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Federal Reserve Bank of St. Louis
Conservative Progress
This bank was organized on the basis that PROGRESS
must be conservative and sound.
Our service through more than six decades has there
fore been based on these principles plus our desire to serve
middle western bankers in a friendly democratic way.
A CEDAR R A P ID S B A N K
SERVICING ALL IOWA
THE
MERCHANTS
NATIONAL BANK
O FF IC E R S
J ames E. H amilton, C h a ir m a n
S. E. Coquillette, P r e s i d e n t
H. N. B oyson, V ice P r e s i d e n t
Roy C. F olsom, V ic e P r e s i d e n t
Mark J. Myers, V . P r e s . & C a s h ie r
George F. Miller, V . P r e s . & T r . O fficer
Marvin R . S elden, V ice P r e s i d e n t
F red W . S m ith , V ic e P r e s i d e n t
J ohn T . H amilton I I , V ice P r e s i d e n t
R. W. Manatt , A s s t. C a s h ie r
L . W . B roulik, A s s t. C a s h ie r
P etter B ailey, A s s t. C a s h ie r
R. D. B rown, A s s t. C a s h ie r
O. A . K earney , A s s t. C a s h ie r
S tanley J. Mohrbacher, A s s t. C a s h ie r
E. B. Zbanek , B u ild in g M a n a g e r
Cedar R apids
Iow a
Member Federal Deposit Insurance Corporation
N o r th w e ste r n B a n k er, p u b lished m o n th ly by th e D e P u y P u b lish in g C om pan y a t 527 S ev en th Str.eek D es M o in es, Io w a . ^ S u b s c r ip tio n , 35c
p er cop y, $3.00 p er year. E n tere d as S econd C lass M a tter J a n u a r y 1, 1895, a t th e P o s t office a t D es ¡Moines., Iow a; u n d er A c t o f M a r c h « 1879.
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Federal Reserve Bank of St. Louis
3
C atchers h a v e to u se their h e a d s a s w ell a s their
PROTECTED again st foul tips and flying spikes. » »
hands. » » The m an behind the hom e plate is in on
ev ery p la y . It's up to him to o u tg u ess the batter in
E xecutives in b u sin ess and banking v alu e LA MONTE
Safety Paper for som ev/hat similar reasons. » » The
terms of his pitcher's strength and w ea k n ess.
» »
u se of this product in safegu ard in g checks again st
At all tim es h e m ust b e m entally rea d y for split-second
alteration and counterfeiting rem oves unn ecessary
d e c is io n s ...w h e n to throw to seco n d or th ir d ...w h e n
doubts and an xiety over the safety of funds in transit.
And so effectively that LA MONTE Safety Paper h as
to take a ch a n ce on blocking a runner at the plate.
» » And though h e p la y s b a seb a ll's m ost hazardous
position fear d o es not im pair his judgm ent —for he's
for d eca d es b een recognized as the S ta n d a rd of
S a fe ty in the field of check protection.
For Sam ples of La Monte Safety Paper see your Lithographer or Printer—or write us direct.
1A MONTE
GEORGE LA MONTE & SON
PAPER
NUTLEY, NEW JERSEY
W e su p p ly m an y b a n k s a n d b u sin e ss organ ization s
T h e W a v y L in e s a re a L a M o n t e Trade M a r k
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
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 S afe ty P aper.
The issu in g org an izatio n 's Trade-M ark is in the p a p e r
itself an d a p p e a r s on both the front an d b a ck of the
check. Such i n d i v i d u a l i z e d p a p e r not only protects
a g a in st fraud ulen t alteration but p ro v id es m axim um
protection a g a in st coun terfeitin g—s a v e s B an k s sort
in g time —h elp s p reven t errors.
N orthw estern Banker
October 1945
United States Government Securities
A Service for Portfolio Managers
For more than 25 years we have been dealers
in United States Government Securities. The
facilities of our Bond Trading Department are
available to portfolio managers and we are
prepared to offer suggestions regarding the
composition of Government Bond portfolios.
A Partial List of Bankers Trust Company Services to Bankt
C ollection o f Par and N o n -P ar
Checks
Servicing Loans to Brokers and
Dealers
C ollection o f N o tes, D rafts,
C oupo n s, M atu red B onds and
O ther Item s
Participation w ith C orrespondent
Banks in Loans to Local
Enterprises
Transfer o f F unds, R em ittances
and D om estic M oney O rders
Dealers in U nited States G o v ern
m ent, State and M unicipal
Securities
C redit Inform ation
Investm ent Inform ation
C om m ercial Paper Purchases
R eceipt and D elivery o f Securities
Safekeeping o f Securities
C o nsultation o n Pension and
Profit-Sharing Plans
C o-Paying or Exchange A gent,
Co-Transfer A gent or Registrar,
and C o-D epositary
T ru st and Reserve A ccounts
International T rade and Foreign
B anking Facilities
BANKERS TRUST COMPANY
N E W
MEMBER
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Federal Reserve Bank of St. Louis
FEDERAL
DEPOSIT
Y O R K
INSURANCE
CORPORATION
REPRODUCED BELOW IS A SCENE EKOM THE SPECTACLE, "FIGHTING THE FLAMES” , PRODUCED ABOUT
ft
1S>00 AT DREAMLAND, CONEY ISLAND.
fighting the flam es
cfh (9ne
CAST OF CHARACTERS:
FIRE CHIEF
c /fc fr
CO M M ENTATO R: True, true — Carelessness is jar and
away the biggest known cause of pres. Figures show
that this menace alone accounts for almost all serious
pres.
COMMENTATOR
FIRE CHIEF: But Carelessness can be fought and licked!
CARELESSNESS
CO M M ENTA TO R: Yes, but only through constant effort.
FIRE CHIEF: W e are losing ground—fire is gaining!
Every year, it seems, there are more fires and worse
fires—more lives lost and greater property damage.
Something has to be done!
CO M M ENTA TO R: Y ou’re right— fire is gaining. In the
year ending June 30, 1945, $442,877,000 fire damage
was reported. That’s 10% over the preceding year and
33% increase over the losses two years ago.
FIRE CHIEF: Carelessness is at the root of this—that’s
the menace we must face.
For when people are reminded to be careful, pres fall
off. That’s our fob!
( Curtain )
Epilogue:
THE H O M E IN SU R AN C E C O M P A N Y :
The best time to fight a fire is before it starts
join the campaign against Carelessness!
( Asbestos)
* THE H O M E
CARELESSNESS: Yes, and what a menace! The flick of
a lighted cigarette, a pile of oily waste—and there I am
starting another fire. I’m everywhere and wherever I am,
I work. T hat’s why I, Carelessness, am the chief cause
of fires!
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Federal Reserve Bank of St. Louis
NEW
FIRE
Y O R K
A U T O M O B IL E
MARINE
6
orit
Is P rim e C ollateral
For B a n k L o a n s
*
W AREH O U SE
OF
ST. PAUL TERMINAL WAREHOUSE CO.
PUBLIC W AREH O U SING
ST.PAUL - MILWAUKEE - DETROIT
^DESMOINES-"
Picking, processing and m arketing seed
corn and other se e d s w ill b e BIG BUSI
NESS in Iow a in the months a h ea d . . .
callin g a g a in for exten sive financing by
the Banks.
-CHICAGO u
To obtain ad d ed safety and protection in
m aking se e d corn loan s . . . to permit
granting of larger lin es of credit to worthy
borrowers . . . su g g est to producers that
they m ak e u se of St. Paul Field W are
housing Service.
For St. Paul Terminal W arehouse R eceipts,
issu ed a g a in st se e d corn inventories, no
matter w here stored, are prime collateral
for Bank loans.
Without cost or obligation, GET THE
FACTS from our nearest office about our
proven m ethod of converting inventories
of se e d corn; so y b ean s; field seed s; frozen,
pow dered or sh ell eg g s; w h o le sa le grocer
ies; coal, lumber; iron and steel; can n ed
v e g e ta b le s and m anufactured goo d s into
sound banking collateral. Your inquiry
w ill receive im m ediate and courteous
attention.
W e 'll Be Seeing Y ou at the
Iowa Bankers' C o n ve n tio n
T. S ta n le y la c k s o n , m a n a g e r of ou r F ield W a r e h o u s e d iv i
sio n , a n d T. C. C a n n o n , I o w a d istrict m a n a g e r , w ill b e r e g
is te r e d at H otel Fort D es M o in es for th e I o w a B an k ers
C o n v e n tio n , O ctober 29th, 30th a n d 31st. D rop in to s e e
th em .
T h ey 'll w e lc o m e a n o p p o r tu n ity to ta lk w ith y o u
a b o u t s a fe g u a r d in g lo a n s . . . in c r e a s in g p rofits in you r
Rrrnkrincr o p e r a tio n s.
§s>l iPaul {¡Terminal OTarefjouôe Co.
ST. PAUL, MINN.
— Iow a Office —
— Other Offices —
515 low a-D es M oines National Bank Building
DES MOINES
TELEPHONE 2-1208
MINNEAPOLIS MILWAUKEE CHICAGO DETROIT
INDIANAPOLIS
NEW YORK
BOSTON
PHILADELPHIA
PITTSBURGH
SYRACUSE
MEMPHIS ATLANTA CHARLOTTE ALBANY. GA.
T. C. CANNON, DISTRICT MANAGER
"The only company en gaged in Field W arehousing with an office in Iow a"
N orthw estern B anker
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Federal Reserve Bank of St. Louis
October 1945
OUR 50th YEAR
7
Q u estion :
D o you think the
w ave of labor strikes now
¡n progress, and likely to
continue, are justified?
F ra n k C. Crone, executive vice p re s
ident, N ational B ank of W ashington,
W ashington, Iow a:
“I th in k th e w ave of labor strik es
now in progress, and likely to con
tinue, are not justified.
“In d u stry and labor should be able
to a rriv e at an ag reem en t to reduce
disputes and elim inate strik es, if not,
I th in k a com pulsory a rb itra tio n agen
cy should be organized outlaw ing
strikes.
“W age d isputes are not alw ays the
cause of strikes, o th er issues are in
volved such as discharge of union of
ficials and sen io rity problem s.
C. V. Nelson, cashier, F a rm e rs &
M erchants Savings B ank, W aterville,
Iowa: “I th in k th a t th ey are not ju s ti
fied, especially a t th is critical tim e
w h en th e in d u stria l situ atio n dem ands
the u tm o st in cooperation and united
effort. The dem ands of organized
labor, w hich, it seems, are ever in
creasing in n u m b er and in ten sity , are
a th re a t to th e w elfare of th e nation.
S trikes are a p erplexing m enace to in
d u stry , to th e consum er and to labor
itself, and u nless th e p re se n t w ave of
strik e s can be curbed or controlled, th e
re su lt m ay be an o th e r d isastro u s de
pression.
“S trik es are on th e increase because,
it seem s to me, organized labor has
been given new stre n g th by g overn
m en t su p p o rt and legal sanction.
These factors have given certain union
leaders th e g reen light to m ove ahead
in th e prom otion of labor u n re st and
th e in stig atin g of a w ave of strik es.
The rig h ts of b o th em ployes and em
ployer should be respected, and h o n
esty and fairn ess should be em ployed
in ord er th a t differences m ay be settled
on a com m on g round by a rb itra tio n
and com prom ise, ra th e r th a n by h a rsh
and b ru ta l m easu res.”
#
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
IN THIS OCTOBER, 1945, ISSUE
Editorials
A c ro s s th e D e sk f ro m th e P u b lis h e r.
Feature Articles
W h a t Do Y o u T h in k ? ..................
.....
................................ -----..................
D e a r E d it o r ......................................................................................
F r o n t i s p a g e .............................................................
W h a t B a n k e r s S h o u ld K n o w A b o u t G. I. L o a n s .....................W a l te r R o b in s o n
N e w s a n d V ie w s o f th e B a n k in g W o r ld ........................................ C liffo rd D e P u y
A b o u t B a n k e r s Y o u K n o w — A lf r e d J o h n G o c k .........................................................
H o w C o u n tr y B a n k s A re A d v e r t is in g ..........................
A m e ric a n B a n k e r s A s s o c ia tio n E le c ts N e w O fficers................................................
S o u th D a k o ta G ro u p M e e tin g s ................................................... ........................................
P i c tu r e s a t th e S o u th D a k o ta G ro u p M e e tin g s ......................-..................................
L e g a l Q u e s tio n s a n d A n s w e r s ................................. ..........................................................
7
^
14
15
16
F
18
19
20
21
22
Bonds and Investments
T im in g o f T r e a s u r y D riv e s A ffe c ts C o r p o r a te B o n d
M a r k e t ................................................................................................ R a y m o n d T r ig g e r
Io w a I n v e s tm e n t B a n k e r s F ie ld D a y — P i c tu r e s ......................................... ...............
33
66
Insurance Help
T h e V e t e r a n K e e p s H is I n s u r a n c e ....................-........................J o h n E . C r a m p to n 39
H o w t o M a k e a P r o s p e c t L is te n .............................. ...........................K e ith S . S m i t h
39
State Banking News
45
47
51
51
54
57
.59
61
63
63
63
72
M in n e s o ta N e w s ..............................................................................
T w in C ity N e w s ....................................... .............................
S o u th D a k o ta N e w s ..................... .......................... .......................
S io u x F a l ls N e w s .................................................................
N o r t h D a k o ta N e w s ...................-..................................................
N e b r a s k a N e w s .............................................................................
O m a h a C le a r in g s ............................. ....................................
L in c o ln L o c a ls .................................................. - ............
Io w a N e w s ........................................................................................
5 9 th A n n u a l M e e tin g Io w a B a n k e r s A s s o c ia tio n
D es M o in es N e w s ............................ ............................... —
C e le b ra te s 50 Y e a r s o f S e r v ic e .....................................
The Directors' Room
A F e w S h o r t S to r ie s t o M a k e Y ou L a u g h ........................................................................ 74
N O R T H W E S T E R N B A N K E R , 527 Seventh St., Des M o in e s 9, Iowa, Telephone 4 -8 1 6 3
C L IF F O R D D E PU Y , Publisher
R A L P H W. M O O R H E A D
Associate Publisher
E L IZ A B E T H C O L E
Advertising Assistant
R U T H K IL L E N
Associate Editoi
H E N R Y H. H A Y N E S
Editor
M A R G U E R IT E B R O W N
Office Supervisor
N E W Y O R K O F F IC E
Frank P. Syms, V ice President, 505 Fifth A ve ., Suite 1806
S A D I E E. W A Y
Circulation Department
Telephone M U rray H ill 2-0326
N orthw estern Banker
October 19b5
8
YOUR COMMODITY DRAFTS
to the IRVING . . .
T hey are handled by a u n it spe
cializing in an operation w hich m ight
easily becom e routine.
x/^ S h ip m e n ts are traced . . . drafts p re
sented pro m p tly . . . paym ent or definite
reason for non-paym ent quickly secured.
x/ ' Y o u r drafts are h andled by an ex
pert w ho keeps in close touch w ith their
collection and, w hen necessary, facili
tates delivery of the goods.
For resourceful service, send us your
com m odity drafts collectible in the East
and call on us for assistance w ith any
collection problem .
Irving T rust C ompany
O N E W A L L S T R E E T • N E W Y O R K 15, N. Y.
M em ber Federal D eposit Insurance Corporation
N orthw estern B anker
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Federal Reserve Bank of St. Louis
October 1945
OUR 50th YEAR
9
0
The following Id lers were received
from N orthw estern Banker readers.
Your vines and opinions on any sub
ject w ill be gladly published in this
column.
" M y Future P lan s"
“ In sending you th e enclosed news item
concerning m y decision to re tire from the
H ib e rn ia N a tio n a l B an k in New O rleans,
J a n u a ry , 1946, I feel th a t I owe it to you
to ad d ju s t a few w ords re g a rd in g m y f u
tu re plans.
“ A fte r m y re tirem e n t on J a n u a ry 9th
I in te n d to tak e an extended com bination
pleasure an d business tr ip th ro u g h C entral
and South A m erica, a n d upon m y re tu rn
I expect to devote a p a r t of m y tim e to
the sh ip p in g business in m y c ap a city of
C hairm an of th e B o ard of M ississippi
S hip p in g Com pany, w hich I w as in stru m e n
ta l in organ izin g 26 y e ars ago. I also con
tem p late devoting p a rt o f m y tim e to in
te rn a tio n a l economic an d business p ro b
lems and to h elping th e developm ent of the
export an d im p o rt business th ro u g h o u t the
M ississippi valley, an d p a rtic u la rly th ro u g h
the P o rt o f New O rleans.
“ My office a f te r J a n u a ry 9th w ill still
be in th e H ib e rn ia B an k B uild in g , and
you w ill p ro b ab ly h e ar fro m me occasion
ally. ’ ’
R. S. H ec h t , Chairm an o f
the B oard, The E ih e rn ia N a
tional B a n k , N ew Orleans,
Louisiana.
E d ito r ’s N o te : A . B . P a tterso n , chair
m an, p resid en t o f the N ew Orleans P ublic
Service, In c., w ill succeed M r. H eckt.
^®%
g
J '
• with
i
f a c i l i t y facts, contact8
J
, is at your service m
>»
The First Wisconsin
witU
■ ith complete, modem I*»»*“
^
, We of Wisconsin busion-the-ground knot, e ^
ne 8s, industry,
c o n t ^ ^ o '" ^
out this state.
s e r v ic e -a n d a W *
g0 beyond
>
tv to serve in many " ready
t ;n e efficien cy.
f m e re ro u tin e en
U ?U a ' U m ' tS
B A N K S ft
O. V t S . ON
yice President
^ ice president
G eorge T . C a MPBEll
yice President
R i c h ARD 3- L aWLESS
DONAEO A. H arper
/*ss
"V ictory — and Hom e A g a i n "
‘ ‘ M ay I express the a p p rec ia tio n of Mr.
G ra n t an d m yself fo r your in te re s t in my
re tu rn to th e Iow a b a n k in g field. N a tu
ra lly we have received m any good com
m ents fro m those seeing th e p ictu re on the
fro n t cover of the Septem ber N o rth
w e st er n B a n k er .
“ M y boys have a good deal of fu n k id
d in g me a b o u t b eing a ‘ cover b o y ’.
‘ ‘ I am looking fo rw a rd to seeing you a t
the com ing Iow a convention. ’ ’
W ill ia m B u xton , I I I , P re si
dent, P eoples T r u st and S a v
ings B a n k, Indianola, Iow a.
"Business as U su al"
‘ ‘ I am extrem ely g lad to tell you th a t
I am back in th e old sta n d , 702 N a tio n a l
B ank B uild in g , W aterloo, an d will shortly
be doing investm ent business as usual. I t isa g ra n d feeling, I w an t to te ll you. N a tu
rally , people a r e n ’t lined up a t th e door, b u t
I have no fe a r a b o u t the fu tu re . To the contra i’y, I am exceptionally o ptim istic. You
OF M
(T u rn to page 52, please)
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
N orthw estern Banker
October 19'i5
10
Across the Desk
2 )ea^i Cleano-l Ro-o-levelt:
In one of your recent articles, in which you
were praising your m em bership in the CIO, and
saying th a t some in d u strial leaders w an ted to
“ break the power of Labor through destroying
th eir unions, if they c a n ,” you made this ad d i
tional, and to us, m uch more significant s ta te
m ent— “ The circulation of money is a necessity
to prevent depressions. Therefore, if too much
money goes into the hands of people who can
save it and not put it back into circulation, we
will have a depression.
“ When we live on invested money, instead of
on the fruits of our own labor, of necessity that
money must bring us in less. The stockholder or
investor must expect less return than the original
worker. ’’
jb e a l ¡j'M'&f S t a l i n :
P erh ap s you will not blam e us if we smile just
a little, a t least to ourselves, when we read th a t
d u rin g an h o u r’s ta lk w ith visiting A m erican
Congressm en in Moscow, you expressed a desire
for a 6 billion dollar loan from the U nited States.
We smiled, Mr. Stalin, because the greatest
communist country in the world—Russia—has
constantly condemned the capitalistic system
which has reached its highest point of develop
ment in the United States, and yet, you now pay
us the greatest compliment possible by asking to
borrow money from this capitalistic nation.
Likewise, socialist and labor-controlled Britain
is also asking for a loan of 4 to 6 billion dollars,
and on which they would like to pay no interest.
IIow m any other countries w an t to borrow
money from the U nited S tates at this tim e has
not y et been m ade public, but we are sure th a t
F ran ce and Ita ly and China and m any others will
before long w ant to reach into the U nited States
T reasury fo r additional funds.
Thus a “ despised, despicable, capitalistic coun
t r y ” a t a tim e of g reat w orld em ergency looms
up head and shoulders above all the other n a
tions on earth like a beacon lig h t in a dense finan
cial fog as the place to come for the communist,
socialist and labor governm ents of other countries
when they need funds.
So we are damned for our capitalistic system
but praised and complimented for the results it
achieves, especially if you, Mr. Stalin, and other
dictators can make use of its accumulated cap
italistic reserves.
N o rthw estern B anker
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Federal Reserve Bank of St. Louis
October 19^5
W e quite agree, Eleanor, th a t money m ust be
k ep t in circulation, b u t before it can be p u t in
circulation, it m ust be earned, it m ust be saved.
W e have no q uarrel w ith those who wish to
“ m a k e ” more money by the fru its of th eir own
hibor, but th a t is quite different from p u ttin g
a gun un d er the nose of em ployers and saying
tliat they m ust pay more or labor will strike.
The sum to tal of shorter hours of w ork and
more pay m ust be the creation of more goods
and not less if our economy is to survive.
Y our ap p aren t criticism of people who accu
m ulate savings is h a rd for us to understan d .
It is quite tru e th a t if everybody in the U nited
S tates could save larg e sums of money and then
hoard it and never spend it, it m ight cause
serious financial repercussions, tint such a situ a
tion does not exist today.
W h at we c a n ’t understand, E leanor, is your
own personal viewpoint on this subject, and espe
cially so, considering your fam ily background.
A fte r all, it was invested money w hich was the
basis of your fam ily estate, because when Sara
Delano Roosevelt died in 1941, she left your hus
band over $1,000,000 which h ad originally been
m ade by W arren Delano in the China tea trade.
No doubt much of this m oney was invested and
still is in the corporations of America which have
given vast em ploym ent to Labor th ro u g h o u t the
years.
Money m ust be saved before it can be invested,
and any individual who has one share of stock
in A. T. & T., General Motors, or any other cor
poration, is contributing by ju st th a t much to
giving some m em ber of your CTO strik in g union
a job.
OUR SOth YEAR
11
From the Publisher
M ay we suggest, Eleanor, th a t you re ad again
Carl S n y d er’s book, “ Capitalism, the C reator,”
in w hich lie says, ‘‘ There is one w ay and only
one th a t any people in all history have ever
risen from barbarism and poverty to affluence
and c u ltu re ; and th a t is by th a t concentrated
and h ighly organized system of production and
exchange which we call capitalistic. F u rth e r it
is solely by the accum ulation of this capital and
d irectly proportional to the am ount of this ac
cum ulation, th a t the m odern in d u strial nations
have arisen—perhaps the sqj.e w ay th roughout
the whole of 8 to 10 thousand years of economic
history.
“ A ll this rep resen ts the aggressive drive of
th e deepest and strongest of hum an m otivations ;
the will to iive, to gain, to discover, to conquer;
and w henever these begin to w ane and weaken,
and a nation is given over to visionaries, doctrinaries, and novices in ‘social ex p erim en tatio n ,’ its
decadence has b eg u n .”
So, d ear E leanor, we still believe th a t the ad
v antages of saving and th rift and economy are
v ery w orthw hile, and th a t “ invested m oney” is
the basis of a stro n g and sound economy.
Today, individuals have 50 billion dollars in
TI. S. governm ent securities, including w ar bonds,
and 42% billion dollars in tim e deposits, which
is th e ir “ nest e g g ” for a ra in y day—b u t perhaps
you d o n ’t th in k it will ever rain, b u t it will.
Ib e a ^ i A l ^ e d
cM .
Successful banking is still based on the human
formula ra th e r th a n on various theories of ratios
of a b a n k ’s capital to its to ta l deposits, as pointed
out in the recent stu d y m ade by the P hiladelphia
F ed eral Reserve B ank, of w hich you are presi
dent.
In y o ur article, you say “ The analysis of our
experience over a long period dem onstrates th a t
it is u n realistic to place fa ith in any single m ini
mum capital ra tio as a y ard stick of capital ade
quacy. The traditional ratio of capital to de
posits is particularly unreliable and should be
constantly minimized, if not entirely discarded.
“ B ank cap ital should be adequate to perm it
banks to perform this function w ithout endan
gering d ep o sito rs’ claims, but a given minim um
ratio of capital to risk m ay be attain ed either
by increasing invested capital or by reducing
risk assets. Too much stress on a mathematical
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
form ula m ay resu lt only in banks avoiding n or
mal risks in the fu tu re .”
Obviously, every possible safeguard should be
placed around d ep o sito rs’ funds, b u t if banks
should ever become sim ply storage vau lts for
cash, they will have lost the prim e function for
w hich they were created.
jb e a l A . Jl. M . WiCfjjASUi:
Because you are president of the B ank of
H artsville, South Carolina, m any bankers con
sider you as representing the sm all tow n bankers
and so considered you when you w ere president
of the A.B.A. T herefore, w hen you discuss c u r
re n t banking trends, w hat you have to say is of
real in terest to the average country banker.
R ecently you said, ‘ ‘ Banking is an outstanding
example of competitive private enterprise oper
ated under careful governmental supervision in
serving effectively and economically the financial
needs of 50 million savers, borrowers and busi
ness operators. The local bank is the financial
dynamo of the community, handling the continu
ous flow of money in and out of one community
to all parts of the country and energizing that
flow into productive investment to keep the wheels
of commerce and industry moving.
“ The postwar period will bring new demands
on our banking system, but it will also multiply
the opportunities for enlarged and increased serv
ice to greater numbers of people. Banking is
willing, able and ready, ample in resources, and
determined in management to serve every demand
that our postwar economy may make upon it.”
You were also correct in saying, Mr. W iggins,
th a t th ere need be no fe ar of state b an king or
socialized banking in this country so long as
bankers recognize th eir responsibility of o p erat
ing our banks in the public interests and in the
in terests of our natio n al economy.
C ertainly, the period th ro u g h w hich we have
been passing, indicates th a t bankers have ad
ju sted th e ir operations to the needs of th e ir r e
spective com m unities and have kept in tune w ith
the tim es in increasing the various types of service
dem anded by th eir custom ers.
N orthw estern Banker
October 1945
a tte n d in g the Fifty-ninth
A n n u a l C o n v e n t i o n o f th e I o w a B a n k e r s
A s s o c i a t i o n will—a s u s u a l —find our door m a t
bright with the w ord W E L C O M E —our h a n d
s h a k e frien dly —a n d our p l e a s u r e a t g r e e tin g
y o u , in p e rso n , sin cere.
Y o u w o n ’t h a v e to g o “out of you r w a y " to p a y
u s a v i s i t —b u t w e w ill c e r t a i n l y g o “ o u t o f
o u r s " to m a k e it p l e a s u r a b l e .
'
* ? n ie « t d t y
“S e m
é
CENTRAL NATIONAL BANK
and TRUST COMPANY
DES M O IN E S , IO W A
MEMBER
rthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
FEDERAL
October 1945
DEPO SIT
INSURANCE
C ORPO RATION
OUR 50th YEAR
13
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
N orthw estern Banker
October 19'i5
14
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October l!)'i5
OUR 50th YEAR
15
W hat B(iHk6tS Should Know
A b o u t G. I. Loans
"This Is a Big P rogra m — and Involves M u c h M o re Than the
M e re Lending of M o n e y "
OME 12,000,000 m en and w om en
w ho have gone into th e Service
a re on th e ir w ay hom e. W e are
told th a t 2,000,000 of th em w ill be dis
charged by C hristm as.
Some w ho
hav e gone out as boys w ill re tu rn as
men. T here is th e case of a young
m an, n ev er h av in g held a job, w ho
com es back a t 22 a m ajor—a squadron
leader of a group of F ly in g F o rtresses.
He is accustom ed to assum ing resp o n
sibility, to m aking quick decisions, and
to giving orders. T hen, th e re is th e
m an w ho w as ind u cted into th e Ser
vice ju s t u n d e r 38 y ears of age, w ho
left an established business and m ade
a large p erso n al and financial sacrifice.
In co n trast, th e re is th e boy w ho w as
tak en out of school. Some of them
have been in com bat areas on foreign
soil for th e p a st th re e years. O thers
have been discharged for th e con
venience of th e G overnm ent a fte r
serv in g ju s t 90 days. J u s t as all types
an d ages of m en an d w om en hav e gone
into th e Service, so w ill th e y re tu rn .
All a re en titled to p articip ate in th e
benefits of th e S ervicem en’s R ead ju st
m en t A ct of 1944, provided th e y hav e
been in th e Service 90 days and re
ceived an honorable discharge.
S
Civilian "Let-down"
T he v e te ra n ’s tra n sitio n into civilian
life m ig h t be a d istin ct letdow n unless
he is given a h a n d “over th e h u m p .”
H om e from overseas, he w alks into
th e clothing sto re in uniform . H is
Service insignia en title s him to special
recognition. H e comes out ju s t a n
o th e r civilian, except for th e discharge
b u tto n in th e lapel of his coat, w hich
distin g u ish es him as a v e te ra n and en
title s him to p articip ate in th e benefits
of th e Servicem en’s R ead ju stm en t
Act.
E v e ry G. I. on foreign soil dream s
of th e tim e w h en he w ill be discharged
an d re tu r n hom e to sh are in th e
benefits an d prin cip les for w hich he
has been fighting. H e dream s of his
fam ily, h is hom e, his education, his
business, an d his fu tu re . T he fram ers
of th e G. I. Bill recognized th ese p rin
ciples, fo r th e y are all em bodied in th e
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
By W a lte r Robinson
Iowa Loan G uara nty Officer
Veterans Administration
Des Moines
w orkability is found in its record of
accom plishm ent. On May 15, 1945,
a Loan G uarantee D ivision w as estab
lished for Iowa, in Des Moines. Since
th a t tim e, w ith a lim ited n um ber of
m en discharged, th is Division has
established eligibility on 907 v eteran s,
resu ltin g in the issuance of G uaranty
Certificates on 621 L oans in th e
am ount of $991,504.96 on Loans in th e
total am ount of $2,485,513.59.
The Home Loan
W ALTER
R O B IN S O N
M r. R o b in so n is n o t j u s t a n o th er G o v ern m en t
o ffic ia l— h e h a s b een an a c t iv e b a n k er for th e
p a st 32 y e a r s, and ca m e to h is p r e s e n t p o sitio n
from th e v ic e p r e s id e n c y and c a s h ie r sh ip o f th e
N e w to n N a tio n a l B a n k , o f N e w to n , Io w a .
Act. T he Bill provides m any benefits,
including education and, under T itle
III, th e G u aranty of Loans for th e p u r
chase of homes, farm s, and business.
Some Criticism
The L oan featu re of th e Bill has
been subjected to m uch criticism . You
have h eard rep o rts and read in th e
press, articles stressing, th e am ount
of red tape involved, and th e disil
lusionm ent of th e v e te ra n w ho has not
been able to obtain a loan. In a Bill
of such size, th ere are n a tu ra lly some
ad ju stm en ts w hich m u st be made. An
am endm ent now being considered by
Congress w ill m ake needed corrections
and broaden th e usefulness of th e Act.
F u n d am entally, th e A ct is sound.
