday, Septem ­
ber 3 and 4, w hich includes th e Labor
Day H oliday as it did this year.
Am ong resolutions adopted by the
Iowa b ankers in conference session
w ere th e following:
“W hereas, th e Iow a B ankers Asso­
ciation is opposed to any form of so­
cialized credit, and,
“Inasm uch as we believe th a t the
P roduction C redit A ssociations em ­
body th e w orst features of th is sys­
tem , and
“W hereas, th e N ebraska B ankers
A ssociation has offered a resolution
to the R esolutions Com m ittee of the
A m erican B ankers A ssociation to be
considered by it at its m eeting in New
York, Septem ber 12-15, 1943, referrin g
p articu larly to th e Production Credit
Associations:
“T herefore, be it resolved, th a t we
u rge th a t th e R esolutions Com m ittee
and C onvention of th e A.B.A. adopt
such N ebraska resolution to w hich
our Iowa B ankers A ssociation w ould
add the following:
“Be It F u rth e r Resolved, th a t it is
th e sense of th e Iowa ban k ers a tte n d ­
ing this convention and discussing the
P.C.A. com petition, th a t th a t p a rt of
th e F ederal law providing subsidies
for th e P roduction C redit system
should be fo rth rig h tly repealed re ­
tu rn in g th ereb y th e $120,000,000 to the
U. S. T reasury; th a t if any P.C.C. at
th e tim e of th e re tu rn of th is capital
is found to be inadequately capitalized,
it sh ad be provided u n d er proper
am endm ent to th e F ed eral law w ith
the o p p o rtu n ity and privilege of ob­
tain in g such necessary capital at fair
rates of in terest from th e R.F.C.; th a t
all P.C.A.’s shall be req u ired by the
F.C.A. to charge a rate of in terest on
th e ir a g ricu ltu ral loans th a t w ill be
sufficient to enable P.C.A.’s and P.C.C.’s

S carborough ^ C ompany
¿ z n A u 'i u n a :
First N a tio n a l B ank B uilding, C h ica g o

N orthw estern B anker

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

October 19^3

'T W /

H o race A. Sm ith, Io w a R e p re s e n ta tiv e
Des M oines, Io w a

O n e way to succeed
in your
Yes, the headline means ju st w hat it says.

Job
One way to succeed

in your w ar job— any job from selling w ar bonds to financing
more food production— is to get a good night’s sleep every night.
Of course, we don’t always sleep like a top, either. There are
plenty of problems in the banking business, th at can easily keep
fellows awake nights. But we do stumble on an answ er occa­
sionally . . . and we’re always glad to share it with you.
So when you bump into something th a t’s particularly puzzling,
pass it along to us. Maybe someone has already told us the
answer. If not, perhaps, you and we can work it out together—
and earn a better night’s sleep.


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Federal Reserve Bank of St. Louis

BANKERS T R U ST
C O M PA N Y it”?DESMOINES

60
•

I O W A

N E W S

•

B ank system as contem plated by th e
above nam ed bill.

to build up a reserv e adequate to ac­
cum ulate a reasonable su rp lu s account,
pay losses and to liquidate any loan
from th e R.F.C.
“W hereas, th e F ed eral L and B ank
System w as established on a coopera­
tive basis, and H. R. 50 by R epresen­
tativ e F ulm er, as rein tro d u ced in th e
p re se n t Congress, strik e s a t th e very
sp irit of cooperation by reason of gov­
ern m en t supply of capital funds; now,
therefore, be it resolved th a t th e Iowa
B ankers A ssociation goes on record
as vigorously opposed to alterin g th e
basic stru c tu re of th e F ed eral L and

“W e are opposed to fu rth e r ex ten ­
sion of branch banking and w ish to
go on record as favoring H. R. 316 by
R ep resentative W rig h t P atm an, now
pending in Congress.
“W e are also vigorously opposed to
legislation, such as H. R. 118 and H. R.
152 by R epresentative P atm an, w hich
w ould provide for G overnm ent ow n­
ersh ip of th e F ed eral R eserve Banks.
“W e urge th a t a copy of R esolutions
Nos. 2, 3 and 4 be placed in the hands

of the m em bers of Iow a’s Congres­
sional D elegation.
“W hereas S ecretary M orgenthau
has stated th a t th e banks of the n a­
tion have sold m ore th a n 85 p er cent
of ah th e w ar bonds and stam ps sold,
we com m end the Iow a ban k ers on
th e ir fine record, and for th e ir p atrio t­
ism, for th e ir giving of th e ir tim e and
experience and expense in p u ttin g
over ah of these W ar Bond drives as
well as o th er p atrio tic cam paigns; now,
therefore, be it resolved, th a t in order
th a t the banks of th e nation be en­
abled to continue to fu rn ish efficient
service to the g overnm ent and to th eir
patrons, it is necessary th a t the b an k ­
ing business, for th e du ratio n of the
w ar, be classified as an in d u stry es­
sential to the w ar effort w hich in effect
w ould m ean th a t its staff m em bers’
jobs w ere ‘frozen’ for the du ratio n .”

Convention Notes
“B E L IE V E it or n o t” took place
at th e Iowa C onvention w hen
Tom Collins, K ansas City speaker and
h u m o rist atten d ed the convention and
did not deliver an address. Tom, who
is the new ly appointed advertising and
public relations counsel for th e City
N ational B ank of K ansas City, w as a t­
tending the convention in his official
b ank capacity along w ith Cashier

A

Jam es F. M cPherson.

T O T H O S E W H O HA V E G O N E A N D T O T H O S E W H O R E M A IN
F R O M th e A m e ric a n 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 o f
C h ic a g o h a v e g o n e f o rth m a n y b ra v e y o u n g m e n to th e n in e
m a in th e a tre s o f w a r in w h ic h o u r tr o o p s are e n g a g e d .
T h o s e w h o re m a in , a n d th e y o u n g w o m e n a n d o th e rs w h o
h av e ta k e n th e p la c e s o f th e m e n n o w o n th e f r o n t lin e , w o u ld
n o t w a n t to c o m p a re th e ir m o d e s t c o n trib u tio n to th e w a r e ffo rt
to th a t m a d e by th o s e w h o e n d u re th e b r u n t o f w a r ’s d a n g e rs an d
p riv a tio n s . H o w e v e r, it is som e c o m fo r t to k n o w th a t o u r b a n k ,
lik e o th e rs , is m a k in g a d efin ite c o n tr ib u tio n to v ic to ry .
T h e b a n k s o f th e n a tio n a re d o in g a m o st n ec essary w o r k in
p r o m o tin g th e sale o f w a r b o n d s , in p u r c h a s in g g o v e r n m e n t
b o n d s fo r th e ir o w n a c c o u n t, in m a k in g lo a n s to v ita l w a r in d u s ­
tries, in h a n d lin g r a tio n c o u p o n s an d la rg e in d u stria l p a y ro lls an d
in m an y o th e r w ays. T h o s e m en an d w o m e n w h o are d o in g th is
n e e d e d w o rk ca n th e re fo re feel th e y a re h e lp in g in som e m easu re
to b a c k th e ir a sso cia te s—-and all o th e r s —w h o have g o n e to w a r.

AMERICAN NATIONAL BANK
AND TRUST COMPANY
OF CHICAGO

------_

-

LA S A L L E S T R E E T

N orthw estern B anker

October 19^3

The an n u al banquet w as one of the
best in m any years w ith about 900 res­
ervations. The program w as excellent,
and F ran k W elch, debonair Cedar
Rapids banker, did an excellent job of
presiding. A featu re w as the p resen ta­
tion of 14 p ast presidents, including
P ast P resid en t W elch. Those who
took a bow w ere C. B. M ills, Frank
E pperson, J. E. Edw ards, E. A. A n­
drew , W. G. C. B agley, B. F. Kauff man,
M. W. E llis, R. W . Turner, S. R. Torgeson, E. A. E bersole, C. R. G ossett, H.
R. Y oung, and A. T. D onhow e.

Of these, Mr. Mills dates back the
fa rth e st to 1902, th e nex t in line being
F ra n k E p person in 1914.

AT W A S H I N G T O N

vsSfJjttZ.

Member Federal Deposit *jg j| |Hs3*: Insurance Corporation

W

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Federal Reserve Bank of St. Louis

ll

It is doubtful if any Iowa b ank was
rep resen ted m ore com pletely at the
Des Moines Convention th a n the F a rm ­
ers Savings B ank of M artelle, Iowa.
F ro m this excellent Jones county
financial in stitu tio n ah th ree officers
w ere present, including P resid en t E.
C. Gotseh, Vice P resid en t C. L. Murfield, and C ashier Guy C. Martin.

Sioux City w as w ell rep resented at
Des Moines w ith Carl Fredricksen,
presid en t and Mark A. W ilson, vice

★

•

T o d a y , th e r e are m illio n s o f m e n a n d w o m e n in

th is c o u n tr y w h o are w o r k in g in jo b s w h e r e , fo r th e
first tim e in th e ir liv e s , th e y are b e in g p a id b y ch eck .
« A n d it d o e s n ’t ta k e th e m lo n g to ca tch o n to th e

•

BA CK THE ATTACK -

BUY WAR BONDS

You d o n ’t h a v e to b e m a k in g b ig m o n e y to h a v e

spe­
cial check service w h ic h re q u ir e s n o m in im u m b a la n c e .

a c h e c k in g a c c o u n t. M a n y b a n k s to d a y fe a tu r e a

Y ou p a y a sm a ll fe e fo r th is se r v ic e b a sed o n th e

safer than cash — a n d o ffe r s m a n y

n u m b e r o f ch eck s y o u d ra w — w h ic h is in m o s t cases le ss

a d v a n ta g e s . F o r e x a m p le , if a p a y c h e c k is lo s t or

th a n th e c o st o f a m o n e y o r d e r or th e ca rfare y o u w o u ld

s t o le n th e e m p lo y e e n e e d s o n ly n o t if y h is p a y r o ll cler k

sp e n d g o in g a r o u n d p a y in g b ills in p e r so n .

fa c t th a t a c h e c k is

a n d p a y m e n t w ill b e s to p p e d a n d a n o th e r c h e c k issu e d .
•

A ls o , m o s t e m p lo y e e s s o o n d is c o v e r th a t g e t t in g

p a id b y c h e c k is th e first ste p to w a r d p u tt in g th e ir
p e r s o n a l fin a n c e s o n a

sound, business-like b asis.

