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4M'TO USEBS. 111441 I lS I I l Why I Chose https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C. W. Bailey. President. J. M. Dodge, Vice President, A.B.A. (See page 18) LET IS WORK WITH VIII! No satisfaction enjoyed in our 65 years of financial service has outweighed the pleasure we have had in dealing with hundreds of friendly banks throughout the middlewest. All of our facilities, resources and personnel are and will be available in whatever capacity we may be called upon to be of service to you and your bank. A Geda/i ßcmk A il D&ma THE MERCHANTS NATIONAL -BANK OFFICERS JAMES E. HAMILTON, Chairman Executive Committee S. E. COQUILLETTE, Chairman of the Board JOHN T. HAMILTON II, President H. N. BOYSON, Vice President ROY C. FOLSOM, Vice President MARK J. MYERS, Vice President and Cashier GEORGE F. MILLER, Vice President and Trust Officer MARVIN R. SELDEN, Vice President FRED W . SMITH, Vice President R. W . MANATT, Assistant Cashier L. W . BROULIK, Assistant Cashier PETER BAILEY, Assistant Cashier R. D. BROWN, Assistant Cashier O. A. KEARNEY, Assistant Cashier STANLEY J. MOHRBACHER, Asst. Cashier WALLACE S. HAMILTON, Building Manager Cedar Rapids Iowa Member Federal Deposit Insurance Corporation Northwestern Banker, published monthly by the Northwestern Banker Company, at 527 Seventh Street, Des Moines, Iowa. Subscription, 35c per copy, $3.00 per year. Entered as Second Class Matter January 1, 1895, at the Post Office at Des Moines, Iowa, uner Act of March 3, 1879. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis LA MONTE CHECK PAPERS The bank which provides its customers with checks on La Monte Safety Paper is supplying a product in keeping with the finest traditions of banking service. For Samples of La Monte Saiety Paper see your Lithographer or Printer —or write us direct. julyJ:__-— ' i'nMmV’ M!DTOWN,U-S-a-- iu n k S A F E T Y PAPER FOR CHECKS GEO RGE LAMONTE & SON, NUTLEY, NEW JERSEY r and T r u s t C on » * OF M tO TQW N W ,CH>N6 CCAPO^T.O, SL_... order stvENHUNOBED ■MTV eight i S / J . 0-.0 - - — ------------------------ A Check Paper All Your Own Why not follow the lead of America's out standing banks and corporations? Let us reproduce your trade-mark in the paper itself. Such i n d i v i d u a l i z e d check paper pro vides maximum protection against coun terfeiting—saves banks sorting tim ehelps prevent errors. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, O cto be r, 1946 4 EFFICIENT... Bankers appreciate our efficient, personal handling of their Des Moines T ransactions V alley Bank and Trust Company WALNUT AT FOURTH, DES MOINES Frederick M. Morrison, President Winfield W . Scott, Senior Vice President J. R. Astley, Vice President Edward P. Kautzky, Vice President Roy E. Huber, Vice President F. M. Thompson, Cashier Ray L. Thompson, Asst. Vice President Carl W . Altman, Asst, Cashier George W . Gill, Asst. Cashier M e m b e r Northwestern Banker, O cto be r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7946 F e d e r a l D e p o s i t I n s u r a n c e C o r p o r a t i o n mm te u & m on the campus of the Clemson structed for comfortable living rather than quarters of the frigate Constitution before Agricultural College at Clemson, South for display. It is situated on a slope over the destruction of the vessel was halted be Carolina, stands “ Fort Hill,” the plantation looking the Seneca River and is surrounded cause of the overwhelming public sentiment home of the celebrated John Caldwell Cal with boxwood, cedars, and many rare trees, aroused by Holmes’ s famous poem, “ Old houn, Senator, Secretary of W a r, Secretary including a varnish tree that was sent from Ironsides.” A massive state dining table and of State and Vice-President of the United Madagascar by Stephen Decatur, a hem twelve matching chairs of solid mahogany, o c a ted L Daniel all made by Duncan Phyfe, comprised some Webster, and an arbor vitae are fitting companion pieces eleven hundred acres in the foothills of the donated by Henry Clay. Tra to the sideboard. Another mu Blue Ridge Mountains. W h en M r. Calhoun purchased it in 1825, he made some very dition states that Calhoun had the cedars planted in the be seum piece in the collection is a priceless sofa with a huge extensive alterations to the main structure. lief that they would prevent carved eagle from which it is Among these are the columns on the three malaria porches which are an outstanding feature from the lowlands to the slope. of the house, for they are constructed of brick covered with plaster. A n interesting The furnishings of the house Fort Hill, which is now a are, on the whole, those used national shrine, is an appro tale in connection with the size of the man by the Calhoun family during priate monument to a man sion relates that it is due to the fact that the statesman’s lifetime. O ut who was an outstanding advo M rs. Calhoun added a room each time her standing among these is the husband left for an extended business trip. famous States under two administrations. The estate originally The main house at Fort Hill was con- lock presented from by being believed the eagle on the silver carried “ Constitution” dollar was modeled. cate of State sovereignty, and John Caldwell Calhoun side board which was presented to Calhoun by Henry Clay as a tribute to the former’ s brilliant speech in defense of the Federal Constitution. The piece had been built for Clay from the mahog any paneling in the officers’ who, in the words of Daniel Webster, was noted for his “ indisputable basis of high character, un spotted integrity, and honor unimpeached.” ☆ 7he Home, through its agents and bro kers, is America's leading insurance protec tor of American Homes and the Homes of American Industry. * THE H O M E * N E W The Duncan Phyfe furniture o f the dining room https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FIRE • A U T O MO B I L E Y O R K • MA R I N E I NSURANCE 6 In just a matter of seconds this multiple-duty National Accounting Machine can be changed from one type of work to another. The removable form bars which make this possible, simply lift off and snap on — no screws, catches, or fittings to fuss with. It can handle these seven basic banking jobs: ★ Posting depositors' accounts ★ Posting loan and discount records ★ Posting any type of m ortgage record ★ Posting trust ledgers ★ Writing checks and posting related payroll records ★ Posting the general ledger ★ Posting daily statement of business Northwest ern Banker, O c to b e r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7946 IIn a small bank this National machine can be kept Ibusy handling these different jobs— changing from one to another quickly and easily by means of its re movable form bars. Or, in a larger bank, separate machines may be assigned to handle one, or more, of them. It could be a big help in your bank. As could any of the many other National machines and systems designed to save time and money while reducing er rors and improving the efficiency of banking methods. There’s a N ational for E ve ry Bank and for E ve ry B anking Jo b No matter what the size or the specific need of your bank, there’s a National System to meet it. Have your local National representative study your own situa tion and show you the best way to solve it. There is no obligation, of course. Or write to The National Cash Register Company, Dayton 9, Ohio. 7 I t is customary for many prominent American business men while traveling in Continental Europe to use The Chase Bank, Paris, as their financial headquarters. Paris is ready now to receive Americans visiting France on business or for other reasons of necessity . . . and, as restrictions gradually relax, the City of Light will be able once again to accommodate the tourist also. Now, as for many years before the war, The Chase Bank in Paris wel comes its American friends with facilities for every form of banking An old friend awaits you service required by French-American commerce. American business men at home who wish first-hand information from Europe can obtain it through the Chase National Bank in New York, which maintains continuous contact with its three London branches, with The Chase Bank in Paris and with correspondent banks in all parts of Europe. These facilities are also at the disposal of Chase correspondent banks in the United States and often enable them to broaden their own service to customers. THE CHASE NATIONAL BANK OF THE CITY OF NEW YORK HEAD OFFICE: Pine Street corner of Nassau M em ber Federal Deposit Insurance Corporation Havana s San Juan https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis L O N D O N : 6 Lombard Street • 51 Berkeley Square • Bush House, Aldwych • Panama • Colon • Cristobal • Balboa • Offices of Representatives: M exico C ity • Cairo • Bombay TH E CHASE BANK 41 R u e C a m b o n , e n tr a n c e a t 11 B o u leva rd de la M a d e le in e , Paris Shanghai • Hong Kong • Tientsin Northwestern Banker, O c to b e r, 1946 COM M ODITY D R A FTS Instead of treating the collection of Com modity Drafts as a purely “ routine” banking service, the Irving has made it a specialty for years. ★ ★ ★ are presented without d e la y . If an y m ea sures can be taken to fa c ilita te d e liv e ry of merchandise, no effort is sp a re d . Such q u ic k -a c tin g , re s o u rc e fu l s e rv ic e • Im m ediately upon receipt of a com slices hours or d a ys off many transactions. modity d ra ft, it’s in the hands of an e x p e ri Send your commodity d ra fts to the Irving enced staff which has acquired plenty of and be sure of this kind of service fo r your "know -how " in this typ e of w ork. D rafts bank and its customers. ■ r : . . *“?*• mmmm •r w s ■ «S Ig ■■8 ■ . ■f t J j , ^ ...«.~ w m ÊÈË Northwestern Banker, O cto be r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ilÄiiiPl 1946 - 6 9 W hat Do Y ou Think? Question: Do you think it is eco nomically sound to maintain pres ent high price support for agri cultural commodities? Give rea sons for your answer. J. J. Evans, vice president and cash ier, Oakland Savings Bank, Oakland, Iowa: “There is something to be said for price support of farm commodities, in that prices do not fluctuate so much as they do in an unprotected market. Price supported markets encourage production a n d likewise surpluses accumulate. Large surpluses even though they are held by the govern ment are reflected in the market. Should supported markets continue, regulations should be injected govern ing production. “As long as we have surpluses and supported markets the more removed is the day when the old law of supply and demand will start operating, which, after all, is basic. There never was a time when we in the farm belt could stand a period of adjustment better than now.” F. H. Kingsley, president, Minden Exchange National Bank, Minden, Ne braska: “No. It is inflation in the worst form, and is bound to kick back. However, people have got to get out of their heads that wages, prices, etc., can keep rising, or even stay where they are. It simply can’t be done. We can’t lift ourselves by our bootstraps and then hold ourselves up by them.” H. E. Lee, president, Security State Bank, Kenyon, Minnesota: “ It is very essential to have support for agricul tural commodities, due to the very high cost of production. The support should be for at least one more year. When the farmers are prosperous it is a boost for the country at large. “The farmers did a great and mag nificent job of feeding our nation dur ing the war, and also helped to feed many other starving nations through out the world.” president, Odebolt State Bank, Odebolt, Iowa: “ I think (Turn to page 48, please) K. H. Griffin, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O ldest Financial Journal West of the Mississippi t 51st Year # N o. 711 IN THIS OCTOBER, 1946, ISSUE EDITORIALS A cro ss the D esk fro m the P u b lish e r................................................................ 10 FEATURE ARTICLES W h a t Do Y o u T h in k ? ................................................................................................... W h a t T h e y S aid a t the A .B .A . C onvention ......................................... ......... F ro n tisp a g e ............................................... ........ ...................................... ....................... “ W h y I Chose M y B a n k ”— N orthw estern B a n k er S urvey ..14, 15, A b o u t B a n k ers Y o u K n ow — W illia m S. G ra y , J r .............................. ......... A .B .A . Convention S tory and P ictu re s.........................................................18, N e w s and V iew s o f the B a n k in g W o r ld ........................ Clifford De Puy 9 11 13 16 17 19 20 NEBRASKA CONVENTION N e b rask a Convention P r o g r a m ..... ......................................................................... “ A F u ll C upboard and W a r m H e a r th ” P redicted by N eb rask a B an kers— N orthw estern B a n k er S urvey ..................................26, N eb rask a N ew s ................... .......................................................................................... O m aha N e w s ........................................................................................................... L incoln L ocals ..................................................... .............................. ............. 24 27 35 37 39 BONDS AND INVESTMENTS S eptem ber M a rk e t B rea k Indicates Period o f A d ju s tm e n t.................. ........................ .............. ........................ ......... ........................ Raym ond T rig g er 41 Iow a In vestm en t B ankers H old F ield D a y ................................................... 43 INSURANCE F a rm e rs H a v e the M oney to B u y W h a t Y ou H a ve to S e ll...... ........... ................................................................................... .................. N orm an M agley 47 STATE BANKING NEWS M innesota N e w s ....................................................................... ..................................... T w in C ity N e w s .......................................... ................ E. W. Kieckhefer South D a k o ta N e w s ........................................................................................................ S iou x F a lls N e w s ............................ ............................................ ....... ................. N o rth D a k o ta N e w s ........................................................................ ....... ..................... Iow a N ew s Iow a B a n k ers H old L a r g e st C onvention in 25 Y e a r s ..... ............. Iow a Convention P ictu re s_____ ________ _______ _____ ______ _______ 60, “ P resent B a n k in g H o u rs A r e O .K .” — N orthw estern B a n k e r 51 53 55 55 57 59 61 S urvey .................................................................................................. 67 D es M oines N e w s ................................................................................................... 69 S iou x C ity N e w s.................... ..... ...................................... ............................. 70 Index of A d v e r tis e r s ........................................................................................... 73 IN THE DIRECTOR'S ROOM A F ew S h ort Stories to M ak e Y o u L a u g h .......... ....... ........................ ........... 74 NORTHWESTERN BANKER 527 Seventh St., Des Moines 9, Iowa, Telephone 4-8163 CLIFFORD DE PUy, Publisher RALPH W. MOORHEAD Associate Publisher HENRY H. HAyNES ELIZABETH COLE Advertising Assistant HAZEL C. HADLEy Editor Auditor BEN J. HALLER, JR. Associate Editor SADIE E. WAy Circulation Department NEW yORK OFFICE Frank P. Syms, Vice President, 505 Fifth Ave., Suite 1806 N orthw estern MUrray Hill 2-0326 Ban ker, O ctober, 1946 IO of the best and most satisfactory systems to be found anywhere in the world. It simply proves again that the independent banking plan under careful supervision can and does render the best service to the most bank customers. As a basic part of this arrangement, corre spondent banking has played a very definite and satisfactory role. 3>ea/L J la u n ,e * tc e fy . Across the Desk From the Publisher J b ea l G . ^ ¿ h le m a n : Some recent statements which you made about correspondent bank relationships appealed to us very much. As a banker in a community of 15,000 popula tion in Frederick, Maryland, you have had enough experiences with your city correspondent banks to know whether their service has been helpful and valuable to you and your statement indicated that they had. “ Correspondent relationship has come of age,” you said. You further stated, “ It demands the full support and continuous action on the part of all banks. We at our bank know from our own experiences that correspondent bank relation ship operates smoothly and efficiently. We have city correspondents who have been extremely helpful and cooperative in all phases of banking. We happen to have six city correspondent banks, and each and every one of them works with us in some phase of operation to our mutual satisfaction and profit. We have found that each one in its individual way has many operations which can be adapted to our use.” The very close personal relationship between the city banks and the country banks which has been developed more and more during recent years has helped to make banking in America one N orthw estern Banker, O c to b e r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 W lu tte m & ie : As President of the Federal Reserve Bank of Boston, yonr emphasis that banks are really pub lic service stations is certainly true. If a bank does not render a satisfactory service to its customers and the public, some other organ ization or institution will take its place. It is our belief, Mr. Whittemore, that the banks of the nation today are rendering a higher grade of service and doing a better job of public rela tions than at any time in the past. W e quite agree with your remarks that “ We bankers must remember that our institutions are primarily service institutions. They exist pri marily to serve a need of the community and of the nation. If they fail in their duty to perform such service then there is no question but that they will be supplanted by some other form of organ ization. ’ ’ We have every confidence that the bankers of America will not fail in their duty during the months and the years that lie ahead. jb e a l R ea d eM : One of the most important surveys which the has made in many months appears in this issue on the subject “ Why I Chose My Bank.” The survey was made among several thousand city bank customers and several thousand country bank customers so you have a cross section of why people in the city and why people in the country choose the particular bank where they now do business. One of the pleasing things about this survey indicated that over 55 per cent of both city and country bank customers had no criticism to make of the service which their bank is now rendering them. There were some criticisms of course but we believe they are of the constructive kind and that as a reader of the N o r t h w e s t e r n B a n k e r you will find many helpful suggestions which will assist you in improving your bank service. N orthw estern B ank er 11 W h a t T h ey Said at the A .tt.A . Convention in i'hieayo Speakers Focus Attention on Problems of Banking and Government / . Elan k in g Ebooks Eutrirard By FRANK C. RATHJE Retiring President, A.B.A. and President, Chicago City Bank & Trust Co. “Labor should recognize the crucial role which it plays in the economic life of the nation, and exercise with a high sense of responsibility, the power which has come into its hands. Without the opportunity for reasonable profits, the incentive to improve business operations and tech niques in this country will likewise be impaired. “The great opportunity which the United States has, for continued world leadership in its industrial and eco nomic development, depends in a large measure, upon the incentives provided to industry to carry on the technical progress which has been a source of strength for this nation.” 2 . Etunks a n d S m a ll Eta.sines« By ROBERT M. HANES President, Wachovia Bank & Trust Co., Winston-Salem, N. C. “ If the R. F. C. should be successful in attaining its goal of signing up 10,000 banks up to its automatic guar antee agreement, how long do you suppose the American people will sanction the continuing of chartered banking? The only reason you and I have for existing as bankers is that we accept risks, appraise them intelligently, charge accordingly, and set up proper reserves against them thus insuring our loans as we make them. When we get away from these principles we have no right to call our selves bankers.” :t. P r o g r e s s U n d er F r e e G o r e n t m en t By FRED I. KENT Director, Bankers Trust Company, New York “There are positive reasons why protection to the people under the nationalization of industry cannot be as great as under private enterprise. “The first great and all-conclusive reason against nation alization, regardless of other factors, is that which led to the formation of our Constitution. “As man is constituted, the greatest accomplishment and comfort for the human race demands that there be checks upon his power in government, in business, in industry, and in his social life. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis “Private industry under proper government regulations provides such checks. Nationalization destroys them. Then man must depend upon the ability of a few for his needs instead of upon the combined intelligence of all the people, and he is subject to the unrestrained motives of his rulers for his social existence.” 4 . P u b lie Eleht Etivarfs A l l O th e rs By HONORABLE JOHN W. SNYDER Secretary of the Treasury “The public debt today is so big that it dwarfs all other debts in comparison. This debt is of vital significance to banks—and other investors, too—because government se curities are now one of their largest asset items. “Fifty-five per cent of the total assets of all insured commercial banks are in United States securities. For mutual savings banks, Federal securities constitute nearly two-thirds of all assets; and for insurance companies, the ratio is almost one-half. For non-financial corporations, about one-half of their liquid assets consists of Federal securities. Individuals also hold a large volume of United States securities—in fact, hold twice as many as all life insurance companies and mutual savings banks combined.” •7. C o r r e s p o n d e n t Eteintio n sh ip By C. W. BAILEY President, A.B.A. and President, First National Bank, Clarksville, Tenn. “Because I have for nearly forty-three years been a country banker, I have a very natural ambition that the country banks throughout this nation shall measure up in every way in meeting the banking needs of the trade areas which they serve. It has been most gratifying to observe the very marked progress in management which has been made by many of these country banks, and I shall look to all of them throughout this year for redoubled effort and evidences of accomplishment. A well balanced rural banking structure is essential to a sound national economy. “ In the attainment of this ideal in rural banking, those who serve as correspondent banks can be most helpful. Their experience is very broad. Much that they have gar nered from that experience will aid the rural banker in making plans and developing a policy of successful man agement. “So I appeal for a closer correspondent bank relation ship—one that is built and maintained on a spirit of mutual confidence that will endure.” Northwestern Banker, O cto be r, 1946 Iowa’s Favorite Correspondent Bank Q u alified in E v e r y R esp ect https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis R esources, Experience, Physical Facilities, Trained Personnel and Friendliness . . . . to Serve A s Your Des Moines Correspondent N A T IO N A L B A N K ST C O M P A N Y OINES, IOWA Member Federal Deposit Insurance Corporation https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, O c to b e r, 7946 14 “ W hy I Chose A NORTHWESTERN BANKER SURVEY Customers of both city and country banks tell the NORTHWESTERN BANKER why they chose their bank and explain how they think bank service can be improved. HEN the bank cu sto m e r chooses a bank, what factors enter into his choice? How does he select the institution for his future bank connection? Also, what is the chief criticism that the average bank customer has for the service at his bank? In what ways can a bank improve its service to the public? In o r d e r to find a n sw e rs to th ese im W p o rta n t q u estion s, th e N orthwestern B anker m a de a c o m p r e h e n s iv e sur- vey among city bank customers in a medium sized city. These customers included businessmen, professional men, salaried employes and laboring men. In a similar survey among country bank customers, questionnaires were mailed to business, professional men, wage earners and to farmers in a num ber of towns in the N orthwestern B anker territory. Only those towns were selected in which two or more banks were located, thus providing CHART No. 1 (City Bank) "I Chose My Bank Because:1' 1st— " It is fin an cially v e ry strong' 1853 Points 2nd— "It is old and well e stab lished* 1750 Points 3rd— " It is conveniently lo cated " 1600 Points 4th— "I knew someone in the bank' 1364 Points 5th— "It hos a reputation for good serv ice " 1338 Points the customer a definite choice of banks. The results of the survey among city bank customers and among coun try bank customers have been care fully segregated. They will be dealt with in this article separately and in separate charts under the headings “City Bank” and “Country Bank.” Chart No. 1 on this page shows the answers to the question, “I Chose My Bank Because” among City Bank cus tomers. Customers were asked to check in the order of their importance their replies to this question and the qualities such as “ It is financially very strong,” “ It is old and well estab lished,” etc., were listed as 11 separate headings, but were mixed up so that the survey did not influence the cus- CHART No. 2 (City Bank) "W hat is your chief criticism the service of your b an k?" HfesBI c. ■■■■■■■■■■■■■■■ 6th— " It otters o v a rie ty of serv ice s I need" 1322 Points Unfriendliness 17% 7th— " It has modern q u a rters and equipment' 869 Points 8th— " it is a large bank" 849 Points Inadequate Quarters 11% Insufficient Help 9% recommended by a friend" 553 Points Excessive Service Charges 10th— " It is a small bank" 7% 271 Points Miscellaneous 1% 11th— "I w as solicited by a bank officer o r employe" hwest ern Banker, O c to b e r , 1946 Digitized forNort FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 144 Points No 55% of 15 M y Bank99 In this customer survey the NORTHWESTERN BANKER asked bank depositors three questions: 1. Why did you choose your bank? 2. What is your chief criticism of your bank? 3. How can your bank improve its service to you? tomer to answer No. 1 first, No. 2 sec ond, etc. Items not receiving first place choice were listed in the N orthwestern B anker tabulation as second, third, fourth, as the case might be, and in preparing the chart, these choices were taken into consideration and the results weighted according to replies. Thus in the City Bank survey Chart No. 1 “It is financially very strong” won first place with 1853 points, followed closely by “It is old and well established” and “It is con veniently located” in third place. In the Country Bank survey, as shown in Chart No. 1 on this page, “It is financially very strong” also won first place, just as in the City Bank survey. However, second place went to “It has a reputation for good service” with “It is old and well established” in third place. “It is conveniently lo cated” took fourth position, in the Country Bank survey, whereas in the City Bank survey that reason was in number three position. Going a little farther down the list the reasons seem to be much alike in both the City and Country Bank sur vey although customers in the City seem to attach more importance to the size of a bank, whether it is large or small, than the customer of the Country Bank. In the City survey, the large bank received 849 points and the small bank 271 points. In the Country Bank survey, the large bank received 683 points and the small bank 288. Possibly this might be explained by the fact that City customers are prone to compare big banks with small banks, big stores with small stores, and thus have a “ size