T he b est proof of its usefulness and
The Home Loan, u n d er Section 501,
for th e purchase, co n stru ctio n or al
teratio n of hom es, is probably th e
m ost beneficial to th e v e te ra n and th e
sim plest for th e lender to process.
L iberal term s, com bined w ith tax
privileges, m ake loans for th e p u r
chase of hom es so desirable th a t
sooner or la te r every v eteran w ho has
need of credit w ill acquire a hom e
th ro u g h th is source. P rocessing is
sim ple. A pplications su bm itted com
plete and in correct form req u ire an
average of ten days for th e issuance
of th e L oan G u aran ty Certificate.
L oans calling for new construction or
a lteratio n and rep airs req u ire m ore
detail an d tak e som ew hat longer.
T here is alw ays th e danger th a t be
cause of necessity and th e p ressu re of
im m ediate conditions, th e v eteran w ill
ru sh into th e p u rchase of a hom e b e
fore he is settled dow n and know s
ju st w h at he w ants. Sound advice and
guidance by th e lender w ill be a g reat
help a t this period. W hen th e m axi
m um am o u n t of th e G u aranty ($2,000)
has been used, it cannot be reobtained.
I t is evident th a t th e v eteran should
have an eye to th e fu tu re and not p e r
m it im m ediate p ressu re to force him
into using his loan privilege to poor
advantage. E x ten sio n of th e period in
w hich a v e te ra n can m ake these loans,
from th e p resen t tw o y ears a fter date
of discharge, to six years, as provided
for in th é A m endm ent, is highly de
sirable.
To date, 573 Home loans, to taling
$339,632.85 have been made, on w hich
Loan G u aran ty C ertificates have been
(T u rn to page 40, please)
N orthw estern Banker
October 19^5
16
N ew s
and
V
ie w s
OF THE BANKING W ORLD
By Clifford DePuy
F
RED M. V IN SO N , se cretary of the
T reasury, believes th a t th is coun
tr y can produce com fort “u n
dream ed of a g en eratio n ago” if b u si
ness m en know th ey w ill find a m ark et
for th e ir production. “To increase
p u rch asin g pow er enough to increase
consum ption by 50 p er cent over p re
w ar levels,” says Mr. Vinson, “m eans
a n atio n al incom e of 150 billion dollars
and jobs for 60 m illion people, as
com pared w ith 78 billion dollars n a
tional incom e and 47 m illion jobs in
1940. U nless w e base our econom y
on m ass production, th e stru c tu re w ill
not be stable.”
The B ankers T ru st C om pany of New
Y ork has elected four new vice p re si
dents, six a ssista n t vice p residents, and
six a ssistan t tre a su re rs.
The new
vice p resid en ts are W . E. B lakeley, R.
B. H obbs, J. H. Riddle and H arvey
E m ery. Mr. B lakeley cam e to B ankers
T ru st in 1944 as a ssista n t vice p re si
dent, p rio r to w hich he h ad been vice
presid en t of th e N ational B ank of De
troit. Mr. Hobbs, also a fo rm er as
sista n t vice president, cam e to th e
b ank in 1943, a fte r serv in g as special
a ssista n t to th e secretary of th e tre a s
ury. Mr. R iddle has been th e b a n k ’s
econom ic adviser since 1935.
Mr. E m ery comes to his new posi
tion from his w ar-tim e post in th e
N avy D ep artm en t as special a ssistan t
to th e assistan t secretary for Air, from
1942 to date. Mr. E m ery w as g rad
uated from P rin ceto n U n iv ersity in
1924 and joined th e G uardian-D etroit
Group in 1930, w here he w as tre a s u re r
and assistan t secretary.
E lected as a ssista n t vice presid en ts
w ere G. H. B rew er, form erly in v e st
m en t officer; E. G. F arrell, S. T. M.
F rey and W. P. L ivin gston , form erly
a ssista n t treasu rers; P. O. M ilton, w ho
has been in th e b a n k ’s credit-invest
m en t d ep artm en t for th e p ast eleven
years; T. E. Sinie, form erly an assist
a n t tre a su re r.
The board also elected R. V. Vouc
hees, form erly credit-investm ent of
ficer as an a ssistan t tre a su re r; and th e
follow ing new a ssistan t treasu rers:
J. C. Bickford, D, W. L ew is, C. E. A.
McCarthy, Jr., L. C. P eters and Gordon
W oodward.
m any in d u stries w ages are too high
in relation to sellin g prices to perm it
the particular in du stry to em ploy th eir
u sual share of the w ork ers.”
Edw ard E. Brow n, chairm an of the
board of th e F irs t N ational B ank of
Chicago, said it w as th e expressed
opinion of the Board th a t in October it
w ould call a special m eeting of the
stockholders of th e b ank for a date late
P resto n D elano, com ptroller of the
currency, in rep o rtin g on national
b an k s for 1944, show s th a t th e net
o p erating earnings of n ational banks
w ere $481,015,000 for the calendar year
1944, and the n et profits before divi
dends am ounted to $411,844,000, w hich
is 9.63 p er cent of capital funds. Cash
dividends to stockholders in 1944 w ere
35.04 p er cent of n et profits available.
Sum ner H. Sliehter, in an article in
th e H arv ard B usiness Review, dis
cusses th e question of “ad ju stm en t of
w ages d u rin g conversion” and in p art
of his article, says, “The figures on
profits are not a reliable guide to costprice relationships because (1) th ey
are based on an over-all volum e of
b u siness about 10 p er cent above th a t
of th e postw ar period, (2) th ey are
affected by sales to the governm ent
w hich absorbed about one-third of the
physical product of in d u stry . . . and
(3) th e y are affected by th e large size
of w artim e orders and by th e tem po
ra ry drop in selling expenses. . . . Con
sequently, it is possible, indeed prob
ably, that w a g es on the w hole are too
high in relation to the prices of fin
ished goods, and it is certain th at in
E D W A R D E. B R O W N
H is B a n k to I n c r e a s e I t s C a p ita l
in D ecem ber to vote on th e question of
increasing th e capital stock of th e bank
from $50,000,000 to $60,000,000 by th e
declaration of a stock dividend of $10,000,000, to be tak en from the b an k ’s
p resen t surplus.
Mr. B row n said th a t th is contem
plated action w as conditional upon
th ere being at th e tim e of th e stock
dividend no serious prospect of any
legislation being passed taxing stock
dividends w hich w ould be applicable to
a stock dividend d istrib u ted in th e year
1945.
Rod M aclean, adv ertisin g m anager
at th e California B ank of Los Angeles,
is not only an expert in prep arin g
financial advertising, b u t he is also a
“poet”, b u t m ostly “ju st for fu n ” as
is indicated by the following verse
w hich he sent to th e N o rthw estern
B anker.
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October 1945
OUR 50th YEAR
17
W E GOT T H E BR EAK S
.Just recen tly w e rode a train
Behind a n ovice at th e w ork,
And find it goes again st the grain
To have to ride b ehind a jerk.
A b out Bankers You Know
A nd ju s t to prove th a t Rod has his
poem s p ublished in other high grade
m agazines, one of his recen t lite ra ry
efforts ap peared in the S atu rd ay E v e
n ing Post.
George L. L u th y, p resid en t of th e
Com m ercial N ational B ank of Peoria,
Illinois, and ch airm an of th e b an k p e r
sonnel com m ittee of th e Illinois B an k
ers A ssociation, h as recom m ended to
th e A ssociation’s A d m in istratio n C oun
cil th a t a su rv ey of salaries in Illinois
b anks be m ade to provide exact in
form atio n on th e relatio n of salaries to
living costs.
Mr. L u th y saj^s, “it is im possible to
do a good b ank ing job w ith ou t capable
w orkers and sufficient com pensation
m ust be offered if w e are to attract the
right kind of p eople.”
W illiam H arvey K yle, vice presid en t
of th e B an k ers T ru st Com pany, New
York City, is in charge of the b a n k ’s
new custom er cred it d ep artm en t,
w hich has ju st been established.
K enneth K. D uVall, vice p resid en t of
th e City N ational B ank & T ru st Com
p any of Chicago and recen tly elected
p resid en t of th e R obert M orris As
sociates, sta rte d his b an k in g career as
a part-tim e w o rk er in a co u n try bank
in C entral Illinois w hile he atten d ed
high school and college. He received
his B. S. from th e U n iv ersity of Illi
nois in 1922, follow ing w hich he en
tered th e C redit D ep artm en t of th e
old N ational City B ank of Chicago.
C ontinuing in cred it w ork w ith th a t
b ank and o th ers in Chicago he w ent
th ro u g h successive steps to vice p re si
den t of th e C entral T ru st Com pany of
I llinois, th is last title com ing to him in
1929.
E th el E. M ellon of th e O m aha N a
tional B ank and a m em ber of th e p u b
licity com m ittee of th e m idw est divi
sion of th e A ssociation of B ank
W om en, inform s th e N o r t h w e s t e r n
B a n k er th a t B eryl H. E v a n s of th e
F irs t N ational B ank a t Scranton, P e n n
sylvania, is th is y e a r’s w in n e r of the
Jean A rnot R eid Award.
The A w ard w as established in 1936
as a trib u te to Miss Je a n A rnot Reid
w ho is v o lu n teer tre a s u re r of th e New
Y ork City ch ap ter of th e A m erican Red
Cross and form erty w as a ssistan t
tre a s u re r of B an k ers T ru st Com pany
of New York and a c h a rte r m em ber
and fo rm er p resid en t of th e Associa(T u rn to page 48, please)
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
A L F R E D J O H N GOCK
LFRED JO H N GOCK, chairman of the hoard of directors, B ank of
Am erica N. T. & S. A., is a native son of California, horn in San Fran
A
cisco and educated in San Francisco public schools and business college.
B ut for a stroke of chance when he teas 14 years old, A. J. C ock’s career
m ight have been that of a m erchandising man instead of successful banker.
A t that age he had already com pleted a year of study in a San Francisco
business college, and considering him self prepared for a place in commerce,
set out one m orning on a job hunting tour. His first call was upon a w hole
sale establishm ent whose management, im pressed with the eager youth, told
him to return the next clay for confirmation of prospective position. On his
way hom e Cock happened to pass the little C ity and C ounty Bank of San
Francisco, and im pulse carried him in. W hen he emerged he had orders
to report for w ork the follow ing day. I hus was launched a banking career
clim axed recently by his election to the chairm anship of the board of directors
of the second largest bank in the world.
His first position com m anded the then unheard of beginner s salary of
$25 a m onth, and included such chores as messenger, mover of gold and
official polisher of the bank's brass name plate, to say nothing of the respon
sibility of sweeping out the premises each morning before arrived of other
em ployes. In the early days of Gock’s career, w hich started in 1903, there
was no Federal Reserve System and banks cleared their balances by sending
gold to the subtreasury by horse and wagon. There the yellow meted was
iveighed out and am ounts due other banks hauled to the respective institu
tions. Young Gock perform ed the com bined duties of teamster and sole
guard with the confidence inspired by youth, and with reins in hand, occupied
an exalted perch atop the strong box on the wagon to the envy of every other
messenger in the financial district.
(T u rn to page 53, please)
N orthw estern B anker
October 1945
18
How Country Banks A re Advertising
Below are exam ples of local new spaper advertising selected by the N orthw estern
Banker and being used by banks in tow ns of population from 1,408 to 20.228.
'
„ W, be\piu'
for money
t0 V ? ar e ^ intery,°Vet1'
"V'n
some
an educate 01 -
oaving *ot a’
„
v o rt^ Ue
. . borr°*'nS
t0 help
^
U*& 10
s0me
urgent needs •
^
0V l ° Weer s0metW"8 to ma «
ssVons
a home ov
vaiuat)'e
^ ays you
. • • saiegUart a ^ o i * e « ' ^ in e to time.
these are jas
efu\ i r ° " ^
n us at
Bank is especially proud lo be of service'to the me-
^
ami women who wear this emblem.
fcul*0"
’• s s s s
« SA
«V
st » / S I K tt
l¿eniY)er
Honorably discharged members of the Armed
Services receive a small gold lapel button. The de
sign is shown above. It is a mark of coinage, sac
rifice, and patriotic duty. It is an emblem that
commands respect, that identifies the wearer as one
who has done a big job for us. The F irst National
^ Vie
CaJ'are
° n *ere
h e re to ^ 6 ^
any
This Is a Badge
OF H O N O R
Veterans Loans are now available under v
ious provisions of the G. I. Bill of Rights.
Veterans are invited to consult
with us at any time on loan
problems.
al pep°s'
The
First National Bank
Denison, Iowa
Affiliated with Northwest Baneorporation
Member Federal Deposit insurance Corporation
/ ) / ( / t/O t/A n o u /
f/v /ffc /a A c w /
“ This b ank m akes a special effo rt to be
of h elp fu l service to re tu rn in g service
m en and w om en—it provides sound a d
vice, dependable cred it inform ation,
com plete b anking facilities, a n d p rom pt
service on loans. A nd it takes tim e to be
frie n d ly —th a t’s w hy th e N o rth w est
S ecu rity N a t’l. B ank is th e b an k for m e
and m y fam ily.’*
R ETU R N IN G SERV ICEM EN AND WO
M EN . . . m ake th is b an k y o u r financial
h e a d q u a rte rs . . . include o u r service in
y o u r p ostw ar planning.
E A o a ffc?
You make money foster the
longer you hold your "E”
V /ar Bonds. If you study the redemption
/■
chart, printed on each bond, you will see
that the last four years ore the"harvest"
'
years. Your bond increases in value dur
g
ing each of these years twice os tost as
it did in any previous year.
Holding your “E" Bonds until they come
HURON BRANCH
Northwest Security National Bank
due is just another way of putting extra
dollars in your own pocket.
9l Sioux Fall*
GEO. C. FULLINW EIDER V-Pre*.
CARL J. ODEGARD. V -Pres. Sc Mgr. L. 3 . CORNELL, A**t. Mgr.
L. A. MYERS, Asst. Mgr.
AFFILIATED WITH NORTHW EST 1ANCORPORATION
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
N orthw estern B anker October 1945
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Federal Reserve Bank of St. Louis
THE FIRST nOTIOIlfll BRRK
O F S T IL L W A T E R
MEMBER FEDERA
OUR 30th YEAR
19
American Bankers Association
Elects New Officers
Frank C . Rathje, President of the C h ic a g o C it y Bank & Trust
C o m p a n y , C h o se n to H e a d
H E A d m in istrativ e C om m ittee of
th e A m erican B an k ers A ssociation
annou n ced th e election of F ra n k
C. R athje. ch airm an of board and
p resident, Chicago City B ank and
T ru st Com pany, Chicago, Illinois, as
p resid en t of th e A ssociation for 19451946, to succeed W. R andolph Burgess,
vice ch airm an of board, The N ational
City B ank of New York, N. Y. R atifica
tion of th e election of officers cam e at
th e close of a tw o-day executive session
held in N ew Y ork by th e A d m in istra
tive C om m ittee of th e A ssociation to
tra n sa c t essen tial A ssociation business
in lieu of a g en eral convention.
C. W. Bailey, president, F irs t N a
tio n al Bank, C larksville, T ennessee,
w as elected vice p resid en t of th e A s
sociation to succeed Mr. R athje, and S.
A lbert P hillips, vice p resid en t of th e
F irs t N ational B ank, Louisville. K en
tucky, w as elected tre a s u re r to succeed
W ilm er J. W aller, presid en t, H am ilton
N ational B ank, W ashington, D. C., w ho
com pleted a tw o-year te rm in th a t of
fice.
Officers of th e A ssociation w ere elect
ed by m em bers of its E xecutive Coun
cil u n d e r em ergency provisions of th e
A m erican B an k ers A ssociation con
stitu tio n w hich v e st th e council w ith
th is resp o n sib ility w h en b y reaso n of
th e existence of a sta te of w a r or o th er
em ergency a g en eral convention can
not be held. The election w as con
ducted by a m ail ballot.
The n om inations w ere m ade by the
N om inating Com m ittee, consisting of
b an k ers elected by A m erican B an k ers
A ssociation m em bers' in th e 48 states.
The nam es w ere placed on ballots and
sen t to all m em bers of th e E xecutive
Council. T hese ballots w ere re tu rn e d
to th e natio n al h e a d q u a rte rs and
counted, and th e election w as ratified
by th e A d m in istrativ e C om m ittee.
U nder th e sam e em ergency p ro v i
sions th e m em bers of th e executive
com m ittees of th e fo u r divisions of th e
A ssociation and of th e board of control
of th e S tate A ssociation Section elected
a president, a vice president, and suc
cessors to those m em bers of th e execu-
T
OUR 50ih YEAR
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Federal Reserve Bank of St. Louis
N ation al O rgan ization
tive com m ittees and board of control
w hose term s of office w ere expiring.
T hese elections w ere likew ise by m ail
ballot. The follow ing w ere elected to
direct the affairs of these divisions and
th e section for th e com ing year:
N ational B ank Division: N orfleet
T u rn er, president, F irs t N ational
B ank, M emphis, Tennessee, president;
Carl K. W ithers, president, Lincoln
N ational Bank, N ew ark, New Jersey,
vice president. M em bers of E xecutive
Committee: D unlap C. Clark, president,
A m erican N ational Bank, Kalamazoo,
M ichigan; J. R. E vans, president, F irst
N ational Bank, Poughkeepsie, New
York; E. G. Otey, president, F irs t N a
tional Bank, Bluefield, W est V irginia,
and F re d M. R oberts, president, F irs t
N ational Bank, K irkland, W ashington.
Savings Division: M yron F. Con
verse, president, W orcester F ive Cents
Savings Bank, W orcester, M assachu
setts, president; F re d F. Spellissy, vice
president, M arket S treet N ational
Bank, Philadelphia, P ennsylvania, vice
president.
M em bers of E xecutive
Committee: Mills B. Lane, Jr., first vice
president, The C itizens and S o uthern
N ational Bank, A tlanta, Georgia; Row
land R. M cElvare, executive vice p resi
dent, B ank for Savings, New York, N.
Y.; A. W. Sands, president, W estern
S tate Bank, St. Paul, M innesota, and
J. A. T errill, secretary and tre a su re r,
VICTORY
i
LO A N
i
N ew H am pshire Savings Bank, Con
cord, New H am pshire.
S tate B ank Division: H. N. Thom son,
vice president, F a rm e rs and M er
ch ants Bank, Presho, South Dakota,
president; Jam es C. W ilson, president,
F irs t B ank and T ru st Company, P e rth
Amboy, New Jersey, vice president.
M em bers of E xecutive Committee: C.
E. B ennett, president, Tioga County
Savings and T ru st Company, Wellsboro, P ennsylvania; R obert C. Clark,
president, Bellows F alls T ru st Com
pany, Bellows Falls, V erm ont; Jo h n S.
Coleman, president, B irm ingham T ru st
and Savings Company, B irm ingham ,
Alabam a, and H en ry E. Schaefer, vice
presid en t and m anager, F o u rth and
U nion B ranch, Seattle T ru st and Sav
ings Bank, Seattle, W ashington.
T ru st Division: Jam es W. Allison,
vice president, E quitable T ru st Com
pany, W ilm ington, Delew are, p resi
dent; E v an s W oollen, Jr., president,
F letch er T ru st Company, Indianapolis,
Indiana, vice president. M em bers of
E xecutive Com m ittee: Jo h n H. E vans,
vice presid en t and tru s t officer, Mc
Dowell N ational Bank, Sharon, P e n n
sylvania; N. B ax ter Maddox, vice p resi
dent and tru s t officer, T he F irs t N a
tional Bank, A tlanta, Georgia; Jo h n W.
R em ington, vice presid en t and tru s t
officer, L incoln-R ochester T ru st Com
pany, R ochester, New York; Leo A.
S tein h ard t, president, In te rn a tio n a l
T ru st Company, D enver, Colorado, and
B. M agruder W ingfield, vice p resid en t
and tru s t officer, T he N ational B ank of
Commerce, H ouston, Texas.
S tate A ssociation Section: R ay O.
B rundage, executive m anager, M ichi
gan B ankers A ssociation, L ansing,
M ichigan, president; J. Carlisle Rogers,
vice president, F irs t N ational Bank,
L eesburg, F lorida, vice president.
M em bers of E xecutive Committee:
P aul W. A lbright, general secretary,
Savings B anks A ssociation of th e
S tate o f N ew York, N ew Y ork City;
H a rry C. H ausm an, secretary, Illinois
B ankers A ssociation, Chicago, Illinois,
and G. H arold W elch, vice p resid en t
(T u rn to page 43, please)
N orthw estern B anker
October 1945
20
South Dakota Group Meetings
Total A tte n d a n c e of 675 R e c o rd e d at Seven M e e tin g s
Throughout the State
H E 1945 group m eetings, concluded
last m o n th in South D akota, took
on th e atm o sp h ere of p re w a r tim es,
in th a t th e atten d an ce w as larg er th a n
usual, and th e ten sio n th a t goes w ith
w ar days w as considerably relaxed.
A ttendance a t th e seven m eetings av
eraged 95, w ith at least one from each
bank in th e sta te re p re se n te d in th e
respective group, and of course m any
ban k s had several a t each m eeting.
The larg er city b an k s w hich serve
South D akota as corresp o n d en ts w ere
well rep resen ted , including those in
M inneapolis, St. Paul, New York, Chi
cago, Omaha, Sioux City, Iowa, and
Sioux F alls in South D akota. T hese
bank officers, to g eth er w ith several of
ficials of th e South D akota B ankers
association and a n u m b er of speakers,
form ed a carav an th a t trav eled from
tow n to tow n, atte n d in g each m eeting.
All m eetings w ere held in th e evening,
w ith th e pro g ram follow ing a dinner.
C. O. Gorder, p resid en t of th e South
D akota association, opened th e speak
ing p ro g ram at each m eeting. He re
ported m em bership in th e South Da
kota B ankers association at a high
level, w ith only seven or eight b anks
not affiliated w ith th e association. Mr.
G order advised his listen ers th a t it
w as now possible for b an k s to enroll
in the group in su ran ce plan, sponsored
by th e association. He also urged
continued full cooperation of South
D akota b an k ers in th e com ing V ictory
Bond Drive, of w hich Tom H ay ter of
Sioux F alls is chairm an. I t w as re
T
p o rted th a t so far in all th e w ar loans,
South D akota had sold $328,000,000 in
bonds, of w hich b an k ers had placed
th e larg est portion. The V ictory Loan
drive w ill s ta rt th e 29th of October,
ru n n in g u n til D ecem ber 8, and w ill be
th e last.
The program s a t each of the m eet
ings w ere devoted alm ost en tirely to
discussion of th e re tu rn in g v eteran
and his relatio n sh ip to banks th ro u g h
exercising his rig h ts u n d er th e G. I.
bill. E v ery phase of th e problem w as
th o ro u g h ly analyzed and th e rem ark s
of W. R. Chapm an, vice presid en t of
th e M idland N ational B ank of M inne
apolis, w ho spoke on “E xperiences in
In terv iew in g V eterans,” are published
elsew here in th is issue.
N ew officers elected at each of the
group m eetings, to g eth er w ith record
of atten d an ce and m eeting place se
lected for 1946, reads as follows:
G roup I—Y ankton (A ttendance 90).
P resident, J. T. Sanger, a ssistan t m an
ager V erm illion B ranch, N ational
B ank of South D akota, V erm illion;
vice president, T. B. W etteland, cashier
S ecurity State Bank, Gayville; secre
tary -treasu rer, R. B. Stevens, vice p res
id en t and cashier C itizens Bank, V er
m illion. (1946 M eeting place, V erm il
lion.)
G roup II—Sioux Falls (A ttendance
116) P resident, T. S. H arkison, p res
id en t N ational B ank of South D akota,
Sioux Falls; vice president, W. E. Perrenoud, cashier F irs t N ational B ank
and T ru st Company, Sioux Falls; sec
retary -treasu rer, M agnus H anson, Dell
R apids B ranch. N o rthw est Security
N ational Bank, Dell Rapids.
(1946
M eeting place, Sioux Falls.)
Group I I I —M itchell (A ttendance 87).
P resident, C. L. B reckenridge, cashier
F irs t N ational Bank, A rm our; vice
president, R. H. Seydel, cashier Menno
S tate Bank. Menno; secretary-treas
u rer, H. W. F redine, assistan t cashier
Com m ercial T ru st and Savings Bank,
M itchell.
(1946 M eeting place, Mit
chell.)
Group IV—W atertow n (A ttendance
100). P resident, S. B. C rothers, cash
ier F a rm e rs and M erchants Bank,
W atertow n; vice president, E. Schouw eiler, cashier B ank of A^eblen, Veblen; secretary -treasu rer, C layton W alk
er, vice p resid en t A berdeen N ational
Bank, A berdeen. (1946 M eeting place,
A berdeen.)
Group V—H u ro n (A ttendance 57).
P resident, C. P. Swift, executive vice
presid en t C itizens Bank, A rlington;
vice president, Rex T erry, cashier Ft.
P ierre N ational Bank, F t. Pierre; sec
retary -treasu rer, A. E. Schnad, vice
p resid en t and m anager H u ro n B ranch.
N ational B ank of South Dakota, H u r
on. (1946 M eeting place, H uron.)
Group VI — M obridge (A ttendance
75). President, R. H. Jackson, p re s
id en t S ecurity State Bank, M cIntosh;
vice president, F re d Grosz, vice p res
ident Bowdle S tate Bank, Bowdle; sec
retary -treasu rer, S. H. L arsen, assistan t
m anager M obridge B ranch, F irs t Na(T u rn to page 53, please)
AT THE SOUTH DAKOTA GROUP MEETINGS
B e a d in g fro m l e f t to r ig h t: 1— T he charming girls w ho co n
d u c te d th e r e g is tr a tio n a t th e G roup Two m e e tin g in S ioux F a lls.
2— O. D. Hansen, vice p re s id e n t B a n k o f U n io n C ounty, E lk
P o in t; E. R. Arneson, p re s id e n t B a n k o f C u ster, C u ste r; Erling
Haugo, p re s id e n t S ioux A^alley B a n k , Sioux F a lls ; a n d H. H.
Echtermeyer, vice p re s id e n t L iv e S to c k N a tio n a l B a n k , O m aha.
3— Tom C. Cannon, S t. P a u l T e rm in a l W are h o u se C om pany, D es
M oin es; F. G. Norton, a s s is ta n t c a sh ie r C hase N a tio n a l B a n k ,
N ew Y o rk C ity ; Carl Fredricksen, p re s id e n t L iv e S to c k N a
tio n a l B a n k , Sioux C ity ; a n d Fritz Fritzson, vice p re s id e n t F ir s t
N a tio n a l B a n k , Sioux C ity. 4— William C. Rempfer, p re s id e n t
F i r s t N a tio n a l B a n k , P a rk s to n , S o u th D a k o ta ; a n d Tom S.
Harkison, p re s id e n t N a tio n a l B a n k of S o u th D a k o ta , Sioux
F a lls . 5— W. A. Volkmann, v ice p re s id e n t F i r s t N a tio n a l B a n k ,
M in n e ap o lis; Charles Gossett, p re s id e n t S e c u rity N a tio n a l B a n k ,
S ioux C ity ; a n d William F. Kunze, v ice p re s id e n t M a rq u e tte
N a tio n a l B a n k , M in n e ap o lis.
6— M. F. Patton, p re s id e n t
M itc h e ll N a tio n a l B a n k , M itc h e ll, S o u th D a k o ta ; H. R. Kibhee,
p re s id e n t C om m ercial T ru s t & S a v in g s B a n k , M itc h e ll; E. M.
Volkenant, a s s is ta n t c a sh ie r F i r s t N a tio n a l B a n k , St. P a u l; an d
Oscar Brosz, v ice p re s id e n t D a k o ta S ta te B a n k , T rip p , S outh
N orthw estern Banker
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Federal Reserve Bank of St. Louis
October 1945
D a k o ta . 7— W. R. Chapman (Junior), v ice p re s id e n t M id lan d
N a tio n a l B a n k , M in n e a p o lis; A1 Junge, N o rth w e s te rn N a tio n a l
B a n k , M in n e a p o lis; a n d N. J. Thomson, p re s id e n t F a rm e rs a n d
M e rc h a n ts B a n k , P la tte . 8— L. O, Olson, v ice p re s id e n t M id
la n d N a tio n a l B a n k , M in n e a p o lis; Lois J. Halversen, S outh
D a k o ta a c tin g s e c re ta ry , H u ro n ; a n d George F. Kernan,
a s s is ta n t c a sh ie r C o n tin e n ta l Illin o is N a tio n a l B a n k , C hicago.
9— O. J. Boos, p re s id e n t M in e r C o u n ty B a n k , H o w ard , S o u th
D a k o ta ; Frank Palmer, c a s h ie r S e c u rity S ta te B a n k , C anova,
S o u th D a k o ta ; C. A. Lovre, m a n a g e r N o rth w e s t S e c u rity N a
tio n a l B a n k , B ro o k in g s; a n d Ralph Watson, p re s id e n t N o rth
w e st S e c u rity N a tio n a l B a n k , S ioux F a lls. 10—J. M. Lloyd,
vice p re s id e n t A m e ric a n S ta te B a n k , Y a n k to n ; B. R. Laird,
e x e c u tiv e v ice p re s id e n t a n d c a s h ie r S e c u rity S ta te B a n k ,
T y n d all, S o u th D a k o ta ; a n d Ray G. Stevens, p re s id e n t C itizens
B a n k , V e rm illio n , S o u th D a k o ta . 11—F. W. Bunday, c a sh ie r
F a rm e rs a n d M e rc h a n ts B a n k , W e s sin g to n S p rin g s, S outh
D a k o ta ; C. L. Breckenridge, c a s h ie r F i r s t N a tio n a l B a n k , A r
m our, S o u th D a k o ta ; R. H. Seydel, c a s h ie r M enno S ta te B a n k ,
M enno, S o u th D a k o ta ; a n d H. W. Fredine, a s s is ta n t c a sh ie r
C om m ercial T ru s t & S a v in g s B a n k , M itch e ll.
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
In a Partly Written and Partly
Verbal Contract, W hich is
ROWN borrow ed $5,000 from K een
er in Iow a and gave him a p ro m
issory note p roviding for th e p ay
m ent of in te re st sem i-annually and
of th e p rin cip al in five years. The
note also contained an acceleration
provision giving K eener th e option to
declare th e prin cip al due on default
in an y in te re s t paym ent. B row n de
faulted on an in te re st p ay m en t tw o
y ears la te r and K eener told h im v e r
bally th a t th e en tire am o u n t w as due.
M atters d ru g along and finally K eener
sued Brow n. B row n defended on th e
gro u n d th a t th e sta tu te of lim itations
had ru n . Such w as th e case if th e
com m encem ent date for th e ru n n in g
of th e sta tu te w as th e tim e of K een
e r’s co nversation w ith B row n b u t w as
n o t th e case if such date w as th e due
date of th e note, th a t is, five y ears
a fte r it w as signed. W as th e defense
good?
B
No. In a recent d ecision in v o lv in g
facts sim ilar to th ose ou tlined the
Io w a Suprem e Court held that the
statu te of lim itation s w as not se t in
m otion by th e m ere declaration that
the principal w as due. In so holding,
the court com m ented th at in su ch cases
the statu te runs from the actual exer
cise of the option b y som e affirm ative
action such as th e tiling of a suit. A
sim ilar ru lin g has b een m ade in Texas.