•

A n d o n c e y o u sta rt p a y in g b ills b y ch eck y o u ’ll

fin d it ea sier to sa v e a n d b u d g e t y o u r salary in t e lli­
g e n tly . Y ou ’ll

know w h e r e y o u r m o n e y g o e s — an d if

th e r e ’s e v er an a r g u m e n t o v e r w h e th e r or n o t a b ill

you’ll ivin, fo r y o u r c a n c e le d ch eck
legal receipt.

h a s b e e n p a id —
•

F o r it is a s im p le m a tter to o p e n a c h e c k in g ac­

is a

c o u n t — a n d o n c e th a t is d o n e th e r e ’s n o w a itin g in
lin e a t th e b a n k o r n e e d fo r m a k in g a sto r e p u rch a se

•

Yes, e m p lo y e e s

to d a y

r e a liz e

th a t th e c o m p a n y

pays by check is d o in g th e m a rea l serv ice —

to g e t y o u r c h e c k c a sh e d . You e ith e r m a il it or tak e

w h ic h

it in y o u r s e lf — or in m a n y cases y o u r e m p lo y e r w ill

o n e w h ic h k e e p s th e ir d o lla r s sa fe r . . . m a k e s th e m

g la d ly se n d it d ir e c t to th e b a n k fo r y o u each p a y day.

g o fu r th e r .

GEORGE LA MONTE

&

SON,

M a k e r s of S a fe t y P a p e r lor C h e c k s ,

NUTLEY, NEW JERSEY

The w a v y lines a r e a
L a Alonfe t r a d e - m a r k


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Federal Reserve Bank of St. Louis

62
•

president, from th e Live Stock N a­
tional Bank; R. R. Brubacher, p resi­
dent, and Vice P resid en t E. E. E rick ­
son, from th e Toy N ational Bank;
C harles R. G ossett, p resident, and B.
M. AVheelock, vice president, th e Se­
c u rity N ational B ank, and F ritz Fritzson, vice p resid en t and cashier, doing
th e honors for th e F irs t N ational Bank.
Genial P resid en t A. G. Sam m issed th e
Iow a m eeting since he w as in tra in ­
ing for th e A. B. A. m eeting last m onth
in New Y ork City.
As a co n trib u tio n to th e w ar effort

I O W A

N E W S

•

and in lieu of o ther en tertain m en t,
H arry S. L ekw a, vice presid en t and

cashier, th e Ackley S tate Bank, sug­
gested th a t Des Moines ban k ers m ight
have arran g ed for visiting b ankers
a to u r of th e ir V ictory G ardens. The
gasoline handicap w as too great, how ­
ever, since some Des Moines ban k ers
had victory gardens this y ear out in
th e country.
A welcom e v isitor at th e Iowa con­
ventio n w as H oyt R. Y oung, form er
associate p resid en t and now in th e
ban k in g business at W ichita Falls,

The A m erican W ay
This bank tak es pride in b e in g an
AMERICAN institution — op eratin g under
the AMERICAN W AY of life— a n d for free
AMERICANS!
To the m an y ban ks in Iow a, N ebraska,
South D akota a n d M innesota w hich m ain ­
tain correspondent accou n ts w ith us, w e
are e sp e c ia lly grateful.
W e invite other ban ks to m ake u se of our
services, too.
A. G. Sam, President
J. P. Hainer, Vice President
J. R. Craning, Assistant Cashier
Fritz Fritzson, Vice Pres, and Cashier
E. A. Johnson, Assistant Cashier
J. T. Grant, Assistant Cashier
W. F. Cook, Auditor
Member Federal Deposit Insurance Corporation

Texas. H oyt arran g ed his vacation
so he could spend a couple of days at
the Iowa C onvention. Speaking of
Texas, “sum m ers,” he says, “begin to
cool off dow n th ere w hen th e tem pera­
tu re falls to 110.”
One of th e in terestin g rep o rts at th e
Iowa Convention w as th a t of the In s u r­
ance Com m ittee headed by C hairm an
E lm er T. R orem , p resid en t of the
F arm ers State B ank of Jew ell. In the
report, it w as stated th a t for two
y ears not a single loss of m oney or
securities w as su stained by any Iowa
bank th ro u g h holdups. T here w ere
th ree attem p ted holdups betw een
Ju n e 1, 1941, and Ju n e 1, 1942, b ut no
losses resulted. B etw een Ju n e 1, 1942,
and Ju n e 1, 1943, th ere w ere no hold­
ups attem p ted w hatever.
F arm in g has become a real hobby
for m any ban k ers including W alter J.
Hein, vice p resident of th e M ississippi
V alley T ru st Company, St. Louis, w ho
attended th e Iowa C onvention along
w ith M. C. H ook, Jr., a ssistan t secre­
tary. Mr. H ein has a farm near St.
Louis and is p articu larly proud of th e
thick juicy steaks he form erly broiled
over a charcoal fire on his M issouri
hom estead.
R obert Root, for 18 y ears in the bond
and in v estm en t business and p artic­
u larly well know n in Iowa, spent a day
at th e Iowa C onvention in a new ca­
pacity. He recently left B lair-Bonner
and Company, in v estm en t bankers, to
become connected w ith the R uan
T ran sp o rtatio n Company, h ead q u ar­
terin g in Des Moines. T his firm is the
largest tra n sp o rta tio n com pany of its
kind in Iowa.
W alter T. R obinson, cashier of the
N ew ton N ational Bank, has announced
him self as a candidate for m em ber of
the ABA executive council from Iowa,
election to tak e place at the 1944 con­
vention of the Iow a B ankers Associa­
tion. If elected, Mr. Robinson w ill suc­
ceed to th e position on the Council of
B. I j . M cKee, vice presid en t and cash­
ier of th e M uscatine B ank & T ru st
Company, w hose term expires next
year.

Named Director
Jo h n B. M arsh of L ehigh has been
appointed to th e board of directors of
th e F o rt Dodge (Iow a) N ational bank
to succeed George S chnurr, who died
recently.
B. J. Price, F o rt Dodge attorney, a
director of th e bank, w as elected Mr.
S c h n u rr’s successor as vice president.
'Sorthw estern B anker


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Federal Reserve Bank of St. Louis

October i9b3

63
Mr. M arsh, a lifelong re sid e n t of
W ebster county, is w idely know n as
a fa rm e r and cattle feeder. He w as
presid en t of th e F irs t N ational b ank
of L ehigh for 25 years.
O ther m em bers of th e board of di­
recto rs are W. E. Cadwell, M. F. Jeff­
ries, F ra n k C. Moeller, L. L. Pfaff, Mr.
Price, and E. H. Z uerrer.
Mr. M oeller is p resid en t of th e bank,
Mr. Z u errer cashier and W. H. W eiss,
a ssista n t cashier.

New Executive
N.
L. Cotton, Lone Rock (Iow a)
b a n k e r for th e last 44 years, announced
last m onth th a t his son, A ngus L. Cot­
ton, had becom e associated w ith th e
b an k in an executive capacity.
T he y ounger Cotton, w ho has for
m any y ears lived at Chicago, is already
in service at th e bank. He is a b ro th e r
of W illis J. Cotton, w ho operates the
C otton H atchery.

Bank Buys Champion C a lf
The H ardin C ounty Savings B ank
of E ldora, Iowa, paid $17.75 for Donald
S an d ers’ g rand cham pion A ngus calf
a t th e an n u al H ard in county 4-H club
sale.

W / e th o u g h t w e w ere lay in g g r o u n d w o r k for
p o st w ar b u sin ess w h e n , m ore than a year ago,
w e b egan s c h o o lin g an a d d itio n a l sta ff o f m en
in F ield W a r e h o u sin g O p eration s. B ut th e in ­
creasing d em an d for F ield W a r e h o u sin g Service
has set ou r ex p a n sio n p rogram in m o tio n ahead
o f sch ed u le.

A ccepts Bank Position
Miss LaV onne D iers has resigned
h e r position as a ssista n t bookkeeper

N o w w e are p le a sed to a n n o u n ce th e o p e n in g o f
ou r first tw o branch offices . . . in C incinnati and in
K ansas City. T h u s b eg in s th e ex ten sio n o f ou r
service facilities for B anks o f th e C entral States.
In c h a r g e

o f th e s e o ff ic e s are tw o o f o u r

m o st cap ab le and ex p erien ced m en.

K A N SA S CITY, MO.

C IN C IN N A T I, O H IO

2020 Walnut Street

Chamber of Commerce Bldg.

☆

TbiAfruct ManacyeA

" b b iA in ic t M a n a cy e A -

E. H. M O R A N , J r.

WARD G O O D LO E

\
Let these m en show

you

inventories for m a n y
cent

W OOD

NETHERLAND

ivho is vice p re sid e n t o f th e M er­
cantile-C om m erce B a n k & T ru st
C o m p a n y, St. Louis, was elected
p re sid e n t o f th e S ta te B a n k D ivi­
sion o f th e A m erica n B a n kers A sso ­
ciation at th e recent a n nual m eetin g
in N ew L o rk C ity

of

loss

insurance

or

to

any

h ow we have collateralized

millions

of

dollars

lending

bonding

agency,

com pany

or

to

without

one

borrow er,
ourselves.

V t k R iH O U t

C

TbÛ M A Â O t

ST. LOUIS TERMINAL WAREHOUSE CO.
G e n e ra l O ffice s

•

8 2 6 C la r k A v e . •

N orthw estern Banker

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

St. Louis, Mo.

October 19'r3

64

—• I O W A N E W S
for th e W est Iow a T elephone Co. to
accept a position w ith th e F a rm e rs
Savings b an k of Rem sen, Iowa.

