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OCTOBER 1944 W. RANDOLPH BURGESS Vice Chairman of the Board, National City Bank President, American Bankers Association BUY UNITED STATES WAR BONDS AND STAMPS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis A . B. A . REA D Y FO R P O S T W A R Page 14 ERA < f < fc ^ ^ ^ ^ ^ ^ ^ ^ ^ EFFICIENT—and PERSONAL! I n ADDITION to speed and efficiency, the correspondent service of this bank has another fundamental quality— the Personal, Careful attention which is given to every one of your items. The MERCHANTS NATIONAL BANK can serve you well. Won't you give us an opportunity to do so? A CEDAR RAPIDS BANK CEDAR <3> R A PIO S SERVICING ALL IOWA THE MERCHANTS NATIONAL BANK OFFICERS J a m e s E. H a m i l t o n , Chairman S . E. C o q u i l l e t t e , President H. N. B o y s o n , Vice President R o y C. F o l s o m , Vice President M a r k J. M y e r s , V, Pres. & Cashier G e o r g e F . M i l l e r , V. Pres. & Tr. Officer M a r v i n R. S e l d e n , Vice President F r e d W. S m i t h , Vice President J o h n T. H a m i l t o n II, Vice President R. W. M a n a t t , Asst. Cashier L. W. B r o u l i k , Asst. Cashier P e t e r B a i l e y , Asst. Cashier R. D. B r o w n , Asst. Cashier O. A. K e a r n e y , Asst. Cashier S t a n l e y J. M o h r b a c h e r , Asst. Cashier E. B . Z b a n e k , Building Manager Cedar Rapids Member Federal Iowa Deposit Insurance Corporation Northwestern Banker, published monthly by the De Puy Publishing Company, at 527 Seventh St., Des Moines, Iowa. Subscription, 35c per copy, $3.00 per year. as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, under Act of March 3, 1879. Entered https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • It is our earnest desire to meet all the demands for Allen W ales A ddin g Machines, but as a result of our effort in the manufacture of vital war materials, we may build only a limited number of adding machines. If you are in need of A dding Machine Equipment, we suggest that you get in touch with our nearest agency or write to our >home office for further information. ALLEN • W A LE S https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ADDING MACHINE CORPORATION 444 Madison Avenue, New York 22, N. Y. A WHOLLY-OWNED ' SUBSIDIARY OF THE NATIONAL CASH REGISTER CO. i t i a fta y f Days and weeks of silence from the pretty little every little care was provided. Yes, the Amer wife that he’d left behind just when he’d most ican Red Cross is doing what it can to do every wanted to be with her. Then this brief but joyous thing he’d want to do for her— as well as message— “ Son born— Mother doing fine.” You everything she’d want to do for him. can bet that he appreciates the American Red Cross. And this story might he repeated countless For it was the Red Cross that got the message times all over the country and all over the through that substituted happiness for anxiety. world. So let’s give a hand— a helping hand The Red Cross was right there at home, too if possible— to this fine organization which — Nurse’ s and Dietitians’ Aides in the hos knows no other reward than satisfaction in pital; later home nursing service to see that having been of service. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis This is the eighth o f a series o f advertisements dedicated to the American R ed Cross by THE HOME INSURANCE COMPANY, NEW YORK FIRE • AUTOMOBILE • MARINE 5 It is a wise and necessary precaution Paper is to plainly label poisonous drugs and choice” for this purpose. It is dangerous chemicals with the familiar widely recognized in banking "skull and crossbones". And it is like and business as the accepted an excellent "first back™ I attack w ise the better part of w isdom for standard of safety in check protection. bankers and businessm en to use a And it serves a warning criminals can type of paper for their checks which not fail to heed, for La Monte Safety guards against the hazard of fraudu Paper is poison to "check artists" and lent alteration. » counterfeiters. )> La Monte Safety For S a m p les of L a M on te S a fety P aper s e e you r Lithographer or Printer —or w rite us direct. M lJ & fo tM l GE OR GE LA MONTE E & SON https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis if / NUTLEY. NEW JERSEY W e supply many hanks and corporations with their own i n d i v i d u a l l y i d e n t i f i e d Safety Paper. The issuing organi zation's Trade-Mark is i n the paper itself and appears on both the front and back of the check. Such i n d i v i d u a l i z e d paper adds to the prestige of your checks — saves sorting time — prevents errors in banks and clearing houses. T h e w a v y l in e s a r e < La M o n te tra d e -m a rk ' Northwestern Banker October Í944 TO BANKS WITHOUT Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LETTERS o f A FOREIGN DEPARTMENT C r e d i t — both domestic and foreign— are increasingly used as a financing method by business today— whether as buyer or seller. There are definite, practical reasons for this trend— time saved, flexibility permitting quick decisions in concluding a deal, and reduced time involved in credit investigation. You do not need a foreign department to participate in this trend. You provide the judgement o f credit and knowledge o f the character and standing o f the borrower; we provide the mechanics o f issuing the Letter o f Credit. Your customer benefits, and both your institution and ours are adequately compensated. W rite us about Letters of Credit and we will explain how we can "g e t together" on handling such transactions. THE P H IL A D E L P H IA NATIONAL BANK PHILADELPHIA 1, M E M B E R D E P O S I T F E D E R A L October Í.944 PA. ★ ORGANIZED I N S U R A N C E 1803 C O R P O R A T I O N 7 ■H ® 9 ;® Í Í Í Í I S I Í Í W : m 'V : , tm m ■M W m t e w i i s 4- s i f c í S i í S s ■Í ■■ ImMMwsmmm, ..m m w & ì ■ I WÈÈÈÈÈÊË . :;■/•- ■ "'""Wß^(^:'"■' S p i l l i l i ::" ; ' '■ »  œ f S ifP íf H ; . ’ ': ftftftZ: 'l l filis i iUBBIIBI I H IIm 'M B B M S S M ■ ■■■ ' •ft V ■ . m tm Sigi?: 'g: ft: : ft : ft ft ft ftft.. ! ftft. ftft I ft:.. ' .'ft: ■ - ft lllÄ - •• 1 ^Hmtielptd^fjcnuU ft.lftftft-ft/ftftft m rn H9Ê p IS'ISS ftft ■ T h e Chase offers correspondents a well rounded service in this type of investment. ..'.f t .f t f t ftft-ftft.ftft ftv•- u 1ft:ftftftft ... .M .ft ft ft .ft . ft ■ Inquiries from banks will receive the per sonal attention of experienced officers. lÉSftft Tliiiij ills Bond Department THE CHASE NATIONAL BANK / : : H ../...ft./ ft OF THE CITY OF NEW YORK ftftftft:,ft..ft:ft.:? . ■. . ■ft ft :ftftft/ft '■ '.ftftftft:.,-.ft-:ftsÁ M em ber Fed era l D ep osit Insurance C orp ora tion ft https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ft . ..' - ftl i P€8® WÊÊÊÊBÊÊÊBBÊÊBÊm Northwestern Banker October 19’tb 3BIG ADVANTAGES WHEN YOU BUY FEEDER CATTLE AT SOUTH ST. PAUL 1. WIDE ASSORTMENT TO CHOOSE FROM H e r e is y o u r o p p o r tu n ity to g e t s to c k e r an d fe e d e r s te e r s , c a lv e s a n d h e ife rs o f u n ifo rm q u a lity and o f th e w e ig h t, g r a d e an d ty p e to su it e v e r y k in d o f f e e d in g o p e r a tio n yo u w a n t. A m u ch w id e r s e le c tio n is offered th a n y o u 'll find e ls e w h e r e an d in clu d e s s tr in g s o f w e ll-b r e d c a ttle fr o m th e r a n g e s o f M on ta n a and u n lim ite d n u m b e rs o f g o o d c a ttle fro m th e w e s te r n D a k o ta s , a lo n g w ith red s and ro a n s w h ic h ¡ire v e r y p le n tifu l and p re fe rre d b y m a n y fe e tle rs. 2. U. S. GOVERNMENT IN SPECTION AND PROTEC TION Y o u ’ re a s s u re d o f h e a lth y , r u g g e d s to c k w h e n y o u b u y . A ll a n im a ls are e x a m in e d b y g o v e r n m e n t v e t e rin a ria n s and e m p lo y e e s . E v e r y p re c a u tio n is ta k e n so y o u av oid lo sse s fr o m s ic k ly s to c k th a t w o n ’t m a k e up w e ig h t a s it sh o u ld . 3. BUYING SERVICE OF EX PERT FEEDER BUYERS S to c k w e ll b o u g h t is h a lf s o ld ! A n d a v a ila b le to y o u are th e s e r v ices o f th e e x p e rie n c e d c o m m is sio n firm b u y e rs o f fe e d e r c a ttle w h o c a n h elp y o u s e le c t th r if t y , v ig o r o u s s to c k th a t w ill g a in w e ll an d y ie ld th e b e st r e tu r n s and o f th e k in d an d q u a lity y o u w a n t to w a lk o ff th e f a r m w ith a fte r b e in g on fe e d . Or y o u can con v e n ie n tly m a k e y o u r o w n se le c tio n i f yo u so d e sire fr o m the la r g e a s s o r tm e n ts in th e s to c k e r an d fe e d e r d iv is io n s o f the y a rd s . SPECIAL FREIGHT RATES ON STOCKERS AND FEEDERS N o w in e ffe c t a re sp e c ia l s to c k e r and fe e d e r ra te s v ia all ra ilr o a d s fr o m S ou th S t. P a u l to p o in t o f u n lo a d in g . T h e s p e c ia l p r iv ile g e s -on s to c k e r an d fe e d e r c a ttle , sh e e p and la m b s a llo w s a le in tr a n s it an d re s h ip m e n t fr o m S ou th St. P a u l a t th e th r o u g h r a te fr o m p oin t o f o r ig in . T h is m e a n s y o u can b u y sit Sou th St. P a u l an d b y p a y in g th e b a la n c e o f th e th r o u g h ra te y o u e ffe c t a c o n s id e ra b le s a v in g in f r e ig h t . T h is a d v a n ta g e a p p lie s w h e n th e p u rch a se o f fe e d e r s is m a d e fr o m a s in g le s h ip m e n t o f one or m ore c ars fr o m the sa m e o w n e r. Write to the Traffic Department of the Saint Paul Union Stockyards Company for furtEier particulars. The South St. Paul Livestock Market Union Stockyards https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis So. St. Paul, Minnesota You’ll start your feeding enterprise out right when you buy at South St. Paul. 9 NorfmWEj&TERN The following letters were received from, Northwestern Banker readers. Your views and opinions on any sub ject will be gladly published in this column. F O R T Y - N IN T H Y E A R Oldest Financial Journal West of the Mississippi River "French Celebrated with 21 Gun Salute" ‘ 11 often think of all of you and wish that I could be back there among the boys in the banking business, but there is a war on and it seems that I have been selected as one to serve overseas. ‘ ‘ I am getting along fine and getting a lot of experience, seeing a lot of the world and will have a lot to tell when I get back. I am working in the fiscal office here in the accounts branch. Our living conditions aren’t bad for the army and we get along just fine. There are four other fellows in the same tent with me and they are swell fellows. One is from Tennessee, one from New York, one from Boston and one from New Jersey, quite a combination with an Iowan thrown in. There are three Republi cans and two Democrats, so you can see who has the edge on political discussions. We are all interested in the election, and the most of us have made applications for our ballots, at least they were all given an opportunity. As to the result of the election, I think the progress of the war will be a big factor, so it is hard to make any pre dictions. The war news generally is good. Today’s big news was the liberation of Paris and the French here are very happy about it, in fact they celebrated it with a 21 gun salute and a parade. Must close now, my regards to all of you and the bank ing fraternity of Iowa. Would enjoy hear ing from you. ’ ’ Cpl. A l F. A gena, 37666122, Hq. Det. SOPACBACOM ., APO 502 c/o PM, San Fran cisco, California. "your Splendid Story" ‘ ‘ I have mentioned your splendid story about the new A. I. B. Study Group pro gram, page 113, September N orthwestern B anker , in a number of letters written to the bankers throughout the five states com prising my territory. “ We have a carbon copy system within our organization whereby the national o f ficers are kept informed of activities throughout the country. My reference to your article has prompted requests for a copy of that particular issue. “ Will you, therefore, please send me about five copies of the September issue if they are available?' “ The publicity afforded our program by publication of the aforementioned story in your good N orthwestern B anker is a (Turn to page 63, please) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N U M B ER 687 IN T H IS O C T O B E R , 1944, ISSU E Editorials Across the Desk from the Publisher................................................................ 10 Feature Articles Dear Editor ...................................................... .......................................... 9 Prontispage—Restful Haven ................................... ..................................... 13 A.B.A. Ready for Postwar Era............. Clifford De Pay and Henry Haynes 14 Pictures from the A.B.A. Convention.................. .................................... ..15, 16 Iowa Baankers in War-Work Conference....................................................... 17 Pictures from the Iowa Convention............................................. .... ....17, 18, 19 Defeat of Germany—Election of Officers by Mail......................Ruth Killen 22 News and Views of the Banking World........................ .................................. 24 FAA to Discuss Postwar Banking Problems................. ................................ 28 Insurance I Want a Friend, Not a Policyholder.........................................A. M. Wilson 37 State Banking News Minnesota News................ .................... ..................... ..................... ............ . Twin City News.............. 41 45 South Dakota News......................................................................................... 47 Sioux Falls News...................................................................................... 47 North Dakota News....................................................../............................. . Fargo News ......... 49 50 Nebraska News ................................................................................ ................ Junior Bankers News......................................... Omaha Clearings .................................................................................... Lincoln Locals ......... 51 52 53 55 Iowa News ........................ ............................................................................. 57 The Directors Room A Few Short Stories to Make You Laugh............................... ....................... 66 Convention Dates ................................................................................ .......... 66 N O R T H W E S T E R N B A N K E R , 527 Seventh St., Des Moines 9, Iowa, Telephone 4 -8 1 6 3 C L IF F O R D DE P U Y , Publisher R A LP H W. M O O R H E A D Associate Publisher H EN R Y H. H A Y N E S Editor RUTH K IL L E N Associate Editor E L IZ A B E T H C O L E Advertising Assistant M A R G U E R IT E B R O W N Office Supervisor S A D IE E. W A Y Circulation Department N EW Y O R K O F F IC E Frank P. Syms, V ice President, 505 Fifth A v e ., Suite 1 806 Telephone MUrray Hill 2-0326 Northwestern Banker October 1944- 10 Across the Desk American economy in which all our people can find work at decent pay. “ W e have seen in the war what can be done when American technical and management skill is given a chance to do a job. “ All that was necessary was to give American enterprises the green lights in order to bring forth miracles of production. In the same spirit, Amer ican industry can be given the green light for peacetime production. Then we shall see peace time miracles as we have seen wartime miracles.” 5b ea A ^ k o tn a * , £ . ^ b e w & y : Of the many excellent speeches you have made recently, we believe that one of the most im portant and one of the most fundamental was the one in which you said that a new administration would give the “ green light” to American busi ness and American enterprise, both large and small, so that when the war is over we can place our national income on a basis which will give employment to all and thus maintain a standard of living to which America is entitled. We believe you put it this way: “ Where are we going to find these jobs for everyone who wants to work? Certainly they will not be found in government itself. If all of us should go to work for the government, then our system would be no different from commu nism or fascism. “ There can be jobs for all only if business, in dustry and agriculture are able to provide those jobs. “ There are no clever short-cuts to this goal. It cannot be achieved by some ingenious scheme concocted by a social dreamer in a government bureau. “ The New Deal pulled rabbits out of hats for seven years and ended up in 1940 with ten million still unemployed. We will achieve our objective only if we create an economic climate in which business, industry and agriculture can grow and flourish. “ W e want the enterprising men and women of America to make a success of their endeavors be cause that is the only way we can have a going Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October 19bb We agree, Governor Dewey, with your analysis of what American business must do and can do under a friendly administration. When you were in Des Moines, we had the pleasure of meeting you personally and listened to your discussions for an hour and a half in two different business groups, and we believe sincerely that you are trying to find the “ right answers” to the postwar problems which will face the United States and the world. American industry has produced “ wartime miracles” and it will produce “ peacetime mira cles” under a change of atmosphere in Wash ington. jb ea S i 'W ln ilt’i& fi W . /U d > u c U : As Chairman Board of Directors The Chase National Bank of The City of New York, what you have to say about any financial subject is always of great interest and we were especially interested in your recent discussion of our American foreign economic policy. You based what you had to say primarily on the discussions recently held at Bretton Woods. We agree with the main point of your thesis that the question of international currency stabi lization and foreign investment is a secondary proposition to working out the Treaty of Peace and the reconversion of industry from war to peace. All the currency manipulation in the world will not produce a bushel of corn, a bale of cotton or a new automobile or tractor. AVe believe you put it this way, Mr. Aldrich: “ I wish to give emphasis to the fundamental truth that credit extension cannot serve as a sub stitute for the adoption of appropriate commercial policies. For this reason it is unfortunate that so much time and energy were given to the Bretton Woods proposals rather than to the main task of economic reconstruction. Currency manipulation 11 From the Publisher will not solve the basic economic problems of a war-ridden world. Once a solution of funda mental problems has been effected, the stabiliza tion of currencies and the extension of inter national loans will become integral parts of the over-all pattern of world reconstruction.” If we could keep our factories busy and our farms cultivated, Mr. Aldrich, the problems of currency and foreign trade, as you have pointed out, would help to adjust themselves. ¿>ic£#tey attill+nan ; As chairman of the C.I.O. Political Action Com mittee, we think you have done more harm to the legitimate labor movement in America than any single individual. Many members of the C.I.O. and of the A.F. of L. agree with this thought, and as one example, nine members of the Industrial Trades Union Political Action Committee in Rhode Island re signed because they believe the P.A.C. policy is ‘ ‘ detrimental to the best interests of labor.” ^beaA. j b * . M a ticu A , /V a d le 'i: Your remarks on “ bank investments” before the American Bankers convention last month deserve the thoughtful consideration of every banker in the country. As Professor of Finance at New York Uni versity and Consulting Economist for the Central Hanover Bank and Trust Company of New York, we feel that you are in touch with both the theory and practice of everyday banking. Some of the points which you emphasized, we believe were these: 1. W ith such a large portion of bank invest ments in Government securities, there is a danger that political efforts may be made to alleviate the burden of national debt through ‘ ‘ sleight of hand measures primarily at the expense of the banks.” 2. Bankers should immediately adopt measures to aid the Government in the refunding operation after the war. 3. Bankers should combat every effort made to increase money rates that would in turn in crease the debt burden. 4. Bankers should seek loans aggressively and place themselves in a position to be able to meet all legitimate needs of their community. 5. Bankers should make every effort to dis tribute Government obligations to ultimate in vestors. 6. Bankers should launch an educational pro gram to make the public aware of the essential place banks have in the national economy. With this program, Dr. Nadler, we certainly agree. ,*£ With a 300 billion dollar debt facing us when the war is over, which will cost us 6 billion dol lars per annum in interest, we must adjust our economy so that inflation will be prevented and the Government will not take complete political control of our banking institutions. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis In the statement which these resigning mem bers issued, they said, “ As free men we wish to have our rights to vote for whom we please. . . . W e have many laws today favorable to working men and women, and it was not Sidney Hillman or the C.I.O. who got them for us.” Thus, Mr. Hillman, many members of your own organization, as well as a vast number of A.F. of L. members are opposed to the intrusion of the Political Action Committee in the present cam paign. Unions, they believe, should continue their functions of endeavoring to improve the working conditions of their members. But, no matter how sincere you may be, Mr. Hillman, we lose all faith and respect for your sincerity when you make such a statement as this : “ If we are to believe the Republican platform, the old guard proposes, before turning over the problem to business leadership, to do a thorough going job of creating anarchy and disorder.” How idiotic, Mr. Hillman ! Do you think anyone in his right mind would expect to gain anything in this country by “ creat ing anarchy and disorder” ? You, of all men, Mr. Hillman, should not bring up that subject, when it is remembered that in 1943 there were 3,750 strikes in the United States, representing 13,500,000 of man days lost and that during the first quarter of 1944, the Bureau of Labor Statistics show that man hours of idleness due to strikes were about twice those of the same period in 1943. “ Clear everything with Sidney” may be the campaign slogan of the present president, but when the new administration takes office in January 1945, we are sure the slogan will be changed to “ Clear out with Sidney.” Northwestern Banker October Í944 12 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis . r /y / S ever alert to the financial needs of Iowa agriculture and industry. Iowa's Friendly Bank C E N T R A L N A T ID N A L B A N K S. TRUST CO. Res M oines, Iowa Member F.D.I.C. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 14 A B A Ready for POStWdt Era 3 , 0 0 0 Bankers Discuss A fter-th e-W ar Problems at W ar S ervice Convention in Ch icago As reported by Clifford De Puy, Publisher, and Henry H. Haynes, Editor, The Northwestern Banker ARREN R A N D O L P H BUR GESS, vice chairman of the W board of the National City Bank of New York, was elected presi dent of the American Bankers Asso ciation at the closing general session of the Second War Service Meeting. Frank C. Rathje, president of the Chi cago City Bank & Trust Company and of the Mutual National Bank, both of Chicago, was elected vice president of the association. At the meeting of the executive coun cil Wilmer J. Waller, president of the Hamilton National Bank, Washington, D. C., was re-elected as treasurer of the association. Mr. Waller has completed one term as treasurer. Mr. Rathje, who this year becomes vice president, in the usual procedure of advancing the vice president to the presidency, will become president of the American Bankers Association at its annual meeting in 1945. He is a native of Illinois, and started with the Chicago City Bank & Trust Company as legal counselor in 1910, becoming president in 1926. Ten years prior to that date, in 1916, he had been named president of the Mutual National Bank of Chicago. R. Otis McClintock, president of the First National Bank & Trufet Company, Tulsa, Oklahoma, was elected presi dent of the National Bank Division of the American Bankers Association. Mr. McClintock was advanced from the post of vice president of the division. Norfleet Turner, president of the First National Bank, Memphis, Ten nessee, was elected vice president of the division, being advanced from the post of chairman of the executive com mittee. In addition, Carl K. Withers, presi dent of the Lincoln National Bank, Newark, New Jersey, was elected chair man of the executive committee, and four new members were elected to the committee by members of the division. The new members include: L. J. Brainerd, president, Palmer National Bank, Palmer, Massachusetts; W. AY. Campbell, president, National Bank of Eastern Arkansas, Forrest City, Arkan- Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October 19Tb sas; T. N. Hayter, vice president, First National Bank & Trust Company, Sioux Falls, South Dakota, and R. L. Thornton, president, Mercantile Na tional Bank, Dallas, Texas. Wilbur A\7. McEachern, vice chair man of the board of directors of the Union Trust Company at St. Peters burg, Florida, was elected president of the State Bank Division. Mr. McEach ern was advanced from the position of chairman of the Executive Committee. H. N. Thomson, vice president of the Farmers & Merchants Bank, Presho, South Dakota, was elected vice presi dent of the division and James C. Wil son, president of the First State Bank and Trust Company, Perth Amboy, New Jersey, was elected chairman of the executive committee. In addition, the division elected four members to its executive committee. They are Kenton R. Cravens, vice pres ident of Mercantile-Commerce Bank and Trust Company, St. Louis, Mis souri; C. A. Randolph, president, Citi zens Bank, Shelbyville, Kentucky; Frank L. King, executive vice presi dent of California Bank, Los Angeles, California; and Russell Dunbar, cashier of Peoples Bank and Trust Company, Sunman, Indiana. Harry R. Templeton, vice president of the. Cleveland Trust Company, Cleveland, Ohio, was elected president of the savings division of the American Bankers Association. Mr. Templeton was advanced from the position of vice president. Myron F. Converse, president of the Worcester Five Cents Savings Bank. Worcester, Massachusetts, was elected vice president. In addition, two mem bers were elected to the executive com mittee of the division. They are My ron S. Short, executive vice president of the Buffalo Savings Bank, Buffalo, New York, and Charles H. Stewart, president of the Portland Trust and Savings Bank, Portland, Oregon. Frederick A. Carroll, vice president and trust officer of the National Shawmut Bank of Boston, Massachusetts, was elected president of the trust divi sion. Mr. Carroll was advanced from the post of vice president. James W . Allison, vice president of the Equitable Trust Company, Wil mington, Delaware, was elected vice president of the division, being ad vanced from the post of chairman of the executive committee. In addition, Evans Wollen, Jr., presi dent of the Fletcher Trust Company, Indianapolis, Indiana, was elected chairman of the executive committee and five new members were chosen, including: George C. Barclay, vice pres ident, City Bank Farmers Trust Com pany, New York; H. M. Bardt, vice A AT THE A . B. A. C O N V E N T IO N IN C H I C A G O -------- > Pictured on the opposite page, reading from left to right, are: 1—D. H. Reimers, presi dent, Live Stock National Bank, Chicago, and Mrs. Reimers. 2—R. O. Byerrum, vice pres ident, First Trust & Savings Bank, Davenport, Iowa, and L. Nevin Lee, vice president, Bankers Trust Company, Des Moines. 3—Austin L. Vickery, cashier, United States Na tional Bank, Omaha, and Mrs. Vickery. 4—John Thomson, cashier, Bank of Centerville, Centerville, South Dakota, and Mrs. Thomson; Mrs. S. L. Jerpbak; S. L. Jerpbak, comp troller, Marquette National Bank, Minneapolis. 