B lun d erb u ss and D um bley en tered
into a deal in N eb rask a th a t w as evi
denced by a co n tract th a t w as p a rtly
w ritte n and p a rtly oral. A dispute
developed b etw een th em and a law suit
ensued. As to one of th e d isputed
featu res of th e tra n sa c tio n th e w ritte n
p a rt of th e ag reem en t w as clear and
had an a p p a re n t in ten t. Could such
p a rt be o v ertu rn ed b y th e v erb al sta te
m en ts of a co n tra ry u n d e rsta n d in g by
one of th e parties?
No. W hen a contract is partly w rit
ten and partly oral and th e w ritten
portion is clear and has an apparent
in tent, evidence of verbal statem en ts
or recollection s of one of th e p arties
contrary thereto w ill not he perm itted
to overturn such w ritten portion.
B eckm an m ade a $7,000 loan to
Black in Iow a and accepted from him
a p ro m isso ry note p roviding for in
stallm en t p ay m en ts of p rin cip al and
N o rthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October 19^5
This and O th e r Tim ely Legal
Q u e stio n s A r e A n sw e re d
By the
LEGAL DEPARTM EN T
in te re st at 5 p er cent p er an n u m on
th e unpaid balances. T he note con
tain ed an acceleration provision giv
ing B eckm an an option to declare the
full balance due on default in any in
stallm ent, such balance th e re a fte r to
b ear an increased in te re st rate, nam e
ly, 8 p er cent p er annum . Black de
fau lted on an in stallm en t pay m en t
and B eckm an told him verb ally th a t
he declared th e full balance due and
expected 8 p er cent in te re st thereon.
T h e reafter B eckm an took no fu rth e r
affirm ative action tow ard enforcing
h is declared in ten tio n u n til alm ost
th re e y ears la te r w hen he b ro u g h t
su it for th e balance and claim ed 8
p e r cent in te re st from th e date of his
conversation. Could he recover in
te re st a t th a t ra te from th e tim e
nam ed?
No. In a recent d ecision in w hich
wTas raised th e legal point here in
volved the Io w a Suprem e Court said
th at a rule th a t w ould perm it the
plaintiff to recover the h ig h er in ter
est rate should not p revail and th a t if
the court w ere to hold sufficient a m ere
declaration w ith o u t any affirm ative ac
tion, an acceleration clause in a note
m ight b ecom e a d evice m erely to in
crease the in terest rate w ith o u t an y
in ten tion of ex ercisin g the option to
com m ence a suit in advance of the
m aturity stated in the note.
Devine, a N o rth D akota banker,
ra n in th e p rim a ry elections for coun
ty com m issioner. He, and Demagog,
w ere nom inated. L a te r he w on over
Dem agog in th e general election.
Dem agog sued to contest, filing his
action m ore th a n 40 days afte r th e
p rim a ry b u t w ith in 40 days afte r the
gen eral election. U nder N o rth Da
kota law election contests m ust be
filed in 40 days. D evine h ad been sick
and had n ot filed a statem en t of his
p rim a ry cam paign expenditures w ith
in 15 days afte r th e p rim a ry as re
quired by law. A ctually he h ad had
none. Such om ission w as th e basis
of D em agog’s contest. Should Dem
agog prevail?
No. In a recent d ecision in v o lv in g
analogous facts th e N orth D akota Su
prem e Court held th a t the candidate’s
failure to file a statem en t of exp en d i
tures incurred at the prim ary election
w as an act of om ission com m itted at
the prim ary election and not at the
gen eral election and, if it w as ground
for con test, con test proceedings com
m enced m ore than 40 days after the
prim ary election w ere too late and the
court had no jurisdiction.
Mollison, a M innesota b ank director,
also operated a farm there. He hired
a young and inexperienced stu d en t as
a farm h an d to operate a pea m ow er
on th e farm and failed to w arn and
in stru c t him reg ard in g th e dangers of
using th e pea m ow er w hich w ere not
obvious to him . T he stu d en t w as in
ju re d seriously in usin g th e m achine
as a re su lt of th e negligence of Molli
son in failing to w a rn and in stru c t
him . Is th e stu d en t en titled to re
cover dam ages from Mollison?
Yes. A m aster is required to ex er
cise reasonable care for the sa fety of
his serv a n ts and a duty rests on him
to w arn and in stru ct im m atu re and in
experienced serv a n ts of dangers in
cident to th eir w ork w h ich are n ot ob
viou s to them . Since M ollison did not
perform h is duty the injured stud en t is
en titled to recover dam ages from him .
M ohawk, a d irector of a N ebraska
bank, ow ned a radio broadcasting
statio n in th a t state. H e v o luntarily
paid certain royalties u n d er a contract
for th e privilege of b roadcasting copy
rig h ted m usical com positions at a tim e
w hen it w as questionable as to w h e th
er he w as legally req u ired to do so.
S ubsequently a decision w as handed
dow n establishing th e precedent th a t
M ohawk had n ot been legally req uired
to pay. M ohaw k sought to recover
on th e ground th a t th e paym ents had
been m ade u n d er duress. A ctually
all th e recipient h ad done w as to
th re a te n to sue him if he did not pay.
Did th is co n stitu te duress so as to
perm it recovery?
OUR 50th YEAR
23
Member
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Federal
Deposit
Insurance
Corporation
N orthw estern Banker
October 1945
No. W here one volu ntarily com
plies w ith the term s of a contract un
der the fear and apprehension of liti
gation, unaccom panied by any act of
hardship or oppression, coercion or
com pulsion, he cannot th ereafter avoid
the contract and recover back the
m oney paid in com pliance th erew ith .
A threat to do w hat one has a legal
rig h t to do, such as a threat of a la w
suit, cannot con stitu te d uress so as
to vitia te a contract.
The son of a deceased Iow a b a n k e r
becam e engaged to be m arried to a
show girl he m et at th e S tate F air.
The son’s m other, w ho w as still liv
ing, persuaded him to b reak th e en
gagem ent, w hich he did. T he girl
sued th e m o th er for dam ages for in
ducing h e r son to b reak his oral con
tra c t to m arry . Could she recover?
No. A fiancee cannot recover again st
h er intended husband’s m other for
inducing th e son to break an oral con
tract to m arry her. A fiancee, as d is
tin gu ish ed from a spouse, has no right
to recover again st a third person for
in du cing the breach of a m arriage con
tract or for a lien atin g the affections
of the intended spouse.
D ecision s
supporting th is rule m ay also be found
in N ebraska, W isconsin, Indiana, M in
nesota, M ichigan and other states.
F ra se r and McGaw ow ned adjoin
ing farm s n ear Council Bluffs, Iowa.
B oth p ro p erties w ere m ortgaged to
PROM PT SERVICE FOR
BANKS BU YING OR SELLING
U. S. GOVERNM ENT SECURITIES
Up-TO-THE-minute statistical information on
U. S.
G overnm ent Securities and the latest q u o ta
tions are at your disposal in the B ond departm ent o f
this long established C hicago bank. B eing a dealer
and specialist in such issues, T he N o rth e rn T rust
C om pany provides efficient and p ro m p t service in
their purchase or sale.
Banks interested in U. S.
banks. The F ra se r land w as h igher
th a n th e McGaw p ro p erty and surface
w aters from it drained off th ro u g h a
valley ru n n in g th ro u g h the McGaw
land. McGaw attem p ted to build a dam
near th e jo in t p ro p erty line w hich
w ould have th e effect of backing th e
w ater upon F ra se r to his damage.
Could McGaw do so?
No. T he ow ner of a serv ien t estate
cannot dam surface w ater and cast it
hack upon his neighbor or collect it
in a body and precipitate it in increased or u nn atu ral q uan tities, or in
a different m anner from the natural
flow thereof, to his neighbor’s dam
age.
H olton, an Iow a banker, w as held up
and robbed of $500. Jack so n w as ap
prehended and charged w ith th e
crim e. A t th e tria l one of th e w it
nesses to th e crim e told an excellent
and convincing sto ry on direct ex
am ination b u t refused to answ er any
questions on cross-exam ination by
Jack so n ’s atto rn ey . In such circum
stances should the evidence given by
th e w itness on direct exam ination be
strick en from the record?
Yes. T his situ ation is governed by
the gen eral rule w hich is that w here
a w itn e ss a fter h is exam ination in
ch ief on the stand has refused to
subm it to cross-exam ination, the op
portunity of th u s probing and test
ing h is sta tem en ts has su bstan tially
failed and his direct testim o n y should
he stricken.
Kewp, a d irector of a South D akota
bank, ow ned a concrete m aterials
com pany in th a t state. One of his em
ployes contracted silicosis, an occu
pational disease, and sought to recover
from him . Kewp carried w h a t he
th o u g h t w as adequate w o rk m en ’s com
pensation and em ployer’s liability in
surance b u t on checking his policies
found th e ir w ording excepted occupa
tional disease claims. D espite such
w ording Kewp contended he w as cov-
G o vernm ent Securities are invited to inquire.
,
S en d f o r our booklet
''U n ited States G overnm ent O bligation s”
Bond
Department
THE NORTHERN
TRUST COMPANY
T eleph on e: Franklin 7 0 7 0
AT& T T eletype: CG 368
50 South La Salle Street . . . C hicago 90, Illin o is
Northwestern Banker October 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
PM
OUR 50th YEAR
25
SERVICE
FOR AMERICAN
r Fr,
F r¡ Ir %
BUSINESSMEN
on this m ap represents an A m erican Express Office now in
o p eratio n and ready to h elp A m erican B usiness w ith problem s o f overseas com m erce. W ith
the liftin g o f w a r restrictions, new pins w ill be added as o th er A m erican Express Offices re
open. T hese offices are eq u ip p ed to assist y o u r clients in the ex p o rt and im p o rt field w ith such
Each
p in
im m ediate, specialized services as:
F I N A N C I A L S E R V IC E S —F oreign Exchange, For
eign R em ittances, C ollections. Travelers’ Letters o f
Credit.
T R A V E L E R S C H E Q U E S —T h e o n ly readily-acceptable, u n iversally-recognized international travel
funds n ow available.
B U S IN E S S TRAVEL-Air and Steam ship T ickets,
Itineraries, R outes, Costs, H o tel A ccom m odations.
O V E R S E A S T R A F F I C - E x p o r t and Im port Ship
p in g . Custom Clearances. Placem ent o f M arine
Insurance. D o cu m en tin g from p o in t o f o rigin to
destination.
A m erican Express W orld Service begins at any hom e office and radiates in an un b ro k en chain
aro u n d the globe. Y our in q u iries are invited.
/¡m & U c& n , B x p /zsd û
SERVICE
AROUND
THE
WORLD
65 B ro a d w a y , N e w Y ork 6, N. Y.
A ntw erp, A th e n s, B a sle , B o m b a y , B u e n o s A ir e s, C a iro , C a lc u tta , Florence, G e n e v a , G l a s g o w , L iv e rp o o l, Lon d on ,
Lucerne, M a n ila , M a r s e ille s , N a p le s , N ice , P a ris, R io de Ja n e iro , R o m e, Z u rich .
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N orthw estern Banker
October 1945
26
ered by in su ran ce because of a state
law ru n n in g to th e effect th a t w o rk
m en ’s com pensation in su ran ce policies
should provide full coverage for all
claim s. Should he be su stain ed in
such contention?
No. T he South D akota Suprem e
Court has held in a recent decision
th a t th e law relied upon by K ew p ap
plies on ly to w ork m en ’s com pensation
and not to em p loyer’s liab ility in su r
ance and th at a p rovision i n an em
p loyer’s liab ility p olicy exclu din g oc
cupational disease risk s is ATa l i d .
Elected Vice President
E d w ard B yron Sm ith, re tu rn in g to
The N o rth ern T ru st Company, after
a four y e a rs’ leave of absence in w ar
service, w as elected vice p resid en t by
th e board of directors and has tak en
up his new duties in th e b anking de
p artm en t.
D uring th e w ar he first served as a
d ep u ty a d m in istrato r of th e T reasu ry
D ep artm en t’s w ar savings staff in Chi
cago. In M arch, 1943, he w as com
m issioned as a lieutenant. USNR, as-
signed to th e N avy’s office of pro cu re
m en t and m aterials in W ashington,
and becam e assistan t chief of its fi
nance division in A ugust, 1943.
E D W A R D B. S M IT H
R etu rn s to N o rth ern T ru st
In M arch, 1945, he w as assigned to
th e Office of C ontract Settlem ents. He
w as discharged from th e N avy in May,
b u t continued as a civilian employe
u n til A ugust.
Elected Econom ist
O v e r 1 , 0 0 0 b u il d i n g s d e s tr o y e d
. . o u r sto re in ve ry ce n te r o f
v a s t c o n f la g r a t io n . . . h e a t so
in te n se w o r k m e n u n a b le to a p
p r o a c h o u r H e r r in g s a fe fo r tw o
d a y s a ft e r fire
E N T IR E
C O N TEN TS SAVED!
W IL L IA M W A L L A C E 'S S O N S
R ic h m o n d , V a .
M a y 15, 1 8 6 5
THE H -H -M TRADITION OF
LEADERSHIP IS BASED ON
PROVEN PE RFORMANCE
D r a w a line a r o u n d the eq uator. C ircu m scrib e the
o p p o s in g Arctic zones. W h e re v e r com m erce, in d ustry,
ed u catio n h a v e c o m b in e d to create the n e e d for p ro
tection a g a in s t fire o r h u m a n a v a rice , the g o o d
n a m e H E R R IN G - H A L L - M A R V IN w ill be fo u n d on the
n a m e p late o f the w o r ld ’s best S a fe s, V a u lts, V a u lt
D oors, M e ta l C a b in e ts a n d other p rotective devices
that m en m ust rely u p o n to s a fe g u a r d their v a lu
a b le s a n d retain their peace o f m ind .
^
I N P R E P A R A T I O N : " P r o g r e s s in P r o t e c t i o n ’
A n illu s t r a t e d h is to ry o f d e v ic e s m e n h a v e
u se d to p ro te ct th e ir v a l u a b l e s fro m th e c a v e
m a n e ra to the p re se n t.
L im ite d e d it io n . For
a rc h ite c t s , b a n k e r s ,
e x e c u t iv e s .
P le a s e r e
s e rve (b y le tte r) y o u r c o p y n o w . G r a t is .
H E R R I N G - H A L L - M A R V I N S A F E CO.
General Offices: Hamilton, Ohio
BRANCH OFFICES in New York, Chicago, Boston, Washington, St. Louis, Atlanta, Houston
OTHER A G EN CIES ALL OVER THE WORLD
MANUFACTURERS OF BANK VAULT EQUIPM ENT - BANK COUNTERS - TELLERS’ BUSES A N D LOCKERS
SAFE DEPOSIT BOXES - NIGHT DEPOSITORIES - BANK A N D OFFICE SAFES
BUILDERS OF THE UNITED STATES SILVER STORAGE VAULTS-WEST POINT MILITARY RESERVATION
Northwestern Banker October 19't5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Irv in g T ru st Com pany’s board of
directors has elected H ow ard R.
Bowen econom ist of th e Company. He
assum ed his duties October 1. To join
th e Irv in g he is resigning from the
Sm aller W ar P lan ts C orporation at
W ashington w here he has been a dep
u ty director.
Dr. Bow en has held im p o rtan t posi
tions in governm ent service for the
p ast th ree years; having been chief
econom ist of th e congressional Joint
Com m ittee on In te rn a l R evenue T axa
tion, and chief of B usiness S tru ctu re
U nit, B ureau of F oreign and Domestic
Commerce.
F o r several y ears p rio r to th e w ar
Dr. Bow en w as a professor of eco
nom ics at th e U n iv ersity of Iow a and
a d irector of economic studies in the
P lan n in g Board of th a t state.
H o m e A g a in
Leo L. Mak, w ell-know n Iow a in v est
m en t b an k er w ho has served alm ost
th re e y ears in th e arm y air forces and
th e last y ear in India, has re tu rn e d to
inactive statu s and is back again in the
securities business as Leo L. Mak, Inc.
at W aterloo, Iowa.
OUR 50th YEAR
27
YOUR CUSTOMERS R E S P E C T . . .
When your customer has a check which carries the watermark, Hammermill
Safety, he has in his hand a name he knows. For more than 30 years he
has seen it advertised in the national magazines he reads.
Literally billions of pounds of Hammermill papers have flowed
across the business desks of America. The name has earned its good
standing with the public.
The Hammermill watermark is a plus value in checks that only
Hammermill Safety can give you. It is an unobtrusive reminder that
even in the matter of choosing paper, sound business judgment guides
your bank management. That, we think, is good public relations.
W e 'd li k e y o u to k n o w t h is l i n e c h e c k p a p e r b e lt e r , a n d w e 'l l b e g la d lo s e n d y o u w it h o u l
o b l i g a t i o n a H a m m e r m ill S a f e t y s a m p l e b o o k . N o s a le s m a n w i l l c a l l . J u st s e n d a n o t e o n y o u r
bank
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
le tte r h e a d
to
H a m m e r m ill P a p e r C o m p a n y ,
1513 E ast L a k e R o a d , E rie, P e n n s y lv a n ia .
N orthw estern B anker
October 1945
28
Leo w as a com bat intelligence officer
for th e 12th B om bardm ent G roup at
F enni. India. The p a rtic u la r task of
this group w as to destro y bridges be
tw een M andalay and Rangoon, giving
su p p o rt to th e B ritish g round forces.
N eedless to say, Leo advises th a t
Iow a and W aterloo in p a rtic u la r look
very good to him a fte r a y e a r in India.
Leo w as in th e b an k in g business in
Iow a from 1914 to 1924, m ost of th is
tim e at C raw fordsville, Iowa. In 1924.
he becam e m an ag er for th e W aterloo
office of th e W. D. H an n a Com pany of
B urlington.
In 1934, he organized his own com
p any and has been engaged in th e se
cu rities business in W aterloo since
th a t tim e. He is re-establishing con
nections w ith New York and Chicago
correspondents and expects to offer
m unicipal and corporation bonds, and
stocks. H is firm positions and trad es
in R ath Packing, Jo h n M orrell & Com
pany, and B orden and Com pany com
m on stocks.
Leo’s son, Dayton, recently retu rn ed
to th e U nited States from Italy w ith
th e ra n k of L ieu ten an t afte r serving
29 m onths overseas. He received th e
bronze sta r for m eritorious action and
th e P u rp le H eart. He is stationed at
F o rt Bliss, Texas, and also expects to
be back in W aterloo in th e near future.
W ith E. H. Rollins A g a in
H. G erald N ordberg w ho w as recen t
ly discharged from the navy as a lieu
te n a n t after th ree years service, has
rejoined E. H. Rollins and Sons, and
is w ith the Chicago office as vice p resi
dent. He w ill handle in stitu tio n al
business in th e Middle W est.
Mr. N ordberg or “J e r r y ” as he is
know n to his m any friends, w as Min-
A
\
U
Y o u r l i a n l i P r e p a r e d F or F o r e ig n T ra d e?
F
O R E IG N trade will constitute an im portant postw ar o p p o r
tunity for alert banks. Y our custom ers will need banking
facilities in foreign countries and data regarding conditions
abroad, exchange regulations and credit inform ation.
It is n ot necessary for you to m aintain connections w ith
foreign countries to offer this service. O ur Foreign D epartm ent
will act as your ow n, supplying you w ith the facilities and in
form ation you require. M oreover, the nam e o f only one bank
—your ow n—will appear on the forms we supply.
T his service will save you valuable tim e in establishing com
m ercial credits, forw arding collections, m aking paym ents. The
cost is small.Why not consult us now? W e are ready to serve you.
AM ERICAN NATIONAL BANK
AND T R U S T COMPANY
OF CHICAGO
LA S A L L E S T R E E T
Member Federal Deposit
AT W A S H I N G T O N
m I»'
Insurance Corporation
w
OUR
B U S I N E S S
I
Northwestern Banker October 19)5
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
S
T
O
HELP
B U S I N E S S
H. G E R A L D N O R D B E R G
R etu rn s to I n v e stm e n t F ie ld
nesota m anager for four y ears for E.
H. Rollins before going into th e navy.
P rio r to th a t tim e, he w as w ith the
Chicago office, beginning 1934.
He is a n ative of Illinois and a t
tended the U niversity of Illinois, e n te r
ing th e bond business in 1923. Be
ginning in 1926, he travelled Iow a te r
rito ry , w here he has a great num ber of
friends, p a rticu larly am ong banks and
in su ran ce com panies.
Mr. N ordberg last m onth attended
the annual Field Day of th e Iow a In
vestm en t B ankers A ssociation w hich
w as held in Des Moines.
Prom otions by C h a se
The Chase N ational B ank announced
the follow ing prom otions on its official
staff:
E rn e st R. K eiter, Jam es E. Scully
and George F. Sloan as vice presidents
of th e T ru st D epartm ent;
Joseph E. W illiam s as second vice
president and F red erick C. M iller as
OUR 50th YEAR
29
it’s ready for a new job
in thirty seconds
• H ere’s one m achine th at even a small bank can
k eep busy every hour of the day.
I t ’s called the N ational M ultiple-D uty Accounting
M achine. W ith rem ovable form bars it can be con
veniently changed from one job to another in a m atter
of seconds. I t handles seven basic banking jobs.
1. It p o sts the dep ositors' accou n ts
2. It p o sts the lo a n a n d d isco u n t records
3. It p o sts a n y ty p e of m ortgage record
4. It p o sts the trust led ger
5. It w rites an d p osts the p a y ro ll records
W ouldn’t this m achine be a big help in your bank?
It’s but one of the m any N ational m achines and sys
tem s designed to reduce errors and im prove efficiency
of banking methods.
T H ER E 'S A
It p o sts the d a ily statem ent
EVERY
B A N K I N G JO B
No m atter w hat the size or the specific need of the
bank, there’s a N ational System to m eet it. W hy not
take up your problem s w ith the N ational representa
tive. T here is no obligation. The N ational Cash
Register Co., D ayton 9, Ohio. Offices in principal cities.
6. It p o sts the g e n e r a l led ger
7.
N A T IO N A L FO R E V E R Y B A N K A N D
G/fyatfonal
of b u sin ess
CASH REGISTERS • ADDING MACHINES
ACCOUNTING-BOOKKEEPING MACHINES
THE
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NATIONAL
CASH
REGISTER
Northwestern Banker
CO.
October 19^5
30
assistan t cashier of th e T ru st D ep art
ment;
H en ry Joseph F ra n k as a ssistan t
cashier in th e Real E state M ortgage
Loan D epartm ent.
A tte n d s Board M e e tin g
A nna T. Olsson, m anager of the
Savings D ep artm en t of th e Live Stock
N ational B ank of Omaha, atten d ed th e
N ational board m eeting of th e As
sociation of B ank W om en in New
York City S eptem ber 22nd.
Miss
Olsson has been vice p resid en t of th e
M idw est D ivision of th e A ssociation of
B ank W om en.
See C o in W r a p p e r s M a d e
The photograph show s th e m odern
one-story, all-daylight m an u factu rin g
plan t of the C. L. Downey Company,
T he p la n t of The C. L. Downey Company, H a n n ib a l, M isso u ri, w h ich
m a n u fa c tu re s coin w ra p p e rs a n d co in h a n d lin g p ro d u c ts.
H annibal, M issouri, m an u factu rers of
“S teel-Strong” coin handling products.
The p lan t covers nearly a full city
block in the h eart of H annibal (the
boyhood hom e of M ark T w ain), and
"1
"P r o d u c e . ..
FASTER
EASIER
M anagem ent w ill soon face the p rob
lem o f m aintaining high level "take
hom e pay” for the shorter w ork week.
If unit costs are to be kept dow n a
new type o f "speed-up” is called for,
w ith emphasis on how to produce
easier rather than faster.
So, in the case o f bank checks, the
printed nam e o f the custom er is easier
to read than his signature. As these
im printed checks pass thru the hands
o f o p e ra tin g p e o p le th e y w ill be
sorted and filed m ore swiftly, m ore
accurately—easier.
W h eth er we are responsible for the
flow o f checks thru a bank, or jobs
thru a factory, our task will be to
sim plify and stream line each opera
tion so that the w ork is done w ith a
m inim um am ount o f effort. W e m ust
provide tools, m ethods, surroundings
and w orking accessories so perfect
that more and better perform ance can
be obtained—easier.
W hether you wish to sell Personalized
Checks to those o f your custom ers
w ho prefer individuality and w ho are
w illing to pay the small cost, or whether
you w ant to make them available to
everyone, DeLuxe has a package that
w ill m eet your needs. W hether you
want one order o f 200 checks for $1.25,
or one thousand such orders, DeLuxe
w ould like to handle the assignment.
has a full acre of floor space. Accord
ing to C. Lee Downey, president, it is
the largest p lan t in the U nited States
devoted to th e m an ufacture of coin
w rap p ers and o ther coin handling
products.
Mr. D owney cordially invites any
b an k er v isitin g or passing through
H annibal, to go th ro u g h his plant,
and see th e m any in terestin g phases of
coin w rap p er m anufacture. One b an k
er w ho recently did th is w rote a friend,
“ It was quite a revelation to go
th ro u g h two large w arehouses filled
w ith jum bo rolls of p aper of the type
used by daily new spapers, and see
these large rolls passed into m achines
w hich tran sfo rm ed them into sheets
or into n arro w slitted rolls, and these
w orked up into num erous styles of
coin w rappers, representing, in fact,
every type or form of coin w rap p er
used by the banks of A m erica.”
N ow M c C ra ry ,
Dearth 8: C o m p a n y
The firm nam e of M urdoch, D earth
& W hite, Inc., 1000 Des Moines Build
ing, has been changed to McCrary.
D earth & Company, Inc.
Officers are M ichael D. D earth, p resi
dent; R obert H. M cCrary, vice oresident; Thom as J. L andstorfer, secre
tary , and F red M. Lorenz, treasu rer.
The firm u n d erw rites and distrib u tes
m unicipal and corporate securities.
Douglas M. Conway, w ho has ju st re
tu rn ed from th e arm ed services, has
joined the firm ’s sales force.
Scarborough & C om pany
Insurance Counselors to Banks
D id you know th a t this com pany pioneered in p u ttin g
B ank In su ra n ce on a scientific basis and forcing
rate red u ctio n s? A s k us ab o u t o u r counseling service.
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October 19^5
,:
S
jj
F IR S T N A T IO N A L
BA N K B U IL D IN G
STATE
• C H IC A G O
3,
IL L .
4325
OU a 3 0¡h YEAR
31
where there's
marketable inventory
__and you'll score
big inventory loans
Business m en in need of additional working
capital often overlook this "b u ll’s-eye” of
excellent loan collateral. So the Lawrence
W arehouse Company offers your inventory
loan departm ent three big "helps” in aim ing
for this profitable business.
First —Lawrence advertises its field ware
housing service to 18 top prospect industries.
Lawrence ads explain how inventories may
be field warehoused on th e borrow er’s premises
w ith the warehouse receipts accepted by
banks and other leading agencies.
Second —Lawrence has just issued a fu ll ex
planatory booklet, "F ield W arehousing on
your prem ises.” It is free —and we will gladly
send you a supply for distribution to your
custom ers.
Third —for the desks of your loan officers,
Lawrence has produced a free arid fully
detailed booklet "Inventory Financing.”
Phone or write our branch office in your
territo ry —and take advantage of Lawrence’s
30 years of Field W arehousing experience.
LAWRENCE WAREHOUSE COMPANY
FOR
N E W Y O R K : 7 2 W a ll Street
W . P. S to ry B u ild in g
•
Flo rida
Houston
*
D a lla s
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
•
•
Buffalo
•
C H I C A G O : 1 N orth L a Sa lle Street
•
Boston
D enver
•
•
P h ilad e lp h ia
•
•
BANK
LOANS
ON
INVENTORY
S A N F R A N C IS C O : 3 7 Drumm Street
•
LOS A N G E LE S:
K a n sa s City, M isso u ri • St. Louis • N e w O rle a n s • Jacksonville,
Fresno • Stockton • Portland, O re g o n • A tla nta
• C incinnati • W a sh in g to n , D. C.
N orthw estern Banker
October 194-5
32
A d d to Salaries
N e w D irector
D irectors of th e P hilad elp h ia N a
tional B ank, have au th o rized th a t the
am ount being paid th e em ployes as
m onthly em ergency allow ances be
m ade a definite p a rt of th e ir salaries,
effective October 1, 1945. The addi
tional com pensation, to m eet th e in
creased cost of living, w as estab
lished N ovem ber 1, 1941, and October
1,1942, and affected only salaries below
$6,500. In th e case of those in th e
low er b rack ets it am ounted to 20 per
cent of th e ir base pay.
E ric A. Johnston, p resid en t of the
U nited States C ham ber of Commerce,
has announced th a t at a board m eet
ing held in W ashington, J. M. O. Monasterio, vice p resid en t of th e M ercan
tile-Commerce B ank and T ru st com
pany, St. Louis, M issouri, w as elected
directo r at large, rep resen tin g the in
tern a tio n al com m erce in te re sts of the
U nited States.
his position as vice p resident of the
U nited States N ational Bank, follow
ing tra n sfe r to inactive d u ty by th e
Navy. Lt. C om m ander M allory w as
given leave of absence by th e bank
th ree years ago to accept a com m ission
as lieu ten an t in th e Naval Reserve.
W hile on active duty, Lt. Com
m ander M allory has been stationed in
Chicago, Indianapolis, and for th e last
A g a in W ith U. S. N ational
Lt. C om m ander R ichard H. M allory
has re tu rn e d to Omaha and resum ed
Understanding
Institutional
Requirements
We offer to institutions the results of
years of experience in helping to meet
the special requirements of this type
of investor.
Because of our nationwide facilities
R IC H A R D H . M A L L O R Y
R etu rn s to O m ah a
tw o and a half y ears in Cincinnati, as
officer in charge of the office of N aval
Officer Procurem ent.
Lt. C om m ander M allory served in
th e N avy in both W orld W ar I and
II, having been a naval aviator in
1918. He is a m em ber of th e A m eri
can Legion.
and knowledge of comparable security
values and markets, our Institutional
Department is utilized by many or
ganizations in all parts of the country.
We cordially invite you to take ad
vantage of these services.
THOMSON &
McK i n n o n
STO CK S • BONDS
C O M M O D IT IE S
216-218 Empire Bldg,
D E S M O IN E S
Phone 4-2127
M errill L ynch , P ierce , F enner & B eane
Underwriters and Distributors of lnvest?7ient Securities
Brokers in Securities and Commodities
70 PINE STREET
NEW YORK 5, N. Y.
Offices in 87 Cities
11 W a ll S tr e e t, N e w Y o rk
231 S. L a S a lle St., C h ica g o
B r a n c h e s in 34 C itie s
W rite for our w eekly Stock Survey
D IR E C T P R IV A T E W IR E
Lâverne M. Bartow
M anager
M em b ers N e w Y o rk S to c k E x c h a n g e
an d o th e r p r in c ip a l e x c h a n g e s
itiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiliiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiinniiwiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiw
N orthw estern B anker
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Federal Reserve Bank of St. Louis
October 1945
OUR 50th YEAR
Timing of Treasury
Drives
Affects Corporate Bond Market
Shortening
of Period
H E m o n th of A ugust w as m ark ed
by a g en eral price decline in the
bond m a rk e t b u t a m oderate u p
tu rn began to be evident in th e first
w eek of Septem ber. C orporates and
th e long re stric te d T reasu ry s show ed
g re a te st h eaviness th ro u g h o u t th e
period and th e L abor Day holiday
found th is group w ith net losses as
com pared p i t h prices a m o n th earlier.