A ccepts Position in Bank
Miss M ildred Jackes has resigned
h er position w ith th e Iow a G reat L akes
B roadcasting statio n at Spencer, Iowa,
and has accepted a position w ith the
H olstein State bank.

Primghar Bank
Changes Hands
The m ajo rity stock of th e P rim g h ar
Savings B ank passed from C. R. W all,
of Gaza, Iowa, to E. T. P eterson, exec-

•-

utive vice p resid en t of th e bank, and
a group of associates, as a resu lt of a
tran sactio n announced recently.
T hrough th e purchase of Mr. W all’s
in terests in th e bank, Mr. P eterson
acquires enlarged in te re st in th e in sti­
tu tio n and the bank acquires the fol­
low ing successful and w ell know n
stockm en of this com m unity as sh are­
holders: B ert Axdahl, George R. Cole,
Oscar Guetschow, Jo h n M eyers, Sr.,
A. E. Ohme, George D. Sm ith, E ric
Stark, H a rry C. T hiesen and Lewis
W itt.
Mr. A xdahl and M. Ohme have been
nam ed directors to com plete th e board,
consisting of Wm. A. H oeven, W m. P.

K link, R. J. Locke. H erm an Mericle
and E. T. Peterson.
The new officers of th e b ank are:
A. E. Ohme, president; E. T. Peterson,
executive vice president: H erm an M er­
icle, vice president; W. A. Hoeven,
cashier.

William J. Burke
W illiam J. B urke, 76, form er Mis­
souri Valley (Iow a) b an k er and tw ice
dem ocratic candidate for congress in
this district, died at his hom e at Spar­
tanburg, S. C., last m onth.
B urke w as p resid en t of the Valley
Savings bank, but left M issouri Valley
four or five y ears ago because of ill
health.

★

★

Retires After 25 Years

SERVICE OF SPECIAL
WARTIME HELP TO OUR
BANKER CUSTOMERS

At th e close of business on th e 31st
day of A ugust, Mrs. Roy R. Sw artz
com pleted a q u a rte r of a c en tu ry of
invaluable service in th e banking in ­
stitu tio n s in M ount Ayr, Iowa. She
tendered h er resignation several weeks
previously to Carson W illiam s, exec­
utive vice p resid en t of th e Security
State bank.

New Employes

orrespondents o f The N orthern

C

Trust C om ­

pany becom e in m any respects "o n e o f us"

w ith access to a w ealth o f essential facts and
figures, accum ulated th ro u g h an experience o f
m ore than a half-century o f banking. Available
to all correspondents is com plete inform ation
on " V " loans, m unicipal and U. S. G overnm ent
bonds, tru st departm ent techniques, and ration
banking. You are invited to avail yourself o f the
helpfulness o f our people and o f our facilities.

THE N O RTH ERN
TRUST COMPANY
50 SOUTH LA SALLE STREET, CHICAGO
M e m b e r F e d e r a l D e p o s it I n s u r a n c e C o r p o r a tio n

N orthw estern B anker

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

October 19b3

New additions to the bookkeeping
staff at th e A tlantic (Iow a) State bank
w ho began w ork last m onth are Miss
A rdis Sm ith of G riswold and Miss M ar­
cella Retz of W iota. Miss Sm ith has
been em ployed w ith th e Cass county
AAA office here and Miss Retz was
g raduated last sp rin g from th e W iota
high school.

Capital Structure Doubled
W. A. Lane, presid en t of th e Secur­
ity Savings bank, M arshalltow n. Iowa,
has announced th a t shareholders in
the in stitu tio n have voted to increase
the b a n k ’s capital stock from $50,000
to $100,000'. T he new capital stru c tu re
becam e effective Septem ber 1, Mr.
Lane said.
A ction of the stockholders, Mr. Lane
said, w as predicated upon th e “grow th
of th e business of the b an k ” and the
desire to be in a position “to be b etter
able to m eet th e dem ands of th e com­
m u n ity w hen and if its borrow ing
needs exceed th e presen t dem and.”

Succeeds Father
A nnouncem ent is m ade th a t A lbert
F. Droll, cashier of the H ills B ank and
T ru st Company, Hills. Iowa, has been
appointed to succeed the late W illiam
H. Droll, his father, as a m em ber of
th e board of directors of th e bank.
W illiam H. Droll w as a m em ber of
the board for 15 years.

65

Questions at the Iowa Convention
(C ontinued from page 17)
w an ts plenty, so I ’m afraid th e U nited
States w ill be cau g h t betw een E n g ­
land and R ussia.”
4. A lden S. B agn all, vice president,
The L ivestock N ational B ank of Chi­
cago: “The G erm ans a re n ’t dum b and
w ill quit w hen th e y see th e ir dow nfall
com ing, w hich w ill be about N ovem ber
’44. It w ill tak e an o th e r y ear a fte r
th a t to b eat th e Jap s.”
5. C. F. Harris, president, State
Bank, G ladbrook, Iowa: “T he w ar in
E urope w ill be over th is w inter. The
G erm ans have alw ays given up. I t ’ll
tak e an o th e r y e a r a fte r th a t to p u t
th e Jap s out of th e ru n n in g .”
6. H. J. Lam p, vice president, B en­
n e tt S tate B ank, B ennett, Iowa: “As
far as G erm any is concerned I ’ve got
a h u n ch th a t O ctober 15, 1943 is th e
end for th em .”
7. A rthur F rey, a ssista n t cashier,
C ontinental Illinois N ational B ank &
T ru st Com pany of Chicago: “My opin­
ion is th a t th e end in E u ro p e w ill come
in th e n ex t 9 to 12 m onths, b u t if som e­
th in g should go am iss it w o n ’t tak e
longer th a n th e w in te r of ’44.”
8. S. R. DeCou, cashier, F irs t N a­
tional B ank, W oodbine, Iowa: “G er­
m any w ill be out of the w ar by n ex t
spring. More p ressu re will be p u t on
Jap a n in th e n ex t few m onths, and th e
fall of 1944 w ill be th e ir debacle. A
g re a t deal depends on w h e th e r R ussia
joins us ag ain st Ja p a n .”
9. W arren Garst, cashier, Home
State B ank, Jefferson, Iowa: “G erm any
w ill tak e a n o th e r y e a r and by con­
c en tra tin g all th e Allied navies on
Jap a n and c u ttin g th e D utch E a st
Indies line th ey will fall a y e a r a fte r
G erm any.”
10. W . G. C. B agley, state tre a su re r,
Des Moines: “By O ctober 1944 th e
w orld w ill have peace, b u t G erm any
w ill be licked before th e n .”
11. John H. Crocker, vice p resident,
C itizens N ational B ank, D ecatur, Il­
linois: “T he end for G erm any will
come in late ’44, and it w ill take
an o th e r year, or m ore, to finish off
Ja p a n .”
12. W . B. Griffin, Jr., cashier, Iowa
State B ank & T ru s t Com pany, Fairfield, Iowa: “E a rly 1944 is th e tim e
G erm any w ill fall, and by concen­
tra tin g all o u r efforts on Ja p a n they
w ill be finished a sh o rt w hile th e re ­
a fte r—probably by th e end of ’44.”
13. A. F. D roll, cashier, H ills B ank
and T ru s t Com pany, H ills, Iowa: “H it­
ler w ill be out of th e ru n n in g by ’44,
and th e risin g sun w ill set in ’45.”

14. Clay W. Stafford, president, Ames
T ru st & Savings Bank, Ames: “I th in k
th e w ar w ith G erm any is m ore over
th a n it appears, so April 1, 1944, is m y
p rediction for th e end w ith them .
W e’ll be th ro u g h w ith th e Japanese
by Septem ber of ’45.”
15. B. M. W heelock, vice president,
S ecurity N ational Bank, Sioux City:
“As th e G erm ans w on’t be able to
c arry th ro u g h an o th er sum m er, the
w ar w ill be finished w ith them by

Ju ly of ’44, b u t it will take at least
an o th er y ear to w ear dow n th e Jap s.”
16. R. H. Griffin, president, Odebolt
S tate Bank, Odebolt, Iowa: “I have a
son 15 y ears old and I expect him to
be in th e w ar. I ’m convinced it w on’t
be over for a long tim e, and a great
deal depends on w h eth er R ussia or
China signs a separate peace.”

Resigns Work at Bank
A rchibald B utler has accepted a posi­
tion w ith th e R econstruction F inance
C orporation in Chicago. Mr. B utler
has been assistan t cashier of th e Mechanicsville T ru st and Savings Bank,
M echanicsville, Iowa, w here his resig-

,

, I f TAI

n W ar

I l s è?
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«PF

m 81

and Peace
For th ree-q u arters o f a c e n ­

have

been

in

tu r y — in w a r a n d p e a c e — in

w ith

b oth

a g ricu ltu re and

good

tim es

bank

has

and

b a d — th is

in d u str y

in

clo se

th is

territo ry .

farm ers,

T h is e x p e r ie n c e , w h ic h our

b u sin ess m e n and b an k ers

hundreds o f correspondent

served

th r o u g h o u t th e m id d le w e st.
D u rin g

th ree

w ars

and

five m a j o r d e p r e s s i o n s w e

b a n k s h a v e f o u n d o f v a lu e,
is

offered

to

you

w ith o u t

o b lig a tio n .

LIVE STOCK
-A ff/fo /tr// BANK
ESTA BLISH ED 1868
U N IO N

STOCK

YARDS

/ '> / /
M e m b e r F e d e r a l D e p o s it I n s u r a n c e C o r p o r a tio n

Northwestern Banker

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

tou ch

October 1943

66

• IOWA
nation has been accepted. He plans to
leave as soon as his vacancy can be
filled. He has been affiliated w ith th e
b ank since December, 1933.

New Cashier at Milton
Miss Cleo W andel of M ilton has te n ­
dered h er resig n atio n as a ssistan t
p o stm aster at Milton, Iowa, to become
cashier of th e S tate Savings B ank at
Milton. She took over h e r new duties
on Septem ber 27.
Miss W andel w ill fill th e vacancy
resu ltin g from th e resig n atio n of Mrs.
Carl Casady, w ho plans to join h er
husband u n til he is sen t overseas.