consciousness.” Also of interest in Chart No. 1, both in the City and Country Bank survey is that although the reason “It is old CHART No. 1 (Country Bank) "I Chose My Bank Because:" 2384 Points 2376 Points CHART No. 2 (Country Bank) "W h at is your chief criticism the serv ice of your b an k?" https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2346 Points of 2228 Points 2138 Points 1356 Points 1297 Points 856 Points 683 Points 288 Points 194 Points Northwestern Banker, O c to b e r, 1946 16 QUESTION No. 3 (City Bank) "How Can My Bank Improve Its Service?" "Show a greater interest in my business." "Be more friendly to me." It seems, therefore, that the City Bank is faced with a greater problem "Give faster teller service at noon." "Modernize its bookkeeping system." "Guard its safe deposit vaults more carefully." "Open a consumer loan department." "Arrange more space in the lobby." Stay in the banking business and get out of my business." "Reduce rates on safe deposit boxes." "Mail month end statements to me." "Stay open longer hours." "Have statements ready the first of the month." "Employ better help." "Afford more window space." "Offer drive-in service." "Provide parking for customers." only the fourth largest number of first place choices. However, it was given so many second or third place votes that it placed No. 2 and 3 respectively. A number of interesting reasons for choosing a bank did not come under any of the 11 regular headings, and therefore are shown under miscel laneous. Among these were “I have a relative in the bank,” “My family has always carried an account at the bank so I opened one too,” “The firm by which I am employed carries its account at the bank.” Such reasons are about the same both in the City and in the Country Bank surveys. Question No. 2 which appeared in both surveys was worded thus: “What is your chief criticism of the service of your bank?” The results are shown in Chart No. 2. An interesting angle here is the fact that in the City Bank survey, 55% of those who answered said, “I have no criticism of the service of my bank,” and in the Country Bank survey, 56% had no criticism. This is a fine tribute to the kind of service banks are performing and also to the splendid public relations work the banks have been doing the past few years. It is quite probable that 10 years ago the number of bank customNorthwestern Banker, O cto be r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 7%. In the Country Bank survey “Exces sive service charges” heads the list with 11%; followed by “Unfriendli ness,” 10%; “ Inadequate quarters,” 9%; “Too short hours,” 7%; and “Too conservative on loans,” 6 % . "Encourage thrift and savings." and well established” ranked No. 2 in the City survey and No. 3 in the Coun try survey, in both surveys, it had with 17% followed by “ Inadequate quarters,” 11%; “ Insufficient help,” 9%; and “Excessive service charges,” ers “ Having no criticism” would have been much smaller than 55%. The results of this question are charted in the two Charts marked No. 2. These criticisms differ considerably in City and Country. In the City Bank survey, “Unfriendliness” tops the list in becoming friendly with its custom ers than is the country bank whose officers no doubt are better acquainted with their clients. It also appears that the City Banks have done a better job in selling the reason for service charges to their customers than have the Country Banks, since 11% of the Country Bank customers complained of excessive service charges, whereas only 7% of the City Bank customers think they are too high. “Too short banking hours” is being discussed widely these days by bank ers. Only two or three City Bank cus tomers mentioned this as their chief criticism of bank service. However, in the Country Bank survey 7% of the customers think banks have too short hours for good service. Under the heading “Miscellaneous,” various criticisms are made by both City and Country Bank customers. “My banker never conies around to my place of business to see me.” “Why should he not take an interest in his own customers?” “I don’t like one of the officers in my bank but since he is the president’s son, there seems nothing I can do about it.” QUESTION No. 3 (Country Bank) "How Can My Bank Improve Its Service?" "Stay open longer hours." "Audit customers' check stubs." "Afford more safe deposit boxes." "Lower interest rate on loans." "Get acquainted with customers' business." "Reciprocate business." "Have separate window for business firms." "Pay more interest on savings." "Be more courteous and friendly." "Give a little service instead of charging for everything." "Larger quarters." "More bank officials." “ I think the small amount of interest paid on deposits is cutting the heart right out of thrift.” A b o u t K u n k ers You K n o w In general, it is a great tribute to banks that hundreds of the replies emphasized the excellent and complete banking service they are now receiv ing, many of them saying, “It could not possibly he better.” The third question asked was “Howcan the hank improve its service to you?” The response to this question was excellent and so many different constructive suggestions were made that they are being listed in two sep arate box inserts on the third page of this survey. No attempt was made to chart the results in the order of their importance. They are, however, segregated according to the City and Country Bank survey, since many of these suggestions apply specifically either to a City or a Country Bank. In these surveys, the bank custom ers were asked not to sign their name but to make any additional com ment on bank service that they de sired. Hundreds of comments were received and a number of the most interesting ones follow: What City Bank Customers Say “My pet peeve is about 1:00 p. m. when 1 usually go to the bank, and find messengers at the same window making heavy deposits for various companies and which deposits take a long time to check—sometimes 10 minutes for one person. With two or three of these ahead in the line, it makes the small depositor angry be cause he must wait at the same win dow. These large accounts should be handled at a separate window.” “ I just like the darn bank and its per sonnel. When I needed the bank they were on the job.” “Most of the officers and employes are O.K. One of their vice presidents has been introduced to me a number of times but he never speaks or knows me—he must be a dud—or maybe I am. On the whole, the bank is very satisfactory, but they certainly know how to charge for every service they render.” “ I formerly banked at another bank, but had to quit them because of the lack of common ordinary service and helpfulness.” WILLIAM S. GRAY, JR. President, Central Hanover Bank & Trust Co., New York “ He has an understanding and sympathy with the customer’s viewpoint’ ’ ILLIAM S. GRAY, JR., President of the Central Hanover Bank & Trust Company of New Aork since January, 1933, is a banker oi exceptional W ability and accomplishments. Among his many outstanding characteristics, perhaps the most noteworthy as a banker is his ability to look through all the unimportant aspects of a given situation, to come directly to the meat of a problem, and having done this to arrive promptly at a decision. Another quality which he possesses in large measure is sound judgment, looking toward the long range rather than the immediate viewpoint and this judgment is assisted by a very reten tive memory. He also has understanding and sympathy with the other person’s opinion. These qualifications, together with many others, have brought Mr. Gray at 49 years of age to the presidency of a bank with deposits of over $1,767,706,437. Mr. Gray was born in New York, attended Browning School and was graduated from Princeton in 1919 with a degree of bachelor of ai’ts. in World War I he was lieutenant (j.g.) in the Navy. “ The highest officials in my bank are never so important or too busy to sit down and discuss major problems with me or make an appointment to do so later.” On October 19, 1922, he married Margaret Dunlop and they have four children, William S. Gray III, 22, David D. Gray, 20, John Stuart Gray, 18, and Gordon Spotswood Gray, 13. (T u rn to p ag e 2 3, p lease) (T u rn to p age 45, p lease) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Previous to his association with the Central Hanover Bank & Trust ComNorthwestern Banker, O c to b e r, 1946 18 C. 11. tìa iley E leetetl P resilien t oi' A m erican HunkersA ssociat Bankers Throng to Chicago for Largest Registration Since the '20's By BEN HALLER, JR. Associate Editor The Northwestern Banker W. BAILEY president of the First National Bank of Clarks♦ ville, Tennessee, was elected president of the American Bankers Association at the 72nd annual conven tion in Chicago at the Hotel Stevens last month. During the past two years, Mr. Bailey was chairman of the Agri cultural Commission of the A. B. A. There were more than 5,500 bankers from every part of the nation regis tered at the meeting. Joseph M. Dodge, president of the Detroit Bank, Detroit, Michigan, was elected vice president of the Associa tion. In 1939-40 Mr. Dodge was a mem ber of the executive council of the A. B. A. and is now a member of its Postwar Small Business Credit Com mission. He served in many outstand ing positions with both military and civilian offices of the government dur ing the war. C A t th e Other officers of the Association elected at the final day’s session were: S. Albert Phillips, vice president, First National Bank, Louisville, Ken tucky, reelected treasurer; Fred F. Spellissy, executive vice president Market Street National Bank, Phila delphia, president of the Savings divi sion; L. A. Tobie, president, Meriden Savings Bank, Meriden, Connecticut, vice president of the Savings division; James Caswell Wilson, president, First Bank and Trust Company, Perth Amboy, New Jersey, president of the State Bank division; Elwood M. Brooks, president and managing offi cer, Central Bank and Trust Com pany, Denver, vice president of the State Bank division; Evans Woollen, Jr., president, Fletcher Trust Com pany, Indianapolis, president of the Trust division; R. M. Alton, vice presi dent, United State National Bank, 1. Alfred P. Leyburn, chief National Bank Examiner, 3rd Federal District, Philadelphia; Harold H. Stout, vice president, Central National Bank in Chicago; W. G. Loeffler, Federal De posit Insurance Corporation, Chicago; Carl F. Kuehnle, presi dent, Central National Bank in Chicago; and K. E. Wehrly, vice president, E. H. Sollenbarger, second vice president, and H. E. Robertson, vice president, all of the Central National Bank in Chicago. 2. J. W. Hubbell, vice president, Nevin Lee, vice president, R. R. Rollins, vice president, and Scott Pidgeon, vice president, all of the Bankers Trust Company of Des Moines. 3. Carl M. Flora, vice president, First Wisconsin National Bank, Milwaukee; William L. Clark, vice president, J. I. Case Company, Racine, Wisconsin, and H. N. Thompson, retiring president, State Bank Division A.B.A. and vice president, Farmers and Merchants Bank, Presho, South Dakota. 4. C. Steward Richmond and James T. Anderson of George La Monte & Son, Nutley, New Jersey. 5. Edwin Buchanan, vice president, and Roy L. Stone, vice president, both of the First Wisconsin National Bank, Mil waukee. 6. Fred M. Butler, Lawrence Warehouse Company, Chicago; Robert L. Gordon, vice president, Lawrence Warehouse Com pany, New York, and Jack W. Nurney, vice president, National Bank of Suffolk, Virginia. Northwestern Banker, O c to b e r, (T u r n to p a g e 7 2, please) A .I t .A . C onvention in ON-THE-SPOT PICTURES of some of the 5,200 bankers and their wives who attended the A.B.A. National Convention in Chicago last month, were taken by the N orthwestern B anker camera and appear on the opposite page. In each picture, reading from left to right, they are: https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Portland, Oregon; vice president of the Trust division; Carl K. Withers, president, Lincoln National Bank, Newark, New Jersey, president of the National Bank division; Gordon D. Palmer, president, First National Bank, Tuscaloosa, Alabama, vice pres ident of the National Bank division; J. Carlisle Rogers, secretary, Florida Bankers Association and cashier, First National Bank, Leesburg, president of the State Association section; Harry C. Hausman, secretary, Illinois Bank ers Association, vice president of the State Association section. Chicago and Illinois had the largest delegation registered, their combined total showing more than 778 regis trants. New York was second with 394 names on the register, Michigan was third with 214 and Iowa was in fourth with almost 200 bankers present. 1946 > 7. Fred Brady, vice president, Commerce Trust Company, Kansas City, Missouri, and Ray P. Calkins, president, American National Bank, St. Joseph, Missouri. 8. Wilbur T. Eldredge, manager, Safety Paper Sales, Hammermill Paper Company, Erie, Pennsylvania, and Douglas E. Hefferan, Safety Paper Division, Hammermill Paper Company,. Erie, Pennsylvania. 9. Charles W. Tompkins, vice president and cashier, Mercan tile National Bank, Hammond, Indiana; A. A. Henkel, presi dent, A. A. Henkel & Associates, bank designers, Chicago; R. J. Goll, vice president and cashier, First State Bank, Harvard,, Illinois, and Sidney F. Gorman, executive vice president, Second National Bank, Belvidere, Illinois. 10. Gardner Turrill, assistant vice president, California Bank., Los Angeles, and Ralph E. Barton, president, Wyoming National Bank, Casper, Wyoming. 11. George Slight, vice president, Harris Trust & SavingsBank, Chicago; Mrs. George Slight; Mrs. George A. Malcolm, and George A. Malcolm, president, Drovers Banks in Chicago. 12. C. P. Lorentz, Alvin Schneiber and John C. Larsen, all o f De Luxe Check Printers, Inc.; George W. McSweeney, president, De Luxe Check Printers, Inc., Chicago, and John D. Bainer, vice president, Merchants National Bank and Trust, Meadville, Pennsylvania. 13. Mrs. Clarence A. Beutel, whose husband is president,. South East National Bank, Chicago; Mrs. William H. Miller, whose husband is vice president, City National Bank, Chicago, and Mrs. John J. Anton, whose husband is vice president, First National Bank, Chicago, all hostesses at the reception and tea given in the Grand Ballroom of the Stevens Hotel the first night of the convention. Zm njv https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 20 News and Views OF THE BANKING WORLD By Clifford De Puy ANKERS everywhere were sad dened when they heard last month of the death of Arch W. Anderson, chairman of the hoard of the Cali fornia Bank at Los Angeles. Arch, as he was known to his many friends, was 69 years of age and died of a heart ailment. He started in the banking business in 1900 in Kentucky. Later he became interested in the banking business in Los Angeles and was a vice president of the California Bankers Association. In 1930 he came to Chicago as vice president of the Con tinental Illinois National Bank and nine years later returned to Los Ange les to become president of the Cali fornia Bank. He was a director of many corpora tions, including the Equitable Life In surance Company of Iowa. B John C. Wright has been elected ex ecutive vice president of the La Salle National Bank of Chicago. Mr. Wright resigned as vice president and cashier of the American National Bank and Trust Company to accept this new position. Mr. Wright has always been active in the Illinois Bankers Association as well as the American Bankers Asso ciation and he is now a member of the A.B.A. Research Commission. Finaneial Carl F. Kuehnle, president of the Central National Bank in Chicago, and his officers, were hosts to 400 guests at their famous “All Star Football Party” which started at the Stevens Hotel with cocktails and buffet supper, then the football game, then back to the Stevens for more refreshments' and food. It was a wonderful party, a delight ful evening, with a most genial host as “master of ceremonies.” sity of Iowa. Jim finished East Wat erloo High School in June, 1946. Dur ing his sophomore, junior and senior years he participated in football and was all state quarterback in 1946. In track he threw both the shot and dis cus. He took first place in the state meet, 1946, in discus, and third place in shotput. He weighs 200 pounds, is five feet ten inches tall and is the youngest of Charlie’s three sons. In a letter to the N orthwestern B anker Charlie said, Ed F. Buckley, president of the Cen tral National Bank & Trust Company, of Des Moines, has had three holes in one since he has been playing golf, but the best we have been able to do so far is just two, as indicated by the news item which appeared in the Des Moines Register recently: “Another “Jim worked two summers in the hank here. The last summer lie claims to have done the work of two men, holding down a teller’s window, as well as acting as messenger. He found fault with the bank management in that he received pay of only one man while doing the work of two, or so he claims.” hole-in-one was made Wednesday at Wakonda when Clifford Be Pay sunk his drive on the 156-yard No. 9 hole, using a No. 5 wood. This is the second ace for Mr. Be Puy, his first being in 1942.” Charles S. McKinstry, president of the National Bank of Waterloo, has every reason to be justly proud of his son, James Edwin McKinstry, age 18, who has been awarded a Nile Kin nick memorial scholarship at the Univer A d v e r tí si n Merrill Anderson, president of Mer rill Anderson Company of New York, has just published a very interesting booklet “Alice in Trustland,” which is now being distributed by the Conti nental National Bank & Trust Com pany, New York City. As Merrill pointed out in a letter to the N orthwestern B anker , “The purpose of the booklet is to bring old trust facts to life and make them palat able to men and women with no legal background. “ ‘Alice in Trustland,’ a counterpart of Lewis Carroll’s famous creation, is a lady who starts out with a distinct uneasiness and timidity regarding le gal terms, trust procedures and finan cial problems in general. Gradually, under the helpful guidance of a trust officer, her fears quiet down and she emerges with a sound trust program and a well-founded stock of self-con fidence.” Uncle Sam seems to still be “dishing out the dough” to Russia and her satel PUBLIC RELATIONS IN BANKING was ably presented to the Iowa Bankers Convention by Dale Brown, (second from left), president of the Financial Adver tisers Association, and assistant vice president of the National City Bank of Cleveland. Two very delightful social affairs honored him and Preston E. Reed, (third from left), executive vice president of the F.A.A. One was a luncheon -at the Des Moines Club given by Harold P. Klein, (left), vice president of the Iowa-Des Moines National Bank and Trust Company, and the other was a dinner party at the Des Moines Club given by Frank Warden, (right), vice president of the Central National Bank and Trust Company. Both of these affairs included members of the Financial Advertisers Association who were attending the Iowa convention. Northwestern Banker, O c to b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7946 lite countries even though our diplo matic quarrels with Russia continue. Of $1,707,149,000 in UNRRA aid given up to last July 1st, countries within the Soviet sphere of influence received $643,213,000. This was divided as fol lows: Ukrainian Republic, $94,878,000; Byelo-Russia, $36,393,000: Yugoslavia, $315,778,000; Czechoslovakia, $177,395,000; Albania, $15,819,000; Hungary, $1,441,000, and Finland, $1,509,000. To (Turn to page 49, please) https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 21 1 ! Member Federal D e po t i t Insurance Corporation Northwestern Banker, O c to b e r, 1946 22 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis W it h the rapid re-opening of travel lanes— both at home and abroad— many banks are receiv ing an increasing number of re quests from their clients for travel information and services. T o th ose banks w ithout a Travel Department,, The Phila delphia National Bank offers a convenient and complete service — based on thirty years experi ence in the travel field. Our facilities are available to your clients through you, no matter w hether their require ments are large or small. This service, which glad ♦'to offer banks in any part o f the country without obligation, in cludes: STEAMER TOURS AND CRUISES TRAVELERS CHECKS LETTERS OF CREDIT FOREIGN CURRENCIES ff D E P A R TM EN T V\ THE P H IL A D E L P H IA NATIONAL BANK O rganized 1803 Philadelphia 1, Pa. M em ber Federal Deposit insurance Corporation 23 " » /il/ f Cftoie .»II/ B a n k ” (Continued from page 17) “ One official gave me valuable coun sel and advice beyond his obligation to me as a bank official.” “Have had my account at the same bank for 35 years, but believe their service charges are too high for the use of a checking account to any reasonable extent. A bank should recognize old depositors of years’ standing by some letter of appreciation every 5 or 10 years even though the account is a modest one.” “My bank has always demonstrated its interest in the civic life of the com munity in a most commendable man ner. Large as it is, it seems to have an excellent capacity for maintaining the personal touch.” “ Since I have banked here, I have found why they have grown—they are very friendly and accommodating and it is a pleasure to go in the bank for any business transaction.” “ I started with my bank when a boy because the firm I was with banked there. A better question in my case would be ‘why I have never changed and do not intend to change banks.’ ” “ Too many bankers fail to under stand their customers and often turn down a borrower’s request without knowing all of the facts and giving him the advice and assistance a banker can and should.” “ I chose my bank because they were friendly, and know you when you go in the bank, and take care of you promptly.” “ My bank could improve its service by having cancelled checks and state ments ready for delivery on the first day of the month.” “Banking by mail service would ap peal to me.” “My chief criticism of my bank is that they insist on loaning you money when you don’t need it but want your eye teeth with strings of all sorts at tached when you need a loan. My bank could improve its service by staying in the banking business and not trying to be competitive in every conceivable line. Banks today with service charges are all simply deposi tories and have lost their identity as loan institutions. To verify this fact, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis look at any bank statement and you will find their loans only constitute one-tenth of the money which they could put to work.” “My bank does not expand its size or ideas of operation with the expan sion of its business.” “My chief criticism is that my bank does not have enough accommodations for filling out deposit slips, writing checks, etc. The pens and blotters are always bad. I have noticed sev eral banks do not have wash rooms and toilet facilities easily available for their patrons. Nor waiting rooms for husbands to meet wives, etc.” What Country Bank Customers Say “The number one reason I chose my bank was because 7 years ago when I was in great need of financial help, the bank I had been doing business with for 16 years refused to give me any assistance. Sickness was the cause of my getting in financial diffi culties. “ Then I went to see my present bank and after giving them all the facts, I got the money I needed and in one year’s time had all my obligations paid.” “They do not know you unless you are in the big money.” “ I will avail myself of this oppor tunity to give vent to my pet peeve against the banks, and lawyers may be included. The banks like to assist their patrons in drawing up their last will and they make a charge for their service which they are entitled to, but as a rule they will ask to be named executor of the will and then proceed to charge the percentage the law al lows for such service and you do not have to be a holder of a very large estate until their fees run into the thousands of dollars. I don’t mind seeing bankers and lawyers well paid for their services but when they start to sit in as one of the heirs with the widow and fatherless, I object. I don’t think it is fair. The time this law was put on the statute books the estates did not amount to so many dollars so the percentage allowed at that time may not have been unreason able but now with inflated fortunes the percentage is too great, so the fee gets way out of proportion for service rendered.” “Have a small loan department so some of the people will not have to go to the loan sharks.” “My bank could improve its service by opening at 9:00 a. m. instead of 9:30. All stores are open at 9:00 a. m. and many earlier than that. I believe banks should be open when all busi ness firms are open in the morning.” “ I think if more people would con sult their banker on ventures requir ing an outlay of capital they might pos sibly succeed where they sometimes fail because of lack of judgment.” “ I chose my bank because all officers and employes are courteous, always speak before being spoken to and in general are interested in rendering a service to me.” “Our bank has all of the good quali ties that we think a bank should have. Friendly relations with their patrons, are interested in their welfare and give sound advice if needed. They are al ways glad to loan to us if we need it (with the right spirit) not reluctantly. “Well they should, because we have always been fair with our bank. They know when we borrow of them, it is a safe loan. We always pay up and we appreciate their service. We both cooperate and that is the only way to do business with any firm.” “Believe bank’s ability to give good financial and business advice is a fac tor. I believe their hours should be longer.” “ The main basis of my selecting my bank was that I had conducted a sort of private investigation on my own. This was after getting ideas from sev eral friends who had lived here for some time. Needless to say, these friends did not all give the same ad vice. The bank I chose is the town’s best bank and most modern and busi ness-like one, though it was far from being the most modern when I se lected it. Neither was it a large bank.” “ Our banker is inclined to give out information on depositors to people who should not be concerned. How ever, it is a small town and guess those things are found in small towns. Although many people have changed banks on this account.” # # Northwestern Banker, O c to b e r, 1946 24 77#v N ebraska i C o n v e n t i o n Convention Committee Prepared to Greet 1,200 Bankers at Annual Meeting of the Nebraska Association in Lincoln on October 11 and 12 The V. E. D O L PH ER President, Nebraska Bankers Association 10:00 INAL plans for the Nebraska Bank ers Association Convention in Lin coln on October 11th and 12th have been completed and the local commit tee in charge of arrangements is pre paring for a turnout of 1,200. Head quarters will be the Cornhusker Hotel, where all convention meetings will take place. F Friday, October 11th A. M. 9:00-12:00 Registration. Noon 12:00 Luncheon, Delegates and La dies — Mezzanine Floor, Corn husker Hotel. P. M. 1:30 General Session, — Nebraska Bankers Association. Call to Order—V. E. Dolpher, president, Nebraska Bankers Association; F i r s t National Bank, David City, Nebraska. Star Spangled Banner. Invocation. Welcome—Mayor Lloyd Marti, Lincoln, Nebraska. Response and President’s Ad■vg. . dress. 2:00 Address — “ Savings Bonds in Northwest ern Banker, O c to b e r, 1946 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Our National Economy,” Morris M. Townsend, director, Bank ing and Investment Section, U. S. Savings Bonds Division. 2:15 Talk — “ Bankers’ Clinic,” Ed ward Huwaldt, executive vice president, T h e Commercial Bank, Grand Island, Nebraska. 2:30 Address—T. Albert Potter, pres ident, Elgin National Watch Company, Elgin, Illinois. 3:00 Talk — “ N.B.A. Agricultural Committee,” Merl C. Townsend, vice president, The Fremont National Bank. 3:15 Address—“Five Talent Bank ers,” C. W. Bailey, president, American Bankers Association. Announcements. 6:00-7:00 Social Hour — Delegates and Ladies, ballroom, Corn husker Hotel. 