The sh o rten in g of th e in te rim period
betw een T re a su ry drives by m oving
th e opening of th e V ictory L oan cam
paign ahead to O ctober 29 has had a
two-fold effect. It has tended to tak e
th e edge off th e dem and for long-term
bond issues on th e p a rt of th e n o n
b an k in stitu tio n s and, at th e sam e
tim e, it h as increased th e supply by
causing th e “b u n ch in g ” of corporate
refu n d in g offerings w ith in a sh o rt
space of tim e.
T
H igh grade corp o rates as a whole,
how ever, have given as good an ac
count of th em selves as th e long re
stric te d T re a su ry s in th e p ast several
w eeks. T he increase of about 0.025 in
yield on th e 3As and th e 0.03 gain in
th e yield on th e 2As in th e period be
tw een A ugust 8 and S eptem ber 5
ro u g h ly m atches th e p erform ance of
th e T re a su ry 2V2s of Ju n e 1967/72
w hile th e 1A co rporate average is a
stand-off for th e period. At the sam e
tim e th e re w as a firm er tre n d for th e
T re a su ry in th e 5-7 y e a r group and a
ten d en cy to w ard softness in th e Cer
tificates and o th er “s h o rts” due to th e
tig h te n in g of loan ra te s on th is col
lateral. O ther N ew Y ork City banks
have follow ed th e lead of Chase in ra is
ing th e loan ra te from V2 % to % %
on T re a su ry issues m a tu rin g in one
y e a r or less.
Rediscount Rate
By th e tim e R eserve B ank action to
raise th e special rediscount ra te is
taken, th e re a d ju stm e n t process m ay
have ru n its course so th a t th e re m ay
be little or no fu rth e r effect on the
bond m ark et. It is now believed th a t
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Between
Drives
Long-Term
Bond
R e d u ce s
D em and
for
Issues
By Raymond Trigger
investment Analyst
N e w York City
Th is is a discussion of fa c
tors affecting your invest
ment portfolio. If you have
any questions, or if you
find yourself in disagree
ment with comments here
in, your letters, addressed
to the N O R T H W E S T E R N
B A N K E R , w ill be w e l
come and will be answered
here if the subject m atter is
of general interest. Under
no circum stances will the
editor of this column dis
cuss specific securities.
no official action w ill be tak en on the
“special” ra te u n til a fter th e V ictory
D rive w hich ends D ecem ber 8. In th e
m eantim e, fears of a broad revision
of th e T reasu ry in te re st p a tte rn to
w ard h ig h er in te re st rates should be
stilled by th e statem en ts of S ecretary
V inson in his L abor Day address at
Peoria, Illinois. The ten o r of th is talk
w as to com m it the ad m in istratio n to
th e continuance of its cheap monej^
policy. On the prem ise th a t in te re st
ra te s rep resen t th e chief b urden of the
F ed eral debt and th a t w ith th e certain
decline in gross national product and
national incom e in the im m ediate post
w ar period at least, even th e p resen t
over-all in te re st cost w ill become m ore
burdensom e.
In te re st rates on the
public debt w ill consequently have to
be held dow n for a long tim e to come.
Bond Market Upsets
H ow ever, considerations of m ore im
m ediate im portance are influencing the
bond m arket, and these are related to
th e com ing V ictory Drive. The effect
has been a n um ber of upsets. F irst
w as the unexpected term in atio n of the
G reat N o rth ern 3% syndicate w ith
a drop of 2V2 points in th e price of
th e bonds th a t had earlier been re
ported to have been a sell-out. The
rev ersal w as due to the action of large
in stitu tio n s th a t had been in te n ta
tively for $5 m illion b u t w hich decided
th a t things did not look good and w ith
drew . The second m anifestation of
diso rd er w as th e breakdow n of com
petitive bidding in the case of tw o rail
issues—th e $55 m illion N o rth ern
Pacific 4%s and th e $125 m illion
S o u th ern Pacifies—and th e aw ard of
these tw o issues to th e trad itio n al
B ankers for th e respective roads at
prices allow ing for th e old fashioned
2 point u n d erw ritin g com m ission in
both cases.
F ro m th e stan d p o in t of th e buyer,
th e “safe” bids of th e sole bidders for
these tw o issues have resu lted in an
alm ost in ordinate “sw eetening” of the
in terest rate. The 4V2 coupon on the
3B rated N o rth ern Pacific C ollaterals
of 1975 rep resen ts at least 1% m ore
in te re st th a n is indicated by th e av er
age for this quality group in th e rails
w hile th e 3% ra te on th e tw o long
m atu rities of the A rated Sopac issue
rep resen ts an advantage of alm ost
% %.
A lthough the S outhern Pacific 33/is
are m ore a ttractiv e at th e issue prices
of 100 and 99% for th e 1981 and 1991
m atu rities, respectively, th e new G reat
N o rth ern 3y8s also appear to be on
th e b arg ain counter at c u rre n t post
syndicate prices. An anom alous fea
tu re is th a t th e 3V8s at a discount of
some 2V2 points yield m ore th an the
3 V2S of 1980 w hich are selling slightly
above the call price.
N orthw estern Banker
October 1945
Utilities
GET Y O U R SHARE
OF THE
PEA CE M ARKETS
During the past few weeks
it has become increasingly
plain that American enter
prise faces a tremendous job
—and opportunity. We have
known, of course, of the vast
pent-up demand for goods
for the domestic market and
latest reports show previous
estimates to have been con
servative. Now, information
from many parts of the world
indicates foreign markets
beyond expectations. To
many corporations this situ
ation calls for prompt and
effective re-adjustment or
new financing. This, in turn,
calls for professional counsel
and specialized experience.
During the past 57 years
Hornblower & Weeks has
originated underwritings in
many fields: aircraft, drug
and chemical, electrical
equipm ent, heavy steel,
machine tool, railroad, retail
store, automobile and many
others.
It may be that we can be
of assistance to you in rais
ing necessary capital in or
der that you may take full
advantage of these condi
tions. Feel free to call upon
us. A Hornblower & Weeks
Partner will be glad to con
sult with you in confidence
and without obligation.
Since th e u tility field is less subject
im m ediately to th e im pact of th e end
ing of th e w ar era, th e m ark et for new
issues in th is field has not show n the
tendency to fold up as in th e case of
th e rails, and com petitive bidding has
w orked up to th e present. N ev erth e
less, th e aw ard of th e $113 m illion Con
sum ers Pow er bonds as 2%s on a 2.75
basis reflects th e easier tone th a t p er
vades th e u tility section also. F o r an
offering of such size, it is a b u y er’s
m ark et and a concession m ust be made.
As a result, C onsum ers Pow er 2%s
w ere regarded as underpriced, as in
dicated by com parison w ith o ther long
te rm issues of th e sam e or low er
q u ality group.
The new N o rth ern Pacific Collateral
414 s w hich bear a b ank ra tin g m ay
serve a useful function in providing
a m edium for sh ifting out of su b stan
d ard issues w here th e question of in
come has been th e p rincipal considera
tio n in th e ir retention.
As th is is being w ritten , th e $55 m il
lion N o rth ern Pacific C ollateral 4 l/2 s
are only about 60% sold. T his m ay be
w ell to have in m ind as a factor in th e
tim in g of any action along th e fore
going lines. W hile th is issue is re
garded as u n d erp riced at 100, th e ques
tion of supply can not be overlooked,
p a rtic u larly u n d er p resen t m ark et con
ditions.
Treasury Arbitrages
T he om ission of a m a tu rity in th e
5-6 y ear b rack et from th e V ictory
L oan “b ask et” has been th e principal
factor in th e stre n g th of th e new IV2S
of D ecem ber 1950 and th e 2% issues of
generally corresponding m aturities.
It is a fair guess th a t th is stre n g th m ay
continue for some tim e and a cautious
“roll-out” of sh o rte r m atu rities into
the 4-7 y ear range could be adv an
tageous both as to ra te of re tu rn and
book profit.
As to price stability, th e option date
on the 2% issue places the issue in al
m ost th e sam e b rack et as th e l% s as
to term , w hile th e run-off is deferred
a year. T his affords g re a te r oppor
tu n ity for an o th er roll-out w ith the
chance of a high c u rre n t re tu rn in th e
interim .
It is recalled th a t a cautious roll
out has been suggested, and th is is for
at least tw o reasons. In th e first place,
it w ould not be sound to move out th e
m a tu rity of an undue proportion of
th e sh o rter term holdings at th e risk
of being locked in for a period in the
event th a t the buoyancy of th e 5-7
y ear group does not c arry through.
Secondy, a fairly heavy w eighting in
th e sh o rt group m ay be m ore im por
ta n t th a n ever to cover calls on th e
w ar loan account from now on. In
view of th e stated policy of th e T reas
u ry to finance about half th e deficit for
th e 1945-46 fiscal y ear by a $17 m illion
depletion of its cash balance, th e w ar
loan account w ill likely be a m a tte r of
all going out and n o thing com ing in for
an indefinite period afte r th e tu rn of
th e year.
The position of th e T reasu ry “tax
frees” has been substan tially reversed
and these issues are in a buying posi
tion for ban k s in tax brack ets above
24%. A fter ta x yields in some cases
(T u rn to page 36, please)
W E W IS H T O A N N O U N C E T H A T
E F F E C T IV E
OCTOBER
1, 1945
T h e N a m e o f O u r C o m p a n y W ill B e C h a n g e d F ro m
HORNBLOWER
& WEEKS
MURDOCH, DEARTH & WHITE
IN C O R P O R A T E D
TO
40 W all Street
N ew Y ork 5, N . Y .
M c C R A R y , DEARTH & CO .
IN C O R P O R A T E D
Since 1S8S—Financial Service
Adapted to Your Requirements
Offices:
N ew Y ork; B oston; C hicago;
C leveland; P h ilad e lp h ia ; D e tro it;
P o rtla n d , M e.; Providence;
B altim ore; B angor.
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
INVESTM EN T BANKERS
1000 D e s M o in e s Bldg-., D e s M o in es 9, Io w a
October 1945
T h is R ep resen ts N o C h a n g e in M a n a g em en t, P o lic y or P e rso n n el
M IC H A E L D . D E A R T H , P resid en t
R O B E R T H . M cC R A R Y , Vice P resid en t
T H O M A S J . L A N D S T O R F E R , S ecreta ry
F R E D M. L O R E N Z , T reasurer
O U R 5 0 th Y E A R
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m
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f u t í » ! s
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*
Iowa Investment Bankers Field Day
T H E A N N U A L F IE L D D A Y h e ld la s t m o n th a t th e W ak o n d a
I C o u n try Club, D es M oines, b y m em b ers o f th e Io w a I n
v e s tm e n t B a n k e rs A sso c ia tio n w a s a m o st su c c essfu l e v e n t,
w ith 120 b o n d a n d in v e s tm e n t m en p re se n t. A tte n d a n c e fro m
o u t o f s ta te w a s v e ry s u b s ta n tia l. T he q u a lity o f g o lf w as
good, a lth o u g h th e s tu r d y W a k o n d a course p ro te c te d its p a r
in good sh a p e a g a in s t th e o n sla u g h ts o f t r a p a n d b u n k e r sp e
c ia lists.
A f e a tu r e w as th e b a n q u e t w ith a h o s t o f v a lu a b le g o lf a n d
a tte n d a n c e p rize s. T he d ay , as u su a l, b e g a n w ith a fine b r e a k
f a s t se rv e d a t th e F o r t D es M oines H o te l b y th e D a v e n p o rt
firm o f Y ie th , D u n c an a n d W ood, a n d w a s e n jo y e d b y all.
T he p ic tu re s a b o v e w e re ta k e n a t th e F ie ld D a y F ro lic . B e a d
in g fro m le f t to r ig h t, th o se a p p e a rin g a re , u p p e r le ft, Gene
De Staebler, F . S. M oseley & C om pany, C hicago; Jack Sparks,
S p a rk s a n d C om pany, D es M o in e s; Wendell Spragins, M u n ic i
p a l B o n d & I n v e s tm e n t C om pany, M e m p h is; a n d Robert Mc
Crary, M c C ra ry , D e a rth & C om pany, D es M o in e s; a ll w in n in g
g o lfers.
T he scores w e re S p a rk s a n d M c C ra ry , 7 9 ’s, a n d
S p ra g in s, 81, a n d De S ta e b le r, 83. U p p e r r ig h t is John F.
Brady, se c re ta ry , N a tio n a l A s so c ia tio n o f S e c u rity D e ale rs, D is
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
tric t
No.
8, C hicago, fo rm e r
Io w a
se c u ritie s
co m m issio n er;
Everett Morgan, tr a v e lin g r e p re s e n ta tiv e , T hom son & M c K in
non, C hicag o ; Walter Vieth, Y ie th , D u n c an & W ood, D a v e n
p o r t; Laveme M. Barlow, m a n a g e r, D es M oines office, T hom son
& M c K in n o n ; a n d Allen MacLaughlin, V ie th , D u n c an & W ood,
D a v e n p o rt. L o w e r le f t a re officers a n d b o a rd m em bers o f th e
Io w a I n v e s tm e n t B a n k e rs A sso c ia tio n — Henry Gunderling,
K n a p p & C om pany, C e d ar R a p id s, v ice p re s id e n t; Carleton
D. Beh, C a rle to n D. B eh C om pany, D es M oines, v ice p re s id e n t;
Sherman Fowler, Io w a-D es M oines N a tio n a l B a n k & T ru s t
C om pany, s e c re ta ry -tre a s u re r; a n d James Shaw, S haw , M cD er
m o tt & C om pany, D es M o in es; Roy Leriche, W h eelo ck & Cum
m ins, D es M oines, p re s id e n t o f th e A sso c ia tio n , w a s o u t of
to w n a n d u n a b le to p a r tic ip a te in th e fe s tiv itie s . L o w e r r ig h t
a re some o f th e o u t-o f-to w n v is ito rs — E. Ross Colburn, N o r th
w e s te rn N a tio n a l B a n k , M in n e a p o lis; L. H. Ryan, W illia m
B la ir & C om pany, O ttu m w a ; a n d Jack Talbot, N o rth w e s te rn
N a tio n a l B a n k , M in n e a p o lis; all se a te d .
S ta n d in g a re Don
Miehls, W illia m B la ir & C om pany, C h icag o ; O. H. Heighway,
H o rn b lo w e r & W eeks, C h icag o ; a n d B. B. Knapp, F i r s t N a tio n a l
B a n k , S t. P a u l.
N orthw estern Banker
October 19^5
36
T IM IN G
O F TREASU RY
D R IV E S
could be reduced along th e lines th a t
have actually been considered by b a n k
b aitin g politicos. # #
(C ontinued from page 34)
are appreciably b e tte r for th e ta x frees
th a n for th e fully taxable issues of ap
proxim ately th e sam e term .
Of course th e re should be m ore to
the situ atio n of th e “tax-frees” th a n
m erely a m a tte r of being over-sold in
th e expectation of a sh arp cut in th e
E P T th a t w ould rem ove so m uch of
th e advantage of th e ta x frees. T here
is th e possibility th a t m ust be adm itted
th a t th e p ro p o rtio n of th e incom e ta x
th a t is rep re se n te d by th e norm al tax
Elect Jenkins President
The N ational A ssociation of B ank
A uditors and C om ptrollers held a oneday m eeting at th e D rake Hotel, Chi
cago, last m onth, and elected Ben N.
Je n k in s to th e ir presidency. He w as
first elected to th e official fam ily in
1941, w hen he becam e tre a su re r. E ach
y ear since, he has been elected to the
n ex t successive office.
Mr. Je n k in s is a ssistan t vice p resi
d en t of th e F irs t N ational B ank and
T ru st com pany, O klahom a City, Okla
hom a, and comes of a pioneer Texas
fam ily. He received both his common
school and college tra in in g in th a t
state. He en tered th e banking b u si
ness in 1919 as bookkeeper, teller, and
general u tility m an for th e A m erican
........ - y .:; :
.. '.
Ièëêêêb m
GREETINGS
WILLIAM BLAIR & COMPANY
MEMBERS OF
N ew York Stock E xchange
C hicago Stock Exchange
B E N N. J E N K IN S
H e a d s A u d ito r s and C o m p tro llers
135 S outh La S alle S treet
C h ica g o 3, Illinois
Iow a Representative:
L. H. RYAN
Union B ank & T rust C o m p an y B ldg.
O ttu m w a, Io w a
N ational B ank of O klahom a City. Two
y ears later, he w as m ade auditor of
th e b ank and w hen th e A m erican N a
tional m erged w ith th e F irs t N ational
B ank in 1927, he continued in th a t
position, and in 1944 w as nam ed assist
a n t Vice president.
Vice President
S pecializin g in U n listed S ecu rities
BANK — INSURANCE
PUBLIC UTILITY — INDUSTRIAL — REAL ESTATE
LUMBER & TIMBER
BONDS, PREFERRED AND COMMON STOCKS
BOUGHT - SOLD - QUOTED
REMER, MITCHELL & REITZEL, INC.
208 So. La Salle S t., Chicago 4
RANdolph 3736
W E S T E R N U N IO N
T E L E P R IN T E R
“W UX”
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
B E L L SYSTEM T E L E T Y PE
CG-989
October 19^5
C harles S. Dewey, w idely know n as
an a u th o rity on m onetary and fiscal
problem s, has been appointed a vice
p resid en t of the Chase N ational Bank.
His ap p o in tm en t on th e b a n k ’s staff
w as announced by W inthrop W. Aidrich, ch airm an of th e Chase board of
directors. Mr. Dewey recen tly has
been assisting Mr. A ldrich in his ca
pacity as p resid en t of the In tern atio n al
C ham ber of Com m erce and accom
panied him to London for th e m eet
ings held th ere in m id-A ugust by re p
resen tativ es of th a t organization from
m any countries.
Elected D irector
The F irs t N ational B ank in St.
Louis has announced the election of
W illiam M. Rand, as a m em ber of the
board of directors. Mr. R and is vice
presid en t of M onsanto Chem ical com
pany, of St. Louis.
In 1919, Mr. R and en tered th e em
ploy of th e M errim ac Chem ical comOUR 50th YEAR
pany as tre a su re r, and la te r w as vice
p re sid e n t an d p resid en t of th a t com
pany. W h en th e M errim ac Chem ical
com pany w as m erged w ith M onsanto
Chem ical com pany he becam e vice
president, and in 1943 cam e to St.
Louis as a m em ber of M onsanto’s
E xecu tiv e Com m ittee.
Son Prom oted
P ercy H. Jo h n sto n , ch airm an of th e
Chem ical B ank & T ru st Com pany, re
ceived w ord th a t his son, P ercy H.
Jo h n sto n , Jr., has been prom oted to
the ra n k of L ieutenant-C olonel and is
assigned as aide on th e staff of M ajor
G eneral R ichardson, com m ander of
th e C en tral Pacific area.
T u rn e r M. Rudesill, R apid City, South
D akota; L. A. R ulien, G rand Forks,
N o rth Dakota; E. J. Russell, St. Louis,
Mo., and E. J. W ebb, K ansas City, Mo.
Q u arte rly D ivid end
The 191st consecutive q u a rte rly divi
dend of The N o rth ern T ru st Company,
Chicago, w as declared last m onth by
th e directors. T his dividend of $4.50 is
payable October 1, 1945 to stockholders
of record Septem ber 18, 1945.
A d d itio n a l Frontage
ing prem ises at 55 B road S treet on the
corner of B eaver Street.
The purchase w as m ade from the
M utual Life In surance Com pany for
all cash.
The existing stru c tu re w ill be de
molished, and M anufacturers T ru st
Com pany w ill s ta rt im m ediately to en
large its h ead q u arters by th e erection
of a ten-story addition.
M anufacturers T ru st Com pany’s en
larged prem ises w ill cover an area of
20,000 square feet w ith a floor space
of approxim ately 200,000 square feet.
H arvey D. Gibson, p resid en t of
M anufacturers T ru st Company, New
York City, announces th a t th e bank
has purchased th e p ro p erty at 49-51
B road S treet adjoining its m ain b a n k
Regional Vice President
Miss M arion E. M attson of the
N o rth w estern N ational B ank of Min
neapolis w as elected regional vice
H o m e Lo an s U p
The A ugust volum e of hom e loans of
th e 236 savings and loan in stitu tio n s
w hich are m em bers of th e F ed eral
H om e L oan B an k of Des M oines w as
the g re a te st m on th ly to tal ever re p o rt
ed, according to th e re p o rt of P re si
d en t R. J. R ichardson, of th e F ed eral
Hom e L oan B ank, at its q u a rte rly
board m eeting last m onth.
The board also approved a group of
loans to th e am o u n t of $2,712,680, one
of th e larg est to tals in its existence.
D irectors atten d in g th e q u a rte rly
m eeting were: Jo h n D. Adam s, Des
Moines; E. C. D uncanson, S pring V al
ley, Minn.; R obert E. Lee Hill.
Colum bia, Mo.; G. V. K enton, Ne
vada, Mo.; E. M. K lapka, F o rt Dodge,
Towa; Jam es C. Otis, St. Paul, Minn.;
H olders and P rosp ective B uyers
of
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A nalysis o f New P u b lic U tility S e c u ritie s—As new securities emerge from
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S ig n ific a n t A rticles on G o v e rn m e n t, R a ils, I n d u s tria ls , a n d In flu e n c e s
A ffe ctin g T h e ir O u tlo o k Most of these articles are written especially for
the Digest by men of unquestioned authority in tueir fields. Others have appeared
elsewhere—in private memoranda, in publications, in “m arket letters”, etc.—
and are condensed for your quick and easy reading.
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to m iss.
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John Morrell a n d Borden common stocks
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LEO L. MAK, INC,
I n v e s t m e n t S e c u r itie s
702 N ational Bank Bldg.
Dial 2-5141
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
W aterloo, Iow a
NAM E...................................................................................................................................................................
BANK OK FIRM ..............................................................................................................................................
ADDRESS............................................... ..................... ..... .......................
(Street)
(City)
Cheek Enclosed........................
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(Slate)
Send Bill........................
NB
N orthw estern Banker
October Î945
38
presid en t of th e Mid-W est D ivision of
th e A ssociation of B ank W om en, suc
ceeding Miss A nna T. Olsson of th e
Live Stock N ational B ank of Omaha,
at its an n u al m eeting in N ew York.
The Mid-W est D ivision com prises th e
States of Iowa, K ansas, M innesota,
M issouri, N ebraska, N o rth D akota and
South D akota.
The m em bership of th e A ssociation
is com posed of w om en holding execu
tive positions in N ational, S tate and
Savings b an k s and T ru s t com panies
th ro u g h o u t th e U nited States.
Miss H elen Knox, m an ag er of th e
W om en’s D ep artm en t of th e G rand
C entral B ranch of th e Chase N ational
B ank of N ew York, w as re-elected
P resident.
To H e a d A ctivities
Mr. K night succeeds Tom K. Sm ith,
presid en t of th e B oatm en’s N ational
Bank, St. Louis, M isso u ri/w h o w as
head o f ' th e com m ittee d uring the
seven previous w ar loans. In announc
ing th e ap p o in tm en t of his successor,
W. R andolph B urgess, p resid en t of
th e A m erican B ankers association, has
announced th e ap p o in tm en t of F ran cis
M. K night, vice p resid en t of th e Con
tin e n ta l Illinois N ational B ank and
T ru s t com pany, Chicago, Illinois, as
ch airm an of th e A. B. A. com m ittee on
w a r bond drives to head up activities
of b anks of th e natio n d u rin g th e
V ictory W ar L oan drive.
Federal Intermediate Credit Bank
Consolidated Debentures Offer...
Safe Employment
fo r Reserve Funds
11 JpEETING th e s h o rt te rm in v e stm en t
needs o f co m m ercial a n d savings
b anks, in su ra n ce co m p an ies, in d u stria l,
F R A N C IS M . K N IG H T
A B A C o m m ittee C hairm an
Mr. B urgess said, “Mr. Sm ith m ade
an ou tstan d in g success in directing
b an k activities in connection w ith the
w ar loans. His personal sacrifices in
behalf of ban k in g are greatly ap p re
ciated.”
ra ilro a d , u tility c o rp o ra tio n s, m o n th ly
offerings o f th e D e b en tu res are read ily
received. P u rch asers o f these jo in t and
several o b lig a tio n s o f th e tw e lv e issu in g
b a n k s m ay th u s earn a fair in co m e on
o th e rw ise id le cash balances, w ith assur
ance o f p rin c ip a l availab le o n m a tu
No M arket Losses
IF
Y O U IN V E S T
YOUR M ONEY
— in o u r 3 %
Fed
rity dates selected. T h e D e b en tu res also
e ra lly in s u re d c e r
enjoy b ro a d
tificates,
seco n d ary m a rk e tab ility .
have
w h ic h
safety ,
li
q u id ity a n d fr e e
THE FEDERAL INTERMEDIATE CREDIT BANKS
Further information may he obtained from
d om fr o m m a rk e t
losses.
C H A R L E S R. D U N N , F iscal A g e n t
31
N assau Street
N ew York
5,
N.
Y.
G eorge E. V ird en , Secretary
The Russell County Building & Loan Association
RUSSELL, KANSAS
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October 19h5
O U R 5 0 th Y E A R
Help the Returning Veteran
Keep His Insurance
Three W a y s to Be of A ssista n c e
tra tio n to keep his in su ran ce in force.
B E L IE V E th a t in keeping w ith th e
By John E. Cram pton
A new s release u n d e r date of Ju ly 19,
com m itm ents m ade by th e N ational
C onnecticut Mutual
1945 states, “C u rren t figures show ing
A ssociation of Life U n d e rw rite rs and
Detroit
th at, w hile m ore th a n 50 p er cent of
th e v ario u s com pany o rganizations th e
th e m en discharged from service ex
p re se n t pro g ram should be expanded
press a desire to keep th e ir N ational
in th re e ways:
1.
The life in su ran ce m en, th ro u g h p rotection for posterity. The general Service Life In su ran ce in force, few er
th e local associations and agencies, ten dency w ith th e m en com ing out of th a n 20 p er cent actually continue
should be acquainted w ith th e p ro v i service is to tak e off th e ir uniform s, th e ir p rem ium paym ents, w ere cited
sions of N ational Service Life In s u r get rid of ev ery th in g G. 1. and go fish today by th e In stitu te of Life In s u r
ance so th a t th e y can explain it ade ing. The fam ilies of these m en, if ance as indicating th e u rg e n t need for
th ey are acquainted w ith th e im por g re a te r efforts to see th a t v eteran s re
q u ately to th ese m en as th e y come out
of uniform , and th a t th e life u n d e r tance of N ational Service Life In s u r ta in th is protection.” I believe th a t
w rite rs of th e U nited States be de finit e- ance, can act as a stabilizing influence th e services w ill be w illing to co
to see th a t the prem ium s are paid operate to th e ex ten t of suggesting to
these m en th at, from th e ir final pay
d u rin g th is critical period.
3.
The services and th e V eteran s’ account, th ey authorize th e paym ent of
A d m inistration s h o u l d encourage tw o or th re e m o n th s’ prem ium s in ad
w h enever possible th e v o lu n tary p re vance, to tide them over th is crucial
paym ent of prem ium s from the m an ’s period.
I believe fu rth e r th a t it w ould be of
final service pay. W hile th e m an w as
in uniform th e p rem ium for his N a help to th e m en in service if th e V et
e ra n s’ A d m inistration and th e services
tional Service Life In su ran ce w as paid
on an allotm ent basis. W hen he is dis could say to th em w ith absolute confi
charged, th e p rem ium is paid for the dence, “Go to y o u r local life insurance
m en and th e y w ill give you th e best
succeeding m onth only, w hich m eans
th a t w ith in 60 days he m ust send a counsel as to your N ational Service
rem ittan ce to th e V eteran s’ A dm inis Life In su ran ce.”
I
How to Make a Prospect Listen
By Keith S. Smith
John Hancock Mutual
Kankakee, Illinois
A h earty belief in w h a t you are sell
ing is essential. W hen I encounter a
person w ho shies aw ay from “life in
su ran ce” as such, I try to get him to
ly acquainted w ith th e ir resp o n sib ility
to th ese m en. I hope th a t ev ery m em th in k of it as a provider of th e essen
b er tak es full ad v antage of th e oppor tials of life to him , if he lives, and to
tu n ity afforded him to learn about his fam ily if he doesn’t. People are
basically self-interested, and if th ey
these facts in th e sem in ars to be held
can be convinced th a t life insurance
th is fall in local associations.
2.
I believe th a t th e life in su ran ce does som ething for th em d u rin g th eir
lifetim e, th e y u su ally can be m ade to
associations and th e life in su ran ce
listen, w hich is half th e battle. “H ere
com panies, th ro u g h th e ir associations
and individually, should continue and is a plan th a t pays ‘you’ if you live and
even increase th e ir efforts to acquaint y o u r loved ones if you don’t.” Some
say th ey can save w ith o u t having a life
th e servicem en and th e ir fam ilies by
m eans of general ad vertising, periodi in surance com pany do it for them and
cals, p ap ers and radio w ith th e im p o r I usually agree, depending upon the
tance of co nserving th is h eritag e of circum stances. “W here do you save?
JO H N
E. C R A M P TO N
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
I am in terested in saving, too, m aybe
you have a place th a t does m ore for
you th a n w h at I have in m ind.” B anks
and bonds are th e usual answ ers. In
reply, 1 ask him , “W ould you oppose
a plan th a t gives fair in te re st re tu rn
and y et offers protection at v ery little
cost?” This usually arouses his in
te re st w hich is v ital to a successful in
terview .
By a graphic u n it ch art th a t I use,
his atte n tio n is focused upon w h at he
gets back if he lives and w h at goes
to his beneficiaries if he doesn’t. K eep
ing m y story sim ple and in term s th a t
th e prospect u n d erstan d s is v ery im
p o rtan t. If he says life in su ran ce is
som ething he has to die to w in I try
N orthw estern B anker
October 1945
40
to show him v e ry diplom atically how
in co n sisten t th a t sta te m e n t is, be
cause if he dies, som eone he holds v ery
d ea r receives w h a t he had inten d ed to
save.
Calling to th e p ro sp ect’s a tte n tio n
th e v aried and careful plan s he m akes
in d ep artin g from hom e on a trip , I
com pare th is p rep aratio n to planning
a m ethod of saving th ro u g h life in s u r
ance. If his fam ily m isses him w hile
h e ’s gone for a sh o rt trip , how m uch
m ore w ould th ey m iss him and th e in
come he provides for them if he held
a “one w ay tick et.”
A n ything th a t can be done in an
A P articular B a n ker
insists on the
'St. Paul-Mercury's'
New S tan d ard Form 24
Bankers' Blanket Bond
for it h as
in terv iew to get th e prospect to ask
questions relieves pressure, m akes for
norm al conversation and causes the
prospect, unknow ingly, to let dow n the
b a rrie rs to y o u r explanation and pro
posals. A sking th e prospect n ear the
end of m y sales talk w h at he would
like to do affords me an o p p o rtunity to
close and at th e sam e tim e lets the
prospect feel and realize th a t he is
m aking up his own m ind. P u ttin g the
p u rch aser in th e p ictu re as a sh are
holder in the benefits of th e plan being
discussed relieves m uch of th e pres
sure in h e re n t in m ost sales p resen ta
tions.
The life u n d e rw rite r’s problem today
is fu rth e r com plicated by th e fact th a t
people are v ery busy. I t is essential
to be able to say old th in g s in a new
w ay in order to a ttra c t readily the
pro sp ect’s a tten tio n to y o u r proposal.
extended coverages
Excess b u rg lary a n d robbery
Counterfeit m oney
Transit cash letter
Safe deposit box leg al liability
Stop p aym ent legal liability
Officers' a n d directors' indem nity for attorney's fees
False arrest
Plate g lass
W H A T BANKERS SH O U LD
K N O W A B O U T 0 , i.