NEWS •

Waterloo Bank Holds
Formal Opening
The People’s Savings Bank, W ater­
loo’s n ew est financial in stitu tio n , held
its form al opening October 1.
The bank, located in th e Black H aw k
building at F o u rth and Com m ercial
streets, sta rte d business operations th e
follow ing day, Saturday, October 2.
The F ederal D iscount Corporation,
w hose president, Jo h n H. Jensen, and
vice president, R. L. Stotesbery, both
of D ubuque, Iowa, are m em bers of the
board of directors of the People’s Sav­
ings Bank, w ill move its W aterloo

An Especially Tim ely Service —
Today bankers are interested to a greater degree
than ever in the purchase of United States
Government Securities.

Naturally, the larger the

volume of these purchases, the more care must
he taken in selecting those issues best fitted to
each hank's portfolio.
We invite you to consult with us in choosing the
securities best suited to your requirements. Your

offices from th e ir p resen t location at
501 F irs t N ational building to th e site
now occupied by th e W aterloo M orris
P lan Com pany at 162 W est F o u rth
stre e t some tim e th is week.
The F ederal D iscount C orporation
acquired, in F eb ru ary , 1942, controlling
in terest in th e M orris P lan stock.
U nder th e new plan, the F ederal
D iscount C orporation takes over the
W aterloo M orris P lan stock in its
e n tire ty and th e la tte r com pany w ill
be dissolved.

Officers Chosen
At th e an n u al stockholders’ m eeting
of th e Peoples State Bank, M issouri
Valley, th e follow ing directors w ere
elected: J. L. Tam isiea, D. F. Schwertley, Jo h n A. K ovar, K ath erin e Schwertley and F red E. Egan.
The follow ing w ere nam ed as offi­
cers: J. L. Tam isiea, president; D. F.
Schw ertley, vice presid en t and assist­
a n t cashier; and Jo h n A. Kovar,
cashier.
H ow ard W ilding w as elected clerk
and Miss E llen Skinner, bookkeeper.

Receivership Closed
E. R. Sm ith, Fairfield attorney, p u r­
chased th e rem aining assets of the
Iowa State Savings Bank, Fairfield,
Iowa, at th e sale conducted by John
Spalla, state d irector of receivership.
This sale closed th e ban k receiver­
ship, in progress since 1934. D ividends
will be paid to holders, probably in
30 days.
The receiver, M. W. Ellis, state su­
p erin ten d en t of banking, w as re p re ­
sented by th e Fairfield law firm of
Thom a and Thoma.

problems concerning the various issues will he
met with understanding and careful consideration.

Coquillette Named to
LaPlant Board
S. E. Coquillette, president of the
M erchants N ational B ank of Cedar
Rapids, Iowa, has been elected to the
board of directors of th e LaPlantChoate M anufacturing com pany, suc­
ceeding H. N. Graves, w hose term re ­
cently expired. The com pany’s p res­
ent board of directors consists of R. E.
Choate, E. W. L aP lant, H. H. C herry,
E. M. Pinney, Clare M arshall, A. M.
Tschirgi and Mr. Coquillette.

Onslow Bank Re-elects
The an n u al m eeting of Onslow
(Iow a) Savings B ank w as held last
m onth. Follow ing officers w ere reE x p e rie n c e d b a n k m a n ; c ity a n d c o u n ­
t r y b a n k m a n a g e m e n t. C a n in v e s t, a v a il­
a b le on s h o r t n o tic e . W r ite H H H , c a re
N o r t h w e s t e r n B a n k e r.

Northwestern Banker

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

October 19^3

67

• IOWA
elected: N. C. H olst, p resident; C. M.
H olst, vice p resident; H ow ard Willison, W. K. K ennedy, R. E. C haplin and
George H. P aulsen, directors; George
H. Paulsen, cashier, M. H. Ingw ersen,
a ssista n t cashier, and Miss L uella Seehusen, bookkeeper.

Virden Appointed
To Executive Staff
A n nouncem ent is m ade of th e ap ­
po in tm en t of George E. V irden to th e
executive staff of F in an cial Develop­
m ent C om pany of Chicago. Mr. V irden
brin g s to F in an cial D evelopm ent Com­
pany a w ealth of experience as a sav­
ings and loan executive and his skill

G EO R G E E. V IR D E N
On E x e c u tiv e S taff

as a tech n ician is reg ard ed as m ost
desirable to th a t com pany.
Mr. V irden w as for several years
savings and loan su p erv iso r of the
State of Iowa. In addition to his ex­
perience as su p erv iso r he brings ex­
perience as one of th e organizers of
the In su ran ce P lan B uilding and Loan
A ssociation of M ount P leasant, Iowa,
as w ell as tw o associations in th e State
of C alifornia. He has assisted in the
organization and m odernization of a
considerable n u m b er of associations
in th e S tate of Iowa.
F in an cial D evelopm ent Com pany
re p re se n ts a g roup of several h u n d red

YOUR STATE BANKERS ASSO CIATIO N
O FFICIA L SA FE, V A U L T AN D
TIM ELOCK EXPERTS

F. E. DAVENPORT & CO.
OMAHA

NEWS •

federally in sured associations located
in various sections of th e country. The
function of th e com pany is to presen t
th e in su red certificates of these asso­
ciations to in su ran ce com panies, fratern als, univ ersities and colleges, tru s t
com panies, re tirem en t funds, cem etery
associations and sim ilar in stitu tio n al
accounts. T he com pany w as o rgan­
ized in 1937 by Allison W augh and it
confines its activities exclusively to
th e rep resen tatio n of savings and loan
associations. T his com pany w as the
first in th is field of savings and loan

rep resen tatio n and it has pioneered
for th e p ast six years, m aking savings
and loan certificates available to in ­
vestors placing sum s of from $25,000
to $2,000,000.
T hey do not invite individual ac­
counts and th e funds sent to associa­
tions are definitely th e p erm an en t ac­
counts of these larg er institutions. Ac­
tual analysis indicates a m o rtality of
som ething less th a n 1/100 of 1 per
cent over a five-year period, on these
accounts. No brokerage funds are h a n ­
dled nor offered to associations.

PIG SHIPMENTS WILL SET A RECORD
D u rin g th e New M ark etin g Y ear S ta rtin g T h is M o n th
The p ig crop for 1943 w ill set a n e w all-tim e reco rd of 127,000.000 h e a d . This n u m b er is s u b s ta n tia lly la rg e r th a n last y e a r 's
105,000.000 h e a d , a n d far a b o v e the te n -y e a r a v e r a g e of
73,148,000 h e a d . The fa rm e rs' incom e from h o g s w ill b e h ig h er
d u rin g the com ing tw e lv e m onths th a n a n y tim e in history.
B e cau se of this h u g e p ig crop, the m ark etin g y e a r sta rtin g in
O ctober w ill se e m ore p ig s sh ip p e d th a n d u rin g a n y p rev io u s
y e a r.
B ankers w h o se custom ers ship livestock to C hicago find th at
the co o p eratio n of the D rovers N a tio n al Bank h e lp s them to re n ­
d er fast se rv ice in tran sm ittin g p ro c e e d s . . . after the sa le
is m ad e h e re in the "Y a rd s" .

P ig C ro p f o r 1 9 4 3
C o m p a re d to 19 4 2
S p rin g P ig s
1943..................74,050,000
1942
...60,946,000

F a ll P ig s
1943
1942

C o m b in e d P ig C ro p
1943
.127,000,000
1 942............... 104,734,000

Sou rce: U .S .D .A .

Member Federal Deposit Insurance Corporation

DROVERS NATIONAL BANK
DROVERS TRUST 0 SAVINGS BANK
U N I O N
S T O C K
Y A R D S ,
C H I C A G O
__________________ ___________________________________________

Northwestern Banker

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

...53,000,000
...43,721,000

October Í9'í3

68

• IO WA
New Posting Machine
The Citizens State Bank, H um eston,
Iowa, has installed a new m odern
posting m achine w hich w ill speed up
th e w ork of calculating and keeping
records.

Heads Lions Club
H erb ert L. O llenburg, vice p resid en t
of th e H ancock C ounty N ational Bank,
G arner, Iowa, has been appointed
p resid en t of th e G arner Lions club,
succeeding George L. W hitney, who

NEWS

•

resigned recently w hen tra n sfe rre d to
S henandoah by th e N o rth w estern Bell
T elephone Co.

New Closing Hours
B eginning last m onth the four Keo­
kuk, Iowa, banks, th e State Central,
K eokuk N ational, Security S tate and
K eokuk Savings, w ill close W ednesday
afternoons.
This is in conform ance w ith the
practice of o ther banks th ro u g h o u t
th e county and in m any o ther cities.

T he city ’s grocery stores and m eat
m ark ets are also closed at th a t time.
U nder th e new program th e W ednes­
day b anking hours w ill be from 10
o’clock in th e m orning to 12:30 o’clock
in th e afternoon. H ours on th e other
days of th e w eek rem ain unchanged.

Andrew H. Schmalz
Services w ere held last m onth in
P rinceton, Iowa, for A ndrew H.
Schmalz, 75, P rin ceto n banker, farm er
and civic leader, w ho died in a hospital
in D avenport after an illness of five
days.
P resid en t of th e F arm ers Savings
B ank of P rinceton, Mr. Schmalz had
been connected w ith the in stitu tio n
for m ore th a n 30 years. He w as vice
president of th e A m erican M utual F ire
In su ran ce Co. of D avenport and of the
C om m unity B uilding Co. of Princeton.
He w as clerk of P rinceton tow nship
and had served as th e tow nshin
assessor.