5— Lt. R. R. Rollins, vice president, Bank ers Trust Company, Des Moines; Huntington M. Turner, vice president, Chemical Bank & Trust Company, New York; and C. M. Nelson, vice president and cashier, Northern Trust Company, Chicago. 6— B. F. Kauffman, president; S. C. Pidgeon, vice president, and J. W . Hubbell, vice president, all of the Bankers Trust Company, Des Moines. 7— Gordon H. Nesbit, president, and Fred Irish, chairman of the board, both of First National Bank, Fargo, North Dakota. 8— Mrs. S. E. Coquillette; S. E. Coquillette, president, Merchants National Bank, Cedar Rapids, Iowa; Mrs. H. N. Boyson; H. N. Boyson, vice president, Merchants National Bank, Cedar Rapids, Iowa. 9— Lt. W. W. Summerwill, vice president, and Ben S. Summerwill, president, both of Iowa State Bank & Trust Company, Iowa City, Iowa. 10— John J. Anton, vice president, First National Bank, Chicago, and Mrs. Anton. H —yV. H. Witte, vice president and cashier, American Trust & Savings Bank, Lowden, Iowa, and A. E. Peterson, president, Albert City Savings Bank, Albert City, Iowa. > r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 16 president and trust officer, Bank of America National Trust and Savings Association, Los Angeles, California; Lee P. Miller, vice president, Fidelity & Columbia Trust Company, Louis ville, Kentucky; J. M. Hutchinson, vice president and trust officer, Davenport Bank and Trust Company, Davenport, Iowa, and John A. Reid, vice president, First National Bank, Cincinnati, Ohio. There were more than 3,000 regis tered at this seventieth annual A.B.A. meeting in Chicago, and the evening before the last convention day, all that 3,000 and apparently all their friends and relatives tried to pack themselves into the grand ballroom of the Stevens Hotel as guests of the Chicago Clearing (Turn to page 30, please) A t the A . B. A . Convention <---------in Chicago The pictures here were taken at the 70th annual convention of the American Bank ers Association in Chicago. Reading from left to right, those appearing are 1— C. Ray Phillips, president, La Salle National Bank, Chicago; Prank C. Rathje, presi dent, Chicago City Bank & Trust Com pany, and newly-elected vice president of the American Bankers Association; Orval Adams, vice president, Utah National Bank, Salt Lake City; and H. G. Diekelmann, cashier, Horicon State Bank, Horicon, Wisconsin. 2— A few of the guests of the Bankers Trust Company, Des Moines, at the luncheon in the Blackstone Hotel. 3—Front row, Daniel F. O’Meara, vjce president, Public National Bank, New York; Mrs. Shannon Jensen, executive vice president, Security State Bank, Pharr, Texas, and John W. Kossen, Federal Re serve Bank, Cleveland; back row, C. A. Charlson, assistant vice president, Com merce Trust Company, Kansas City; Gar land Day, John T. Barry, and A. W. Som ers, all assistant vice presidents- of the Public National Bank, New York City. 4 —L. J. Schuster, president, Clinton Nation al Bank, Clinton, Iowa; V. P. Cullen, ex ecutive vice president, National Bank of Burlington, Burlington, Iowa; Carl Fredricksen, president, Live Stock National Bank, Sioux City; and Frank Covert, as sistant cashier, Drovers National Bank, Chicago. 5— E. P. Kautzky, assistant vice president, Valley Savings Bank, Des Moines; Mrs. E. P. Kautzky, Mrs. Winfield W. Scott, Des Moines; and Winfield Scott, vice president, Valley Savings Bank, Des Moines. 6— C. S. Young, president, Fed eral Reserve Bank, Chicago; Bentley G. McCloud, vice president, First National Bank, Chicago; A. P. Leybum, chief ex aminer, Third Federal Reserve District, Philadelphia; Mrs. Bentley McCloud; Rob ert I. Stout, president, First National Bank, Tekamah, Nebraska, and president, Nebraska Bankers Association; Mrs. Bob Stout; Ellsworth Moser, executive vice president, United States National Bank, Omaha, and Mrs. Paul Skinner, Omaha. Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October Î9M 17 Iowa Bankers in W(tt ~ W on Cferen Hawkeye Financiers Discuss Banking Problems of the Postwar Period ITH an attendance of over 1,100, the fifty-eighth annual conven tion and war-work conference of the Iowa Bankers Association con cluded its meeting in Des Moines last month by electing R. R. Brubaeher, president of the Toy National Bank, Sioux City, to the presidency of the organization. N. P. Black, cashier of the Perry State Bank, was named vice president and treasurer. A number of Iowa organizations affiliated with the Iowa Bankers Asso ciation also held their annual meetings in connection with the convention. The Iowa Association of Bank Auditors and Comptrollers elected W. R. Hatter, as sistant cashier of the Iowa County Savings Bank, Marengo, as president; O. H. Johnson, cashier of the Peoples Savings Bank, Crawfordsville, vice president; and L. C. Signer, assistant auditor Iowa-Des Moines National Bank and Trust Company, secretary and treasurer. A. A. Gerkin, assistant cashier of the State Bank, Fort Dodge, was named president of the Iowa Junior Bankers Association. Serving with him are Harold Spencer, assistant cashier Oak land Savings Bank, vice president, and Hazel Bliquez, Central National Bank, Des Moines, secretary and treasurer. The County Bankers Associations elected John D. Willard, cashier of the Home Savings Bank, Persia, as its president for the coming year. New vice president of the organization is Peter Bailey, assistant cashier of the Merchants National Bank, Cedar Rap ids, and T. L. Greenleaf, vice president of the Hardin County Savings Bank, Eldora, was named secretary. The Organization of Past Presidents named Frank Kauffman, president of the Bankers Trust Company, Des Moines, as its head to preside at the annual dinner next year. With Max von Schrader, cashier of the Union Bank and Trust Company, Ottumwa, presiding as vice president for Iowa, Hawkeye members of the American Bankers Association elected officers as follows: Executive Council man for three years, Walter T. Robin son, vice president Newton National Bank; Nominating Committee, E. F. Buckley, president Central National Bank and Trust Company, Des Moines; Alternate, Ben S. Summerwill, presi dent Iowa State Bank and Trust Com pany, Iowa City; Vice President Na W https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tional Bank Division, Bruce Townsend, vice president City National Bank, Clinton; Vice President Savings Bank Division, E. H. Spetman, cashier and trust officer Council Bluffs Savings Bank; Vice President State Bank Di vision, Lee Huston, cashier Columbus Junction State Bank; and Vice Presi dent Trust Division, F. A. Johnson, vice president, cashier and trust officer First Trust and Savings Bank, Dav enport. Following are excerpts from resolu tions passed by Iowa Bankers: Desire to go on record as being opposed to inflation in any form. In order to A t the Iowa Convention R. R. Brubaeher, president of the Toy National Bank, Sioux City, at the left in the upper picture, is the newly elected president of the Iowa Bankers Asso ciation. N. P. Black, at the right, cashier of the Perry State Bank, is the new vice president of the Iowa Association. In the lower picture, reading from left to right, is L. A. Rodenbaugh, IowaDes Moines National Bank, past vice president of the Iowa Junior Bankers Association; R. G. Lexvold, assistant cashier, Farmers Trust & Savings Bank, Spencer, immediate past president of Iowa Junior Bankers; and Harold Spencer, assistant cashier of the Oakland Savings Bank, newly elected Junior Bankers vice president. Northwesiern Banker October 19bb 18 ■■■A'.'-.. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis curb inflation, suggest that the gov ernment cease to make second mort gage loans on farm land—PCA sub sidized at government expense is de plored.—Recommend a liberalization of the national banking laws relating to loans.—Urge that both national and state banking laws be amended to pro vide that conforming real estate loans not be included in the legal limit of loans that may be made to any one borrower. — Recommend that the FDIC assessment be reduced from its present rate.—Of the opinion that the Smaller War Plants Corporation is not necessary.—Thoroughly endorse State Association’s “ Installment Loan Bill.” W hat the Speakers Said Frank Tamse, secretary-treasurer of the Iowa Association of Bank Auditors and Comptrollers, and auditor of the Capital City State Bank, Des Moines, presented a number of questions to be answered by Walter W. King, regional director, wage and hour public con tracts division, U. S. department of labor, Kansas City, and M. L. R. Wade, regional head, “ Salary Stabilization Unit,” bureau of internal revenue, U. S. treasury department, Kansas City, regarding bankers problems with wage and salary regulations. Several asked if directors and inactive officers were to be designated as employes. The WLB does not count them in the total which should include employes in all offices and branches of that business. Some uncertainty about paying bo nuses was cleared up by an explana tion that in most cases it is advisable to submit the request to the WLB for approval since such payments have to have been an established plan. Questions concerning eight employes or less came up several times but such cases are not under the control of the WLB. To one question as to whether At the Iowa Convention Reading from left to right, 1— Frank Kauffman, president, Bankers Trust Com pany, Des Moines; Hon. Owen Brewster, United States Senator from Maine; and C. B. Mills, Moline, Illinois, immediate past president of the Iowa Organization of Past Presidents. 2— Mrs. J. W. Edge, Tipton, Iowa; J. W. Edge, president, Tipton State Bank; and L. A. Witter, presi dent, Farmers Trust & Savings Bank, Spen cer. 3— George B. Eginton, cashier Secu rity Trust & Savings Bank, Storm Lake; and A. E. Peterson, president, Albert City Savings Bank. 4— O. L. Karsten, presi dent, Newton National Bank; E. L. Job, president, Community Trust & Savings Bank, Knoxville; E. A. Hayes, director, Henry County Savings Bank, Mt. Pleas ant; and J. P. Budde, president, Henry County Savings Bank. 19 the board’s approval must be obtained to give wage increases for meritorious service in an institution of 30 employes the answer was that according to pro visions for an institution of that par ticular number wages can be raised not to exceed ten cents per hour, more than that would require approval. The releases and bulletins put out in con nection with wages and salary regula tions should be studied carefully and when in any doubt ask the WLB. In his talk on “Preparing Your Bank for the Future,” Marshall Corns, presi dent, Marshall Corns and Company, Management Engineers and Consult ants to Banks and Bankers, Chicago, through the use of a chart, outlined 17 factors the evaluation of which de termines whether a bank is superior, average or retroactive. From information obtained from an extensive survey, Mr. Corns selected a hypothetical bank, and the factors entering into its management are charted on the next page. 1. Stockholders: stock is fairly well distributed—control not vested in an estate, group of directors or president —representative of the community— no small stockholders except employes. This bank rated 55 per cent as to its stockholders. 2. Directors: representative of the community—interested in the bank— ages diversified—no domination of the board. The bank rates 70 per cent here. 3. Management: chosen because of A t the Iowa Convention Eeading from left to right, 1— Capt. J. E. Wood, Washington, D. C.; Vivian John son, president of the First National Bank, Cedar Falls, and immediate past president of the Iowa Bankers Association; Rear Admiral W. B. Young, paymaster general of the Navy; and H. L. Rust, Jr., Wash ington, D. C. 2— These three are leading lights in the Iowa Association of Bank Auditors and Comptrollers— W. P. Ronan, assistant cashier, Decorah State Bank, a member of the board of governors; W. R. Hatter, assistant cashier, Iowa County Sav ings Bank, Marengo, new president of the Iowa Association; and Frank Tamse, as sistant cashier, and auditor, Capital City State Bank, Des Moines, immediate past secretary and treasurer of Iowa Auditors and Comptrollers. 3— F. J. Oehmke, execu tive vice president, Security State Bank, Guttenberg; and John F. Gutz, president, Pomeroy State Bank. 4— F. W. Conrad, assistant vice president, Northwestern Na tional Bank, Minneapolis; R. L. Stotesbery, vice president, Federal Discount Cor poration, Dubuque; Tom C. Cannon, Iowa representative, St. Paul Terminal Ware house Company, Des Moines; E. O. Bottolfson, Northwood, Iowa; and Oscar A. Ol son, cashier, Northwood State Bank. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 20 their ability—and not because of se niority—had to go outside the bank to find able officials—in close contact with the bank’s directors and gets cooperation in soliciting business out side of personnel. Eighty-five per cent. 4. Bank policies: close cooperation of directors and officers—formulated poli cies jointly—have a definite policy as to loans which are in tune with the needs of the community—bank per sonnel acquainted with policies—all are in accord with the policies. A su perior rating of 95 per cent. 5. Personnel policies: no pension sys tem—no group insurance, no benefits for the employes—claim to take care of lighting and ventilation—no well placed rest rooms—quite a turn over in bank personnel. Only could be given 45 per cent. 6. Operations: modern machinery but no provisions for replacements—use separate registers—hand posting—un necessary duplication of work. Rates 35 per cent. 7. Investments: maturities are proper ly spaced—investments are not re stricted to maximum and minimum holdings—have investment policy com mensurate with an analysis of deposits. Ninety per cent on investments. 8. Budgetary controls: have income and expense budget—no reserves for Northwestern Ranker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis depreciation—watches pennies, vice president handles expense accounts— inventory control of supplies—do not have complete operating figures. Bank rates 50 per cent. 9. Accounting—Auditing: no audit reports—directors do not see reports on overdrawals or on past due loans— no investment account—have only comparative statements of con dition insurance program very inadequate— no audit control or policies. Gets 0. 10. Examinations: directors examine bank every two years—appraise loans —verify expense items—watch salary schedules-—do not verify loans with customers—no monthly reports. Given a 55 per cent rating. 11. Cost system: directors do not know the cost of operation—have no basis for judgment—never set up ac tual or minimum costs or waste, allo cate income or expense of the divisions —have service charges based on own knowledge of costs and consequently paying customers twice what they re ceive. Only a 35 per cent rating. 12. Organization: organization is charted—definite allocation of duties, no evident overlapping—no employe training program or manual of opera tions—neglect operations, costs and budget which reflects in whole organi zation and total earnings. Sixty per cent. 13. Incentives: all clerical positions classified—salaries are based on length of service but not on money handling responsibilities of the employes, so they have a good turnover. Just a 50 per cent rating. 14. Advertising: no advertising pro gram—no coordination in advertising media—no advertising in newspapers —consider advertising in charitable or ganizations as an advertising program —gives away premiums and free serv ices when a bank should only give the best service they can. A 10 per cent rating. 15. New business: staff and members of the bank posted on services avail able—do not go after new business except through selective lists—no co ordination whatsoever. Just 45 per cent. 16. Layout: good looking building— premises well kept—indirect lighting— bank has eye appeal—conveniently lo cated cages, but old style—lobby too small. Rate 65 per cent. 17. Research: has never appraised territory—does not know its business possibilities—has conferred with other banks and benefited from the exchange of ideas—no definite research program or plan. Receives rating of 60 per cent. “Should hostilities cease right now, there would be a drastic drop in the prices of farm commodities overnight since there is such a surplus,” accord ing to C. D. Tedrow, president of the Citizens First National Bank, Prince ton, Illinois, as he discussed “ Some Observations of a Country Banker.” Never has there been so much food in storage as there is right now. He ob served that farm land values are up and that the number of transfers is in creasing all the time with a high per centage going to active farmers-. Fifty per cent of the farms are sold on a cash basis with only a small number of city investors buying. Mr. Tedrow ex plained the work of the commission on country bank operations in compil ing the “Home Front,” a valuable book let on farmer-labor relations. He rec ommended the “Home Front,” saying, “ It can’t do the job for you but it will help to do the job.” Some major problems of our time, H. V. Prochnow, assistant vice presi dent, First National Bank of Chicago, Illinois, told the bankers, are the large and steadily mounting public debt and our postwar employment situation. The public must correct erroneous ideas that the war is not going to cost (Turn to page 57, please) October 7.944 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 21 The Omaha National Bank i Member Federai Deposit Insurance Corporation Northwestern Banker October 19Ü 22 How W ill Should State The Defeat of Germany Officers Be Elected A ffect Business? A By Mat! Ballot? Northwestern Banker Survey Last Month a Number of Bankers Attending the Iowa Convention W ere Asked These Two Questions by Ruth Killen, Associate Editor. Their Answers Are Most Interesting How will the defeat of Germany affect the business outlook in your community? W ill have no effect HBHBHBHHHBHSS 4 3 % Tem porary slump Kenneth Seeley, cashier, Commercial State Bank, Afton, Iowa: “ I’m afraid it may make people feel as if the war is over and let up, but I hope they don’t.” Walt Roberts, vice president and cashier, Iowa Falls State Bank, Iowa Falls, Iowa: “ Since I am not yet famil iar with the community, I can’t say. But generally speaking there will be no immediate effect. There will be no change for several years because things have been curbed so there won’t be.” R. W. Adair, vice president, Tama State Bank, Tama, Iowa: “ I suppose there might be a little depression in the farm commodity market, not to any great extent, however, and only temporarily.” H. R. Gunderman, assistant cashier, Atlantic State Bank, Atlantic, Iowa: “ I don’t believe it will have any par ticular effect on our community.” E. A. Landess, assistant cashier, Polk City Savings Bank, Polk City, Iowa: “We are all expecting Germany’s de feat and things are holding up but I feel the price of live stock will go down temporarily when it actually happens.” C. T. McClintock, vice president and cashier, Woodbury County Savings Bank, Sioux City, Iowa: “ Sioux City is not a war industry city, we have no special war business there so I believe that the only effect we will see will Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October be the freeing of the public’s attitude— they will be quicker to buy. A good crop and a prosperous live stock busi ness will benefit our community most.” T. R. Watts, Grand Junction, direc tor, Home State Bank, Jefferson, Iowa: “ I am inclined to think it will affect the food situation, in that it will re lease a certain amount of food being held in storage by the Allies. In time it will reduce the demand for food itself and the demand for food produc tion will decline and have a compar able effect on the general economic condition. I think that the economic condition could be materially stabilized by a change in administration.” R. R. Gillespie, vice president, Farm ers and Merchants State Bank, Winterset, Iowa: “ I rather think there will be a temporary slump in conditions, a sharp decline for about six months, assuming the defeat comes this fall.” S. H. Whitehorn, assistant cashier, Iowa Falls, Iowa: “There will be no great change. There will be a little letting down generally and a few will start spending their war bonds.” George A. Stephenson, cashier, First National Bank, Waverly, Iowa: “Ours is a farming community mostly, but I feel there will be an increase in the business of the merchants in town be cause people will feel more like spend ing their money.” William A. Lane, president, Security Savings Bank, Marshalltown, Iowa: “ I think we will have a temporary lull of from six to 18 months depending on who is elected president.” Hugh C. McCleery, cashier, Peoples Savings Bank, Laurel, Iowa: “Mine is a farm community and I think people will just mark time till they have a chance to figure out what the next gen eral move is.” Do you think bankers should vote by mail for State Association o f ficers? Jack Edge, president, Tipton State Bank, Tipton, Iowa: “No, I don’t think we should vote by mail. I like these conventions and I’d like to talk it over with the rest.” J. C. Thomson, vice president, Cresco Union Savings Bank, Cresco, Iowa: “No, I think it is more satisfactory the way they have been handling elec tions at conventions. It seems to work out all right that way.” M. C. Erusha, cashier, Farmers Savings Bank, Walford, Iowa: “No, we should continue as we have been doing, voting at the conventions. Let’s keep red tape out of voting.” Vern Remer, president, Urbana Sav ings Bank, Urbana, Iowa: “ I’m in favor of voting at the convention. We are more in contact with the problems and the men when we are present.” W. N. Shellcnbarger, cashier, Hartwick State Bank, Hartwick, Iowa: “ It’s a good idea because of the fact that it gives the bankers more of a chance to say who they want for president.” John I). Willard, cashier, Home Sav ings Bank, Persia, Iowa: “ I think they should be here when they vote. It shouldn’t be conducted by mail.” C. E. Dahl, cashier, Kiron State Bank, Kiron, Iowa: “Yes, voting by mail, I believe, would result in a bet- (Turn to page 39, please) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Warehouse Receipts Loans Against inventories Inventories are valuable assets and they constitute the repaying power of many manufacturers, processors, producers and dealers. Where inventories are present, banks have splendid opportu nities to employ profitably their resources through new and larger loans based on them . . . . And when secured hv our Warehouse Receipts inventory loans are sound. Long experience, integrity and responsibility stand behind our operations . . . . For inventor) collateral there is no substitute for a Warehouse Receipt issued hv an experienced bona fide Public W arehouse Company . . . . Without obligation, our representative will call on request and explain how our Field Warehousing serv ice provides collateral on inventories on the owner's location . . . . g>t. SPaul te r m in a l Ifflarefjouse C o . ST. PAUL, MINN. — Other Offices — — Iowa Office — 515 Iow a-Des M oines National Bank Building M INNEAPOLIS M ILW AU K EE C H IC A G O N E W YORK DES MOINES TELEPHONE 2-1208 T. C . C A N N O N . DISTRICT M A N A G E R PHILADELPHIA MEMPHIS PITTSBURGH A T LA N T A DETROIT BOSTON SYRACUSE ALBANY. G A . CHARLOTTE "The only company engaged in Field Warehousing with an office in Iowa " 24 N ew s and V iew s OF THE BANKING WORLD By Clifford DePuy presi dent of the Farmers National C Company of Omaha, Nebraska, liked ORNELIUS J. CLAASSEN, the September issue of the North western Banker so much that he said, “it is as good an issue as you have ever published.” “Review of World Affairs” is a monthly publication which keeps both Englishmen and Americans informed concerning current events around the world, and in a recent issue they dis cussed American politics and said of Henry A. Wallace, vice president, “it W. Lee O’Daniel, United States Sen must always be remembered that he is a Radical.” ator from Texas, keeps his constituents informed through a weekly bulletin from Washington, which he calls “The W. Lee O’Daniel News,” and in a re cent statement, he said, “Ever since the good folks in Texas sent me to the United States Senate and I found out that the NEW DEAL DYNASTY had plowed under all trace of George Washington, Thomas Jefferson and other great founders of this Republic, except their cold stone monuments, I have been reporting back to my people regularly just what I think the plot is. “Partly as a result of this, from the grass roots of Texas, DEMOCRACY has recently sprouted, after 11 years of subjugation by the NEW DEAL, and is about to bloom again. “That proves that DEMOCRACY is not dead.” Alfred P. Sloan, president of Gen eral Motors said his corporation was ready to swing into reconversion as soon as the government gives the “go ahead.” “After the O. K.” , he said, “it will take our company four months to get production started and in six months have production up to our pre war capacity level.” Leo J. Wegman, president of the Citizens Savings Bank at Anamosa, has announced his candidacy for the A.B.A. Executive Councilmanship. Mr. Weg man is also president of the Dyersville National Bank at Dyersville. Both in stitutions are A.B.A. members. The election will take place at the meeting of the Iowa A.B.A. members during the 1945 Iowa State Convention. Al though Mr. Wegman was a candidate for this position this year, he stepped aside for his mutual good friend, Walter T. Robinson, vice president of the Newton National Bank, who was elected. There is one A.B.A. Executive Councilman elected each year from Iowa. Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October 1944 It is interesting to read how well informed the British have become. Reed Sass of the Fort Worth Na tional Bank, Fort Worth, Texas, is “somewhere in India” and in a recent letter to Preston E. Reed, executive vice president of the Financial Adver tisers Association at Chicago, he de scribed the land of Mahatma Gandhi and said, “India is interesting in a somber, smoldering, mysterious way. Tt is the land of an inscrutable black people, castes, religions, untouchables, millions of sacred cows, cobras, Kraits, elephants, black panthers, jackals, jun gles, hawks and buzzards constantly spiraling and wheeling in the sky. It is the land of lizards, vermin, ants, scorpions, centipedes (and no horned frogs), Kismet, ox-drawn carts, water buffalo, crows, mosquitoes, malaria, rice paddies, palm trees, teak-wood, ivory, drums that beat night and day, Ghurkas, the Sikhs, Hindus, tiny people who carry terrific burdens bal anced upon their heads, unattractive women whose erect posture and car riage will never be excelled, dirt, filth, polluted water. Today, India is even a stranger country than in the years gone past, for today, mingling with the decadence of the past, are thousands of our GI’s, armed with the most wonder ful equipment in the world, and over head, the skies are shared by the birds of India and the roaring American mechanical birds.” Bank deposits that totaled $118 bil lion at the end of 1943 are expected to reach $150 billion at the end of the war and continue to increase into the post war years. The deposit increases in American banks has caused a remark able increase in the banks’ earning assets. For the eight-year period from 1936 to 1944 fifteen New York banks report a 122 per cent increase in their earning assets. Similar increases are reported by banks in all parts of the nation. Edwin Bird Wilson, president of Edwin Bird Wilson, Incorporated, 120 Wall Street, New York, and his organ ization have been appointed the “Task Force” for the War Advertising Coun cil, which is working out a planned spending and saving campaign to be sponsored by commercial and savings banks. The purpose of the campaign, is to improve the spending and saving hab its of American citizens by teaching them the advantage of thrift and par ticularly to point out the possibilities for the future of saving through war bonds, bank accounts, life insurance, and debt reduction. The advertise ments appeal not only to patriotic sen timent but directly to the self-interest of all Americans who have an income, particularly the high wage earners. It is hoped that the campaign will exert a strong influence against inflation, whose dangers increase with the ap proach of peace. Lt. William M. Sherrill, Jr., naviga tor and bombardier on a Liberator bomber of the Eighth Air Force in England, was reported killed in action. His father is Win. N. Sherrill, advertis ing manager of the First National Bank in St. Louis. Total deposits in 9,549 state super vised banks reached a new high at $57,650,981,000 on December 31, 1943, according to figures just released. This was an increase of $8,378,333,000 over the preceding year and covered 9,005 state commercial banks, loan and trust companies, private banks, stock sav ings banks and 544 mutual savings banks. So I ups and says to the Admiral, “ I ’m in the Army—you can’t boss me around!” Jack W. Edge, president of the Tipton (Iowa) State Bank has a son, Pfc. G. K. Edge, who is in the service over seas. (To page 26, Please) 25 S O H E L P F U L . . . SO P R A C T I C A L . . . printing! Now in its Fro m c o a s t to c o a s t bankers say, “ It helps cu re headache c h e c k s” Touches extremely pertinent banking problem. Should be helpful in curing some of these “ headache checks.” C le v ela n d , O h io Find it interesting as well as practical— N e w Y o r k , N . Y . Glad to see organizations such as yours giving thought to this irksome problem. Such pamphlets are a distinct con tribution to the desired end. — S a n F ra n c is c o , Calif. W ith so many green employees these days, it would be quite helpful i f the suggestions were followed. — W a s h in g t o n , D . C. Very much impressed by the effort o f your company to further check standardization. — B o s to n , M a s s. Idea is good enough to be presented to the American Bankers Association urging that concerted action be taken. — K a n sa s C it y , M o . E very bank in the country should have a copy. Each manufacturing stationer should have sufficient copies to distribute to each o f his salesmen. — L in c o ln t o n , N . C. M ost practical. M ost good would be derived if it were dis tributed to the financial divisions o f corporations and to establishments engaged in preparation and printing of customers’ checks. — P o rtla n d , O reg on “ Business Checks, their proper planning and design” has proved so popular with bankers that a second printing is on the press! throughout the country have found the distribution of this book a tactful and simple way to persuade their customers to design their checks properly. This Hammermill manage ment-idea book lists some 15 common faults of check arrangement, and shows the 8 E ssentials o f G o o d C h eck D esign . . . based on interviews with bankers and conforming to the latest recom mendations of A .B .A . B “ Business Checks” will save much of the time now wasted in your tellers’ and bookkeepers’ crowded day. ANKERS SEN D FO R YOUR CO PY H a m m e r m il l h a s s u p p lie d s a f e t y p a p e r fo r 30 y e a r s to A m e r ic a n b u s in e s s f o r t h e b e t t e r p r o t e c t io n o f b u s i n e ss c h e c k s a n d o t h e r m o n e y va lu e d o c u m e n t s . W e s h a ll b e gla d to s e n d a s a m p le b o o k o n r e q u e s t. N o o b lig a tio n . N o s a le s m a n w ill call. Safety Paper Division Hammermill Paper C o., Erie, Pa. Please send m e— free S m E JM MANUFACTURED https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis BY HAMMERMILL a copy of “ B U S IN E S S C H E C K S .” .Position. N a m e. (Simply attach coupon to, or PAPER COMPANY, write on, your bank letterhead ) ERIE, PA., FOUNDED Northwestern Banker n w b -o c 1898 October 26 In a letter to his family, Private Edge enclosed a poem which he had written, “On making both ends meet,” and which is here published for the first time in the N orthwestern B a n k e r : Insurance, too, of seven bucks, he can’t help but respect, Ten thousand, if he passes on, but he won’t be there to collect! “With many a task to sorely try the soldier of today, The worst, by far, he can’t deny, is stretching out his pay. Yet Congress says he’s overpaid, wit ness the British bloke, By the end of the month, it never fails, a Yank is always broke. ‘The Service Club and the Post Ex change claim some of his hard earned dough. When Grable is showing at ‘Number Four’, it’s ‘Soldier, on with the show.” His wants and needs are multiple— but the cash, alas, is nil, Since the medium of exchange today is still the dollar bill! “Come pay day, he’s resigned to pledge a part to the War Loan Drive So he buys his bond to the mournful tune of eighteen seventy-five; Sing Hi-de-ho and the Dairy-oh for the soldier and his pay; He’s out of luck if he spends a buck, ’cause, brother, that ain’t hay! He has no dates so he dissipates on a nickel bottle of coke, But blow me down, how he’d go to town—if he wasn’t always broke!” x J. V. Gilmour, vice president of Roche, Williams and Cleary, Inc., of 135 S. La Salle Street, Chicago, had a very interesting article in the Septem ber issue of “Trains,” in which he dis cussed “A Railroad Plans for Tomor row7.” Mr. Gilmour has helped plan and prepare advertising campaigns for a dozen or more railroads and has been identified with the introduction of some of the nation’s famous trains, and in his article he makes some new sug gestions which he believes should be incorporated in the railroad of tomor row. Overheard at a dinner party— k, “I clean my diamonds with ammonia, my rubies with Bordeaux wine, my emeralds with Danzig brandy and my sapphires with fresh milk.” Quiet woman sitting next to her: “ 1 don’t clean mine; when they get dirty I just throw them away.” Gardner Turrill, junior vice presi dent, California Bank, Los Angeles, stopped at the Northwestern Banker office on his way to the A.B.A. con vention in Chicago. Mr. Turrill formerly lived at Jeffer son, Iowa, and moved to California 24 years ago. He said it was “just like coming home again” to return to the Hawkeye State. The California Bank now has over $350 million in deposits and has shown very remarkable growth in the last few years under the leadership of Arch AY. Anderson, president. Investors Mutual, Inc., Dividend . . . is the personal element in the service 8 9 Y e a r s o f B a n k in g E x p e r ie n c e which we offer our correspondents. Here at ^MISSISSIPPI^ k V A LLEY^ Mississippi Valley Trust Company we are K trustÆ WLCOM w Member Federal Deposit insurance Corporation concerned not merely with making good first impressions, but with providing consistent co-operation year in and year out. MISSISSIPPI V A L L E Y TRUST Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October 1944 C O M P A N Y • ST. L O U I S , M O The board of directors of Investors Mutual, Inc., Minneapolis, an invest ment company of the balanced fund type, has declared a quarterly divi dend of 20 cents a share, payable Octo ber 16th to shareholders of record September 30th. Earl E. Crabb, president and chair man of the directorate, reported that this third quarter distribution brings the dividend total for the first nine months of 1944 to 50 cents a share. Ten cents a share was paid in the quarter ended March 31, 1944, and 20 cents was distributed in the period ended June 30, 1944. "T 27 "Experience is our only teacher, both in war and peace." —IV. S. Candor L a w re n c e S y ste m o ffe r s b a n k e r s 3 0 y e a r s o f s p e c ia liz e d e x p e r ie n c e in F ie ld W a r e h o u s in g . •. T^jT/ITH the cancellation of many war For over 30 years inventory loans have T contracts, the gradual release of sur been successfully handled with banks plus materials, and the reconversion to throughout the country. Hundreds of com production of consumer requirements, the modities—both raw materials and finished need for inventory loans will be greater products—have been used as acceptable than ever. Customers who have a large collateral. Probably the many inquiries percentage of their current assets tied up from your customers are no exceptions. in inventories of raw materials may need Inventory loans when backed by field immediate working capital and will seek warehouse receipts issued by Lawrence the aid of their banks during this period W arehouse Com pany are a p rofitable of financial readjustment. Bank loan offi source of income and good will to banks. cers can look to Lawrence System for field The Lawrence System experienced per warehousing plans that are time-tested sonnel will be glad to assist loan officers and absolutely sound. with any inventory loan problem. Write The Lawrence Warehouse Company has or phone the Lawrence office nearest your pioneered the development and uses of bank. Your inquiries will be considered field warehousing; and has specialized in confidential. Service will be rendered from the operating detail and skilled personnel. coast to coast. LAW R EN CE W A R E H O U SE CO M PA N Y Tield Warehousing https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FOR BANK LOANS A G A IN ST IN V EN TO R Y New York: 72 W all Street • Chicago: 1 N. La Salle Street • San Francisco: 37 Drumm Street . Los Angeles: W . P. Story Building . Buffalo . Atlanta • Cincinnati . Boston . Philadelphia . Kansas City . St. Louis New Orleans • Jacksonville, Florida . Dallas • Houston . Denver . Fresno . Portland, Oregon Northwestern Banker October 28 Financial Advertisers Association to Discuss Postwar Bank Problems 29th Annual Convention in Chicago on O ctober 25th-29th “THE POSTWAR role of banking in I the national economy, more effec tive methods of selling banks’ facili ties to the public and the services which these institutions can render returning veterans under the G. I. Bill (Veterans Readjustment Act of 1944) will be among the principal sub jects for review at the 29th annual convention of the Financial Advertis ers Association at the Edgewater Beach Hotel in Chicago, October 25th to 29th, according to an announce ment by Preston E. Reed, executive vice president. Featured also are ses sions planned to improve bank tech niques in public relations, employe relations, advertising, and publicity. The meeting is being streamlined un der the general theme of “What’s Ahead?” and the entire program has been planned to emphasize the role of banks in war bond sales and other war and postwar activities. John de Laittre, treasurer, Farm ers & Mechanics Savings Bank, Min neapolis, heads the program commit- tee, and J. Lewell Lafferty, vice presi dent, Fort Worth National Bank, Fort Worth, Texas, is general convention chairman. One of the features of the meeting is a classroom session each morning at nine-thirty with Dr. Harry W. Hepner of the College of Business Admin istration, Syracuse University, Syra cuse, New York, conducting a dis cussion of how banks can more effec tively present their services to the public and other public relations prob lems. The morning sessions will be fol lowed by one-hour programs, each conducted by a vice president of the Association. Afternoon programs will be given over to a series of departmental and clinic sessions. Attendance at the three departmental meetings will be limited to secure informal round table discussions of the subjects under re view and each will extend over three afternoons. The Trust Development program is under the direction of J. L. Chapman, trust officer, City Na tional Bank & Trust Company, Chi cago, and Savings development is be ing planned by a group headed by Lester B. Johnson, advertising man ager, American Trust Company, San Francisco. The Commercial Banking development program has been devel oped by a committee of which Frank R. Warden, vice president, Central National Bank and Trust Company, Des Moines, is chairman. Six clinic programs are being sched uled for the first afternoon and each one will be repeated on the two fol lowing days. Attendance will be lim ited to 15 each. Clinic subjects and those who conduct these open forum discussions are: Advertising, J. M. Easton, second vice president, The Northern Trust Company, Chicago; Employe Relations, Robert Lindquist, American National Bank and Trust Company, Chicago; Consumer Credit, Robert Umberger, executive vice pres ident, Industrial National Bank, Chi cago; Publicity, Rod Maclean, adver tising manager, California Bank, Los Angeles; Farmer-Bank Cooperation, Warren Garst, cashier, Home State Bank, Jefferson, Iowa; and Lobby and Window Display, John C. Trimble, as sistant vice president, Paterson Sav ings Institution, Paterson, New Jersey. Federally Insured Certificates to yield PLACE $25,000 (or any part thereof) to yield at the rate of...........................................3.40% In five Associations, with the entire sum Federally Insured. PLACE $50,000 (or any part thereof) to yield at the rate o f .. ...................................... 3.35% In ten Associations, with the entire sum Federally Insured. PLACE $100,000 (or any part thereof) to yield at the rate of...........................................3.02% In twenty Associations, the entire sum Federally Insured. EACH ASSOCIATION OFFERED IS A MEMBER OF FEDERAL SAVINGS & LOAN INSURANCE COR PORATION, AN INSTRUMENTALITY OF THE UNITED STATES, AND ALL ACCOUNTS, UP TO S5.000 IN EACH ASSOCIATION, ARE INSURED FOR SAFETY OF PRINCIPAL. Each Association Offered Is Federally Supervised, Federally Regulated and Regularly Examined by Federal Authorities. WE WILL PROVIDE AN OFFERING— WITHOUT FEE (AND THERE IS NO BROKERAGE) ALLISON WAUGH Financial Development Company (NOT INCORPORATED) 105 Sout h L a S a l l e Str eet Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October 1944 C h i c a g o 3, I l l i n o i s https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 29 An Even Bigger Job Ahead V -E Day marks the beginning o f an even bigger jo b — a tw o-fold job o f redoubling national effort to speed V-J Day, and at the same time getting ahead with reconversion, upon which peace time jobs depend. Bankers Trust Company offers its facilities and experience, in full co-operation with other Banks, to meet the needs o f Business and Industry. Consultation is invited on any loaning problem in which it is felt we can be o f help. A B a n k e r s Trust Comp any S e r v i c e Ba n k er s T r u st C o m pa n y NEW YORK Member o f the Federal Deposit Insurance Corporation Northwestern Banker October 1944 30 mm S E R V IC E M a in ta in in g an in tim ate, personalized correspondent bank service. E X P E R IE N C E Officials with years of serv ice in this field, assuring a knowledge of requirements and valuable assistance. P O L IC Y A B A Ready for Postwar Era (Continued from page 16) House Association to enjoy an hour of dent, looking as handsome as ever, wel sociability and relaxation. It was one comed the many friends of the Chemi place you could stand up and relax, be cal Bank and Trust Company to Suite cause the crowd was so thick everyone 2315 at the Stevens. could just lean against someone else. Col. W. G. Edens of Chicago, still go We heard of a few short persons whose feet never touched the floor from the ing strong at 81 years of age, probably knew more A.B.A. officials by their time they entered the room. first names than anyone at the meet M. O. Grangaard and C. B. Brombach, ing. This was the 40th year he had vice presidents, and J. J. Maloney, as attended the national convention. sistant cashier of the First National Bank of Minneapolis, held “open Carl L. Fredricksen, president of the house” in their rooms at the Stevens Live Stock National Bank of Sioux Hotel during the convention and City, Iowa, is now competing with greeted their many friends who were “ Blackstone the Magician” and proved in attendance at the A.B.A. convention. his legerdemain at a dinner party at the Union League Club by taking light L. Nevin Lee, vice president, was the ed cigarettes and putting them out by “official host” for the Bankers Trust pushing them into a napkin and yet Company of Des Moines at the lunch not burning the napkin in any way. eon and cocktail party in the Crystal Have Carl show you sometime how Ballroom of the Blackstone Hotel the he does it. opening day of the convention. This was a most delightful affair and other Louis H. Northrop, assistant vice officers who were hosts included B . F . president, and Harry G. Duntemaim, Kauffman, president; James W. Hub- assistant cashier, who furnish the bell, vice president; Lieut. R. R. Rollins “driving power” for the new business and S. C. Pidgeon, vice presidents. and advertising department of the First National Bank of Chicago, took Huntington M. Turner, vice presi us to lunch in the private dining room Tl A k W E CAN FURNISH NEW SAFE DEPOSIT BOXES A limited amount of material has been released to us by War Production Board lor construction ol new safe deposit boxes. Through this release, we plan to build several thousand safe deposit boxes. We can match the appearance of your present boxes. — ACT NOW — SEND US YOUR ORDER — HERRING-HALL-MARVIN SAFE COMPANY F A C T O R Y — H A M IL T O N , O H IO . B R A N C H E S — N E W Y O R K - CH ICAGO - W A S H IN G T O N We also have used Bank Vault Doors, Steel Vault Linings, Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Grilles, Night Depositories, Etc. October A 31 of their bank. Fortunately, we didn’t spill any soup on our necktie or eat our ice cream with a knife. Some of the interesting facts about the First National Bank are these: Deposits are now $1,900,000,000—the to tal savings accounts amount to $229,150.000, made up of 313,000 separate savings accounts. The total accounts in the bank of all kinds amount to 360.000. In one day recently, 156,000 items went through the clearings. The First National has 2,250 officers and employes, and those who especial ly greeted Chicago visitors from the N orth w estern B anker territory in cluded Emil A. Stake, vice president and cashier; J. J. Anton and Frank Copeland, vice presidents; Hal Lewis and V. L. Bartling, assistant vice presi dents, and Les Dryer, assistant cashier. William M. Jeffers, president of the Union Pacific Railroad, told the bank ers at the 70th annual convention that, “My concern is the concern of the com mon people, of which I am one, over this sinister notion that we can stamp all Americans in the common mold. I want the boys and girls of America to have the same privilege I had of mov ing from the lean-to to the cottage on the hill . . . If men of the type of Sidney Hillman and Earl Browder tell the American workingman how he can vote, then we’re headed for trouble!” I Frank Warner, secretary of the Iowa S prompt, efficient collection of W isconsin checks and drafts im portant to you? D o you ever need first-hand facts Bankers Association, stayed on after the A.B.A. meeting to attend a special conference of the Postwar Small Busi ness Credits Conference, which are making plans for the period following the war. about sources o f supply in W isconsin? . . . credit information? . . . market data? . . . who’s who? Whatever your requirements — routine bank ing service, special information, or off-the-beatenpath assistance — the chances are that the facil Those attending the A.B.A. meeting from Iowa, Minnesota, Nebraska, North Dakota and South Dakota were as follows: ities, long experience and statewide contacts of the First W isconsin National Bank o f Milwaukee can supply the answer. IOWA A. E. Anderson, cashier, Clay County National Bank, Spencer; C. W. Anderson, vice president, City State Bank, Madrid; M. A. Arneson, president, Clear Lake Bank & Trust Company, Clear Lake; J. P. Baden, president, Security State Bank, Independ ence; H. E. Bell, executive vice president, First National Bank, Colfax; Lavera M. Bell, cashier, State Bank, Gladbrook; N. P. Black and wife and Nancy Cassil, cashier, Perry State Bank, Perry; W. W. Blasier and wife, president, Farmers State Bank, Jesup; J. H. Boehmler and wife, vice presi dent, First National Bank, Hampton; H. N. Boyson and wife, vice president, Mer chants National Bank, Cedar Rapids; Ralph R. Brubacher, president, Toy Na tional Bank, Sioux City; E. F. Buckley and wife, president, Central National Bank and Trust Company, Des Moines; R. O. Byerrum and wife, vice president, First Trust and Savings Bank, Davenport; J. L. Campbell, president, Humboldt Trust and https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis This bank is the largest in the state . . . 25th in size among all banks in America . . . and over 85 per cent o f the hundreds o f banks throughout W isconsin are First W isconsin correspondents. Banks and Bankers Division GEORGE T. CAM PBELL.......................... Vice-President RICHARD J. LAWLESS - - Assistant Vice-President DONALD A. HARPER Assistant Vice-President ......——M em b er o f the F e d e ra l D ep osit In su ra n ce C o rp o ra tio n Northwestern Banker October Î9Ü 32 Savings Bank, Humboldt; W. R. Chitten den, cashier, Farmers Savings Bank, Vic tor; E. W. Clark and wife, president, United Home Bank & Trust Company, Ma son City; J. C. Collins, president, Iowa State Savings Bank, Knoxville; S. E. Co quillette and wife, president, Merchants National Bank, Cedar Rapids; J. Robert Cornell, vice president and cashier, First National Bank in Spirit Lake, Spirit Lake; V. P. Cullen, vice president, National Bank of Burlington, Burlington; Clifford De Puy, publisher, the N o r t h w e s t e r n B a n k e r , Des Moines; L. J. Derflinger, vice president, Clinton National Bank, Clinton; A. V. Dieken, cashier, Farmers Savings Bank, Grundy Center; A. T. Donhowe and wife, vice president, Central National Bank and Trust Company, Des Moines; H. P. Dow ling, president, Shelby County State Bank, Harlan; John W. Doyle, director, First National Bank, Colfax; L. Carroll Drake, president, Security State Bank, Radcliffe; Howard A. Drake, Security State Bank, Radcliffe; J. A. Dunlap, president, Security State Bank, Keokuk; Ralph Eastburn, president, Iowa State Bank and Trust Company, Fairfield; E. A. Ebersole and wife, vice president and cashier, The State Central Savings Bank, Keokuk; O. D. Ells worth, executive vice president, Ellis County State Bank, Adel; C. W. Fowler, president, Poweshiek County Savings Bank, Brooklyn; C. L. Fiester, cashier, Farmer State Savings Bank, Independence; R. B. Figge, vice president, Guaranty Bank & Trust Company, Cedar Rapids; G. A. Frampton, president, Iowa State Bank, Des Moines; Carl L. Fredricksen and wife, president, The Live Stock National Bank, Sioux City; Leonard Frescoln, executive vice president, First National Bank, Fair FIRST CHOICE for Short Term Investments T h e CONSOLIDATED DEBENTURES of the Federal intermediate credit banks offer outstanding advantages as short-term investments for both banks and corporations. These debentures are the joint and several obligations of the twelve Federal intermediate credit banks and are is sued in maturities of from six to twelve months. They are legal investments for savings banks, insurance companies and trust funds in New York and other states. Issued under the Federal Farm Loan Act, as amended, the debentures are eligible as security for all fiduciary, trust and public funds held under the authority or control of the Federal Government and are approved as security for the deposit of postal savings funds. Debentures are offered through recognized security dealers and dealer banks. Inquiries should be addressed to the Fiscal A g e n t or to dealers C H A R L E S R . D U N N , Fiscal A g en t 31 Nassau Street N ew Y ork 5, N. Y. THE FEDERAL INTERMEDIATE CREDIT RANKS SPRINGFIELD, MASS. LOUISVILLE, K Y . ST. PAUL, MINN. BALTIMORE, MD. NEW ORLEANS, LA. OMAHA, NEB. COLUMBIA, S. C. ST. LOUIS, MO. WICHITA, KAN. Digitized for Northwestern FRASER Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October 19't't HOUSTON, TEX. BERKELEY, CAL. SPOKANE, WASH. field; D. D. Fuller, vice president, Jackson State Savings Bank, Maquoketa; Warren Garst, cashier, Home State Bank, Jeffer son; Clarence P. Glenn, assistant cashier, Union Bank and Trust Company, Ottumwa; Kathryn Glenn, assistant cashier, Farmers and Merchants Savings Bank, Ottumwa; Charles R. Gossett, president, The Security National Bank, Sioux City; W. B. Griffin, cashier, Iowa State Bank and Trust Com pany, Fairfield; Everett Griffith, vice presi dent, Iowa-Des Moines National Trust Company, Des Moines; B. A. Gronstal and wife, president, Council Bluffs Savings Bank, Council Bluffs; J. M. Gronstal and wife, cashier, Treynor State Bank, Treynor; Paul Groszkruger, president, The Citi zens National Bank, Belle Plaine; Norman A. Guenther, president, First Trust and Savings Bank, Wheatland; C. H. Haesemeyer, president, Union Trust and Savings Bank, Stanwood; M. C. Hanson, cashier, First National Bank, Oelwein; M. H. Han son, executive vice president, Manly State Bank, Manly; H. J. Harms, Le Mars Sav ings Bank, Le Mars; C. F. Harris and wife, president, State Bank, Gladbrook; Henry H. Haynes, editor, The Northwestern Banker, Des Moines; Fred C. Heneman, president, First National Bank, Mason City; Herbert L. Horton, president, IowaDes Moines National Bank, Des Moines; F. J. Hoskins, cashier, Keystone Savings Bank, Keystone; J. W. Hubbell, vice presi dent, Bankers Trust Company, Des Moines; Harry T. Huff, cashier, The State Bank, Fort Dodge; James Huiskamp and wife, vice president, The State Central Savings Bank, Keokuk; J. M. Hutchinson, vice pres ident, Davenport Bank & Trust Company, Davenport; W. J. Jenkins, president, City State Bank, Madrid; A. E. Jensen, First National Bank, Creston; R. L. Jipson and wife, cashier, Central State Bank & Trust Company, Elkader; C. S. Johnson, execu tive vice president, First National Bank, Perry; V. W. Johnson and wife, presi dent, First National Bank, Cedar Falls; Erwin W. Jones, vice president, Iowa-Des Moines National Bank and Trust Company, Des Moines; B. F. Kauffman, president, Bankers Trust Company, Des Moines; Ed ward P. Kautzky and wife, assistant vice president, Valley Savings Bank, Des Moines; John B. Keeline, president, Cen tral Trust and Savings Bank, Cherokee; J. E. King and wife, Peoples National Bank, Albia; J. E. King, president, Peo ples National Bank, Albia; C. E. Kindwall. cashier, Albert City Savings Bank, Albert City; R. S. Kinsey, vice president, Powe shiek National Bank, Grinnell; V. D. Koons, president, First State Bank, Britt; Chas. J. Koss, cashier, Swisher Trust & Savings Bank, Swisher; L. Nevin Lee, vice president, Bankers Trust Company, Des Moineh; Opal A. Luce, acting cashier, American National Bank, Arlington; R. H. Maloney, cashier, Jefferson State Bank, Jefferson; J. J. Matthews and wife, vice president, Union Bank and Trust Company, Strawberry Point; Hugh C. McCleery, cashier, Peoples Savings Bank, Laurel; K. J. McDonald, president, Iowa Trust and Savings Bank, Estherville; Ralph MeGee and wife, executive vice president, Clarke County State Bank, Osceola; B. L. McKee and wife, executive vice president, Mus catine Bank and Trust Company, Musca tine; Chas. S. McKinstry, vice president, National Bank of Waterloo, Waterloo; Au gust F. Meyerhoff, president, Readlyn Sav ings Bank, Readlyn; Frank B. Miller, pres ident, Cedar Falls Trust & Savings Bank, Cedar Falls; J. J. Miller and wife, cashier, Waterloo Savings Bank, Waterloo; Ray A. Nold, executive vice president and cashier, Rock Rapids State Bank, Rock Rapids: F. G. Parsons and wife, vice president, Iowa 33 \ Trust and Savings Bank, Estherville; J. H. Peterman, president, Page County State Bank, Clarinda; A. E. Peterson, president, Albert City Savings Bank, Albert City; S. C. Pidgeon, vice president, Bankers Trust Company, Des Moines; Lehman Plummer, vice president, Central National Bank & Trust Company, Des Moines; F. F. Potter and wife, vice president, United Home Bank & Trust Company, Mason City; J. H. Pullman, vice president, Fremont County Savings Bank, Sidney; Fred Rewoldt, cash ier, Farmers Savings Bank, Frederika; Walter T. Robinson, vice president, New ton National Bank, Newton; S. I. Russell, president, Dickinson County Savings Bank, Milford; A. Ruther, cashier, Clarence Sav ings Bank, Clarence; M. O. Sagers, vice president, Jackson State Savings Bank, Maquoketa; Adolph G. Sam, president, First National Bank, Sioux City; A1 Sanderman, cashier, Melbourne Savings Bank, Mel bourne; George J. Schaller and wife, chair man, Citizens First National Bank, Storm Lake; W. F. Schmidt and wife, assistant cashier, Iowa State Bank and Trust Co., Iowa City; R. I.. Schmitt, cashier, Citizens State Bank, Donnellson; R. R. Schroeder, cashier, Iowa County Savings Bank, Marengo; L. J. Schuster, president, Clinton National Bank, Clinton; Winfield W. Scott and wife, vice president, Valley