LO ANS
c o n s u lt
(C ontinued from page 15)
issued in the am ount of $939,969.52.
T his co n stitu tes 93 p er cent of all
loans. B uilding & L oan A ssociations
have originated a large percentage of
loans on homes. It should be said,
th a t th ey have and are doing an ex
cellent job in subm ittin g th e ir applica
tions.
L. R. MOELLER, E xecutive State A gent
111 W est Fifth Street
St. P aul, M innesota
The Farm Loan
F o r th e m o s t c o m p r e h e n s i v e
Bankers' Blanket Bond coverage av a ila b le
H. P. MARTIN
M anager
R. O. ALBRECHT
R. W. WETHERALD
S p ecial A g en ts
In d em n it y Company
Old C olony
Building
D es M oines, Iow a
S T . P A U L , MI N N ,
L o w C o st, N o n - A s s e s s a b l e
FARM LIABILITY INSURANCE
f o r Y o u r F a r m e r C lie n ts
A llied M utual pioneered this worry-free protection which
defends the farm owner in case cattle get into neighbor’s
corn, loose horse injures m otorist on highway, h ired m an
is h u rt by tractor—or any one of a h undred other common
farm hazards. Up to $250 m edical, surgical, hospital pay
ments for hired men or hired gii-ls regardless of respon
sibility. Essential protection. Easy to intei'est farm er. In
vestigate for your agency. W rite
A L L IE D M U T U A L
CASUALTY COMPANY
Harold S. Evans,
P r e s id e n t
Hubbell Building
N orth w estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Des Mo ines 7, Iow a
October 19)5
The F arm Loan, m ade u n d er Section
502, m ay be used to purchase eith er
farm realty or personal property. It
is a p p aren t th a t th e equity capital, so
to speak, as provided by th e G overn
m en t’s G uaranty, is not adequate to
co n stitute w h at m ight be term ed a
sufficient dow n p aym ent for th e p u r
chase of an average Iow a farm . It
does, how ever, provide adequate safe
ty for th e lender in financing a young
farm er in th e purchase of enough
personal p ro p erty w ith w hich to sta rt
farm ing. T here is a grow ing dem and
for th is type of loan. To date, 26
farm loans, to taling $75,070.36 have
been made, on w hich Loan G uaranty
C ertificates have been issued in the
am ount of $29,374.65.
The Business Loan
The B usiness Loan, m ade under
Section 503, is th e m ost difficult, both
from th e stan dpoint of risk and ease
of processing.
Small business, be
cause of its inability to hire expert
technicians and in m any cases, w ith
out efficient m ethods of operation and
adequate capital, is risky.
To be
realistic, should 1,000,000 v eteran s go
into business, 800,000 of th em w ould
OUR 50th YEAR
43
There is so m uch apparent m is
understanding relative to just how the
G uaranty w ork s that th e fo llo w in g ex
am ple is given:
A loan is m ade for the total purchase
price of a h ou se—$4,000. A fter five
years, th is loan is reduced by pay
m ents on p rin cip al to $3,000. At th is
point, the b orrow er defaults.
The
G uaranty, h avin g started out at 50 per
cent, a lw ays rem ains at 50 per cent of
the unpaid principal am oun t of the
note, and now stands at $1,500, w hich
am ount is paid to the lender by the
G overnm ent.
C ollateral under the
m ortgage is n ow liquidated and brings
$2,000.
The lend er retains $1,500,
thereby p ayin g th e note in full, and
sends the G overnm ent $500, w hich is
credited back on the $1,500 p reviou sly
advanced the lend er under the Guar
anty. The lend er’s loss is nothing; the
G overnm ent’s loss is $1,000.
A m ou nt of original loan
$4,000
V eteran’s paym ent on
principal
$1,000
G overn m ent’s paym ent of
lend er’s claim
under
G uaranty
1,500
P roperty sold for
2,000
S P E C IA L
TO
BAN KERS!
Accident Insurance paid up to March, 1946, for only $2.00. Policy
paying $5,000.00 for loss of life, limbs, or sight, with tim e loss
covered up to two years. No m edical exam ination and no red
tape. Sim ply w rite for application and literature.
M IN N E S O T A
C O M M E R C IA L
M E N 'S A S S O C I A T I O N
PAUL CLEMENT, Secretary
2550 Pillsbury Ave. So.
Minneapolis, 4, Minnesota
W ELCOM E
T he W ELCOM E sig n is out a t W e s te rn M u tu a l to a ll
of o u r g o o d frie n d s in th e b a n k in g b u s in e s s w h o w ill
b e a tte n d in g th e ir first P o stw a r C o n fe re n c e in D es
TOTAL
4,500
M oines th is m o n th .
Credit B alance
G uaranty paid by G overn
m ent upon d efault
Credit B alance repaid to
G overnm ent
LOSS to G overnm ent
W e e a r n e s tly in v ite y o u to sto p
500
in a t o u r h o m e office a n d g e t a c g u a in te d w ith o u r
1,500
500
p ro g ra m
and
p e rs o n n e l.
W e a re
a n x io u s to w ork
w ith y o u in y o u r p e a c e tim e p la n n in g .
$1,000
The lend er cannot lose u n less the
property is liquidated for less than the
percentage of G uaranty on the unpaid
principal am ount.
W e a lso s a y W ELCO M E to re tu rn in g b a n k e r a g e n ts
w h o h a v e b e e n in th e S e rv ic e of th e ir C o u n try in th e
a rm e d fo rces a n d a r e n o w re tu rn in g to S e rv e th e ir
h o m e co m m u n itie s in th e b a n k in g b u sin e ss.
fail w ith in a five-year period, accord
ing to p ast m o rtality records. I t is
p articu larly im p o rta n t in th is ty p e of
loan th a t th e lender req u ire th a t th e
applicant have some experience and
th a t he be given sound advice and
steered aw ay from u n so u n d v en tu res.
To date 22 business loans, to talin g
870,810.38 have been made, on w hich
Loan G u aran ty C ertificates have been
issued in th e am o u n t of $22,160.79.
T h ere has, in th e past, been m uch
m isu n d erstan d in g of th is loan p riv i
lege. Some v e te ra n s seem to have
gained th e idea th a t it is only neces
sary to p resen t th e ir certificate of dis
charge and borrow $2,000 w ith o u t any
serious in te n tio n of ever paying it
back. Of course, it w as nev er the in
te n t of th e Act to p erm it th e ex ten
sion of u n so u n d credit, or to perm it
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O u r c o m p le te lin e of Fire, W in d sto rm , P la te G la ss
a n d A u to m o b ile In s u ra n c e is a n in te g ra l p a rt of P o st
w a r P la n n in g .
W e s te r n M u t u a l
Fire In su ran ce Co.
Ninth a n d G rand
Des Moines 8, Iow a
N orthw estern Banker
October 19^5
42
v eteran s to become involved in debt
th a t will prove em b arrassing to them
in la ter years. All loans, including
the g u aranteed portion, m u st be paid
in full.
W ith 12,000,000 of our citizens, rep
resen tin g approxim ately 20 per cent
of our adult w orking population, elig
ible for the benefits of th is loan pro
gram , it is ap p aren t th a t th e loan
privilege of th e Act, p ro perly adm in
istered, can become a trem endous
force for good. It should likew ise be
a p p a ren t th a t unless adequate safe
g u ard s are set up to p rotect v eterans
ag ain st depreciating investm ents and
bad business v entures, it is also pos
sible th a t the resu ltin g volum e of
failures and liquidations could d an
gerously d isru p t our national econ
om y du rin g a critical period.
Since the above w as w ritten . I have
ju s t read an article in the Septem ber
issue of the N o r t h w e s t e r n B a n k e r
entitled, “W ill th e G. I. L ending P lan
W o rk ?”, and so I w ill add on a p a ra
graph or tw o for the purpose of say
ing th a t it w ill.
T hree ban k ers are quoted in this
article; one from M innesota, one from
South D akota, and one from Iowa.
Two of them give some constructive
suggestions, b u t our frien d from
South D akota flatly states th a t the
N o M is t a k e s P o s s ib le
when coins are wrapped in
STEEi^lfTRONG
Autom atic
COIN
W R A P P E R S
P a t e n t e d R e d -B o r d e re d
W in d o w s S h o w t h e T o t o l
A m o u n t a n d D e n o m in a
tio n o f C o n t e n t s — “ g iv e
e a s e o f v is ib ilit y ” .
■ ■ •HIS fam ous,patented "Steel-Strong"C oin
■ W rapper has imitators, but it cannot be
duplicated. Only the precision machinery
specially created by "S teel-Stron g", to print
and punch with perfect accuracy, gives you
c o m p le te p ro te c tio n . N o w o n d e r "S te e lStro n g" is the largest-selling window w rap
per in America! W raps all coins from lc to $1.
F ree S a m p le s
W r i t e t o d a y , to D e p t .
G
*JUe. C . L. D O W N E Y C om pany
HANNIBAL, MISSOURI
Qt/osUdX JßaAyeit M fru. oj Coin
THE
\T I\i;\T U
0
B A N K & T R U ST COM PANY
OF NEW YORK
MEMBER O F T H E
F E D E R A L D E P O S IT I N S U R A N C E C O R P O R A T I O N
G. I. lending plan in its p resen t form
is u n w orkable—th a t Congress has
“passed th e b uck” to the banker. A
statem en t of th is kind usually m akes
th e headlines, as it did in this article.
Inasm uch as th ere are a lot of b an k
ers who, due to stren u o u s activities
in w ar w ork, have not as y et found
tim e to try it out. and in order th a t
they w ill not be m isinform ed, I w ill
say th a t “th e best proof of th e pud
ding is in the eating.” The fact th a t
in Iow a d u rin g th e p ast 120 days, 621
loans in th e aggregate am ount of
$2,485,513.59 have been made, on
w hich G u aran ty Certificates have
been issued in th e am ount of $991,504.96, indicates th a t the Act is w ork
ing.
As to C ongress “passing the b uck”
to th e bankers, it should be kept in
m ind th a t th e b an k ers asked to be
included in th is lending program and
had Congress, as w as first contem
plated, decided to m ake these loans
through some G overnm ent Agency,
th ere w ould have been good reason
for com plaint.
It is tru e th a t b an k ers as lenders in
this program have been handicapped,
due to conflicting State and F ederal
laws. T he am endm ent now before
Congress will rem edy this, insofar as
N ational B anks are concerned.
R egulations by B anking D epart
m ents and L aw s passed by State Leg
islatu res w ill place State B anks on
the sam e basis ju s t as soon as pos
sible. M elvin W. Ellis, su p erin ten d
e n t of banking in Iowa, has a th o r
ough und erstan d in g of the Act, and
has been un u su ally helpful in explain
ing th e loan featu re to the ban k ers
of Iowa.
Iow a’s banks are sw inging in be
hind th is G. I. lending program —138
banks have com pleted loans—m ore
are com ing in each week. A fter all,
who, b e tte r th a n the local banker,
can handle th is job as it should be.
I know m any of you ban k ers who
have literally cram m ed five y ears of
w ork into th e past four by w orking
n ights on d ra ft boards, bond drives
and o ther p atrio tic endeavor.
T here is still a job for some m em
ber of y o u r staff. T his is a BIG
PROGRAM. It involves m ore th a n
ju st th e loaning of m oney—it involves
Y)id you know that adoption of our Cash Letter
insurance enables you to dispense with detailed
Cash Letter transcripts and keep only a duplicate
adding machine tape? Ask us for details.
Scarborough
C o m p an y
Insurance Counselors to Banks
FIRST
NATIONAL
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
BANK
BUILDING
October 19^5
• CHICAGO
3,
ILLINOIS
•
STATE
4325
OUR 50th YEAR
43
out our form ative years, th e judicious
use of m oney and credit w ere funda
m entals in th e A m erican w ay of life.
A m erica w as built by the th rift of h er
people. Savings gave value to h er
land, b u ilt h e r cities, m ade possible her
industries, h er great tran sp o rtatio n
and com m unications system s, and
o th er attrib u te s of com m unity life.
T hey gave stre n g th and independence
to our nation. The accum ulation of
capital in ju st as necessary to a sound
econom y in the fu ture, as it proved es
sential in th e prosecution of th e w ar.
The encouragem ent of saving is the
basic function of banking. T hrough it,
we can b e tte r serve m ore people th an
patience an d th e giving of hardheaded advice in a sym p ath etic m an
ner. You w ill need to keep in m ind
th a t some fo rm er poor cred it risk s
tu rn e d out to be excellent soldiers.
W hat if 4 p er cent in te re st doesn’t
pay you for the tim e spent? You will
be paid by th e benefits accruing to
yo u r in stitu tio n and to y o u r com
m u n ity in helping to assim ilate these
v eteran s back into civilian life in a
m a n n e r th a t w ill m ake them a dom i
natin g force for good in th e nation.
in any o th er way. In recen t years,
th rift has been overshadow ed by the
em ergency of w ar, and ju stly so, b u t
now th a t th e w ar has been gloriously
won, all governm ent, banking, indus
try , and the individual citizen should
devote them selves to th e re-building
of th a t fundam ental w hich is so v ital
to th e n a tio n ’s w elfare. T he re-estab
lishm ent of th e philosophy of th rift
m ust be the keynote in th e reco n stru c
tion of our econom y.” # #
He Walks
A p edestrian is a m an w ho has tw o
cars, a wife and a son.
LOOKING
VP THE
A . B. A . E L E C T S O F F IC E R S
(C ontinued from page 19)
and tr u s t officer, The New H aven
B ank N.B.A., N ew H aven, C onnecticut.
In his re m a rk s follow ing his election
to th e p residency of th e A m erican
B an k ers A ssociation, Mr. R ath je said:
“W ith th e w a r’s end and th e p resen t
sta tu s of our economy, we can well
afford to appeal for a re-establishm ent
of th e philosophy of th rift. Through-
T o
n « tn n h iliz u ti» n
To you returning Veterans we feel
the same urgent responsibility for getting you Home as we did
for getting you to the Front. There are inspiration and satis
faction in the h appy ending of a job th a t only yesterday had
nothing but the grim m est aspects. Count on us to keep the
supply lines open and to serve you faithfully.
T o
R e c o n v e r s io n
To Industry we say it is our purpose to
gear our operations w ith yours, in order to smooth and shorten
the route to Reconversion and Peacetim e Commerce. We will
provide the type of transportation required by m anufacturers
for the prom pt delivery of needed raw m aterial and for the
economic distribution of finished goods.
T o
M o d e r n iz a tio n
To Travelers, as soon as dem obiliza
tion perm its, we pledge a fu ll and quick transition of passenger
service—tuned to the tim es and to the traditions of The M il
waukee Road . . . To old friends, who at times relinquished th eir
privilege to travel in th eir accustomed style, we convey our
gratitude for th eir patience and understanding . . . Good days
of com fort and hospitality for all M ilwaukee R oad patrons
are ahead.
The M ilwaukee Road looks forw ard to being unceasingly busy
in perform ing these jobs. A long-term program of developm ent
and m odernization of plant and facilities is being carried for
ward. Later plans, now in the m aking, will be progressively
unfolded.
Look up the track! The signals say “All clear! L et’s go!
S I N C E
19 19
HawkeyeMutual Hail
Insurance Association
Carver Bldg.
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Fori Dodge, Iowa
the
M
ilw a u k e e
R
N orthw estern B anker
o amp
October 1945
3 1i A'/y
a /fÿ
. -.
IR E A T
acreage oÎ grain fields, a countryside
crops has been a most dependable element in the
spotted with storage elevators and a heavy concentration
Ninth District's agricultural and industrial prosperity.
of giant mills are indigenous features of the Ninth
A s Minnesota's oldest bank, located in the railroad
Federal Reserve District.
center of the Central Northwest states, we owe much
Its production of highly nourishing, inexpensive food
stuffs from grain is one of the great contributions to the
to grain — to the people who grow, transport and
process it.
Wheat, corn, oats, barley and other grain crops are
Nation's diet.
basic factors in the welfare of many of our oldest and
Through the years the growing and processing of grain
The First National
most valued customers.
Bank of Saint Paul
M E M B E R F E D E R A L D E P O S IT I N S U R A N C E C O R P O R A T I O N
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
45
MINNESOTA
NEWS
W IL L IA M D U N C A N , J r.
S ecr eta ry
M inn eap olis
G E O R G E A . B E IT O
P r e sid e n t
G on vick
Resigns
C . G . M olin e
E lm er H. N erge, a ssista n t cashier
F a rm e rs S tate B ank, Lakefield, M in
nesota, has resigned effective last
m onth.
C. G. Moline, 82 years old, pioneer
m erch an t and b an k director, died in
A rgyle, M innesota, last m onth.
Mr. M oline w as born in Sw eden and
cam e to U nited States in 1887. He
cam e to A rgyle 40 y ears ago and u n til
1930 operated a store.
Since re tirin g from business he w as
active in civic en terp rises and since
1937, w hen th e A rgyle S tate B ank w as
organized, he served as a director.
Elected President
Clifford E. Gesme, fo rm er cashier of
th e F irs t S tate B ank of Paynesville,
M innesota, w as elected p resid en t of
th e F ir s t S tate B an k of B enson a t a
m eetin g of th e board of directors. He
assum ed th e presid en cy last m onth.
Mr. G esm e has been serv in g as vice
p resid en t and cashier of th e B enson
b an k for th e p a st seven years.
Back to Bank
G erald B ry an h as re tu rn e d to his
position as a ssista n t cashier a t th e
S tate B ank of Anoka, M innesota, a fte r
over four y ears in m ilita ry service.
R e paired and R em od eled
C oncrete w o rk to fill b asem en t w in
dow s and outside sta ir w ell a t th e
In te rn a tio n a l S tate Bank, In te rn a tio n
al Falls, M innesota, w as being com
pleted recently, as p a rt of a re p a ir and
co n stru ctio n pro g ram to c r e a t e in
creased w o rk in g room in th e basem en t
of th e b ank b uilding and to m odernize
th e cen tral b an k in g room. E xecutive
vice p re sid e n t B. B. K otilinek said
b asem en t space w ill be used for book
k eeping and tra n s it d ep artm en ts.
W alls of glass block w ill replace th e
w indow s on th e so u th and w est side
of th e m ain floor b an k in g room , w hich
w as enlarged in 1941.
The b an k w as organized Dec. 1,
1908.
P re se n t officers and em ployes are:
N. L. Olson, presid en t; F ra n k H.
Keyes, vice president; B. B. K otilinek,
executive vice p resident; O. E. Olson,
cashier; A. L. Olson, a ssista n t cashier;
O rm an Effertz, teller; M ary D onahue,
bookkeeper. T he d irecto rs are N. L.
Olson, F ra n k H. Keyes, B. B. K otilinek,
W. V. K ane and O. E. Olson.
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
To H o ld O ffic e
E lm er Schm itz, cashier of th e Se
c u rity N ational B ank of H opkins, Min
nesota, w as nam ed p resid en t of the
R u ral H ennepin and A noka county
b a n k ers association w h en th e group
held its an n u al m eeting last m onth in
the R adisson hotel, M inneapolis. Chos
en to serve w ith Mr. Schm itz w ere
J. H. G rinnell, cashier, S tate B ank of
L oretto, vice president, and D. J.
M urphy, a ssista n t cashier, F a rm e rs
S tate B ank of Osseo, secretary -treas
urer.
S peakers at th e m eeting w ere Bill
D uncan, secretary of th e M innesota
B ankers association; H arold Pederson,
H ennepin county a g ricu ltu ral agent;
A rth u r R eynolds, collector of in tern al
revenue, and F ritjo f A. A m undson,
sta te com m issioner of banking.
Rem odel Bank
T he in te rio r of th e E xchange State
B ank of Hills, M innesota, is g etting a
com plete rem odeling job.
All of th e old-style caging w ill be
ta k en out and w ill be replaced w ith
a low co u n ter w hich w ill not have the
three-sided fro n t as form erly. T here
will be th e sam e n um ber of teller
w indow s as before, and th e custom ers
w ill still have about th e sam e am ount
of room in th e lobby. P riv ate offices
w ill be m ade of th e space on th e south
side of th e room.
C o l. C h a rle s H. M a rc h
Col. C harles H. M arch of W illm ar,
M innesota, w ell know n in th a t com-
m unity, died suddenly of a h e a rt a t
tack at his Shoreham hotel ap artm en t
in W ashington, D. C.
Col. M arch w as a m em ber of the
F ed eral T rade Commission, appointed
in 1929 by P resid en t Coolidge, and
tw ice reappointed by P resid en t Roose
velt. He w as a t one tim e m ayor of
Litchfield, M innesota, and a form er
p resid en t of th e M innesota F arm ers
and B ankers Council. He w as 75
y ears of age and a t the tim e of his
death, ow ner of 1,000 acres of land near
Litchfield.
H e a d s NorthfSeld Bank
F re d W. Riegger, for 31 y ears in th e
ban k in g business a t Benson, M inne
sota, and p resid en t of th e F irs t S tate
B ank of th a t city, w as recen tly elected
presid en t of the N orthfield N ational
B ank and T ru st com pany, a t N orthfield. He w as to have tak en over the
new office last m onth.
Mr. R iegger w ill fill th e vacancy
caused by th e death of th e late A. F.
Meyer. In addition to heading th a t
in stitu tio n , he w ill serve on th e board
of directors. Mr. R iegger w ill con
tin u e to serve on th e board of direc
to rs of th e Benson bank.
He cam e to Benson in July, 1914, as
a bookkeeper in th e Sw ift C ounty B ank
and w as a ssistan t cashier w h en th e
b an k closed in Novem ber, 1929.
On th e organization of th e N ational
B ank of Benson, Dec. 4, 1929, Mr. Rieg
ger sta rte d as a ssistan t cashier of the
new in stitu tio n and has served th e
b an k ever since. He w as elected vice
p resid en t and becam e a m em ber of the
board of directors of th e b an k in Ja n u
ary, 1930, and a year later w as elected
president, continuing to head th e in
stitu tio n w hen its nam e w as changed
to th e F irs t S tate B ank of Benson.
List N e w O fficers
The W rig h t C ounty B ankers associa
tion elected officers a t th e recen t m eet
ing at H ow ard Lake, M innesota, as
follows:
P resident, P. L. Saw yer, cashier Annandale S tate Bank; vice president, L.
N. J. B auer, cashier S ecurity State
Bank, St. Michael; tre a su re r, H. M.
Tem plin, a ssistan t cashier, Oakley N a
tional Bank, Buffalo. D irectors are
H a rry K uka, cashier S tate B ank of
Delano; Otto H. Preus, cashier S tate
B ank of Cokato; R. J. list, assistan t
cashier W rig h t C ounty State Bank,
Monticello; W. H. Boland, presid en t
and cashier Citizen S tate Bank, Waverly; A. H. Ney, p resid en t Security
S tate Bank, Maple Lake; A. G. R eiter,
vice p resid en t S ecurity S tate Bank,
H ow ard Lake.
N orthw estern Banker
October 1945
46
* MINN E S O T A
Elected President
H. H. W icklow of M eriden, M inne
sota, w as advanced to th e presidency
of th e F irs t S tate B ank of M eriden a t
th e re g u la r m eeting of th e b a n k ’s
board of directors.
Mr. W icklow, w ho has been serving
as vice p resid en t since 1930, succeeds
J. H. C. Schuldt, w ho died A ugust 13.
H. J. K arsten, of W aseca, d irecto r for
m ore th a n tw enty-five years, w as elec
ted vice president.
O ther officers are W. P. Jones, cash
ier; and A lfred W. Schuldt, assista n t
cashier.
q
CX
N E W S «
The vacancy on th e board of direc
to rs will not be filled at present. Mem
bers of th e board are H. H. W icklow,
H. J. K arsten, Ed. J. Buscho, F red
M undt and W. P. Jones.
cy, as well as th e bank, indicated th a t
th e rem odeling of th e M cKusick build
ing w ould be u n d e rta k e n as soon as
labor and m aterials are available.
State Bank to M o v e
Renew W e lc h Bank C h a rte r
The M cKusick building, Stillw ater,
M innesota, is to be rem odeled by the
K rog Agency Inc., to serve as new
b an k in g q u a rte rs for the F arm ers and
M erchants S tate B ank and w ill give
the b an k m uch needed additional floor
space for th e ir operation.
W. C. Krog, p resid en t of K rog A gen
B A A//,
At a m eeting of th e stockholders of
the F arm ers S tate B ank of W elch, Min
nesota, th e follow ing resolution w as
adopted by th e bank:
“U nder th e existing certificate of in
corporation of th e bank, its corporate
existence will expire on th e 14th day
of October, 1945
T herefore, th e corporate existence of
the F a rm e rs S tate B ank of W elch is
hereby extended from th e 14th day of
October, 1945, to th e 14th day of Oc
tober, 1975.”
M a n c h e ste r Bank to M o v e
A. S. L und of N orthw ood, Iowa, is
associated w ith a group w hich expects
to m ove th e M anchester, M innesota,
S tate B ank from th ere to A lbert Lea,
M innesota, w here it w ill open in the
building form erly occupied by the
N orth Side S tate Bank. It is u n d er
stood th e M innesota Securities Com
m ission has approved rem oval of the
bank from M anchester .
DIRECT YOUR CUSTOMERS TO THE
SOUTH ST. PAUL MARKET
COD THEIR EEEIIEHS
Am ple supplies of W estern Hereford a n d Shorthorn cattle
of good quality are av ailab le. Prices are established by
competition. M arket practices an d w eighing are supervised.
A larg e percen tag e of the corn crop is not m ature enough
to be m arketable an d this will create a n exceptional dem an d
for feeding cattle resulting in a financing job for the banks.
O ur experience in handling this type of financing will be
v alu ab le to you in carrying overlines or w here the accum u
lation is more th an you care to handle.
An acount with this b an k will assu re you the prom pt
an d efficient handling of all of your South St. P aul tran s
actions.
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
The new ban k w ill be know n as the
S ecurity S tate B ank of A lbert Lea and
will have a capital stru c tu re of 865,000.
E. H. W eber, th e p resen t cashier, will
rem ain w ith th e b an k in an official
capacity, b u t no fu rth e r plans as to
personnel have been made.
\
J am ieso n
&
C
om pany
Members
N ew York Stock Exchange
and
Other Principal Exchanges
★
STOCKS
BONDS
COM M O DITIES
MINNEAPOLIS
FARGO
ST. PAUL
GRAND FORKS
DULUTH
SIOUX FALLS
EAU CLAIRE
PRIVATE WIRES
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October 19^5
OUR 50th YEAR
47
T
w in
HEODORE WOLD, c h a rte r m em
ber of th e P ioneer Club of Min
neso ta B an k ers A ssociation, died
recen tly at M inneapolis. W old w as a
d irecto r of N o rth w e ste rn N ational
B ank of w hich he had been first vice
p resid en t, p resid en t and ch airm an of
th e hoard.
He began his b an k in g career as a
b an k clerk at E lbow Lake, Minn., in
1889. He becam e a ssista n t cashier of
th e F irs t N ational of L ittle F alls a
y e a r later and in 1896 becam e cashier
of th e M erchants B ank of W inona. In
1910 he w as elected p resid en t of th e
Scandinavian A m erican N ational of
M inneapolis and in 1914 w as th e first
g o vernor of th e F ed eral R eserve B ank
of M inneapolis. He w as elected p resi
den t of N o rth w e ste rn N ational in 1934
and ch airm an of th e board in 1939,
serving u n til Ja n u a ry , 1945.
He w as also a d irecto r of N o rth
w e ste rn N ational Life In su ran ce Co.
and of N o rth w e ste rn F ire and M arine
In su ran ce Co. and of N o rth w est Bancorporation.
T
C
it y
N
e w s
By E. W . Kieckhefer
Special C orrespond ent
Northwestern Banker
final step by publishing a recipe book
en titled “W h at’s Cookin’ in th e N o rth
w est” to guide the housew ife in p rep
a ratio n of ev ery th in g from gam e to
quickbreads. Inside th e back cover is
a brief explanation of th e Home In
stitute.
G overnors of th e M inneapolis F ed
eral R eserve B ank of M inneapolis will
hold th e ir October m eeting at Pierre,
S. D., October 23rd. G overnor M. Q.
Sharpe invited th em to South D akota
to learn m ore about th e proposed Mis
souri valley project.
C. A. M aley, vice p resid en t and tru s t
officer of th e A m erican N ational B ank
of St. Paul, has announced plans for
resu m in g th e St. P au l W in te r C arnival
of w hich he is president. O rganiza
tional w ork is being conducted th ro u g h
th e carn iv al association’s office w hich
have been reopened in th e F irs t N a
tio n al B ank b uilding a fte r being closed
since 1943. D ates for th e event have
been set te n ta tiv e ly as F e b ru a ry 25th
to M arch 6th.
W . R. Chapman, vice p resident of
M idland N ational B ank and T ru st of
M inneapolis w as one of th e speakers
at th e South D akota B an k ers’ fall m eet
ings at Sturgis, M obridge and W atertow n.
C hapm an told of his expe
riences in
in terv iew in g v eteran s
Am ong th e out-of-state guests a tte n d
ing th e m eetings w ere W . F . K unze,
M arquette N ational vice president; W.
A. Y olkm ann and R. S. Banfield, F irst
N ational vice presidents; L. O. Olson,
M idland N ational vice president; Art
Johnson and C. E. T illander, F ed eral
R eserve, and E lm er V olkenant, assis
ta n t cashier of F irs t N ational of St.
Paul.
The N orth w estern N ational of M in
neapolis is ta k in g an in te re s t in every
phase of th e m odern kitchen. The
b an k offers financing for th e h ouse
w iv es’ h e a d q u arters, and th ro u g h its
H om e In s titu te provides in fo rm atio n
on th e la te st eq uipm ent and plan s for
its co n stru ctio n and now h as gone th e
The U niversity of M innesota in co
operation w ith th e M innesota B ankers
Association, th e collector of in tern al
revenue and th e state d ep artm en t of
tax atio n w ill again offer a farm incom e
tax sh o rt course October 8th to 10th.
R eports from 236 of th e 374 w ho took
th e course last year show th ey filed 24
OCR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
per cent of the re tu rn s filed in 1944
by M innesota farm ers.
Chicago-Lake State B ank of M innea
polis has com pleted rem odeling and
redecorating its q u arters. Ten feet of
space w as added at one side of th e
building to house officers and th e book
keeping d ep artm ent. Space form erly
occupied by th e officers has been de
voted to enlarging the lobby and to
tw o new te lle rs’ w indow s. M odern
fixtures w ere installed.
An estim ated 8,000 persons came in
to th e lobby of th e N orth w estern Na
tional of M inneapolis to see approxi
m ately 3,500 dahlias on display th ere
by the M innesota D ahlia Society. T his
is one of th ree such events in w hich
th e b ank assists each year by provid
ing space. The others are th e annual
peony show and the V ictory garden
fair.
J. M. Dain, presid en t of th e M inne
apolis in v estm en t firm w hich bears his
nam e, has been elected governor of th e
In v estm en t B ankers A ssociation of
A m erica for a three-year term .
F irs t T ru st Co. of St. P aul has ad
vanced P hilip L. R ay from presid en t to
chairm an of the board. L ou is S. Headley w as advanced from vice p resident
to th e presidency and C harles J. Curley
from a ssistan t to th e p resident to exec
utive vice president.