Annual Meeting of A. I. B.
Alvin G. N elson of th e Security N a­
tional B ank w as elected presid en t of
Sioux City (Iow a) ch ap ter of the A m er­
ican In stitu te of B anking du rin g the
business session a t an an n u al m eeting.
Jo h n R. G ranning of th e F irs t N ational
B ank w as elected vice president, and
K inley W. Sm ith of th e Live Stock N a­
tional B ank w as elected secretary-treas­
urer.
The board of governors w as re-elected
for an o th er year, including th e officers
and L en L am ar of th e Toy N ational
Bank, Allison R. M iller of th e W ood­
b u ry County Savings Bank, K erm it A.
Scheibe of th e M orningside Savings
B ank and C arleton C. Van Dyke of the
Toy N ational Bank.

Buys Interest in
Donnellson Bank
M. G. Addicks, form er N ew ton b an k ­
er and Jasp er county tre a su re r who
has been in P ortland, Oregon, th e past
year, is com ing back to Iow a and will
be located at Donnellson, w here he is
acquiring an in te re st in th e Citizens
State B ank there. Mr. Addicks will
serve as vice p resid en t and a director
of th e D onnellson Bank.

Banks Sold
q u ie tly, quickly and

or Bought!
in

a

personal

m an ne r

JAY A. WELCH
BA N K BROKER
Iladdam. Kansas

“35 Years Practical Banking Experience”

Northwestern Banker

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

October Í9b3

69

-•

IOWA

NEWS

•-

New Cashier at Wheatland

New Assistant at Kent

A lbert E ggert, w ho w as for m any
y ears cashier of th e N o rth w est D av­
en p o rt B ank, and has been on th e office
staff of th e D avenport p a rk board in
recen t years, has been nam ed cashier
of th e F irs t T ru st & Savings B ank at
W heatland, Iowa.

At a recen t m eeting of th e directors
of th e K ept S tate Savings Bank, Kent,
Iowa, Miss lo n e Davis w as appointed
a ssistan t cashier.

Public National
Representative
T he ap p o in tm en t of Jo h n T. B arry
as a ssista n t vice p resid en t of th e P u b ­
lic N ational B ank and T ru st Com pany
of New York, w as announced recen tly
by E. C hester G ersten, p resid en t of
th e in stitu tio n . Mr. B arry has been

lived at A lcester and in Sioux City.
Joe Kass, w ho has been associated
w ith th e b ank since its inauguration,
w ill leave for th e w est about th e first
of October.

1

Frank H. Schleiter

Takes Position With
LeMars Bank
K enneth T h u n h o rst has secured a
position w ith th e LeM ars (Iow a) Sav­
ings B ank and has com m enced his
duties. Mr. T h u n h o rst is w ell know n
in P lym outh county, h aving lived at
Craig in his early youth. He later

F ra n k H ilm an Schleiter, a wellknow n business m an of Ames, Iowa,
died a t his hom e recen tly of h eart
trouble.
Mr. Schleiter, 69, w as born Ja n u a ry
11, 1874, a t Boone, and came to Ames
in 1890 to atten d Iow a State College.

For Prom ptness
FOR EIGHTY YEARS p r o m p t­

ness has m a rk e d th e service
to c o r r e s p o n d e n t b a n k s o f
J O H N T. B A R R Y
N a m ed A s s is ta n t V ic e P r e sid e n t

T h e F irst o f C hicago.

T oday

o u r B a n k a n d B a n k e rs D iv i­
connected w ith th e St. Louis office of
th e G eneral M otors A cceptance Cor­
poration for th e p ast eleven years. He
w ill be identified w ith the corresp o n ­
den t b an k division of th e Public N a­
tional B ank and will devote th e m ajor
p a rt of his tim e to th e middle-west, in
w hich te rrito ry he is w ell know n. A
n ativ e of Illinois and a g rad u ate of
th e U n iv ersity of Chicago, Mr. B arry
sta rte d his business career in 1924
w ith A. G. B ecker & Co., and becam e
associated w ith th e G eneral M otors
A cceptance C orporation in 1927 and
served as m an ag er of th e St. Louis
office since 1932.

sio n is h a n d lin g a n atio n -w id e
business, a n d in v ites acco u n ts
u p o n a basis th a t so lo n g has
p ro v e d m u tu a lly satisfactory.

The First National Bank
o f Chicago
B uilding w ith Chicago Since 1863

E x p e rie n c e d b a n k m a n in c ity a n d c o u n ­
t r y b a n k s d e s ir e s c o n n e c tio n in s m a ll
c o u n tr y b a n k in g o o d f a r m i n g c o m m u ­
n ity . C a n in v e s t $5,000. A g e 51, m a r ­
rie d , P r o t e s t a n t . A v a ila b le a f t e r D e c e m ­
b e r 1. G ood, c le a n re c o rd . W r ite R. W
M., c a r e N o r t h w e s t e r n B a n k e r.

M EMBER

FEDERAL

DEPOSIT IN SU RA N CE

C O RPO RATIO N

Northwestern Banker

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

October 19 43

70

IOWA
A fter g rad u atin g from Iow a State
College, Mr. Schleiter w orked for P a r­
ley Sheldon in the Story C ounty T ru st
and Savings Bank. In 1903, he w en t
to Galva, Iowa, w h ere he m anaged his
own bank, th e Ida C ounty Bank. In
1917 he re tu rn e d to Ames w h ere he be­
cam e associated w ith Sheldon in th e
Story C ounty T ru st and Savings Bank.
Ja n u a ry 1, 1932, th e Story C ounty
T ru st and Savings B ank and th e U nion
N ational B ank m erged into th e U nion
Story T ru st and Savings Bank, and
Mr. Schleiter w as th e n appointed cash­
ier. In J a n u a ry of 1943, Mr. Schleiter
w as appointed as p resid en t of the
U nion T ru st and Savings Bank, a po­
sition he retain ed u n til his death.

Four Service Stars
J. H. B rekken, cashier, R andall
State Bank, R andall, Iowa, has four
sons in th e arm y. L ie u te n a n t J. C.
B rekken, Boise, Idaho; Pfc. B. G.
B rekken, E ngene, Oregon; A/C B. W.
B rekken, San A ntonio, Texas; and
A viation Cadet C arroll B. K inseth
(son-in-law), Phoenix, Arizona. The
deposits of th e R andall State B ank
have passed th e $650,000 m ark w ith to ­
tal resources of $700,000.

MERCHANTS
B O N D IN G
COM PANY
MUTUAL

NEWS

•-

Correction
The Security Savings B ank of Farnham ville, Iowa, w as moved to th a t city
from Slifer on Ju n e 1, 1943, and not
on Ju n e 1, 1934, as reported in the
N o r t h w e s t e r n B a n k e r , Septem ber is­
sue.
R obert E. A nderson, a ssistan t cash­
ier of th e bank, w as gran ted a leave
of absence early this year to en ter the
arm ed forces of th e U nited States.

Resolution
A t a m eeting of the B uchanan Coun­
ty B ankers A ssociation held at Inde­
pendence, Iowa, the following resolu­
tion w as unanim ously adopted:
W H ER EA S: The banks have large
cash reserves w ith am ple loanable
funds to tak e care of the needs of th e ir
ow n locality and are entitled to all the
loans in th e ir own com m unity; and
W H ER EA S: The various subsidized
g o vernm ental ag ricu ltu ral loan agen­
cies are u n fair com petition to the
banks, depriving th em of a m ain
source of income; and
W H E R E A S: T hey are cooperating
w ith th e governm ent on every effort,
such as selling W ar Bonds and h a n ­
dling ratio n b ank accounts;

T he
N ew York T rust
Company
C a p ita l F u n ds . $45 ,0 0 0 ,0 0 0

Incorporated 1933

H om e Office
V A L L E Y B A N K B U ILD IN G

Des M oines, Iowa
•

•

This is Iowa’s oldest surety company.
A progressive company with experi­
enced, conservative management. We
are proud of our hundred and fifty
bank agents in Iowa.
To be the exclusive representative of
this company is an asset to your bank.

IO O

TEN
ROCKEFELLER
PLAZA

(C ontinued from page 5)
★

"Threshing Difficult"

B U Y

‘ ‘ O ur com m unity has ru n in to serious
difficulty in g e ttin g our th re sh in g done, due
to the ra in s w hich have been alm ost con­
tinuous fo r th e p a st ten days or two weeks.
C onsiderable dam age has been done to the
u n th resh ed g ra in in shocks an d to g ra in
sw athed fo r com bining.
Corn is good
(S ep tem b er 4 th ) b u t needs a bout two weeks

E. H. WARNER

Northwestern Ranker

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

October 19)3

Mrs. H elen K olczinski F am ighetti,
financial secretary of th e F ran k lin
Square
N ational Bank,
F ran k lin
Square, Long Island, New York, is the
w in n er of th is y e a r’s Jean A rnot Reid
A w ard given by th e A ssociation of
B ank W om en to an honor g raduate of
th e A m erican In stitu te of B anking,
w ho to quote from the resolution cov­
ering th is aw ard — “is best fitted
th ro u g h th e in teg rity of her ch aracter
and efficiency of h er w ork to rep re­
sent w om en in banking.
Mrs. F am ighetti, a grad u ate of
H em pstead H igh School, has been w ith
the F ra n k lin Square N ational Bank
since 1936—in the bookkeeping d ep art­
m ent, m ortgage servicing departm ent,
special in terest teller and at p resent
h er capacity is th a t of financial secre­
tary.
The presen tatio n of the aw ard w as
m ade at the inform al d in n er held by
the A ssociation of B ank W om en on
Septem ber 11 at th e Belm ont Plaza
Hotel, New York City.
The A ssociation of B ank W om en is
a national organization of w om en hold­
ing executive positions in banking in ­
stitutions.

M ADISON AVENUE
AND 40TH STREET

W AR

S e c re ta ry a n d M an ag er

Wins Award

BROADWAY

B O N D S

W rite to

T H E R E F O R E BE IT RESOLVED,
T h at if the governm ent desires to sup­
p o rt borrow ers classed as light or
m arginal, th a t said loans be handled
th ro u g h th e banks by th e plan sim ilar
to FH A in su red loans, as th e officials
of th e banks are experienced m en in
the credit field th ereb y m aking them
fully qualified to handle all loans, and
th ereb y relieving th e governm ent of
th e g reater portion of m aintenance ex­
pense of th e local office of p resent gov­
ern m en tal agencies.