Savings Bank, Des Moines; Glenn A. Sherman, as sistant cashier, First National Bank of Fairfield,'Fairfield; Dwight L. Smith and wife, cashier, Decatur County State Bank, Leon; Horace Smith, Scarborough & Com pany, Des Moines; H. Staak, vice presi dent and cashier, Davenport and Trust Company, Davenport; Clay Stafford and wife, president, Ames Trust & Savings Bank, Ames; Ben S. Summerwill and wife, president, Iowa State Bank & Trust Com pany, Iowa City; R. A. Sweet, vice presi dent, Story County State Bank, Story City; G. C. Swiler, president, Burlington Sav ings Bank, Burlington; K. R. Tuttle and wife, cashier, Farmers Trust & Savings Bank, Spencer; D. U. Van Metre, vice pres ident and cashier, Mount Vernon Bank & Trust Company, Mount Vernon; H. Visser and wife, cashier, First National Bank, Hawarden; Max Von Schrader, vice presi dent and cashier, Union Bank and Trust Company, Ottumwa; Rolfe O. Wagner and wife, president, Capital Citv State Bank, Des Moines; Edward M. Warner, president, City National Bank, Clinton; Frank Warner, secretary, Iowa Bankers Associa tion, Des Moines; Charles E. Watts, presi dent, Commercial State Bank, Pocahontas; Frank C. Welch and wife, president, Peo ples Savings Bank, Cedar Rapids; Palmer W. Wilson, vice president, Brenton State Bank, Dallas Center; William H. Witte, vice president and cashier, American Trust and Savings Bank, Lowden; George W. Woods, executive vice president, First Na tional Bank, Council Bluffs; William Zun- kel, vice president, Central Savings Bank & Trust Company, Emmetsburg. MINNESOTA J. A. Allen, president, First National Bank, Milaca; F. A. Amundson, commis sioner of banks, St. Paul; C. W. Aurand, vice president and treasurer, Northwest Bancorporation, Minneapolis; P. D. Beau lieu, president, Austin State Bank, Austin; R. A. Bezoier and wife, vice president and cashier, First National Bank, Rochester; T. C. Blomgren, cashier, State Bank of Harris, Harris; Blanche Boesch, assistant secretary, Minnesota Bankers Association, Minneapolis; Tom Boright and wife, pub lisher, Commercial West, Minneapolis; W. L. Boss, assistant cashier, The First Na tional Bank, St. Paul; W. E. Brockman, vice president, Midland National Bank and Trust Company, Minneapolis; C. B. the value of Brombach and wife, vice president, First National Bank, Minneapolis; Harold Bull, president, National Citizens Bank, Man kato; F. A. Buscher and wife, president, National Bank of Commerce, Mankato; John Carlander, president, State Bank of Faribault, Faribault; D. Fay Case, wife and daughter (Irene), president, Security State Bank, Cannon Falls; J. A. Cassidy and wife, vice president, First National Bank, Windom; F. W. Conrad, vice presi dent, Northwestern National Bank of Min neapolis, Minneapolis; C. F. Dabelstein, president, Olmsted County Bank and Trust Company, Rochester; N. P. Delander, vice president, The First National Bank of St. Paul, St. Paul; J. DeLaittre, treasurer, Farmers and Mechanics Savings Bank, Minneapolis; Ben Du Bois, First State Bank, Sauk Centre; William Duncan, Jr., and wife, secretary, Minnesota Bankers Association, Minneapolis; Elmer V. Erick- E x p e r ie n c e I N M O V IN G LARGE BLOCKS OF SECURITIES ^TpHE successful disposal of blocks of securities usually requires extensive facili ties plus the valuable quality of experience. We have been closely associated with sec ondary distributions for many years and with special offerings since their inception. This provides us with that invaluable sense of tim ing and ” knoiv how” that are of definite advantage in disposing o f blocks of securities of all types and sizes. Whether you have occasion now to seek such services for institutions, estates or large private investors, or expect to require them in the future, one of our executives specializing in such distributions would be glad to under take to assist you. Related consultations are, of course, strictly confidential. We solicit the investment — T ru st Funds — Endow m ent Funds r — In s u r a n c e F u n d s 0 1 — P e n sio n F u n d s — C e m e te ry C a re F u n d s - —In d iv id u a ls . . a fe ty I/S lL ia u id itv M e r r il l L y n c h , P ie r c e , F e n n e r & B e a n e (Ir U P is' ¿fly F re e d o m fr o m M a r k e t L o sse s Underwriters and Distributors of Investment Securities Brokers in Securities and Commodities 70 PINE STREET N E W YO R K 5, N . Y . Offices in 85 Cities The Russell County Building & Loan Association R U S S E L L , K AN SAS https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker October 1944 34 son and wife, president, Cambridge State Bank, Cambridge; Martin F. Ernst, vice president, Midway National Bank, St. Paul; Oluf Ganrud, president, Swift Coun ty Bank, Benson; A. P. Garnatz, president, Farmers State Bank, Lyle; L. B. Gisvold, assistant cashier, Northwestern National Bank, Minneapolis; M. O. Grangaard and wife, vice president, First National Bank, Minneapolis; William H. Gree.l and wife, cashier, First State Bank, New Germany; Charles E. Harmon, assistant cashier, Northwestern National Bank, Minneapolis; George A. Haven, president, Boot Biver State Bank, Chatfield; Louis S. Headley, vice president, First Trust Company of St. Paul, St. Paul; A. W. Hoese and wife, president, Second State Bank, Glencoe; H. B. Humason, president, American Na tional Bank of St. Paul, St. Paul; S. L. Jerpbak and wife, comptroller, Marquette National Bank of Minneapolis, Minneap olis; C. E. Johnson, president, Empire National Bank and Trust Company, St. Paul; G. J. Johnson, vice president, Ameri can National Bank, St. Paul; O. G. Jones, president, Goodhue County National Bank, Bed Wing; H. S. Kingman, president, Farmers Mechanics Savings Bank, Minne apolis; J. F. Klobe, cashier, First National Bank, Glencoe; A. B. Lathrop, vice presi dent, The First National Bank, St. Paul; C. A. Lauritsen, president, Citizens State Bank, Tyler; W. F. McLean and wife, president, Minnesota National Bank, Du luth; J. J. Maloney, assistant cashier, First National Bank, Minneapolis; E. J. Mann, president, First State Bank, Brownton; H. C. Matzke, president, City Na tional Bank, Duluth; Leonard B. Moeller and wife, St. Paul Mercury Indemnity Company, St. Paul; Genevieve Nevin, Northwest Bancorporation, Minneapolis; Frank C. O ’Brien, vice president, North western National Bank, Minneapolis; Law rence 0. Olson, vice president, Midland National Bank & Trust Co., Minneapolis; Lynn S. Olson, vice president and cashier, First National Bank, Cloquet; E. L. Peters and wife, cashier, First National Bank, Cannon Falls; John T. Peterson, president, State Bank of Le Sueur, Le Sueur; B. M. Peterson, vice president, State Bank of Cokato, Cokato; B. M. Peyton, president, Minnesota National Bank, Duluth; H. H. Peyton, presideht, Pioneer National Bank, Duluth; J. N. Peyton, president, Federal Beserve Bank, Minneapolis; Frank P. Pow ers and wife, president, Kanabec State Bank, Mora; Otis B. Preston, Federal Be serve Bank, Minneapolis; W. F. Quiesser, vice president, Winona National and Sav ings Bank, Winona; G. N. Beppe, president, First State Bank, Grand Meadow; Joseph F. Bingland, vice president, Northwestern National Bank, Minneapolis; A. L. Bitt, president, Midway National Bank, St. Paul; J. L. Bivard and wife, vice presi dent, Bankers Certified Service Inc., St. Cloud; George M. Bobertson and wife, president, The First National Winona; B. E. Bogde, president, Princeton State Bank, Princeton; A. W. Sands, president, West ern State Bank, St. Paul; K. Orland Sat ire, vice president and cashier, Blue Earth State Bank, Blue Earth; J. B. Schuknecht, cashier, Miners National Bank, Eveleth; B. L. Smith, president, Stock Yards Na tional Bank, South St. Paul; C. W. Spauld ing, president, Farmers National Bank, Waseca; S. Speranza, president, Produce Exchange Bank, St. Paul; H. G. Swanson, vice president and cashier, Drovers Ex change State Bank, South St. Paul; J. Cameron Thomson, president, Northwest Bancorporation, Minneapolis; N. Y. Torgerson, president, Farmers State Bank, Adams; N. A. Welle, cashier, Arlington State Bank, Arlington; C. W. Wilkins, president, First National Bank, Austin; Theodore Wold, chairman of the board, Northwestern National Bank and Trust Company, Minneapolis; Willis D. Wyard, president, First and American National Bank, Duluth. N EBR ASK A Out-of-Town Ranks Out-of-town banks and bankers will find here complete banking facilities for prompt and economical handling of accounts in Chicago. We would appreciate the opportunity of serving you. C i t y N a t io n a l B a n k AND T RUS T 2 0 8 S O U T H Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C O M P A N Y of C h i c a g o L A S A L L E (Member Federal Deposit Insurance Corporation) October 19bft S T R E E T Leroy Abbott and wife, vice president, Guardian State Bank, Alliance; G. J. Armstrong and wife, executive vice presi dent, Overland National Bank, Grand Island; Edward A. Becker, vice president, The Continental National Bank, Lincoln; A. C. Bek, cashier, Cattle National Bank, Seward; B. O. Campbell, vice president, The First National Bank of Lincoln, Lin coln; Chas. L. Cooper, president, Farmers State Bank, Wallace; J. J. DeLay and wife, president, The DeLay National Bank, Norfolk; Phil B. Easterday, chairman of the board, The First National Bank of Lincoln, Lincoln; Herbert H. Echtermeyer, vice president, Live Stock National Bank, Omaha; Irl Else, president, Fairbury State Bank, Fairbury; Howard Freeman, execu tive vice president, First National Bank of Lincoln, Lincoln; T. F. Green, cashier, Bank of Valley, Valley; F. A. Hansen and wife, cashier, City National Bank, Hast ings; William B. Hughes, secretary, Ne braska Bankers Association, Omaha; Wil liam M. Jeffers, president, Union Pacific Bailroad, Omaha; H. C. Karpf, vice presi dent, Live Stock National Bank, Omaha; C. A. Keene and wife, director, Fremont National Bank, Fremont; P. M. LaVelle, vice president, Farmers State Bank, Wal lace; Vern Manahan, assistant cashier, City National Bank, Hastings; Wade B. Martin and wife, director of banking, State of Nebraska, Lincoln; Edgar McBride, president, The Commercial Bank, Blue Hill; Mary McBride, vice president, Com mercial Bank, Blue Hill; James E. Milliken and wife, president, Fremont National Bank, Fremont; C. J. Mortensen, president, Nebraska State Bank, Ord; Ellsworth Mo ser, executive vice president, The United States National Bank, Omaha; William N. Mitten and wife, president, Stephens Na tional Bank, Fremont; J. O. Peck and wife, president, Central National Bank, Colum bus; J. F. Peters and wife, cashier, Bank of Yutan, Yutan; W. H. Pierce and wife, president, First National Bank, Shelby; Your V’— Mail letters to your b oy o ve rse as— and his to you— tra v e l on R eco rd ak mi crofilm e xclu siv ely . . . fo r the V — M ail system , with its sp e e d , sp a ce savin g , and assurance of d e liv e ry , g re w out o f R eco rd ak. Your Selective Service n u m b e r _ with the e x a c t time and o rd e r o f its d raw in g — w as p ho to grap h ed the R e cord ak w a y . Your Social S e c u rity record — “ the w o rld ’s b igg est book keep ing ¡o b ” — is s a fe g u a rd e d b y R e co rd ak, mountainous files condensed. If your account is in one of thousands of the country’s p ro gressive banks— is photo g rap h e d b y your b an k, using R eco rd ak . . . protecting you an d sim plifying banking. Your Life Insurance policies, or reco rd s, a re filmed with R e co rd ak b y m any insurance com panies— thus m ad e erro rp ro o f, tam p e r-p ro o f. ïÆt ?<>V" ; . You r H o sp ita l "case history" m ay b e s a fe ly tucked a w a y in "ca p su le size ” in your hospital's R e co rd ak file . Your War B ond purchase records a re p ho to grap h ed b y the T re a s u ry , which uses the R e co rd ak System to insure you ag a in st loss. Recordak System safeguards the vital records of everyone's life AKE a nation of 135,000,000. Millions of them writing checks every day. Millions with insurance policies. Millions buying War Bonds, carrying Social Security, and being counted in the Census . .. What a chance for “mix-ups” and loss —imagine the endless piles of ac cumulating records! Then came bank-perfected Re cordak—“photography in a nutshell.” It reduces Insurance Policies to postage-stamp size. It photographs canceled checks at the rate of 100 a minute. Being photographic, it puts on film the exact image of what ever it shoots. Only a few of lle- T You r Account R ecord in m any d ep artm e nt stores is now kep t on R eco rd ak microfilm. You r U.S. C e n su s record the last time you w ere counted, and e v e ry other time— is now on R e co rd ak microfilm . . . along with the hundreds o f millions o f other Census record s, going b ack to 1 7 9 0 . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cordak’s applications are shown here. There are hundreds of others. Filing space? With Recordak, it averages one per cent of that needed for the original documents. This pho tographic tool of banks, industry, business, government, developed by Kodak, “keeps the walls from bulging.” EASTMAN KODAK COMPANY ROCHESTER, N. Y. REMEMBER THE U.S.S. ALCHIBA . . . not a warship; just a cargo vessel?—how, landing desperately needed supplies in the Solomons, she was struck by a Jap torpedo—and with her decks a hell of flame—her crew stayed by and saved both ship and cargo? —A stem example for us at home. BUY MORE WAR BONDS Serving human progress through photography W hen you lose a document that is im portant to you, it take s but a fe w minutes to locate it in the R ecord ak file , and bring it up to " life s ize ” in the film r e a d e r . Th e re ’s your lost Insurance Policy— or W a r Bond— or Check! https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RECORDAK OFFICES E x e c u t i v e O f f ic e s 350 ■< M adison A ve n u e , N ew Y o rk 17, N. Y. T' ATLANTA BOSTON CHICAGO CLEVELAND DALLAS DENVER DETROIT HOUSTON LOS ANGELES NEW ORLEANS PHILADELPHIA PITTSBURGH PORTLAND, ORE. SAN FRANCISCO WASHINGTON, D. C. Additional developing facilities at KANSAS CITY, MISSOURI AND JACKSONVILLE, FLORIDA X Yes, and you started him on his film ca re e r. . . https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ' U L l O V t* s t o r y h PAG, '' 500,000 readers You started him on his film career with your banking use of https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis RECORDAK I ^ A R T I C I P A T I O N by the bankers o f A m erica in the introduc tion and perfection o f Recordak opened the d o o r to entirely new and better operating systems through m odern m icrofilm ing. T housands o f progressive banks are using R ecordak to save time, space, and m oney, and because it gives them the m ost com plete protection o f any accounting system yet devised. T o d a y , many other businesses— life insurance com panies, de partment stores, railroads, utilities— and the G overnm ent have fo llo w ed the banks’ exam ple. In fact, the usefulness o f R ecordak is lim ited only by the ingenuity with w hich its photographic principle is applied. A s a banker, you are familiar with what R ecordak systems ac com plish in single posting, transit, and a dozen other banking operations, where R ecord ak ’s photographic speed and accuracy save up to 4 5 % net o n per item costs and 5 0 % on supplies— as w ell as 9 8 % in storage space. Y o u w ill find R ecordak even m ore valuable in postw ar years. RECO RD A K C O R P O R A T IO N (Subsidiary of Eastman Kodak Company) 350 Madison Avenue, New York 17, N. Y. 35 E. E. Placek and wife, president, First National Bank, Wahoo; R. R. Ridge and wife, vice president, The Omaha National Bank, Omaha; O. A. Riley, vice president, The Hastings National Bank, Hastings; Ivan C. Riley and wife, president, First National Bank, Fairbury; E. W. Rossiter and wife, president, Bank of Hartington, Hartington; H. A. Schneider, president, Plattsmouth State Bank, Plattsmouth; Robert I. Stout, president, First National Bank, Tekamah; Richard W. Trefz, presi dent, Beatrice State Bank, Beatrice; Ed win N. Van Horn and wife, president, The Federal Land Bank of Omaha, Omaha; Austin L. Vickery and wife, cashier, United States National Bank, Omaha; Samuel C. Waugh, executive vice president, First Trust Company, Lincoln; C. H. Wear, cashier, Union Bank, Lincoln; C. F. Witt, president, South Omaha Savings Bank, Omaha. IF YO U D ESIR E AN INSURED — NON -SPECULATIVE — WORRY- FREE INVESTMENT th e n p la c e y o u r m o n e y in th e D a n ie ls o n F e d e r a l S a v in g s a n d L o a n A s s o c ia t io n , w h e re a ll S a v in g s A c c o u n ts a re F e d e r a lly in s u r e d u p to $ 5 , 0 0 0 . 0 0 an d w h e re C u rren t a re at 3% per annum . 1916. T ru st F u n d s. I n f o r m a t io n . Send f o r S ta te m e n t a n d R e g u la r S e m i- A c c o u n ts h e re le g a l f o r Danielson Federal Savings and Loan Association 84 Main Street Phone 377 Assets Over $6,000,000.00 NORTH DAKOTA Clarke Bassett, president, Merchants Na tional Bank & Trust Company, Fargo; Ralph Butterwick and wife, vice president, Dakota National Bank, Fargo; H. A. Fisch er and wife, cashier, Farmers Second Bank, Washburn; John A. Graham, state exam iner, Bismarck; A. C. Idsvoog, president, Grafton National Bank, Grafton; Fred A. Irish, chairman of the board, First Nation al Bank and Trust Company, Fargo; Gor don H. Nesbit, president, First National Bank & Trust Company, Fargo; Fred R. Orth, First National Bank, Grand Forks; Evan D. Saltzman, president, First Nation al Bank, Bismarck; E. L. Shaw and wife, president, Fargo National Bank, Fargo; F. A. Vogel, manager, Bank of North Da kota, Bismarck; C. C. Wattam, secretary, North Dakota Bankers Association, Fargo. D iv id e n d s A n n u a l D iv id e n d s h a v e b e e n p a id s in c e Danielson, Conn. rj*r^" “ •-a trout stream in the front yard—mountains at the back door♦••” ïîp SOUTH DAKOTA E. G. Berger, cashier, Deuel County National Bank, Clear Lake; O. J. Boos, president, Miner County Bank, Howard; R. A. Cihak, cashier, Commercial State Bank, Wagner; Roy Deane, chairman of board, Rapid City National Bank, Rapid City; Harry J. Devereaux, vice president, Rapid City National Bank, Rapid City; Mrs. Lois J. Halvorsen, secretary, South Dakota Bankers Association, Huron; Tom N. Hayter, vice president, First National Bank, Sioux Falls; Erling Haugo, super intendent of banks, Department of Bank ing and Finance, Pierre; H. R. Kibbee and wife, president, Commercial Trust and Sav ings Bank, Mitchell; A. R. Olson and wife, vice president, First National Bank, Beresford; William C. Rempfer and wife, cash iers, First National Bank, Parkston; H. N. Thomson, vice president, Farmers and Mer chants Bank, Presho; John Thomson and wife, cashier, The Bank of Centerville, Centerville; N. J. Thomson, president, Farmers & Merchants Bank, Platte; Ralph M. Watson and wife, president, Northwest Security National Bank, Sioux Falls. No Need A member of the line wanting to be an aviation cadet went up to an old Army man and asked how. The Old Army Man; “ Do you drink? Do you smoke? Do you go out with women?” Line Member: “No, absolutely, NO.” The Old Army Man: “ Then why study aviation? You must have wings already!” https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Y F /’ H O ’ S ta lk in g ? Just a b o y and a ” girl plannin g their future— the in herent p rivilege o f a ll A m ericans. In this country yo u ’ve always trav eled w here y o u w ish ed , settled where yo u p leased and tried yo u r hand at w hatever yo u chose. T h at’ s the A m e ric a n w ay o f life — the w ay the F ou n d in g Fathers m eant it to b e . It’s f r e e e n te rp rise ! T ak e the case o f S olom o n Juneau, B yron K ilb o u r n , A le x a n d e r M itch ell and th eir associates— pion eer A m e ri cans w ith an en terp risin g idea. T h e y envisioned a railroad extending west w ard fro m M ilw a u k e e to the M issis sippi R iv er. In the face o f skepticism and hard ship s, they p lan n ed , perse vered, p re v a ile d ! B u ilt nearly a h u n d red years ago, this railroad becam e T h e M ilw au k ee t h e M R o a d , eventu ally op ening new tory clear to the Pacific Coast. Sturdy pioneers— eastern tenant farm ers, and im m igrants, too— staked out farm s in new country and becam e land ow ners. C lerk s, w ith m ore courage than capital, le ft secure em p loym en t to open crossroads stores and b e co m e in d ependent m erchants. B lack sm ith shops grew to great industries, and territories achieved statehood. T h at’s how the A m eric a n system w ork ed yesterday— and w ill w ork to m orrow . M e n w ith ideas b u ild rail roads, or au tom o b iles, o r radios, or tractors. T h e y tap new resources, fou n d new m arts— and constantly open new op portunities fo r others. It has p roved a good system . L et’ s not tam per w ith it— except as w e m ust, tem p orarily, in achieving V ic to ry — lest w e w in th e war and lo se o u r lib erty. il w a u k e e SERVING THE terri SERVICES AND R o a d YOU Northwestern Banker October 1944 36 SOMETHING ON THE BALL In football it takes eleven men to make a team, but the Star is the man with the most on the ball. So it is in business, we all need teamwork to win. Let us help you support your star client by providing the COMPLETE IN SURANCE COVERAGE he needs. CALL WESTERN MUTUAL F IR E IN S U R A N C E CO . 9 th & Grand Des Moines, Iowa “ Over a Third o f a Century o f Safety and Service with Savings' Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October 19bb 7 Don't Want a Mere Policyholder... I Want a F r ie n d * * "G ive Me 1,000 Friends and I Will W rite More Business By Accident Than Any Two Other Agents W ho Are Simply Trying to Sell a Policy and Collect a Commission" AM not orthodox. On the contrary, by way of emphasis, permit me to state that I am distinctly unorthodox in this great human business of life in surance. That admission carries with it the privilege of the iconoclast in so far as the right to stray from the beat en path is concerned. My life insur ance experience covers only a period of twenty-eight years, in which time I have succeeded in not becoming a phe nomenal producer; therefore, t h a t which I may say in this brief article may be taken with the proverbial grain of salt, and any who might by chance take exception to my humble ideas and practices may do so with good grace, for after all “ The proof of the pudding is said to be in the eating.” Having thus exposed myself as only an aver age humble, plodding Arkansas “ ridge runner,” let us now speak with com plete frankness, with complete humil ity and, may it please God, complete honesty. First, may we disclaim any personal credit for any accomplishment that may have come your way or my way. The probability is that those few ideas which I may express are not original. I have probably read them, or much more likely overheard them. Undoubtedly, your humble friend here is the world’s worst record keep er. I frankly admit to you that I don’t know how many calls I have made, how many interviews I have con ducted, or how many I will have next week. I frankly admit to you that I I https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis By Alvin M. Wilson General Agent Franklin Life Insurance Company Kansas City, Missouri A L V IN M . W IL S O N “ I am distinctly unorthodox” have no respect for that old favorite known as the “law of averages.” If by chance I follow any single plan which has merit it is the “ application per week” idea and I confess to you that this idea was not original with me. My company told me that to write at least one application a week keeps an agent in the “producer’s groove.” I take no credit. It simply seems a smooth track for me to run on, and being one of those individuals looking for “ smooth pathways,” I have fallen in line. Grant me credit for this conformity. You naturally wonder how all of these years I have been fed and why I reasonably anticipate that in the years to come both my family and I will be fed; and sometimes I wonder myself. Well, I shall try to tell you as best I may. But promise me this, particular ly all of you novices, that you will lis ten to your superiors and that you will not listen to this “different drummer” who seems to speak a different lan guage. I like to believe that the product which I have to offer is unique. I like to believe that there is no product un der heaven that can do as much for a man or a woman as my product. I like to believe that the years through my ownership of the product myself, have given to me an understanding of what my product is. Someone told me one day that there were only about four real reasons why any man would not buy a life insurance contract. They were enumerated thusly: 1. He does not like the underwriter personally. 2. He cannot pass the requirement. 