6:30-8:00 Buffet Supper — Delegates and Ladies, Mezzanine Floor, Cornhusker Hotel. Saturday, October 12th A. M. 9:45 Talk — “American Institute of Banking,” Ted Thompson, as 10:15 10:30 10:45 11:15 Tretf sistant cashier, National Bank of Commerce, Lincoln, Nebras ka. Talk—“Group Life Insurance,” R. I. Stout, president, The First National Bank, Tekamah, Ne braska. Talk—“ Subsidized Lending,” J. O. Peck, president, The Central National Bank of Columbus, Co lumbus, Nebraska. Talk — “ Bank Reserves Before Taxes,” E. W. Rossiter, presi dent, Bank of Hartington, Hartington, Nebraska. Address—“ Social Repercussions of Scientific Discoveries,” Dr. R. G. Gustavson, Chancellor, University of Nebraska. Address — Raymond D. Moley, associate e d i t o r , Newsweek, New York, New York. P.M. 12:15 Luncheon — Delegates, mezza nine floor, Cornhusker Hotel. 1:30 Talk—“ Service to Veterans,” S. C. Waugh, executive vice presi dent, The First Trust Company, Lincoln, Nebraska. 1:45 Talk — “ Installment Lending,” R. W. Trefz, president, The Bea trice State Bank. 2:00 Talk — “Wisconsin School of Banking,” R. J. Cronk, cashier, (T u r n to p age 3 2, p lease) kc ★ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis OFFI CERS HERBERT M. BUSHNELL ELLSWORTH MOSER President Executive Vice President V IC T O R B. C A L D W E L L Vice President H A R O LD T . U E H L IN G R IC H A R D A R T H U R D. A N D ER SO N H. M A LLO RY Vice President Trust Officer Cashier T H O M A S F. M U R P H Y Vice President JA M E S L. S H IE LD S CA SPER Y . O FFU TT N ELS L . S H O LIN Assistant Cashier Assistant Cashier Vice President E D W A R D W . LY M A N Assistant Vice President ELDR1DGE H A R R Y E. ROGERS Assistant Vice President H E N R Y B. P IE R P O N T Assistant Trust Officer A U S T IN L . V IC K E R Y Assistant Vice President LEO M. BRO W N U N ITE D R a tio n a l B A C. M c E L H A N E Y Assistant Trust Officer Comptroller STATES N K . MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION Northwestern Banker, O c to b e r, 1946 FARM HOMES LIKE THE ONE ABOVE are typical of Nebraska prosperity. “ 1 Fall 4 up board untiW arm Eira r P red icted bp N ebraska Hankers Survey Shows a Continued Favorable Farming and Business Outlook A NORTHWESTERN BANKER SURVEY GENERALLY optimistic picture of agriculture and business in Nebraska is painted by bankers from the Cornhusker state in response to an inquiry by the N orthwestern B anker on the results of this year’s crop and business conditions. A Old Man Weather played a promi nent role this summer by providing Nebraska farmers with the best bal anced diet of moisture and sunshine they have experienced in recent years. This despite a late freeze in May which at the time threatened to ruin every thing. And it was this same charac ter—Weather—who pulled such freak ish stunts as burning out grain crops in one county while showering the adjoining county with his wet bless ings, and striking one section with hailstorms while others escaped un scathed. On the average, the farmers are shedding any debts they had and are accumulating a reserve of cash which comes from good prices for livestock and grains. Bankers say the farmers are holding this cash awaiting a sup ply of modern farm equipment and machinery. The mercantile outlook in the towns Northwestern Banker, O c to b e r, 1946 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis is receiving a natural rise in volume and dollars because of the success of the farmer this year. The main prob lem in rural areas is the same as in urban centers—-obtaining a sufficient flow of merchandise to fulfill the re quirements of customers. If this steady flow is provided and good prices for this year’s splendid crops are main tained, then there should be a full cup board and a warm hearth in every Nebraska home this winter. Here is what Nebraska bankers say about conditions in their state: "Highest in History" A. A. HULSE Cashier Scottsbluff National Bank Scottsbluff Essentially an agricultural commu nity, business here naturally reflects the condition of our crops. After a slow start, due to cold weather, the crop prospects look unusually good. Our sugar beet growers will receive the highest per ton price in the history of the industry. With an unusually large acreage of beans to harvest at a price of $8.25 for No. 1 beans, favorable harvesting weather will see enormous returns for the bean growers. At this writing, the potato price is not certain but it is safe to assume that our farm ers here will receive greater cash re turns for all crops marketed than they have ever received. With an influx of harvest labor and with much new construction in evi dence, business here should be excel lent for the next few months. "Conditions Excellent" B. D. BERKHEIMER President First National Bank Gordon The past year has no doubt been the best year Northwest Nebraska has ex perienced. Pastures have been excel lent and cattle are in the best possible condition. Crop conditions have been very good; in fact, there has been har vested one of the largest small grain crops in history. With prices for live stock and all crops being what they are, business conditions are very fine. Bank deposits will continue to advance this year. On the whole people are taking a conservative course and land values have not advanced as in some places. We expect good business con ditions for the next year. Nebraska News "Rains Were Timely" J. G. EDLOFF Vice President Stephens National Bank, Fremont months to come, but with this back log in the picture, the outlook for business should definitely be on the up-grade during the next six months. Three-fourths of the income from this region usually comes from the sale of livestock and livestock products. This means that the big share of our in come will show in the sale of dairy and poultry products, and the sale of beef and pork. 27 yields up to 60 bushels per acre. Some corn was damaged by dry weather, but there will be about enough corn for feed. The outlook for business for the next six months is very good. Fremont, Nebraska, and the sur rounding trade territory has been one "Sugar Beets Profit" of the most favored areas in the state W. LINDSTROM as far as crop and business conditions Cashier The First National Bank are concerned. Although the crop sea Holdrege son started out very dry, timely rains came along later to insure one of the The wheat crop in this territory was largest total crops in the history of a fair crop, averaging from 18 to 22 "Business Very Good" this area. bushels to the acre, and on summer M. D. KEFBER The wheat crop was the first grain fallowed ground it yielded as high as President First National Bank crop harvested. Yields were excellent 30 bushels. We were unfortunate, in Ogallala and ran as high as 50 bushels per acre Business conditions are very good. this county, in having a couple of hail of high test weight wheat. We had more than average wheat crop storms which covered a certain terriNext on the list was the oat harvest and it was rated fair to good. The grain was nearly all good quality. The straw was somewhat shorter than usual, due to early spring dry weather and temperatures which dropoed as low as 28 degrees on May 11th with the crop about three weeks ahead of schedule on that date. Alfalfa yields have been excellent and crop No. 4 is due to be cut in the near future. There is an abundance of alfalfa hay stacked up for livestock feeding. A large acreage was taken by dehydrating mills and has been placed on the market. Through long experience and complete facilities, this bank is Corn, which is the king of all crops equipped to handle efficiently every type of financial business in this area, has come through the sea connected with foreign commerce, industry and travel. We shall son with prospects of a bumper crop. Fifty and 60 bushel yields will be com be pleased to discuss problems of exchange and other foreign mon with many going higher. Corn banking matters with our bank correspondents. root-worm has injured some fields. The crop is well advanced for this date (September 13th) but there is still a Foreign Banking Department Services include: possibility of a frost cutting the qual ity of the crop in some fields. Foreign R em ittance Service The livestock picture is not so opti Commercial Letters o f Credit and Acceptances mistic at present. Spring pig numbers are about on a par with 1945 but fall Travelers' Letters o f Credit and Travelers’ Checks pig farrowing will be way down. Dairy cattle numbers are holding their own. Foreign M onies Bought and Sold This area has the raw materials to Foreign Collections— Our arrangements with our for produce a lot of beef in the next year. eign correspondents enable us to offer unusual service It is a heavy feeding area but present controlled markets and high feeder in the discount and collection of sight, time, clean and cattle prices have the cattle feeder documentary bills. Exchange of domestic ladings for confused and most of them are holding back on their purchases. A generous ocean documents is arranged with the utmost dispatch. supply of feeder cattle in the weeks to come could right this situation. Credit information is furnished on foreign firms and corporations. With agricultural income high, bank deposits are going up. This trend is reflected in good business conditions FOREIGN BANKING DEPARTMENT in Fremont and surrounding area. New industries are coming in quite rapidly and although the housing situation is tight, many new homes are going up and will alleviate the situation as materials become more plentiful. The effect of the large 1946 crops in this area will not be fully reflected M EM BER F E D E R A L D E P O S I T IN S U R A N C E C O R P O R A T I O N in business conditions for several https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis FOREIGN BANKING SERVICE The First N a tio n a l B a n k of C h ica g o Northwestern Banker, O c to b e r, 1946 28 Nebraska News tory, which cut the yield down to prac tically nothing. E v e r y M P a y • . . this hank is engaged in financing the raising and marketing of livestock. Our officers know every phase of the livestock business from the range to the packing plant. Let us serve you at the St. Joseph Market. First Sit. Josepli STOCK TAROS BANK South St. Joseph, Mo. OFFICERS Frazer L. Ford, President J. A. Greenfield, Vice President M. E. Blanchard, Asst. Cashier Thos. J. McCullough, Vice Pres, and Cashier Louis J. Komer, Asst. Cashier “ O N L Y B A N K IN T H E Y A R D S ” Member Federal Deposit Insurance Corporation The oats and barley were not a very heavy crop. Quite a bit of the barley was hailed, more or less, and the yield in most instances turned out around 10 bushels to the acre. Oats have not been a very good crop in this locality for some years and the yield ran from 10 to 12 bushels this year. The corn which is on the dry land was very promising until about the 1st of August, but the continued dry weather and intense heat just about ruined a lot of the dry land corn. I was out in the country yesterday and saw three different fields of dry land corn which were dried up and did not appear to have even set an ear on the stalk. In the north half of this county and extending into the adjoining coun ty (Kearney county) we have irrigated corn and it is all looking wonderful. There has been some damage to it on account of root worms and a species of fly that has been eating the silk, which has ruined the formation of ker nels at the tip of the ears. It is hard to say, at this time, what the yield will be but in talking to a few farmers I have found that they feel that it should run from 50 to 60 bushels and in many fields which are good and 1871-1946 "Our 75th Anniversary" Welcome to Lincoln! In the midst of many important post-war problems, bankers should work together and counsel with each other on rapidly changing economic problems. That's why we believe that the 1946 Nebraska convention to be held here in Lincoln October 11 and 12 should be attended by every Nebraska banker. COME IN AND SEE US WHILE IN LINCOLN The First National Bank of Lincoln LINCOLN, NEBRASKA Member Federal Deposit Insurance C o rpo ratio n N orthw estern Ban ke r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O ctober, 1946 Nebraska News thick the yield should run much higher. About ten days ago we were favored with some good rains which cooled off the atmosphere and the rains in this county have totaled all the way from four to eight inches which puts the ground in good shape for the fall sow ing of wheat. We have had some cphte cool weather but are in hopes the frosts will stay off until the corn can properly mature. During the past four years one of our enterprising merchants, D. M. Os borne, has gone into the potato busi ness in this locality. He understands potatoes better than anyone else and seems to have done very well. He has put in several acreages of his own and also encouraged other farmers to do the same. He ships from around 600 acres. With the irrigation this new crop (in this locality) has proved very profitable. The yield this year was a trifle below the average. It has been around 50 bushels to the acre despite a late freeze. I am informed that the Osborne Potato Company has shipped some 73 carloads of potatoes and will ship perhaps 10 more cars before the harvest is completed. Since irrigation came in, a good many farmers have taken to sugar beets and over this irrigated area there are about 8,000 acres in beets this year. Those who are farming beets feel that it is a very profitable crop. In this territory, as well as in other parts of the state, business is very good. The deposits in this bank are now over the seven million mark and seem to be holding up. With the on coming corn crop it appears that they will go still higher. People seem ready and eager to buy all available com modities and many are waiting for articles which are not available at the present time. I believe the above gives a fair pic ture of conditions in our locality. commission house reports that they expect a strong demand for cattle and hogs which now exists for an indef inite period and the present demand for feeders at a good price reflects not only local corn production but a very good crop east of us. Local retail business apparently con tinues exceptionally good, reflecting good prices for farm products and a very large agricultural income. One typical department store advises that buyers are still paying cash and that as yet they have not increased the use of their credit accounts. This store re ports a very substantial increase in volume of sales over a year ago and although it is still not too easy to se cure merchandise it reports that semidurable goods are coming through in SAVE YOU TIME AND MONEY! Reduce feed costs and increase livestock profits — grind your own feeds. It saves time and money and you have easily digestible feed for your live stock at all times. Offered in both 10 and 1 3 ^ inch sizes, MM Hammermills give you high capacity grinding of feed and roughage of all kinds at low cost! For example, the new 13 X/2 inch MM mill has a capacity of from 3 ,0 0 0 to 1 0 ,0 0 0 pounds of shelled corn per hour. It takes but 15 H.P. to run, yet will stand the gaff of 7 5 H.P. and grind a volume in proportion to power used. Thus it is adaptable for either custom or commercial grinding. Efficiently operated by tractor or engine power. Top quality construction for big capacity and safe operation. MM Hammermills lead the field in many ways. Heavy all-welded boiler plate steel body and rotor chamber. Only a few moving parts. The 5 blade slinger-type fan and Rockwood pulley are firmly keyed and balanced on heavy duty drive shaft. ENDURANCE . . . LONG LIFE Acm e soft center steel hammer tips with 4 carburized grinding edges are reversible for longer life. High carbon steel screens available with a wide variety of perforations. Rotor revolves on high grade anti-friction bearings sealed inside and out against dust and dirt. Extra large feed collector. Ask your MM dealer or write for more information about these trouble-free low cost MM Hammermills. F. J. CLEARY Vice President First National Bank Grand Island https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis better volume and are making up the principal increase in volume. Another store of the mail order variety reports an exceptionally large increase in vol ume over a year ago and states that the ability to secure merchandise is fairly selective, some merchandise turning immediately and others in creasing the inventory on the shelves. It reports an increase in inventory, also that there is some indication that consumers are beginning to use their credit. Wholesale distributors report some merchandise not easy to get and credit conditions continuing good. One credit company reports from their records a large increase in the filing of liens for consumer purchases which might indicate a need for financ ing because of the increased cost of HAMMERMILLS "Business Improving" The conditions in this territory are mostly contingent upon agricultural conditions as this is the basic industry of a broad territory surrounding us. Sources close to the livestock industry and commission houses anticipate some reduction in the feeding opera tions here. Possibly commercial feed ing will be about 75 to 80 per cent of normal, the reduction being occasioned by the discount in the corn production in this vicinity which was occasioned by the drouth conditions in August in the dry land corn, irrigated corn, how ever, being in very good shape. One 29 MINNEAPOLIS-MO LINE POWER IMPLEMENT COMPANY M I N N E A P O L I S 1, M I N N E S O T A , U. S. A. Northwestern Banker, O cto be r, 1946 30 Nebraska News merchandise. On the whole, the busi ness prospects in this territory over the immediate future period should continue good in line with the pros perous farming conditions. There has been no strong increase in bank credit demand although the loan increase appears on the upward side principally to take care of the in creased necessity for operating capital with the strong increase in prices. "Dollar Volume Up" CHARLES E. DEBTS Cashier The Hastings National Bank Hastings After talking to a number of mer chants in Hastings, we believe that the mercantile dollar volume is up slightly from a year ago. Merchandise is still hard to get, but most merchants seem to be getting enough to maintain and, in some cases, even increase their dol lar volume. The population of Hastings has de creased about 5,000 since the end of the war, due to curtailment of opera tions at the Naval Ammunition Depot here. As a consequence, the activity in Hastings is somewhat less than it was a year ago. However, the depos its of this bank have shown a nice in crease during the past year, and I am sure the same is true of other banking institutions in this territory. It seems to be the general opinion that the wheat in this country aver aged about 15 bushels per acre. Since new farm machinery is not obtainable in large volume, the farmers have re tained a great deal of the proceeds of their crop in cash. In our opinion, farm income this year will be as good or better than last year. Corn, at this time, is estimated to yield an average of approximately 20 bushels in this county. Yield will be spotted. Generally speaking, conditions are as good and possibly better than last year, and a good volume of business is anticipated for the remainder of the year. cattle and hogs in July and August When OPA was out of the picture, de posits in banks in this area have in creased despite the heavy withdrawals on the War Loan Deposit accounts. Cedar county has several years been the No. 1 hog producing county in the state but our production will run be low normal this year and fall farrow ing will be the lowest for all time ex cept during the drouth years follow ing 1934 and 1936. There will be less cattle feeding on account of the short er corn crop. There is also a tendency on the part of farmer-feeders to pro ceed with caution and unless feeder cattle can be bought on a reasonably safe basis little feeding will be done. The outlook for busines, generally, for the next six months is good. Farm ers have the funds to do almost what ever they choose in the way of pur chasing new equipment or making re pairs and improvements on farms. G. D. B U S H N E L L However, we do not anticipate any Assistant Vice President “spending spree” and we believe that purchases will be made rather re meeting of the bank’s board of direc luctantly and, perhaps, only where tors held last month. absolutely necessary. People, gener Mr. Klug has been associated with ally, have discovered they can do with the bank in an official capacity for out a lot of things. They are going to eighteen years and has served as its continue to get along with what they comptroller since 1932. He is a gradu have even more than in the past when ate of the Graduate School of Banking they know they will be able to get and has served as president of Chicago equipment as and when they actually Bank Auditors and Comptrollers. need it. On the whole, we think there Mr. Bushnell, with American Na exists a very healthy agricultural con tional since 1938 and an assistant cash dition in this area all around. # # ier since 1942, will have increased re sponsibilities in the bank’s loaning Promote Five Officers activities as assistant vice president. John H. Klug was promoted to the He is the author of “Fundamentals of office of cashier and George D. Bush- Banking,” used throughout the United nell to an assistant vice presidency of States as official textbook of the Amer the American National Bank and Trust ican Institute of Banking. Company of Chicago at the regular E. W. Stevens, formerly assistant comptroller, was appointed comptrol ler, while Walter Armstrong and S. D. Nydam, formerly assistant comptrol lers, were named assistant cashiers. All have had long periods of service with the bank. New Loan Policy "Good Oat Crop" V. E. ROSSITER Cashier Bank of Hartington Hartington This northeast Nebraska territory produced a good oat crop. The corn crop, however, is spotted, due to the peculiar conditions that brought show ers to one part of the county while another part went without. As a re sult, we will have corn fields that will vary from five to 60 bushels per acre. On the average, it means about half a normal crop over this part of the state as a whole. As the result of the heavy sale of Northwest ern Banker, O c to b e r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 Cashier, j . H. K LUG American National Bank Bankers Trust Company of New York has announced that its consumer credit department will make “Working Capital” loans at reasonable rates to manufacturers, wholesalers, jobbers and importers on the security of ac counts receivable, inventories, machin ery and equipment. The bank will lend money on ac counts receivable on a non-notification basis with advances up to 85 per cent. It will finance inventories under fac tors’ liens or warehouse receipts, and up to 80 per cent of the cost of new or used machinery under conditional sales agreements on monthly terms. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 31 ..... Stock Yards National Bank Omaha, Nebraska M E M B E R , F. D. I. C. Northwestern Banker, O c to b e r, 1946 32 Nebraska News NEBRASKA CONVENTION Welcome to Lincoln 2:10 Nebraska Bankers Association 2:20 October 11th and 12th 2:40 Pay us a visit 2:55 4:00 (O N T IN E N T A L R A T IO N A L B 7:00 »ÍK a t LIN COLN Nominating Committee Member Federal Deposit Insurance Corporation Í — Nebraska Bankers Be sure to come in and see us when you are here at the Nebraska (Continued from page 24) Nebraska State Bank, Ord, Ne braska. American Bankers Association election of Nebraska officers, Carl D. Ganz, vice president for Nebraska, presiding. Reports of Resolutions and Au diting Committees. Report of Nominating Commit tee. Address — Otto Jeidels, vice chairman, G e n e r a l Finance Committee, Bank of America. Meeting of Executive Council— Staterooms No. 1 and No. 2, Cornhusker Hotel. Convention Banquet—Delegates and Ladies, ballroom. Cornhusker Hotel. Convention October 11 and 12. Group One—L. Boyd Rist, vice presi dent and cashier, Wymore National Bank. Group Two—H. E. Roe, vice presi dent and cashier, Bank of Bennington. Group Three—A. L. Pospisil. presi dent, Wakefield National Bank. Group Four — Wm. Kort, cashier, Commercial Bank, Blue Hill. Group Five—Glen G. Hampton, vice president and cashier, Gothenburg State Bank. Group Six—A. J. Jorgensen, presi dent, American National Bank, Sidney. Resolutions Committee We extend a hearty welcome to you. N a X I O M L B A N K O r f.n T v n v r E r n /r E LINCOLN, NEBRASKA OFFICER S ALB ER T A. HELD Executive Vice President E R N E S T C. F O L S O M Vice President JU L IU S W E IL V i c e Pr e sid e n t C A R L D. G A N Z V i c e P r e s i d e n t a n d T r u s t Of f ic e r GLENN YAUSSI V i c e P r e s , a n d A s s t . T r u s t Of f ic e r M ARSHALL H E W ITT Asst. Vice President PAUL BO GO TT Cashier W IL L IA M S TR A TE M A N Asst. Vice President R. E M ILLER Asst. Cashier TED THOM PSON Asst. Cashier Member of Federal Deposit Insurance Corporation Group One—Ivan Riley, president, First National Bank, Fairbury. Group Two—H. J. Wragge, cashier, First National Bank, Tekamah. Group Three—H. L. Gerhart, presi dent, First National Bank, Newman Grove. Group Four—Rolland Larmon, pres ident, First National Bank. McCook. Group Five—J. Y. Castle, vice presi dent and cashier. McDonald State Bank, North Platte. Group Six—Y. H. Seaton, cashier, Bank of Hemingford. # # >irst National 1 Bank of Northwestern Banker, O c to b e r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Omaha Oldest National Bank From Omaha West Member Federal Deposit Insurance Corporation 1946 25 W ays in W hich Addressoqraph tradfmark mmmJ m Simplifies Banking Operations GET YO UR FREE COPY OF BOOKLET LISTED BELOW ADDRESSOGRAPH is 10 to 50 times faster than typewriter or hand methods for all repetitive writing work. In EVERY bank—from metropolitan institutions to small town banks—expense can be reduced, time can be saved, errors can be eliminated, and efficiency can be increased by replac ing slow, laborious, hand work with SPEEDY, ERROR-PROOF Addressograph machine methods. PARTIAL LIST OF BANK USERS IN NEBRASKA O m aha O M A H A NATIONAL BANK Om aha UNITED STATES NATL. BANK O m aha FIRST N ATION AL BANK O m aha LIVE STOCK NATIONAL BANK Om aha STOCK YARDS NATIONAL BANK O m aha PACKERS N ATION AL BANK O m aha DOUGLAS COUNTY BANK O m aha FEDERAL RESERVE BANK OF K. C. A rlington ARLINGTON STATE BANK Bassett COMMERCIAL BANK Bancroft FIRST NATIONAL BANK Beatrice BEATRICE STATE BANK B elden FIRST NATIONAL BANK Blair W ASH IN G TON COUNTY BANK Burwell BANK OF BURWELL Cairo STATE BANK OF CAIRO C olerid ge COLERIDGE NATL. BANK Crete CRETE STATE BANK D avid City FIRST NATIONAL BANK Edison FARMERS & MERCHANTS BANK Elgin BANK OF ELGIN Elkhorn FARMERS STATE BANK Elm Creek ELM CREEK STATE BANK Fairbury FIRST NATIONAL BANK Fremont FREMONT NATIONAL BANK Fremont STEPHENS NATIONAL BANK G rand Island FIRST NATIONAL BANK G rand Island OVERLAND NATL. BANK Hastings CITY NATIONAL BANK Hastings HASTINGS NATL. BANK Hebron THAYER COUNTY BANK K earney FORT KEARNEY NATL. BANK https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Lincoln CONTINENTAL NATL. BANK Lincoln FIRST NATIONAL BANK NATIONAL BANK OF COMMERCE Lincoln Lincoln UNION BANK Lyons FIRST NATIONAL BANK M illard FARMERS STATE BANK N ebraska City OTOE COUNTY NATL. BANK N ew m an G rove FIRST NATIONAL BANK Norfolk DE LAY NATIONAL BANK NATIONAL BANK OF NORFOLK N orfolk FARMERS & MERC. NATL. BANK O akland Ord FIRST NATIONAL BANK Ord NEBRASKA STATE BANK O sceola FIRST NATIONAL BANK P aw n ee City FARMERS STATE BANK Pender PENDER STATE BANK P lainview PLAINVIEW STATE BANK P onca BANK OF DIXON COUNTY R oseland ROSELAND STATE BANK Saint Paul SAINT PAUL NATL. BANK Shelby FIRST NATIONAL BANK Stanton STANTON NATIONAL BANK Strom sburg STROMSBURG BANK Tekam ah FIRST NATIONAL BANK Tekam ah BURT COUNTY STATE BANK Tilden THE TILDEN BANK W a h oo FIRST NATIONAL BANK W ayne FIRST NATIONAL BANK W ayne STATE NATIONAL BANK W inside WINSIDE STATE BANK York FIRST NATIONAL BANK York YORK STATE BANK FREE! New 24-page Booklet "Time Credit Accounting and Collecting Procedure" Includes Analysis Chart of 25 ways that Banks can profitably use Addresso graph. Pin this coupon to your letterhead and mail to: A ddressograph 1416 Howard St. OMAHA 2, NEBR. 611 First Natl. Bank Bldg. LINCOLN 8. NEBR. Northwestern Banker, O cto be r, 1946 34 In Our Transit Department A lon e ... That M eans QUICK SERVICE ON ALL COLLECTION ITEMS Providing complete transit facilities is a full-time job for 27 of our employees. This staff serves correspondents with continu ous round-the-clock transit service 24 hours a day. More and more correspondents are clearing collection items through our transit department . . . because they know transactions are processed in the shortest possible time. There's