Member of the Federal Deposit Insurance Corporation

71

.
to m a tu re an d fro s t m ay be expected any
tim e now.
‘ ‘ I am a c tin g as d is tric t ch airm an fo r
L idgerw ood an d su rro u n d in g tow nships in
th e com ing T h ird W ar L oan bond sales
cam paign, w hich a p p e a rs to be sh ap in g up
in to a fu ll-tim e job.
D an S. R il e y , P resident,
F ir s t N a tio n a l B a n k o f L id genvood, N o rth D akota.

"Let PCA Also Sell Bonds"
“ A t th e d is tric t bond drive m eeting, the
folks in charge m ade it p la in th a t th ey were
c allin g on th e b an k ers fo r the g re a t bulk
of th e sales in the T h ird W a r L oan drive.
T h a t is O K , an d the b an k ers w ill do a
job, too.
‘ ‘ B u t why n o t su g g est th a t th e P C A be
called on to sell enough bonds to equal th e ir
subsidy, so th a t th ey will, a t lea st, pull
th e ir own w eight ? ’ ’
W arren
G a rst ,
Cashier,
H om e S ta te B a n k , J efferso n ,
Iow a.

IOWA

.

"A Humdinger"

"Unfair Government Competition"

‘ ‘ L e t me p a t you on th e back fo r the
Septem ber issue of th e N o rth w ester n
B a n k er . I t ’s a hum d in g er an d w orth th e
whole y e a r ’s su b scrip tio n price. W e w ill soon
have finished fig h tin g th e E rro rs of dic­
ta to rs a n d sons of H eaven b u t th e business
w orld w ill long have to look fo r guidance
a n d advice such as given us by you and
your N o r th w este r n B a n k er .
L e t your
lig h t continue to shine. ’ ’
D r . E . C. J unger , P resident,
S oldier V a lley S a v in g s B a n k,
Soldier, Iow a.

“ No one cares a n y th in g a b o u t th e sm all­
er co u n try banks, anyw ay, only fo r w h a t
th ey can w ork them fo r. As I see i t the
h a n d w ritin g on th e w all is fo re c a stin g the
fo rcin g out o f business o f sm all c ountry
banks in th e next few years. U n fa ir Gov­
ernm ent co m petition an d also th e sam e u n ­
derhanded, chiseling m ethods used by la rg e r
n e ighboring banks are a b o u t to force m ost
sm all c ountry banks to yell ‘ Come a n d get
it. ’
‘ ‘ Y ou p ro b a b ly do n o t rem em ber an d no
do u b t i t never cam e to your notice, b u t

i¡¡
Ih i u' J mI I ¡g
I ; I ■|§¡¡ f!H
¡ j |§ j j

■ ■ ■ ■ ■ ■

"All Labor Leaders Not Alike"
“ I re ally enjoyed re a d in g y o u r e d ito ­
ria l page in th e Septem ber issue of th e
N o rth w este rn B a n k er , b u t w a n t to d is­
a g ree w ith you ju s t a b it on y our open le t­
te r to Eddie V. R ickenbacker. Y ou s ta te
‘ all of th e la b o r u n io n le a d e rs g a v e him
h e ll fo r h is s ta te m e n ts . ’ I b e lie v e you
should have sa id ‘ all b u t o n e .’
‘ ‘ I am se n d in g y o u u n d e r s e p a ra te cov­
er, th re e recent issues of th e B ailroad W o rk ­
ers Journal. P lease re a d th e e d ito rials by
M aurice R. F ra n k s, N a tio n a l B usiness A g e n t
of th e R a ilro a d Y a rd m a ste rs of N o rth
A m erica, Inc. I p a rtic u la rly w a n t you to
re a d th e e d ito ria l in th e M arch issue e n ­
title d ‘ R ig h t B ack o f R ick e n b ac k e r.’
“ I n m y opinion, th is m an F ra n k s is one
la b o r lea d er t h a t is on th e rig h t tra c k and
he has c ourage enough to speak w h a t he
th in k s. N e x t tim e you a re in Chicago, I
w ill in tro d u c e you to M r. F ra n k s. I b e ­
lieve he p lan s to speak in O m aha e arly in
J a n u a ry , b e fo re th e O m aha E xecutives Club.
‘ ‘ I am enclosing a few copies of re p rin ts
from th e Congressional R ecord so t h a t you
w ill know th a t th is m an F ra n k s is ta lk in g
loud enough so th a t he is even b e in g h e ard
in W ashington.
“ I am sure you w ill ag ree w ith me th a t
we should have m ore m en like M aurice
F ra n k s as lab o r leaders. I ju s t w a n ted you
to know th a t all la b o r lead ers do n o t th in k
alike. ’ ’
G. L. W r ig h t , P resid en t,
P u b lish e rs B u sin ess Service,
In c., 139 N o rth Clark S t.,
Chicago, Illinois.

NEWS

i l l

:.:: A;

§1 111

N

r

¡liti

:

‘ T o su ch a ta sk w e c a n d e d ic a te o u r
liv e s a n d o u r fo rtu n e s , e v e r y t h i n g
th a t we a re a n d e v e r y th in g th a t w e

;
¡In i
!

h a v e , w ith th e p r i d e o f th o s e w h o
k n o w th a t th e d a y h a s c o m e w h e n

■ H M N I

A m e r ic a is p r iv ile g e d to s p e n d h e r

fí.íí&'fifvN '.¿i - ' ; ÍÍ
' J.-

b lo o d a n d h e r m ig h t f o r th e p r in ­

pH:• ■

c ip le s th a t g a v e h e r b ir t h a n d h a p ­

■■PI

tr e a s u r e d .”

p in e ss a n d th e p e ac e w h ic h sh e h a s

Jllljll

Ti^ooctrow J V ils o n

--- 1917

V.

-COMMERCE

MERCANTILE

Trust Company

Bank-* a n d

L O U IS

S A IN T

"Most Outstanding Magazine"
“ C o n g ra tu la tio n s on th e excellent m a n ­
n e r in w hich you m ade u p y our S eptem ber
issue of th e N o rth w este rn B a n k er . I t is
one o f th e m ost o u tsta n d in g pieces o f m a g ­
azine p u b lish in g I have seen. ’ ’
M a rsh a ll Corns , P resid en t,
M arshall Corns and Com­
pany, 39 So. L a Salle S t.,
Chicago, Illinois.

MEM8ER

FEDERAI

DEPOSIT

INSURANCE

CORPORATION

Northwestern Banker

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

October 19lt3

72
several y ears ago w hen th is b a n k p a id its
depositors in fu ll fo r th e ir tr u s t certificates
an d even re fu n d e d some of th e stockhold­
e r s ’ assessm ents, we sent the in fo rm a tio n
to your office, expecting a w riteu p on i t in
the nex t issue of N o r th w ester n B a n k er .
W e were very pro u d of th a t accom plishm ent
w hich w as done com paratively early a f te r
release fro m S T 111. W e got a very sm all
m ention on it. M any m onths la te r, how­
ever, some of the la rg e r b an k s w ith m uch
poorer p e rce n ta g e liq u id a tio n s got plen ty
o f m ention an d it still sticks in m y m em ory.
I th in k a sm all co u n try b a n k th a t is deserv­
ing o f c red it an d also p a tro n ize s th e N orth ­
w e st er n B a n k er to th e e x te n t we do is
e n title d to th e sam e consid eratio n as th e
la rg e r outfits who know how to blow th e ir
own horns or ‘ get them blow n fo r them . ’
T his goes fo r a ll sm all b an k s com parable
to us.
‘ ‘ B u t we will still ru n a clean ban k the
b e st w e kn o w a n d b u ild up ou r re p u ­
ta tio n b y th e good w ord o f our custom ers
an d sto c k h o ld e rs.”
G uy C. M a r tin , Cashier-,
F arm ers S a vin g s Flank, M artell, Iow a.

J L x p e r ie n c e

Service
C ooperation
M anned by officials w ith years
of experience, our Correspon­
dent Bank D ivision renders a
com plete service, conducted in
an intim ate and personalized
m anner.
T he g uiding policy is one of
cooperation in all m atters of
m utual interest.
CT& e

Public National
BANK

AN D

TRU ST

"Best in 13 Years"

COMPANY OF NEW YORK
E S T A B L I S H E D
1908

‘ ‘ The ‘ A cross th e D esk ’ colum n in your
S eptem ber issue w as th e b e st you have had
since I have been re a d in g your N o r th w est ­
er n B a n k er — 13 years.
“ Y our e x tra c ts fro m vario u s a rticle s w ere
very m uch to th e p o in t a n d prove in te r­
e stin g re ad in g . ’ ’
E . Carroll T aber , Taher
L u m b e r Com pany, K e o ku k ,
Iow a.

"Keep Up the Good Work"
“ Y ou r le tte r s a d d re sse d to H e n ry A. W a l­
lace, Boane W a rin g an d oth ers in the S ep­
tem ber issue of the N o rth w ester n B ank er
w ere very tim ely an d rig h t to th e point.
Also the le tte rs a ddressed to B enito M us­
solini a n d others in th e A u g u st issue. K eep
up th e good w ork. ’ ’
C. A. S l if e , Cashier, F a rm ­
ers S ta te B a n k , H aw arden,
Iow a.