3. He cannot raise the necessary de posits. Northwestern Banker October 19bb 38 4. He does not thoroughly under you can, I wish you would name it. I think we may pass up the questions of stand the product. Can you think of any other conceiv physical and moral requirements, pre able reason why he would not buy? If mium deposits, and the understanding Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October Í.944 of the product. They are largely rou tine. Failure does not come to a sales man many times on those three items. Failure often comes to the salesman on number one. He doesn’t like the indi vidual underwriter. So let us analyze. The books on per sonality development, the tricks of the trade and all of this superficial prat tling won’t do the job. Fundamentally, I must either inherently “be right” or through counsel “ get right” myself, if I am to influence men to my way of thinking. Therefore, to me that is the big job before any underwriter who expects to succeed and I speak of suc cess from every angle and not from the angle of money accomplishment to which I attach relatively little signifi cance in speaking of success. As an aside may I remark that if money were my measure I would be in some other business. That which I want above all things in this business is friends. My friend said to me once, “A good friend is hard to make, and harder to lose.” There is gold in that “hill” if you understand it “ pardner.” Definitely I don’t want a mere policyholder. Definitely I do want a friend. Give me one thousand friends and this old broken down agent will write more business by accident than most any other two agents who are simply trying to sell a policy and collect a commission thereon. Permit me therefore to say that the first thought of any man in this busi ness is to make and to retain true friends. Time and space does not per mit me to dwell there. It is sufficient that I have said it. You do with it what you will, but I recommend you give that statement earnest, deliberate, considerate thought over an extended period, and then may I suggest you meditate upon it both morning and evening, and then start the whole proc ess over again. I walked into his office recently and spoke to him concerning something that was dear to his heart. I let him talk and talk and talk about his obses sion (and everyone has one—don’t for get it). He talked and talked and talked and, without my asking, he told me “what he wanted out of life.” Noth ing was said particularly about details because he had dealt with our company for more than 20 years. He owns $50,000 life insurance in the Franklin in more than one policy. He has re peatedly bought in this company. He said, “ I’ve enjoyed all my dealings with this concern for 20 years now. I per sonally know some of the officials, and naturally have the highest regard for them and, of course, I’ve known you for a long time, and I don’t believe you would steal much—so, if it’s like you 39 say it is, I might put some more money into the Franklin.” I believe he liked it when I didn’t rush him right then, but instead simply said, “ The officers of ‘our’ company have, on more than one occasion, told me that they consider you one of the most valued policyhold ers in my territory and, since this is true, I’m going to see if I can get a cer tain important officer, who I know is to make a trip west within a few days, to route himself through our city, be cause I know our company would want some such official to be on hand that he might personally see to it that every detail would be understood and worked out exactly as he, one of our company’s most important policyholders, wants it.” This was promptly arranged. That very week this nationally prominent man, in the presence of this busy offi cial of our company, and my humble self, wrote with pride his check for $40,000, payable to “our” Franklin Life Insurance Company. Everyone con cerned is quite happy now in the firm and sincere belief that this fellow’s financial affairs have been arranged and “set up” in a manner that will ac complish the most for him and his family for the longest possible period of time. Do you wonder what I mean when I say I have little regard for the law of averages? Do you wonder what I mean when I repeat that I am dis tinctly unorthodox in this great human business of life insurance? S H O U LD STATE O F F IC E R S BE ELEC T ED BY M A IL? (Continued from page 22) ter representation. We could get pretty close to 100 per cent representation from all the banks that way.” John Sieh, Spencer, Iowa: “Maybe we don’t know these fellows very well, in which case I think, it would be bet ter to see them and talk it over with the others at a convention.” C. B. Barron, cashier, State Bank of Vinton, Vinton, Iowa: “ I think it might be a good idea to turn in the ballots beforehand, and at the convention if you change your mind, pick up your ballot and vote over.” Glen H. Millard, cashier, Dunlap Sav ings Bank, Dunlap, Iowa: “No. I think all the voting should take place at the convention with everyone there.” Nels Li. Sholin, assistant cashier, United States National Bank, Omaha, Nebraska. “Yes, voting by mail would mean better representation and more votes.” Guy. M. Butts, president, Exchange State Bank, Wesley, Iowa: “ If nomina tions were made and two or more can https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis didates were nominated for each sepa rate office I would feel that voting by mail was a very democratic move and most assuredly approve such action. It would be useless if just one candi date for each office were named. We would be right where we are.” James McPherson, cashier, City Na anything wrong with voting by mail if the people can’t be here. But it is most interesting to attend the conven tions. There are things that can be said for both sides.” Night watchman in any European town: “ Eight o’clock, and all is hell.” tional Bank and Trust Company, Kan sas City, Missouri: “No. By voting by mail elections would be too routine, but if the voting takes place at a con vention there is an opportunity to meet fellow bankers and discuss candi dates.” Ed Prince, president, First State Bank, Webster City, Iowa: “ I don’t see M ERCHANTS MUTUAL BONDING COM PANY Incorporated 1933 SINCE 19 19 H o m e O ffic e VALLEY BANK B U IL D IN G Des M oin e s, Iowa • • T his is Iow a’ s oldest surety com pany. A progressive com pany w ith exp eri enced, conservative m anagem ent. are proud of our hundred and We fifty bank agents in Iow a. T o be the exclusive representative of this com pany is an asset to your bank. Hawkeye Mutual Hail • Insurance Association C arver Bldg. F ort Dodge. • W rite to E. H. W A R N E R Secretary and M anager Iow a L ow C ost, N o n -A s s e s s a b le FARM LIABILITY INSURANCE fo r Y o u r F a rm e r C lients 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 pay ments for hired men or hired girls regardless of respon sibility. Essential protection. Easy to interest farmer. In vestigate for your agency. Write ALLIED MUTUAL CASU ALTY COM PANY Harold S. Evans, Hubbell Building P resid en t Des Moines 7, Iowa Northwestern Banker October 1944 40 t h e e N a t i o n c o m e s t h f r o D i s t r i c t O R E is one of the sources of prosperity in The Ninth District counts as one of its great assets the the Ninth District and a vital element in our nation's rich ferrous deposits with which Nature has endowed economic welfare— in peacetime production, and right the area. now, in wartime's critical needs. stantial tax revenue, employment benefits to many resi 94,98 8,0 00 net tons of iron ore were shipped from the dents of the District in mining and shipping— by rail Ninth Federal Reserve District in 1943. This tonnage and by water— and which supplies earnings of real con had a\aluation of $214,834,000 at point of shipment. sequence to the district’s great native railroad systems. I rON The First National A F F IL IA T E D W IT H F IR S T BANK STOCK Bank o f Saint Paul Frederic R. Bigelow, Chairman Board of Directors Richard C. Lilly, President Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis It is a store of wealth which carries a sub C O R P O R A T IO N October i.944 M EM BER FED ERA L D E P O S IT IN S U R A N C E C O R P O R A T IO N 41 Security State Bank, Wells; P. R. Kenefick, National Citizens Bank, Mankato; Leonard Machart, First National Bank, Pine City; K. T. Martin, First National Bank. Minneapolis; Edw. S. Olson, First National Bank, Starbuck; Law rence Paulson, Farmers State Bank, Rothsay; W. A. Putman, First & Amer ican National Bank, Duluth; Frank T. Sankovitz, First National Bank, Wase ca; W. R. Siems, First State Bank, Williams. MINNESOTA NEWS W ILBUR F. McLEAN President Duluth W IL L IA M DUNCAN, Jr. Secretary Minneapolis McLean Names Minnesota Committees F. McLEAN, president of Min- man, First Trust Co. of St. Paul State . nesota Bankers Association, has Bank, St. Paul. announced committee appointments GOVERNMENT LENDING AGEN for the coming year. The committees CIES—O. M. Alme, American State and names of members follow: Bank, Moorhead (chairman); Guy S. AGRICULTURE — A. W. Hoode- Bacon, Empire State Bank, Cotton check, State Bank of Worthington wood; C. F. Dabelstein, Olmsted Coun (chairman); C. E. Caldwell, First Na ty Bank & Trust Co., Rochester; L. C. tional Bank, Farmington; Guy C. Clem Dorweiler, Chokio State Bank, Chokio; ent, First National Bank, Henning; C. H. G. Eiselein, Currie State Bank, Cur B. Dahlquist, Citizens State Bank, rie; E. J. Feldman, First National Roseau; G. M. Davis, State Bank of Bank, Pipestone; John Gunderson, Morgan; A. L. Fosteson, First National Peoples State Bank, Cambridge; A. F. Bank, Blooming Prairie; R. K. Evans, Oberg, Security State Bank, LindSecurity Bank & Trust Co., Owatonna; strom; Hans C. Pedersen, Farmers & O. F. Grangaard, Security National Merchants State Bank, Ruthton; A. G. Bank, Willmar; W. A. Grunert, Se Reiter, Security State Bank, Howard curity National Bank, Montevideo; H. Lake; F. W. Schwanke, First National R. Hommedal, Union National Bank, Bank, Deerwood; R. M. Storlie, San Rochester; Geo. H. Hubmer, St. Clair tiago State Bank, Santiago; N. V. TorState Bank, St. Clair; Elvin Humble, gerson, Farmers State Bank, Adams; First National Bank, Rushford; Wm. J. Forrest Yetter, First National Bank, M. Kozel, Citizens State Bank, Mont Stephen. gomery; A. B. Lathrop, First National CONSUMER CREDIT—A. C. Arm Bank, St. Paul; B. W. Lloyd, Citizens strong, Northwestern State Bank, Du State Bank, Fulda; H. B. Lueders, Na luth (chairman); Grant Anderson, tional Citizens Bank, Canby; J. C. Northwestern National Bank, Minne Moore, Stock Yards National Bank, apolis; F. A. Buscher, National Bank of South St. Paul; Alden Pearson, Becker Commerce, Mankato; Lewis G, Castle, County National Bank, Detroit Lakes; Northern National Bank, Duluth; A. P. Rischmiller, State Bank of Gib Frank H. Delaney, First National bon; R. E. Rogde, Princeton State Bank, St. Paul; W. C. Krog, Farmers Bank, Princeton; F. R. Schlichting, & Merchants State Bank, Stillwater; Drovers Exchange State Bank, South M. B. McDonald, First National Bank, St. Paul; J. M. Shrader, First National Minneapolis; V. E. Mikkelson, Fidelity Bank, Marshall; Geo. H. Vetter, Farm State Bank, Minneapolis; J. T. Peter ers & Merchants State Bank, New Ulm; son, State Bank of LeSueur; Frank P. T. G. Wurst, State Bank of Greenwald. Powers, Kanabec State Bank, Mora; A. I. B. EDUCATIONAL—Robert C. F. F. Zander, Marquette National Rutherford, 250 McKnight Building, Bank, Minneapolis. Minneapolis (chairman); Lubin G. BANK MANAGEMENT—R. A. BeBoehme, Northwestern National Bank, zoier, First National Bank, Rochester Minneapolis; Ray W. Campbell, First (chairman); Edw. Anderson, State & American National Bank, Duluth; Bank of Bird Island; H. J. Dockstader, P. W. Colbert, First National Bank, First National Bank, Bovey; John Minneapolis; S. J. Kryzsko, Winona Dragavon, State Bank of Tower; Fred National & Savings Bank, Winona; J. Gode, American National Bank, St. Edw. E. Michel, Northern National Paul; William A. Gray, City National Bank, Duluth; Claude Morton, Prince Bank, Duluth; E. A. Highum, Security ton State Bank, Princeton; Roy Over State Bank, Lewiston; Martin Kalton, W https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Elect President The board of directors of the North western State Bank, Ulen, Minnesota, held a meeting last month to elect a president to fill the vacancy left by the death of the late Egbert Hekman the past month. A. J. Andersen, Sr., former cashier, will serve as the new president and his son, Arthur Ander sen, Jr., will fill the position of cashier. Stanley Andersen, Kansas City, is a di rector. Victor Hanson, Lockhart, and C. E. Pederson will continue as vice presidents. Takes Over Bank Frank S. Graham of Excelsior Springs, Missouri, has purchased the majority of the stock of the Windom National Bank, Windom, Minnesota, from John J. Rupp, M. L. Fisch- and Frank Perso. As a result of the trans action Mr. Rupp will withdraw from actual management of the bank and Mr. Graham, a former national bank examiner will take over. Bank President Dies Frank J. Johnson, 76, president of the First State Bank, Rushmore, Min nesota, died in the Worthington hos pital recently. He had suffered burns several weeks ago and did not rally from the shock. Marks 40th Year Al J. Hole has been with the banks of Cass Lake, Minnesota, for forty years, coming to the First National Bank in September 1904, as a clerk and working up to president of that institution. He left recently for a two months vacation in the West. Returns to Bank Tom Weber resumed his old duties at the First National Bank of St. Peter, Minnesota, last month after a two year absence, one year of which was spent in the army. He was discharged after serving 10 months and since then had been employed by the Industrial Tool and Die Works in Minneapolis. Pre vious to that he had been employed for 20 years at the bank, where he now succeeds C. T. Olsen, cashier, who reNorthwestern Banker October i9'fb 42 • MI NN E S O T A signed. This marks the end of 25 years of service to the bank, Mr. Olsen hav ing begun work there in 1919, shortly after he returned from serving a year in the marine corps during World War I. Previous to that he had worked for a year in a bank at Sisseton, South Da kota. Turn Over Deposits The First National Bank, Chatfield, Minnesota, completed its voluntary liquidation last month by depositing NEWS- with the Root River State Bank at Chatfield sufficient funds to cover the residue of its deposits, and leaving the accounts at that bank to be paid to the owners. The Root River State Bank is mak ing plans for an expansion program. It is expected that they will affect the lobby, the working space, the safe de posit facilities and the outward appear ance of the bank, as well as bookkeep ing and other operations. In commenting on the prospective HOW LARGE ARE YO U R CHECK IN VEN TO RIES? Years ago banks were accustomed to carrying large inventories o f varied check styles. Gradually certain slow m ovin g form s were eliminated but, generally speaking, stocks continued to be substantial. In recent years w e have observed that quite a num ber o f smaller banks have discontinued stocking large size cus tom ers’ checks entirely. T hey carry only pocket checks and order every thing else from our catalog. This seem s to m ake sense because not only can they reduce their investments but they are enabled to recover m ost o f their check costs and at the same time provide a m uch wider selection o f styles and colors than they could h ope to carry in their ow n stock room s. O n e bank we serve gives each new account a b o o k c o n t a i n i n g o n l y te n ch e ck s fo r e m e r g e n c y use until the imprinted checks are received, but in m ost cases no checks at all are supplied because the majority o f new customers d o n ’t need any for a w e e k or ten days. |T h e im portant point is that responsibility for check inventories is sw itc h e d fr o m th e b an k to the check printer. Despite the fact that we ourselves carry large inventories, and probably the m ost com plete assortment o f styles and colors, the totals are very small as com pared to what they w o u ld be if banks had to carry them . T h is, o f course, means a lo t during wartime w hen inventories are restricted, but even in norm al times it is a prac tica l c o n t r ib u t io n to the econom ical distribution o f bank checks. leLuxe W r ite us for m ore c om plete details concerning reduction o f inventories and re c o v e r y o f c h eck expense. changes, G. A. Haven, president of the bank, said, “ It is our expectation that when our plans are carried out, the Root River State Bank will be able to handle business with greater speed and efficiency.” Elect Association Officers Representing the Murray County State Bank, Slayton, Minnesota, at the meeting of the Southwestern Minne sota Clearing House Association held at Worthington last month were AValter Voigt, president, and C. J. Lieser, cashier. A. W. Hoodecheck of the Worthing ton State Bank, and formerly of Slay ton, former president, was succeeded by E. W. Kane of the Worthington Na tional. Sen. John Engebretson of Ken neth is vice president, and Henry Wuertz, Luverne, secretary-treasurer. Former Banker Dies Andrew F. Liffrig, prominent Mazeppa businessman, died at Lake City, Minnesota, recently. He was employed in the Bank of Mazeppa as bookkeeper, cashier and later as president until the bank ceased doing business seven years ago. Takes Bank Post Mrs. Harold Laverne Hanson ar rived in Bandette, Minnesota, last month from Slayton to take a position with the First National Bank. Her husband is in military service. Mrs. Hanson was accompanied by her young daughter and they are mak ing their home with President and Mrs. H. C. Hanson. Hold Annual Meeting M an ufacturing P lants a t N EW YORK CLEVELAND CHICAGO KANSAS C ITY ST . PAUL Wilbur F. McLean of Duluth, presi dent of the Minnesota Bankers Asso ciation addressed a dinner meeting of the Four-County Clearing House As sociation which is composed of Dakota, Standardize your Bank Envelope needs on the Justrite Bank Line It offers you a complete source of supply to cover all of your envelope requirements. The Justrite trademark means Quality envelopes and prompt deliveries on your orders. Check over the list of items below-— they are standard Bank envelopes for your every need. J u strite Bank S p ec ia lties are available at y o u r f a v o r ite D e a le r ’s. I f h e is u nable to su p p ly y o u , w r ite to our fa c to r y fo r sa m p le s and p rices. Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • BANKERS MAILING Envelopes— mode of tough Justrite Fibre in Window and mailing styles. • TAMPERPROOF or Safety Express Envelopes— for Registered Mail— Open End or Open Side styles, either fla t or expanding. • COUPON WINDOW Envelopes— for the separa tion and storage of Bond Coupons. • BANK PAY Envelopes— for distribution of Em ployee Pay Checks. • CHECK Envelopes— to fit standard checks for mailing— available with window. • NOTE Envelopes— special size for mailing Bank Notes o COIN Envelopes— sizes to accommodate vary ing denominations of coin. O BANK-BY-MAIL System— a complete BankingBy-Mail service for Bank Cuctomers. o CURRENCY GIFT Envelopes— Engraved money holder envelopes for the Holiday Season, o WAR BOND JACKETS— advertise the Bank Name on every Bond sold. • Filing Envelopes— Policy Jackets— Open End Legal Envelopes. DORTHERO STATES EnVELOPE (0. October Î9kb • C h i c a g o 4, I l l i n o i s • St. Paul 1, Minnesota 43 • MINNESOTA Goodhue, Wabasha and Rice counties, at the Gardner hotel, Hastings, Min nesota, last month. Fifty-four bankers from the four counties attended this annual meeting of the association. Other speakers at the meeting were F. A. Amundson, state commissioner of banks and William Duncan, secre tary of the Minnesota Bankers’ Asso ciation. Observe 30th Anniversary The Board of Directors of Farmers State Bank of Almelund, Minnesota, held open house for bank friends and customers as a thirtieth anniversary celebration last month. Coffee was served in the Town Hall. The bank was organized May 1st, 1914, by Chas. A. Grandstrand, E. O. Blomquist, Conrad Johnson, Otto P. Hoff and A. H. Lindquist. NEWS • New Ulm, vice president; C. J. Muehring, New Ulm, re-elected secretary and treasurer, and Mrs. Mary Wooldrik, Sleepy Eye, and Alfred Paulson, Hanska, members of the board of directors. Honor President President and Mrs. Arthur J. Peter son, Velma Krause and Mrs. A. E. An derson were guests of the directors of the Triumph State Bank, Triumph, Minnesota, at a dinner in Fairmont. At the close of the evening Mr. Pet erson, the guest of honor, was pre sented with a beautiful Elgin wrist watch, a gift from the other directors of the bank as a token of appreciation of twenty-five years of service. Mr. Peterson entered the employ of the bank as cashier in 1919, upon his return from service in World War I. In 1931 he was elected president and has served in that capacity ever since. Directors attending the dinner were James Meehan, Fred M. Temple, Her bert C. Carter and Edwin A. Edman. Becomes Assistant Cashier Victoria Winberg has been named assistant cashier of the Security State Leaves Madison Bank Leaving his position at the Klein National Bank, Madison, Minnesota, last month, Martin M. Nikolai entered the insurance business, having been appointed general agent for the In dianapolis Life Insurance Co. Mr. Nikolai will devote all his time to insurance. Brown County Bankers Meet Forty-three bankers attended the an nual banquet and meeting of the Brown County Bankers Association at the New Ulm, Minnesota, country club recently. The following officers were elected for the ensuing year: Edward H. Tams, Comfrey, president; George H. Vetter, J Sold on the South St. Paul market on August 23, 1944. at the price of $18.25 per cwt., an all-time high for a load lot at this market. a m ie s o n & C o m p a n y M embers New York Stock Exchange and FAT C A T T L E Other Principal Exchanges The present favorable price spread between feeder cattle and fat cattle will be an incentive for feeders to fill their feed lots. W e will be glad to assist you in taking care of your customers' financial require ments. An account with this bank will facilitate the handling of all of your South St. Paul transactions. ★ STOCKS BONDS COMMODITIES ★ MINNEAPOLIS ST. PAUL DULUTH FARGO GRAND FORKS SIOUX FALLS ★ ★ ★ The Stock Yards National Bank South Saint Paul, Minn. M E M B E R F E D E R A L D E P O S IT IN S U R A N C E C O R P O R A T IO N PRIVATE WIRES https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker October 19M 44 • Bank of Pillager, Minnesota, following the resignation of Grace Devine to en ter military service. Gus E. Parsons, cashier, announced that Miss Winberg will be assistant cashier and bookkeeper at the bank. Staff Changes H. G. Eiselein resigned his position as cashier of the Currie State Bank, Currie, Minnesota, last month. F. H. Fritz of Lewiston, Minnesota, was to become cashier and also a director. Mr. Eiselein has been cashier and director since he organized the bank February 9, 1931. He will move to MINNESOTA NEWS Buffalo Lake, Minnesota, where he has the controlling interest in the State Bank of Buffalo Lake. Mr. Eiselein will retain all of his interests in the bank and becomes its vice president and also remains on the board of di rectors. Name Group Officers George C. Gullickson, cashier and executive officer of the First National Bank at Spring Valley, Minnesota, was elected president of the Southeastern Minnesota Clearing House Association at the annual meeting at the Winona country club recently. The group, a re • gional unit of the Minnesota Bankers Association, includes bankers of Fill more, Houston and Winona counties. B. N. Onsgard, cashier of the Onsgard State Bank, Spring Grove, was advanced to vice president, succeeding Mr. Gullickson, and Frank J. Thul, ex ecutive vice president of the First Na tional Bank of St. Charles, was elected secretary-treasurer, succeeding Mr. Onsgard. Directors were also elected repre senting each of the respective counties. For Houston county, A. L. Higgens, cashier of the Sprague State Bank of Caledonia succeeds C. S. Johnson, cash ier of the Security State Bank of Hous ton. Clearing House Meets Bankers from Waseca, Freeborn and Steele counties gathered in Waseca, Minnesota, recently for a meeting of the Dairy Regional Clearing House As sociation. This was the annual meeting of the organization and Julius H. Meyer, Owatonna, was elected president; Leonard Peterson, Albert Lea, vice president; O. H. Tollefson, Janesville, secretarytreasurer; A. L. Fosteson, Blooming Prairie; L. W. Johnson, Geneva, and F. T. Sankovitz, Waseca, directors. Resigns Adolph Marhula, who has been em ployed in the First State Bank, Wil liam, Minnesota, since July 1, 1940. resigned his position last month. He has no immediate plans. Throughout the ages . . . to most men . . . thunder has meant either gentle rains or storm and destruction. But always . . . man’s fears have been tempered by the knowledge that along with THUNDER generally comes rain, to water the thirsty earth. The storm of war that broke over Pearl Harbor staggered a nation caught unprepared. Out of this tragedy came a rekindled spirit, a willingness to sacrifice, a unity of purpose that welded the people of America into a formidable fighting force. The storm of war beats heavily even on the American farmer, the best equipped farmer in all the world. He works through its fury, pro ducing the Food for Freedom. In due time every farmer will want to equip his farm with the most efficient modern ma chinery. Freed from war-time duties of making war material MM will direct ALL* its resources to work with the farmer as in the past, supply ing him with modern machinery to help him raise crops at lower cost . . . TO SPEED THE DAY OF VICTORY . . . BUY WAR BONDS NOW—AND MAKE YOUR VICTORY GARDEN A PRODUCER. *MM produces all the tractors and farm machinery allowed under government limitation orders for which materials can M YM be obtained. Minneapolis-Moline P ower I mplement Company Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MINNEAPOLIS 1, MINNESOTA, U. S. A. October, 1944 Add to Staff Since April, when John Brauch en tered the navy, George Gullickson, cashier and executive manager of the First National Bank of Spring Valley, Minnesota, has been the only male offi cer of the institution. Mr. Gullickson has been cashier for 25 years. Clifford J. Bowers, former teller of the bank, has been added to the staff as assistant cashier. Officers Elected Bankers of the West Central Clear ing House Association met at Monte video for their annual summer meeting recently. Elected as officers for the coming year are Meredith Anderson of Madi son, president; Guy Bacon of Cotton wood, vice president; W. A. Grunert of Montevideo, secretary-treasurer; exec utive committee members, Elmer Han son of Appleton, I. M. Thompson of Milan, Herman Harare of Wood Lake. 45 T M w in E. MORTENSON, cashier of C it y N By James M. Sutherland ew s Marquette National Bank, Special Correspondent * Minneapolis, has been selected to represent banking on the industry credit group committee of the Minne Mr. Decker retired from active bank apolis Association of Credit Men. ing 10 year ago. He has been asso ciated with his son-in-law, Lyman BarTo stress their readiness to finance rows, in the investment firm of Decker, reconversion of small business, 19 St. Barrows & Company since that time. Paul banks joined in publication of an Mr. Decker spent his seventy-fifth advertisement stressing that fact birthday at his summer home, “En which appeared in St. Paul daily news campment Forest,” on the north shore papers. of Lake Superior, with members of his The program is part of that set up family. by the St. Paul small loan publicity committee. Members are H. E. Kern, Directors of First Bank Stock Cor vice president of First National Bank, poration declared a dividend of 35 chairman; Guy E. Dailey, vice presi cents a share on the stock, payable dent of American National Bank; A. W. September 11th to stockholders of rec Sands, president of Western State ord August 25th. The bank holding Bank, and C. T. Dedon, vice president company, with this dividend, will have and cashier of Empire National Bank. disbursed approximately $1,980,000 in 1944, equivalent to 70 cents a share. Issuance by Farmers and Mechanics The dividend goes to some 14,400 stock Savings Bank, Minneapolis, of its 500,- holders. 000th war savings bond was the oc casion of a celebration heightened by Security State Bank, now located at the fact it was the third anniversary of 478 South Robert Street, St. Paul, will the bank’s payroll savings plan for pur be moved to the rapidly-expanding chases. Presentation of the bond was Midway district of St. Paul, within the made by Edward B. Hall, assistant to next 60 days, according to announce the Secretary of the Treasury in the ment by R. C. Lilly, president of First War Finance division, who came from National Bank, of which Security is Washington for the event. Recipient an affiliate. was Paul Schmelzer, employe of the Temporary quarters will be at Ray B. F. Nelson Manufacturing Co., first mond and University Avenues, one of firm in Minneapolis to adopt the pay the chief business corners in the dis roll plan. trict. University Avenue is the prin cipal thoroughfare between Minneap E. W. Decker, veteran Minneapolis olis and St. Paul. Later, when con and northwest banker, received con struction conditions permit, a perma gratulations of a host of friends on nent bank building will be erected in the occasion of his seventy-fifth birth that general neighborhood. day. For the convenience of present cus Active in Minneapolis banking since tomers of Security State, deposits now 1887, president of Northwestern Na in that bank and the safety deposit tional Bank from 1912 to 1934, first boxes will be transferred to First Na president of Northwest Bancorpora- tional. Julius H. Brogmus, present tion and later chairman of its board, operating head of Security, will be https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis come an officer of First National and will handle the business which has been at Security. Harry E. Kern, vice president of First National, will be president of Security in addition. William A. Smith, assistant cashier at First National, will be vice president and operating head of Security. Clarence Gieske, cashier, and other personnel at Security, will be transferred to the new location. Directorate of Security at the new location has not been completed, but T N ew Y Co he T ork rust m pan y Capital Funds Over $50,000,000 IO O B R O A D W A Y M A D IS O N A V E N U E A N D 4 0 T H STR EET TEN ROCKEFELLER PLAZA ★ BUY W AR BONDS ★ Member of the federal Deposit Insurance Corporation Northwestern Banker October 46 •MINN ESOTA will include M. W. Griggs, president of Griggs-Cooper & Co.; Nels H. Sand berg, vice president of Waldorf Paper Products Co.; Carl O. Johnson, manager of Twin City Wholesale Grocery Co., and Fred J. Saam of Fred J. Saam Co. Twin City bankers were particularly interested in the recent appointment of Carroll A. Gunderson as a member of the staff of the Postwar Small Business Credit Commission of American Bank ers Association, for Gunderson was long active in banking circles here. A graduate of St. Paul College of Law, he attended University of Minnesota NEWS and Macalaster College, St. Paul. From 1929 to 1936 he was connected with First Bancredit Corp., St. Paul, affiliate of First Bank Stock Corp., first as secretary and in 1932 as vice president and director. He also served as assist ant secretary of First National Co., St. Paul, and as assistant manager of the mortgage loan department of Mer chants Trust and Savings Bank, St. Paul. Preparing for the 1945 meeting of Group One, Wisconsin Bankers Asso ciation, to be held in Minneapolis next Washington’s birthday, Minneapolis “On the Beam” ! C. L. F R E D R IC K SE N President There was a time when "streamlined" M. A. W IL S O N Vice President meant the latest and best in correspondent W . G. N E L SO N Assistant Vice President W . C. SCH ENK Cashier H. C. L IN D U S K I Assistant Cashier and Manager of Air Base Facility service. Now that word is passe. To describe prompt and efficient service to day, we just say "We're on the beam." And why shouldn't we be "On the C. L. A D A M S Assistant Cashier beam" for your Sioux City items with our J. S. H A V E R Assistant Cashier stockyards location, plus our 49 years of JAM ES L. S M IT H Auditor experience? Whether it is special or routine, you'll get the best, always, at the Live Stock National Bank in Sioux City. Live S t o N a t /o n a l S W O F i SIOUX Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis F. D. l.C . t / íe October 1944 a n k CITY, IOWA M E M B C R ' / /t & B ck • Clearinghouse Association has named an arrangements committee. Members are F. W. Conrad, assistant vice presi dent, Northwestern National Bank, chairman; W. F. Kunze, vice president, Marquette National Bank; L. O. Olson, vice president, Midland National Bank and Trust Co., and Kenneth T. Martin, assistant cashier, First National Bank. Former President Dies A. I. Engebretson, 74, former presi dent of the First National Bank of Halstad, Minnesota, died recently in a Fargo hospital after being in poor health for more than a year. He was born, December 22, 1871, at Starbuck, Minnesota, went to school there and later graduated from the Willmar Seminary. Shortly afterward he entered a bank at Brown’s Valley, Minnesota. He was there 20 years and in a bank at Deering, North Dakota, 10 years before going to Halstad in 1921. In 1940 he sold his interest in the Hal stad bank and retired from active work. Feeder Buying Brisk At the St. Paul Union Stockyards entrance to the yards, where out of state feeder buyers drive up and park, is the best barometer of feeder trade in the yards. When long lines of out-of-date cars are represented, it is a strong indica tion that the feeder trade is brisk. This is best reflected in the recent release by the Federal and State Market News Service whose reporters cover the South St. Paul livestock market, which showed that purchases of feeders by Iowa feeder buyers in one week were more than double the same week a year ago. Illinois has also been a big buyer, their purchases being three times as much as a year ago. Receipts of cattle and calves at the South St. Paul market from Montana and North Dakota, from which terri tory the bulk of the best feeders come, have been more than twice as large in August and September, compared with a year ago. Named Vice President John W. Desmond has been ap pointed vice president and general counsel of the First Wisconsin Trust Company, to succeed the late Charles M. Morris, it was announced by George B. Luhman, president. Mr. Desmond joined the staff of the trust company in 1930, previously hav ing been associated with the^Western Adjustment and Inspection Company. 