no delay. In many cases, a day's service is gained. Try it—when you want speed on transit items. LIVE STOCK NATIONAL BANK O M A H A. NEBRASKA TH E B A N K OF F R I E N D L Y ^ Member Federal Deposit Insurance Co rp o ratio n Northwestern Banker, O c to b e r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 S E R V I C E Nebraska News 35 Bond Sales Up Elect Two Directors Nebraska kept up its consistently good record of bond buying during August, according to Leon J. Mark ham, state director of the U. S. Savings Bond Division for Nebraska, who re ports that sales of E, F and G Bonds for the state during August totaled nearly nine million dollars. “August sales figures indicate the best month we have had since April in the bond program,” Mr. Markham said. “August sales for E Bonds totaled $5,781,624, while an additional $3,179,952 was invested by Nebraskans in F and G series Bonds.” Harry L. Hardin and J. W. Essinger, both of Holstein, Nebraska, have been elected directors of the Roseland State Bank, Roseland, Nebraska. for over a quarter of a century. Mr. Jensen became actively asso ciated in the St. Paul National Bank some time ago. Earlier this year he purchased the controlling interest. New Cashier at Oxford Joins Clarkson Bank Elkhorn Banker Retires W. E. Moor, who for the past 16 years has served as executive vice president and a director,of the Farm ers State Bank, Elkhorn, Nebraska, announces that he and E. F. Saeger have purchased all of the stock from C. C. Holling, who retires as president and director of the bank. The officers of the bank are now as follows: W. E. Moor, president; Wm. E. Holl ing, vice president; E. F. Saeger, cash ier, and Margaretta Hamann, assistant cashier. The board of directors consists of W. E. Moor, Wm. E. Holling and E. F. Saeger. Mr. Holling is retiring from all of his business activities and with Mrs. Holling will very likely spend the coming winter in California. At Blue Hill Bank Jeanne Kluver is a new employe of The Commercial Bank, Blue Hill, Ne braska, having started work as a book keeper. Prior to coming to Blue Hill Miss Kluver was employed by the Oxnard branch of the Security-First National Bank of Los Angeles. J. P. Allen, president of the Security State Bank of Oxford, Nebraska, an nounces that Melvin Bendler has been selected to act as cashier of the bank, replacing Fred Nielsen, who retired from the bank September 1st. Robert Welsch is to act as assistant cashier. Mrs. Lillian Karel of Clarkson, Ne braska, is the new bookkeeper at the Clarkson Bank. She entered upon her duties after the resignation of Almarine Roether, who was married to John F. Mastny of Schuyler. The newlyweds reside in Clarkson. Joins Plattsmouth Bank Voluntary Liquidation John Jacobs has accepted a position at the Plattsmouth State Bank of Plattsmouth, Nebraska. Mr. Jacobs is a graduate of the Plattsmouth high school and served in the Army Air Corps during the war. Becomes Cashier Bryan Jensen became the cashier and vice president of the St. Paul Na tional Bank of St. Paul, Nebraska, re cently. He replaces F. R. Haggart, who resigned. He has been connected with the institution for over 40 years, and held the position of cashier at the time of his resignation. Mr. Haggart plans to continue to reside in St. Paul, and will devote his entire time to the insurance business, of which he has been a representative After 75 years of service the Ne braska City National Bank voluntarily liquidated October 1st. Cashier Carroll Lewis said there was no reason for the liquidation ex cept that the stockholders had decided to take the step. At the time of the last pblished state ment on June 29th, the bank reported total deposits of $1,841,979 and loans of $84,234. New Loan Department The Central National Bank, Colum bus, Nebraska, opened a new personal loan department recently, under man agement of R. O. Burman, assistant cashier. All types of personal installment loans will be made. C onvention C om m itteem en Recovering From Operation H. G. Thorley, president of the Com mercial National Bank of Ainsworth, Nebraska, and the First National Bank of Springview, Nebraska, is recovering from two major operations at the Clarkson Hospital in Omaha. Deposits Hit Two Million C. E. Pearson, vice president of the Genoa National Bank of Genoa, Ne braska, announces that deposits have passed the $2,000,000 mark for the first time in the history of the bank. In the past five years, deposits have grown from $503,661 to the present mark of more than $2,000,000. Other officers of the bank are John Elm, president; E. L. Burke, Jr., executive vice president; W. M. Winell, cashier, and Eva K. Ford, assistant cashier. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis PREPARING FOR THE NEBRASKA CONVENTION are these three Lincoln bank executives. Members of the hard working arrangements committee, they are, left to right, Howard Freeman, executive vice president, The First N ational B a n k ; Albert A. Held, executive vice president, N ational Bank of Commerce, chairman of the committee, and C. W. Battey, executive vice president, Continental N ational Bank. Northwestern Banker, O c to b e r, 1946 36 Advertisement N ebraska "K a il o f H o n o r " Hanks It is an honor to be listed among the H ON OR RO LL BANKS. It indicates that the bank has SURPLUS and UNDIVIDED PROFITS equal to or greater than its capital The hanks listed on this page are some of the outstanding “Honor Roll” Banks in Nebraska. By careful management and sound banking they have achieved this enviable position. These banks will be especially glad to handle any collections, special credit reports or other business in their communities which you may entrust to them. Corre spondence is invited. TOWN BANK Aurora........................ .Farmers State Bank.................... Beemer...........................First National Bank..................... Blue Hill........................ Commercial Bank......................... Chappell........................ Deuel County State Bank............... Dodge............................. Farmers State Bank........... Franklin......................... Franklin State Bank..................... Fremont.........................Stephens National Bank .......... Fullerton......... .......... ...First National Bank ..................... Grand Island.............. ...First National Bank..................... Hastings..........................Hastings National Bank.............. Leigh................ ..............Bank of Leigh................................ Lincoln........................... National Bank of Commerce........ Madison.........................The Bank of Madison.................... McCook......................... The First National Bank............. Minatare........................ First National Bank....... ............. Morrill.............. .............The First National Bank........... Murray........................... Murray State Bank....................... Odell............................... State Bank of Odell....................... Omaha............................First National Bank of Omaha.. Omaha............................ Live Stock National Bank............ Omaha............................ The Omaha National Bank........... Omaha............................ The South Omaha Savings Bank Omaha............................ United States National Bank..... Sargent..*....:...................Farmers State Bank..................... Spencer.......................... Spencer State Bank...................... Stromsburg....................Stromsburg Bank ......................... Valentine.......................Nebraska State Bank.................... Wallace.......................... Farmers State Bank.................. Wauneta........................ Wauneta Falls Bank..... ...... ......... Wilsonville.....................Wilsonville State Bank................. Yutan................... ..........Bank of Yutan.............................. O F F IC E R C A P IT A L .G eo. W a n e k ........................... ...............$ -E . H . S utherlan d .................. ............... .W illia m K o r t ......................... ............... .H . L. C a rlson ......................... ............... .W ill R. H r a b a k .......... ......... ............... P. L. Slocum ............................. .............. J. G u y E d lo ff................ .......... ............ -E . M . B la c k ......................... . ............... .I. R. A lt e r ................................ ............... 36,000 25,000 SURPLUS P R O F IT S $ 45,892 38,764 25,000 57,700 25,000 67,000 30,000 41,505 25,000 100,000 80,000 190,602 50,000 76,700 300,000 672,692 -H . G. P r a tt............................. ............... .G eo. C. K u m p f............... ...... ............... 125,000 260,531 25,000 28,772 .A lb e r t A . H e ld ...................... ............... .N . S. S tr o m .............................. ............... 500,000 1,229,089 25,000 42,000 .R ollan d L arm on ................. ............... -H . A . S a g e ................ ............. ............... 100,000 218,519 25,000 40,821 -R. T. C o vin g ton .................... ............... 25,000 77,722 -W . G. B oed eker.................... ............... 25,000 33,300 -T. W . S tan osch eck .............. 15,000 44,371 1,500,000 2,489,837 .P au l H ansen ......................... ............... 500,000 Clyde 0 . D a rn e r.................... ............... 2,500,000 . ( ’. F . W it t ................................ ............... 50,000 4,452,065 .E llsw orth 2,356,737 -T. L . D a v is.............................. ............... M oser ............... ............... 1,500,000 -W . D. B in g h a m ...................... ............... 25,000 .G us B entz .............................. ............... 25,000 1,605,553 95,453 30,000 47,033 .E . C. N o rd lund...................... ............... -E . C. D a v e n p o rt.................... ............... 30,000 60,000 50,000 59,648 .M arie C. W o ld e n .............. 25,000 30,000 John W . G reen...................... 35,000 50,600 C. A . H a ll................................ ............... H. H . P eters.......................... .............. 25,000 28,500 25,000 28,514 rfeTO O TLE-LACY When you think of St. Joe, think of the Tootle-Lacy National Bank with exceptional facilities and a desire to serve you in your best interest. Northwestern Banker, O cto b e r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 Nebraska News 37 National Bank of Omaha. They spent most of the time at Elkhorn Lodge in Estes Park, and stopped at the Broad moor in Colorado Springs en route home. Mrs. Theda Balch Reed, 73, wife of A. L. Reed, chairman of the board of A.I.B. board of governors and instruc tors for the winter A.I.B. classes were present. The winter schedule of A.I.B. class es includes: Accounting, T. G. Boggs; Business English and Letter Writing, Mrs. Mildred Gearhart; Money and Banking, Joe L. O’Brien; Commercial Law, Herbert W. Fischer, and Funda mentals of Banking, Ray F. Slizewski. These classes began the week of September 16th and are held at 721 Omaha National Bank Building. A total enrollment of 300 was expected. |OHN L. KENNEDY, 91, former sJ Omaha bank president, attorney, King of Ak-Sar-Ben in 1924, congress man and financier, died August 29th at Pacific Palisades, California, where he went to live in 1933 “because of his health.” He served as president of the United States National Bank of Omaha from 1920 to 1925 and also was chairman of the board of the former United States Trust Company. He had served as president of the Omaha Clearing House Association. Born in Scotland, he came to Amer ica at 19 and was a law graduate of the University of Iowa. He began practicing law in Omaha at the turn of the century. He was elected to the 59th Congress from the Second Nebraska District in 1905. He was defeated by the late Sen ator Gilbert M. Hitchcock in the sena torial campaign of 1916. A staunch Republican, Mr. Kennedy had been personally acquainted with all Presi dents, from William McKinley to Franklin D. Roosevelt. Surviving are his wife, two sons, John and Edward, and one daughter, Mrs. Robert Bidwell. The children live in Los Angeles. When Mr. and Mrs. Dale Clark re turned to Omaha from Estes Park, Colorado, they were accompanied by their son, Lt. Walter Clark, who re turned recently to the United States after army service on Leyte, in the Philippines. He is on terminal leave. Dale Clark is president of the Omaha National Bank. Mrs. Clark spent five weeks at Elkhorn Lodge in Estes Park and her family joined her there later. W. Dean Vogel, vice president of the Live Stock National Bank of Omaha, has been named an associate chairman of the Omaha Community Chest Drive. He is a member of the chest’s board of governors and of the budget commit tee. The Omaha Chapter, American In stitute of Banking, sponsored its an nual dinner at the Omaha Athletic Club September 4th. Personnel officers of Omaha and Council Bluffs banks, members of the Mr. and Mrs. Charles D. Saunders and their daughters, Marion and Sue, spent five weeks in Colorado. Mr. Saunders is vice president of the First NATIONAL BANK M I L T O N T O O T L E , JR. P R E S ID E N T GRAHAM G. LACY V IC E P R E S ID E N T https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis M I L T O N T O O T L E , III V IC E P R E S ID E N T E . H . SCHOPP A S S T . C A S H IE R the Byron Reed Company of Omaha, died recently after a long illness. She was the daughter of the late E. E. Balch, who for many years was cashier of the Omaha National Bank. She was a member of the Daughters of the American Revolution and of the Mayflower Society. Three daugh ters survive. C. AV. Mead, Omaha Y. M. C. A. presi dent and executive committee chair man, has announced among new com mittee chairmen: F. H. Bucholz, fi nance and YM-YW coordinating com mittees; Dale Clark, president of the Omaha National Bank, budget com mittee. Leslie Martin of the Nebraska Sav ings and Loan Association and treas urer of the Douglas County Chapter of the National Foundation for Infantile Paralysis, recently received a check of $33,760 for the local chapter from Clinton Belknap, Nebraska represent ative for the National Foundation. The money was needed to cover ex penses of combating polio in Omaha after the chapter’s “ March of Dimes” fund was exhausted. Mr. Martin is president of the Nebraska Savings and Loan Association. Mr. and Mrs. Ray R. Ridge have re turned from Piney Ridge Lodge on Whitefish Lake near Jenkins, Minne sota, where they vacationed for three weeks. Mr. Ridge is a senior vice president of the Omaha National Bank. George M. Fuller, 54, vice president and treasurer of the Federal Land Bank of Omaha, died recently at his home. He had been ill of a heart ail ment for several months. ST. JOSEPH, MO. R. E . W ALES C A S H IE R FRED T. BURRI E . L. C R U M E A S S T . C A S H IE R A S S T . C A S H IE R M e m b e r F ed er a l D e p o sit In su r a n c e C orp o ra tio n N orthw estern Ba n ke r. O ctober, J946 38 Nebraska News He had been treasurer of the Land Bank since 1937 and vice president since 1943. Previously he was head of the In dustrial Economics Department at Iowa State College, Ames, where he taught for 16 years. He was treasurer of the Dundee Presbyterian Church at Omaha and active in the Omaha Rotary Club. His wife, one son and two daughters sur vive. Nebraska Attorney General Walter Johnson and Saunders County Attor ney M. D. Edstrom recently filed an appeal with the State Supreme Court to set aside the decision of District Judge Harry Landis, which invali dated the Nebraska par check law. Named as defendants were Banker Emil Placek of Wahoo, Nebraska, and his Bank of Prague, Nebraska. The par check law, passed by the last legislature, provided that banks must accept checks at par and pro hibited them from making charges for handling checks. Mr. Placek, representing Nebraska small bankers, fought the law to the courts on the ground that it robbed small town banks of one of their prin cipal means of support. The law was declared unconstitu tional by Judge Landis in a suit which Mr. Placek brought against the Saun ders county attorney to prevent him from prosecuting violators of the law. Mr. Placek, a former legislator, said that he welcomed the present court test. Omaha investors experienced a cer tain amount of “shock” during the recent stock market sag. But most of the losses were in paper profits on securities purchased several years ago. Brokers said that orders to buy were heavy, too, as the market continued to go down. Mr. and Mrs. Thomas L. Davis have returned after spending much of the summer at their residence at Alexan dria, Minnesota, on Lake Miltona. Mr. Davis is president of the First National Bank of Omaha. Members of the Nebraska invest ment Bankers’ Association attended their annual Field Day program at Omaha and Lincoln September 4th and 5th. They were joined in the event by investment bankers from Chicago, Minneapolis, Des Moines, Denver and Topeka. General chairman was Edward T. Volz of the John M. Douglas Company at Omaha. The festivities opened with a cock tail party at the Omaha Athletic Club the evening of September 4th, attend ed by 65 members and guests. Jack Brady of Chicago, secretary of the National Association of Security Deal ers, was among those who attended. MUNICIPAL BONDS CORPORATION BONDS and STOCKS JOHN M. DOUGLAS Omaha, Nebraska 530 Insurance Building Phone: Webster 2281 GREETINGS to NEBRASKA BANKERS ASSOCIATION As you meet in Lincoln, October 11-12 for your Annual Convention Monroe Calculating Machine Company, Inc. This institution, one of Nebraska's oldest investment firms, extends greetings to members of the Nebraska Bankers Asso ciation. • • 413 Security Mutual Life Ins. Bldg. L IN C O L N , N E B R A S K A • MONROE ACCOUNTING MACHINES FOR BANKS Specialists in Nebraska ★ • Smith Landeryou & Company 423 So. 15th Street O M AH A, N EBRASKA ★ Municipals May you have a very successful convention in Lincoln, O ctob er 11-12! • Municipal and General Bonds 424 Omaha National Bank Building Underwriters, Participating Distributors and Dealers in Railroad, Public Utility and Industrial Bonds and Stocks H arry P. Smith, President Harold T. Landeryou, V ice President Harold O. Polian, Treasurer F. A rth ur Flodeen, Statistician Bell System Teletype 180-181 Telephone JAckson 5065 GREENWAY & CO. Farnam B ld g. O M A H A , N EBR ASK A Y O U R STATE B A N K ER S A S S O C IA T IO N O F F IC IA L S A F E , V A U L T A N D TIM ELO C K EXPERTS F. E. DAVENPORT & CO. OM AHA N orthw estern Ban ke r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis O ctober, 1946 Nebraska News 39 Members then went by special rail road car to Lincoln the morning of September 5th. A luncheon at the Lincoln Country Club was attended by 70. In golf competition there, twenty prizes were awarded. Cliff Nourse of the Illinois Company, Chicago, had the low net score and Frank Bender of Omaha the low gross. A “mock stock exchange” was a feature of a dinner at the Cornhusker Hotel in Lincoln the evening of Sep tember 5th. Members then returned to Omaha by special railroad car. T HE First Trust Company of Lin I S prompt, efficient collection o f coln, which just celebrated its 35th Wisconsin checks and drafts im portant to you? D o you ever need first-hand facts about sources o f supply in W isconsin? . . . credit information? . . . market data? . . . w ho’s who? anniversary in June, has announced the removal of its offices to the Trust Building at 10th and O Streets in Lincoln. The move was made last month to the entire second floor of the new building. Having outgrown the old offices in the First National Bank Building, the beautifully furnished new quarters will give greater services and added convenience for their many friends and customers. Whatever your requirements — routine bank ing service, special information, or off-the-beatenpath assistance — the chances are that the facil ities, long experience and statewide contacts o f the First Wisconsin National Bank o f Milwaukee can supply the answer. Promotion of Burnham Yates, R. J. Becker and Alvin C. Glandt to vice presidencies of the First National bank of Lincoln was announced by the board of directors recently. At the same time Lyle F. Stoneman was pro moted from assistant cashier to assist ant vice president. Mr. Yates, a native of Lincoln, has been with the bank since late last year. He attended Lincoln high and Nebraska and Stanford universities and for several years was engaged in investment banking in New York City. He served in the navy during the war. Mr. Becker and Mr. Glandt have long been with the bank. Mr. Becker was formerly assistant vice president and Mr. G Glandt cashier. # # https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis This bank is the largest in the state, and over 85 per cent of the hundreds of banks throughout Wisconsin are First Wisconsin correspondents. Banks and Bankers Division G E ORGE T. C A M P B E L L .......................................Vice President R IC H A R D J. L A W L E S S .......................Assistant Vice President DO NALD >M em b er ofthe F e d e ra l D ep osit In su ra n ce C o rp o ra tio n A. H A R P E R ...................... Assistant Vice President FIRST WISCONSIN N ATIO N AL RANK OF M I L W A U K E E Northwestern Banker, O cto be r, 1946 40 FIELD WAREHOUSING! The Mildern Method of Inventory Financing Some of your present customers . . . as well as others whose business you would like to have . . . may find their working capital insufficient for their needs. Many have inventories that offer sound opportunities to you for Warehouse Receipts Loans. Our Field Warehousing Service enables you to make those loans against inventories stored right on the borrower’s own premises. Warehouse Receipts make it possible for you to lend in excess of open-line credit limits, safely and profitably. We are specialists in Field Warehousing. Our experience is long . . . our responsibility recognized. Without obligation, our representative will call on request and explain how our Field Warehousing serv ice provides collateral on inventories on the owner's location . . . â>t. ¡Paul terminal fKarefyotrôe Co. ST. PAUL, MINN IOWA OFFICE 515 Iowa-Des Moines National Bank Building DES MOINES TELEPHONE 2-1208 T. C. CANNON, DISTRICT MANAGER OTHER OFFICES MILWAUKEE MINNEAPOLIS INDIANAPOLIS DETROIT CHICAGO NEW YORK BOSTON PHILADELPHIA PITTSBURGH SYRACUSE MEMPHIS ATLANTA CHARLOTTE ALBANY, GA. JACKSONVILLE DALLAS, TEXAS "The only company engaged in Field Warehousing with an office in Iowa" Northwestern Banker, O c to b e r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Ì946 41 INVESTMENTS Septem ber M a r k e t Madieu tes P erio d o f A djustm ent Although the Stock Market Is a Useful Forecaster, It Is Not Invariably Right By RAyMOND TRIGGER Investment Analyst New York City RDINARILY, the prudent man ager of investment funds need not pay a great deal of atten tion to the vagaries of the more specu lative section of the general securities market; i.e., the fluctuations in the prices of common stocks. However, the decline in the stock market in the first ten days of September was per haps unprecedented and, accordingly, warrants particular notice. If the stock market was always a perfect barometer and its changes were always followed by an exactly similar change in general business con ditions, the country would be in for an abrupt and steep drop in business ac tivity. Fortunately, although the stock market is a useful forecaster, it is not invariably right and its timing has ranged widely in the past. No important and competent author ity has been willing to ascribe the Sep tember stock market break to any one cause. All have cited a variety of quite plausible reasons for the break. Not all have named the same probable causes and there has been considerable divergence in the weight placed on each of them. The facts appear to be that there were a number of influences which happened, almost by pure chance, to coincide. It is, of course, entirely unreason able to insist that a break such as the market suffered in September, follow ing several months of sagging prices, has no significance whatever. Equally, O This is a discussion of factors affecting your investment port folio. If you have any questions, or if you find yourself in dis agreement with comments here in, your letters, addressed to the NORTHWESTERN BANKER, will be welcome and will be answered here if the subject matter is of general interest. Under no cir cumstances will the editor of this column discuss specific securities. though, it is foolish to insist that the action of the stock market, when it is contrasted with the general industrial outlook, must be followed by a general economic collapse in this country. The middle view is that we are going through a period of adjustment, but that no major recession is at hand. When the usual year-end reviews of 1946 are published it is likely that a good deal of disappointment will be expressed. The year will be classed as one in which reconversion was pain fully slow, and progress toward a workable world peace was distress ingly hindered by a notable number of unanticipated developments. Still, it may prove to have been a period in which some advance was made. If the stock market ran ahead too fast, and then fell back into line with the reali ties, this will not be viewed as calami- tous. More probably it will be spoken of as a healthy reaction, or an over-due corrective. Investment Markets Fluctuations in the investment markets, as distinguished from the speculative, have not been in any way surprising. It is true that some of the lower-grade rail bonds fell rather alarmingly, but they hardly qualify for inclusion among investment securities. Medium-grade corporates, on the whole, held up fairly well. This may be an accident and it is quite possible that some delayed decline is in store for obligations of this rank. The defi nitely lower-grade section of the bond market is generally recognized as speculative and prices naturally re sponded to the action of stocks. At the other extreme, it is not unlikely that a fair number of confirmed opti mists sold governments in order to buy, or retain, stocks on the theory that stocks would snap back much farther than governments. Hindsight makes it easy to point out that this course was unwise. The decline in the prices of govern ments appears to have been too great when all the sustaining factors are considered and certainly was sharper than it should have been relative to the course of the higher grade cor porates. The current position, then, is that governments appear cheaper than cor porates. The correction may well be 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 Scarborough & Company Cash Letter Policy, which fills the gap. Insurance Counselors https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis to Banks FIRST NATIONAL BANK BUILDING • CHICAGO 3, ILLINOIS • STATE Northwest ern Banker, O c to b e r, 4325 1946 42 Investments effected by a combination of moves. That is, corporates may yield some what more and governments may re cover somewhat farther. To put it practically; it is not yet time to do any extensive buying of bank quality corporates, but there is no reason why under-invested port folios should not be expanded by ju dicious purchases of governments. Convertible Corporate Bonds If the current trend in common stock prices persists and lower levels are found over the next few months, as may well happen despite some im provement in general business condi tions because stock prices are so large ly influenced by intangible and emo tional factors, convertible bonds will presumably sell at lower prices. This will be particularly noticeable in the case of those issues which sell at levels higher than justified by qual ity and maturity. Convertible bonds ordinarily are not much better than medium grade issues and only a frac tion of them qualify as bank invest ments. Nevertheless, some of them deserve consideration, when the price is right. It is not hard to determine the “right” price. If the convertible bond is selling to yield as well, or a little better, than issues of comparable qual §llll!llll!llllllllllllllllll!llllllllllllll!lllllll!IIII!lll!lllllllllll!lll!llllllllllllllllllllllllllll!ll!lllll!llllll!lllllllllll!IIIIIIIIII!|!llllll!||ll!lllll|||||||||||||!III!ll|!!lll||||||||![||||I||l!!|!||||||!|||||||![|||!