Clarence E. H ill, ch airm an of th e
board of N o rth w estern N ational of
M inneapolis, has been elected a Class
A d irector of th e F ed eral R eserve
B ank of M inneapolis by m em ber banks
in Group 1. He w ill serve th e u n ex
pired term of th e late Shirley S. F o rd
w hich expires D ecem ber 31, 1946. # #
N orthw estern Banker
October 1945
48
N E W S A N D V IE W S
(C ontinued from page 17)
tion of B ank W om en. The A w ard
w hich consists of $100 and an en
grossed scroll, is m ade a n n u ally to a
w om an g rad u ate of th e A m erican In
stitu te of B anking not a m em ber of
A ssociation of B ank W om en, w ho is
considered best qualified th ro u g h in
teg rity of c h a ra c ter and efficiency in
h er w o rk to re p re se n t w om en in b a n k
ing.
The officers of th e A ssociation of
B ank W om en for 1945-46 are as fol
lows: P resid en t, H elen K nox, m anager
T he
N ew Y o r k T ru st
C o m pan y
W om en’s D epartm ent, Chase N ational
B ank, G rand C entral office; Vice P resi
dent, W illa A. R iley, a ssistan t cashier,
F lo rid a N ational Bank, Jacksonville;
R ecording Secretary, Mrs. H elen R ich
ard F eil, a ssistan t secretary, The Dime
Savings B ank of B rooklyn; C orrespond
ing Secretary, H arriet W . E lliot, secre
ta ry of C onnecticut Savings Bank,
N ew H aven; T reasu rer, E m m a C. Reitm eier, vice p resid en t of F irs t N ational
B ank of Spokane, W ashington, and the
regional vice presid en t for th is area
w ho is M arion E. M attson, d ep artm en t
m anager, N o rth w estern N a t i o n a l
Bank, M inneapolis, M innesota.
E v e ly n De P uy is now in E urope and
has been assigned to th e 16th P o rt
H ead q uarters, A m erican Red Cross, at
L eH avre, France.
A fter g rad u atin g from C onnecticut
Capital Funds Over $50,000,000
IO O BRO ADW A Y
M A D IS O N A V E N U E
AND 40TH
STREET
TEN
RO CKEFELLER
PLA ZA
★
BUY
VICTORY
BONDS
★
Member of Federal Deposit Insurance Corporation
E V E L Y N DE PUY
. . . p refer so a p to fra n cs in P a r is
College for W om en at New London,
she w as connected w ith Look m agazine
in th e circulation d ep artm en t, and w as
editor of th e ir house organ, “Spot
ligh t,” before leaving in Ju ly 1945 to
join th e A m erican Red Cross.
In a recen t le tte r from Paris, she
w rote, “F in a lly at m idnight, our 11
o’clock train for P aris departed w ith 6
of us Red Cross g irls in a com partm ent
— 1st class—w h ich m ean t w e had bedhugs, no cu sh ion s, filth and no sleep.
Such a n ig h t I have n ev er spent before
and hope th a t it is the only one like
it. Several girls w ere v ery sick from
ex h au stion and our quarters w ere so
cram ped w e couldn’t sleep w ith o u t
w a k in g up w ith a n eck out of joint or
curvature of the spine.
“The m ain racket in France seem s to
he to exchan ge A m erican m oney for
French.
“The F ren ch th en in turn can get
about three tim e s as m uch for it a t the
rate of exchan ge, if ‘th ey k n o w the
right peop le.’ The black m arket is
terrific and frig h ten in g . T he GI’s are
not allow ed to send an y m oney hom e,
excep t a certain percentage of th eir
pay, and so th ey are b u y in g a lot of
the F ren ch products. T h ey sell their
GI cloth in g for as m uch as $10 a shirt,
$10 for pants, and $30 for boots. The
F ren ch w ill buy a n yth in g. The GI’s
hate the F rench and like the Germ ans.
The m ain reason seem s to be that the
G erm ans are so nice to them and so
‘clean.’ It m akes me sick to find so
m uch hatred for our a llies and so m uch
b rotherly love for our en em ies. M oney
m eans n oth ing here—for th ey all have
too m uch of it. B artering goes on like
mad and althou gh it is a courtm artial
offense, th ey seem to flourish doing it.
“W h en I was sh opp in g in Paris th ey
preferred soap to fran cs.”
“The w hole situ a tio n is a m ess and
y et no one seem s to be able to control
it. The ill fee lin g and th e black m arket
is w hat horrified me th e m ost, and y et
you have read about it for so long.”
E. H . J a c o b so n
F u n e ra l services w ere held recently
for E d m und H e n ry Jacobson, a t his
hom e in H arm ony, M innesota, fol
lowed by services in th e H enrytow n
L u th e ra n church.
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 B a n k S p e cia lties
are available at y o u r fa v o r
ite D ea ler’s. I f he is unable
to su p p ly you, w rite to our
fa c to ry fo r sa m p les and
prices.
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October 1945
• BANKERS MAILING Envelopes— maae of Tough
Justrite Fibre in Window and mailing styles.
• TAMPERPROOF or Safety Express Envelopes—
for Registered Mail— Open End or Open Side
styles, either flat 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.
5TÜT6S
» NOTE Envelopes—special size for mailing Bank
Notes
• COIN Envelopes—sizes to accommodate vary
ing denominations of coin.
• BANK-BY-MAIL System— a complete BankingBy-Mail service for Bank Cuctomers.
• CURRENCY GIFT Envelopes— Engraved money
holder envelopes for the Holiday Season.
• WAR BOND JACKETS— advertise the Bank
Name on every Bond sold.
• Filing Envelopes— Policy Jackets— Open End
Legal Envelopes.
« C h i c a g o 4, I l l i n o i s
* St. Paul 1, Minnesota
OUR 50th YEAR
49
ZxcelUnt
PLACE TO BUY tyeeâ&i Qattle.
SOUTH ST. PAUL IS AN
— S a y s B IU
B tlt
Y ou get a wide asso rtm en t to choose from . M ost Corn B elt
fee<j ers p re fe r n o rth e rn cattle, too— the k in d they have fed and
had success w ith fo r years. A nd w ith the large supply h e re at South St. P au l, you can get
Stocker and fe ed e r steers, calves and h eifers of u n ifo rm quality, grade an d type to suit every
k in d of a feeding o p eratio n . W estern cattle from the range w hich stand on th e ir re p u ta tio n
w ill soon be m oving to m ark e t freely and reds and roans fro m farm ing sections are also
available.
T
7\
Q T JP P T V
J_j 1
HEALTHY CATTLE
Y ou w ant h ealth y ru g g ed stock w hen you buy. E very
p re c a u tio n is tak e n h ere. T h ere is constant ex am ination
an d in sp ectio n by governm ent, v e te rin a rian s so you avoid losses fro m sickly stock.
An ex p erien ced com m ission firm b u y e r of
feed er cattle can h elp you to select the
th rifty k in d , stock that is vigorous and will gain w ell and at only a sm all fee. O r you m ay
w ant to m ake y o u r ow n selection. If so, th ere are large assortm ents of every k in d an d quality
in the stocker and fe ed e r divisions.
EXPERT BUYING SERVICE
S A V E O N F R E IG H T C H A R G E S
When purchase of feeders is made from a single shipment of one or more cars from the sam e owner, special
fe e d e r rate s apply to point o f unloading. These sp ecial privileges on stocker and feed er c a ttle allow sale in
tran sit and reshipment from South St. Paul a t the through rate from point of origin. This means th at you can
buy a t South S t, Paul and by paying the balance of through rate you obtain a considerable saving in freight.
THE SOUTH ST. PAUL LIVESTOCK MARKET
U N IO N
STOCKYARDS
If you w an t further information, write to:
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
SO U TH
ST. PAU L, M IN N E S O T A
T R A F F IC D E P A R T M E N T
S A IN T PAUL U N IO N S T O C K Y A R D S C O M P A N Y
U N I O N S T O C K Y A R D S , SO. ST. PAUL, M I N N E S O T A
N orthw estern B anker
October Í945
50
50 Y E A R S O F
Range of Deposits
SERVICE
$ 2 3 ,0 5 2 ,0 1 0 .0 5
1
9
4
5
This y e a r we celebrate our 50th A nni
v ersary — a n im portant m ilestone in
the life of a n y institution.
1
Behind us lie five d ec ad es of progress
for this com m unity, the surrounding
territory, an d the nation.
Sioux City h a s grow n from a sm all
river village to a m etropolis w hich
ran k s am ong the leading cities of
A m erica.
9
3
1 9 2 5
1 91 5
1933— Bank Holiday
1929— World Wide Depression
$ 4 ,5 0 0 ,0 0 2 .3 3
$ 2 ,2 4 0 ,7 6 1 .4 2
1914— S ta rt of First World War
1912— Titanic Hits Iceberg
1905
It is a source of satisfaction to us that
we h a v e been instrum ental in m ak
ing a v a ila b le the sound banking
practices an d friendly service w hich
h a v e characterized this b an k for half
a century.
L iv e
$ 6 ,2 3 1 ,9 9 3 .1 4
1920— Invention of Radio
1918— World War 1 Ends
W e h av e b een privileged to h av e a
p art in this growth an d to assist in
the developm ent of enterprises both
u rb a n an d rural, w hich h av e pros
p ered in this a re a of the great middlewest.
The
5
1945— World War II Ends
1941— Pearl Harbor
$ 6 9 2 ,7 8 7 .5 1
1903— First Successful Airplane Flight
1898— Spanish-American War
1895
S to c k
$33,542.08
N a tio n a l B a n k
Located at the
Sioux City Stock Yards
MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
1895 • OUR 50th A N N IV E R SA R Y YEAR • 1945
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October 1945
OUR 50th YEAR
51
SOUTH
DAKOTA
NEWS
C. O. G O R D E R
P r e s id e n t
D ead w ood
A ctin g S ecretary
L O IS J . H A L Y O R S E N
G E O R G E M. S T A R R IN G
S ecreta ry -T rea su rer
H u ro n
(In the Service)
Bankers to M e e t at Pierre
D irectors of th e F ed eral R eserve
B ank of M inneapolis have accepted
th e in v ita tio n of Jam es R. M cKnight,
presid en t of the P ie rre N ational B ank
of P ierre, South D akota, to hold th e ir
October m eeting in P ierre. T hey w ill
m eet October 23.
It w as indicated th a t th e p o ten tial
effects of th e M issouri Valley pro ject
on th e N in th F ed eral R eserve D istrict
will be discussed at th e m eeting.
D irectors of th e H elena, Mont.,
branch of th e M inneapolis F ed eral R e
serve B ank also w ill a tte n d th e m eet
ing.
V ote Increase
S tren g th en in g th e capital stru c tu re
of th e S ecurity B ank and T ru st com
pany, M adison, South D akota, and
consequent expansion of its lending
pow ers, w ere voted by th e board of di
rectors.
S u rp lu s for th e b an k has raised from
$50,000 to $75,000, th ereb y increasing
th e in s titu tio n ’s s tre n g th in proportion
to its grow ing deposits, w hich have
jum ped from $700,000 in 1936 to $3,400,000 in 1945.
R ep o rtin g on the b o ard ’s action, W.
M. W illy, p resid en t, said th a t th e b an k
is now placed in a m ore favorable
position n o t only to p ro tect its de
positors, b u t also its cred it lim its.
Total capital accounts, including
capital stock, surplus, undivided p ro f
its, and reserves, w ere $68,000 in 1936.
A t th e p re se n t tim e th e y are well over
$150,000.
M em bers of th e board of d irectors
are W. M. W illy, p resident, Jam es
Robson, vice presid en t; Oscar A. Ol
son, Roy E. W illy, E. J. D irksen.
th e M arianas Islands, assigned to an
office at th e docks.
C u ste r Bank Sold
C ontrolling in te re st in the C uster
C ounty Bank, Custer, South Dakota,
has been sold to E. R. A rneson and as
sociates at Y ankton, officers announced
last m onth.
Officers and clerical w orkers in the
bank, the oldest u n d er a single m an
agem ent in South Dakota, will rem ain
w ith th e in stitu tio n un til Ja n u a ry 1st.
P resen t officers are Tom Delicate,
w ho has been presid en t for th e past
55 years, M. A. W illis, vice president,
and C harles P erm , cashier, who has
been w ith th e b an k for 38 years.
Bank Examiner
Ed D irksen, vice presid en t of the
S ecurity B ank and T ru st Company,
Madison, South Dakota, has been given
his discharge from th e arm y. He held
th e ra n k of serg ean t in a finance com
p an y stationed in California.
Since his discharge he has been
w o rking in the exam ining division of
th e federal d ep artm en t of b anking and
h as been inspecting banks in W ashing
ton and Oregon.
D irksen plans to re tu rn to resum e
his w ork in th e bank about the first of
the year.
A t R ochester Clinic
H. W. Clarkson, Buffalo, South Da
kota, w ho w ent to th e R ochester, Minn.,
clinic, recently, subm itted to a m ajor
operation, and his condition after the
operation show ed im provem ent. He
is presid en t of th e B ank of Belle
F o u rche and th e F irs t S tate B ank of
Buffalo.
Su p p ly O ffice r
Bank C o n trib u te s Prizes
E n sig n Sidney A. Jacobs w ho was
cashier of th e E xchange B ank, L en
nox, South D akota, for five and onehalf y ears before en te rin g th e N avy in
Ju n e, 1944, is now th e fuel supply
officer a t th e N aval Base on Saipan in
Lincoln C ounty 4-H Club m em bers
w on $241.35 in cash prizes and $5.85
in ribbon aw ards at th e co unty’s first
A chievem ent Day held in m any years.
The prizes w ere given by th e C anton
C ham ber of Com m erce and th e
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
F a rm e rs S tate Bank, Canton, South
Dakota.
A bout 40 young people p artici
pated in the exhibits and dem o n stra
tions du rin g th e day. T here w ere five
4-H clubs represented, th ree boys and
tw o girls.
G rand cham pion aw ards w ere m ade
in the beef com petition only. Charles
Kuehl, Canton, w on th e grand cham
pionship aw ard of $10 w ith his 16
m onths old H ereford steer.
Sioux Falls News
H E U nion Savings bank, Sioux
Falls, expects to be open for busi
ness in its new location in th e Sioux
F alls Gas building on South M ain
avenue the fore p a rt of October, ac
cording to P resid en t W illiam C. Duffy.
Office rem odeling is going forw ard
rapidly, v au lts are installed and m ost
of th e rough w ork is finished. A new
en tran ce is p a rt of th e reconstruction
program . Difficulties in obtaining new
fixtures m ay necessitate tem p o rary a r
rangem ents u n til Ja n u a ry 1, Duffy
said.
T
E m ployes of the N o rth w est Security
N ational bank in Sioux F alls and its
Madison, Brookings and Dell Rapids
branches, to g eth er w ith th e ir fam ilies,
alto g eth er 110 in num ber, held th eir
an n u al picnic at the Izaak W alton
league clubhouse in Elm w ood park.
P. H. M cD owell, vice p resid en t of
th e N orthw est Security N ational bank,
heads th e advance gifts com m ittee of
35 m em bers in the 1945 Sioux Falls
U nited C om m unity and W ar Chest
cam paign. The organization is out
to raise $86,837 for th e N ational W ar
F u n d and local w elfare agencies.
Ralph W atson, p resid en t of th e
N o rthw est S ecurity N ational bank,
w as arran g em en ts chairm an for a fare
w ell ban q u et honoring P aul K. M yers,
w ho resigned as secretary of the Sioux
Falls C ham ber of Commerce to accept
secretary sh ip of th e W aterloo, Iowa,
cham ber.
The first livestock feeders’ in stitu te
sponsored by th e Sioux Valley b an k of
Sioux Falls and H arrisb u rg , w hich is
to be an an n u al affair, w as held at th e
H a rrisb u rg high school auditorium
recently.
E rlin g H augo, p resid en t of th e bank
and form er South D akota su p erin ten
d en t of banks, expressed th e desire of
his b ank to cooperate “in every pos
sible w ay to prom ote feeding opera
tions.”
N orthw estern Banker
October 1945
52
*
SO U TH
Dr. I. B. Johnson, head of th e anim al
h u sb a n d ry d e p a rtm e n t a t South Da
kota S tate college, B rookings, dis
cussed th e feed v alu e of soft corn,
w hich he described as “a good feed,
w ith ex p erim en ts show ing no ill
effects on livestock.”
He said, “The b est idea is to feed soft
corn first to cattle, second to hogs,
th ird to lam bs. T he Sioux F alls te r r i
to ry is m ore ideally su ited to feeder
business th a n big feeder te rrito rie s
such as Iowa.”
D A K O T A
NEWS
Les H arding, secretary of th e Sioux
F alls livestock exchange, term ed th e
Sioux Falls stockyards as “p rim arily
a service statio n for farm ers of th is
area.” He said th e chief in te re st of
com m ission firm s is to get farm ers th e
h ig h est possible price for th e ir live
stock.
“In dications are th a t th e dem and
for m eats of all kinds w ill continue
v ery good,” he said. “T his area is one
of th e best for raising feed necessary
for feeding operations.”
•
A pproxim ately 100 feeders w ere in
attendance and w ere served lunch by
th e school P aren t-T each ers’ associa
tion.
YV. C. N isbet, w ho recently passed
his 60th m ilestone as a Dell Rapids, S.
D., businessm an, w as one of th e p ro
m oters of th e H om e N ational B ank at
th a t place and w as elected as its first
p resid en t in 1910. H is interests, o th er
th a n banking, have been new spaper
w ork, real estate, u tilities an d politics.
He is a form er state senator, m ayor
and city auditor. As a child N isbet
cam e to th is te rrito ry w ith his p aren ts
in 1872 from Osage, Iowa, via covered
wagon.
Latest Q u o t a t io n s
P r o m p t E x e c u tio n
O u r d ire c t w ire c o n n e c tio n s , b o th te le g ra p h
a n d te le ty p e , a ssu re c o r r e s p o n d e n t b a n k s o f
u tm o s t efficiency in th e p u rc h a s e a n d sale o f
have no id ea how b u llish one can g et while
s ittin g on a cot in In d ia .
“ W aterloo an d Iow a look b e tte r to me
th a n ever before. I see no reason w hy peo
ple out in th is c o u n try sh o u ld n ’t b e a l
w ays prosperous an d m ost o f a ll content.
W e m ost c e rta in ly a re a fa v o re d p e o p le .”
L eo L . M a k ,
W aterloo, Iow a.
"Source of Information”
U . S. G O V E R N M E N T B O N D S
T R E A S U R Y B IL L S
C E R T IF IC A T E S O F IN D E B T E D N E S S
TR EA SU R Y N O TES
In q u irie s a re in v ite d
Telephone Franklin 6800 — LD 9 2 -9 3 -3 1 3
Teletype CG 987
The First N atio n al B a n k
of Chicago
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October 1945
“ I a p p rec ia te th e a rtic le in th e Septem
ber issue of th e N o r t h w e s t e r n B a n k e r
w hich re fe rre d to m y election as cashier
of th e F i r s t N a tio n a l B a n k o f P e rry .
“ A s a close follow er of th e N o r t h w e s t
e r n B a n k e r , fo r a n u m b er o f y ears, I
have come to follow i t as a source of in
fo rm a tio n a b o u t changes of locatio n o f m en
in th e b a n k in g p rofession. I t is now m y
pleasu re to have th e change in m y location
no ted in yo u r jo u rn a l, in o rder th a t th e
m any b a n k in g frie n d s I have in th e sta te ,
who knew me b e fo re serving w ith th e A m eri
can B ed Cross, w ill know o f m y p re sen t
b a n k in g associations.
“ I am pleased to be associated w ith one
o f H a ro ld B re n to n ’s b anks, a n d w ill hope
to m eet m any o f m y old acq u ain tan ces a g ain
th is fa ll a t th e sta te c o n v en tio n .”
G er a ld L . H il l , Cashier,
T he F ir s t N a tio n a l Barile,
P erry, Iow a.
"School of Banking"
“ I t w as good o f you to com m ent so g en
erously re g a rd in g th e School o f B an k in g
of M adison in th e S eptem ber N o r t h w e s t
ern B a n k er .
T his school w orked o u t w ith
OUR 5 Olii YEAR
*
53
u nusual success. The Illin o is B an k ers A s
sociation recen tly decided to jo in w ith the
W isconsin B a n k ers A ssociation as co-spon
sors of th e school. In v ita tio n s have now
been sent to other sta te s in th e C entral
S ta te s Conference. ’ ’
H erbert V . P ro ch n o w , A s
sista n t V ice P resid en t, The
F ir s t N a tio n a l Banlc o f Chi
cago.
V/tuei C U S T O M E R ' S I N V E N T O R Y
ca *t te. M A D E
BANKABLE
"Let 'Em S ta rv e "
‘ 'H e ll, no, I d o n ’t th in k th e s e s trik e rs
a re ju stifie d . T h is la b o r q u e stio n h a s g o t
to be b ro u g h t to a show -dow n sooner or
l a t e r a n d I k n o w of no b e tt e r m e th o d t h a n
to go on a b u y in g s trik e . W e w e n t w ith
o u t n ew a u to m o b ile s, r e fr ig e r a to r s a n d r a
dios fo r fo u r y e a rs a n d a n o th e r six m o n th s
w o u ld n ’t h u r t u s; in th e m e a n tim e le t
th e m s ta rv e .
A m ore e ffe c tiv e m eth o d
w o u ld be to im p o rt a h u n d re d th o u sa n d or
h a lf a m illio n i f n e c e ssa ry of G e rm an m e
c h an ics (a n d how I h a te a G e rm an ) b u t
e ith e r m e th o d w ould m ake th e m w a n t to
w ork. ’ ’— A n I r a t e B anker.
BA N KERS Y O U K N O W
Y O U R D E P O S I T O R ’S
D O L L A R S
A R E SAFELY AT W O R K W I T H . . .
(C ontinued from page 17)
A lfred ./. Gock was born in San
Francisco on October 4, 1889. In
1911 he m arried L illie A. Von der
M ehden, arid th ey have one son, R ich
ard A. Gock. A republican, Mr. Gock
has always taken a keen interest in
civic and banking affairs outside of
his own institution. He is a past
president of the San Francisco Chap
ter of the A m erican Institute of B a n k
ing, and a past president of the Cali
fornia Bankers Association. H e is
also a past president of the San Fran
cisco R otary club, past potentate o f
the San Francisco Shrine, and a m em
ber of the F raternity club of San
Francisco.
Mr. Gock th inks there is not one,
but two, im portant problem s facing
bankers today— postwar reconversion
and the possibility of inflation, ff #
T H E G R O U P M E E T IN G S
(C ontinued from page 20)
tio n al B ank, M obridge. (1946 M eeting
place, M obridge.)
G roup V II— S turgis (A ttendance 60).
P resid en t, W. E. Dickey, vice p resid en t
and m an ag er Spearfish B ranch, F irs t
N ational B an k of th e B lack Hills,
Spearfish; vice president, F. O. Fogelberg, vice p re sid e n t and m an ag er N ew
ell B ranch, F ir s t N ational B an k of th e
Black H ills, Newell; se c re ta ry -tre a su r
er, E a rl K eller, a ssista n t cashier R apid
C ity N ational B ank, R apid City. (1946
M eeting place—to be decided b y group
officers.)
Vicious Circle
Down in Cuba th e y are in a ru t.
T hey raise cane to m ake ru m and d rin k
ru m to raise Cain.
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
'W
ta d e 'w
FIELD WAREHOUSE INVENTORY LOANS
SECURED BY BONDED WAREHOUSE RECEIPTS
W h e n your customer's Inventory (raw or finished)
is collateralized through the use of a sound well
operated Field W a re h o u sin g C o m p a n y . . . the In
ventory Collateral becomes a most acceptable se
curity to both Borrow er and Lender.
O u r"s o u n d , flexible and econom ical m e th o d "o f set
ting up actual W a re h o u sin g O p eratio ns right on the
Premises of your Custom er's Business Establishment
will enable you r Bank to convert m any existing
O P E N LIN E C R E D IT S into S E C U R E D L O A N S or make
M O R E L O A N S a n d LA R G ER L O A N S S-A-F-E-L-Y.
Ö un. (le c x u id S t a n d s . . . n e v e r s o m u c h a s o n e d o l
la r o f lo s s o n a F ie ld W a r e h o u s in g O p e r a t io n to
L e n d in g A g e n t, B o n d in g C o m p a n y o r O u r s e lv e s .
SERVING INDUSTRY FOR TWENTY YEARS
G E N E R A L O F F IC E S - S T . LOUIS MO
N orthw estern Banker
October 1945
54
L. B. H o g s ta d
NORTH
DAKOTA
A . C. ID S Y O O G
P r e sid e n t
G rafton
NEWS
C. C. W A T T A M
S ecreta ry
F a rg o
Dates Set for Group Meetings
L ars B. H ogstad, 65, form er Nome
and N iagara, N orth D akota b an k er and
a resid en t of V alley City, N orth Da
kota, for m any years, died recently at
Mercy hospital there. He suffered a
stroke from w hich he never recovered.
Born in O sterdalen, N orway, on
M arch 11, 1880, he cam e to A m erica
w hen 24 y ears old. He attended the
T rondhjem A cadem y of A griculture in
Norw ay, and on his arriv al in N orth
D akota attended the Valley City State
T eachers college and g raduated from
th e F argo B usiness college.
A fter finishing his business training,
he entered th e b anking business and
w as cashier of th e F arm ers S tate B ank
at Nome for 14 years. He th en becam e
a state b ank exam iner for tw o years,
w ith h ead q u arters at Edgeley after
w hich he becam e cashier of th e Ni
agara Citizens S tate B ank for four
years.
W hen his h ealth began to fail, he
retired from th e b anking business and
moved w ith his fam ily to Valley City.
ATES for th e fall group m eetings come tax for 1945 com pared w ith the
of the N o rth D akota B ankers A s previous year, th e increase being 12.9
sociation have been set for th e followp er cent com pared to a national de
crease of 6 p er cent. In individual tax
ing dates:
N o rth east group: G rand F o rk s Coun collections N o rth D akota led South
D akota by alm ost seven m illion dol
try Club, 6:30 p. m. (M W T) on M onday,
October 15th; N o rth w est group: Minot, lars, according to figures from the
basem en t P re sb y te ria n Church, 6:30 p. office of H. H. P erry , in tern al revenue
m., (M W T) on Tuesday, October 16th. collector for N orth Dakota.
Sou th w est group: B ism arck, P a tte rso n
Hotel, 6:30 p. m. (M W T) on W ednes
day, October 17th. (Note: Those in
Jam estow n Bank Takes O v e r
Bank Division O ffice r
atten d an ce w ill be g uests of th e BisJ. A. G raham , ch airm an of the state
B. F. Bam benek, vice-president of
m arck-M andan C learing H ouse Asso
b
anking
board, said th a t the F arm ers
th e F irs t N ational Bank, of D ickinson,
ciation at P a tte rso n H otel from 5:30 to
State B ank of W indsor, N. D., has been
6:30 p. m.) S outhw est group: Valley
N o rth D akota, last m onth, w as elected
tak en over by th e N ational B ank of
City, R udolph Hotel, 6:30 p. m. (MWT)
state vice presid en t of th e N ational Jam estow n and th a t th e W indsor b ank
on T hursday, October 18th.
B ank D ivision of th e A m erican
has gone into v o lu n tary liquidation.
D inner w ill be served at each place
B
an
k
ers
Association.
and, so th a t those in charge of a rra n g e
m ents m ay know how m any m ay be
R. O. McClintock, presid en t of th e
Bank M o n e y O rd e rs
expected, it is req u ested th a t each
F irst N ational B ank and T ru st Co.,
B anks now have an o p p o rtu n ity to
ban k n otify th e follow ing for th e group
Tulsa, Oklahoma, is presid en t of the
advertise th e advantages of bank
w hich th e y expect to attend, th e
N ational B ank Division.
m oney orders since rates of postal
nu m b er w ho w ill be in atten d an ce
m oney orders have been increased by
from such bank: N. E. group, F. C.
th e new ta x law. lu sted below are the
G ustafsson, Red R iver N ational Bank,
old and new schedules of fees for
G rand F orks; N. W. group, C. F. A n N a m e d M a n a g e r
P ostal M oney Orders:
derson, F irs t N ational B ank, Minot;
M anagem ent of th e F irs t N ational
S. W. group, A. A. Mayor, D akota N a
F rom 1 cent to $2.50 from 6 to 10
B ank of H ettinger, N o rth Dakota, w as cents; $2.51 to $5.00, from 8 to 14 cents;
tio n al Bank, B ism arck; S. E. group, R.
placed in th e hands of L. C. M ensing $5.01 to $10.00 from 11 to 19 cents;
M. Hougon, A m erican N ational Bank,
recently by th e board of directors.
V alley City.
$10.01 to $20.00 from 13 to 22 cents;
All group officers, as w ell as all m em
C ashier of th e F irs t N ational finan $20.01 to $40.00 from 15 to 25 cents;
bers of th e state executive council cial in stitu tio n since July, 1939, Mr. $40.01 to $60.00 from 18 to 30 cents;
w ere requested to send in suggestions
M ensing’s extensive background of $60.01 to $80.00 from 20 to 34 cents; and
as to subjects w hich b an k s in th e ir b an k ing experience is an asset to the
$80.01 to $100.00 from 22 to 37 cents.
respective groups w ould like to have F irs t N ational B ank of H ettin g er and
B anks th a t do n ot have b ank m oney
covered, and th e responses have been
orders b u t in ten d to have some p rin ted
th e large area it serves.
num ero u s and varied. An a tte m p t has
should insist upon stan d ard forms.
He w as an au d ito r in th e U. S. Gov
been m ade to a rran g e a pro g ram w hich
ern m en t accounting office at F argo for
w ill cover th e m ost im p o rta n t of those
subjects.
R equests for P au l Mc- six m onths p rio r to com ing to H e t To A ssist Liquidation
Crackon of th e F ed eral R eserve B ank tin g er. P reviously he had served for
George E. Allen, vice p resid en t of
six y ears as fieldm an for th e R egional
of M inneapolis topped all o th ers and
th e H om e In su ran ce com pany, New
A
g
ricu
ltu
ral
C
redit
Corp.
for
th
ree
unless som ething u n fo rseen occurs he
counties, w ith h ead q u arters at A sh York, and form er C om m issioner of the
w ill be on th e program .
ley, N o rth D akota. H is ban k in g ex D istrict of Columbia, has been desig
nated by P resid en t T ru m an as his p e r
perience began in 1928, including the
Increase Largest in N atio n
Pollock State B ank at Pollock, S. D., sonal rep resen tativ e to stu d y and re
com m end a procedure for th e liquida
th e A shley State Bank, and th e State
N o rth D akota led th e n atio n in th e
tion of w ar agencies.
increase in collections of federal in B ank of Zeeland.
D
N orthw estern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October 19^5
OUR 50th YEAR
55
P i p e d f r o m n e a r b y v o l c a n i c b o i l i n g s p r i n g s , natural hot water now heats homes and greenhouses in
R eykjavik, Iceland's capital. Wells sunk in lava beds are delivering 58 gallons of water per second at 170* F.
H eating Iceland
formerly used im
ported coal for heat. T he war
m ade this fuel alm ost impossible to
get. B u t all th a t was needed for an
unlim ited supply of h o t w ater was
a pipe line. T hrough T he N ational
C ity B ank of New Y ork the neces
sa ry fin a n c in g w as a r ra n g e d for
the purchase of equipm ent in the
U nited States.