47 New Assistant Cashier Mrs. Rose Gilbertson of De Smet is the new assistant cashier at the Bank of Alpena, Alpena, South Dakota. SOUTH Directors Meet D A K O T A NEW S H. R. KIBBEE, JR. President Mitchell j Acting Secretary LOIS J. HALYORSEN GEORGE M. STARRING Secretary-Treasurer Huron The regular meeting of the directors of the Bank of Kimball was held at Kimball, South Dakota, recently, with the following directors present: L. M. Larsen of Wessington Springs, Mrs. J. H. Drips of Gann Valley, and R. A. Johnson of Kimball. ( I n th è S erv ic e) Bank at G ary The Gary State Bank of Gary, South Dakota, incorporated last month, and the banking department said it will be the first bank in that community for many years. Articles authorized $25,000 of capital stock and listed as directors E. L. Lohr, O. A. Almos, Maurice Peden and Fred Hunt of Gary; and Anton Walden of Canby, Minne sota, and S. R. Law of Clear Lake. Volume Higher In the Aberdeen area the August volume of business as measured by bank debits marked a point 12 per cent above that attained in August of a year ago. The eight months total, Jan uary through August, indicates an 18 per cent increase when compared with the corresponding period of 1943. From National to State Bank Articles of incorporation for the Farmers State Bank of Estelline, South Dakota were filed with the secretary of state last month, and the banking de partment said it was a step in conver sion of a national bank to a state bank. The articles said the state bank will be capitalized at $25,000 and directors will be Frank Beskow, Summit; Al bert Beskow, South Shore; A. J. Boed er, Walter K. Johnson and Laurence Gratz, Estelline. Bankers at Cottage Employes of Northwest Security Na tional Bank, Madison, South Dakota, had a picnic supper recently at man ager Dan Slattery’s cottage at Lake Madison. Part of the meal was cooked out of doors over an open fire. Bingo was played. Montana Bank Interests The Miles City Bank, with H. W. Clarkson of Buffalo, South Dakota, as president; G. D. McMahon also of Buf falo, vice president, and Claude R. Er ickson of Miles City as vice president and cashier, opened in a former bank building in Miles City, Montana, re https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis cently . Capital stock of the institution $100,000, and surplus of $10,000. Other stockholders from South Da kota are F. M. and E. W. Clarkson of Belle Fourche. This is the fourth bank in which H. W. Clarkson is interested, the First State Bank of Buffalo, Bank of Belle Fourche, and First National Bank of Hettinger, North Dakota. He is presi dent of these three banks. Employe Is Bride The marriage of Susie Albers, of Bur bank, South Dakota, to Pfc. W. Joseph Radigan, of Vermillion took place last month. Both Mr. and Mrs. Radigan are 1943 Vermillion high school grad uates and since her graduation Mrs. Radigan has been employed in the First National Bank in Vermillion. Increase 3 I Per Cent The eight months total, January through August, indicates a 31 per cent increase in Madison, South Dakota, bank debits when compared with the corresponding period of 1943, Federal Reserve Bank of Minneapolis reports. Branch Bank at Bison Under management of C. J. Snorteland, farmer and extensive land owner in central Perkins County, the Bison, South Dakota, office of the Bank of Lemmon opened recently. Louise Monserud, is assistant manager. Mr. Snorteland was a former Strool, South Dakota, resident and for some time Dewey county FSA supervisor. Big Picnic About 175 employes of the First National Bank of the Black Hills and their families attended an annual pic nic at the municipal park in Rapid City, South Dakota, recently. Groups were present from branch banks at Lead, Deadwood, Belle Fourche, Spearfish, Newell, Hot Springs, Sturgis and Rapid City. Lunch was served at noon and the afternoon was spent playing games. Huron Business Up In the Huron, South Dakota, area, the August volume of business as measured by bank debits marked a point 1 per cent above that attained in August of a year ago. The eight months’ total, January through Au gust, indicates a 13 per- cent increase when compared with the correspond ing period of 1943. Attend District Picnic Banks of the southeastern district assembled in Vermillion, South Da kota, recently for the annual mid-sum mer picnic of the organization. Attend ing from the Security State Bank, Wakonda, were President and Mrs. E. A. Eystad, Mrs. Carol Williams and Mrs. Joe Walsh of Wakonda, and Vice President and Mrs. A. E. Diefendorf and Mr. and Mrs. Marvin Fjordback of Irene. Improved Bank Business In Yankton, South Dakota, the Au gust bank debits were a point 10 per cent above that attained in August of a year ago, according to the Federal Reserve Bank of Minneapolis. Sioux Falls News ¡OHN MORRELL FOSTER, manJ ager of the Sioux Falls plant of John Morrell & Co., and a director of the Northwest Bancorporation of Min neapolis, was feted in Sioux Falls last month just before he left for Ottumwa, Iowa, where he is to become vice pres ident in charge of operation for the packing firm. Nearly 200 Sioux Falls business men assembled at a banquet at the Minne haha country club, in recognition of the extensive community service of Mr. Foster during the past 20 years. The guest of honor was presented with a pair of silver wine coolers by the Sioux Falls Chamber of Commerce, of which he is a past president. Northwestern Banker October 48 The Northwest Security National Bank of Sioux Falls is associated with the Northwest Bancorporation. T w en ty'fou r m ore Ban\s adopt ThriitiCheck W h y have banks lik e the First N a tional B a n k o f M ad iso n , W isc o n sin , and tw enty-four other representative banks from C a liforn ia to M assachu setts m ade T h riftiC h e c k their choice of n o -m in im u m balance checking plans during the past tw o m onths alo n e ? T h e increased cost fo r P ost Office M o n e y orders has created a w ider m arket fo r n o -m in im u m balance checking services, but there are other reasons for the acceptance o f this par ticular plan. T h riftiC h e c k is the on ly n o -m in i m um -balance checking p lan that is sponsored by a firm w hich has spe cialized fo r m ore than a quarter of a century in b u ild in g business for banks . . . in p u b lic relations, in advertising and in sellin g b ank services to the p u b lic. T h riftiC h e c k in volves the least p o s sib le detail on the part o f the b a n k ; best serves the p ersonal checking needs of the p u b lic, and at the same tim e cultivates opportunities for go od w ill develo p m en t. T h riftiC h e c k was originated in 1938 after two years’ tim e devoted to care fu l study o f the entire n o -m in im u m balance subject. O ur original plan tract new continues to depositors, and no at basic change or alternative plan has b een necessary for banks to m aintain good p rofits and vo lu m e of busin ess. Prospects for T h riftiC h e c k service represents substantial citizens in every c om m u n ity, and such p e o p le naturally prefer the distinctive features of T h riftiC h e c k in keepin g w ith the dig nity o f banking. If you are lo o k in g for quality b u si ness in profitable v o lu m e , T h rifti Check is the answer to your quest. Inq uiries in vited. BANKERS DEVELOPMENT CORPORATION 31 Nassau St., N e w Y o r k 5, N e w Y o r k Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October Sioux Falls bankers played a prom inent part in the United Community and War Chest campaign conducted during September. General chairman of the drive, which reached a goal of $86,837 in a whirl wind seven-day campaign, was T. S. Harkison, president of the National Bank of South Dakota. Listed as treasurer of the community enterprise was T. N. Hayter, vice pres ident of the First National Bank and Trust Company. Of contributions given in the cam paign, $40,000 went to 11 community chest agencies, ranging from the Boy Scouts to the Salvation Army, and $46,837 went to the national war fund, for the support of the USO, war pris oners’ aid, united seaman’s service, and other war activities. In subdivisions of the drive, one di vision, including financial, automotive, industrial and live stock, was headed by W. E. Perrenoud, cashier of the First National Bank and Trust Com pany. Leader of the financial regiment was H. O. Engen, cashier of the Union Sav ings Bank. One of the first groups to reach its assigned goal was that in cluding bank employes, who were so licited by M. I. Orms, assistant cashier of the Northwest Security National Bank. Approximately 3,000 persons are ex pected to attend the annual meeting of the Sioux Falls Chamber of Commerce on October 19th, at which Eric John ston, president of the United States Chamber of Commerce, will be the principal speaker, according to Ralph M. Watson, president of the local or ganization and of the Northwest Se curity National Bank. Watson said that special guests at the evening meeting will include northwest division managers and 30 committeemen of the United States Chamber from North and South Da kota, Nebraska, Minnesota, Montana and Wyoming. Johnston will be introduced in Sioux Falls by Elmer Sexauer, Brookings, a director of the United States Chamber and of the First Bank Stock corpora tion of Minneapolis and the National Bank of South Dakota in Sioux Falls. The South Dakota chapter of Ducks Unlimited, of which W. E. Perrenoud, cashier of the First National Bank and Trust Company, is an officer, was host at a meeting of sportsmen and their wives, held at the Izaak Walton League clubhouse in Sioux Falls. Appointed as membership chairman of Harold Mason post of the American Legion for 1945 was T. S. Harkison, president of the National Bank of South Dakota. Capt. Marguerite Tanck of the Women’s Army Corps, formerly sec retary to Ralph Watson, president of the Northwest Security National Bank, was recently appointed to attend the army’s command and general staff school at Ft. Leavenworth, Kansas. When 75 South Dakota recruits were inducted by the navy Waves in Sioux Falls, in the largest mass induction of its kind ever held, the Sioux Falls Elks lodge was represented at the ceremony by P. H. McDowell, vice president and trust officer of the Northwest Security National Bank. The girls were re cruited by Elks lodges throughout the state in an intensive campaign during July. McDowell is also civilian representa tive on the naval officer procurement board for South Dakota. Officer Resigns N. A. Wiff, vice president and direc tor of Minneapolis-Moline Power Im plement Company since the formation of the company in 1929, has tendered his resignation to the board of direc- N. A. W IF F Resigns as officer and director tors. Mr. Wiff has moved to California and feels that he cannot devote the necessary time to the board meetings, by reason of his great distance from the Home Office. Mr. Wiff was president of The Min neapolis Threshing Machine Company, one of the predecessor companies of the Minneapolis-Moline. 49 operations within the state, according to information made public by the Min neapolis Federal Reserve Bank. North Dakota farmer cash income in the January-May period, inclusive, is given as $110,129,000 compared with $84,970,000 in the similar period of 1943 and an average of $30,422,000 in the cor responding five month periods for the years 1935-1939 inclusive. NORTH DAKOTA A. C. IDSYOOG President Grafton NEWS Staff Changes P. M. Burger, assistant cashier of Farmers State Bank of Richardton, North Dakota, has resigned his posi tion and will open a Firestone store in Miles City, Montana, soon. Raymond Streu has accepted a posi tion as bookkeeper and teller with the bank. Mr. Streu is home on a medical discharge, having served over two and one-half years in the army, with over sea duty in Iceland and England. Total figures of the bank are now $1,200,000 and still growing. Totals were $90,000 in 1933. Crops are not quite as good this year as 1943, but with present prices, money will be plentiful. O ctober Group Meetings The following dates have been ten tatively selected for North Dakota banker group meetings. The exact time and meeting place will be announced later. In the meantime, it is suggested that all bankers who are arranging sales keep these dates in mind and arrange their program so that auction sales or other business will not inter fere: Northeast Group, Tuesday, Octo ber 17th; Northwest Group, Wednes day, October 18th; Southwest Group, Thursday, October 19th; Southeast Group, Friday, October 20th. New Cashier H. R. Ladd who arrived in Cavalier, North Dakota, last month will replace C. J. Bowers as cashier of the Mer chants and Farmers Bank there. Receiving Station at Lehr A paying and receiving station was opened at Lehr, North Dakota, recently by the McIntosh County Bank of Ash ley. This is expected to prove a great convenience to Lehr citizens and busi nessmen, as well as farmers of that vicinity. Lehr has had no banking facilities since the closing of their bank on October 16, 1931. Eddie H. Glur, who had been em ployed in the bank at Ashley, will be https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C. C. W ATT AM Secretary Fargo in charge of the station as manager. Deposits are insured by the Federal Deposit Insurance Corporation. The McIntosh County Bank also maintains an office at Zeeland, of which Wade H. Zick is manager. New Bank Proposed The state banking board has set Oc tober 4th as the date for a hearing on an application for a charter for a bank at Glen Ullin, North Dakota. Promoted to Vice President Carther Jackson, former cashier of the First National Bank, Grand Forks, North Dakota, who was raised to vice president and trust officer last month was succeeded by B. C. Grangaard of Sioux Falls, South Dakota. Elected Director Bank Debits Up North Dakota’s August debits were 15 per cent larger than in the same month in 1943, and a 23 per cent in crease was recorded for the 8 months period. Comparative figures for cities in the state (000 omitted): Aug., Aug., 1944 1943 Bismarck ......... . $18,316 $18,417 2,539 Devils Lake . . . . . . 2,364 Dickinson . 2,392 2,857 Fargo ................ 25,817 30,287 2,554 Grafton ............ . . 2,145 Grand Forks . 8,243 10,119 Jamestown 2,392 3,006 Lisbon 514 600 Mandan .......... . . . 1,445 1,690 7,062 M in o t ................ 8,916 Valley C it y ....... 1,911 2,251 Wahpeton 1,505 1,598 Williston . . 4,351 5,359 $78,457 $90,193 Credit Program At the regular monthly meeting of the board of directors of the First Na tional Bank, Valley City, North Da kota, held recently, Harry Gilbertson was elected a director to fill the unex pired term of J. M. Connors, resigned. The other members of the board are Erie L. Fouks, L. H. Ickler, Jr., Dr. C. J. Meredith, and Attorney L. T. Sproul. Gordon H. Nesbit, of the First Na tional Bank and Trust Company, Far go, North Dakota, is on the ABA Com mission as representative from North Dakota, and proposes to discuss the postwar small business credit program thoroughly at the group meetings in October. In the meantime he has set up the following committees for the respective groups: Southwest Group—E. D. Saltzman, Promotions S. K. Fisher of the Ramsey Coun First National Bank, Bismarck, Chair ty National Bank, Devils Lake, North man; B. F. Bambenek, First National Dakota, recently announced that W. Bank, Dickinson; H. A. Fischer, Farm G. Elmslie, former assistant cashier, ers Security Bank, Washburn; J. F. was elected cashier by the board of Mclntee, Citizens State Bank, New directors to fill the vacancy caused by England; G. H. Hernett, McIntosh County Bank, Ashley; H. M. Weydahl, the death of A. W. Omdahl last June. F. C. Hoghaug, also a former assist Bank of Killdeer, Killdeer. Southeast Group—R. H. Butterwick, ant cashier, was named to the board of directors to complete its membership Dakota National Bank, Fargo, Chair and also was elected a vice president man; S. H. Murray, Citizens National of the institution which has served the Bank, Wahpeton; F. D. McCartney, First National Bank, Oakes; J. C. HofLake Region for over 52 years. fert, Foster County State Bank, Car rington; P. J. Schirber, James River Farm Income Increase With farmers’ cash income in North National Bank, Jamestown; Erie L. Dakota increasing 30 per cent during Fouks, First National Bank, Valley the first five months of 1944, compared City. Northeast Group—Fred R. Orth, to the like period of 1943, all indexes point to a big expansion in business First National Bank, Grand Forks, Northwestern Banker October 19Ü 50 • NORTH Chairman; Blanding Fisher, Ramsey County National Bank, Devils Lake; L. E. Callahan, First State Bank, Mu nich; Franklin Page, Bank of Hamil ton, Hamilton; O. C. Stusrud, Goose River Bank, Mayville; C. I. Erstad, Farmers State Bank, Maddock. Northwest Group—C. P. Kjelstrup, American State Bank, Minot, Chair man; P. N. Johnson, Farmers State Bank, Crosby; F. A. Foley, Rolette County Bank, Rolla; O. N. Stenehjem, DAKOTA made a tour through much of the state recently. The group was headed by F. AT. Peck, president of the bank and also general agent for the Seventh Land Bank area, and M. E. Olson, acting sec retary of the bank. They spent a day in Fargo conferring with officials of the North Dakota Agricultural College. ATHERING information on North All directors except one participated Dakota’s crop and livestock out in the tour. They are Ole L. Olson, Bux look, also its credit needs, officers and directors of the Federal Land Bank, ton, North Dakota; Andrew Boss, St. Paul; Paul A. Morlamus, West Bend, Wisconsin; H. T. Welch, Iona, Michi gan; Sam A. Bask, Blooming Prairie, Minnesota, and L. E. Jewett, West Salem, Wisconsin. John Brandt of Litchfield, Minnesota, was unable to attend. The tourists were welcomed to the state by Dr. Frank L. Eversull, presi dent, and Dr. H. L. \\ralster, dean of agriculture and director of the exper iment station at NDAC. Among other problems studied by the officials was North Dakota’s program to get return ing war veterans back onto farms. Fargo News G Remittances to Foreign Countries Payments abroad can be effected now to many countries. As the Allied Forces liberate more territory, the transfer o f funds abroad should assume important proportions. Manufacturers Trust Company has been a leader in this field for many years, and has developed a technique which insures efficient and fast execution o f payment orders. Banks throughout the United States are invited to use our exceptional remittance facilities. W e shall be glad to send you full information with re gard to payments abroad that can be arranged now, and to keep you informed as remittances to other countries are allowed. a n u fa ctu r er s T ru st Principal Office and F o reign C om pan y D ep a rtm en t 55 BROAD STREET, N EW Y O R K 15, N . Y . Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Member Federal Deposit Insurance Corporation October • First International Bank, Watford City; F. E. Stewart, American State Bank, Williston; E. O. Lerberg, Peo ples State Bank, Parshall. Commercial and Benevolent M NEWS A. I. Engehretson, 74, former presi dent of the First National Bank of Halstad, Minnesota, died August 27th in a Fargo hospital. He had been in poor health more than a year. Mr. Engebretson was born Decem ber 22, 1871, at Starbuck, Minnesota, and was a graduate of the Willmar, Minnesota, seminary. He became asso ciated with a bank at Browns Valley, Minnesota, and was there 20 years. He also was with a bank at Deering, North Dakota, 10 years before going to Halstad in 1921. He sold his inter ests in 1940 and retired. Attention!! Mr. Banker NEED SAFE DEPOSIT BOXES? Check your needs with us. Over 6,000 boxes to choose from, all makes— all sizes— 100 per cent reconditioned, com plete with customer boxes, guard and customers keys. IMMEDIATE DELIV ERY. Over 25 years experience. We have sold boxes to banks in over half of the states in the entire country and we will gladly give you names o f these banks as references. BLUEPRINTS SENT ON REQUEST. WE PAY THE FREIGHT. All merchandise shipped subject to your INSPECTION and A P PROVAL. 10 in. Diebold modern vault door, rounded corners. (Photographs sent on request.) 1-Vault Ventilator, late style, O. B. McClintock make. DON’T DELAY Phone, Wire, Write— Monday-Murphey Safe & Deposit Box Co. 815 Yeatman Ave. (19) Webster Groves, Mo. Phone— REpublic 6084 “ Delenda est Japonia” (Destroy Japan). 51 until his retirement last January. He continued to hold the position of vice president and remained a member of the board of directors. He was the past president of the Saunders County Bankers Association. NEBRASKA NEW S Pierce Bank Clerk R. I. STOUT President Tekamah Entertain Bank Head President and Mrs. Andrew Kopperud were honored by the officers and personnel of the Farmers and Mer chants Bank, Watertown, South Da kota, when the group met at the Lake City Park recently for a picnic supper. Wives and families of the bank em ployes also attended. Corporal James W. Crothers, son of Cashier and Mrs. Stewart Crothers, who is home on leave from the South Pacific, was also a guest. Convention Plans W. B. Hughes, editor of the Nebraska Bankers Association Record, mentions among the things to come at the Ne braska Convention to be held at the Hotel Fontenelle in Omaha, November 10-11 an executive council meeting and dinner on Friday, with the annual din ner of the former presidents scheduled for the same evening. Saturday will be devoted to business sessions and the convention will close with the annual dinner for all delegates and guests. Speakers at the convention will be Randolph Burgess of New York, presi dent of the American Bankers Asso ciation, who will talk on “Treasury Financing and the Banks,” Dale Clark, president of the Omaha National Bank, and Harry E. Rogers, assistant vice president of the United States National Bank of Omaha, who will inform the bankers on the new G.I. loans. Three from Bank m Service A third man from the Bank of Dixon County, Ponca, Nebraska, recently left for the armed forces. William Bernard, assistant cashier, left for the army and at present is in Camp Fannin, Texas. Previously Sgt. Francis Kingsbury, Jr., son of F. R. Kingsbury, cashier of the bank, joined the army reserve and was called in March 1943. He formerly worked in the bank during vacations while attending Morningside College. He is now in a Quartermaster Sales company in England. Lt. C. M. Kingsbury, stockholder and attorney for the bank, received a com https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis WM. B. HUGHES Secretary Omaha mission in the navy in April of this year and at present is at Harvard Uni versity. Renee Bernard has taken over the duties of teller and Jeanelle Carter the position of bookkeeper. The Bank of Dixon County is now in its sixty-third year, being among the oldest institutions in the state. Heads Affairs Group Don Larson, First National Bank of Omaha, has been elected chairman of the government affairs committee for the Omaha Junior Chamber of Com merce. Mr. Larson is an attorney and is associated in the Personal Loan De partment of the First National Bank. Bank Buys Building The Citizens Bank, Decatur, Nebras ka, has purchased the National Bank building and fixtures and also the ad joining building. Pioneer Banker Dies Louis J. Kudrna, 81, vice president of the First National Bank, Wahoo, Nebraska, and a pioneer banker of Nebraska, died at his home there last month after a brief illness. A resident of Wahoo for 61 years, Kudrna had served continuously in the First National Bank for 55 years Nebraska Wartime Conferen ce 47th State Convention OM AHA Saturday, November Hotel Fontenelle II Leanna Weise, a 1943 graduate of Pierce high school, has accepted a clerical position in the Cones State Bank, Pierce, Nebraska. She began her duties last month. New Addition to Bank Work was started on a new addition to the Farmers State Bank, Humphrey, Nebraska, last month. The new addi tion will be built to the back of the present building and will be the full width of the present building and 32 feet long. A large basement will be constructed and when all construction work is completed the entire interior of the building will be rearranged. Assistant Cashier Gordon Bush was trying out for a position in the Bank of Clarks, Clarks, Nebraska, under the training of his sister, Mrs. Harriette Gates. He was expected to take over the duties of assistant cashier the first of this month. Remodeled The Greenwood Coop. Credit Asso ciation, ' Greenwood, Nebraska, has moved to their new location, the build ing having been remodeled and equipped with a fireproof vault and burglar proof door, and 160 Manganese safe deposit boxes. The building has been insulated and redecorated. Dividend Payment The Citizens State Bank, Arapahoe, Nebraska, announced a dividend last month of 10 per cent on all certificates of subscription, which were issued as per agreement of depositors and stock holders on April 20, 1933. This divi dend makes a total of 80 per cent paid on these certificates and 92 per cent of the total amount of deposits as of March 3, 1933. Farm Loan Service The Coleridge National Bank, Cole ridge, Nebraska, recently added a farm loan service to the many services they have already been offering. The new service makes available to the com munity long term, low rate real estate loans. Farm loans may be had for a period of time which insures home owners of the future. Northwestern Banker October 52 Mark 60th