|||||||[|||||||||l||||l||||||||i| I P ractical A ssistance \ ity and maturity, the price is “right” because it does not include any premi um for the convertible feature. The price is “wrong,” of course, if it in cludes a premium for the convertible feature. Currently, “Baa” bonds sell to yield around 3% and do not appear par ticularly attractive at that level. If, however, the prices soften enough to bring a return of around 3.25%, and the business outlook has not taken a turn for the worse, such issues would certainly be worth serious examina tion. If one or two convertible issues are turned up which yield as well as average and are the obligations of com panies faced by no special handicaps, limited purchases might then be in order. The specified conditions do not prevail today, of course, but the far sighted portfolio manager should be making some preliminary investiga tion of possible candidates. Foreign Bonds to | I n s t it u t io n s in the Solving o f Their | Investment Problems On the other hand, the record of foreign government loans floated in this country after the first World War is not entirely black and the sorry showing of some of them should not be used to condemn all and sundry. For example, the recent offer of $20,000,000 Commonwealth of Australia 10-year 314s was eagerly snapped up by in- Today’s changing markets call for all available aid in the solving of the many investment prob lems which constantly confront banks, insurance companies and other large institutional inves tors. That we are fitted to render a comprehen sive service has been proved by our many years of successful experience in this field. Our staff members are familiar with all types of securities and are able to provide basic facts, when needed, concerning current security mar kets. Moreover, through the facilities of our 91 strategically located offices— interconnected by direct wires— we are able to obtain these investment facts promptly. TH OM SON & M cK i n n o n STOCKS • BONDS COMMODITIES Should you require such a practical and compre hensive service, we would be happy to discuss your problems with you in person on a confi dential basis. 216-218 Empire Bldg. D E S M O IN E S Phone 4-2127 11 W a ll S treet, N ew Y o r k 231 S. L a S a lle St., C h ic a g o B r a n c h e s in 34 C ities M e r r ill L y n c h , P ie r c e , F en n er & B ea n e Underwriters and Distributors of Investment Securities Brokers in Securities and Commodities 70 P IN E S T R E E T Write for our weekly Stock Survey I | ShiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiutiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiHiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiss Northwestern Banker, O c to b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 D IR E C T P R IV A T E W IR E Laverne M. Barlow N E W Y O R K 5, N . Y . Offices in 90 Cities The excesses and mistakes made in connection with loans to foreign gov ernments following World War I are still fresh in the memory of most in vestors. In general, that is a good thing and gives some reason to hope that American investors will not re peat their share of the excesses and mistakes of 20 years ago. M anager M em b ers N ew Y o r k S to c k E x c h a n g e an d o t h e r p r in c ip a l e x c h a n g e s Investments 43 In vestm en t B an kers H old F ield H a y GETTING- BACK to prewar form for their annual p^ay-day, members of the Iowa Investment Bankers Association and many friends of the organization from out of the state, gathered at the W akon da Country Club in Des M oines last month for the Annual Field D ay of the organization. Registration totaled 150. Follow ing the Association breakfast at the Fort Des M oines H otel, the group adjourned to the W akonda Club to scatter to the go lf course and the tennis courts. The annual dinner in the evening brought door prizes to many of those attending, and the annual sweepstakes drawing gave the occasion a real stock market atmosphere. In the pictures above, taken at the Field Day, those appearing in the top row, from le ft to right, are: Sherman Fowler, Association secretary and treasurer; Carleton vestors and their appraisal appears en tirely warranted. Nearer to the United States, and of even higher grade than Australian obligations, are the seasoned direct and guaranteed obligations of Canada, payable in U. S. dollars. Certain Pro vincials, such as Ontario, Quebec, Brit ish Columbia and Nova Scotia, are almost on a par with Dominion bonds. In all cases, the yields are superior to those provided by comparable domes tic issues. The only serious question that can be raised with respect to Canadian bonds payable in U. S. dollars is the possible difficulty of obtaining U. S. dollars with which to service debt. Canada, however, appears to be in an unusual position. The Dominion conducted its fiscal affairs in the most conservative man https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Beh, president of the Association, and Carl Stutz, Davenport, W hite-P hillips Co., Inc., vice president of the Iow a Investm ent Bankers A ssociation; Paul Stephens and Paul K. Van Winkle, Chicago, and Eldridge Clow, W aterloo, all of Paine, W ebber, Jackson & Curtis, w ith M r. Clow as the top winner in the sweepstakes; standing, Sam S. Johnson, Knapp & Company, Cedar Rapids, and Eugene C. Dinsmore, Omaha; seated, Robert Mc Creary, M cCreary, Dearth & Company, Des Moines, and Rae Lauder, A . C. A lly n , Minneapolis. Bottom row: Leal Abbott, J. M . Dain & Company, St. P aul; Blair Phillips, W hite-P hillip s and Company, D avenport; and Donald K. Searles, Blyth & Company, Chicago; and the large group standing before the sweepstakes board while the unlucky numbers are being eliminated. ner possible during the war. In those years, a large balance of international payments in favor of Canada was cre ated. Not all of this, by any means, was in U. S. dollars, but the Dominion was able to build its U. S. dollar and gold holdings rather substantially. Canada financed its relatively huge war expenditures by borrowing from its nationals and by steeply higher taxes. It borowed less and taxed more, percentagewise, than did the United States. In addition to very large sterling balances and consider ably increased gold and U. S. dollar balances, the Dominion notably re duced its external debt. Canada’s internal borrowing was also conducted along strictly orthodox lines. It paid higher interest, but the bulk of its war-created debt is long term and efforts to place that debt with bona-fide, non-bank investors were far more successful than was the case in this country. Finally, there is an important, al though intangible factor that is also highly constructive. Over recent years, the economic and political trends have been toward closer and closer cooperation between Canada and the United States. The yields on foreign bonds of good quality are better than might be ex pected, and, in certain specified cases, the risks appear negligible. This does not mean, of course, that more than a limited part of portfolio funds should be engaged in Australians and Canadi ans, but most investors can certainly justify reasonable holdings of bonds of this type. Northwestern Banker, O c to b e r, 1946 44 Investments bankers did not ask for higher interest rates, but the unbalanced position of the Federal debt was pointed out and a greater proportion of medium and long term debt was recommended. The Treasury works closely with the Federal Reserve, but it will also listen to the views of commercial bankers and institutional investors. From these conferences may emerge a new issue of long-term 2%s restricted to non-bank investors. The commercial bankers also advocated small bonds for individuals eligible for collateral as bank loans. This proposal may not fare as well, but it does seem entirely Treasury Program The Treasury’s debt reduction pro gram, if maintained at the pace of re cent months, will about exhaust Treas ury funds in excess of a normal work ing balance by the end of the year. By that time, or perhaps sooner, the broad outlines of Treasury planning likely will have been determined and per haps published. Although not really an innovation, the publicized meeting of well-known commercial bankers and the Secretary of the Treasury was a happy augury and apparently went off in an atmos phere of extreme cordiality. The Consider this Short Term INVESTMENT OPPORTUNITY Consolidated Debentures of the Federal intermediate credit banks afford a desirable medium for temporary employ ment of surplus cash balances. Offered for subscription at regular intervals, they are issued in denominations ranging from $5,000 to $100.000, with maturities of six to twelve months. logical and might be adopted if sales of Victory bonds fall far behind re demptions. As has been pointed out before, a long-term 2%% government restricted to non-bank investors would not neces sarily depress the price of presently outstanding eligibles. At present, to be sure, there is an enormous supply of eligibles in the hands of non-bank investors which conceivably might be sold to banks and the proceeds placed in non-eligible 21/£s. But the Treasury is not anxious to see this happen and could easily fix terms that would make such action unappealing to present holders. There won’t be any substantial re duction in the volume of eligibles held by non-bank investors (estimated at around 17 billions) until 1948. There after, however, the situation will change radically. New York’s Federal Reserve Bank calculates that by De cember, 1950, the remaining volume of presently outstanding unrestricted bonds in all hands will drop to $44,000,000,000, less than current holdings of these obligations by the commercial banks. Then, by the end of 1952, the amount will fall further to $29,000,000,000. Over the next six years, then, there will be a tremendous contraction in the supply of eligibles. There is no reason to look for any corresponding decline in demand from commercial banks, despite the anticipated further rise in commercial loans. This coun try appears to be a long way from a balanced budget and continued deficit Eligible as security for various fiduciary, trust and public funds, such debentures are authorized under the Federal Farm Loan Act, as amended. They are exempt from state, municipal and local taxes, also being legal investment generally for insurance INVESTMENT S E C U R IT IE S companies, savings banks and similar institutional purchasers. 1. Governm ent bonds, all issues ☆ ☆ 2. M unicipal ☆ and co rp o rate bonds 3. Listed and local stocks These obligations are obtainable through recognized, dealers and dealer banks. Inquiries may be addressed to Unde rwriters — Distributors CHARLES R. DUNN, Fiscal Agent 31 N assau Street N ew Y ork 5, N. Y. THE FEDERAL INTERMEDIATE CREDIT BANKS SPRINGFIELD, MASS. LOUISVILLE, KY. ST. PAUL, MINN. HOUSTON, TEX. BALTIMORE, MD. NEW ORLEANS, LA. OMAHA, NEB. BERKELEY, CAL. COLUMBIA, S. C. ST. LOUIS, MO. WICHITA, KAN. SPOKANE, WASH. Dealers THE NATIONAL COMPANY OF OMAHA 500 First N ational Bank Bldg. Members Ch icag o Stock Exchange Northwestern Banker, O c to b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 Investments financing means, among other things, that the banks will have more funds seeking to be put to work. As for some time past, they will have little choice, but will continue to buy and hold governments. If, as ap pears inevitable under deficit financ ing, deposits continue to rise and bank capital expands at a normal pace, the relationship will move further away from the historic 10-for-l ratio. It may be taken for granted that bankers will want to reduce risk by at least main taining, and perhaps increasing, the relative amount of cash and govern ments with which to offset deposit lia bilities. If and when the budget is balanced and a surplus is taken in each year and that is applied to reduction of out standing debt, supply of eligibles will be reduced. Hence it follows that under one set of conditions, demand will expand and under the reverse, supply will shrink. How, then, can prices be seriously affected? There may be no particular satisfaction in looking at huge deposit liabilities and equally large government holdings, but at least the banking structure will continue sound and government bond prices will continue steady. # # BANKERS YOU KNOW (Continued from page 17) pany, lie was vice president of W il liam S. Gray & Co., Chemicals, in New York City. Mr. Gray is a director of many cor porations and a trustee and member of the board of many charitable and philanthropic organizations in New York City. A few of his directorships include the American Eagle Fire In surance Company, General Foods Corporation, National Surety Cor poration, North British and Mercan tile Insurance Company and the Texas Company. He is also vice president and mem ber of the hoard of trustees of the Juilliard Musical Foundation and a trustee of the Presbyterian Hospital, 45 Protestant Foundation, Inc., and the Young Men’s Christian Association. Mr. Gray’s clubs include the Prince ton, Union, Knickerbocker and Ivy. In politics, Mr. Gray is a member of the Republican party and in Green wich, Connecticut, where he lives, he attends the Christ Church. His hob bies include tennis and the breeding of Aberdeen-Angus cattle. # # Appoint Assistant Cashier The Mercantile-Commerce Bank and Trust Company of St. Louis has an nounced the appointment of Charles E. Droke as assistant cashier. Mr. Droke has been with Mercantile-Com merce since 1941 and served overseas during the war, with the American Red Cross. REPRESENTATIVE M UNICIPAL LISTINGS Compiled by the Northern Trust Company, Chicago (as of September 24, 1Ö46) Mobile, Alabama...................................3 5-1-69 2.15 Phoenix, Arizona, H . S. D ............1.60 Arkansas H w y....................................... 3 % Los Angeles, C alifornia ................ 1 % Indianapolis, Indiana ..................... 1% Boston, Massachusetts ..................... 1(4 Detroit, M ichigan .............................. 2 >/t. Mississippi ............................................ 2 % Kansas City, Missouri ...................4 % New ark, N ew Jersey ..................... 4 % N ew York S ta te .................................2 % North Carolina .................................4y2 W inston-Salem , North Carolina 3 "" Cleveland, Ohio .................................1 % K noxville, Tennessee ..................... 3% Racine, W isconsin ............................ 1 % 7-1-66 1.70 4-1-72 2.05 8-1-66 1.45 7-1-65 1.20 8-1-68 1.35 6-1-62 1.90 8-1-66 2.10 5-1-68 1.55 8-1-73 2.20 3-1-75 1.25 1-1-63 1.20 1-1-68 1.50 9-1-69 1.55 9-1-68 2.15 8-1-63 1.45 Ja m i e s o n & Company ^ O ck Members IN C . New York Stock Exchange and Other Principal E xchanges ★ STOCKS BONDS COMMODITIES ★ MINNEAPOLIS FARGO ST. PAUL GRAND FORKS DULUTH SIOUX FALLS EAU CLAIRE INVESTORS STOCK FUND, INC. P ro sp e ctu s on re q u e st fro m P r in c ip a l U n d e r w r it e r I N V E S T O R S SYNDICATE R. E. M a c g re g o r, P re s id e n t M in n eap o lis, M innesota R E P R E S E N T A T I V E S IN T H E P R I N C I P A L C I T I E S O F THE U N IT E D ST A TE S Private W ire to A ll Principal Markets ___________________________________________ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Northwestern Banker, O cto be r, 1946 46 top a p e r ! Hammermill controls every step in producing SAFETY HAMMERMBLL SAFETY is the uniform check paper because it is made complete in one mill. The spruce chips are “ cooked” into pulp in the huge digesters. . . transformed into paper . . . and the surface sensitized . . . in this one A note on your bank letterhead will bring mill. Hammermill’s own technicians control samples of Hammermill Safety showing its each step. wide range of distinctive, easy-to-write-on This is why Hammermill Safety does not colors. Just address Safety Paper Division, vary in its protective qualities, its smooth Hammermill Paper Company, 1513 E ast writing surface, its color, its strength. Lake Road, Erie, Pennsylvania. Nort hwest ern Banker, O c to b e r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 47 INSURANCE Favaievs W hat H ave the You H ave to Sett ta H a Go to See Them— Present Your Story— Tell Them How They Can Create an Estate at the Stroke of the Pen By NORMAN MAGLEY Franklin Life Insurance Co. St. Francis, Kansas F IRST of all, see the farmer at his seasonal slack time or at his leisure; otherwise you are whipped before you start. The farmer of today is a keen business man and ordinarily has several thousand dollars invested in machinery and equipment, to say noth ing of his investment in land, if an owner. Usually your farmer prospect has a reasonably good education, per haps a college degree, and is enjoying the greatest prosperity ever known. With these fundamentals in mind before approaching the farmer, the salesman will have a keener apprecia tion for the service to be rendered to the farmer and his family. The first step is to find out through reliable sources, such as your county agent, local newspaper, banks, AAA offices, and policyholders, the names of progressive farmers. Then qualify your prospect as to his financial means, his immediate needs and his ambitions for the future. If possible, obtain the names and ages of his children and call the farmer, as well as his family, by their first names. Obtain your interview under favor able circumstances—do not talk to your farmer friend when he is tired or hungry. Wait for an opportune time, and then impress him with your sin cerity of purpose. Talk to him in his language. Congratulate him on his fine farm, his purebred livestock or his excellent crops. He will then invite you into his house and you can sit down with him and his wife around the family table. You practically have the app in your pocket. Do not worry too much what type of policy you are going to sell him, as this will work itself out during the interview. First of all, I point out the fundamental underlying purpose of all life insurance, namely protection. Pro tection for our loved ones if we die prematurely. We protect ourselves as we go through life; that’s why we have a roof over our heads to protect our selves against the weather—wheat in the bin—hay in the loft—we all be lieve in protection, do we not, Mr. Farmer? We Work to Save The next step to point out is the fact that we all work to save money. Some of us are more successful than others. Some have been victims of losses in various ways. Some of us are victims of our own shortcomings. If it’s too easy to get hold of, it’s too easy to spend. Then point out that the insti tution of life insurance is an institu tion of savings and thrift, and has weathered depressions, wars, epidem- Scarborough . ics, and is still standing as a monu ment to fidelity. Two important basic functions have been outlined. Protection for our loved ones and the savings element in life insurance. The third step is to point out the necessity of building up some thing for our old age. Point out how few young men starting out in life have accumulated anything for their old age. Now, Mr. Farmer, you do believe in protection; you believe in savings and you believe we should have something in old age. You do believe in life in surance, because it accomplishes all three of these basic necessities of life. In order to tie in these three basic functions of life insurance with the three basic types of life insurance, I write down as I present each step, the words protection, savings, old age. Opposite these words I jot down term insurance, life insurance, endowment insurance. There are only three basic types of insurance as indicated. Term, life and endowment, Five-year term is the low est cost and a ten-year endowment is the highest. Somewhere between these two is the policy which fits. Surely the salesman can pick one out of three to fit his prospect. Don’t present every Company Insurance Counselors to Banks D id you know that this company pioneered in putting £05 Bank Insurance on a scientific basis and forcing rate reductions? Ask us about our counseling service. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1 first n a t i o n a l b a n k b u i l d i n g • Ch i c a g o 3, il l . ' 1A 1E 4325 Northwestern Banker, O c to b e r, 1946 48 Insurance one in the book, confuse your pros pect, and go away without a sale. M ERCHANTS MUTUAL B O N D IN G COMPANY Incorporated 1933 Home Office SOUTHERN SURETY BUILDING Des Moines, Iowa • This is Iowa’s oldest surety company. A progressive company with experi enced, conservative management. W e are p rou d o f ou r hundred and fifty ban k agents in Iow a. To be the exclusive representative of this company is an asset to your bank. Write to E. H. W A R N E R Secretary and Manager If you know beforehand that the farmer is struggling along with a $10,000 mortgage, ease his mind by sug gesting a policy which will stamp the mortgage paid if he dies, for roughly 1 or IV2 per cent above the interest. Yes—term insurance or protection. On the other hand, if your farmer prospect has a clear farm, but a large family and is just getting along, suggest the second type, either as ordinary 30 or 20 pay in an amount which will give maximum protection at a minimum cost. To your best class of farm prospect you can offer all three basic elements, protection, savings and something for old age—a cream check without doing the chores—a winter home in Florida —a cabin in the cool Rockies for those retirement years. Just deposit $300 or $500 each year until you are 60 and then you can have $10,000 or $20,000 at your disposal, or a check for $100 a month or more the rest of your life. Do you think farmers are unable to write their checks for $150, $200, $300, or even $500? Go see them. Present your story. Create an estate with the stroke of a pen. Preach the gospel. T know of two in my neighborhood who wrote theirs for $11,000 last year. Their first insurance, too. But they have their choice of $17,000 cash at age 60 or an annuity for life. Are they proud of it? You should ask them and see. # # W HAT DO YOU THINK? (Continued from page 9) the question may be answered by look ing at the events of 1920 after the last world war when the national debt was not as great as now. In May of that year Chicago cash corn reached an average ceiling of $2.02 a bushel. By fall of that year it had sunk to 74 cents and in the spring of 1921 you could buy corn on Iowa farms for 40 to 45 cents a bushel. “ If history repeats itself, how are we to maintain sufficient national in come to support our national debt? “With these facts in mind I would say it should be economically sound to maintain present high price support for agricultural commodities.” Declares Dividend The Chase National Bank of New York has declared a quarterly dividend of 40 cents a share on the capital stock of the bank, payable November 1st, to stock of record at the close of business October 11th. POINTING A SURE THING Your clients are vitally interested in protecting their investments through Insurance. You are in position to write this Insurance and serve their needs and your own interest. Investigate our Agency Program for complete insurance coverage in the field of FIRE • WINDSTORM • AUTOMOBILE & PLATE GLASS WESTERN MUTUAL FIRE INSURANCE CO. 9th & Grand Northwestern Banker, O ctob er, 1946 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Des Moines, Iowa Insurance Elected Vice President Alfred O. Clave has been elected vice president of the Central National Bank in Chicago and will take up his new duties October 15th, according to an announcement from Carl F. Kuehnle, president. Mr. Clave was born in Ottosen, Iowa. He entered the Farmers Savings Bank president, or any of the other distin guished officers invite you to lunch, ask them to have Louis make you some “French pancakes stuffed with cottage cheese with sweet sauce,” as they are delicious, delectable and de lightful. Louis comes from a very famous town in France which is known the world over since its name is Cognac. page 2 0 ) Russia, itself, the United States has shipped since the end of the war some (C on tin u ed fro m 290 million dollars in lend-lease equip ment and supplies, including heavy machinery, steel pipes, electrical equip ment and canned meat. Bouis F. Velut is chef at the North ern Trust Company in Chicago and the next time that Charles M. Nelson, vice president, Barry A. Kempf, second vice https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis specialize in writing automobile and fire insur ance. Special bank service and attractive proposition for banker agents. ★ CENTRAL STATES MUTUAL INSURANCE ASSOCIATION Mt. Pleasant, Iow a E. A. HAYES, President O. T. WILSON, Secretary Established 1929 SPECIAL OFFER Accident Insurance, $5000 Principal Sum for only $2.00 Paid Up in Full to the Middle of next March. MINNESOTA COMMERCIAL MEN’S ASSOCIATION 2 5 5 0 P illsbury A ve. So. M inneap olis 4 , M innesota Insurance Agents Pay $1.25 Dividend NEWS AND VIEWS We The average per capita income in A L F R E D O. C L A V E Vice President Central National Bank in Chicago Directors of The Philadelphia Na tional Bank declared a dividend of $1.25 per share on the hank’s $20 par value capital stock, payable October 1st to shareholders of record Septem ber 20th. Bankers: the United States reached the all-time high of $1,150 in 1945, according to figures announced by the United States Department of Commerce. In 1944 the per capita average was $1,133. New York led the states with a per capita income of $1,595, and Mississippi was low with $556. The 1945 income payments for a few of the states are as follows: California, $1,480; Illinois, $1,360; Michigan, $1,212; Montana, $1,172; Wisconsin, $1,161; Indiana, $1,152; North Dakota, $1,123; Nebraska, $1,117; Kansas, $1,113; Colorado, $1,100; Iowa, $1,109; South Dakota, $1,083; Missouri, $1,063, and Minnesota, $1,061. at Ottosen after finishing college. After a number of years he sold out and went to Morris, Minnesota. In 1929 he became connected with the National Bank of the Republic in Chicago and an affiliate, Madison Square State Bank. His last post was with the Production Credit Corporation of St. Paul, where he had direction of credit policies and supervision of 16 affiliated corporations located in Wisconsin and Michigan, with headquarters at Madison, Wis consin. 49 f Here’s Another Business Builder* Have you wanted an automobile policy all wrapped up in one package? easy-to-sell A single premium policy that's low-in-cost but high in the complete coverage ottered . . . INVESTIGATE ALLIED MUTUAL’S SINGLE POLICY* Takes care of Bodily Injury, Property Damage, Medical Payments, Comprehensive, and one of various types of Collision coverage . . . all in one simple-to-write coverage. Cost is low. This non-assessable protection is backed by Allied's famous claim settlement policy. Investigate. ALLIED M U TU AL CASUALTY COMPANY Harold S. Evans, President Hubbell Building Des Moines 7, Iowa Northwestern Banker, O c to b e r, 1946 Banking for Bankers The highly specialized services rendered to our correspondent banks are the result o f over 40 years’ experience in working closely with a majority o f the country’s leading banks. The entire correspondent relationship is under the close personal supervision of officers intimately acquainted with each section of the country . . . Y ou are invited to discuss any prob lem in which you feel we can be of assistance. Ba n k e r s T r u st Co m p a n y NEW YORK MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION Nort hwest ern Banker, O c to b e r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7946 51 dick, cashier; and A. B. Larsen, V. O. Striemer and F. J. Hassing, directors. Minnesota NEW S A. W. SANDS President St. Paul Named Legion Officer A. E. Arntzen, president of the Farm ers & Merchants State Bank of Appleton, Minnesota, was recently elected American Legion Commander for the Minnesota 7th District. Mr. Arntzen was one of the delegates representing Minnesota at the national convention of The American Legion at San Fran cisco, California. Resigns As Cashier Ralph M. Jones has resigned his posi tion as cashier of the Farmers State Bank of Lakefield, Minnesota, accord ing to word from L. P. Peterson, execu tive vice president. Mr. Jones left on a vacation and has not announced any definite plans for the future. Mr. Peterson was elected cashier in addition to his other official duties. Four County Meeting At a recent meeting of bankers at St. Paul, Arthur S. F. Funk, cashier of the Security State Bank of Ham mond, Minnesota, was elected presi dent of the four county clearing house association, composed of banks in Wa basha, Goodhue, Rice and Dakota counties. Other officers elected at the meeting were Edwin Ehlers, vice president of the West St. Paul State Bank, and R. F. Shumway, assistant cashier of the First National Bank of Northfield. Olson Named President At a special meeting of the board of directors of the First National Bank of Cloquet, Minnesota, held last month, Lynn S. Olson was elected president; W. N. Campbell, cashier; Arthur J. An derson, assistant cashier, and Charles Sunnarborg, assistant cashier. The office of president has been vacant since the death of R. M. Weyerhaeuser. Mr. Weyerhaeuser was elected presi dent of the bank when it was first chartered as a National Bank in 1900. Elect New Officers J. E. Markle, president of the Bank of Commerce and Savings of Duluth, Minnesota, has announced two elec tions to the official staff of the bank. Ray W. Campbell, a banking executive https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis WILLIAM DUNCAN, Jr. Secretary Minneapolis with 23 years’ experience, is now cash ier, and Viola Drogsvold has been named assistant cashier. Mr. Campbell is a past president of the Duluth chapter of the American Institute of Banking and has served on the local A.I.B. staff in addition to serving as associate councilman for the Minnesota area of A.I.B. on the national council. Miss Drogsvold has been with the bank eight years and has also been active in A.I.B. work, serving as sec retary and chairman of the women’s committee. Mr. Markle said this change in the staff will allow C. W. Berglund, for merly vice president and cashier, to devote his entire time to the duties of vice president. Sells Maynard Bank Stock The majority of stock in the Security State Bank of Maynard, Minnesota, was recently sold by G. J. Eggen, cash ier, to William A. Moen, vice president and cashier of the Rolette State Bank of Rolette, North Dakota. Due to pre vious commitments, possession will not change hands until August 1, 1947. The Security State Bank opened in January, 1946, and has since grown considerably and deposits now are $600,000. Officers of the bank are O. T. Haugen, president; C. P. Peterson, vice president, and Mr. Eggen, cashier. 