S o u n d b u sin e ss lik e th is — all
o v er th e w o r ld — is c o n s ta n tly
being helped by N ational C ity ’s
W o rld W id e b a n k in g s y s
tem. I t is th e clearing house
for first-hand inform ation on
m arkets and credits, agents
R
e y k j a v i k
and sources of supply in every
com m ercially-im portant area of
the globe.
F ir s t U. S. n a tio n a l b a n k in
the foreign field, N ational C ity ’s
o v e rse a s’ staff is m a n y tim e s
la rg e r th a n t h a t of a n y o th e r
American bank. These facilities—
backed by 31 years’ experience
in p ro m o tin g w orld tr a d e a n d
more th an 133 years of practical
banking experience — are avail
able to exporters and im porters
everywhere. T o get the full
story, talk to N ational City
officers a t H e a d Office or
Branches.
A C T IV E O V E R S E A S B R A N C H E S
A R G E N T IN A
Buenos Aires
Flores
Plaza Once
Rosario
B R A Z IL
R io de Janeiro
Pernam buco
Santos
Sao Paulo
CANAL ZONE
B alboa
C ristobal
C H IL E
Santiago
Valparaiso
C O L O M B IA
B ogota
Barranquilla
M edellin
CUBA
THE
NATIONAL
CITY
H ead O ffice: 55 W all S tre et, N ew Y ork
BANK
•
OF
NEW
YORK
65 B ranches in G re a te r N ew Y ork
First in World Wide Banking
OUR 50th YEAR
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Federal Reserve Bank of St. Louis
C uatro C am inos
Galiano
Caibarien
Cardenas
M anzanillo
M atanzas
Santiago
ENGLAND
London
117, Old B road S t.
11, W aterloo PI.
IN D IA
B om bay
C alcutta
M E X IC O
M exico C ity
PERU
L im a
P H IL IP P IN E
IS L A N D S
M anila
P U E R T O R IC O
A recibo
B ayam on
C aguas
M ayaguez
Ponce
R E P U B L IC O F
PANAM A
Panam a
URUGUAY
M ontevideo
VENEZUELA
C aracas
N orthw estern Banker
October 1955
56
P ro fit C o m e s f r o m
In te llig e n t U s e of
P a s t u r e a n d S ta lk s
N orthw estern B anker October Í945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O U R 5 0 th Y E A R
57
announcing details of th e expansion
plan now in progress.
The ground floor portion of th e new
extension w ill provide space for en
larging th e lobby portion of th e bank.
NEBRASKA
NEWS
E D G A R M cB R T D E
P resid en t
B lu e H ill
WM. B H U G H E S
S ecretary
Omaha
Swanson to Become New Secretary
of Nebraska Association
ARL G. SWANSON w ill resign as W ar I. He w as county clerk for H am
tre a s u re r of th e S tate of N ebraska ilton county for 8 y ears and p rio r to
J a n u a ry 1st to becom e secretary of thth
e a t w as for 17 y ears head of th e F i
N eb rask a B an k ers A ssociation. He delity N ational Bank, later th e F idelity
w ill succeed th e v e te ra n W. B. “B illy” S tate B ank at A urora.
Mr. Sw anson w as first elected tre a s
u re r of th e State of N ebraska in 1942
and w as reelected in 1944. He is
know n th ro u g h o u t N ebraska as à v ery
capable executive and has also been
v e ry active in com m unity and state
affairs.
B oth his ban k in g and political ex
perience give him an excellent back
g ro und for his fu tu re w ork w ith the
N ebraska B ankers A ssociation.
The re tirin g secretary, Mr. H ughes,
w ill take w ith him th e respect and best
w ishes of every N ebraska banker. He
w ill continue to direct association
affairs u n til Mr. Sw anson tak es office
th e first of th e year.
C
T he bookkeeping d e p artm en t w ill be
m oved to new q u a rte rs adjoining the
m ain floor of th e b an k in th e new ad
dition, and additional v au lt space,
p riv ate offices and a new d irecto rs’
room w ill also be provided. The base
m ent extension w ill be utilized for
storage and additional v au lt space.
The C entral N ational B ank has
served its com m unity for th e p ast 40
y ears in th e sam e location. T he re
sources of th e b an k have increased
from $1,600,000 in 1934 to $9,000,000 to
day.
As an additional service to th e com
m unity, a new personal loan d e p a rt
m ent w ill be added in th e space now
occupied by th e bookkeeping d e p a rt
m ent as soon as th e new extension is
com pleted.
Mr. Peck said, “T here are now five
m em bers of th e b a n k ’s personnel serv
ing in th e arm ed forces. These em
ployes are expected to re tu rn as soon
as released and it is an ticipated th a t
th e expansion plan w ill absorb these
as w ell as p re se n t em ployes w ho have
replaced th em du rin g th e w ar.”
It is expected th a t th e im provem ents
w ill be com pleted about Ja n u a ry 1,
1946.
Y O U R A T T E N T IO N ,
PLEASE
N e w Em ploye
C A R L G. S W A N S O N
W ill s u c c e e d “ B i l l y ” H u g h e s J an u ary 1st
H ughes w ho has served th e N ebraska
association as se cretary for 40 years.
Mr. H ughes asked to be relieved and
his successor w as selected by th e
Council of th e sta te association.
The new ly elected secretary, Mr.
Sw anson, is now serv in g his second
tw o y e a r te rm as state tre a su re r. He
is from A urora, N ebraska, w here he
g rad u ated from high school in 1914
and th e n com pleted a course at th e
N eb rask a College of A g riculture.
He serv ed in th e U. S. A rm y in
F ra n c e in W orld W ar I and re tu rn in g
to civil life he again en tered th e b a n k
ing business in w hich he had some
b a n k in g experience p rio r to W orld
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Jean n e LaB orde is a new em ploye
a t th e Plainview State Bank, Plainview, N ebraska, w here she recently
becam e associated w ith th e ban k in
th e capacity of bookkeeper and teller.
Back to Bank Post
R obert B elohlavy re tu rn e d to Crete,
N ebraska, last m onth, from Brooklyn,
N. Y., w here he w as serving w ith the
U. S. A rm y. He has been honorably
discharged from th e service and will
resum e his duties w ith th e C rete State
B ank th is m onth.
C o lu m b u s Bank Expands
“The C entral N ational Bank, Colum
bus, N ebraska, w ill undergo im prove
m en ts and expansion w hich w ill give
Colum bus one of th e m ost up-to-date
and convenient b anking centers in N e
b ra sk a,” J. O. Peck, president, said in
Last m onth there appeared
an announcem ent on this page
to the effect that the 1945
Convention of the Nebraska
Bankers Association w ould be
held in Omaha at the Paxton
H otel on N ovem ber 20. A
change in the date and m eeting
place has been m ade, accord
ing to the follow in g :
A N N U A L C O N V E N T IO N
Nebraska
Bankers Association
Monday, November 12
OMAHA
Hotel Fontenelle
N orthw estern Banker
October 1945
58
#
R e a d y to O p e n
A fter several w eeks of w ork, a
citizens’ soliciting com m ittee has
signed up sufficient pledges to insu re
a new b ank for L iberty, N ebraska.
Capital of th e new b an k w ill be $25,000, w ith a su rp lu s of $7,500.
O pening of th e new b an k in g house
now aw aits only form al approval of
gov ern m en t au th o rities.
L ib erty has been w ith o u t a b an k
since about th e first of th is year, and
the new b ank w ill occupy the q u a r
O F F IC E R S
J . A . G R E E N F IE L D
V ice P r e sid e n t
ters vacated by the form er L iberty
b ank after its v o lu n tary liquidation.
M em bers of th e com m ittee w hich
raised funds for th e new b ank w ere
E v e re tt M. B arr, G lenn Bowhay, Em il
Haas, and H ardin Searcey.
directors w ere hosts at th e dinner, and
w ives also attended. The five 20-year
m en are W. J. Stafford, president; J.
L. W itters, vice president; A. A. Hulse,
cashier; R. K. P atrick and B. L. Kelly,
assistan t cashiers.
H o n o r Veteran O fficers
A d o p t Bank by M a il Plan
F ive m em bers of th e Scottsbluff N a
tional B ank staff, Scottsbluff, N ebraska,
w ho had 20 y ears or m ore of service
w ith the in stitu tio n w ere honor guests
at a d in n er last m onth. Officers and
D irect C ontact
H A R RY H. MOHLER
V ice P r e sid e n t
j
NEWS
WE OFFER
F R A Z E R L . FO RD
P r esid en t
th o s.
N E B R A S K A
. M cCu l l o
C ashier
ugh
M. E . B L A N C H A R D
A ss is ta n t C ashier
W ith th e Live S tock In d u stry ,
th ro u g h officers w ith years of
successful h a n k in g ex p erien ce.
L O U IS J. KO M ER
A s s is ta n t C ashier
F irsl S i. »Inscpii
STOCK Y A R D S B A N K
“Only Bank in die Yards”
M em ber F ederal D ep o sit I n su ra n ce C orporation
N orthw estern B anker
October 19^5
C a p ita l Sto ck Boosted
Stockholders of The State B ank of
H ildreth, N ebraska, recen tly increased
the capital stock of th e b ank from $10,000 to $25,000 w ith an additional $5,000
su rp lu s account.
The S tate B ank of H ild reth was
owned and operated by the late F red
Soker and C harles E. Sam uelson for
m ore th a n thirty-seven years. A fter
th e ir death, George C. Soker, who has
been presid en t of th e in stitu tio n since
1934, has had sole charge. Leon Sam
uelson, of F ran k lin , is vice president,
and E dna M yers, of H ildreth, cashier.
Miss M yers has been associated w ith
th e bank continuously for thirty-tw o
years.
Be Careful
Look out for your tongue; it’s in a
w et place and m ight slip.
S o u t h St. J o s e p h , Mo.
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Tom K ingsley, p resident of th e B ank
of B ertrand, B ertrand, N ebraska, an
nounced th a t th e ban k has inau g u rated
the B ank by Mail system .
W ith this system , one need not go
to th e b ank to m ake deposits, sim ply
m ail all deposits to th e bank.
This w ill be a g reat convenience for
farm ers, as the b ank is no fu rth e r
aw ay th a n th e ir m ail box.
D eposits at th e B ank of B ertrand,
recently w en t over th e $800,000 m ark.
rough Going
These are difficult tim es, indeed
difficult, w hen we have to do w ithout
the th ings our p aren ts never had.
OUR 50th YEAR
59
V. .1. Skutt, vice president, U nited
Benefit Life In su ran ce Company; P u b
lic Affairs, R. E. L angdon, vice p resi
dent, G uarantee M utual Life Com
pany; Public H ighw ays, W illiam C.
F raser, attorney; V eteran s’ E m ploy
m ent, W. A. S aw tell, president, Stock
Y ards N ational B ank of Omaha; Good
Fellow ship com m ittee, Sam B. Starrett, Jr., g eneral agent, G uarantee Mu
tu al Life; In su ran ce Division, L. L eslie
Kizer, p resid en t-treasu rer, C e n t r a l
S tates H ealth and A ccident Associa
tion.
Om aha Clearings
J. F ran cis M cD erm ott, on
leave from his d uties as vice
p resid en t of th e F irs t N ational B ank
of Omaha, has gone to C hina to head
a special sold iers’ savings m ission for
th e A rm y.
Colonel M cD erm ott is telling th e
G. I.’s: “Only suck ers th ro w th e ir
m oney aro u n d ju st to m ake an im
p ressio n .”
OL.
C
If an y re tu rn e d v eteran s have been
paying too m uch for land in th e
Omaha, area, it has n o t come to the
atte n tio n of officials of th e F ed eral
L and B ank of Omaha.
I. W. D uggan, G overnor of th e F arm
C redit A dm inistration, com m ented at
K ansas City th a t m any soldiers and
sailors had “su n k th e ir life savings in
sucker land in v e stm e n ts” over th e
country.
L and b an k officials a t Om aha said
th a t in th e fo u r states it serves—
N ebraska, Iowa, South D akota and
W yom ing—th e re has not been an in
flationary increase in land prices d u r
ing th e w ar. In N ebraska and South
D akota, th e y said, prices have h ard ly
reached th e 1910-14 level a fte r being
depressed by d ro u th conditions. This
price is aro u n d $100 an acre.
H is bro th er, Corp. H ow ard Johnson,
is on th e clerical staff of an A rm y
h ospital on Saipan. He expects to be
hom e by spring.
Mr. Joh n so n is presid en t of th e
Live Stock N ational Bank.
D ale Clark, presid en t of th e Omaha
N ational Bank, w ill head th e im por
ta n t postw ar com m ittee of th e Omaha
C ham ber of Commerce d u rin g th e
com ing year.
O ther C ham ber com m ittee chairm en
include: A erial T ran sp o rtatio n , M. J.
W arren, vice president, Wachob-Bender C orporation (in v estm en ts); A gricul
tu ral, Linn P. Campbell, president,
B yron Reed Com pany realto rs and fi
nancing; M ilitary Affairs, W allace E.
Spear, tru s t officer, F irs t N ational
B ank of Omaha; M unicipal Affairs,
The seven-story M erchants N ational
B u ilding, 13th and F a rn u m
streets, has been sold by th e h eirs of
th e estate of H en ry F riedel to th e
G eneral Inv estm en ts C orporation for
$22,000. The building, at th e east edge
of O m aha’s dow ntow n district, w ill be
m odernized. F o r m any years, it w as
th e hom e of th e old M erchants N a
tional Bank.
B ank
L ieu tenan t (j.g) John D avis, U. S.
N., son of T. L. D avis, presid en t of the
F irs t N ational B ank of Omaha, and
on leave from his duties w ith th e
bank, came to Om aha recently on a
brief leave from th e W est Coast. D ur
ing his stay, he drove to Lake M iltona,
M innesota, to accom pany his fam ily
to Omaha. H is w ife and children,
Carol and Tommy, had sp ent th e sum
m er in M innesota. The officer, w ho
served in th e A tlantic, left to rep o rt
for Pacific duty.
A sum m er stay at M iltona Beach,
M innesota, has ended for Mr. and
Mr. and Mrs. A lv in E. Joh nson w ere
looking fo rw ard to th e end of Septem
ber. T hey learn ed th a t th e ir son,
T. Sgt. W arren Johnson, expected to
be hom e from G erm any by October
1st. He has been a t D arm stad t w ith
th e A rm y A ir Corps Intelligence.
BANKS
Con fi den ti al ly
an d
Bought and Sold
with
bec omi ng dign ity
B A N K E M P L O Y E E S PL AC E D.
40 Y ears S a t is fa c t o r y Service
THE CHARLES E. WALTERS CO.
OMAHA.
OUR 50ili YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
NEBRASKA
N orthw estern Banker
October 19^5
60
Mrs. W alter B. R oberts and Mr. and
Mrs. L aw rence B rinker. The la tte r
E ffe c t iv e
e o -o r d in a t io M i
tw o re tu rn e d L abor Day. O thers who
ended th e ir stay th e re w ere Mr. and
Mrs. T. L. D avis and Mr. and Airs.
John L auritzen, th e ir son-in-law and
daughter.
of all departments assures rapid, efficient han
dling of every type of banking transaction. You
are invited to use any or all of our facilities.
C
a t io n a l
IBa n k
AND TRUST COMPANY of Chicago
it y
2 08
N
SOUTH
LA S A L L E
STREET
(MEMBER FEDERAL INSURANCE DEPOSIT CORP.)
No matter what may be the
needs of war or peace, this bank
is ever vigilant in maintaining
the very best of service to its
correspondent banks.
( j j n t in e n t a l R a t io n a l
lV *
B
Mrs. V ictor C aldw ell and Mrs. F ran k
Johnson, w ho spent th e sum m er at
Ogunquit, Maine, re tu rn e d hom e the
m iddle of Septem ber.
Mr. and Mrs. AY. A. S aw tell and th e ir
son, Stephen, have re tu rn e d from
W hitefish Lake, M innesota, afte r a
m o n th ’s stay. Mr. Saw tell is p resi
d en t of the Stock Y ards N ational B ank
of Omaha. A nother son, Capt. W il
liam S aw tell, is stationed at T rier,
G erm any, and recen tly spent a leave
in Sw itzerland.
The M ayor’s Cityw ide P o stw ar P la n
ning Com m ittee a t Omaha, w hich held
its first m eeting recently, includes
am ong its m em bers E llsw o rth M oser,
executive vice p resid en t of th e U nited
S tate N ational B ank of Omaha, ch air
man; R u ssell G. H opley, president,
N o rth w estern Bell T elephone Com
pany; E dw ard F . P ettis, B randeis
Stores executive and form er in v est
m en t banker; R ay R. R idge, vice p resi
dent of th e Om aha N ational Bank;
K enn eth G. H arvey, p resident of th e
Douglas County Bank, of su b u rb an
Benson; C harles D. Saunders, vice
presid en t of th e F irs t N ational B ank
of Omaha, and W illiam A. Saw tell,
presid en t of th e Stock Y ards N ational
B ank of Omaha.
a n k
*
L IN C O L N
Member F ederal D eposit Insurance Corporation
YOUR STATE BANKERS ASSOCIATION
OFFICIAL SAFE, VAULT AND
TIMELOCK EXPERTS
F. E. DAVENPORT & CO.
OM AHA
rfeTOOTLE-LACY
"TO ASSIST OUR CORRESPONDENT BANKS TO INCREASE THEIR INCOME
AND PROFIT BY MEETING THE C H A N G IN G CONDITIONS OF
TODAY IS THE CHIEF A IM OF OUR OFFICERS/'
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October 19/i5
OUR öOtli YEAR
61
career th ere w ith th e late F ra n k Sloan
in th e G eneva bank. A fter service in
th e first w orld w ar, he re tu rn e d to th e
G eneva bank, leaving to join th e state
b an king d e p artm en t about 1925.
Mr. H eld cam e to th e N ational B ank
of Commerce in 1928 in th e post of as
sistan t vice president, la te r w as p ro
m oted to vice president.
N ebraska ban k in g com m issioner J.
F. P eters said LB33, th e “p ar check”
law passed by th e 1945 legislature
“does not pro h ib it th e u sual service
charges w hich banks have long used.”
LB33, he explained, m akes it m an
d atory for ban k s to cash w ith o u t de
duction all checks draw n on itself and
com ing to it th ro u g h th e m ail in a cash
letter.
“The m ost confusion ap p aren tly
arises from th e charge m ost banks
m ake for cashing out-of-town checks
over th e ir counters.
A custom er
w alking into his bank w ith checks on
d istan t points is still subject to a fee
w hich his b ank m akes for cashing
these out-of-town checks.
“LB33 does not abolish th is practice
and th e charge is justified on th e basis
th a t th e b ank is en titled to float and to
a reasonable fee for service ren dered.”
L B E R T . H ELD , associated w ith
th e N ational B ank of Commerce,
A
Lincoln, for 17 years, has been elevated
a
from vice p resid en t to executive vice
p resident, it w as announced by B yron
I)unn, recen tly elected p resid en t of th e
M IL T O N TO O T LE , III
V IC E P R E S I D E N T
G RA H A M G. LACY
E . H . SC H O PP
V IC E P R E S I D E N T
A S S T . C A S H IE R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
She is gettin g ready to join h e r h u s
band, Lt. E. T. M oellering w ho has
served in th e M arines and w ho w ill
receive his honorable discharge soon.
FOREIGN REMITTANCES
Banks w ith o r w ith o u t fo re ig n
D epartm ents are invited to u ti
lize th is B ank’s special facilities
fo r com m ercial and benevolent
paym ents abroad, and fo r the
d r a w in g o f d r a f ts u n d e r th e
B ank’s protection.
O ur 37 years’ experience is avail
able fo r assisting banks to estab
lish o r extend th e ir rem ittance
service, a n d w e are prep ared to
fu rn ish com plete info rm atio n re
g a rd in g m oney transfers to for
eign countries. Inquiries for detailedinform ationare w elcom ed.
Riblic National
BANK A N D
FR ED T. BURRI
A S S T . C A S H IE R
TRUST
COM PA N Y OF N E W Y O R K
ESTABLISHED
1908
Main Office : 37 Broad Street
j
of th e
Iow a F inance Company, Shenandoah,
Iowa, moved to L incoln October 1. He
will be a ssistan t vice presid en t of th e
NATIONAL BANK
OUR 50tli YEAR
R u th A rb u th n o t M oellering, has re
signed h e r position in th e B anking
House of A. W. Clarke, Papillion, N e
braska, afte r serving th ere th e past
several years.
M arshall H e w itt form erly
^)ankB orn and raised in Geneva, Neb raska, Mr. H eld began his b an k in g
P R E S ID E N T
Resigns Position
A consistent and g ratify in g rise in
L incoln business conditions is indi
cated in th e A ugust bank clearings,
as announced by th e clearing house as
sociation. The A ugust m ark is $20,068,924, as com pared w ith $17,272,866
for th e sam e m o n th of 1944. The
clearings for Ju ly of th is y e a r w ere
$19,099,492.
F o r th e first eight m onths of 1945
clearings totaled $148,983,098, a gain of
$6,747,166 over th e sam e period of 1944,
w hen th e to tal w as $142,235,932.
A L B E R T A. H E L D
N o w E x e c u tiv e V ic e P r e s id e n t
M IL T O N T O O T L E , JR .
N ational B ank of Commerce and w ill
install and m anage a new loan d e p a rt
m ent in th e bank.
Member: New York Clearing House
Association, Federal Deposit Insurance
Corporation
ST. JOSEPH, M O.
R . E . W ALES
C A S H IE R
M e m b e r F e d e r a l D e p o s it
I n s u r a n c e C o r p o r a tio n
E . L. G RU M E
A SS T . C A S H IE R
N orthw estern Banker
October 19^5
62
L ive S tock N ational B ank
O
M
A
H
A
Statement of Condition September 29, 1945
RESOURCES
Loans an d D isco u n ts.................... .............................
Bonds an d O ther Securities.....................................
Stock in F ederal R eserve B ank...............................
Banking House a n d F ix tu res...................................
O ther Real E state......................................................
Interest A ccrued on G overnm ent Securities, etc.
U. S. G overnm ent Securities.......................................$39,908,116.10
C ash an d Sight E xchange........................................... 18,006,344.40
.$11,107,697.60
579,042.53
45,000.00
1.00
None
210,210.18
57,914,460.50
$69,856,411.81
LIABILITIES
C apital Stock (Common).......................................
Surplus (Earned) ....................................................
Undivided Profits ....................................................
R eserved for Taxes, Interest, etc.......................
U nearned Discount ..............................................
Dividends P ay ab le Septem ber 29, 1945.......
DEPOSITS .................................................................
.$
.
500,000.00
1, 000, 000.00
450,742.34
288,522.68
1,959.14
7,500.00
. 67,607,687.65
$69,856,411.81
OFFICERS
ALVIN E. JOHNSON
P r e s id e n t
R. H. KROEGER
Vice P r e s i d e n t
HENRY C. KARPF
Vice P r e s i d e n t
PAUL HANSEN
Vice
P r e s id e n t a n d C a sh ie r
WADE R. MARTIN
Vice P r e s i d e n t
W. DEAN VOGEL
V ic e P r e sid e n t
H. H. ECHTERMEYER
Vice P r e s i d e n t
C . G. PEARSON
A s s t. C a s h ie r
L. V. PULLIAM
A s s t. C a sh ie r
ALBERT R. STELLING
A s s t. C a s h ie r
W. WALLACE KEENAN
T r u s t O ffic e r
(Member Federal R eserve Bank and Federal Deposit Insurance Corporation)
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October 1945
OUR 50th YEAR
63
59thAnnual Meeting
Iowa Bankers Association
Des Moines, October 29, 30, 31
HOTEL FORT DES MOINES
S PREV IO U SLY announced, th e
1945 a n n u al convention of th e
Iow a B an k ers A ssociation w ill be
held in Des M oines on Monday, T ues
day, and W ednesday, October 29th,
30th, and 31st, w ith h e a d q u a rte rs a t
th e H otel F o rt Des Moines. The con
vention, w hich w ill be th e 59th of th e
Iow a A ssociation, w ill be th e first post
w a r m eeting, and will be devoted to
activ ities of a business n a tu re only.
M onday, October 29th, w ill be reg is
tra tio n day, w ith no business sessions.
R eg istratio n w ill s ta rt at 3 p. m. on th e
m ezzanine floor of th e hotel. The Des
M oines C learing H ouse A ssociation is
m ak in g p lans for a v isitin g h o u r to be
gin a t 5 p. m. in th e W est B allroom of
th e hotel, to be followed by a buffet
supper. L adies are invited.
Tuesday, October 30th, w ill u sh e r in
th e first business sessions, s ta rtin g at
9 o’clock. T his first half day w ill be
a jo in t m eeting of th e Iow a Ju n io r
B an k ers A ssociation and th e Iow a A s
sociation of B ank A uditors and Comp
tro llers, w ith Senior B an k ers of course
invited. A ctually, th e com ing conven
tio n w ill be a jo in t session of th e th re e
A ssociations above. Also a t th is m o rn
ing session, P re sid e n t B ru b ach er is
allow ing tim e for th e an n u al m eeting
of Iow a A. B. A. m em bers.
T uesday noon th e Des M oines Clear
ing H ouse A ssociation w ill be hosts
a t a luncheon at 12:15 noon, served in
several room s off th e m ezzanine floor
of th e hotel.
T uesday aftern o o n w ill be largely a
V ictory L oan Session, to be followed
by a p ro g ram p rep ared by th e T ru st
C om m ittee of th e Iow a A ssociation,
u n d e r th e ch airm an sh ip of J. M.
A
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
H utchinson, vice presid en t and tru s t
officer of th e D avenport B ank & T ru st
Company.
The annual d in n er of th e Iow a As
sociation w ill be held at 7 p. m. T ues
day in the ballroom of th e hotel, u n d er
th e auspices of th e organization of P ast
P resid en ts and Ex-councilm en of the
Iow a B ankers A ssociation, w ith B. F.
K auffm an, presid en t of th e B ankers
T ru st Company, Des Moines, and p resi
d en t of th e organization, presiding.
T here w ill be m usic and e n te rta in
m ent, followed by a speaker w hose
nam e w ill be announced later. A t th e
close of th is session, th e organization
will elect a presid en t to preside over
the 1946 session.
W ednesday m orning, October 31st,
th e first session w ill open w ith election
of officers, to be followed by speakers
and general discussion of G. I. Loans,
P o stw ar Sm all B usiness Credit, th e G.
I. Bill of R ights, and m any o th er m at
te rs p e rta in in g to th e re tu rn e d veteran.
A m ple tim e w ill be p erm itted for ques
tions and answ ers from th e floor. If
possible, questions should be ty p e w rit
te n and m ailed in to th e office of th e
secretary in advance of th e conven
tion.
Officers of th e Iow a A ssociation are
p lanning on an o th er special luncheon
at noon of th is day, to be served again
in several room s opening off th e m ez
zanine floor, and perh ap s on th e m ez
zanine floor itself, for w hich tickets
m ust be purchased.
The final convention session w ill
com m ence at 1:30 W ednesday a fte r
noon, and w ill be th e an n u al confer
ence of C ounty A ssociation Officers.
T his session is alw ays an in terestin g
R. R. B R U B A C H E R
P r e s id e n t, I o w a B a n k ers A s s o c ia tio n
one, and this year, in addition to m any
subjects, w ill tak e up discussion on the
new in stallm en t loan law.
The above describes in m ost con
densed fashion w h at Iow a b an k ers w ill
find at th e ir com ing annual m eeting
this m onth. You m ay be sure no de
tails th a t w ill add to yo u r physical and
m ental pleasure have been overlooked
by y o u r capable and efficient secretary,
F ra n k W arner. A com plete program
outlining th e convention in full w ill
soon be available. # #
Des Moines News
V erne T. B on nett, 46 assistan t vice
presid en t of Iowa-Des Moines N ational
B ank and T ru st Co., died last m onth
at Des Moines G eneral hospital follow
ing a cerebral hem orrhage.
Mr. B onnett w as bo rn at B irm ing
ham , Iowa, w here he received elem en
ta ry and high school education, and
w as g raduated from th e College of
Commerce at th e S tate U niversity of
Iowa. H e w as affiliated w ith Delta
U psilon fratern ity .
S tartin g his b an king career in 1922
w ith th e Des Moines N ational B ank
(w hich in a later m erger becam e the
Iowa-Des Moines N ational B ank), he
becam e a ssistan t cashier in 1931 and
assistan t vice p resid en t in 1942. He
w as in charge of th e in stallm en t loan
d ep artm en t of th e bank.
The Iowa-Des Moines N ational B ank
& T ru st Com pany is w elcom ing back a
total of seven of its em ployes who
w ere in th e service. R ichard Stubbs
N orthw estern B anker
October 19^5
64
• tt
Large and small
are using ADDRESSOGRAPH for Name
and Data writing—and acclaim it the most
efficient eguipment for all of the following
uses:
1. Statements
2. Trust Dept. (Investments)
3. Real Estate Dept. (Mortgage Notices
—Rent Notices)
4. Safe Deposit Rental Notices and
Receipts
5. Dividend Disbursements
and George A nderson have both been
o n th e job as receiving and paying tell
er for several m onths. L ast m onth
George Scott re tu rn e d to th e proof de
p artm en t. On October 1st th re e for
m er em ployes w ere to resum e w ork in
te rru p te d by th e w ar. T hey are Or
v ille Gore, back w ith th e m ortgage
loan d epartm ent; C harles Clift, in sta ll
m en t loan d ep artm en t, and John
Scroggs, back to th e paying and re
ceiving te lle r’s cage.
N orm a Je a n Moeckly, 13, w as in a
serious condition at th e B lank Me
m orial hospital last m onth as a re su lt
of a fractu red skull suffered in a tra f
fic accident.
N orm a, an eighth grade stu d en t at
Roosevelt Ju n io r H igh School, w as on
th e w ay hom e from school w hen h er
bicycle w as stru c k by an auto.
She is th e d au g h ter of George A.
M oeckly, head of th e personal loan de
p a rtm e n t of th e B ankers T ru st Co.,
and Mrs. Moeckly.
F. M. M orrison, presid en t of the Val
ley Savings Bank, recen tly retu rn ed
from a sh o rt vacation at Colorado
Springs, spent at th e B roadm oor H otel
there.
Lt. R obert E. F ram p to n , son of
George A. F ram pton, presid en t of the
6. Payroll
Iow a S tate Bank, is hom e on furlough
from th e E u ro p ean th eater. He and
his fa th e r took a trip to g eth er v isitin g
in M issouri and N ebraska.
7. Advertising
8. Small Loans—Notices and Collections
9. Mailing — C o r r e s p o n d e n t Bank
Envelopes
A d d r e s s o jr a p h
SALES AGENCY
DES MOINES, IOW A
923 Locust St.
Phone 4-7072
DAVENPORT,IOW A
Putnam Bldg.
Phone 2-1208
See you at the Iowa Bankers Convention
October 29, 30, and 31
J. F. DOWDELL — T. J. McNULTY — M. G. BUONANNI — G. A. MARTIN
A nother one of th e 54 m em bers of
th e C entral N ational B ank & T ru st
Company, w ho left th e b ank to join
th e arm ed forces has re tu rn e d to his
w ork. He is H ow ard F ran k lin who
has been back on th e job in th e book
keeping d e p artm en t for th e past
m onth.
Two So ns H o m e
Two sons of J. H. B rekken, cashier,
R andall S tate Bank, R andall, Iowa,
both first lieu ten an ts, have ju st re
tu rn e d from E urope. A fter 30-day fu r
loughs, th ey w ill eith er be stationed in
th is co u n try or receive th e ir dis
charges.
