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4M'TO USEBS. 111441

I lS

I I l

Why I Chose


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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.


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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
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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


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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,


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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


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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.

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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,


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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.

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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


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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
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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?"


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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,


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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)


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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:


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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


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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 ,


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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)


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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


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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,

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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

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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

★


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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

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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,


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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!
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grinding of feed and roughage of all
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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
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ENDURANCE . . . LONG LIFE
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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


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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,


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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.


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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,


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Federal Reserve Bank of St. Louis

Omaha

Oldest National Bank From Omaha West
Member Federal Deposit Insurance Corporation

1946

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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


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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

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1416 Howard St.
OMAHA 2, NEBR.
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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
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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,


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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.
•

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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

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O M AH A, N EBRASKA

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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,


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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. # #

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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,


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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


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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

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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

|

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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

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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 ,


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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

___________________________________________


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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.


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Federal Reserve Bank of St. Louis

1

first

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' 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

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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 ,


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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.

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( 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
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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
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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

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JAM ES L. SM IT H
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Northwestern Banker, O cto be r,


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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

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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

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Federal Reserve Bank of St. Louis

1946

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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.

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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


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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.


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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 ,


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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 ,


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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 ­

★

★

★

★

★

★

★

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★

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


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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

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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,


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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

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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,


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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

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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

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Incorp orating m a n y unusual m a te ­
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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


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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.

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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,


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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.

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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 ,


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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


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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

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Federal Reserve Bank of St. Louis

& TRUST C O M P A N Y