35th Anniversary The Farmers and Merchants State Bank of Alpha, Minnesota, reached its 35th anniversary last month and had intended to put on an open house celebration, but this was deferred until a future time because of the uneasi ness about public health and conse quent restrictions on large gatherings. The anniversary was important to Frank W. Striemer, the bank’s presi dent, for he has been with the bank since the day it opened, his first work being to help with finishing the bank ing rooms the new institution was to occupy. In these 35 years Mr. Striemer has risen from office boy to president. Present officers of the bank are Frank W. Striemer, president; C. L. Backman, vice president; P. C. Ver- Starts Second 30 Years Percy C. Records, president of the First State Bank of Castle Rock, Min nesota, started his second 30 years at the Castle Rock bank when the 30year bank charter was renewed recent ly. Mr. Records was a member of the original board of directors 30 years ago, starting in the banking business as cashier. Hit 4 Million Mark Resources of the Farmers and Mer chants State Bank of Minneota, Min nesota, has reached $4,141,295, mak ing the institution one of the largest of its kind in this area. Since June 30, 1946, the bank has increased its re sources over $700,000. Plummer Bank Opens The recently chartered Plummer State Bank of Plummer, Minnesota, opened for business September 7th. George A. Beito of Gonvick is presi dent of the institution, which has a capital of $25,000, surplus of $5,000 and undivided profits of $2,500. Officers and directors, in addition to Mr. Beito, include S. G. Birkeland, Gonvick, vice president; A. N. Ries, Oklee, vice president; Paul Schoenauer and Carl Swanson, both of Plummer, directors. George D. Allen and Morlan A. Melby are assistant cashiers. The cashier remains to be appointed. The bank is a member of the Fed eral Deposit Insurance Corporation. County Officers Elect Bankers of Dakota, Goodhue, Rice and Wabasha counties met at the Southview Country Club, South St. Paul, recently when the 100 members were guests of the Stockyards National and Drovers State Banks. Among the officers elected were: F. R. Shumway of the First National Bank of Northfield, vice president; E. Ehlers of the West St. Paul State Bank, secretary and treasurer; F. J. Poepl, Vermillion State Bank, as di rector for Dakota county. Steffen Heads Bankers H. J. Steffen, president of the Amer ican State Bank of Watertown, Minne sota, was elected president of the Min nesota Valley Clearing House Associa tion at a meeting of the association held at Shakopee recently. Prior to his election as president, Mr. Steffen served as one of its directors for two years and the past two years as sec retary and vice president, respectively. Northwestern Banker, O c to b e r, 1946 52 "LO A N S TO VETERA N S" o u r WI L L m a n u a l HELP THE YOU SOLVE PROBLEMS YOUR HOME OF TOWN EX-SERVICEMEN the First in Saint Paul’ s newest security, forms to use, anti other information correspondent service . . . a handbook packed necessary for making each type of veterans’ with brass-taek information on making loans loan. H e r e ’S This handbook is an authoritative to veterans. Business Loan, Farm Loan, and answer to your questions and those of your Home Loan forms are shown correctly filled customers. out, with pertinent comments and explana We’ve sent each of our correspondents a copy, tory and have received gratifying comments on notes covering important questions. We’ve also included a handy digest, in chart the usefulness of this working manual. form, of the Servicemen’s Readjustment Act like all hankers to have a copy. and amendments. With it, you’ ll be able to and we’ll send yours in the next mail. We’d Drop us a line You’ ll tell at a glance loan limits, maximum ma find it a great help in handling your share of turities, guaranties and insurance, required veterans’ loan business. D E P A R T ME NT of BANKS Alden B. Lathrop, Vice President and B A NK I NG Elmer M. Volkenant, Assistant Cashier Wallace L. Boss, Vice President Lloyd L. Leider, Assistant Cashier Lee A. Sauer, Assistant Cashier Donald W. Buckman, Representative Philip L. Ray, Chairman, Executive Committee Richard C. Lilly, Chairman, Board of Directors Julian B. Baird, President The FIRST N A T I O N A L BANK o f Saint Paul NO Member Federal Deposit Insurance Corporation N ort hwestern Banker, O c to b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 O T H E R C O R R E SPO N D E N T C A N DO M ORE FOR Y O U 53 of the Richfield Bank and Trust Co. for permis sion to establish a bank in that rapidly expanding suburb of Minneapolis was granted by the Minnesota Commerce Commission after a two-day hearing. President and trustee of the new bank will be Selmer L. Jerpbak, who has been associated with the Mar quette National of Minneapolis for 20 years and now is comptroller of that bank. Cashier will be William G. Kirchner, who has been with Mar quette six years. Both will resign their positions at the Marquette. In corporators and directors are Bernard A p p l ic a t io n W. Jorgensen, Melvin C. Astelford, H. E. Kossow, Verne E. Barker, Mr. Jerpbak and Mr. Kirchner. Application of the new firm was op posed at the state hearing by repre sentatives of the Northwest Bancorporation who argued that Northwest has a majority of the banking accounts in Richfield, served through the Lake Street office and the Fourth North western National. Northwestern has filed •¿Fri application for a national charter in Richfield with the Comptroller of the Currency at Washington. Incorporators of the Northwestern Bank are Frederick By E. W. KIECKHEFER Beck as assistant cashier and manager He succeeds Melvin 1). Burt who re Special Correspondent signed to accept a position in Cleve land. Northwestern Banker loans. It shows how to fill out prop erly the G. I. business loan, home loan and farm loan and contains a sum mary of government benefits and serv ices available to veterans. A7ice Presi dent Walter Boss expects to have enough of the pamphlets to make them available to all who are interested. J. Homer Thompson, who formerly was head teller of the First Hennepin State Bank of Minneapolis, has been elected assistant cashier of that bank. He has been associated with First Na tional affiliates since 1926. Arnulf Ueland, president of the Mid land National of Minneapolis, has an nounced the election of William F. of the installment loan department. Bachman, Elmer C. Scott, Ralph Gil bertson, Leroy H. Berg and Joseph D. Husbands. Mr. Berg is manager and Mr. Husbands is vice president and cashier of the Northwestern National’s Lake Street office. Farmers and Mechanics Savings Bank of Minneapolis has honored Gen. Charles Me. Reeve, 99, founder of that institution, by electing him trustee emeritus. Gen. Reeve was 27 years old when he and eight others organized the bank in 1874. He served as trustee until 1879 when he left the banking business. Suggestion boxes have been placed on each floor of the Marquette Na tional to receive ideas employes may have on improving service, improving good will or cutting operating costs. Julian B. Baird, president of the First National Bank of St. Paul, has announced the election of four new directors to bring the membership of the board under Chairman Richard C. Lilly to 24. The new directors are F. K. Weyer haeuser, president of Weyerhaeuser Sales Co.; Croil Hunter, president and general manager of Northwest Air lines, who at one time was manager of the New York office of First’s na tional affiliate, First Bancredit Corp.; Albert H. Daggett, president of Na tional Battery Co., who for some time was a member of the First National staff; and Harold O. Washburn, presi- THE C© N T U V E A T A L BANK & TRUST COMPANY OF NEW YOR i First National Bank of St. Paul has issued to correspondent banks data and specimen forms in pamphlet form to assist them in handling veterans’ https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis MEMBER OF THE FEDERAL DEPOSIT INSURANCE CORPORATION Northwestern Banker, O c to b e r, 7946 54 Minnesota News dent of American Hoist and Derrick Co. Frederick R. Bigelow, who died Sep tember 8th, was a director of the bank, having retired recently as chairman of the board. M. E. Mortenson, cashier of Mar quette National, has been named vice chairman of the membership commit tee of the Minneapolis Association of Credit Men. The Federal Reserve Bank of Minne apolis has announced it will hold a Federal Reserve Forum for Junior Bankers at the Nicollet hotel Novem ber 21st and 22nd. The conference of officers and employes other than ex ecutive heads of member banks, was proposed after hearing objections from younger bankers to the predominance of “old-timers” at conventions in the district. Thomas H. Hodgson, assist ant vice president, is general chair man of the event. With more than half the veterans in the Minneapolis area believed to have let their G. I. insurance lapse since their discharge from the service, five Minneapolis banks cooperating with the Minneapolis Life Underwriters Association conducted a one-week campaign for reinstatements. The veterans were able to reinstate their insurance in one operation at the banks. Serving as subchairmen of the cam paign were Lloyd O. Swanson, Farm ers & Mechanics; Vernal LeVoir, First National; Milton F. Buscher, Mar quette National; Paul G. Hommeyer, Midland National, and Russell D. Eltblad, Northwestern National. # # W. M. Evered Walter M. Evered, 73, a founder of the National Iron Company and prom inent in banking and civic activities in Duluth, Minnesota, died last month. Mr. Evered came to Duluth 65 years ago with his father, with whom he founded the iron firm. He was a re tired president and treasurer of the company. He was a director of the Pioneer National Bank at the time of his death, and a former director of the Minnesota National Bank. Named Cashier E. M. Anderson of Braham, Minne sota, has accepted the position of cash ier at the State Bank of Rose Creek, Minnesota, taking the place of the late E. O. Johnson. Mr. Anderson has been in the banking business for the past 25 years in North Dakota and Minnesota. M ay W e Assist In handling livestock transactions in your territory or on this livestock market? Our contacts in this industry cover a wide area. We invite you to use our facilities if we can be of any help in supplying credit information— advising of prospective buyers or sellers— financing feeders— assisting in over lines for your bank, or in any other manner consistent with sound banking. Your telephone will bring a representative of this bank to you for any assistance we can render. 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 SU R A N C E Northwestern Banker, O c to b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7946 C O R P O R A T IO N M rs. John B. Sigford, Minneapolis, shows pretty Donna Carson of the Northwestern National Bank’s trust department, gladioli like the one which won for Mr. Sigford a gold medal for the grand champion flower display in the 17th annual show of the Minnesota Gladiolus Society. The Minnesota Dahlia Society also held its 18th annual show in the lobby of the Minneapolis bank. 55 were en route to the Grand Commandery, Knights Templar conclave at the Game Lodge in the Black Hills when he suffered the attack while changing a flat tire on his automobile near Blunt. Surviving are two sons and two daughters. To Brookings Bank Elected President At the annual meeting of stockhold ers of the First State Bank of Bridgewater, South Dakota, I. T. Kehn was elected president. Mr. Kehn has been with the First State Bank since 1922 and was formerly cashier. Donna Kehn was elected assistant cashier and Lillian Mayer has been added to the staff as bookkeeper, re placing Joyce Graber. 45th Anniversary The First National Bank of Miller, South Dakota, recently celebrated its 45th anniversary. Officers of the insti tution are A. B. Cahalan, president; L. T. Jarmuth, vice president; L. E. Weaver, cashier, and Louis Stechmann and D. A. Hylle, assistant cashiers. Deposits of the First National are near ly $4,000,000. Name '47 Convention Dates The executive council of the South Dakota Bankers Association has an nounced that the 1947 convention will be held in Sioux Falls on June 20th and 21st. Group 5—Thursday, April 17th, Hu ron. President, C. P. Swift, Arlington; vice president, Rex Terry, Fort Pierre; secretary-treasurer, O. E. Fristad, Hu ron. Group 3—Friday, April 18th, Mitch ell. President,- R. H. Seydel, Menno; secretary-treasurer, H. W. Fredine, Mitchell. Group 2—Saturday, April 19th, Sioux Falls. President, T. S. Harkison, Sioux Falls; vice president, W. E. Perrenoud, Sioux Falls; secretary-treas urer, Magnus Hanson, Dell Rapids. Group 1—Monday, April 21st, Ver million. President, J. T. Sanger, Ver million; vice president, T. B. Wetteland, Gayville; secretary-treasurer, R. B. Stevens, Vermillion. R. E. Cone A heart attack suffered while en route to the Black Hills was fatal to R. E. Cone, 65, Huron business man and former president of the South Dakota Bankers Association, who died last month. He also was a prominent member of the Masonic bodies. Mr. Cone and a daughter, Kathleen, Robert E. Redding, Windom, Minne sota, has arrived at the Northwest Security National Bank in Brookings, South Dakota, to replace Oral Holm, in charge of the insurance department of the bank. Mr. Redding was honorably dis charged from the navy about a year ago, and has been employed since his release from the service as insurance agent at the Windom State Bank, Win dom, Minn. Mr. Holm, who has been in charge of the insurance department of the Northwest Security National Bank since his departure from the armed forces about six months ago, has gone to Colorado Springs, Colorado, where he will be engaged in property man agement and real estate. Sioux Falls News T HE Ninth Federal Reserve District reported that South Dakota bank debits for August were $139,014,000, or 134 per cent of those for the same month last year. Paul W. McCracken, director of re search at the Minneapolis Federal Re serve Bank, addressed a convention of the South Dakota Telephone Associa tion in Sioux Falls. He said, “ In many Group Meeting Dates Dates of annual group meetings of the South Dakota Bankers Association, all to be held during April, 1947, have been announced by George M. Star ring, SDBA secretary. Sites and dates of the seven group meetings were announced as follows by Mr. Starring, with officers of each group, who will be replaced or re elected at the annual meetings: Group 7-—Monday, April 14th, Black Hills. President, W. E. Dickey, Spearfish; vice president, C. O. Fogelberg, Newell; secretary-treasurer, Earl Kel ler, Rapid City. Group 6—Tuesday, April 15th, Mobridge. President, Fred Grosz, Bowdle; secretary, S. H. Larsen, Mobridge. Group 4 — Wednesday, April 16th, Aberdeen. President, S. B. Crothers, Watertown; vice president, E. Schouw e i 1e r, Veblen; secretary-treasurer, Clayton Walker, Aberdeen. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Banks and Bankers will find this institution especially well equipped to handle their Chicago accounts. Our complete facilities are at the disposal of all in need of this service. City N ational B ank A N D T R U S T C O M P A N Y o f C h ic a g o 2 08 SOUTH LA S A L L E STREET ( M E M B E R F E D E R A L D E P O S I T I N S U R A N C E CORE. ) Northwestern Banker, O c to b e r, 1946 56 South Dakota News BANK PRINTING AND BLANK BOOKS W e offer the Iowa Bankers Association 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. W e offer you the savings in composition cost, and you will find our quotations most interesting. And we believe that bankers outside Iowa will find this form worth looking over. Complete specimen set of original and duplicate sent free without cost or obligation. W rite us today. AMERICAN BANK SUPPLY CO Indianapolis 4, Indiana William C. Duffy, president of the Union Savings Bank, and John P. McQuillen, vice president and trust officer of the Northwest Security Na tional Bank, served on the general committee of the Sioux Falls Com munity Chest Drive in September. Mr. Duffy was campaign treasurer. COMPLETE BANK OEEICE EQUIPMENT Representing Sioux Falls banks at a southwestern group meeting of the Minnesota Bankers Association at Luverne, Minnesota, September 12th were William W. Baker and T. N. Hayter, president and vice president, respectively, of the First National Bank & Trust Company; Ralph M. Watson and Frank Johnson, president and assistant cashier, respectively, of the Northwest Security National Bank, and Frank J. Cinkle, cashier and vice president of the National Bank of South Dakota. OUR LOCATION C. L. F R E D R IC K SE N President This bank is completely equipped to M . A. W IL S O N Vice President handle ALL your Sioux City items. It W . G. N E L SO N Assistant Vice President is particularly skilled, however, in the W . C. SCH ENK Cashier livestock business, where our location C. L. A D A M S Assistant Cashier and experience are always at your John P. McQuillen, vice president and trust officer of the Northwest Se curity National Bank, was inducted as a member of the Sioux Falls Rotary Club. service. J. S. H A V E R Assistant Cashier Try The Live Stock National Bank JAM ES L. SM IT H Auditor for your items on Sioux City and sur rounding territory! J L i v e St o c k Na t OF / onal SIOUX CITY. M E M 8 EK "7/ie Northwestern Banker, O cto be r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis B F, D .I.C . t/te 7946 a n k I OWA respects the economic outlook for South Dakota is unexcelled now. Pros pects are for a state income in 1946 of about $650,000,000, which is 10 per cent above last year and up to three times the level of the mid ’30s.” Tom S. Harkison, president of the National Bank of South Dakota, rep resented Sioux Falls Post, American Legion, of which he is past command er, at the national convention of the American Legion in San Francisco. The winter study course of the American Institute of Banking has opened in Sioux Falls to continue for 28 weeks. Meetings are held every Wednesday and Thursday nights in the A.I.B. clubroom in the Northwest Security National Bank Building. In structors are Paul Heide, Washington high school faculty member, in ac counting I, for which 26 are enrolled, and Roy E. Willy, attorney, who is teaching banking fundamentals to a class of 20. L. H. Hagen, president of the Sioux Falls A.I.B. chapter, re ports this year’s class the largest in many years. Guaranty Trust Promotions Guaranty Trust Company of New York announces the appointments of William J. Neil as second vice presi dent, and Elmer R. Coffeen, Joseph Katrausky, Gregory Korte, Herbert P. McCabe and John Reis, Jr., as assist ant treasurers. Mr. Neil was formerly an assistant secretary, and the others become officers of the bank for the first time. 57 Fall Group Meetings The fall group meetings of the North Dakota Bankers Association have been scheduled for the following places, opening with a dinner at the time and place shown: Monday, October 14th, Rudolf Hotel, Valley City; Tuesday, October 15th, Grand Forks Country Club; Wednesday, October 16th, Minot Country Club; Thursday, October 17th, Mandan, Lewis & Clark Hotel. Paul McCracken of the Federal Re serve Bank of Minneapolis will give his observations on the business out look. Philip B. Vogel, attorney of Fargo, will discuss income inheritance and bank tax matters. Lee M. Stenehjem of the First In ternational Bank of Watford City and the only one from North Dakota to attend the Central States School of Banking at Madison, Wisconsin, in August, will discuss the course of study provided at the school and the advantages to be gained by attending. New Lakota Bank The National Bank of Lakota, North Dakota, which was organized in 1900, went into voluntary liquidation as of September 7th and the deposit liability and corresponding assets were as sumed by the State Bank of Lakota, a new banking corporation organized under the laws of North Dakota. The new bank has purchased the building, furniture and fixtures of the National Bank, and opened for busi ness on September 9, 1946. Officers of the new bank are S. B. Bagne, presi dent and chairman of the board, who was cashier and a director in the Na tional Bank of Lakota; Einar Johnson, vice president; O. K. Anderson, cash ier, and Merlin W. Munson, assistant cashier. Mr. Johnson was former states at torney of Nelson county, North Dakota and is at present practicing law in Lakota. Mr. Anderson was formerly connected with the Scandia American Bank at Stanley, North Dakota, for eleven years and resigned as cashier of that institution before moving to Lakota. Mr. Munson was formerly https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis assistant cashier of the National Bank of Lakota. The State Bank of Lakota is a member of the FDIC and its poli cies will be substantially the same as that of their predecessor. Directors of the new bank are S. B. Bagne, Einar Johnson, O. K. Anderson, Abra ham Thai and Ed Benson, all of La kota. The liquidation of the National Bank of Lakota ends the banking career of J. W. Murphy, 81, who became active in that institution back in 1915, and has continually served as an officer and director since that time, and served as its president for the past 30 years. Mr. Murphy will continue to make Lakota his home, and will de vote his time to farming and other interests. Capital of the new bank is $50,000, surplus is $10,000 and undivided prof its are $5,500. A.I.B. Meeting George J. Greenwood, Jr., president of the American Institute of Banking, paid a visit to North Dakota when he visited with the officers of the newly reorganized Fargo Chapter of the A.I.B. and with senior officers of the Fargo banks at a dinner meeting at the Graver Hotel. Mr. Greenwood is assistant manager of the Bank of Cali fornia at Portland, Oregon, and was visiting chapters en route to the A.B.A. meeting in Chicago. He was accom panied by Christian Ries, of the Fed eral Reserve Bank of Minneapolis, who is A.I.B. executive councilman for the Northwest area. At the Fargo meeting Mr. Green wood stressed the growing need for the A.I.B. courses in training bank employes so that they can more rap idly absorb training and techniques that will make them better bankers. Mr. Greenwood reported that the need for better trained bank personnel is evidenced by the fact that this season there has been a tremendous increase in the membership of the A.I.B. and in the enrollment in A.I.B. courses throughout the country. The Fargo Chapter of the A.I.B., which had been active for lhany years prior to World War II, reorganized on September 13th with a membership of approximately 115, or about 99 per cent of all those eligible to join the chapter in Fargo. Adrian O. McLellan of The Mer chants National Bank and Trust Com pany was elected president. Agnes Newman of the Dakota National Bank is vice president, E. Maine Shafer of The First National Bank and Trust Company is secretary, and Charles Miller of the Fargo National Bank is treasurer. The board of governors Consists of Wesley Pearson, The Mer chants National Bank & Trust Com pany; Lillian Krabbenhoft, Dakota Na tional Bank; Jack McNair, First Na tional Bank and Trust Company, and E. M. Vennerstrom of the Fargo Na tional Bank. Mr. McLellan, who also is serving as associate councilman for eastern North Dakota, is now working with the Jun ior Bankers Committee of the North Dakota Bankers Association, of which Ward Dwight of Fargo is chairman, in an effort to organize A.I.B. study groups in key towns throughout North Dakota so that more bank employes can avail themselves of A.I.B. training. New Warehouse Folder “Need Extra Working Dollars to Meet Your Goal?” is the title of a new folder which has been published re cently by the St. Louis Terminal Warehouse Company. Copies of the folder are, of course, available to any one writing in to the firm at 826 Clark Avenue, St. Iouis, Missouri. Under the heading “Your Inventory Is Your Collateral for Commercial Loans,” at least two dozen general commodity inventories a r e listed which can be used as collateral for loans secured through field warehouse receipts. The folder also lists a half dozen advantages of field warehousing. In general, the booklet points out that “ Marketable inventories from A to Z (Yaw materials, semi-finished or fin ished goods) remaining on the prem ises of the borrowers’ business location may be speedily collateralized for working capital loans.” Named Assistant Cashier James F. Mack, for 28 years in the banking business in Kansas City, Missouri, has joined City National Bank & Trust Company in Kansas City as assistant cashier. Mr. Mack is also well known as a singer in this terri tory. At present he is tenor soloist in the quartet at Second Presbyterian Church and the Congregation B’nai Jehudah. Northwestern Banker, O cto be r, 1946 58 FOR FINANCIAL INSTITUTIONS Here is the book that every bank and insurance company should have. Compiled and edited as part of a specialized service, it is a handbook of ENVELOPES that have proved valuable to the bank ing world and are in daily use by important financial organizations everywhere. The colorful illustrated pages accent the vital features of each envelope, and all information per tinent to the envelope and its uses is readily avail able to the reader. Tension’s BOOK FOR FINANCIAL INSTITUTIONS is the result of 60 years experience in serving banks and insurance companies with envelopes designed to meet their particular requirements. It is a library of envelope reference. ‘TfCtutufcictcinenA S eU t*ty 7 2 tn ect t * t/ le TENSION ENVELOPE CORP. NEW YORK 14, N Y. 345 Hudson St. 'MINNEAPOLIS 1, MINN. 129 N. 2nd St. *ST. LOUIS 3, MO. 23rd & Locust Sts. *DES MOINES 14, IOWA 1912 Grand Ave. 