"A Sane Basis for Rebuilding
America"
‘ ‘ Y our a rticle , ‘ W ho B u ilt A m erica, A n y ­
way, ’ in a recen t issue o f th e N o r th w est ­
ern B a n k er is the m ost p ra c tic a l th in g I
have seen on the w ay out of th e depression,
com ing s tra ig h t fro m th e shoulders of a
clear-headed business m an and expressed in
hom ely, fo rcefu l, A m erican E n g lish , w hich
cannot be m isunderstood.
“ Y our su p p o rt of ‘ ru g g e d in d iv id u a lism ’
— of going ahead w ith new p ro je c ts and new
discoveries th a t w ill em ploy m ore lab o r an d
th u s provide la rg e r o p p o rtu n ities to increase
our own incom es— can scarcely fa il to im ­
21st y ea r plan n in g a d v e r tis in g program s
for banks and tru st com panies . . .
W rite io r Program K e y e d to W a r T im es.
cJ
C

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n

s
D

e

l

o n

B a n k

P

u

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R

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s

R . W E S S L -IN G , P R E S ID E N T

< z A / [ o i n E i , £ fo U J C l

Northwestern Banker

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

October 1913

pre ss the A m erican people as a sane basis
fo r th e re b u ild in g o f A m erica a fte r the
w ar. I n fa c t, i t m ay be the basis fo r re ­
b u ild in g th e m a jo r p a rt o f the w orld a f te r
the wrar.
‘ ‘ E v ery th in k in g person who is to have a
p a r t in the new o rder of th in g s should be
fa m ilia r w ith w h at you have said. Is th ere
not some w ay to get your a rticle into w ider
c irc u la tio n so th a t plan s fo r ‘ rugged in d i­
v id u a lis m ’ a n d ‘fre e e n te r p r is e ’ m ay b e ­
come th e slogans, p e rh a p s to ex p ress id ea ls
fo r w h ich th e y o u th o f our n a tio n h a v e
lo n g ed b u t sc a rc e ly hop ed f o r ? ”
L a urence C. J o n e s , P rin ­
cipal, The P in e y W oods
C ountry L ife School, P in e y
W oods, M ississippi.

Assistant Cashier
The F irs t N ational B ank in St. Louis
has announced th e election of H a rry
W. H eindenreich as an assistan t cash­
ier. He has been w ith th e F irs t N a­
tional and its predecessor, th e T hird
N ational B ank of St. Louis, for 37
years.

Near $7,000,000,000 Mark
N early $7,000,000,000 of w ar produc­
tion loans and com m itm ents by 428
of th e n atio n ’s larg er banks w ere out­
standing on Ju n e 30th, according to
the sem i-annual rep o rt of w ar lending
activ ity p rep ared by the A m erican
B ankers Association.
The survey show s th a t the total of
b an k loans and com m itm ents for fi­
nancing th e m an ufacture of arm am ents
and w ar supplies increased $922,000,000
du rin g th e first half of 1943.
Of the $6,914,618,000 of w ar loans
and com m itm ents o u tstanding on June
30th, $678,000,000 w ere for construction
of w ar p lants and factories, and $6,236.000. 000 w ere for the purchase of
raw m aterials and for o th er production
expenses.
The $6,236,000,000 of outstanding
loans and com m itm ents for purchase
of raw m aterials and for o th er produc­
tion expenses, is an increase of $1,228.000. 000 over th e total of such loans
o u tstanding at th e end of 1942. T his
increase in loans parallels an increase
in physical production of nearly all
categories of w ar supplies and equip­
m ent du rin g th e first half of this year
over th e preceding six-m onth period.
On th e o ther hand, th e $678,000,000
of loans for construction of w ar plants
and factories ou tstan d in g on Ju n e 30th
is a decrease of $235,000',000 in such
loans as com pared w ith th e total o ut­
standing at th e end of 1942. A dow n­
w ard tre n d in w ar factory construction
and equipm ent loans began du rin g the
second half of 1942, by w hich tim e the
conversion, construction, and equiping of w ar p lants w as n early com plet­
ed, and actual production of increasing

am ounts of w ar goods from these fac­
to ries w as begun. The decline in th e
o u tstan d in g to tal of these loans m ay
be expected to continue because th e
p lan ts and capital equip m en t of m ost
w ar in d u stries are now com pleted.
T he fu tu re tre n d of b ank loans to
w ar in d u stries for pu rch ase of raw
m aterial and for o th er production ex­
penses will be in direct relatio n to th e
tre n d of th e o u tp u t of th e w ar plants.

Annual Meeting and Election
H ugh E. Pow ers, cashier, Lincoln
B ank and T ru s t Company, Louisville,
K entucky, w as elevated to th e p resi­
dency of N.A.B.A.C. a t th is annual

m eeting, held Septem ber 24th, in the
Book-Cadillac Hotel, D etroit. Mr. Pow ­
ers succeeds O ttm ar A. W aldow, com p­
troller, N ational B ank of D etroit, w ho
now autom atically becomes a m em ber
of th e A dvisory B oard for a period of
four years.
Mr. Pow ers has traditio n ally been
elevated to each successive position in
th e organization, since his first election
into th e official family as secretary, in
1940. He is a ch a rte r m em ber of the
L ouisville Conference, and served as
p resid en t of th a t conference in 1931.
He has attended th e convention of th e
N ational A ssociation reg u larly since
th a t tim e. He brings into his new posi-

DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION

tion, a broad know ledge of organiza­
tion affairs gained th ro u g h long years
of service to th e N ational Association.

Your Attention, Please! Want to
Buy (of Course, We Sell, Too!)
S a fe d e p o sit boxes, g iv e sizes, q u a n tity ,
m ak e a n d g e n e ra l d e sc rip tio n . G ive b e st
p rice s, “ as i s , ” f.o.b. p o in t o f p u rc h ase .
O ur a sso c ia te , M r. T obe M onday, offers
o v er 25 y e a rs of com plete B A N K V A U L T
E N G IN E E R IN G S E R V IC E a n d we can
su p p ly you w ith ste e l finish p la te s, e re c te d
in y o u r v a u lt; e x p e rt lock se rv ic e ; S a fe
D e p o sit v a u lt se rv ice a n d B a n k v a u lt c le a n ­
ing. C onsult u s on a n y of th e a ll im p o r­
t a n t ite m s, re g a rd in g V A U L T E Q U IP ­
M E N T . M ay I h e a r fro m yo u ? P hone,
w ire or w rite J . E . M u rp h e y , C H e stn u t
9000, 1800 D yer, St. L o u is C ounty, M issouri.

Oldest and Largest in Des Moines
411 6th Ave.

Dial 4-7119

E L M E R E . M IL L E R
P r es, and S ec.

Twenty-four
Y ears of

H U B E R T E . JA M E S
A ss t. Sec.

FO R Y O U R E N J O Y M E N T . . .
L isten to th e
“ W O R L D O F M U S IC ”
K SO , 1460 KC

9 :30-10 :00

a. m.

Sundays

Ç7riòex Do ¿A dvertisers
A

A llen W a le s A d d in g M achine C o rp o ra tio n 3
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 ............. 38
A m erican N atio n al B an k an d T ru st
C o m p a n y .................................................................. 60
It

B a n k e r s L i f e I n s u r a n c e C o m p a n y of
N e b r a s k a .................................................................
B a n k e r s T r u s t C o m p a n y — D es M oines. .
B y l l e s b y a n d C o m p a n y ......................................
C
C entral H a n o v er B an k and T ru st
C o m p a n y ..................................................................
C en tra l N atio n al B a n k and T ru st
C o m p a n y ..................................................................
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 a n y
— C h i c a g o ...............................................................
C o n tin en tal N atio n al B a n k — L in c o ln ...

32
59
35
68
10
6
50
31

I)
D a v e n p o r t , F . E . a n d C o m p a n y .............3 4-6 7
D e L u x e C h e c k P r i n t e r s , I n c ........................... 48
D es M o in es 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 ............................................................ 73
D r o v e r s N a t i o n a l B a n k — C h i c a g o ............. 67
28
42
75
58
69
26
28
46
62
34
43
72

G
G r e e n w a y a n d C o m p a n y ...................................

35

II
H a w k e y e M u tu al H ail In su ra n c e
A s s o c i a t i o n ............................................................. 73
H o m e I n s u r a n c e C o m p a n y ..............................
4
I o w a - D e s M o i n e s N a t i o n a l B a n k ............... 76
and

•J

C o m p a n y .................................... 50

K
K och

B ro th ers

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

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 an d T ru s t
C o m p a n y .......................................
M e r c h a n t s M u t u a l B o n d i n g C o ....................
M e r c h a n t s N a t i o n a l B a n k ..............................
M in n eap o lis-M o lin e P o w e r Im p le m e n t
C o m p a n y .................................................................
M e r c h a n t s C o m m e r c i a l M e n ’s A s s o c i a ­
t i o 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 onroe C a lc u la tin g M achine C o m p a n y

54

71
70
2

73

Hawkeye Mutual Hail
Insurance Association
Carver B ld g.

Fort D o d g e, Iow a

49
48
66
35

N
N a t i o n a l B a n k o f C o m m e r c e .......................
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 e r n N a t i o n a l B a n k .......................

O

30
70
64
44
21

W e ’ve had our problems in the past, and

P

w e've successfully

P h i l a d e l p h i a N a t i o n a l B a n k ......................... 51
P ublic N atio n al B an k an d T ru st
C o m p a n y ...............................................................; 72
E . H . R o l l i n s & S o n s ...........................................

met them.

have

we can overcom e them again.
Though selections may

41

substitute

S

assured we

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 m p a n y 63
S t. P a u l T e r m i n a l W a r e h o u s e C o m p a n y 56
S c a r b o r o u g h a n d C o m p a n y .......... . . 3 7 - 4 0 - 5 8
S t a t e A u t o m o b i l e I n s u r a n c e A s s o c i a t i o n 38
S t o c k Y a r d s N a t i o n a l B a n k — O m a h a . . . 25

not be large

m e rc h a n d is e

and

d is p l a y e d — re st

are doing our

best to serve

your immediate requirements— and at the
same tim e

e n t h u s ia s t ic a lly

support our

country in the " A ll- O u t W a r Effort."

T

"Buy U . S. Bonds and Stamps"

T o o tle L a c y N a tio n a l B a n k —•
S t. J o s e p h ..............................................................30-3 1

U
U n i o n S t o c k Y a r d s C o m p a n y .........................