Birthday The Bank of Talmage, Talmage, Ne braska, of which C. E. Wood is presi dent and cashier, celebrated its sixtieth anniversary last month. Originally organized as James Sweet & Co., on September 1, 1884, the bank changed its name to the Bank of Tal mage in January, 1885. It has grown from original deposits of $8,905 when it opened its doors to $617,538 this year. Directors of the bank now are Henry Kohrs, D. E. Wilkie, J. D. Wilkie, Ma jor W. H. Damme and Charles E. Wood. Officers are Mr. Wood, presi dent and cashier; Major Damme, vice president; Cecil Asa, assistant cashier; Lula C. L. Borchers, bookkeeper and clerk. at San Francisco, after a five months stay in Clay Center, Nebraska. He has been assisting in the liquidation of the Commercial State Bank. Receives Assignment John Davis, vice president of the First National Bank of Omaha, and now a lieutenant junior grade in the navy, has just been sent to Brooklyn, New York, where he is to be assigned to a boat. Leaves C lay Center Erwin B. Campbell has returned to his position with the Bank of America Junior News Front the Nebraska Junior Bankers Association John Lauritzen, Editor Capt. Harlan B. Heft'elfinger, who was formerly associated with the Beat rice State Bank as assistant cashier, has recently been promoted to the rank of major. Major Heffelfinger is serving at the present time with the infantry in France. W. W . Decker, assistant cashier of the Beatrice State Bank is the proud father of a baby boy born recently. This is the second boy Mr. and Mrs. Decker have had. Correspondent Bank Service A policy o f strict adherence to sou n d b an kin g p rin cip le s has brought to this bank correspond* ents from every part o f the country. They find here adequate facilities and competent counsel. The bank needing a Chicago corre* spondent will find an association that should prove pleasant and profitable. The First National Bank o f Chicago Building with Chicago and the Nation since 1863 Banker Digitized forNorthwestern FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER FEDERAL DEPO SIT October 19J't IN SU R AN C E CO R PO R ATIO N Ervin A. Sieck of Pleasant Dale, Ne braska, former member of the Jones National Bank of Seward, Nebraska, has, while serving in the U. S. Coast Guard, made several trips across the Atlantic in convoy duty. At the pres ent time he is stationed at Norfolk, Virginia, with a rating of Seaman First Class. A new employee of the Jones Na tional Bank of Seward, Nebraska, is Eugenia Wright of Seward, graduate of the Seward high school in 1944. Marjorie Woods of the Fairbury State Bank, Fairbury, Nebraska, has been advanced to teller in the duties of Mrs. Whalen, who has gone to Califorinia to be with her husband. Irl Else, president of the Fairbury State Bank, Fairbury, Nebraska, and Mrs. Else, attended the National Con vention in Chicago last month. Ruth Martin, bookkeeper at the Farmers and Merchants National Bank, Oakland, Nebraska, was recently elected secretary of the Nebraska State Young Republicans’ Club. YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & CO. OM AHA 53 J. B. Frazier, Jr., USNR, A. C. Allyn & Co., investment bankers; Lt. (jg) Harold J. Gleisberg, USN, Greenway & Co., investment bankers, and Lt. Col. Emmett Solomon, USA, First National Bank of Omaha, who has been draft director of the Territory of Hawaii. S. R. Kirkpatrick of KirkpatrickPettis Company, investment bankers, is the newly-elected president of the board of trustees of Grinnell College, Grinnell, Iowa. Fred Maytag, 2d, of Newton, Iowa, and R. W. Weitz, Des Moines, are new members of the board. Mr. and Mrs. Dale Clark have re turned from a vacation in Estes Park, Colorado. Ak-Sar-Ben’s wartime king, Lt. Col. W. B. Millard, Jr., on leave from his HE brick colonial, seven-room resi dence of Lt. Col. Emmett Solomon, on leave from his duties as assistant trust officer of the First National Bank of Omaha, has been sold to Gordon B. Roberts of the Roberts Dairy Co. for $13,500. T together recently in Hawaii, where all have been in service. Included were Lt. (jg) Edward T. Volz, USN, who was with the John M. Douglas investment banking concern; Lt. Com. Phil Redgwick, former Omaha physician; Lt. (jg) Don H. Knott, USN, Occidental Build ing and Loan Association; Lt. Com. Y. M. C. A. directors, committee chairmen and key staff members were guests of C. W. Mead, “Y” president, at a dinner in the Omaha Athletic club. Dale Clark, president of the Omaha National Bank and past president of the “Y,” was at the speakers’ table. ODDS TO BANK ON ............. * Odds are that your bank can furnish you with Bank-byMail envelopes. Making deposits by mail saves time, gasoline and tires. "Mercury” Bank-by-Mail envelopes are made only by Teosion. J ensfon fcnows how! Jerry H. Mason, president of the Omaha Bank for Co-Operatives for 10 years, died of a heart attack recently. He was a dairy administrator with the AAA in Washington a year before be coming head of the bank, which is a unit of the Farm Credit Administra tion. He organized and headed the Des Moines Co-Operative Dairy Marketing Association. A group of former Omaha bankers and investment bankers was pictured r https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis duties as vice president of the Omaha National Bank, and his wartime queen, Mrs. Charles Foster Brown, Jr., took part in the fiftieth anniversary pageant of Ak-Sar-Ben, presented in Creighton University stadium. Col. Millard came from Washington, where he is with the finance and legal department of the signal corps. 1912 Grand Ave., Phone 4-4126, Des Moines 14, Iowa irst National Bank of O m a h a ■v\.; ^ ... F- y •p -- . ; . ;,f ’ \. ■.. .. . . [> . Oldest National Bank. From Omaha West Member Federal Deposit Insurance Corporation Northwestern Banker October 19bb ö4 • NEBRASKA Richard B. Peters, 44, president of the investment company bearing his name, died recently at an Omaha hos pital, after an emergency operation. The Elm Creek, Nebraska, Cham ber of Commerce recently inserted the following ad in the classified section of the Omaha World-Herald: “Looking for a bank location? We have it. This community in the heart of the Platte Valley irrigated district needs a bank. If interested, contact the Elm Creek Chamber of Commerce, W. C. Rishel, Secretary.” A P r e l i NE WS Lt. Col. Wilbur Fullaway, former Omaha investment banker, has re turned after a two-year assignment in England. He said he found Omaha little changed. “ It seemed like a long while I was over there,” he said, “but now that I am back, it seems only a short interlude. In fact, it hardly seems like I was away at all.” Col. J. Francis McDermott, on leave from his duties as executive vice pres ident of the First National Bank of Omaha, has arrived by plane in Eng land. He served about two years in i n i n n r GOVERNMENT BOND CONVERSION RECORD SYSTEM Offered by AM E R IC AN B A N K S U P P L Y C O M P A N Y • Omaha as officer in charge of the war bond and insurance branch of the Seventh Service Command. He recent ly was summoned to Washington for the overseas assignment. Mr. and Mrs. T. L. Davis and their son-in-law and daughter, Mr. and Mrs. John Lauritzen, Mr. and Mrs. Lawr ence Drinker and Mr. and Mrs. Walter Roberts, returned recently from a stay at Lake Miltona, near Alexandria, Minn. Mrs. John Davis left for New York City to join her husband, Lt. (jg) Davis, for several weeks. Bank Staff Picnic Employes and officers of the Has tings National Bank, Hastings, Ne braska, gathered for a group picnic recently at Heartwell Park. There were 24 persons attending the affair. (TH O R N TO N -LEVEY C O .) IND IANAPOLIS 4 , IND IANA G ov ern m en t B onds now outstanding are o f a m ore or less tem porary nature, and m ay be exchanged for later issues, as determ ined by future action o f the G overn m en t. T h is conversion m ay cover a p eriod of several years, and your depositors ow ning G overnm en t B onds m ay desire you to lo o k after the necessary details for them . T h e y w ill desire a receipt for the old bonds, and that you keep in your bank a com plete record o f the entire transaction. T o properly assum e this respo n sib ility, we suggest that you keep the transaction in a C onversion R egister, and that you have on hand a receipt to give the b ond ow ner, together w ith envelopes to contain the new b on d s. W e offer all o f these at a very reasonable price. A full sheet of the Conversion Register, a specimen receipt ivith duplicate and a bond-containing envelope, will be gladly sent for your consideration without cost or obligation. THIS RECORD SYSTEM MAY BE NEEDED SHORTLY Joins Blue Hill Bank Lauretta Krull, daughter of Mr. and Mrs. John Krull of Blue Hill, and formerly employed in Hastings and San Diego, California, is a new em ploye at the Commercial Bank, Blue Hill, Nebraska. Miss Krull graduated from the Pauline high school in 1940 and attended the Nebraska College of Commerce in Hastings. New Assistant Cashier Mrs. Lois Becker, who has been with the Carson National Bank, Auburn, Nebraska, for the past four years, has recently been made an assistant cash ier with the banking firm. BANKS Bought and Sold Confidentially and with becoming dignity BANK EMPLOYEES PLACED. 39 Years S atisfa cto ry Service THE CH A RLES E. W ALTERS CO. OM AHA, N EB R A SK A rfeTOOTLE-LACY HANDLING THE ACCOUNTS OF BANKS AND BANKERS SINCE 1889 Northwestern Ranker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October Í9GU t r 55 National Bank at Bridgewater, a posi tion which he held until 1911. At that time he was made assistant cashier at Nebraska State Bank, Lincoln. He was also an independent oil operator at Bartlesville, Oklahoma, for 13 years. In 1928 Mr. Burket became vice pres ident of the Nebraska Central Building and Loan Association, and was made president of that organization in 1936. Transferred to York ALKER S. BATTEY, vice presi W dent of the Continental National Bank, Lincoln, has been appointed general chairman of the 1944 United War Fund and the Lincoln Community Chest campaign. All accounts of the Benedict State Bank, Benedict, Nebraska, have been transferred to the York State Bank at York, and the former institution has ceased operation. Dean Sack, president of the latter bank, stated. The Benedict Bank was opened about seven months ago after affairs of the First National Bank there were transferred to the First National Bank of York. The new bank opened in the room formerly occupied by the Farm ers State Bank. Sack was also presi dent of the new bank. William B. Ryons, 74, for 49 years a banker in Lincoln and a city builder, died in Pasadena, California, recently, where he had been ill for only a week. Member of a pioneer family, Ryons was born in New York in 1869, came to Lincoln when he was 10 years old and for a time lived on a farm near Eagle. His first job was with a gro cery store, then to the Burlington as a call-boy, and finally to the Columbia National Bank where he remained 17 years. Afterward he joined the First National Bank and on retirement was a vice president. In addition he had many real estate interests and an im portant Lincoln street was named for him-. Reports Bank's Condition An analysis of the mid-year state ment of the Scottsbluff National Bank, Scottsbluff, Nebraska, was given by J. L. Witters, vice president in a talk before the Kiwanis club. Mr. Witters pointed out that the June statement showed that approxi mately half of the bank’s total assets of $7,187,788 consisted of government bonds, holdings of which totaled $3,578,731. Breakfast Club President Florence Freer, with the First Na tional Bank of Omaha, is finishing out her term as president of the Omaha Credit Women’s Breakfast Club. A Good Idea Passenger: Can’t you go any faster? Operator: Sure, but I have to stay with the street car. The correspondent service of this bank is accurate, dependable— and personal. Add to this our location in Lincoln, our Capital City, have complete correspondent connec tion. C John G. Burket, Lincoln, president of the Nebraska Central Building and Loan Association for the past eight years, died recently. He was 57 years old. Upon graduation from Nebraska Uni versity, he became cashier at the First o n t in e n t a l R a t io n a l ofL IN C O L N Member Federal NATIONAL BANK Deposit Insurance Corporation ST. JOSEPH, MO. M IL T O N TO O TLE, JR. E. H. Z IM M E R M A N R. E . W ALES E . H. SCHOPP PR ESID EN T VICE PR ESID EN T CASHIER ASST. CASHIER G R A H A M G. L A C Y M IL T O N TO OTLE, III F R E D T . BU RRI E . L. C R U M E VICE PR ESID EN T VIC E PR ESID EN T ASST. CASHIER ASST. CASHIER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis and you M e m b e r F ed er a l D e p o sit In su r a n ce C orp o ra tio n Northwestern Banker October 1944 56 LIVE STO C K N A T I O N A L B A N K O MA H A An increasing number of our 353 bank correspondents send all of their out-of-town items to us for credit. We will greatly appreciate your giv ing us a trial W e will be pleased to handle your excess livestock feeder loans Handle Y our Governm ent Bond Transactions Through O ur Highly Specialized Bond Department Member of Federal Reserve System and Federal Deposit Insurance Corporation Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis October 57 with the necessary guarantee of lib erty and will rise again to form a new democratic regime possibly patterned after the United States, Britain or Switzerland. She will still have an important political part in world af fairs. He said, “America and France will be united as never before and I know we can rely upon the help and strength of America.” IOW A NEWS FRANK W AR N ER Secretary V. W . JOHNSON President Cedar Falls Des Moines Iowa Bankers in War-Work Conference (Continued from page 20) us anything and that after it is over we will start out just where we left off. We can handle the debt only if we are willing to save, to be taxed and sacrifice. Several effects of the 211 billion dollar debt on banks have been the inflationary tendencies of excess reserves on security markets, and that pyramided assets against capital struc ture has encouraged low interest rates, while, he said, now is the time to strengthen your capital structure so that postwar credit can be met. De posits have increased 32 per cent in big city banks while country banks de posits show an 82 per cent gain. “ It is improbable that any government will permit large and prolonged unem ployment. We look to governments as instruments of prosperity and secur ity,” Mr. Prochnow said. However, he pointed out that no government is big enough to guarantee security and em ployment without also enforcing other controls. He urged everyone to study the results of the Brenton Woods Monetary conference held recently. “Let’s not be uninformed.” President of the Burlington Railroad Lines, Ralph Budd, who is also regional chairman for the Seventh Federal Re serve District of the National “ Com mittee for Economic Development,” spoke of the principles of that organi zation and what they want for the future. This nationally known com mittee believes substantial tax reduc- S https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis tions can be made after the war if high employment can be attained, and a drastic and courageous revision of our tax system is enforced. Resistance to postwar planning now argues that no one knows what conditions will be at that time and he said this is a de featist attitude. “ If industry should be well prepared and its growth and ac tivity be fostered and encouraged by government there is good reason to expect an era of prosperity when peace comes,” Mr. Budd maintained. “Quite evidently conditions will exist such as in the past have resulted in heavy con sumer demands and according to past experience they should provide the basis for high production. We need to be ready to take advantage of these opportunities.” Monsieur Camille Chautemps, one of France’s leading statesmen who is in this country temporarily to assist in the liberation of his fatherland, ex pressed the hope of the French in building a new and lasting government with the good will and aid of America. He knew there had been some doubts about France among the other peoples of the world, that his country was thought of only as a charming land, his people gay and frivolous, but they were really serious and worthy of America’s confidence and esteem. Al though cruelly divided the French peo ple have fought courageously not only for a new country but for a new basis carborough t ó o i \ 1PANY # ¿AtÂw %Cl#tC £ / First National Bank Building, Chicago In discussing “ Supplying our Battle Fleets” Rear Admiral W. B. Young, chief of the bureau of supplies and ac counts and paymaster general of the navy, told the group that as sound thinking respected leaders, bankers could help dispell the public attitude that the war is almost won, “No mo ment of relaxing can be risked on the battle fronts today,” he said. Although winning the war is our first concern, plans are getting underway for con tract terminations and reconversion and the supply group is training offi cers for that work. However, increased production is necessary along certain lines. “At the present time, the pur chase division of the bureau is engaged in our biggest clothing procurements of the war—food requirements in creased 46 per cent over last year and are expected to be 25 per cent greater next year—two billion dollars a year for fuel for the navy and lend lease with a 35 per cent increase estimated for the coming year,” were a few of the expenditures he mentioned. Not only handling supplies, Admiral Young’s bureau does a banking busi ness, too. The Cleveland branch exam ines contracts, issues vouchers and performs many personal banking serv ices for naval personnel. Joe L. Long, executive secretary, Iowa Taxpayers Association, headed the Monday afternoon list of speakers talking on “The National Hookup for Taxpayers’ Protection.” He explained what his association was doing. “Keep ing the people informed of what we are doing with their money,” he said is the only way any readjustments can be made. This busy organization sup plies a legislative service, not lobbying, however, which gives the public infor mation that they want, the facts and jtky Horace A . Smith, Iowa Representative Des Moines, Iowa Northwestern Banker October 19kk 58 . IOWA N E W S ------- the figures. They write bills at the request of committees and take care of special servicing in Iowa. He said, “We try to help people understand that the money being spent in Washington is theirs.” express readiness and willingness to offer credit there will be more govern ment encroachments and he said, “ It will end up, either take government out of the bank or the government will take us out of the bank.” The plan of the Postwar Small Busi ness Credit Commission as explained by Frank C. Welch, president, Peoples Savings Bank, Cedar Rapids, Iowa, and an Iowa member of the commission, is to see that every business that needs bank credit gets it if it is for a con structive purpose. If banks do not In handling excessive activity in sav ings accounts, R. A. Bezoier, vice presi dent and cashier, First National Bank, Rochester, Minnesota, found that re ductions in unnecessary activity could be eliminated without interfering with business. Upon examination two facts were apparent—there were sav r T h is f x / t e t fe n c e may be useful to y o u . . . Since 1 8 6 8 this in stitu tion has co-operated with banks throughout the middle west in extending credit facilities to sound com mercial borrowers. This experience is at your disposal without obligation. LIVE STO CK «A h / t o n a / BAN K C(c /fc c t < fc Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ESTABLISHED UNION STOCK 1868 YARDS ings accounts that should have been checking accounts, and charges on the checking accounts had caused the shift to savings accounts. By levying charges on withdrawals, what he termed “sugar bowl” accounts were greatly reduced. These charges did not affect genuine thrift accounts nor his bank’s public relations. A. R. R. Schroeder, vice president and cashier, Iowa County Savings Bank, Marengo, Iowa, and secretary of the Iowa Country Bankers Association, spoke to the convention on the ques tion of “How Many Bonds Should a Country Bank Purchase?” Mr. Schroed er has been particularly interested in bond investments and has paid special attention to the bond requirements of the country banks. He feels that banks should always be sufficiently liquid to pay depositors—that all funds over 20 per cent should be put to work—and that there is less loss on short term maturities. As a suggestion, he said banks might have a program with staggered blocks of investments matur ing at different times. What started as a simple tax service for his bank customers has developed into a Farm Service Department through the efforts of J. W. Lipton, Jr., vice president of the Arthur Trust & Savings Bank, Arthur, Iowa. Monthly records are kept through the deposit slips and checks of the farmer through out the year from which his income tax payments are figured for him. Mr. Lipton had to train bank employes for this work but the biggest education was with the farmer himself. They forget to make a note of something they bought or sold, and they have to have the fullest cooperation from the farmer. A record is kept of deductible items and also a depreciation schedule which the farmer appreciates knowing about. The Arthur bank subscribes to farm journals and the latest bulletins for their patrons and supply tax and FORGERY? H andw riting and T y p e w r i tin g Expert H. G . M cM aude 2349 East N inth Street DES M O IN E S , I O W A Phone 6 -31 69 Member Federal Deposit Insurance Corporation October Î9kk 25 Years of Experience H . W . B H le y , A sso c ia te V •r 59 • IOWA treasury information. Such a farm service department has to be fitted to your personnel and to your own set up, he believes. Expenses to such a plan amounted to cost of sheets to make up the report. Keeping these accounts for farm clients has brought the bank in closer contact with the farmer. “There is no land boom in Iowa,” J. H. Boehmler, vice president, First National Bank, Hampton, Iowa, de clared. Land is only five dollars higher than 30 years ago. Just 5 per cent of the land is bought speculatively, a large percentage of the farms are bought on a cash basis and 40 per cent of the farms are being sold to tenants. Better farming practices have brought about increased yields. Beef and dairy cattle are being improved. Mr. Boehm ler believes that there need be no fear of a land boom if we keep land trans fers on a sound basis and have no shoe string buyers. NEWS • Charles B. Mills did a very fine job of presiding as president of the “Or ganization of Past Presidents and ExCouncilmen of the I.B.A” Charley was president of the state association in 1901 and 1902. During the course of his remarks, Charley read letters from past presidents of the Iowa Bankers Asso ciation, two of whom were 86 and 81 years of age. He also paid a nice trib ute to the financial publications which had helped in promoting the best in terests of the Association and referred especially to the Northwestern Banker, which was published by Emerson De Puy previous to 1912. The only thing that Charley didn’t do was sing a solo when more music was requested and Dutch Schmidt was unable to furnish any additional “num bers.” Prizes of captured guns were given to banks who made the best sales of bonds during the Fifth War Loan Drive in Iowa and the awards were as follows: For E bond sales, Robert Stewart, Y o u r L i v e s t o c k Item s Our location in Sioux City, the home of Iowa's only primary livestock market, makes it possible for Convention Notes the First National Bank in Sioux City to be of unusual Walter H. Wightman, assistant cash ier, The Chase National Bank of the City of New York, attended his first Iowa Bankers Convention when he was in Des Moines last month. He was accompanied by the popular and well known Louis Jacoby of the Chase Na tional, who has his office at 135 South La Salle Street, Chicago. Come again, gentlemen. You will always be wel come. service to you and your customers. We can handle your grain, hay and livestock items with the same promptness and accuracy that features all correspondent service at this bank. Another “first-timer” at the Iowa Convention this year was Edward E. Marshall, assistant cashier, MercantileCommerce Bank and Trust Company of Saint Louis, who was accompanied by the handsome John F. Wilkinson, sales manager of the Bond Department for the Mercantile-Commerce. A . G . Sam , President J. P. H a in er, V ic e P resident J. R . G raning, Assistant Cashier Fritz F ritzson, V ic e Pres, and Cashier E. A . Johnson, Assistant Cashier J. T. G rant, A ssistant Cashier W . F. C o ok , A u d ito r Frank Warner, secretary of the Iowa Bankers Association, received praise from everyone for arranging such a fine, such an interesting and such a helpful and worthwhile program for the Fifty-eighth Annual Meeting of bankers from the Hawkeye State. Frank overlooks no detail which will add to the pleasure and comfort as well as the increased information of the bankers whom he so ably repre sents. YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & CO. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis * * * ★ S/O t/Y * / ft Member FDIC— Member Federal Reserve System OM AHA Northwestern Banker October 19Í4 * * 60 IOWA cashier Hudson State Bank, made a record of 161 per cent for his bank. Charles Spengler, assistant cashier Ocheyedan Savings Bank, received the gun for his bank, which had a record of 150 per cent. Bertel Leth, cashier Producers Sav ings Bank of Green Mountain, accepted the award in behalf of the bank with a record of 146 per cent. For the sale of E, F, G and 2V2% bonds, Hugh McCleery, cashier of the Peoples Savings Bank of Laurel, ac cepted the gun with a high of 197 per cent. NE WS A. J. Duben, assistant cashier Nevinville Savings Bank, was given the sec ond award with a record of 197 per cent. H. G. Morrison, cashier Peterson State Bank, received the next prize with a record of 192 per cent. Emil A. Stake, vice president and cashier, J. J. Anton, vice president, and Verne L. Bartling, assistant vice pres ident, all of the First National Bank of Chicago, attended the convention and before they left for the “Windy A QUOTATION RECORD FORM FOR U. S. GOVERNMENT SECURITIES A to banks, without obligation, is vailable jL V our Quotation Record Form. It provides a convenient means o f recording current market quotations on all United States Government securities held in your portfolio, showing rate, maturity, optional date, par amount, cost or book value. A table o f dollar equivalents per $1,000 in 32ds assists in quick computations. Copies will be sent upon request. BOND DEPARTMENT THE NORTHERN TRUST COMPANY 50 S O U T H LASALLE STREET, CH ICA G O 90, ILLINOIS M em ber Federal Deposit Insurance Corporation TELEPHONE: Northwestern Banker https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FRANKLIN 7070 October 19bb •- TELETYPE: CG 368 City,” dropped in for a visit at the Northwestern Banker offices. J. Robert Cornell, vice president and cashier of the First National Bank in Spirit Lake, and treasurer of the Iowa Bankers Association, showed in his re port the following figures: GENERAL FUND Receipts Balance on hand May 31, 1943 $ 5,768.76 Received from office of Secre tary 40,347.54 $46,116.30 Disbursements Vouchers paid $36,987.26 Balance on hand May 31, 1944 9,129.04 $46,116.30 The Association also owns securities, which are carried at cost, as follows: United States Sav ings Bonds $22,500.00 U. S. War Bonds, Series “F” 8,140.00 $30,640.00 Charles C. Kuning, vice president American National Bank and Trust Company of Chicago, and W. O. Kurtz, Jr., manager of the Bond Department of the bank, were hosts to the famous breakfast party given to invited guests of the bank. “Breakfast with Charley” is even becoming more famous, more popular and more delightful than “Breakfast at Sardi’s”. Fred C. Heneman, president of the First National Bank of Mason City, has a systematic plan worked out for his bank so that some officer or officers call on all of their customers and pros pective ones every so often during the year. Fred says the results have been excellent, both in building business and improving good will for the bank. Owen Brewster, Republican United States Senator from Maine, brought the entire banquet audience to their feet cheering with his very eloquent address, “The America of Tomorrow.” Senator Brewster has recently re turned from a 45,000 mile trip by air, visiting the American fighting fronts around the globe, and emphasized that there are four plans which America needs in order to consolidate her peace ful postwar position. “1. An all-American communication system ramifying entirely around the globe. “2. An all-American air system around the globe with full rights to use the great chain of airfields developed 61 * at a cost to America of 500 million dol lars. “3. An all-American merchant ma rine to carry one-third to one-half of our foreign trade in the 40 million tons of merchant shipping America has built at a cost of nearly 20 billion dol lars. “4. An equitable share in the petro leum reserves of the world to replenish our necessary but disproportionate contribution to this war in order that our navy and air forces and merchant marine may have their part in main taining world order. “Upon these essentials all Americans may unite as America moves on to take its place at the council tables of the world with an American foreign serv ice that shall represent the intelligence and integrity of an America that seeks only an opportunity for peaceful prog ress.” IOWA NEWS • pany of Kansas City, Missouri, did him self proud at the Iowa Convention. Tom’s address on the important sub ject “The Price of Not Being an Ape” came late on the first day of the pro gram when the delegates were pretty well steeped in the serious speeches of the program. Hence Tom’s side-split ting stories and homely philosophy provided exactly the right kind of re lief, and the hall was packed. Inter spersed with his stories was a wealth of valuable comment on the need for better public relations in the business of banking. Tom feels keenly that bankers do not occupy as high a place in public opinion as they deserve. Also representing the City National Bank and Trust Company at the Iowa Convention was James F. McPherson, cashier, who is well known throughout Iowa and Nebraska territory. As always, the Iowa Bankers were delighted to listen to their able state superintendent of banking, M. W. Ellis, who made a very short talk but quite to the point in the customary Ellis style. However, his listeners were extremely sorry to hear through Daniel F. O’Meara, vice president, and John T. Barry, assistant vice pres ident of the Public National Bank and Trust Company of New York, were also among the list of distinguished out of town bankers who attended the State Convention. They also made a visit to the offices of the Northwestern Banker, and we hope they will come again whenever they are in the city. The Public National Bank and Trust Company has made a marvelous growth in the past few years and now has a capital of $7,000,000; surplus of $9,000,000 and undivided profits of $3,881,000 and deposits of over $358,937,000. Tom Collins, publicity director for the City National Bank and Trust Com- V Serving Iowa Businessm en ¡fot O ve* fyètvid . This Is Worth Fighting For For more than a century and a half, our country and all its people have been free. We Am ericans can say what we like . . . read what we like. No dictator can tell us what to do. This is the Am erican W ay of Life. Koch Brothers' Employees are 100% behind the "all-out" w ar effort! S T A T IO N E R S V 1889 7 BOOK BINDERS OFFICE OUTFITTERS \ ^ W ^ ^ B U S I N E S S MACHINES Grand Ave . at https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Fourth Des Moin es , Ia . N o rth w estern B a n k er O c t o b e r Í944 62 • him that his right hand man and as sistant, Ralph Bunce, has been ill for several weeks, following an attack of influenza, and was in the hospital at the time of the State Convention. A very welcome visitor at this year’s Convention was Frederick W. Conrad, assistant vice president of the North western National Bank of Minneapolis, who was accompanied by Mrs. Conrad. “Fritz” as he is known to his many warm friends throughout the north west is an uncle of Tom C. Cannon, district manager in Iowa for the St. IOWA NEWS • Paul Terminal Warehouse Company, and visited with the Cannon family while in Des Moines. Whether holding a convention on a holiday harms or helps the attendance will be voted on next year by mem bers of the Iowa Bankers Association. In any event, attendance at this year’s meeting was excellent with approxi mately 1,200 present. Banquet reser vations totaled 1,037. This was un doubtedly one of the largest banquets ever held in Des Moines. Those at the banquet were rewarded with a fine dinner, an excellent pro gram of entertainment, and one of the finest speakers in many years in the person of Senator Owen Brewster, United States Senator from Maine. The Senator is one of the greatest orators in politics and it was a treat to hear him. Many bankers at the Iowa Conven tion were inquiring for Dora Springer, right hand assistant to Secretary Frank Warner. Miss Springer was un able to be at the Convention on account of the grave illness of her mother who passed way later last month. ■L. Iowa Bankers were honored and pleased to entertain as a convention guest a prominent banker from Ne braska in the person of Crawford J. Mortensen, who is president of the Nebraska State Bank of Ord, Nebraska, one of the best banks in one of the greatest little towns in the Cornhusker State. Crawford is a familiar figure at State and National Conventions, and has always been active in Association affairs. Mrs. Mortensen, his beautiful and charming wife, also came to the capital city to attend the convention and visit with some of her Wellesley College classmates. V E N more modern and efficient than the wonder-working E farm machinery o f days before the war, new and greater aids to agriculture are waiting for ample facilities and materials to be made available to American manufacturers. This developm ent is typical o f the opportunities and responsibilities which will face American industry. In their i The scholarly address on the “ Fu ture of Interest Rates” by Stephen M. Foster, economic advisor to the New York Life Insurance Company, brought out the attendance of quite a number of bond and investment men. Glimpsed at the session where he spoke were Harry L. Westphal, assistant cashier, the Iowa-Des Moines National Bank and Trust Company, “Bill” Read of the bond department of the Central Life Assurance Society, Walter Vieth, of Vieth, Duncan and Wood of Davenport and many others. solu tion, business w ill be aided by in te llig e n tly planned financing. As a b u sin ess-m in d ed b a n k , we are naturally concerned with ways and means o f helping business along these lines. Correspondent banks will find the American National well prepared to assist them in meeting the varied requirements o f their customers during the transition period that lies ahead. AMERICAN NATIONAL BANK AND TRUST COMPANY O F CH ICAGO The election of Ralph Brubacher, well-known Sioux City banker, to the presidency of the Iowa Bankers Asso ciation was most popular and was un opposed. Ralph will be an excellent presiding officer, and he is thoroughly posted on Association activities. His regime Banks Sold or Bought! quietly, quickly and in a personal manner LA S A L L E S T R E E T ,j§ AT W A S H I N G T O N ---------------------- ..¿cJifcv---------------------Member Federal D ep osit 48^1BjSf: Insurance Corporation J A Y A . W EL C H BA N K BROKER Haddam. Kansas OUR B U S I N E S S N o rth w estern B a n k er https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis I S O c t o b e r 19 44 T O H E L P B U S I N E S S “36 Years Practical Banking E xperience ” #► j A } 4 63 • IOWA should be a most successful one. election was unanimous, and he escorted to the platform by a dozen burley banker friends who each seconded his nomination. His was half had G. J. Johnson, senior vice president of the American National Bank of St. Paul, was an interested visitor at the Iowa Convention. He combined busi ness with pleasure by inspecting some of his farm land near Cedar Rapids in Linn County. NEWS * Milwaukee; C. D. T ed row , president, Citizens First National Bank, Prince ton, Illinois, and W . R . Dierks, assist ant vice president, Federal Reserve Bank of Chicago. atiou and support is sincerely appreciated. ’ ’ S. J. K ryzsko , Member E x ecutive Council, A. I. B., Second Vice President, First N a t i o n a l Bank, Winona, Minnesota. DEAR EDITOR (Continued from page 9) tremendous boost to our efforts in the field of progressive banking education and I can assure you that your continued cooper- "Three Cheers" ‘ ‘ The September issue of the N orthwest ern B anker was a swell issue and you are to be complimented in no little degree for its excellent appearance both in the editorial Lack of transportation, such as a taxi shortage, was no handicap what ever for a group of Chicago, Milwau kee, and Davenport bankers arriving on the Des Moines Rocket the night preceding the convention. When no taxis were available, the group simply commandeered a passing cattle truck. Thereupon, they rumbled through the streets of down-town Des Moines en route to their hotel, shouting and en joying every bit of the ride. Curious on-lookers probably thought it was some advance advertising for the Ringling Circus. Included in the truck riding group were such well-known financial celebrities as George A. Mal colm, vice president and cashier, and Frank M. Covert, assistant cashier of the Drovers National Bank of Chicago; Verne L. Bartling, assistant vice pres ident, First National Bank, Chicago; Donald A. Harper, assistant vice presi dent, First Wisconsin National Bank, W e may be 83 ACCOMMODATIONS, PLEASE ! years old, but we have young ideas about bow m en should dress to look young. For instance, the An average of 25,000 to 30,000 "gu ests" arrive at the Union Stock Yards in Chicago every day. It's a big order — yet, through the years the job of accommodating this huge army of meat animals has become commonplace. Facilities at Chicago's "most famous square mile" are on a grand scale— and geared to operate smoothly and efficiently. At the southwest corner of this square mile, the Drovers National Bank, too, is geared as an integral part of the vast stockyards industry. In daily, intimate contact with the yard's activities. Drovers is in a position to give corre spondent banks efficient, fast and friendly service. Your inquiry regarding the advantages of DROVERS SERVICE is invited. DES MOINES Q u a lity Sin ce 1 8 6 1 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Receipts at the Union Stock Yards In C h ica g o in 1943 w ere as follow s: Cattle ......... . 2,143,129 C alv es ....... . H ogs Sheep 216,899 ........... 5,791,541 ......... 2,389,871 Horses ....... TOTAL 3,653 ..... .10,545,093 Members, Federal Deposit Insurance Corporation new D obbs Hats. FRANKEL'S VOLUME OF LIVESTOCK SHIPPED TO CHICAGO 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 N o rth w estern R a n k er O c t o b e r Id kk 64 • IOWA matter and in advertising. Three cheers for your letter to Dear Eleanor.” Chester L. P rice, Advertis "India Can't Compare with Iowa" ‘ ‘ Traveling over India by air, rail and river brings me to but one definite conclu sion. All the beauty Mother India affords cannot compare with the state of Iowa. Just get me back to 110 Highland, Water Captain, 12th Bomber Group, APO No. 390, Somewhere in India. L eo L. M a k , P la n to u s e an a d v e r tis in g p r o g r a m o f w e ll w orded m essa g es cr ea ted by W e s s lin g S e r v ic e s , D e s M o in es, Io w a WJesslincf Services u n s D. R. e l o n • loo, and I ’ll be immensely pleased with my lot. ‘ ‘ Most of fertile India is covered with water now during the monsoon. Crops con sist of rice, jute and tea. The rice paddies and tea plantations are beautiful to look upon from the air. ‘ ‘ I am with this outfit as a combat intelli gence office. We have B-25’s. ‘ ‘ Regards to Cliff. Stopped in to see Harry Schaller but he is in the States. ing and Publicity Manager, City National Bank and T r n s t Company, Chicago, Illinois. C o NEWS B a n k P u b l i c R e l a t i o n s "Now Located in China-Burma Area" ‘ ‘ I noticed an article in the September issue of N orthwestern B anker , written by Major A. Emsley Chittenden, who is now located in the India-China-Burma area, and as he is my son, I naturally am a little more interested in the article. ‘ ‘ His wife, who lives in Lincoln, Ne braska, would like very much to have a copy of this issue and one other party has asked for a copy, and I would appreciate your sending me a couple of copies that I may present to them.” E. J. Chittenden, Cashier, Farmers Bank of Clatonia, Nebraska. "Found It Very Interesting" ‘ ‘ Many thanks for the extra copy of the W E S S L I N G , P R E S ID E N T Y l/ joines 9 , S o u / a September N orthwestern Banker , which arrived today. I have looked it over care fully and have round it very interesting. ’ ’ Sidney A. K ent , Des Moines, Manager, Pruden tial Insurance Company of America. Elect a New Director W. L. Hemingway, president of the Mercantile-Commerce Bank and Trust Company of St. Louis, Missouri, has announced that at a recent meeting of the bank’s board, Edward T. Noland, former secretary and director of the Liggett & Meyers Tobacco Company, was elected a director of the bank. Warner Becomes Cashier IOW A •LITHOGRAPHING •COMPANY FO U N D E D B Y CEORGE H. RAGSDALE 515 - TW ENTY - - EIGHTH E D W IN G. RAGSDALE SECRETARY STREET DES •M O I N E S Q U A L I T Y - E X P E R I E N C E •S E R V I C E W. R. Warner, now assistant vice president of the Union National Bank of Kansas City, Missouri, will this month become cashier of the bank, succeeding E. J. McCreary, Jr., who is resigning. Mr. Warner is particularly well known in Iowa territory, where he has traveled to quite an exent in behalf of the Union National Bank, and is a familiar figure at Iowa conventions. Mr. Warner graduated from college in 1923 and then spent two years in a country bank in Kansas, going to Kan sas City in 1925 with the Fidelity Na tional Bank and Trust Company. He spent four years in the credit depart- S carborough á (Company ¿ T n & U k O M C F / û a n h Jm h I v rß i m k i First National Bank Building, Chicago N o rth w estern B a n k er https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O c t o b e r I 9 'i l Horace A . Smith, Iowa Representative Des Moines, Iowa 65 ment of that bank, becoming its credit department manager in 1932. R .J . F L Y N N . P r«> . O .L . D U N G A N . Saey. È » Ë M È • DES MOINES BUILDING-LOAN & SAYINGS ASSOCIATION Oldest and Largest in Des Moines 411 6th Ave. Dial 4-7119 ELMER E. MILLER Pres, and Sec. HUBERT E. JAMES Asst. Sec. FOR YOUR ENJOYMENT . . . Listen to the “ WORLD OF MUSIC” KSO, 1460 KC 9 :30-10 :00 a. m. Sundays Des M o i n e s F IR S T N A T IO N A L B A N K C E D A R F A L L S , IO W A S T A T E M E N T OF C O N D IT IO N A S OF J U N E 30, 1944 W . R. W A R N E R Is also Cashier He joined the Union National Bank in 1933 as credit department manager, and in 1936 he began traveling for the Union National Bank in its correspond ent bank division, and was elected as sistant cashier in 1937. He became assistant vice president in 1943. Mr. Warner has also been active in the work of the American Institute of Banking and served as president of the Kansas City chapter in 1931 and 1932. R ESO U RCES Cash and Due from B anks. . - . . . , $ 9 9 3 ,5 6 2 .3 3 United States Government Bonds. . 1 ,4 1 0 ,4 0 0 .1 5 State and Municipal Bonds.............. 4 8 0 ,1 2 9 .7 8 Stock in Federal Reserve Bank . . . 3 ,9 0 0 .0 0 Loans and D iscounts..................... 2 0 6 ,8 9 4 .1 2 Banking House and Furniture and F ix t u r e s ........................ 3 0 ,0 0 0 .0 0 L IA B IL IT IE S Capital S t o c k ......................................... $ 1 0 0 ,0 0 0 .0 0 Surplus, Undivided Profits and Reserves ...................... ................. 7 7 ,3 9 0 .4 5 Deposits ............................................... 2 ,9 4 7 ,4 9 5 .9 3 $ 3 ,1 2 4 ,8 8 6 .3 8 $ 3 ,1 2 4 ,8 8 6 .3 8 V. W. Johnson, President J. B. Newman, Vice President Edwin L. Unger, Assistant Cashier W. E. Brown, Cashier H. C. Messerer, Assistant Cashier Member Federal Reserve System Member Federal Deposit Insurance Corporation Index To Advertisers \ A II A lle n W a le s A d d in g M a c h in e C o m p a n y . 3 A llie d M u tu a l C a s u a lty C o m p a n y ........... 39 A m e r ic a n B a n k S u p p ly C o .......................... 54 A m e r ic a n N a tio n a l B a n k a n d T r u s t C o .. 62 H a m m e r m ill P a p e r C o m p a n y ....................... 25 H a w k e y e M u tu a l H a il I n s u r a n c e A s s o .. 39 H e r r in g -H a ll-M a r v in S a fe C o m p a n y . . . . 30 H o m e I n s u r a n c e C o m p a n y ........................... 4 It B a n k e r s D e v e lo p m e n t C o r p o r a t i o n . . . . . B a n k e r s T r u s t C o m p a n y — D es M o i n e s .. B a n k e r s T ru s t C o m p a n y — N e w Y o r k . . . C C e n tr a l 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 — D e s M o in e s ...................................... C h a se N a tio n a l B a n k ...................................... C h ic a g o , M ilw a u k e e , St. P a u l & P a c ific R a ilr o a d C o ....................................................... C ity N a tio n a l B a n k an d T r u s t C o m p a n y — C h ic a g o ........................................................ C o n t in e n ta l B a n k a n d T r u s t C o m p a n y N e w Y o r k ........................................................ C o n tin e n ta l N a tio n a l B a n k — L i n c o l n . . . 48 67 29 12 7 35 34 38 55 D D a n ie ls o n F e d e r a l S a v in g s a n d L o a n A s s o c i a t i o n ...................................................... 35 D a v e n p o r t, F . E. a n d C o m p a n y ...............52-59 D e L u x e C h e c k P r in te r s , I n c ........................ 42 D e s M o in e s B u ild in g -L o a n an d S a v in g s A s s o c i a t i o n ...................................................... 65 D r o v e r s N a tio n a l B a n k —-C h ic a g o ........... 63 F F e d e r a l I n t e r m e d ia t e C r e d it B a n k s ......... F in a n c ia l D e v e lo p m e n t C o m p a n y . . . . . . . F ir s t N a tio n a l B a n k — C e d a r F a l l s ........... F ir s t N a tio n a l B a n k — C h i c a g o . ................ F ir s t N a tio n a l B an k -—O m a h a . .................. F ir s t N a tio n a l B a n k — St. P a u l .................... F ir s t N a tio n a l B a n k — S io u x C i t y .............. F ir s t W is c o n s in N a tio n a l B a n k ................ F r a n k e l C lo t h in g C o m p a n y ......................... https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 32 28 65 52 53 40 59 31 63 O m ah a N a tio n a l B a n k .................................... 21 P P h ila d e lp h ia N a tio n a l B a n k ......................... 6 P u b lic N a tio n a l B a n k an d T r u s t C o ......... 30 J J a m ie s o n an d C o m p a n y .................................. 43 K K o c h B r o t h e r s .................................................... 61 L 5 27 65 58 56 46 M M a n u fa c t u r e r s T r u s t C o m p a n y .................. M cM au d e, H. G ..................................................... M e rc h a n ts M u tu a l B o n d in g C o m p a n y . . . M e rc h a n ts N a tio n a l B a n k — C ed ar R a p id s ............................................................... M e r r ill L y n c h , P ie r c e , F e n n e r & B e a n e . M in n e a p 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 in n e s o ta C o m m e r cia l M en ’ s A s s n ........ M is s is s ip p i V a lle y T r u s t C o m p a n y ......... 61 45 42 60 O I I n v e s t o r s S y n d i c a t e ........................................ 34 I o w a - D e s M o in e s N a tio n a l B a n k — D es M o in es ............................................................... 68 I o w a L it h o g r a p h in g C o m p a n y .................... 64 L a M on te, G e o r g e an d S o n ............................. L a w r e n c e S y s t e m .................... L e s s in g A d v e r t is in g C o m p a n y .................... L iv e S to c k N a tio n a l B a n k — C h ic a g o . . . . L iv e S to c k N a tio n a l B a n k — O m a h a ......... L iv e S to c k N a tio n a l B a n k — S io u x C it y . . N a tio n a l B a n k o f W a t e r l o o o ...................... N ew Y o r k T r u s t C o m p a n y ........................... N o r th e rn S ta tes E n v e lo p e C o .................... . N o r th e rn T ru s t C o m p a n y ............................. 50 58 39 2 33 44 38 26 R R e c o r d a k C o r p o r a t io n — B e tw e e n 34 an d 35 R u s s e ll C o m p a n y B u ild in g a n d L o a n A s s o c i a t i o n ............................................... 33 S St. P a u l T e rm in a l W a r e h o u s e C o ............. 23 St. P a u l U n io n S to c k y a r d s C o m p a n y . . . . 8 S c a r b o r o u g h an d C o m p a n y ................. 37-57-64 S to c k Y a r d s N a tio n a l B a n k — St. P a u l. . . 43 S ta te A u t o m o b ile I n s u r a n c e A s s n ............. 38 T T e n s io n E n v e lo p e C o r p o r a t io n .................. 53 T o t t le L a c y N a tio n a l B a n k .......................54-55 W W a n t A d ............................................................... W a lte r s , C h a rle s E . C o m p a n y .................... W e lc h , J a y A ....................................................... W e s s lin g S e r v ic e ............................................. W e s te r n M u tu a l F ir e I n s u r a n c e C o......... N o rth w estern B a n k er 50 54 62 64 36 O c t o b e r 1944 66 In th e DIRECTORS' R o o m Romance in the Ozarks Shoot the Works Mountaineer: “ Doc, I want you to look at my son-in-law. I shot at him yesterday and took a piece out of his ear.” Doctor: “ Shame on you, shooting at your son-in-law.” Mountaineer: “ Huh. He wasn’t my son-in-law when 1 shot him.” 1st Sgt.: “Any of you guys inter ested in artillery?” T w o rookies stepped forward. “ O.K.,” said the top kick, “report to the galley to shell peas.” Deduction Dames are pushovers for gay cabal leros. Caballeros are athletes in Spain. Athletes in Spain thrown the bull for diversion. Therefore dames are push overs for bull throwers. Be Patient Co-ed: “ Stop that man! He tried to kiss me.” Campus Cop: “ Oh, shut up! There’ll be another along in a minute.” That and More Binks: “He has his back to the wall and his ear to the ground, his shoulder to the wheel and his nose to the grind stone, his head level and both feet on the ground.” Skinks: “Contortionist?” Binks: “ No—a guy trying to do busi ness with the OPA.” Smart Fellow The scene is a train compartment in Romania. The characters: a German officer, a Romanian officer, an old lady and an attractive girl. The train en ters a tunnel. The passengers hear first a kiss, then a vigorous slap. The train emerges into the light again. Everyone remains silent, but the Ger man officer has a black eye. The old lady thinks: “What a good girl she is, such good manners, such a fine moral character.” The girl thinks: “ Isn’t it odd that old German tried to kiss the old lady and not me?” The German thinks: “ That Roma nian is a smart fellow—he steals a kiss and I get hit.” The Romanian thinks: “ I am a bril liant fellow. I kiss the back of my hand, hit a German officer, and get away with it.” Johnny on the Spot Policeman: “How did you get up that tree?” Tramp: “Ain’t you got no sense? I sat on it when it was an acorn.” o rth w estern B a n k er Digitized for N FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O cto b er Bumped Navy Doctor: “Why do you have AF-76625 tattooed on your back?” Lt. (j.g.): “That’s not tattoo, Doctor —that’s where my wife ran into me with the car when I was opening the garage door for her.” Men . . . If you smile at him, he thinks you’re flirting. If you don’t flirt, he thinks you’re an iceberg. If you let him kiss you, he wishes you were more reserved. If you don’t he’ll seek consolation else where. If you flatter him, he thinks you’re simple. If you don’t, he thinks you don’t un derstand him. If you talk of love and romance, he thinks you’re asking him to marry you. If you’re a good girl, he wonders why you’re not human. If you return his caress, he doesn’t want you to. If you let him make love to you, he thinks you are cheap. If you don’t, he’ll go with a girl who will. If you go out with other fellows, he thinks you are fiickle. If you don’t, he thinks no one will have you. M en, God bless them—they don’t know what they want. Glamor Glamor is something that evaporates when the sweater is a little too large. In a Hurry Mess Sergeant: “ Did you strike that K.P. with your fist?” Cook: “Yes, sir—if I’d taken time to reach for the soup ladle he’d a got away.” Unidentifiable College is just like the laundry; you get out of it just what you put into it, but you’d never recognize it. Boot Dope Battalion—a guy from Italy. Corporal -— particles in the blood stream. Platoon—something to spit in. Rifle—to rob. Combat—to return. Trench—to wet thoroughly. Cannon—deep chasm. Mortar—your father’s wife. Artillery—large blood vessel. Squad—a young pigeon. Epaulet-—a type of fit. Saber-—a guy who puts money in a bank. Rank—a place for skating. Bayonet—a thief. Runner—stocking defect. Howitzer—“ She’s fine!” Haversack—a college on the Main Line. Flanks—“You’re welcome.” Bullet—a young cow that doesn’t give milk. Cartridge—soft bone membrane. Magazine—first balcony in a theatre. Boots—discarded cigarets. Parade—gold trimming on an offi cer’s sleeve. Not This Time CONVENTIONS Oct. 25, A. B. A. R E G IO N A L S A V INGS C O N F E R E N C E , Hotel Muehlebach, Kansas City. Oct. 25-29, F IN A N C IA L A D V E R T ISE R S A SSN ., Edgewater Beach Hotel, Chicago Nov. 9-10, A. B. A. M ID -C O N T I NENT TRUST CO N F E R E N C E , Drake Hotel, Chicago. Nov. 10-11. N E B R A S K A , Hotel Fontenelle, Omaha A man with a black eye and one or two other injuries entered the out patient’s ward of a big hospital. The desk attendant began to fill out the regular form. “ Married?” he asked. “No,” was the answer, “automobile accident.” Truth The head never swells until the brain stops growing. 'T h r e s H ßO K» I« B“" g o o d ]\ J / . a n y an Io w a c r o p has b e e n th r e s h e d on tim e , b e c a u s e g o o d n eig h b o rs w er e r e a d y to len d a h a n d , an d an e x tr a te a m or tw o . M a n y an Io w a b a n k has b e e n a b le to g iv e b e t t e r s e r v ic e to c u s to m e r s b e c a u s e th e B a n k e r s T ru s t at D e s M o in e s w a s r e a d y to len d a h an d — an d s o m e e x tr a c re d it. I n y o u r p o s tw a r b a n k in g a c tiv itie s , th e r e is a d efin ite p la c e f o r a “ g o o d -n e ig h b o r ” c o r r e s p o n d e n t in D e s M o in e s . W e b e lie v e y o u ’ ll fin d th a t th e B a n k e r s T ru s t has c o n ta c ts , fa c ilitie s an d r es o u r c e s to m e e t a n y r e q u ir e m e n ts o f y o u r b a n k an d y o u r c u s to m e r s . BA N KERS TR U ST FQPJ/ICTORY UN ITF.I> STATKS WAR ^ONDS AND M P COM PANY https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MCAARCD ccncB A l nFPOSIT INSURANCE CO RPO RATIO N 6th and Locust DES MOINES (STAMPS @le<Z% COLLECTION ITEMS Tliron^li Tlii» Toni roily Loro Ioil Itsmk For fast collect'on service on drafts, cial centers throughout the Nation, checks, other most of which can be reached over centrally night as a result of speedy mail serv items, bills of lading clear through and this located Bank. ice by air and rail. The lowa-Des Moines National occu Founded pies a central, key position in the grown steadily through the years in financial affairs of the State resources and number of customers. and Nation and provides every type of in 1875, this Bank has Your business is cordially invited and banking and trust service. wi II be given prompt, careful atten Th is Bank has close contacts in finan tion in every detail. Capital Funds Over Five Million Dollars IOWA-DES MOINES & Trust Member https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis of the Federal NATIONAL BANK Company Deposit Insurance Corporation
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