'KANSAS CITY 8, MO. 19th & Campbell Sts. * O rig ln a lly B e rk o w itz E n v e lo p e Co. Nort hwest ern Banker, O c to b e r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 Write for your copy today. Keep it handy and consult it whenever you have occasion to order envelopes from us, or desire information concern ing a special type of envelope for which you may have use. 59 loum R ankers H old L a rgest t H awaiian in Y ears Loans to Veterans and Better Bank Management Highlight Discussions WELL rounded out program of speeches, panel discussions on present banking problems, and splendid entertainment was provided for more than 1,600 bankers and their wives at the 60th annual Iowa Bank ers Association Convention in Des Moines last month. Official registra tion was 1,634, the highest since 1921. A Frank Warner, secretary, received congratulations and enthusiastic ex pressions of approval on all sides for the inspirational and instructive pro gram which he prepared. W. Harold Brenton, president of eight Iowa banks, was elected presi dent of the association. H. C. Hough ton, Jr., president of the Houghton State Bank of Red Oak, was elected vice president. Mr. Brenton succeeds F. L. Sawyers, president of the Cen terville National Bank of Centerville, who was honored with an award from the Des Moines Register and Tribune for state leadership. Newly elected Iowa A.B.A. officers are: Executive councilman, Max von Schrader, president, Union Bank & Trust Co., Ottumwa; nominating com mitteeman, B. A. Gronstal, president, Council Bluffs Savings Bank; alter nating nominating committeeman, W. W. Blasier, president, Farmers State Bank, Jesup; vice president of the national bank division, V. P. Cullen, executive vice president, National Bank of Burlington; vice president of savings bank division, Herman Staak, vice president and cashier, Davenport Bank & Trust Co.; vice president of state bank division, W. W. Suinmerwill, vice president, Iowa State Bank & Trust Co., Iowa City; and vice presi dent of the trust division, Clyde H. Doolittle, vice president and trust offi cer, Iowa-Des Moines National Bank & Trust Co., Des Moines. Officers elected by the Officers of County Bankers Association were: president, T. L. Greenleaf, vice presi dent, Hardin County Savings Bank, Eldora; vice president, A. F. Hansen, vice president and cashier, Security State Bank, Hartley; and secretary, L. F. Kruse, president, Mineola State Bank, Mineola. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Senator Robert A. Taft of Ohio was unable to deliver his address the last day of the convention as scheduled due to a conflict in his arrangements. Two topnotch speakers did address the assembly the last morning and they were Major General Leslie R. Groves, chief of the Manhattan project which developed the atomic bomb, and Dale Brown, president of the Financial Advertisers Association and assistant vice president, National City Bank, Cleveland. General Groves traced the history of the Manhattan project to the culmination of its mission, that of developing and producing an atomic bomb. Looking on the brighter side of the “atom” picture, General Groves gave an optimistic report on the prog ress of scientists in converting atomic energy to such peacetime uses as medical and biological aids. Mr. Brown, after defining public re lations as the art of multiplying good impressions endlessly, outlined six distinct areas in which banking public relations lie. They are (1) Employe relations, (2) Customer relations, (3) Interpretation of the bank to the pub lic, (4) Interpretation of the public to the bank, (5) Relations of the bank with government, and (6) Civic re sponsibilities. The first day was given to the study of G. I. lending and appraisals. Talks on every phase of G. I. lending were arranged, followed by a question and answer period with Walter T. Robin son, Iowa Loan Guarantee Officer of the VA as moderator. In his talk en titled “ Setting Values on G. I. Invest ments,” D. Howard Doane, chairman of the board of Doane Agricultural Service, St. Louis, warned that ex cessive borrowing and speculation is dangerous because when the prices begin to drop from the inflated peak, the drop is rapid with no warning. He said extreme price inflations accom pany wars, but that the inflation lasts only a few years and the ensuing de flation nearly 40 years. He urged that farms and business enterprises be placed on a sound basis now so they could weather the storm when infla tion hits its peak and starts a down ward trend. William B. Nugent, manager of the VA in Des Moines, extended congratu lations to Iowa bankers for their fine support of the G. 1. lending program. G. I. loans in Iowa now total more than $40,000,000, which is above the national average for each state. The national total is $1,271,407,439. B. F. K A U F F M A N E N T E R T A I N S D U R IN G B A N K E R S C O N V E N T IO N . One of the very delightful social affairs during the Iow a Bankers Convention in Des Moines last month was the cocktail and buffet supper party given by B. F. K au ff man, president of the Bankers Trust Company of Des Moines, and M rs. Kauffm an at their residence, 3425 Grand avenue. From left to right in the picture above are M ajor General Leslie R. Groves of W ashington, D. C., who was in command o f the atomic bomb project and who spoke before the convention; D. U . V an M etre, vice president and cashier of the M t. Vernon Bank and Trust Company, M t. V er non, Io w a ; P eggy Engels, leading lady of the ' ‘ O klahom a” cast; Richard R. Rollins, vice president, and B. F. Kauffm an, president of the Bankers Trust Com pany, Des M oines. Northwestern Banker, O cto be r, 1946 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Edward E. Odom, solicitor for the Veterans Administration in Washing ton, D. C., warned against acceptance of over enthusiastic appraisers. He said bankers are not obliged to accept these appraisals when they think they are too high. A case history of one bank’s experi ences in the G. I. lending field was provided by J. Andrew Painter, assist ant vice president of the National City Bank of New York. Proper handling of G. I. loans, both to the veterans’ and the bank’s satisfaction, cannot be ac complished with a set of cold, ironclad rules, he said. If his bank cannot make a loan to a veteran under the G. I. provisions, Mr. Painter stated, then it explains fully the reasons for such refusal and often arranges a loan through other facilities of the bank. C. S. Young, president of the Federal Reserve Bank in Chicago also ad dressed the assembly. Mr. Young warmly congratulated Iowa farmers for their sound management of their finances and the reduction of their .1 t the hum < ------- t C o n v e n t i o n B A N K E R S and financial leaders pic tured at the left were among those attend ing the Iowa Bankers Association conven tion in Des Moines last month. From left to right, they are: 1. Harold Brenton, president of Brenton Banks, and new president of the Iowa Bankers Association; Frank W arner, secre tary of the Iowa Bankers Association; and H. C. Houghton, Jr., president of the Houghton State Bank, Red Oak, and new vice president and treasurer of the Asso ciation. 2. John T. Ham ilton, I I, president of the Merchants National Bank, Cedar Rapids; and O. L. K arsten, president Newton Na tional Bank, Newton. 3. A part of the line-up for the buffet supper at the stag party at the Wakonda Country Club. 4. F . S. M anor, assistant cashier First Trust & Savings Bank, Armstrong; G-erald O. Nelson, assistant vice president IowaDes Moines National Bank; John F. O ’ N eill, cashier First Trust & Savings Bank, Armstrong; and H . O. Beneke, cash ier Palmer State Bank. 5. J. H. Pullman, president Fremont County State Bank, Sidney; L. F . Kruse, president Mineola State Bank; H. H. Echterm yer, vice president, and Paul H an sen, vice president and cashier, both of the Live Stock National Bank, Omaha. 6. A . H . Christensen, chief attorney Vet erans Administration, Des Moines; Ed E. Odom, Veterans Administration, Washing ton, D. C.; W . B. Nugent, manager Vet erans Administration, Des Moines; and Harold K lein , vice president Iowa-Des Moines National Bank & Trust Company. debts. With the lessened demand for farm food products by the armed forces, UNRRA and foreign relief so cieties, Mr. Young pointed out, “we cannot, of course, predict the future level of farm prices but it appears highly probably they will be mate rially lower in the next few years in relation to other prices. It also ap pears that the present trend of rising farm costs will continue for some time.” N. P. Black, Superintendent of Iowa Banks, asked the bankers to pass a resolution requesting the next Iowa General Assembly to pass legislation which should change the amount of capital required for a new bank, from the present rule of $10,000, to $45,000. This resolution was later passed and would require at least $25,000 capital, $15,000 surplus and $5,000 reserve A t th e C o n v e n tio n ------- > P IC T U R E D O N T H IS P A G E at the right are more of those attending the Iow a convention. Reading from left to right you w ill find: 1. L ee R . Chesney, assistant supervising loan guarantee officer, Veterans A dm in is tration, St. P a u l; Boh Goethe, president The W alters Company, Om aha; and T. L. Greenleaf, vice president Hardin County Savings Bank, Eldora. 2. G. G. Butler, president R olfe State B a n k ; A lb e r t Tymeson, president Commer cial Trust & Savings Bank, Storm L a k e ; E. P. Lom en, cashier R olfe State B a n k ; and J. A . Schmitz, vice president Commercial Trust & Savings Bank, Storm Lake. 3. R obert W . Crandall, teller Commercial State Bank, A ft o n ; Charles K e lly , vice president o f the same ban k; and Richard Randall, assistant cashier Citizens Savings Bank, Gilman. 4. The two above are W . H . W h itm an , assistant vice president M anufacturers Trust Company, N ew Y ork C ity ; and Frank Fuchs, vice president F irst N ational Bank, S t. Louis. In the fron t row are T. J. M c Cullough, vice president and cashier First St. Joseph Stock Y ards Bank, St. Joseph; H arry Collins, assistant cashier First N a tional Bank, K an sas C ity ; Richard Dunlap, vice president Commerce Trust Company, Kansas C ity ; C. H. Griesa, vice president Inter-State N ational Bank, K ansas C ity; and M . C. Hook, Jr., assistant vice presi dent M ississippi V alley Trust Company, S t. Louis. 5. S. E. Coquillette, chairman of the board M erchants N ational Bank, Cedar R apids; V ivia n Johnson, president First N ation al Bank, Cedar F a lls; and R. R. Rollins, vice president Bankers Trust Company, Des Moines. 6. O. Paul Decker, vice president; Charles K uning, vice president ; and W . O. K u rtz, Jr., assistant cashier, all of the Am erican N ational Bank, Chicago. The three were hosts at the breakfast which the Am erican N ational sponsors at every Iowa convention. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 62 Iowa News drawing the line and in effect trying to warn you there can be no excess loans. Any deliberate violations will result in frequent examinations or other such action as may be necessary to insure compliance. We have fund. Mr. Black warned that exces sive loans have been showing up on examiners’ reports too frequently. Since it is the duty of the superintend ent to enforce the banking laws of the state, “ It is for this reason we are adopted this policy and intend to fol low it. We want to make this clear to every banker.” The first night of the convention, Joseph Dunninger, world famous mind reader, entertained a capacity crowd in the convention hotel ballroom. The following night practically every bank er and his wife registered at the con vention attended the famous stage production, “Oklahoma” at the KRNT Radio Theater, helping to set a new record of attendance for any single showing of the play. # # Seen and Heard at the Convention Clarence T. Simmons, of the Iowa State Bank of Des Moines, is the only man we know in the United States who controls over 2,500 banks, but these banks differ from most institu tions since they have no capital, no surplus and no deposits. The collection of these miniature banks has been a hobby of Clarence’s for many years and all of the banks have been gifts to him and he has not invested a dime in securing them. They were on exhibition at Younkers during the convention and at tracted a great deal of attention. ENEROUS Americans will send many millions of dollars abroad during November and December as Christmas gifts to assist needy relatives and friends. G A newcomer in Iowa Convention circles this year was Jerry Twomey, representing the Public National Bank and Trust Company of New York. Jerry is assisting Assistant Vice Presi dent John T. Barry who resides in Evanston, Illinois, and between them, they will cover about seven states in the middlewest. Iowa bankers missed the familiar personality of both Mr. Barry and Daniel F. O’Meara, vice president of the Public National who has been at the Iowa Convention in recent years. You will no doubt wish to publicize your foreign remittance facilities.We have mapped out inexpensive direct and indirect advertising campaigns to suit banks with a limited remit tance business as well as banks with a considerable volume. Payments transmitted through us are effected by the leading foreign banks. Our service is efficient and simple. No books to read, no complicated instructions. One form for mail, air mail and cable payments, and a schedule of service charges, is all you need. Any of your clerks can learn in a few minutes how to handle our foreign remittance service. You will incur no obligation in asking for details. A winning combination of father and two sons is the Summerwill fam ily of the Iowa State Bank and Trust Company at Iowa City. All three were in attendance at the Iowa Con vention, including Ben S., the presi dent of this rapidly growing institu tion, and both sons, W. W. and Ben, Jr. Both of the boys were in service, “Bill” being in the navy and Ben, Jr., in the army, but both are back in the harness with the Iowa State Bank and Trust Company. A M E R IC A N N A T IO N A L B A N K AND T R U S T C O M P A N Y OF CHICAGO LA S A L L E S T R E E T J I Member Federal Deposit O U R B U S I N E S S AT W A S H I N G T O N w I S T O ___________ Insurance Corporation H E L P B Scarborough Company U D S I N E S S id yo u know that adoption o f our Cash Letter insurance enables you to dispense with detailed Cash Letter transcripts and keep only a duplicate adding machine tape? Ask us lor details. Insurance Counselors to Banks FIRST N AT IO N AL BANK BUILDING • CHICAGO 3 , ILLINOIS • STATE 4325 « Northwest ern Banker, O c to b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 63 ^ The money your depositors re the day o f receipt. ceive from the sale o f live stock All you have to do is ask your in C hicago is speedily trans shippers to instruct their com ferred to their credit in your m ission firms to route the p ro Bank if routed through us. The ceeds o f their live stock sales Stock Yards post office is just through this Bank. We shall be across the street and the advice glad to supply you with instruc o f credit is mailed to you on tion cards for this purpose. LIVE STOCK BANK c ß c& /t c a < f o ESTABLISHED 1868 UNION STOCK YARDS Member Federal Deposit Insurance Corporation Northwest ern Banker, O c to b e r, 1946 64 Iowa News Carl L. Fredricksen, president of the Live Stock National Bank of Sioux City is a man of a great many interests and activities. On the community side, he is a past president of the Sioux City Chamber of Commerce, and is this year community chairman of the Committee for Economic Development. However, he does have his lighter moments, and in those lighter mo ments, he is also an ardent softball fan. In fact, he seldom misses a game in Sioux City since the principal softball field there is within a block or two of his residence, and the games are night contests. Preston E. Reed, executive vice president of the Financial Advertisers Association, is always up on time, is at his office on time, he makes all ap pointments on time, he gets down to the train on time, and all in all has a wonderful time, all of the time, just because he has a wrist watch on each wrist. Please don’t get us wrong, this has nothing to do with “two-timing.” Charles M. Nelson, vice president and cashier of the Northern Trust Company and Winston Churchill have a great deal in common in many ways, but especially in the matter of hobbies, since Charles is a very fine water color Foster M. Hampton, assistant sec retary of the Central Hanover Bank and Trust Company of New York City, is also called “Arky” because he was born in Fordyce, Arkansas. Foster has been six years with the Central Hanover and previous to that time was an investment banker in Wall Street. Hoyt Young and Mrs. Young seldom miss an Iowa Convention even though they live in Wichita Falls, Texas, where Hoyt is vice president of the City National Bank of Wichita Falls. Hoyt is a former president of the Iowa Association. They were much in evi dence at the 1946 convention in Des Moines. # # Where Care Counts W e take pride at this bank, not in the vol ume of business handled for our correspond ents, but in the CAREFUL treatment each item receives. Accuracy and promptness form our yard stick of service— the kind of service we suggest you will alw ays find at the First National Rank in Sioux City. Special emphasis on our excel lent Collection facilities, including Bill of Lad ing drafts and other Collections. Experience Service Cooperation Manned by officials with years A. G. Sam, President Fritz Fritzson, Vice Pres, and Cashier artist and has been indulging in this delightful pastime since 1898 when he first painted a picture for exhibition. We accidentally found out about this hidden ability of Charlie’s when he said that he was reproducing the colored frontispage “Autumn Splen dor” which appeared in the September issue of the N o r t h w e s t e r n B a n k e r . of experience, our Correspon E. #A . Johnson, Assistant Cashier J. T. Grant, Vice President H. H. Strifert, Assistant Cashier dent Bank Division renders a J. R. Graning, Assistant Cashier R. E. Gleeson, Assistant Cashier complete service, conducted in W . F. Cook, Auditor an intimate and personalized manner. MEMBER FEDERAL RESERVE SYSTEM MEMBER FEDERAL DEPOSIT INSURANCE CORPORATION The guiding policy is one of cooperation in all matters of mutual interest. CT&e ati BANK AN D COMPANY OF TRUST NEW YORK E S T A B L I S H E D 1908 M em ber: Neu> York Clearing House Association, Federal Deposit Insurance 'Corporation: * * * ★ /// S / O U Y * ★ * YOUR STATE BANKERS ASSOCIATION OFFICIAL SAFE, VAULT AND TIMELOCK EXPERTS F. E. DAVENPORT & CO. OM AHA Northwestern Banker, O c to b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 Iowa News Purchases Ute Bank E. Walter Nun has purchased the controlling stock in the Ute State Bank of Ute, Iowa, from W. L. Temple and M. B. Riddle and has succeeded Mr. Temple as cashier. Mr. Nun served as bookkeeper and teller in the Lytton Savings Bank of Lytton, Iowa, from 1936 to 1937 and then became associated with the Pio neer Credit Association of Fairmont, Minnesota, until January of 1940 when he was elected cashier of the First National Bank of Wilmont, Minnesota. He resigned this position in June, 1943, to enter the armed forces and served in the South Pacific. The Ute State Bank has $25,000 cap ital, $25,000 surplus and profits and on the day Mr. Nun made the pur chase, the bank totals went over the million dollar mark. The sale was negotiated by the Charles E. Walters Company of Omaha. vice president and Mr. Andreas has been added to the board of directors. Mr. Goodwin has not announced his future plans, but will remain with the Pella National for a brief period. Mr. Drake and his wife will make their home in Pella in the future. He was born and reared in Columbus Junction, Iowa, where he first entered the banking business. Prior to World 65 War II he was connected with the State Banking Department for over nine years, first as special examiner and later as examiner in charge of four banks in Cedar Rapids, and six other banks in towns adjacent thereto. Prior to his work with the State Banking Department he was a loan examiner with the Reconstruction Finance Cor poration. He was recently released Sell Pella Interests Announcement has been made of the sale of a substantial interest in the Pella National Bank of Pella, Iowa, by Mortimer Goodwin, for many years executive vice president, and J. G. Boat, to J. R. Drake and Glen A. Andreas, both of Cedar Rapids, Iowa. Mr. Drake has been elected executive FOR QUICK CASHING OF C H E C K (£ e c T WATERLOO ïïe * tc y H IS p o p u la r a n d c o n v e n ie n t style Member— Federal Reserve System R a c k h o ld s a m o d e r a t e q u a n tity of b ills of v a r io u s d e n o m in a t io n s Federal Deposit Insurance Corporation re n d e re d e a s ily a v a i l a b l e for q u ick h a n d lin g . M a k e s c a sh in g of ch e ck s a s p e e d y p r o c e d u r e . B a s e is o f e n ★ ★ ★ ★ ★ ★ ★ ★ ★ a m e l e d c a s t i r o n , 6% in. s q u a r e . T h e fo u r 7 -in . n ic k e le d steel Posts a c c o m m o d a te the e n a m e le d iron counter Plan well w eig h t. A v e ry h a n d y d e v ic e . 'Ì A J e ó ó f i n c f 7Ae C . l . DOWNEY HANNIBAL, MISSOURI W o tld Ji jO.GAtfeAi M {/U . o j G oitt h /lo p fie s il https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis C o u n s e l ?e r u i c e á o n B a n k to use an advertising program of w orded m essages created by W e s s lin g Services, D e s M o in es, Iow a P u b i c R e l a t i o n s D . R . W E S S L IN G , P R E S ID E N T Y ìjo in ei 9 , ^ßotaa Northwestern Banker, O cto be r, 1946 Iowa News 66 from the army after serving three and one-half years as a commissioned offi cer. He is also a veteran of World War I, having served in the Army Air Corps as a pilot. Mr. Andreas is president of the Pil grim’s Mutual Insurance Company and vice president, treasurer and director of the Honeymead Products Company, both of Cedar Rapids. W. H. Brenton, president; H. C. Houghton, vice president, and F. L. Sawyers, retiring president, announce that they have chosen Monday, Tues day and Wednesday, October 6, 7 and 8, 1947, for the next convention of the Iowa Bankers Association. The convention will be held in Des Moines. Announce Convention Dates Leonard J. Wegman, formerly vice president and director of the Citizens Savings Bank of Anamosa, Iowa, and director of the Dyersville National Bank of Dyersville, Iowa, and former lieutenant colonel in the United States Army, has accepted a position with the The Council of Administration of the Iowa Bankers Association, at its meeting following the close of the convention last month, authorized the administrative committee to fix the dates for the 1947 convention. Moves to Virginia VROC V Loan Guarantee Division of the Veter ans Administration in the Regional Office at Richmond, Virginia. RoSBins Resigns Richard R. Rollins, a vice president and director of the Bankers Trust Company, Des Moines, Iowa, for the last 10 years, resigned the vice presi dency, effective October 1st. He will continue as a director. Mr. Rollins, who has been with the bank for 17 years, will devote his time ED V 'ò * ... w o Awe to ,eflCe i * * V. ; W j W 08 TOM tVvOï ,b\e^s US Ov* ^°U toe of *eaV fee U ca° o f G . U oa° ot\ . . voV'*«'6 uw oW «4, it'We „tese**-1tw£S i >WeU s, \o»°s s° ' owt toy o t ì to **» W “ oV ttce tw bevç y iist» to Á\e£e to vVce wwV^yset tVve vOOf co R. R. R O LL IN S Resigns Vice Presidency to outside interests and personal af fairs. He returned to civilian life re cently after having served three years as a lieutenant in the navy. In talking with a representative of the N orthwestern B ank er , Mr. Rollins expressed a definite desire to continue his acquaintanceship with his many banker friends throughout the Middle West and he feels that he will be af forded this opportunity because he will carry on his activities as Regional Vice President of the American Bank ers Association for Iowa, Minnesota and AVisconsin during 1946 and 1947. His office is now 404-405 Bankers Trust Building. Appointed Cashier Eldon Brady, 37, formerly of Akron, Iowa, is the new cashier in the Peo ples Trust and Savings Bank in Grand Junction, Iowa, having begun work in that capacity last month. Mr. Brady graduated from the Akron high school and in 1927 he began as bookkeeper in the Akron Savings Bank, working in that position until 1944. Mr. Brady then became connected for one and one-half years with the Luverne National Bank at Luverne, Minnesota. Northwestern Banker, O c to b e r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 Iowa News 67 IO W A BAN KERS SAY: "P resen t HnnUimj Hours A re O . I t V * As Reported tn a Survey Made by the Northwestern Banker at the Iowa Convention N A survey among Iowa bankers at tending the convention, the N orth w ester n B anker found that most of ficers feel their banking hours are sufficient to adequately service the public’s needs. The question asked was, “Do you think your bank is open are tough they will remember such little things.” E. S. Pitman, cashier, Central State Bank, State Center: “We’re the only bank that closes on Saturday after noon in Marshall county. We do that to stay within our hours. “On other days we don’t pull the curtains and don’t lock the door. If our customers need to come in, they do. If they can wait until the next long enough each day to properly serve the public?” It is interesting to note that among the resolutions passed at the convention was the following one which looks favorably on a fiveday week. Although this survey was made on daily banking hours, the re plies as shown below are given added interest: Resolution With full appreciation of a grow ing tendency in some sections of the nation for a five-day week, we suggest that our coining Legis lative Committee and the Associa tion Officers, give consideration to the feasibility of submitting to the coining General Assembly some measure to grant oui- banks per mission to close one day each week to be designated by the State Superintendent of Banking, with the approval of the State Banking Board. Guy M. Butts, president, Exchange State Bank, Wesley: “We close at the slightest excuse to give our employes a holiday. I think we are open long enough to allow our customers time to get in. Of course you’ll always find one or two people who don’t agree with you.” L. H. Buenneke, cashier, Maynard Savings Bank, Maynard: “We open at 8:30, close during noon and are then open until 4:00 p. m. If we opened at 6:00 a. m. somebody would want it earlier.” Y E L L O W BOY Use Drovers Service! Then, within a few hours after your customer's livestock shipment is sold here in Chicago, a Drovers "Yellow Boy" will be speeding the proceeds to your bank. Many midwestern bankers recognize the "Yellow Boy" as the symbol of Drovers' fast, friendly service. A director of a bank in northern Iowa, who asked that his name not be used: “ Our 9:30 a. m. to 3:00 p. m. hours weekdays and Saturday are set up right. Time must be adjusted to the farmers’ schedule in a small town. You’re going to run into difficulties in a small town by closing on Saturday afternoons. If you cut your bank hours down too much and get people disgusted with you, then when things https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis We Welcome Your Chic ago Business Members, Federal ^Deposit Insurance Corporation DROVERS RATIONAL BARN DROVERS TRUST 0 SAVINGS BANK UNI ON STOCK Y A R OS , CHI CAGO Northwestern Banker, O c to b e r, 1946 68 Iowa News morning they will. If they do come in though, we take care of them. We only lock the door when we balance.” Ben S. Summerwill, president, Iowa State Bank & Trust Co., Iowa City: “ In our town they want to close on Saturday afternoon. My thought is this: We are a semi-public utility and I feel we should be open to the public as long as possible. Banks aren’t open any longer than necessary. There’s a world of improvement can be made in banks. I don’t think any bank or banker is spending too much time with the public.” Robert W. Turner, president, City National Bank, Council Bluffs: “ I think the hours are adequate. We tried staying open until 9:00 p. m. on Saturdays but the same people came in at 9:05 p. m. who came in before at 3:05 p. m. 1 think the hours we now have are O.K.” # # New State Bank The Mount Pleasant Bank and Trust Company, the third such establishment to start operating in Iowa in the last five months, filed articles of incorpora tion with the secretary of state last month. This brings to 553 the number of state banks operating in Iowa, com pared with the high of 1,345 in 1920. The Mount Pleasant bank, capital ized at $100,000, has C. R. Atwell as president, W. B. Hoaglin vice presi dent, J. H. Dye cashier, and J. P. Brown assistant cashier. All are from Mount Pleasant. For President in 1947 E. F. Sorg, president, Farmers State Savings Bank, Independence, Iowa, representing the bankers of Buchanan county, presents the name of W. W. Blasier, president of Farm- ALL OF THE S E R V I C E S A w. w. Candidate C O R R E S P O N D E N T S E E K S . . . A N D MORE A wide range of services is found here by corre spondent banks. The collection service is fast and competent. A wide experience in foreign banking is offered, with connections in almost every accessible country. A complete service in United States G overnm ent and M unicipal bonds; deposit facilities; safekeeping; credit in formation and industry studies are available. In addition there are other opportunities for outof-town banks to assist their customers through our banking, trust