K och B r o t h e r s

29

W a n t A d s ....................................................... 6 6 - 6 9 - 7 3
W a l t e r s , C h a r l e s E ., C o m p a n y .................... 28
W e l c h , J a y A .............................................................. 68
W e s s l i n g S e r v i c e s .................................................. 72
W e s te rn M utu al F ire In su ra n c e
C o m p a n y ......................
36

f

, hP R I N T E R S
A..—M ESTABLISHED K

------------ A
—>

• STATIONERS V
1889 ^ BOOKBINDERS
OFFICEOUTFITTERS^-^^^^BUSINESS MACHINES
G rand A v e . at Fourth

Northwestern Banker

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Federal Reserve Bank of St. Louis

We

our problems today— and with your help,

R

W

I
Jam ieson

61
73
65
23
52

>1

O m a h a N a t i o n a l B a n k ........................................

F

F a rm e rs N atio n al C om pany— O m a h a ...
F e d e ra l In te rm e d ia te C red it B a n k s . . . .
F i n a n c i a l A d v e r t i s e r s A s s o c i a t i o n ..........
F i n a n c i a l D e v e l o p m e n t C o m p a n y .............
F i r s t N a t i o n a l B a n k — C h i c a g o ....................
F i r s t N a t i o n a l B a n k , L i n c o l n .......................
F i r s t N a t i o n a l B a n k — O m a h a .......................
F i r s t N a t i o n a l B a n k — S t. P a u l ....................
F i r s t N a t i o n a l B a n k — S i o u x C i t y .............
F i r s t S t. J o s e p h S t o c k Y a r d s .......................
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 ............................

L
G e o r g e L a M o n t e a n d S o n .................................
L e s s i n g A d v e r t i s i n g C o m p a n y ....................
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 i v e S t o c k N a t i o n a l B a n k - —S i o u x C i t y . .

De s M o in e s , I a .

October 1943

IN THE DIRECTORS' ROOM
Chemical Analysis

Hard Boiled

E lem en t—W om an
O ccurrence—F ound w h erev er m an
exists. Seldom in a free state, w ith
few exceptions in th e com bined state.
P hysical P ro p erties — All colors,
shapes and sizes and ages. U sually
in disguised condition. Face covered
w ith a film of com posite m aterial. Boo
hoos at n o th in g and m ay freeze at any
m om ent; how ever, m elts w hen p ro p ­
erly treated . V ery b itte r if not w ell
used.
Chem ical P ro p erties — V ery active.
Possesses a g reat affinity for gold, sil­
ver, p latinum , precious stones or an y ­
th in g of value. V iolent reaction w hen
left alone. U ndissolved by liquids, but
activ ity g reatly stim u lated w hen tre a t­
ed w ith sp irits solution. Som etim es
yields to p ressure. Ages v ery rapidly,
usually g ettin g into p e rm an en tly en­
larged state. F re sh v a rie ty has g reat
m agnetic attractio n .
C aution—H ighly explosive w hen in
inexperienced hands.

Take one draftee, slightly green.
G rate on serg ean t’s nerves. Add lib­
eral portions of baked beans and
corned beef. Season w ith a sprinkle
of rain. Sw eeten from tim e to tim e
w ith chocolate bars.
S tir from bed at early hour. Soak
in show er or tu b daily. D ress in olive
drab. Mix w ith o thers of his kind.
T oughen w ith m aneuvers. Bake in
110 degrees sum m er and let cool in
below zero w eather. Serves 140,000,000
people.

The Chinese Home
If you are invited to a C hinese Home,
follow y our h o st’s lead: If he is m od­
ern and inform al, you m ay be inform al.
If he is old-fashioned and stiff, th e n
you can get plastered, too!
You can adm ire generally, b u t don ’t
adm ire o n e object especially. F o r th e n
courtesy req u ires y o u r host to give
you th a t object you are adm iring. In
o ther w ords—Don’t keep sta rin g at his
w if e !

Not Quick Enough
H er car and his collided head-on.
Both got out and, w ith a fine show of
courtesy, began to apologize profusely.
She: “It w as m y fau lt and I ’m
so rry .”
He: “Not at all, m adam , I w as to
blam e.”
She: “B ut I in sist it w as m y fault.
I w as on your side of th e road.”
He: “T h at m ay be tru e, m adam , b u t
I ’m responsible ju st th e same. I saw
you com ing for several blocks and I
had am ple o p p o rtu n ity to d a rt down
a side stre e t.”

The Name Is Mud
F o u r young m en visiting th e O rient
before th e w ar, w ho considered th em ­
selves exceedingly clever, had a C hin­
ese se rv an t upon w hom th ey played
all sorts of pranks.
One n ig h t th ey nailed his shoes to
th e floor. The n ex t m orning, w ithout
a w ord or sign of retaliation, he
b ro u g h t in th e ir coffee.
N ext day th ey p u t sand in his bed.
The n ex t m orning he served th e ir
coffee sm iling blandly, w ith no trace
of re se n tm en t in his attitude.
So th ey decided to play no m ore
trick s on such a good fellow, and told
him so.
“No m ore nailee shoes to floor?”
“No.”
“No m ore putee sand in bed?”
“No.”
“Velly well, no m ore putee m ud in
coffee.”

Darn It!
A girl w ho w ears a cotton stocking
Need never give h er door a locking
A girl w ho chooses o th er m akes,
Gets all the ru n s and all th e breaks.

Northwestern Banker

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

October 1943

Why, Santy!
“Do you th in k you are Santa Claus?”
“No.”
“T hen leave m y stocking alone.”

Understanding Creatures
“W hy do gentlem en p refer blondes?”
“Because th e blondes, in great m eas­
ure, know w h at th e gentlem en p refer.”

K eep It Quiet
Mrs.: W hen you w ait on th e guests
at dinner, Nora, try and not spill any­
thing.
Nora: No, m a’am. I w on’t say a
word.

Definitions

Not Yet

Corset: Som ething to keep w aves
out of WACS.
A pparent: T h at w hich has one or
m ore children.
Cannibal: One w ho loves his fellow
men.

Taxi D river: I take th e next tu rn ,
don’t I?
Voice from th e re a r seat: Oh, yeah?

Cross Purposes Department
Second L ieu ten an t: “Colonel, I ’ve
been try in g to see you for a week, b u t
you w ere busy, sir. W hen can I see
you?”
Colonel: “W hy don’t you m ake a
date w ith m y secretary ?”
Second L ieu ten an t: “I did, sir. W e
h ad a lovely tim e, b u t I still w a n t to
see you.”

Naturally
K ate: “W hy did you stop going out
w ith th a t checker cham p?”
Sally: “He w as alw ays try in g to get
me in a corner.”

Give Him Air
Mess Sergeant: “You’re not eating
your fish. W h a t’s w rong w ith it? ”
Soldier: “Long tim e no sea.”

Nightly Affair
“W hy d idn’t you yell like you said
w hen I kissed you?”
“I ’m still hoarse from last n ight.”

One or Two
KP: “W h at’s them , S ergeant?”
Sergeant: “T hem ’s g rap efru it.”
KP: “W ouldn’t tak e m any of them
to m ake a dozen w ould it?”

Nice Fit
Clerk at O yster C ounter: “Do you
w an t large or sm all oysters, M adam?”
Mrs. Newlywed: “J u s t m edium , I
think. My husband w ears a 15 collar.”

Learned in the Law
Constable: “Hey, Miss, no sw im m in’
’lowed in th e lake.”
F a ir Young B ather: “W hy d idn’t you
tell me before I und ressed ?”
Constable: “T here h ain t no law agin
u n d ressin ’.”

\\

T W O H E A D S are better than one
Announcing
The 28th Convention of the

FINANCIAL ADVERTISERS ASSOCIATION
Edgewater Beach Hotel — Chicago

October 19-20-21, 1943

F.A.A. MEMBERSHIP
Personal exchange of inform ation anti
ideas is the working basis of every
F.A.A. Convention.
bing

w ith

Your elbow-rub­

serious-minded

F.A.A.ers

helps you to “m ake your mark” as an
exponent of Financial Advertising.
T he F.A.A. Conventions are
strong supplem ents to the con­
tinuous, year-around work and
helps of the Central Office.' 4 ,:

JOIN NOW
Save the dates and
come to the October
Convention

COME PREPARED TO WORK HARD
IT WILL PAY DIVIDENDS!
Write today for details.

F I N A N C I A L ADVERTISERS AS S OC I AT I ON
Preston E. Reed

•

Executive Vice President

•

231 South La Salle Street

•

Chicago 4, Illinois

A N ON-PRO FIT O R G A N IZ A T IO N FOR TH E BETTERMENT O F A D V E R TIS IN G . . . P U B L IC IT Y . . .
NEW BUSINESS M ET HODS . . . P U B LIC R E LA TIO N S


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Federal Reserve Bank of St. Louis

//

NEW

YORK

6 Hrs. 45 Min.

LOS ANGELES
! I Hrs. 30 Min.
-------------------- —

*

CHICAGO
I Hr. 45 Min.

T WI N C I T I E S
I Hr. 53 Min.

SAN FRANCISCO
I I Hrs. 30 Min.

WASHINGTON
7 Hours

ST.

2 Major Air Lines
Serve Des Moines
D irectly. . .
Fast, nation-w ide transit and collection service is made
possible by D es Moines' location at the junction of two
important air lines . . . United's transcontinental EastW est route and M id-Continent's North-South system.
Thus m any of the principal cities in every part of the
country are over-night points for the paym ent of checks,
drafts and collection item s forwarded through the
Iowa-D es M oines National.

L OUI S

I Hr. 42 Min.

TUlSA

F ew cities enjoy the advantage of direct service by two
major air lines, in addition to excellent railroad con­
nections in all directions.

2 Hrs. 59 Min

KANSAS CITY
I Hr. 7 Min.

SEATTLE
12 Hours

Iowa Banks and Bankers are invited to use the com ­
p le te , d e p e n d a b le
correspondence fa­
cilities provided by
Iowa's Largest Bank
as one m eans of in­
suring f i r s t - c l a s s
banking service for
their ow n customers.

,owa-Des M oines N ational B ank
& TRUST COMPANY

M e m b e r F e d e ra l D ep osit Insu ra nce Corp o ra tio n


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