A nother son is in India, or
w as th ere th e last tim e w ord came
from him . A son-in-law is in Tokyo.
Returns
V. K. B arth, form erly assista n t cash
ier of F irs t S tate Bank, G reene, Iowa,
has recen tly re tu rn e d to th e b an k as
cashier.
N orthw estern B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October 1945
OUR 50tli YEAR
65
M o r e th a n th r e e - q u a r te r s o f
a s k t h e i r c o m m is s io n m e n
a c e n t u r y ’s e x p e r ie n c e h a s
to r o u te t h e i r m o n e y t h r o u g h
t a u g h t u s to a p p r e c ia te th e
th is B a n k , t h e a d v ic e o f c r e d it
v a lu e o f s p e e d in th e t r a n s
g o e s to y o u o n th e d a y o f
m i s s io n
r e c e ip t.
o f p ro c e e d s
fro m
The
S to c k
Y a rd s
th e s a le o f liv e s to c k in C h i
p o s t o f f i c e is j u s t a c r o s s
c a g o . W h e n y o u r c u s to m e r s
th e s tr e e t a n d n o tim e is lo s t.
We will be pleased to send you in
struction cards to give your shippers.
Pj/e
LIVE STOCK
BANK
U N IO N STOCK YARDS
ESTABLISHED
1868
D A V ID H. REIM ERS, Pres.
Member Federal Deposit Insurance Corporation
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker October 1945
66
Leaves Ventura Bank
MERCHANTS
MUTUAL
N O W A V A IL A B L E
NEW!
B O N D IN G
COM PANY
SEPTEMBER
P O L K ’S
IS S U E O F
Incorporated 1933
L au ra O. H ollatz, an em ploye of the
V en tu ra S tate Bank, V entura, Iowa,
for th e p ast 14 years, resigned re
cently. L ucille A. Helm , w ho has been
w ith th e b an k for tw o years, takes th e
place vacated by Miss Hollatz, and
Doris H. Hall, G arner, Iowa, has joined
th e b an k as bookkeeper.
John Dieken
H o m e Office
SO U TH ER N SURETY BUILDING
Des Moines, Iowa
#
This is Iowa’s oldest surety company.
A progressive company with experi
enced, conservative management.
PACKED with the latest and
most complete banking facts
and figures. More than a
quarter million changes from
previous issue. If you haven’t
ordered, reserve a copy by
sending a postcard today.
W e are p ro u d o f o u r h u n d re d an d
fifty b a n k ag en ts in Iow a.
To be the exclusive representative of
this company is an asset to your bank.
R. L. POLK & CO.
W r i t e to
431 H o w a rd St., Detroit 31, Mich.
E. H. WARNER
L O O K IT UP IN PO LK'S
S ec r et a ry a n d M a n ag er
THEY GET THERE
. . . F I R S T '.
**•
•
TENSION
KNOWS HOW!
# The cleat red, white and blue border
is your guarantee that Tension A ir
M ail Envelopes will receive first
consideration by the postoffice.
Airmail arrives first, is opened first,
is answered first.
'Tension Envelope Corp.
V;' :ïA- Ly ^VVL
J
VLJVLJ ■V-
1912 Grand A ve., Phone 4-4126, D es M oines 14, Iowa
Jo h n D ieken passed aw ay a t his
hom e in G rundy C enter, Iowa, recen t
ly. He w as a lifelong resid en t of
G rundy county and held m any posi
tions of tru st, am ong th em being to w n
ship tru stee, m em ber and d irecto r of
school board. He w as a m em ber of
th e board of sup erv iso rs from 1911 to
1914. H e w as a c h a rte r m em ber and
later a d irecto r of th e F e rn C ream ery
com pany u n til he m oved to G rundy
Center. He helped to organize and w as
one of th e first directors of the Dike
Cooperative and w as on th e board of
directors of th e old F a rm e rs Savings
B ank of Dike. H e w as also a d irector
of th e Peoples Savings B ank and the
F irs t T ru st and Savings B ank of
G rundy Center.
H is o u tstan d in g achievem ent as a
public se rv a n t cam e in th e years fol
low ing his election as secretary of th e
G rundy C ounty F a rm e rs M utual F ire
and L ig h tn in g In su ran ce association,
w hich position he held a t th e tim e of
his death and rep resen ted n early 21
y ears of service.
N e w Form A v a ila b le
T he S tandard F o rm No. 7, w hich is
th e Safe D eposit Box Lease and R e
ceipt form , has finally been okeyed and
q u an tities of th e form have probably
been stocked by v arious p rin tin g firm s
th ro u g h o u t Iow a w hich sell th is type
of b an k supplies.
T he form com plies to a sta tu te
passed by th e recen t legislative ses
sion, w hich fixes th e liability in safe
deposit box business of th e Iow a b an k
ers.
M r Banker:
Do von know that EVERY MONTH
MOKE BANKS becom e subscribers to
D. A. S. AGRICULTURAL DIGEST
T h ere is n o o th er a g ricu ltu ral in fo r m a tio n service just like it.
F or sa m p le releases and fu rth er in fo r m a tio n w rite to
Doane Agricultural Service, Inc.
You Should Have It!
Northwestern Banker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
October 1945
Box 603, 206 Plym outh Bldg.
D es M oines 9 , Iowa
H om e Office— St. L ouis
OUR 50th YEAR
67
NOW BACK IN STEEL CONSTRUCTION
LATEST IMPROVED ADJUSTO TRAY-BINDER
T ray CAPACITY a n d CONVENIENCE com bined
with Ledger Binder SECURITY.
C orduroy Non-Skid bottom k eep s sheets in PER
FECT CONDITION a n d PREVENTS CREEPING.
C urled Sheets IRONED OUT SMOOTH b y POSI
TIVE COMPRESSION during overnight storage.
Records ALWAYS READABLE, even with sheets
locked in to prevent unauthorized rem oval.
PERFECT ALIGNMENT an d OFFSET provided
by A djustable Side Rails.
SAVES VALUABLE SPACE. M ade to fit your
sheets. Economizes floor an d storage space.
See Our Display at
TH E IO W A
ST A T E B A N K E R S C O N V E N T IO N
Hotel Fort Des Moines, Des Moines, Iow a
Ie He
bu r e
C
o r p o r a t i o n
Manufacturers, C E D A R R A P ID S, IO W A , U.S.A.
OUR SOth YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
Northwestern Banker October 1945
68
*
IO WA
NEWS
•
T ru st Company, w as elected a m em
b er of the board of tru ste e s of the
B anking R esearch F und. Mr. H orton
w as also chosen vice ch airm an of the
board.
The ch airm an of th e board of Trus-
N a m e d A c tin g C h a irm a n
At a recen t m eeting of th e board of
directors of th e A ssociation of R eserve
City B ankers held in New Y ork City,
H erb e rt L. H orton, p resid en t of th e
Iowa-Des Moines N ational B ank &
tees, Joseph M. Dodge, presid en t of
The D etroit Bank, is now in E urope
directing th e reestab lish m en t of a
b an king system in G erm any. In the
A W IN N IN G “F O U R -S O M E ”
1. O ur BACKGROUND of m an y y ea rs'
service in Sioux City.
2. SERVICE k eyed to w artim e condi
tions.
3. EXPERIENCE in handling corre
spondent item s for b an k s in four
states.
4. FRIENDLINESS w hich m akes every
H E R B E R T L. H O R T O N
R e s e r v e C it y C ha ir m an
contact a p leasure.
A. G. Sam,
J. P. H ainer, Vice P resident
Fritz Fritzson, Vice Pres, and Cashier
J. T. G rant, Assistant Cashier
*
*
*
★
/ t f
S / O
absence of Mr. Dodge, Mr. H orton will
serve as acting chairm an.
O ther m em bers of th e board of
tru ste e s are as follows:
W. R andolph B urgess, vice ch air
m an, The N ational City B ank of New
York; R obert V. Flem ing, p resid en t
and chairm an, The Riggs N ational
Bank, W ashington, D. C.; W m. F u lto n
K urtz, president, The P ennsylvania
Company, P hiladelphia; Sidney B.
Congdon, president, The N ational City
B ank of Cleveland; R obert M. H anes,
president, W achovia B ank & T ru st
Company, W inston-Salem , N orth Caro
lina; K eehn W. B erry, president, The
W hitney N ational Bank, New Orleans;
J. L u th e r Cleveland, Jr., president,
G u aran ty T ru st Company, New York
City; H ark A. B row n, vice president,
H arris T ru st & Savings Bank, Chicago;
F re d F. Florence, president, Republic
N ational Bank, Dallas; R ussell G.
Sm ith, executive vice president, B ank
of A m erica N ational T ru st & Savings
A ssociation, San Francisco.
President
J. R. Graning, Assistant Cashier
E. A. Johnson, Assistant Cashier
W. F. Cook, A uditor
U
X
C
/ f t f
★
*
*
Joins M t. Pleasant Bank
Dale Kelly, for 19 y ears w ith the
D anville Savings Bank, D anville, Iowa,
W Jeóótihicj
C
o u
n s e
S d e n ti ceó
1
o n
B a n k
Plan to use an advertising program of
well worded messages created by
Wessling Services, Des Moines, Iowa
P u b l i c
R
D . R . W E S S L IN G , P R E S ID E N T
<
ìò e ó
N o rth w e ster n B anker
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
O ctober 19^5
e l a
t
i o n s
ì/Y ìo in ei 9 , S~ouja
Y O U R STATE B A N K E R S A S S O C IA T IO N
O F F IC IA L SA F E , V A U L T A N D
T IM E L O C K EXPERTS
F. E. DAVENPORT & CO.
OM AHA
OUR 50th YEAR
69
4à /fm enicaa ‘&uàweâ4
Seadc "Peacetime
A .m e r ic a n b u sin ess faces th e g re a te s t p o te n tia l fo re ig n d e m a n d in h is to ry fo r p o s tw a r re c o n s tr u c tio n m a te ria ls . T o ta k e a d v a n ta g e o f th is o p p o r tu n ity , in te llig e n t
p la n n in g now is n ecessary .
W HAT
W IL L BE M O S T
W HAT
ARE
NEEDED?
T H E C R E D IT
R IS K S
O n ly in f o r m a tio n g a th e r e d fro m
IN V O L V E D ?
a u th o r ita tiv e so u rc e s c a n p r o v id e d e p e n d a b le
a n sw e rs. T h r o u g h its b ra n c h e s a n d c o r r e s p o n d e n ts a b r o a d , T h e C h a se is in a p o s i
tio n to s u p p ly ju s t su c h in f o r m a tio n . T h e s e fa c ilitie s w h ic h a re a lw ay s a t th e d is p o s a l o f
o u r d o m e s tic c o r r e s p o n d e n t b a n k s p r o v id e a v a lu a b le se rv ice fo r th e ir o w n c u s to m e rs.
THE CHASE NATIONAL BANK
O F T HE C I T Y O F N E W
YORK
Member Federal Deposit Insurance Corporation
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
N o rth w e ster n Banker
O ctober 1945
70
• IOWA
IMMEDIATE
SALES
Lessing Advertising Co.
J
INC.
«?
Oes M o i n e s
NEWS
*
and since 1933 th e cashier, has re
signed and accepted a position w ith
th e H en ry C ounty Savings B ank at
Mt. P leasant.
F. H. Riepe, w ho has been appointed
to succeed Mr. Kelly, is em ployed in
th e county en g in eer’s office in B u r
lington. He w as form erly cashier at
th e S perry b an k for a n um ber of years
and w as later w ith th e state banking
d ep artm en t.
H e a d s C o n v e n tio n G r o u p
Clyde A. B lanchard, executive vice
liny itnkurs iimivmn
O C T O B E R 29, 30, 31 . . . DES M O IN ES
N ow that the war-borne em ergen cy h as p a ssed , w e look for
w ard with real p leasu re to the opportunity of a g a in joining
you in friendly personal d iscu ssion s of banking problem s at
the Iow a convention. The Drovers N ational Bank will be repre
sented by G eorge A. M alcolm , President; D ale E. Chamberlin,
V ice President; and Frank M. Covert, A ssistant V ice President.
presid en t of th e S tate Savings Bank,
Council Bluffs, Iowa, has been nam ed
ch airm an of th e C ham ber of Com m erce
convention com m ittee, Floyd H ughes,
Sr., cham ber president, announced last
m onth.
Mr. B lanchard w ill appoint four ad
ditional m em bers to his com m ittee.
Form er M e m b e rs H o n o re d
T he officers and staff of the F irs t
N ational Bank, P erry, Iowa, w ere hosts
at a b a n q u et in honor of M ary J. Reel
and W alter B. Crist, both of w hom are
form er m em bers of th e b a n k ’s perso n
nel. Miss Reel w as to be m arried last
m onth and Mr. C rist resigned his posi
tion as cashier to becom e secretarytre a su re r of th e P e rry F ed eral Sav
ings and L oan association and ow ner
of th e form er Spayde In su ran ce agen
cy.
The p re sen tatio n addresses w ere
m ade by W. H arold B renton, p res
ident, and C harles S. Johnson, vice
presid en t of th e bank, expressing ap
preciation of th e services of Miss Reel
and Mr. Crist, afte r w hich both w ere
p resented w ith checks.
O n Grinnell Bank Staff
D avid L. Ross joined th e staff
of th e G rinnell S tate Bank, G rinnell,
Iowa, in th e capacity of assistan t cash
ier, last m onth. H e w as form erly asso
ciated w ith th e S trau ss M achine com
p any of Chicago.
--- ----------------------------------- ------GREETINGS
to
IO W A BANKERS
A SSO C IA TIO N
As you m eet in Des Moines,
O ctober 29, 30 a n d 31, for
your A nnual Convention
Monroe Calculating
Machine Company, Inc.
472-474 A quila Court
OMAHA, NEBRASKA
414 Tenth Street
DES MOINES
214 Kahl Building
DAVENPORT
11It OVE IIS NATIONAL HANK
HROVEKS T H U S ! & HAVINKS HANK
MEMBERS, FEDERAL
DEPOSIT
Northwestern Banker October Î945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
INSURANCE
CORPORATION
210 First A venue, N. E.
CEDAR RAPIDS
M ONROE A CCO U N TIN G
MACHINES FO R
BANKS
OUR 50th YEAR
71
S K I L L
/
T O
D O . . .
IN O F F E R IN G a p rogram o f assistan ce an "1
co o p er a tio n
to
co r re sp o n d en t
banks,
the
P h ila d e lp h ia N a tio n a l b eliev es its broad e x
p erien ce in p a rticip a tio n w ith oth er banks in
loans to local enterprises particularly valuable at present.
Since “ skill to do comes of d o in g ” our experience,
covering many industries, enables us to offer p ractiial
cooperation with correspondent banks, not only with
local loans, but particularly in the participation in con
tract term ination and reconversion loans. These services
are supplem ented by our ability to obtain credit infor
m ation of unusual accuracy and timeliness.
We w ill be pleased to explain just how our experience and
ability to w ork w ith correspondent banks can be of def
inite value to your institution. Y our inquiries are invited.
THE PH ILA D ELPH IA
NATIONAL BANK
PHILADELPHIA
M E M B E R
OUR 50th YEAR
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
F E D E R A
1,
P A.
DEPOSIT
★
ORGANIZED
N S U R A N C E
1803
C O R P O R A T I O N
N o rth w e ster n Banker
October 19^5
72
Banks Sold or Bought!
Live Stock, Sioux City, Celebrates
quietly, quickly and in a personal manner
so years of Service
JAY A. WELCH
BANK BROKER
Haddam, Kansas
“36 Years Practical Banking Experience”
IOWAS LARGEST
AND MOST
COM PLETE
STATIONERY
STORE!
EVERYTHING
FOR theOFFICE!
K och B rothers
7
c-
, ) p r in t e b l s
.
— ----- j
<■ ^ T ~ESTAB LI S H E D j -^
>
S T A T IO N E R S
1889
S BOOK BINDERS
OFFICE OUTFITTERS \ ^ X - - ^ “ USINESS MACHINES
V
C A R L L. F R E D R I C K S E N
F r o m m e s s e n g e r to p re s id en t
M A R K A. W I L S O N
T w e n t y - s i x y e a r s of s e r v i c e
Dobbs
Hat Quality,
HIS m onth th e Live Stock N ational
B ank of Sioux City celebrates its
50th an n iversary.
K now n as “The B ank at th e Y ards”
th e deposits have grow n from $33,000
in 1895 to over $23,000,000 in 1945.
The b ank started in a one room of
fice in th e Stock E xchange Building
and has grow n to be one of Sioux
C ity’s leading banks and has offered an
u n in te rru p te d b anking service from
is to buy
a Dobbs
hat here.
DES MOINES BUILDING-LOAN &
SAVINGS ASSOCIATION
th e first day it opened to th e presen t
tim e.
F ifty y ears ago b anking m ethods
w ere v ery different from w h at th ey are
today. B ookkeeping w as done w ith
pen and ink and few m echanical de
vices helped em ployes to serve cus
tom ers quickly and accurately. P re s
en t day v au lts w ere not y et designed
and b u rg la r protection w as unknow n.
In co n trast to th e bank of yesterday
the Live Stock N ational B ank of today
em ploys all th e latest m ethods and
equipm ent.
The Live Stock N ational B ank w as
celebrating its 15th a n n iv ersary w hen
Carl L. F red rick sen sta rte d to w ork as
a m essenger 35 y ears ago. As th e bank
celebrates its Golden A nn iv ersary th ey
salute the m an at th e helm w ho as
p resid en t has directed the b a n k ’s
activities for th e p ast seven years.
Six of the officers of th e bank have
served th e in stitu tio n for a period
ranging from 15 to 28 y ears or a com
bined service rep resen tin g 139 years of
G r a n d A v e . a t Fo u r t h
D e s M o in e s , Ia .
T
The only
way to
come close
to equalling
$6.50
$8.50
O ld e s t I n D e s M o in e s
$10
210 6th Ave.
Dial 4-7119
ELMER E. MILLER
Pres, and Sec.
Frankel’s
HUBERT E. JAM ES
A sst. Sec.
FOR Y O U R E N J O Y M E N T . . .
L is t en to the
DES M O I N E S
“ WORLD OF M USIC”
KRNT, 1350 KC
1 to 1:30 p.m. Sundays
D id you know that your Banker’s Blanket Bond
does not protect your Cash Letter while it is in transit
by mail or express? Ask about our
Cash Letter Policy, which fills the cmp.
o
1
1
ax
Scarborough & C o m p a n y
Insurance Counselors.
to Banks
Northwestern Banker October 1915
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
f ir s t
n a t io n a l
b a n k
b u i l d i n g
• Ch
i c a g o
3,
I
l l i n o i s
•
st a t e
4.325
OUR 50tli YEAR
73
tra in in g and experience in every phase
of banking.
M ark A. W ilson, vice president, has
been w ith th e b an k 26 y e a rs and is
know n as an officer of sound and con
serv ativ e judgm ent.
W illiam G. Nelson, assista n t vice
presid en t, h as been w ith th e b ank
since 1917 and he has a w ide know l
edge of th e live stock b u siness w hich
is of g re a t v alue to th e custom ers of
th e bank.
W illiam C. Schenk, cashier, has had
m uch experience in th e v ario u s de
p a rtm e n ts of th e b an k since 1917.
H en ry C. L induski, a ssista n t cashier,
joined th e in stitu tio n in 1919 and m ore
recen tly has h ad charge of th e Live
Stock N ational B ank F acility at th e
Sioux City a rm y a ir base.
Clifford L. Adam s, assista n t cashier,
b ro u g h t his w ide experience in th e in
stallm en t loan field to th e b an k in
1930.
Jo h n S. H aver, a ssista n t cashier, be
gan his service in 1929 and has p ro
gressively m oved up to th e position of
tra n s it m anager.
The board of d irecto rs in addition to
Carl L. F red rick sen , president, and
M ark A. AVilson, vice president, in
clude H arold C. Boswell, secretarytre a s u re r of th e W estern C ontracting
C orporation; C harles R. M cKenna,
p resid en t Jo h n so n B iscuit Company;
B yron L. Sifford, Sifford and W adden
A ttorneys, and George F. S ilk n itter,
p resid en t Sioux City Stock Y ards Com
pany.
Today th e Live Stock N ational has
a capital stock of $300,000, su rp lu s and
undivided profits of $439,000 and de
posits of over $23,000,000.
The Live Stock has ev ery reason to
be p roud of its accom plishm ents in th e
first 50 y ears d u rin g w hich tim e its
soundness and stab ility have been
proven by th e fact th a t no depositor
ev er lost a dollar e n tru ste d to its care.
W ith th is experience of th e p ast th e
Live Stock looks w ith confidence to
th e fu tu re and prom ises even g re a te r
o p p o rtu n ities of service.
TODAY, AS EVER—
HEADQUARTERS
FO R YOUR
N O R T H E A S T E R N IO W A
BU SIN ESS.
W A T E R L O O
M ember — Federal Reserve System
Federal Deposit Insurance C o rp o ra tio n
BANK PRINTING AND BLANK BOOKS
O ff to Lincoln
M arshall H ew itt of th e Iow a F inance
Com pany, S henandoah, Iowa, m oved to
Lincoln, N ebraska. He w ill be a ssist
an t vice p resid en t of th e N ational
B ank of Com m erce th e re and w ill in
stall and m anage a new loan d e p a rt
m en t in th e bank.
In August the Iowa Bankers Association released the new form of “Safe
Deposit Box Lease and Receipt.” This is a most complete and protective form,
and we carry it in stock in standing type, ready to insert your bank name and
city when required. We offer you the savings in composition cost, and you
will find our quotations most interesting. And we believe that bankers out
side Iowa will find this form worth looking over. Complete specimen set of
original and duplicate sent free without cost or obligation. Write us today.
A MERICAN BANK SUPPLY CO
Indianapolis 4, Indiana
N ot in the Sam e Package
Gal: I in ten d to m a rry an officer and
a gentlem an.
Gob: T h at w ould be bigam y, honey.
O U R 5 0 th Y E A R
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
'Northwestern Banker October 19'i5
74
D IR E C T O R S ' R o o m
N ot Q uite the Same
M odern G randm a
Too M uch
He: “My tre a su re .”
She: “My tre a s u ry .”
“T h at singer has quite a repertoire,
doesn’t she?”
“Yeah, and th a t dress m akes it look
w orse.”
Prescription
“W h at do you tak e for y o u r in
som nia?”
“A glass of w ine at re g u la r in te r
vals.”
“Does th a t m ake you sleep?”
“No, b u t it m akes me satisfied to stay
aw ake.”
L ove Gone Fat
C O N V E N T IO N S
If th e re ’s a n y th in g w orse th a n a
waffle th a t’s cold,
Or m ashed potatoes th ree days old,
I t’s suddenly m eeting a fat old hen
T h at you loved in high school in
nineteen-ten.
Iowa—Oct. 29-31, Des Moines,
H otel Fort Des Moines.
N ebraska—Nov. 12, Om aha, H o
tel Fontenelle.
One and the Same
Two boys w ho w ere re tu rn in g from
Sunday school w ere discussing th e les
son of th e m orning.
“Do you believe all th a t stuff about
th e devil?” one asked.
“N aw ,” replied th e o th er boy. I t’s
ju st like S an ta Claus; it’s y o u r old
m an.”
The cat drow sed on th e h e a rth rug;
the k n ittin g needles w ere in th e ir
place by th e old rocking chair; th e
g ra n d fa th e r clock stru ck 8:30.
Grandm a: “Now w here is th a t
gigolo?”
Mortgage Bankers of A m erica—
Nov. 15-17, New York City,
H otel New Yorker.
A n yth in g But
Say it w ith flowers, say it w ith
sw eets,
Say it w ith kisses, say it w ith eats;
Say it w ith jew elry, say it w ith
drink,
B ut never, oh never say it w ith ink!
F inancial Advertisers Associa
tion— Nov. 26-29, H ot Springs,
Virginia, The Hom estead.
Index to A dvertisers
A
A d d r e s s o g r a p h S a l e s A g e n c y .........................
A l l i e d M u t u a l C a s u a l t y C o m p a n y .............
A m e r i c a n E x p r e s s C o m p a n y ..........................
A m erica n N a tio n a l B a n k and T ru st
Com pany
...............................................................
A m e r i c a n B a n k S u p p l y C o m p a n y .............
64
40
25
28
73
B
B an k ers T rust Company, D es M o in es..
B an k ers T ru st Com pany, N e w Y ork . . . .
B l a i r , W i l l i a m a n d C o m p a n y .........................
75
4
36
C
C entral N a tio n a l B a n k and T ru st
C o m p a n y ..............................................................12-1 3
C h a s e N a t i o n a l B a n k ........................................ 69
C h i c a g o , M i l w a u k e e , St. P a u l a n d
P a c i f i c ....................................................................... 43
C ity N a tio n a l B a n k an d T ru st C o m
p a n y , C h i c a g o ..................................................... 60
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 , K a n s a s C i t y ........................................... 59
C ontinental B a n k and T ru st C om pany,
N e w Y o r k ............................................................... 42
C o n t i n e n t a l N a t i o n a l B a n k , L i n c o l n . . . 60
I)
D a v e n p o r t , P . E ., a n d C o m p a n y .............60-68
D e L u x e C h e c k P r i n t e r s , I n c ........................... 30
D e s M o in es B u ild in g , L o a n and S a v
i n g s A s s o c i a t i o n ................................................ 72
D o a n e A g r i c u l t u r a l S e r v i c e ............................ 66
D o w n e y , C. L., C o m p a n y . . . . ......................... 42
D r o v e r s N a t i o n a l B a n k ................................... 70
F
F ed eral In term ed iate
F ir s t N a tion al B ank,
F ir s t N ation al B ank,
F ir s t N ation al Bank,
F ir s t N a tio n a l B ank,
C red it B a n k s . . . .
C h i c a g o ....................
O m a h a .........................
St. P a u l ....................
S i o u x C i t y ...............
Northwestern Banker October 1945
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
38
52
58
44
68
F i r s t St. J o s e p h S t o c k Y a r d s B a n k ,
S o u t h St. J o s e p h ............................................. 58
F i r s t W i s c o n s i n N a t i o n a l B a n k ..................
9
F r a n k e l C l o t h i n g C o m p a n y .................... . . . 72
II
H a m m e r m i l l P a p e r C o m p a n y .......................
H a w k e y e M utual H a il In su ra n ce A ssn ..
H errin g H all-M arvin Safe C o m p a n y ...
H o m e I n s u r a n c e C o m p a n y ..............................
H o r n b l o w e r a n d W e e k s ...................................
27
43
26
5
34
J
46
K
K o c h B r o t h e r s ..........................................................
3
31
67
70
65
62
50
M
M a k , L e o K., I n c ....................................................
M c C r a r y , D e a r t h a n d C o m p a n y ..................
M erchants M utu al B o n d in g C om pan y. . .
M e r c h a n t s N a t i o n a l B a n k ..............................
M e r r i l l L y n c h , F e n n e r & B e a n e ..................
M i n n e s o t a C o m m e r c i a l M e n ’s A s s n ..........
M o n r o e C a l c u l a t i n g M a c h i n e C o r p . . .'. .
O
Omaha
N ation al
B a n k ...................................... 23
P h i l a d e l p h i a N a t i o n a l B a n k .........................
P o l k , R. L., a n d C o m p a n y ..............................
P u b lic N a tio n a l B a n k and T ru st C o ....
71
48
61
It
R e m e r , M i t c h e l l & R e i t z e l , I n c .................... 36
R u s s e l l C o u n t y B u i l d i n g a n d L o a n A s s n . 38
S
72
L
L a M o n t e , G e o r g e a n d S o n ..............................
L a w r e n c e W a r e h o u s e C o m p a n y ..................
L e F e b u r e C o r p o r a t i o n ......................................
L e s s i n g A d v e r t i s i n g C o m p a n y . . . . ..........
L ive S tock N a tio n a l B ank, C h i c a g o . .. .
L i v e S t o c k N a t i o n a l B a n k , O m a h a ..........
L ive S to ck N a tio n a l B a n k , S io u x C it y ..
73
29
55
48
48
24
P
I
I n v e s t m e n t D e a l e r s ’ D i g e s t ............................ 37
I o w a - D e s M oin es N a tio n a l B a n k and
T r u s t C o m p a n y .................................................. 76
I r v i n g T r u s t C o m p a n y ......................................
8
J a m i e s o n a n d C o m p a n y ......................................
N
N a t i o n a l B a n k o f W a t e r l o o ............................
N a t i o n a l C a s h R e g i s t e r C o m p a n y .............
N a t i o n a l C i t y B a n k , N e w Y o r k ....................
N e w Y o r k T r u s t C o m p a n y ..............................
N orthern States E n v e lo p e C om pany. . . .
N o r t h e r n T r u s t C o m p a n y .................................
37
34
66
2
32
41
70
St . L o u i s T e r m i n a l W a r e h o u s e C o .......... 53
St. P a u l M e r c u r y I n d e m n i t y C o m p a n y . 40
St . P a u l T e r m i n a l W a r e h o u s e C o m p a n y 6
St. P a u l U n i o n S t o c k Y a r d s C o m p a n y . . 49
S c a r b o r o u g h a n d C o m p a n y .................3 0 - 4 2 - 7 2
S t o c k Y a r d s N a t i o n a l B a n k , O m a h a . . . . 56
Sto ck Y ards N a tio n a l B ank, South
St . P a u l .................................................................... 46
T
T e n s i o n E n v e l o p e C o r p o r a t i o n .................... 66
T h o m s o n & M c K i n n o n ...................................... 32
T o o t l e - L a c y N a t i o n a l B a n k ......................60-6 1
W
W a l t e r s , C h a r l e s E., C o m p a n y . ..................
W e l c h , J a y A ..............................................................
W e s s l i n g S e r v i c e s .............................................
W e s t e r n M u t u a l F i r e I n s u r a n c e C o ..........
59
72
68
41
OUR 50th YEAR
Y E S ...
the Welcome is Still Here
A t every season of the year, we are
always glad to extend a cordial welcome
to our friends and customers among
bankers all over Iowa.
And now, as
many of you prepare to attend the 1945
Iowa Bankers Association Convention,
we want to repeat that welcome.
Through alert attention to the every
day business of banking, Iowa bankers
are making substantial contributions to
peacetime readjustment.
The oppor
tunity of exchanging experiences and
ideas on reconversion and other timely
problems makes this year’s conference
particularly important.
So we hope that you’ll be in Des
Moines beginning October 29.
We look
forward to seeing you.
BANKERS TRUS1
C O M PA N Y t : ï des moine;
-
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION
: Mt•
J
$
G
a n x tic U
*1A
J e lc a m
e . . .
To The Bankers of Iowa
T he officers, d ire c to rs a n d p e rs o n n e l of th is B an k
e x te n d a h e a r ty w e lc o m e to Io w a B a n k e rs com
in g to D es M oines, O c to b e r 29th, 30th a n d 31st,
for th e
1945 c o n v e n tio n
of
th e
Io w a
B an k e rs
A sso ciatio n .
W e look fo rw a rd to s e e in g y o u in D es M oines.
If th e re is a n y th in g w e c a n do to m a k e y o u r C o n
v e n tio n visit m o re p le a s a n t a n d p ro fita b le w e s h a ll
b e h a p p y to se rv e yo u .
CA P IT A L
FUNDS
O V E R FIVE M I L L I O N D O L L A R S
m m i
https://fraser.stlouisfed.org
Federal Reserve Bank of St. Louis
mmm
@FedFRASER