and bond departments. THE N O R T H E R N TRUST COMPANY 50 SOUTH LA SALLE STREET, CHICAGO 90, ILLINOIS M em ber Federal Deposit Insurance Corporation Northwestern Banker, O c to b e r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 B L ASIER for Presidency ers State Bank of Jesup, Iowa, as a candidate for the presidency of the Iowa Bankers Association when they select their officers in 1947. Mr. Blasier has been identified with the banking interests of Iowa for over 35 years. During that time he has been active in the affairs of the Iowa Bankers Association, having served on numerous important committees, and in 1944 he was president of the State Organization of County Bankers Asso ciations. In 1945-46 he was chairman of the legislative committee and served his county organization as president on two or three different occasions. His ability as an organizer and lead er in U. S. Bond campaigns, as well as being chairman of the Buchanan County War Chest for three years with a record of “Over the Top” each year, is ample proof of his qualifications to fill the position of president of the Iowa Bankers Association in a capable manner and with credit to the bankers of Iowa. Open W aucom a Office The Waucoma office of the State Bank of Lawler, Iowa, opened recent ly and has enjoyed very good busi ness from the opening day. Iowa News 69 Leo C. Stone, cashier of the bank, and Eugene J. Timlin, who has been appointed recently an assistant cash ier. are in charge at Waucoma. F©r 1947 Presidency Harry W. Schaller, president of the Citizens First National Bank, Storm Lake, has announced himself for the presidency of the Iowa Bankers Asso ciation for election at the 1947 conven tion. A B E A U TIFU L D ISP L A Y of flowers, fruits and garden products was shown in the lobby of the Iowa-Des Moines National Bank and Trust Company in Des Moines last month. Pictured above is a fam ily group admiring a special arrange ment in the artistic class. On the right is an entry which displays an arrangement o f fruit. H A R R Y W . SCH AL LER Candidate for Presidency Mr. Schaller has served on various committees of the Iowa Bankers Asso ciation throughout a good many years. He gave several years of service in this country and in the South Pacific and in the Burma area during World War II and was commissioned as a major. On several different prior oc casions Mr. Schaller has been urged to be a candidate for the presidency of the Iowa Bankers Association, but declined or deferred doing so to sup port his friends. D e s M n in e s Fred H. Quiner, vice president of the Central National Bank and Trust Co., has been elected a regional vice president of the Mortgage Bankers Association of America. For the first time, regional vice presidents were chosen by a direct vote of all members. Mr. Quiner is head of Region No. 8, which includes Iowa, Nebraska, South Dakota and Wyoming. He will repre sent the association at meetings in the region. Mrs. E. T. Meredith, Jr., daughter of B. F. Kauffman, president of the https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis N in e in the rn n h in tj— six tran sconI inculai Speed liners O l y m p i a n I I i a w a t h a s , as these brand new M ilw au k e e R o a d trains th e all-room sleeping cars, including th e unique S k y -to p L ounge, is steadily will be called, are to be placed in serv ice next year betw een C h ica g o -M ilw a u - progressing in the P ullm an shops. In designing and building th e O l y m T he k ee -T w in Cities and S ea ttle -T a c o m a . Incorp orating m a n y unusual m a te rials and devices, these trains will be packed w ith fresh ideas and co n ven iences for car coach passengers. and sleeping W o rk on the a d v a n c e d -ty p e trucks and car p ia n speed trains. W e are confident the new units will take a distinguished place am ong the fleet o f H ia w a - NEWSPEIDUhm bodies is nearing com p letion at T h e M ilw au k ee R o a d ’ s m odern m anufacturing p la n t at M ilw a u k ee, W iscon sin . C onstruction of th e HiA\VATHAS,The M ilw au k ee R oad has draw n u p on its lon g experience in operating transcontinental and super Olympian Hiawathas Chicago Seattle •Tacoma thas w hich have m ade so m a n y brilliant contributions to rail progress. F . N . H ick s, Passenger T raffic M an ag er, U n io n S tation, C hicago 6, Illinois. M il w a u k e e R oad O nly railroad all th e way b etw een Chicago and th e Pacific north coast Northwestern Banker, O c to b e r, 7946 70 Iowa News INVENTORIES COLLATERALIZED Bankers Trust Company of Des Moines, christened the cruiser Des Moines when it was launched at the Quincy yard of the Bethlehem Steel Co., last month. This is the second United States warship to bear the name of Iowa’s capital city and is the first of its class from a design devel oped during the war. Mrs. Meredith is the wife of E. T. Meredith, Jr., of Des Moines, who was a lieutenant commander in World War II. Roy Isaacs, recently discharged as a captain from the Infantry after four years of service, has joined the Iowa State Bank of Des Moines and is do ing public relations work and cus tomer relations work according to an announcement from G. A. Frampton, president. # # S io u x C ity N ew s tfautuoA- our extensive FIELD WAREHOUSING SERVICE When your customer’s marketable inventory (raw or finished) is placed in a collateral position on the spot (business location) through our efficient and economical system—you create a sound collateral loan—the bor rower expands his company’s activity. To obtain additional loans and to increase your loan portfolio of borrowers on a profitable and well-secured basis — loan against inventory secured by our Field Warehouse Receipts. 'fyour P rotection » % V alue of the merchandise. supported by our Warehousemen’s Legal Liability and Employee’s Fidelity Bond, under written by the Hartford Accident and Indemnity Co. O u r A b ility and Skill surprise warehouse audit and complete report to you. Our frequent WRITE TO O U R NEAREST O F F IC E ( C o m p l e t e i n f o r m a t i o n sent. — No o b l i g a t i o n . ) The election of Edward J. Sattler and William B. Buck as assistant cash iers of the Woodbury County Savings Bank was announced recently by Marboe Eidsmoe, president. Ed Sattler re turned to the bank in May of this year after two and a half years in the army. Bill Buck resumed his duties in March immediately following his discharge from the army after three years of service overseas. Complimenting Wilbur Cook, audi tor, on the eve of his departure for California after twenty years with the organization, a farewell party by the employes of the First National Bank was given recently at the Stone Park Shelter House. Preceding a lavish picnic engineered by Bueile Soderberg and her willing helpers, a spiritedly fought softball game was played between the transit and the bookkeeping departments, with some ringers included. The game displayed brilliant talent among the girls, particularly as pitchers and field ers, and doubtful umpiring decisions by John Graning. Bob Gleeson gave out prizes, fol lowed by the presentation of a lovely set of traveling bags to Mr. Cook. The election of Kermit A. Schiebe, cashier of the Morningside Savings Bank, and election of B. E. Holtdorf as assistant cashier, was recently an nounced. A new member recently elected to the board of directors of the Farmers Loan and Trust Company is Mrs. C. B. Toy. Announced also by Ralph Brubacher, president, is the election of two new officers on the bank’s staff. V. H. C H I C A G O • C INCINNATI https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • DALLAS • KANSAS CITY • MEMPHIS Io w a Bunkers, recently returned from serv ice with the navy, was elected treas urer and will have charge of G. I. loans. Lillian Galvin was elected as sistant treasurer. Miss Galvin is the first woman to be elected an officer at the Farmers Trust Company in its 63 years of existence. At the organization meeting of the newly formed Sioux City Mortgage Bankers Association, held in mid-Au gust, William G. Nelson, assistant vice president of the Live Stock National Bank, was elected president. Mem bership of the new organization now Alvin G. Nelson has resigned as vice president of the Security National Bank to become vice president of the Nebraska State Bank in South Sioux 71 totals 25, with other officers as follows: Lawrence W. Sloan of the First FedW ANTED: Cashier ship in E a ste rn Iow a B ank w ith nom inal investm ent. B ank and bank exam in in g experience. M idd le-ag ed . A d d ress E . C., N o rth w e st ern B anker, 527 7th S t., D es M oines, Iow a. Keep putting your goal ahead. on mental laziness. News Partial success brings Nothing is so dangerous as full accomplishment of all you expect, for then you have arrived. Here at the City National we have set our selves a goal of perfection that insures speedy handling of items for those needing our services. i 1 ; , I n Fifi! M S NATIONAL ■ FIFTH AVENUE SOUTH-226* BANK C £ *n & m , <9otvtt- Member of The Federal Deposit Insurance Corporation A L V IN G. N E L SO N Vice President, Nebraska State Bank City, according to C. R. Gossett, presi dent of the Security Bank. Mr. Nelson entered the employ of the Security Bank as a messenger in 1930 and advanced to the vice presi dency in charge of personal loans last January. J. Wm. Van Dyke, who recently re turned after four years military serv ice, is vice president of the Farmers Loan & Trust Company, assistant cash ier of the Toy National Bank, and a director in both institutions. He was a lieutenant-colonel in the Finance Di vision of the Army. George C. Call, another director of the Farmers Loan & Trust Company, has returned after four years military service. Mark Wilson, vice president of the Live Stock National Bank, recently returned from a two weeks’ business trip through the state of South Dakota and the northern half of Nebraska. He reports that he found small grain crops very good in spite of lack of moisture. The range country grass was also in fair condition, although ranchers said they could use a good deal more mois ture than they had had this summer. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis r TRIPLE PERFORMANCE In the backfield a triple threat man, if he is really g ood , can make an ordinary football team look like a top flight aggregation. He passes, runs or kicks, as occasion demands or strat egy dictates, and he keeps opponents in a state o f confusion and the crowd in a state o f excitement. There isn’t anything about Personal ized Checks to confuse anyone. Quite the contrary. But they do pay o ff triple because (1) they make sorting easier, (2) they save banks money and (3) they please the public. Which is most important to you right now? For the past four years it has been easier and more accu rate sorting and filing. Right now and for the immediate future it is, and w ill be, customer relations. Sometime, although we hope not, it may be the money they save. N o matter what the reason, you can’t go wrong by actively promot ing their sale. They’ll put a broad grin on the face o f the operating man, win a quick, pleased response from the public and make the comptroller positively glow when he sees the net check expense take a nosedive. Personalized Checks give life to a piece o f paper, make folks brag a little about their checking accounts, command more attention than a thick steak . . . w-e-1-1-1 perhaps they’re not that g ood but anyway they do a triple job and they don’t cost much money. If you are already selling them in your bank put on the heat and sell them faster. If you’re not, get started and tell us what you want in the way o f publicity material. Northwestern Banker, O cto be r, 1946 72 Io w a News era] Savings and Loan Association, vice president, and Clyde L. Roe of the Conservative Bond & Mortgage Company, secretary-treasurer. Marboe Eidsmore, president of the Woodbury County Savings Bank, and Joseph Grant, vice president of the First National Bank, were elected to the board of governors which also in cludes all of the officers of the chapter. Meetings will be held every second Tuesday night. A beautiful 21-jewel Hamilton wrist watch was presented recently to Kath erine Anthens in recognition of her 25 years with the Live Stock National Bank. Carl Fredricksen, president, made the presentation, which was fol lowed by a dinner party at the Elbon Club, given by the girls at the bank to mark her quarter century of serv ice. # # given by the Central Hanover Bank and Trust Company on Monday after noon. Alfred M. Ellinger, vice presi dent, Porter L. Willett, vice president, Peter Van Brunt, vice president, Geo. W. Provost, Jr., assistant vice presi dent, and Foster M. Hampton, assist ant secretary were among those who acted as hosts on this pleasant occa sion. A.B.A. CONVENTION CHATTER Before being entertained with a theatre party to witness “The State of the Union,” John W. Anton, vice president, Verne L. Bartling, assistant vice president, E. J. Jenette, vice pres ident, George Wendt, assistant cash ier, Ralph M. Hersey, assistant cash ier, and Victor Von Meding of the First National Bank of Chicago enter tained at a cocktail and dinner party in a private dining room at the Palmer House. Verne took charge as master of ceremonies and directed everyone to their bus so that they would not “get lost” on the way to the theatre. BANKING OPPORTUNITIES (Continued from page 18) Delegates were also registered from Alaska, Bermuda, England, Puerto Rico, Colombia and Canada. We can offer a controlling interest in a bank with resources in the neighbor hood of $800,000.00 to $900,000.00 located in a town of 6,000 to 7,000 in a good sec tion of western Iowa. File No. B638. There just weren’t enough hours in the day or night to attend all the IOWA. MINORITY INTEREST in a central Minne sota town. Can offer approximately onesixth interest in a good bank located in a small town in a very fine farming section of Minnesota. This carries with it the cashiership and active management of the bank. Bank has resources of over $800,000.00. Investment reguired: around $9,500.00. Cashier's salary and bonus around $3,600.00. File No. B641. We have a number of attractive openings as cashier and assistant cashier with banks in Minnesota, Iowa, North and South Dakota, Montana, and Wisconsin. W . R. OLSON COMPANY Fergus Falls, Minnesota Chicago Convention Chatter breakfasts, luncheons, cocktail parties, theatre parties and other festive occa sions given by the large city banks both in and out of Chicago during the convention. We started off with a delightful cocktail party and dinner at the Union League Club, followed with theatre tickets for the “Bloomer Girl.” The host for this pleasant evening was Norman B. Shaffer, vice president of the Continental Illinois National Bank and Trust Company, whose popularity among the bankers of the middlewest is well deserved. Then Monday morning, Harry C. of the Illinois Bankers Association, together with Barney J. Ghigliere, president, and George C. Williams, vice president, in vited us to the Union League Club for a breakfast where 300 bankers along with Mayor Ed J. Kelly “welcomed home” Frank C. Rathje who for the past year has been such an excellent president of the American Bankers Association. In accepting the appreciation of his hosts, Mr. Rathje said, “My year as president of the A. B. A. has been the greatest educational experience I have ever had.” Hausman, secretary O. Paul Decker, vice president of the American National Bank and Trust Company, Chicago, invited us to lunch at the bank and at our table we had the pleasure of sitting next to Russell L. Stotesbery, president of the Mar quette National Bank of Minneapolis, and John W . Minton, president of the United Bank and Trust Company of St. Louis, and his son. The Red Lacquer Room at the Palm Des Moines Northwestern Banker, O c to b e r, https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 er House was the scene of a very elaborate cocktail and dancing party Harry G. Duntemann, president of the Chicago Financial Advertisers Association and assistant cashier of the First National Bank of Chicago, presided at a special luncheon at the Electric Club given in honor of the members of the Financial Advertisers Association who were in attendance at the A. B. A. Robert Lindquist, chairman of the program committee and assistant vice president of the American National Bank and Trust Company, presided at the meeting and introduced Dale W e may be 85 years old now in Iowa's Centennial Year, but we still like to dress men, who enjoy looking young! Founded 1861 F r a n k e l’s DES MOINES 73 Brown, president of the F. A. A. and assistant vice president of the Nation al City Bank of Cleveland. Dale spoke in his usually forceful and effective manner on, “Public Relations in Bank ing.” Robert E. Hunt, assistant cashier of the Northern Trust Company, along with the other popular officers of his institution, kept “bacon and eggs on the fire” each morning in the Grill Room of the Chicago Club so that the visiting banker friends of theirs could start the day off properly. After the meeting in Chicago, Char lie R. Gossett, president of the Secur ity National Bank of Sioux City, went on east to West Point to see his son, AY. Robert Gossett, 21, who is a “Last Year Man” at this famous military school. Orville W. Adams, executive vice president of the Utah State National Bank of Salt Lake City and past presi dent of the A. B. A., told us how much he enjoyed the colored frontispages in each issue of the N orthwestern B anker and that he had been saving them for many years. Ralph M. Watson, president of the Northwest Security National Bank of Sioux Falls, S. D., and Mrs. Watson, started to drive to the A. B. A. and got as far as Cedar Rapids, Iowa, when their car broke down and they had to take a train the rest of the way. James H. Kennedy, vice president of the Philadelphia National Bank, with whom we had a pleasant visit during the convention, is a member of the Bank Management Commission of the A. B. A. and believes that every banker can get much benefit from the 25-page book which has been prepared by the Association, “Know and Accrue Your Taxes.” Joe T. Grant, vice president of the First National Bank of Sioux City, is a regular reader of the N orthwestern B anker and thinks that one of the most important departments in the maga zine now is “Your G. I. Loan Question Box” edited by Walter T. Robinson. Mrs. Willis I). Wyard, the beautiful wife of the president of the First and American National Bank of Duluth, told us “between acts” at the theatre that her two daughters, Marilyn age 7 and Jean, 17, both enjoyed very much the colored pictures in each is sue of the N orthwestern B ank er . Jean is a freshman this year at Wellesley. https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Index of Advertiser# OCTOBER, T he 1946 A Addressograph Sales Company............... Allied Mutual Casualty Company........... American Bank Supply Co......................... American National Bank and Trust Co.. 33 49 56 62 B Bankers Trust Company— Des Moines.. 7 5 Bankers Trust Company— New York. . . 50 C Central National Bank— Chicago........... 30 Central National Bank and Trust Co.— Des Moines ....................................................12 Central States Mutual Insurance Asso ciation ........................................................... 49 Chase National Bank.................................... 7 Chicago, Milwaukee, St. Paul and Pacific ........................................................... 6 9 City National Bank— Clinton................... 71 City National Bank and Trust Company — Chicago ..................................................... 55 Continental Bank and Trust Company. . 53 Continental National Bank— L in coln ... 32 N ew Y ork T rust Company COMMERCIAL BANKING DOMESTIC AND EOREIGN ★ I) Davenport, P. E. and Co........................38-64 DeLuxe Check Printers, Inc................... 71 Des Moines Building, Loan and Savings A sso cia tio n ................................................... 73 Douglas, John M............................................ 38 Downey, C. L., Company........................... 65 Drovers National B ank................................ 67 Federal Intermediate Credit B a n k s .... First National Bank— Chicago................. First National Bank— Lincoln................... First National Bank— Omaha................... First National Bank— St. Paul................. First National Bank— Sioux C ity........... First St. Joseph Stock Yards B ank........ First Wisconsin National B ank............... Frankel Clothing Company....................... 100 B R O A D W A Y M A D IS O N AVENUE A N D 40TH STREET 44 27 28 32 52 64 28 39 72 TEN ROCKEFELLER PLAZA ★ g Greenway and Company.............................. 38 11 Hammermill Paper Company................... 46 Home Insurance Company......................... 5 Honor Roll Banks in Nebraska............. 36 Member o f Federal Deposit Insurance Corporation I Investors Syndicate .................................... lowa-Des Moines National Bank and Trust Co. . . ................................................. Irving Trust Company................................ 45 76 8 J Jamieson and Company....................... K 45 Klipto Loose Leaf Company..................... 72 Koch Brothers ..................... '........................ 7 3 J, LaMonte, George and Sons....................... Lessing Advertising Company................. Live Stock National Bank— Chicago.. . Live Stock National Bank— Omaha. . . . . Live Stock National Bank— Sioux City. 3 72 63 34 56 Merchants Mutual Bonding Company. . . Merchants National B ank......................... Merrill Lynch, Pierce, Fenner and Beane ............................................................. Minneapolis-Moline Power Implement Company ....................................................... Minnesota Commercial Men’s Assn........ Mississippi Valley Trust Company......... Monroe Calculating Machine Company. . 48 2 >1 X National Bank of Commerce................... National Bank of W aterloo..................... National Cash Register Company........... National Company of Omaha................... New York Trust Company......................... Northern Trust Company............................ « 42 29 49 DES MOINES BUILDING-LOAN & SAVINGS ASSOCIATION Oldest In Des M oines 210 6th Ave. Dial 4-7119 ELMER E. MILLER Pres, and Sec. HUBERT E. JAMES Asst. Sec. FOR YOUR ENJOYMENT . . . Listen to the •WORLD OF MUSIC” KRNT. 1350 KC 1 to 1:30 p.m. Sundays 66 38 32 65 6 44 73 68 Olson, W . R., Company................................ 72 Omaha National B ank.................................. 21 P Philadelphia National B ank..................... 22 Public National Bank and Trust Co.. .. 64 It Remer, Mitchell and Reitzel, Inc............ 45 S St. Louis Terminal Warehouse Co.......... 70 St. Paul Terminal Warehouse Co............ 40 Scarborough and Company..............47-62-41 Smith Landeryou and Company............... 38 ötoc'K Yards ivational Bank— O m a h a... 31 Stock Yards National Bank-—St. P au l.. 54 '1' Tension Envelope Corporation................. 58 Thomson and McKinnon............................ 42 Tootle-Lacy National B ank.................... 36-37 U United States National Bank................... V Valley Bank and Trust Company........... w 25 4 Walters, Charles E........................................ 72 Wessling Services ........................................ 65 Western Mutual Fire Insurance Co........ 48 Northwestern Banker, O cto be r, 1946 74 Did He Catch Cold? Sojne Doze Connoisseur to the End History Teacher: “Tell me about General Lee and his surrender at Ap pomattox.” Co-ed: “General Lee looked so hand some standing erect with a beautiful jeweled sword and clothed in a gor geous Confederate full-dress uniform, while General Grant stood in front of him clad only in a ragged old Union suit.” Rastus: Yo ain’t yo’self no mo.’ Sick or sumpin’? Mose: Got insomnia—keep wakin’ up every few days. “What were poor Jim’s last words?” “ He said: ‘This tastes like the real stuff’.” Near Miss Percy (timidly): I have half a mind to kiss you. Roberta: If you had a whole mind you’d have done it an hour ago. Right-Minded “Johnny------Johnny!” “Huh, Ma?” “Are you spitting in the fish bowl?” “ No, but I’ve been coming pretty close.” Live Wire Reporter In a small town out west there was a commotion. It appeared that a wire had fallen across the main street and was holding up all traffic. No one dared to touch it in case it should be “live.” The news reached the editor of the local paper and he acted promptly. “ Send down two reporters,” he or dered; “one to touch the wire and the other to write up the story.” Perfect Fit Woman: I want a pair of shoes that are comfortable, but at the same time they must be smart and good looking. Clerk: I understand perfectly, ma’am. Large inside and small out side. Sharp Thinker Father (at dinner table): Son, you’re a pig. You know what a pig is, don’t you? Junior: Yes, sir. A pig is a hog’s little boy. Up to Date Kindly Old Photographer: Watch the birdie. Modern Five-year-old: Nuts! Pay attention to your exposure, focal length, distance and lighting or you’ll ruin your plate! Identification Bank Teller: This check is undoubt edly okay, but do you have anything by which to identify yourself? Lady (hesitantly): Well, I have a mole just above my left knee. Nort hwest ern Banker, O c to b e r , https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 1946 Professional Admiration Doctor: “You have acute appendi citis.” Lady: “Listen, doc, I came here to be examined, not admired.” Good News First Interne: “Did you say any thing to encourage your patient?” “Yes, I told him it would be months before he’d be well enough for his relatives to call on him.” Same Old Story Some Record A young lady, telephoning a music store, was connected by mistake with a garage. “Do you have ‘Two Red Lips and Seven Kisses’?” she asked. “ No,” answered the garage, “but we have two tom cats and seven kittens.” “ Is that a record?” she asked. “Well,” said the garage, “we think it is.” Forewarned Mrs. A.: Why are you jealous of your husband’s secretary? Mrs. B.: Because I used to be his secretary. Car With No Future “My wife has run away with a man in my car!” “Good heavens . . . not your new car!” C O N V E N T IO N S October 7-10, Financial Advertisers Annual Convention, San Fran cisco. October 11-12, Nebraska Annual Con vention, Lincoln, Hotel Cornhusker. October 21-23, National Association of Bank Auditors and Comptrollers, Oklahoma City. November 7-8, Mid-Continent Trust Conference, Chicago, Drake Hotel. Teacher: And where do we find man goes? Pupil: Wherever woman goes. Watch Your Step! It’s all right to tell a girl she has pretty ankles, but don’t compliment her too highly. Just Wouldn’t Learn Police Magistrate: “Well, John, about your son stealing those chickens. I’ve decided to let him off this time, but why don’t you show him the right way?” John: “Ah done tried hard, Judge, but he goes and gets hisself caught anyhow.” Economy A Scotsman, upon entering a sad dler’s, asked for a single spur. “What use is one spur?” asked the man. “Well,” replied Sandy, “if I can get one side of the horse to go, the other side will hae to come wi’ it.” Desperate First sign of a break in the Solid South is this advertisement in a Flor ida newspaper: “ Notice, Democrats. Unless I can find a place for my family to live by election time, I will vote Republican, so help me!” We should increase our efforts to encourage local merchants to make wider use o f our facilities in financing sales o f new merchandise. Let's ask the Bankers Trust for suggestions. They've been very p ro g re ssiv e in th a t type o f dealer cooperation. / Although the supply of new merchandise is still restricted in many fields, alert bankers are tak https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ing advantage of every opportunity to stimulate the use of their facili ties in the financing o f time sales. When much of today’s surplus buying power has been expended, the availability of bank credit for retail purchasing will help to sus tain the volume of retail business that is essential to every progres sive Iowa community. In connection with sales financ ing— or in any of the other impor tant aspects of modern banking— we always welcome the opportunity to be of help as your Des Moines correspondent. BANKERS T R U ST C O M PA N Y it"? DES MOINES Member Federal Deposit Ins. Corp • Member Federal Reserve System CONNECTION SINCE 187 5...... ______ /U Ijo-un. £en.oice! IOWA-DES MOINES NATIONAL BANK https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis & TRUST C O M P A N Y